N-CSR 1 f5268d1.htm N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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)

Sheri Morris 11 Greenway Plaza, Suite 1000 Houston, Texas 77046

 

 

 

(Name and address of agent for service)

Registrant's telephone number, including area code:

(713) 626-1919

 

Date of fiscal year end:

02/29

 

 

 

 

 

 

 

 

 

 

 

 

Date of reporting period:

 

02/29/20

 

 

 

 

Item 1. Report to Stockholders. 

Annual Report to Shareholders

February 29, 2020

Invesco High Yield Municipal Fund

Nasdaq:

A: ACTHX ￿ C: ACTFX ￿ Y: ACTDX ￿ R5: ACTNX ￿ R6: ACTSX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's web- site, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Andrew Schlossberg

Letters to Shareholders

Dear Shareholders:

This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period.

The reporting period proved to be another tumultuous time for both global equities and fixed-income secu- rities. In early 2019, global equity markets were buoyed by a more accommodative stance from central banks and optimism about a potential US-China trade deal. In May, US-China trade concerns and slowing global growth led to a global equity sell-off and rally in US Treasuries. Despite the May sell-off, domestic equity mar- kets rallied in June in anticipation of a US Federal Reserve (the Fed) interest rate cut and closed the second quarter with modest gains. Continued US-China trade worries and signs of slowing global economic growth led to increased market volatility in August. The US Treasury yield curve inverted several times as fears of a US recession increased. As a result, global equity markets were largely flat for the third quarter. In the final

months of 2019, geopolitical and macroeconomic issues largely abated. This combined with better-than-expected third quarter corporate earnings and initial agreement of the phase one US-China trade deal provided a favorable backdrop for equities and impressive fourth quar- ter global equity returns.

As the new year began, US equities were largely buoyed in January by the signing of the phase one trade agreement and strong eco- nomic data although returns were dampened by the spread of the Coronavirus (COVID-19). Concerns over the virus had a greater impact on international equities, which were largely lower for the month. As the virus spread outside of China and the number of cases increased, fears of diminished global growth led to a sharp global equity sell-off at the end of February 2020 and sent the yield on the US 10-year Treasury to a new all-time low.

Throughout 2019, central banks continued to be accommodative, providing sources of liquidity. In July, the Fed lowered interest rates for the first time in 11 years. It again lowered rates in September and once again in October. During the rest of the year, the Fed left rates unchanged. Overseas, the European Central Bank left its policy rate unchanged and continued its bond purchasing program. In 2020, with the increased spread of the coronavirus, the Fed shifted from a more neutral policy to the possibility of further rate cuts in the new year. As 2020 unfolds, we'll see how the interplay of interest rates, economic data, geopolitics and a host of other factors affect US and overseas equity and fixed income markets.

Investor uncertainty and market volatility, such as we witnessed during the reporting period, are unfortunate facts of life when it comes to investing. That's why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan. A financial adviser who knows your unique finan- cial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. Financial advis- ers can also offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you'll find detailed infor- mation about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select "Log In" on the right side of the homepage, and then select "Register for Individual Account Access."

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I'm pleased to share with you Invesco's commitment to both the Principles for Responsible Investment and to considering environ- mental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2Invesco High Yield Municipal Fund

Bruce Crockett

Dear Shareholders:

Among the many important lessons I've learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco's mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:

￿Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

￿ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

￿Assessing each portfolio management team's investment performance within the context of the investment strategy described in the fund's prospectus.

￿Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds' advisory and sub-

advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3Invesco High Yield Municipal Fund

Management's Discussion of Fund Performance

Performance summary

For the fiscal year ended February 29, 2020, Class A shares of Invesco High Yield Municipal Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco High Yield Municipal Index, the Fund's style-specific benchmark.

Your Fund's long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 2/28/19 to 2/29/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares

13.00%

Class C Shares

12.09

Class Y Shares

13.25

Class R5 Shares

13.20

Class R6 Shares

13.25

S&P Municipal Bond High Yield Index￿ (Broad Market Index)

13.44

Custom Invesco High Yield Municipal Index￿ (Style-Specific Index)

12.47

Lipper High Yield Municipal Debt Funds Index￿ (Peer Group Index)

12.36

Source(s): ￿RIMES Technologies Corp.;￿Invesco, RIMES Technologies Corp.;￿Lipper Inc.

ity assets, such as municipal bonds. This re- sulted in a strong rally in February 2020.

At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic and many provide essential services to all Americans. Though there could be small, iso- lated pockets of defaults in the future, we believe the vast majority of municipal bonds will pay current principal and interest, as his- tory has shown.

During the fiscal year, security selection in non-rated bonds contributed to the Fund's performance relative to its style-specific benchmark. At the close of the fiscal year, non-rated holdings accounted for approxi- mately 36% of the Fund's portfolio, as rated by national credit rating agencies. However,

Market conditions and your Fund

The broad municipal bond market experi- enced positive returns for the sixth consecu- tive year at the close of 2019, and perfor- mance remained strong throughout the fiscal year. Investment grade municipal bonds re- turned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.1 In- vestment grade and high yield municipals were among the best performing asset classes over the fiscal year.

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key driver of strong municipal demand in 2019. During the fiscal year, municipal bonds withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as 2.79% and as low as 1.13% where it ended the fiscal year.2 The municipal bond market performed positively as techni- cal conditions (favorable demand and supply balances) continued to provide tailwinds.

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September and October 2019, citing uncertainty about the global economic outlook.3 On October 30, 2019, after the third cut, the Fed indicated

that any further changes would be based on economic data.

The first nine months of the fiscal year saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led inves- tors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" eliminating the risk of a government shutdown and the some- what unexpected UK election results set the stage for an orderly exit from the European Union by January 31, 2020.

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of 25% from the previous fiscal year.4 Flows into the municipal bond asset class were posi- tive for the fiscal year.5 Fund flows totaled $97.2 billion from February 2019 through February 2020.5

The end of the fiscal year brought a major market shift as macroeconomic concerns re- garding the global outbreak of the Coronavi- rus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to qual-

the holdings were assigned internal propri- etary ratings that allowed us to take advan- tage of pricing anomalies in the high yield municipal market. The Fund's preference for revenue bonds over general obligation bonds also benefited its relative performance. At the sector level, security selection in the health care and transportation sectors contributed to the Fund's relative performance. On a state level, security selection in Texas domi- ciled issues contributed to the Fund's relative performance.

Security selection in and underweight allo- cation to dedicated tax issues detracted from the Fund's performance relative to the style- specific benchmark during the fiscal year.

Security selection in lower and intermediate coupon bonds (5.49% and less) also de- tracted from the Fund's relative performance. The Fund's continued underexposure to Puerto Rico bonds detracted from relative results, as better-than-expected proposed debt restructuring terms made headlines dur- ing the fiscal year for several of Puerto Rico's outstanding issuers.

During the fiscal year, leverage contributed to the Fund's performance relative to its style-specific benchmark. The Fund achieved

Portfolio Composition

By credit sector, based on total investments

Revenue Bonds

86.3%

General Obligation Bonds

10.5

Pre-Refunded Bonds

3.0

Other

0.2

Top Five Debt Holdings

% of total net assets

1. Jefferson (County of), AL

 

Series 2013 F, Revenue Wts.

0.8%

2. Chicago (City of), IL Series 2017

 

A, Ref. GO Bonds

0.7

3.Los Angeles (City of) Department of Water & Power Series 2012 B,

RB

0.6

4. Children's Trust Fund

 

Series 2005 A, RB

0.6

5. Cuyahoga (County of), OH

 

(Metrohealth System)

 

Series 2017, Ref. RB

0.6

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

Data presented here are as of February 29, 2020.

4Invesco High Yield Municipal Fund

a leveraged position through the use of in- verse floating rate securities or tender option bonds (TOBs). Exposure to TOBs aided per- formance due to the price appreciation in municipal holdings when interest rates de- clined. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to ad- ditional volatility. For more information about the Fund's use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and de- mand for similar securities. We are monitor- ing interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the US Federal Reserve and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments.

Thank you for investing in Invesco High Yield Municipal Fund and for sharing our long- term investment horizon.

1 Source: Bloomberg

2Source: US Department of the Treasury

3 Source: US Federal Reserve

4 Source: The Bond Buyer

5 Source: Strategic Insight

Portfolio managers:

John (Jack) Connelly

Tim O'Reilly

Mark Paris

James Phillips

John Schorle

Julius Williams

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical

performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

5Invesco High Yield Municipal Fund

Your Fund's Long-Term Performance

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 2/28/10

$25,000

$20,486 S&P Municipal Bond High Yield Index1

20,000 $19,340 Custom Invesco High Yield Municipal Index2 $18,595 Invesco High Yield Municipal Fund — Class A Shares $18,211 Lipper High Yield Municipal Debt Funds Index3

15,000

10,000

5,000

2/28/10

2/11

2/12

2/13

2/14

2/15

2/16

2/17

2/18

2/19

2/20

1 Source: RIMES Technologies Corp.

2Source: Invesco, RIMES Technologies Corp.

3 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include rein- vested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested divi- dends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Per- formance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6Invesco High Yield Municipal Fund

Average Annual Total Returns

As of 2/29/20, including maximum applicable sales charges

Class A Shares

Inception (1/2/86)

6.04%

10 Years

6.40

5

Years

5.17

1

Year

8.17

Class C Shares

 

Inception (12/10/93)

5.42%

10 Years

6.06

5

Years

5.31

1

Year

11.09

Class Y Shares

 

Inception (3/1/06)

5.61%

10 Years

7.12

5

Years

6.35

1

Year

13.25

Class R5 Shares

 

10 Years

7.25%

5

Years

6.31

1

Year

13.20

Class R6 Shares

 

10 Years

6.95%

5

Years

6.27

1

Year

13.25

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen High Yield Municipal Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen High Yield Municipal Fund (re- named Invesco High Yield Municipal Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are blended returns of the predeces- sor fund and Invesco High Yield Municipal Fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on April 30, 2012. Performance shown prior to that date is that of the Fund's and the predeces- sor fund's Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund's and the predeces- sor fund's Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month- end performance. Performance figures re- flect reinvested distributions, changes in net asset value and the effect of the maxi- mum sales charge unless otherwise stated. Performance figures do not reflect deduc- tion of taxes a shareholder would pay on

Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Fund performance reflects any applicable

fee waivers and/or expense reimburse- ments. Had fees not been waived and/or expenses reimbursed currently or in the past, returns would have been lower. See current prospectus for more information.

7Invesco High Yield Municipal Fund

Invesco High Yield Municipal Fund's investment objective is to seek federal tax-exempt current income and taxable capital appreciation.

￿Unless otherwise stated, information presented in this report is as of February 29, 2020, and is based on total net assets.

￿Unless otherwise noted, all data provided by Invesco.

￿To access your Fund's reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

￿The S&P Municipal Bond High Yield Index is an unmanaged index considered representative of municipal bonds that are not rated or are rated below investment grade.

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

￿The Lipper High Yield Municipal Debt Funds Index is an unmanaged index con- sidered representative of high-yield mu- nicipal debt funds tracked by Lipper.

￿The S&P Municipal Bond Investment Grade Index is considered representative of investment-grade US municipal bonds.

￿The Fund is not managed to track the per- formance of any particular index, including the index(es) described here, and conse- quently, the performance of the Fund may deviate significantly from the performance of the index(es).

￿A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Perfor- mance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8Invesco High Yield Municipal Fund

Schedule of Investments

February 29, 2020

 

 

Principal

 

 

 

 

 

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Municipal Obligations–112.24%(a)

 

 

 

 

 

Alabama–3.51%

 

 

 

 

 

Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the

 

 

 

 

 

Aging);

 

 

 

 

 

Series 2016, RB

5.75%

06/01/2045

$ 3,250

$

3,701,718

Series 2016, RB

6.00%

06/01/2050

5,400

 

6,209,784

Birmingham (City of), AL Water Works Board; Series 2015 A, Ref. RB (b)

5.00%

01/01/2042

12,750

 

15,287,633

Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB (c)

4.00%

12/01/2025

30,000

 

34,546,500

Hoover (City of), AL Industrial Development Board (United States Steel Corp.);

 

 

 

 

 

Series 2019, RB (d)

5.75%

10/01/2049

8,500

 

10,306,930

Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village);

 

 

 

 

 

Series 2007, RB (e)

5.50%

01/01/2043

21,290

 

15,109,300

Series 2008 A, RB (e)

6.88%

01/01/2043

4,470

 

3,617,124

Series 2011 A, RB (e)

7.50%

01/01/2047

2,600

 

2,103,166

Series 2012 A, RB (e)

5.63%

01/01/2042

6,575

 

4,664,502

Jefferson (County of), AL;

 

 

 

 

 

Series 2013 C, Wts. (INS -AGM)(f)(g)

6.50%

10/01/2038

7,000

 

7,016,800

Series 2013 C, Wts. (INS -AGM)(f)(g)

6.60%

10/01/2042

11,700

 

11,684,673

Series 2013 F, Revenue Wts. (f)

7.50%

10/01/2039

27,640

 

27,578,639

Series 2013 F, Revenue Wts. (f)

7.75%

10/01/2046

95,055

 

94,400,071

Series 2013-F, Revenue Wts. (f)

7.90%

10/01/2050

65,400

 

64,794,396

Lower Alabama Gas District (The);

 

 

 

 

 

Series 2016 A, RB

5.00%

09/01/2046

10,000

 

15,148,200

Series 2016 A, RB (b)

5.00%

09/01/2046

24,000

 

36,355,680

Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining);

 

 

 

 

 

Series 2019 A, Ref. IDR (h)

4.50%

05/01/2032

8,500

 

9,868,840

Series 2019 A, Ref. IDR (h)

5.25%

05/01/2044

35,655

 

42,605,586

 

 

 

 

 

404,999,542

Alaska–0.30%

 

 

 

 

 

Alaska (State of) Municipal Bond Bank Authority (Master Resolution);

 

 

 

 

 

Series 2017 A, RB

5.50%

10/01/2046

505

 

635,861

Series 2017 A, RB (b)

5.50%

10/01/2046

22,000

 

27,700,860

Northern Tobacco Securitization Corp.;

 

 

 

 

 

Series 2006 B, RB (i)

0.00%

06/01/2046

27,225

 

3,530,266

Series 2006 C, RB (i)

0.00%

06/01/2046

20,860

 

2,524,894

 

 

 

 

 

34,391,881

American Samoa–0.14%

 

 

 

 

 

American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB

6.63%

09/01/2035

14,345

 

16,368,075

Arizona–2.25%

 

 

 

 

 

Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2019,

 

 

 

 

 

RB (h)

5.00%

07/01/2049

1,000

 

1,148,480

Arizona (State of) Industrial Development Authority (American Charter Schools Foundation);

 

 

 

 

 

Series 2017, Ref. RB (h)

6.00%

07/01/2037

13,845

 

16,538,268

Series 2017, Ref. RB (h)

6.00%

07/01/2047

20,660

 

24,351,735

Arizona (State of) Industrial Development Authority (Basis Schools);

 

 

 

 

 

Series 2017 A, Ref. RB (h)

5.13%

07/01/2037

1,180

 

1,358,711

Series 2017 D, Ref. RB (h)

5.00%

07/01/2047

1,035

 

1,178,254

Series 2017 D, Ref. RB (h)

5.00%

07/01/2051

2,300

 

2,610,201

Series 2017 G, Ref. RB (h)

5.00%

07/01/2037

1,105

 

1,277,678

Series 2017 G, Ref. RB (h)

5.00%

07/01/2047

3,260

 

3,711,217

Series 2017 G, Ref. RB (h)

5.00%

07/01/2051

1,000

 

1,134,870

Series 2017-A, Ref. RB (h)

5.38%

07/01/2050

6,000

 

6,882,480

Arizona (State of) Industrial Development Authority (Doral Academy of Nevada - Fire Mesa

 

 

 

 

 

Campus and Red Rock Campus);

 

 

 

 

 

Series 2019 A, IDR (h)

5.00%

07/15/2039

1,325

 

1,511,149

Series 2019 A, IDR (h)

5.00%

07/15/2049

1,675

 

1,885,447

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Arizona–(continued)

 

 

 

 

 

Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community);

 

 

 

 

 

Series 2019 A, RB

4.50%

01/01/2049

$ 4,500

$

4,962,240

Series 2019 A, RB

5.00%

01/01/2054

4,500

 

5,230,260

Series 2019 B, RB

5.00%

01/01/2034

1,730

 

2,050,361

Series 2019 B, RB

5.00%

01/01/2035

1,820

 

2,151,404

Series 2019 B, RB

5.00%

01/01/2049

2,125

 

2,420,949

Arizona (State of) Industrial Development Authority (Kaizen Education Foundation);

 

 

 

 

 

Series 2016, RB (h)

5.70%

07/01/2047

9,730

 

10,923,093

Series 2016, RB (h)

5.80%

07/01/2052

4,920

 

5,536,230

Arizona (State of) Industrial Development Authority (Leman Academy of Excellence);

 

 

 

 

 

Series 2017 A, Ref. RB (h)

5.25%

07/01/2052

500

 

519,765

Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado);

 

 

 

 

 

Series 2019, RB (h)

5.00%

07/01/2049

5,440

 

5,701,990

Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista

 

 

 

 

 

Campus Project);

 

 

 

 

 

Series 2018 A, RB (h)

5.25%

12/15/2038

1,015

 

1,153,517

Series 2018 A, RB (h)

5.50%

12/15/2048

2,265

 

2,578,793

Glendale (City of), AZ Industrial Development Authority (Sun Health Services);

 

 

 

 

 

Series 2019 A, Ref. RB

5.00%

11/15/2042

1,800

 

2,114,946

Series 2019 A, Ref. RB

5.00%

11/15/2048

4,170

 

4,869,726

Series 2019 A, Ref. RB

5.00%

11/15/2054

10,000

 

11,592,200

Glendale (City of), AZ Industrial Development Authority (Terraces of Phoenix); Series 2018 A,

 

 

 

 

 

Ref. RB

5.00%

07/01/2048

1,500

 

1,645,680

Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);

 

 

 

 

 

Series 2017, Ref. RB

4.00%

11/15/2027

1,935

 

2,054,622

Series 2017, Ref. RB

5.00%

11/15/2040

1,485

 

1,619,897

Series 2017, Ref. RB

5.00%

11/15/2045

8,390

 

9,109,946

Series 2018, RB

5.00%

11/15/2053

5,970

 

6,520,315

Maricopa (County of), AZ Industrial Development Authority (Creighton University); Series 2020,

 

 

 

 

 

RB

4.00%

07/01/2050

10,000

 

11,604,100

Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools);

 

 

 

 

 

Series 2019, Ref. RB (h)

5.00%

07/01/2049

1,000

 

1,148,040

Series 2019, Ref. RB (h)

5.00%

07/01/2054

1,000

 

1,139,370

Maricopa (County of), AZ Industrial Development Authority (Paradise Schools); Series 2016, Ref.

 

 

 

 

 

RB (h)

5.00%

07/01/2047

4,000

 

4,438,280

Peoria (City of), AZ Industrial Development Authority (Sierra Winds Life Care Community);

 

 

 

 

 

Series 2014, Ref. RB

5.50%

11/15/2034

3,695

 

3,896,082

Series 2014, Ref. RB

5.75%

11/15/2040

6,015

 

6,345,524

Phoenix (City of), AZ Industrial Development Authority (Basis Schools); Series 2016 A, Ref. RB (h)

5.00%

07/01/2046

4,000

 

4,436,760

Phoenix (City of), AZ Industrial Development Authority (Choice Academies); Series 2012, RB

5.63%

09/01/2042

2,850

 

2,993,412

Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014

 

 

 

 

 

A, RB (h)

6.75%

07/01/2044

5,250

 

6,133,785

Phoenix (City of), AZ Industrial Development Authority (Phoenix Collegiate Academy);

 

 

 

 

 

Series 2012, RB

5.63%

07/01/2042

2,770

 

2,866,451

Pima (County of), AZ Industrial Development Authority (Acclaim Charter School);

 

 

 

 

 

Series 2006, RB

5.70%

12/01/2026

1,660

 

1,661,195

Series 2006, RB

5.80%

12/01/2036

4,385

 

4,387,105

Pima (County of), AZ Industrial Development Authority (American Leadership Academy);

 

 

 

 

 

Series 2015, Ref. RB (h)

5.38%

06/15/2035

2,370

 

2,652,836

Series 2015, Ref. RB (h)

5.63%

06/15/2045

3,500

 

3,925,635

Series 2017, RB (h)

4.13%

06/15/2029

1,500

 

1,551,690

Series 2017, RB (h)

5.00%

06/15/2047

10,100

 

10,510,363

Series 2017, RB (h)

5.00%

06/15/2052

6,945

 

7,219,397

Series 2019, Ref. RB (h)

5.00%

06/15/2049

1,240

 

1,338,878

Series 2019, Ref. RB (h)

5.00%

06/15/2052

2,150

 

2,310,670

Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School);

 

 

 

 

 

Series 2014, Ref. RB

7.25%

05/01/2044

3,000

 

3,362,790

Pima (County of), AZ Industrial Development Authority (Imagine East Mesa Charter Schools);

 

 

 

 

 

Series 2019, RB (h)

5.00%

07/01/2049

1,500

 

1,616,940

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Arizona–(continued)

 

 

 

 

 

Pima (County of), AZ Industrial Development Authority (Premier Charter High School);

 

 

 

 

 

Series 2016 A, Ref. RB (h)

7.00%

07/01/2045

$ 3,272

$

3,260,143

Series 2016 B, Ref. RB (j)

2.07%

07/01/2045

1,735

 

173,536

Series 2016 C, Ref. RB (j)

2.07%

07/01/2045

1,036

 

10,355

Pima (County of), AZ Industrial Development Authority (Riverbend Prep); Series 2010, RB (h)

7.00%

09/01/2037

3,358

 

3,363,037

Sundance Community Facilities District (Assessment District No. 2); Series 2003, RB (h)

7.13%

07/01/2027

719

 

719,848

Sundance Community Facilities District (Assessment District No. 3); Series 2004, RB

6.50%

07/01/2029

145

 

145,139

Tempe (City of), AZ Industrial Development Authority (Friendship Village);

 

 

 

 

 

Series 2012 A, Ref. RB

6.25%

12/01/2042

2,700

 

2,875,473

Series 2012 A, Ref. RB

6.25%

12/01/2046

4,100

 

4,362,113

Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU);

 

 

 

 

 

Series 2017 A, RB (h)

6.13%

10/01/2047

1,400

 

1,663,214

Series 2017 A, RB (h)

6.13%

10/01/2052

1,400

 

1,658,062

Town of Florence, Inc. (The) Industrial Development Authority (Legacy Traditional School - Queen

 

 

 

 

 

Creek and Casa Grande Campuses);

 

 

 

 

 

Series 2013, RB

5.75%

07/01/2033

3,000

 

3,318,480

Series 2013, RB

6.00%

07/01/2043

3,625

 

4,001,891

University Medical Center Corp.; Series 2011, RB (c)(k)

6.00%

07/01/2021

2,600

 

2,775,292

 

 

 

 

 

260,210,310

Arkansas–0.19%

 

 

 

 

 

Arkansas (State of) Development Finance Authority (Big River Steel); Series 2019, RB (d)(h)

4.50%

09/01/2049

20,000

 

22,430,400

California–11.31%

 

 

 

 

 

ABAG Finance Authority for Non-profit Corps. (Episcopal Senior Communities); Series 2012 A,

 

 

 

 

 

Ref. RB

5.00%

07/01/2047

6,000

 

6,426,540

Bay Area Toll Authority (San Francisco Bay Area); Series 2017 F-1, RB (b)

5.00%

04/01/2056

21,000

 

25,721,220

California (County of), CA Tobacco Securitization Agency (Gold Country Settlement Funding

 

 

 

 

 

Corp.); Series 2006, RB (i)

0.00%

06/01/2033

13,745

 

6,478,018

California (County of), CA Tobacco Securitization Agency (Stanislaus County Tobacco Funding

 

 

 

 

 

Corp.); Series 2006 A, RB (i)

0.00%

06/01/2046

25,000

 

5,647,250

California (State of); Series 2019, GO Bonds

4.00%

10/01/2044

6,835

 

8,307,327

California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB (h)

5.00%

04/01/2049

8,800

 

10,592,472

California (State of) Community Housing Agency (Excelsior Charter Schools);

 

 

 

 

 

Series 2020 A, RB (h)

5.00%

06/15/2050

1,540

 

1,729,389

Series 2020 A, RB (h)

5.00%

06/15/2055

1,030

 

1,147,781

California (State of) Educational Facilities Authority (Stanford University);

 

 

 

 

 

Series 2014 U-6, RB (b)

5.00%

05/01/2045

15,000

 

24,674,250

Series 2019 V-1, RB (b)

5.00%

05/01/2049

30,000

 

51,097,800

California (State of) Health Facilities Financing Authority (Kaiser Permanente); Subseries 2017

 

 

 

 

 

A-2, RB (b)

5.00%

11/01/2047

10,000

 

16,501,300

California (State of) Housing Finance Agency; Series 2019 2, Class A, Revenue Ctfs.

4.00%

03/20/2033

4,988

 

6,032,506

California (State of) Municipal Finance Authority (American Heritage Education Foundation);

 

 

 

 

 

Series 2016 A, Ref. RB

5.00%

06/01/2046

1,500

 

1,743,960

California (State of) Municipal Finance Authority (California Baptist University);

 

 

 

 

 

Series 2016 A, RB (h)

5.00%

11/01/2036

1,500

 

1,768,020

Series 2016 A, RB (h)

5.00%

11/01/2046

1,500

 

1,740,720

California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento & Nevada);

 

 

 

 

 

Series 2012, RB (h)

6.63%

01/01/2032

1,000

 

1,052,620

Series 2012, RB (h)

6.88%

01/01/2042

1,500

 

1,583,865

California (State of) Municipal Finance Authority (Santa Rosa Academy);

 

 

 

 

 

Series 2012 A, RB

5.75%

07/01/2030

5,945

 

6,472,143

Series 2012 A, RB

6.00%

07/01/2042

5,355

 

5,802,678

California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing);

 

 

 

 

 

Series 2019, RB

5.00%

05/15/2052

1,375

 

1,708,713

California (State of) Pollution Control Finance Authority;

 

 

 

 

 

Series 2012, RB (d)(h)

5.00%

07/01/2037

13,500

 

14,745,780

Series 2012, RB (d)(h)

5.00%

11/21/2045

20,710

 

22,517,983

California (State of) Pollution Control Financing Authority (Aemerge Redpack Services Southern

 

 

 

 

 

California, LLC); Series 2016, RB (Acquired 01/22/2016; Cost $2,175,000) (d)(e)(h)

7.00%

12/31/2049

9,925

 

4,962,500

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

California–(continued)

 

 

 

 

 

California (State of) Pollution Control Financing Authority (San Diego County Water Authority);

 

 

 

 

 

Series 2019, Ref. RB (h)

5.00%

07/01/2039

$ 2,500

$

3,092,700

Series 2019, Ref. RB (h)

5.00%

11/21/2045

11,650

 

14,191,331

California (State of) School Finance Authority (Alliance for College-Ready Public Schools);

 

 

 

 

 

Series 2013 A, RB

6.40%

07/01/2048

3,000

 

3,438,660

California (State of) School Finance Authority (Aspire Public Schools); Series 2016, Ref. RB (h)

5.00%

08/01/2046

2,500

 

2,838,750

California (State of) School Finance Authority (New Designs Charter School);

 

 

 

 

 

Series 2012, RB

5.50%

06/01/2042

5,000

 

5,343,300

Series 2019 A, RB (h)

5.00%

06/01/2040

750

 

878,393

Series 2019 A, RB (h)

5.00%

06/01/2050

1,060

 

1,226,197

California (State of) School Finance Authority (TEACH Public Schools);

 

 

 

 

 

Series 2019 A, RB (h)

5.00%

06/01/2049

750

 

835,710

Series 2019 A, RB (h)

5.00%

06/01/2058

2,600

 

2,881,502

California (State of) Statewide Communities Development Authority (California Baptist

 

 

 

 

 

University);

 

 

 

 

 

Series 2011, RB (c)(k)

7.25%

11/01/2021

1,500

 

1,662,480

Series 2011, RB (c)(k)

7.50%

11/01/2021

5,500

 

6,118,475

Series 2014 A, RB

6.13%

11/01/2033

1,560

 

1,817,868

California (State of) Statewide Communities Development Authority (Creative Child Care & Team);

 

 

 

 

 

Series 2015, RB (Acquired 11/03/2015; Cost $6,700,000) (h)

6.75%

06/01/2045

6,700

 

7,244,107

California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.);

 

 

 

 

 

Series 2012, RB

5.25%

11/15/2034

4,350

 

4,772,907

California (State of) Statewide Communities Development Authority (Lancer Educational Student

 

 

 

 

 

Housing); Series 2016, Ref. RB (h)

5.00%

06/01/2036

4,250

 

4,932,550

California (State of) Statewide Communities Development Authority (Loma Linda University

 

 

 

 

 

Medical Center);

 

 

 

 

 

Series 2014, RB

5.50%

12/01/2054

11,000

 

12,711,380

Series 2016 A, RB (h)

5.00%

12/01/2036

1,500

 

1,746,810

Series 2016 A, RB (h)

5.00%

12/01/2046

9,000

 

10,306,710

Series 2016 A, RB (h)

5.25%

12/01/2056

47,945

 

55,388,941

California (State of) Statewide Communities Development Authority (NCCD-Hooper

 

 

 

 

 

Street LLC-California College of the Arts);

 

 

 

 

 

Series 2019, RB (h)

5.25%

07/01/2049

375

 

446,891

Series 2019, RB (h)

5.25%

07/01/2052

1,450

 

1,721,469

California (State of) Statewide Communities Development Authority (Terraces at San Joaquin

 

 

 

 

 

Garden);

 

 

 

 

 

Series 2012, RB

6.00%

10/01/2042

2,895

 

3,255,312

Series 2012, RB

6.00%

10/01/2047

1,785

 

2,002,306

California (State of) Statewide Finance Authority (Pooled Tobacco Securitization);

 

 

 

 

 

Series 2002, RB

6.00%

05/01/2043

15,000

 

15,091,650

Series 2006 A, RB (i)

0.00%

06/01/2046

181,950

 

36,186,216

California County Tobacco Securitization Agency (The) (Sonoma County Securitization Corp.);

 

 

 

 

 

Series 2005, Ref. RB

5.13%

06/01/2038

9,380

 

9,479,897

Series 2005, Ref. RB

5.25%

06/01/2045

3,790

 

3,830,363

California Educational Facilities Authority; Series 2012 U-2, Ref. RB (b)

5.00%

10/01/2032

6,255

 

10,153,116

California Educational Facilities Authority (Stanford University); Series U-2, RB (b)

5.00%

10/01/2032

8,745

 

12,843,432

California Public Finance Authority (Henry Mayo Newhall Hospital);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

10/15/2037

3,430

 

4,033,131

Series 2017, Ref. RB

5.00%

10/15/2047

10,170

 

11,786,827

Eden (Township of), CA Healthcare District; Series 2010, Ref. COP (c)(k)

6.13%

06/01/2020

2,510

 

2,543,157

Fairfield (City of), CA Community Facilities District No. 2007-1 (Fairfield Commons);

 

 

 

 

 

Series 2008, RB

6.50%

09/01/2023

1,060

 

1,089,277

Series 2008, RB

6.75%

09/01/2028

2,550

 

2,623,950

Series 2008, RB

6.88%

09/01/2038

4,440

 

4,569,026

Foothill-Eastern Transportation Corridor Agency;

 

 

 

 

 

Series 2014 A, Ref. RB (c)(k)

6.00%

01/15/2024

20,000

 

24,079,000

Series 2014 A, Ref. RB (INS -AGM)(g)(i)

0.00%

01/15/2036

61,010

 

43,102,345

Series 2014 A, Ref. RB (INS -AGM)(g)(i)

0.00%

01/15/2037

20,000

 

13,664,200

Series 2014 A, Ref. RB (f)

6.85%

01/15/2042

5,000

 

5,684,900

Series 2014 C, Ref. RB

6.50%

01/15/2043

10,750

 

12,908,385

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

California–(continued)

 

 

 

 

 

Golden State Tobacco Securitization Corp.;

 

 

 

 

 

Series 2007 A-2, RB (f)

5.30%

06/01/2037

$ 47,000

$

50,256,630

Series 2007 B, RB (i)

0.00%

06/01/2047

185,000

 

35,568,100

Series 2018 A-1, Ref. RB

5.00%

06/01/2047

40,470

 

42,973,879

Series 2018 A-1, Ref. RB

5.25%

06/01/2047

8,170

 

8,716,246

Inland Empire Tobacco Securitization Authority;

 

 

 

 

 

Series 2007 C-1, RB (i)

0.00%

06/01/2036

173,915

 

60,339,809

Series 2007 D, RB (i)

0.00%

06/01/2057

46,635

 

3,254,657

Los Angeles (City of) Department of Water & Power; Series 2012 B, RB (b)

5.00%

07/01/2043

66,530

 

72,897,586

Los Angeles (City of), CA Community Facilities District No. 3 (Cascades Business Park);

 

 

 

 

 

Series 1997, RB

6.40%

09/01/2022

240

 

242,957

Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);

 

 

 

 

 

Series 2018 A, RB (b)(d)(l)

5.25%

05/15/2048

26,000

 

32,953,960

M-S-R Energy Authority;

 

 

 

 

 

Series 2009 A, RB

6.50%

11/01/2039

4,490

 

7,564,483

Series 2009 B, RB

6.50%

11/01/2039

5,500

 

9,266,070

National City (City of), CA Community Development Commission (National City Redevelopment);

 

 

 

 

 

Series 2011, RB (c)(k)

7.00%

08/01/2021

4,750

 

5,175,220

Regents of the University of California; Series 2014 AM, RB (b)

5.00%

05/15/2044

34,545

 

39,994,128

Riverside (County of), CA Transportation Commission; Series 2013 A, RB

5.75%

06/01/2048

7,000

 

7,939,260

San Bernardino City Unified School District;

 

 

 

 

 

Series 2011 D, GO Bonds (INS -AGM)(g)(i)

0.00%

08/01/2036

7,650

 

5,457,892

Series 2011 D, GO Bonds (INS -AGM)(g)(i)

0.00%

08/01/2037

13,130

 

9,070,598

Series 2011 D, GO Bonds (INS -AGM)(g)(i)

0.00%

08/01/2038

13,515

 

9,073,025

Series 2011 D, GO Bonds (INS -AGM)(g)(i)

0.00%

08/01/2039

13,895

 

9,058,984

Series 2011 D, GO Bonds (INS -AGM)(g)(i)

0.00%

08/01/2040

14,280

 

9,050,236

Series 2011 D, GO Bonds (INS -AGM)(g)(i)

0.00%

08/01/2041

14,080

 

8,647,373

San Buenaventura (City of), CA (Community Memorial Health System);

 

 

 

 

 

Series 2011, RB

8.00%

12/01/2031

9,875

 

10,929,452

Series 2011, RB

7.50%

12/01/2041

21,980

 

23,977,323

San Diego Unified School District (Election of 2008); Series 2012 E, GO Bonds (f)

5.25%

07/01/2042

10,000

 

9,320,500

San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community

 

 

 

 

 

Facilities District No. 6 (Mission Bay South Public Improvements);

 

 

 

 

 

Series 2013 C, RB (i)

0.00%

08/01/2036

5,710

 

2,487,961

Series 2013 C, RB (i)

0.00%

08/01/2038

2,000

 

763,000

Series 2013 C, RB (i)

0.00%

08/01/2043

17,000

 

4,803,350

San Joaquin Hills Transportation Corridor Agency;

 

 

 

 

 

Series 2014 B, Ref. RB

5.25%

01/15/2044

7,000

 

8,313,550

Series 2014 B, Ref. RB

5.25%

01/15/2049

12,000

 

14,223,960

San Jose (City of), CA;

 

 

 

 

 

Series 2017 A, Ref. RB (b)(d)

5.00%

03/01/2041

10,000

 

12,215,000

Series 2017 A, Ref. RB (b)(d)

5.00%

03/01/2047

20,000

 

24,218,600

San Jose (City of), CA (Helzer Courts Apartments); Series 1999 A, RB (d)

6.40%

12/01/2041

13,988

 

14,004,925

San Mateo (City of), CA Foster School District (Election 2008); Series 2010, GO Bonds (f)

6.63%

08/01/2042

4,080

 

4,481,962

Santee School District; Series 2006 D, GO Bonds (INS -AGC)(g)(i)

0.00%

08/01/2038

4,355

 

2,945,025

Savanna Elementary School District (Election of 2008); Series 2012 B, GO Bonds (INS -AGM)(f)(g)

6.75%

02/01/2052

7,500

 

8,455,575

Silicon Valley Tobacco Securitization Authority (Santa Clara);

 

 

 

 

 

Series 2007 A, RB (i)

0.00%

06/01/2036

10,000

 

4,061,900

Series 2007 A, RB (i)

0.00%

06/01/2047

20,000

 

4,326,000

Southern California Logistics Airport Authority;

 

 

 

 

 

Series 2007, RB

6.15%

12/01/2043

4,400

 

4,440,876

Series 2008 A, RB

6.00%

12/01/2033

1,475

 

1,477,493

Series 2008 A, RB (i)

0.00%

12/01/2045

18,085

 

3,023,450

Series 2008 A, RB (i)

0.00%

12/01/2046

18,085

 

2,805,888

Series 2008 A, RB (i)

0.00%

12/01/2047

18,085

 

2,603,155

Series 2008 A, RB (i)

0.00%

12/01/2048

18,085

 

2,413,986

Series 2008 A, RB (i)

0.00%

12/01/2049

18,085

 

2,237,838

Series 2008 A, RB (i)

0.00%

12/01/2050

18,085

 

2,073,626

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

California–(continued)

 

 

 

 

 

Southern California Tobacco Securitization Authority (San Diego County Asset Securitization

 

 

 

 

 

Corp.);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

06/01/2037

$ 1,000

$

1,283,750

Series 2019, Ref. RB

5.00%

06/01/2048

7,500

 

9,236,595

Series 2019, Ref. RB (i)

0.00%

06/01/2054

19,300

 

3,133,355

Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset

 

 

 

 

 

Securitization Corp.); Series 2006, RB (i)

0.00%

06/01/2046

30,000

 

5,965,800

State of California; Series 2020, GO Bonds (b)

5.00%

10/01/2049

11,000

 

14,452,680

University of California; Series 2017 M, RB (b)

5.00%

05/15/2047

50,890

 

63,425,734

Vallejo (City of), CA Public Financing Authority (Hiddenbrooke Improvement District);

 

 

 

 

 

Series 2004 A, RB

5.80%

09/01/2031

3,555

 

3,596,131

Victor Valley Union High School District (Election of 2008); Series 2013 B, GO Bonds (c)(i)(k)

0.00%

08/01/2023

74,825

 

15,359,793

 

 

 

 

 

1,305,537,782

Colorado–6.63%

 

 

 

 

 

Amber Creak Metropolitan District; Series 2017 B, GO Bonds

7.75%

12/15/2047

515

 

542,516

Banning Lewis Ranch Metropolitan District;

 

 

 

 

 

Series 2018 A, GO Bonds

5.38%

12/01/2048

2,500

 

2,699,375

Series 2018 B, GO Bonds

7.75%

12/15/2041

630

 

676,513

Banning Lewis Ranch Metropolitan District No. 3; Series 2015 A, GO Bonds

6.13%

12/01/2045

1,025

 

1,065,067

Banning Lewis Ranch Metropolitan District No. 4;

 

 

 

 

 

Series 2018 A, GO Bonds

5.75%

12/01/2048

5,000

 

5,386,700

Series 2018 B, GO Bonds

8.00%

12/15/2048

2,063

 

2,212,526

Banning Lewis Ranch Metropolitan District No. 5;

 

 

 

 

 

Series 2018 A, GO Bonds

5.75%

12/01/2048

2,195

 

2,364,761

Series 2018 B, GO Bonds

8.00%

12/15/2048

511

 

548,037

Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB

5.63%

12/01/2048

10,000

 

10,852,700

Brighton Crossing Metropolitan District No. 4; Series 2017 B, GO Bonds

7.00%

12/15/2047

670

 

705,818

Broadway Station Metropolitan District No. 2;

 

 

 

 

 

Series 2019 A, GO Bonds

5.13%

12/01/2048

5,975

 

6,529,241

Series 2019 B, GO Bonds (f)

7.50%

12/01/2048

7,075

 

4,662,142

Broadway Station Metropolitan District No. 3;

 

 

 

 

 

Series 2019, GO Bonds

5.00%

12/01/2049

5,000

 

5,377,150

Series 2019, GO Bonds (f)

7.50%

12/01/2049

30,465

 

18,551,052

Bromley Park Metropolitan District No. 2; Series 2018 C, Ref. GO Bonds

7.85%

12/15/2047

6,408

 

6,463,942

Broomfield Village Metropolitan District No. 2; Series 2003, Ref. GO Bonds (j)

6.25%

12/01/2032

3,330

 

2,697,300

Buffalo Highlands Metropolitan District;

 

 

 

 

 

Series 2018 A, Ref. GO Bonds

5.25%

12/01/2038

1,000

 

1,072,220

Series 2018 A, Ref. GO Bonds

5.38%

12/01/2048

1,750

 

1,875,510

Series 2018 B, Ref. GO Bonds

7.63%

12/15/2046

1,226

 

1,272,539

Buffalo Ridge Metropolitan District; Series 2018 B, GO Bonds

7.38%

12/15/2047

3,230

 

3,448,509

Canyons Metropolitan District No. 5;

 

 

 

 

 

Series 2017 A, Ref. GO Bonds

6.00%

12/01/2037

1,750

 

1,885,170

Series 2017 A, Ref. GO Bonds

6.13%

12/01/2047

4,735

 

5,083,780

Series 2017 B, GO Bonds

8.00%

12/15/2047

3,500

 

3,743,880

Castle Oaks Metropolitan District No. 3;

 

 

 

 

 

Series 2017, Ref. GO Bonds

5.00%

12/01/2037

3,275

 

3,401,644

Series 2017, Ref. GO Bonds

5.00%

12/01/2047

9,265

 

9,616,236

Centerra Metropolitan District No. 1 (In the City of Loveland);

 

 

 

 

 

Series 2017, Ref. RB (h)

5.00%

12/01/2047

7,000

 

7,516,810

Series 2018, Ref. RB

5.25%

12/01/2048

5,550

 

6,038,122

City Center West Residential Metropolitan District No. 2; Series 2019 B, GO Bonds

7.75%

12/15/2049

1,425

 

1,469,845

Clear Creek Station Metropolitan District No. 2; Series 2017 B, GO Bonds

7.38%

12/15/2047

500

 

530,385

Colliers Hill Metropolitan District No. 1; Series 2019 B, Ref. GO Bonds

8.00%

12/15/2048

2,500

 

2,580,800

Colorado (State of) Educational & Cultural Facilities Authority (Community Leadership Academy);

 

 

 

 

 

Series 2008, RB

6.25%

07/01/2028

1,650

 

1,654,406

Series 2008, RB

6.50%

07/01/2038

1,000

 

1,002,560

Series 2013, RB

7.45%

08/01/2048

2,245

 

2,560,288

Colorado (State of) Health Facilities Authority (Christian Living Communities); Series 2011, RB

6.38%

01/01/2041

1,615

 

1,739,920

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Colorado–(continued)

 

 

 

 

 

Colorado (State of) Health Facilities Authority (CommonSpirit Health);

 

 

 

 

 

Series 2019 A-2, Ref. RB

5.00%

08/01/2044

$ 15,000

$

18,675,000

Series 2019 A-2, Ref. RB

4.00%

08/01/2049

5,000

 

5,733,950

Colorado (State of) Health Facilities Authority (Frasier Meadows Retirement Community);

 

 

 

 

 

Series 2017 A, Ref. RB

5.25%

05/15/2037

750

 

881,865

Series 2017 A, Ref. RB

5.25%

05/15/2047

3,500

 

4,062,905

Colorado (State of) Health Facilities Authority (SCL Health System); Series 2013 A, RB (b)

5.00%

01/01/2044

21,000

 

23,664,690

Colorado (State of) Health Facilities Authority (Sunny Vista Living Center);

 

 

 

 

 

Series 2015 A, Ref. RB (h)

5.75%

12/01/2035

1,650

 

1,869,104

Series 2015 A, Ref. RB (h)

6.13%

12/01/2045

2,300

 

2,611,581

Series 2015 A, Ref. RB (h)

6.25%

12/01/2050

4,070

 

4,636,259

Colorado (State of) Health Facilities Authority (Total Longterm Care National Obligated Group);

 

 

 

 

 

Series 2010 A, RB (c)(k)

6.00%

11/15/2020

1,600

 

1,657,600

Series 2010 A, RB (c)(k)

6.25%

11/15/2020

4,750

 

4,929,265

Series 2011, RB (c)(k)

5.75%

11/15/2021

1,000

 

1,083,050

Series 2011, RB (c)(k)

6.00%

11/15/2021

1,195

 

1,299,061

Colorado (State of) Health Facilities Authority (Volunteers of America Care);

 

 

 

 

 

Series 2007 A, RB

5.20%

07/01/2022

400

 

400,296

Series 2007 A, RB

5.25%

07/01/2027

3,260

 

3,261,728

Series 2007 A, RB

5.30%

07/01/2037

5,815

 

5,815,814

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);

 

 

 

 

 

Series 2010, RB

6.50%

01/15/2030

4,500

 

4,576,275

Series 2019, RB

6.00%

01/15/2041

12,935

 

13,130,707

Colorado International Center Metropolitan District No. 14; Series 2018, Ref. GO Bonds

5.88%

12/01/2046

14,500

 

16,079,920

Colorado International Center Metropolitan District No. 4;

 

 

 

 

 

Series 2019 A, Ref. GO Bonds (f)

6.00%

12/01/2047

30,920

 

24,451,845

Series 2019 A-2, GO Bonds (f)

6.25%

12/01/2048

15,075

 

12,207,886

Series 2019 B-2, GO Bonds

8.75%

12/15/2048

1,997

 

2,130,100

Copper Ridge Metropolitan District;

 

 

 

 

 

Series 2019, RB

5.00%

12/01/2039

3,450

 

3,741,387

Series 2019, RB

5.00%

12/01/2043

1,750

 

1,887,393

Copperleaf Metropolitan District No. 2; Series 2019, GO Bonds

5.00%

12/15/2049

510

 

524,652

Copperleaf Metropolitan District No. 6;

 

 

 

 

 

Series 2018 A, GO Bonds

5.25%

12/01/2048

2,000

 

2,172,940

Subseries 2018 B, GO Bonds

7.50%

12/15/2048

820

 

883,443

Cornerstar Metropolitan District;

 

 

 

 

 

Series 2017 A, Ref. GO Bonds

5.13%

12/01/2037

1,000

 

1,072,130

Series 2017 A, Ref. GO Bonds

5.25%

12/01/2047

2,600

 

2,786,004

Cottonwood Highlands Metropolitan District No. 1;

 

 

 

 

 

Series 2019 A, GO Bonds

5.00%

12/01/2049

1,250

 

1,358,263

Series 2019 B, GO Bonds

8.75%

12/15/2049

2,095

 

2,204,296

Creekside Village Metropolitan District;

 

 

 

 

 

Series 2019 A, GO Bonds

5.00%

12/01/2039

1,255

 

1,334,354

Series 2019 A, GO Bonds

5.00%

12/01/2049

2,170

 

2,269,017

Series 2019, GO Bonds

7.75%

12/15/2049

616

 

636,371

Crowfoot Valley Ranch Metropolitan District No. 2;

 

 

 

 

 

Series 2018 A, GO Bonds

5.63%

12/01/2038

3,555

 

3,830,157

Series 2018 A, GO Bonds

5.75%

12/01/2048

9,665

 

10,370,448

Series 2018 B, GO Bonds

8.00%

12/15/2048

1,630

 

1,739,715

Denver (City & County of), CO;

 

 

 

 

 

Series 2018 A, RB (b)(d)

5.00%

12/01/2029

24,580

 

31,993,328

Series 2018 A, Ref. RB (b)(d)

5.25%

12/01/2043

17,500

 

22,334,200

Denver (City & County of), CO ; Series 2018 A, RB (b)(d)

5.00%

12/01/2036

25,865

 

33,043,572

Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB (d)

5.00%

10/01/2032

13,000

 

14,373,060

Denver (City of), CO Urban Renewal Authority (9th and Colorado Urban); Series 2018 A, RB (h)

5.25%

12/01/2039

9,000

 

9,784,890

Denver Gateway Center Metropolitan District;

 

 

 

 

 

Series 2018 A, GO Bonds

5.63%

12/01/2048

2,130

 

2,310,454

Series 2018 B, GO Bonds

7.88%

12/15/2048

1,855

 

1,975,519

Denver International Business Center Metropolitan District No. 1; Series 2019 B, GO Bonds

6.00%

12/01/2048

2,300

 

2,482,160

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Colorado–(continued)

 

 

 

 

 

Douglas (County of), CO Sierra Ridge Metropolitan District No. 2;

 

 

 

 

 

Series 2016 A, GO Bonds

5.50%

12/01/2046

$ 2,000

$

2,114,680

Series 2016 B, GO Bonds

7.63%

12/15/2046

1,500

 

1,568,475

Elbert (County of), CO & Highway 86 Commercial Metropolitan District; Series 2008 A, RB (j)(m)

7.50%

12/01/2032

4,500

 

3,375,000

Erie Commons Metropolitan District No. 2; Series 2019 B, Ref. GO Bonds

6.95%

12/15/2054

3,100

 

3,190,365

Fitzsimons Village Metropolitan District No. 1; Series 2010 A, RB

7.50%

03/01/2040

4,289

 

4,299,465

Flying Horse Metropolitan District No. 3; Series 2019, Ref. GO Bonds (h)

6.00%

12/01/2049

2,970

 

3,117,015

Forest Trace Metropolitan District No. 3; Series 2020 B, GO Bonds

7.88%

12/15/2049

933

 

957,081

Fossil Ridge Metropolitan District No. 1; Series 2010, Ref. GO Bonds

7.25%

12/01/2040

895

 

917,133

Fourth Street Crossing Business Improvement District;

 

 

 

 

 

Series 2019 A, RB (h)

5.13%

12/01/2038

3,000

 

3,159,150

Series 2019 A, RB (h)

5.38%

12/01/2049

2,740

 

2,884,014

Series 2019 B, RB

8.00%

12/15/2049

700

 

732,795

Gardens at East Iliff Metropolitan District;

 

 

 

 

 

Series 2019 A, GO Bonds

5.00%

12/01/2049

2,065

 

2,205,482

Series 2019 A, GO Bonds

8.50%

12/15/2049

680

 

702,658

Gardens on Havana Metropolitan District No. 3 (The);

 

 

 

 

 

Series 2017 A, RB

5.13%

12/01/2037

1,070

 

1,146,302

Series 2017 A, RB

5.25%

12/01/2047

1,015

 

1,086,781

Series 2017 B, RB

7.75%

12/15/2047

1,000

 

1,065,030

Grandby Ranch Metropolitan District; Series 2018, Ref. GO Bonds (h)

5.50%

12/01/2052

5,490

 

5,865,571

Haskins Station Metropolitan District;

 

 

 

 

 

Series 2019 A, GO Bonds

5.00%

12/01/2039

690

 

738,369

Series 2019 A, GO Bonds

5.00%

12/01/2049

1,125

 

1,184,670

Series 2019 B, Ref. GO Bonds

8.75%

12/15/2049

1,328

 

1,368,584

Independence Metropolitan District No. 3;

 

 

 

 

 

Series 2019 A, GO Bonds

6.25%

12/01/2049

8,095

 

8,967,155

Series 2019 B, GO Bonds

9.00%

12/15/2049

4,230

 

4,563,239

Independence Water & Sanitation District; Series 2019, RB

7.25%

12/01/2038

5,270

 

5,811,492

Johnston (Town of), CO Plaza Metropolitan District;

 

 

 

 

 

Series 2016 A, RB

5.25%

12/01/2036

4,000

 

4,176,960

Series 2016 A, RB

5.38%

12/01/2046

12,000

 

12,533,880

Lakes at Centerra Metropolitan District No. 2;

 

 

 

 

 

Series 2018 A, GO Bonds

5.13%

12/01/2037

2,200

 

2,385,548

Series 2018 A, GO Bonds

5.25%

12/01/2047

3,470

 

3,759,780

Series 2018 B, GO Bonds

7.63%

12/15/2047

1,795

 

1,926,143

Leyden Rock Metropolitan District No. 10; Series 2017 C, Ref. GO Bonds

10.75%

12/15/2049

1,025

 

1,065,693

Mirabelle Metropolitan District No. 2;

 

 

 

 

 

Series 2020 B, GO Bonds

7.38%

12/15/2049

1,473

 

1,510,414

Series 2020, GO Bonds

5.00%

12/01/2049

3,170

 

3,437,073

Montrose (County of), CO (The Homestead at Montrose, Inc.);

 

 

 

 

 

Series 2003 A, RB

6.75%

02/01/2022

105

 

105,105

Series 2003 A, RB

7.00%

02/01/2025

800

 

800,704

Series 2003 A, RB

7.00%

02/01/2038

6,200

 

6,203,410

Mountain Sky Metropolitan District; Series 2020 A, GO Bonds

5.00%

12/01/2049

980

 

1,033,449

Neu Towne Metropolitan District; Series 2018 B, Ref. GO Bonds

7.75%

12/15/2046

2,285

 

2,432,817

North Holly Metropolitan District;

 

 

 

 

 

Series 2018 A, GO Bonds

5.50%

12/01/2048

1,260

 

1,342,114

Series 2018 B, GO Bonds

7.88%

12/15/2048

1,015

 

1,077,118

North Park Metropolitan District No. 1;

 

 

 

 

 

Seires 2018 A-2, RB

5.50%

12/01/2034

8,340

 

9,083,261

Seires 2018 A-2, RB

5.85%

12/01/2048

9,000

 

9,769,590

Series 2018 A-1, RB

5.38%

12/01/2034

5,650

 

6,129,685

Series 2018 A-1, RB

5.75%

12/01/2048

3,850

 

4,158,962

North Range Metropolitan District No. 2;

 

 

 

 

 

Series 2017 A, Ref. GO Bonds

5.63%

12/01/2037

3,270

 

3,492,818

Series 2017 A, Ref. GO Bonds

5.75%

12/01/2047

4,885

 

5,218,987

Series 2017 B, GO Bonds

7.75%

12/15/2047

2,830

 

3,002,347

Painted Prairie Metropolitain District No. 2; Series 2018, GO Bonds

5.25%

12/01/2048

5,250

 

5,592,615

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Colorado–(continued)

 

 

 

 

 

Painted Prairie Public Improvement Authority; Series 2019, RB

5.00%

12/01/2049

$ 5,000

$

5,282,100

Palisade Metropolitan District No. 2; Series 2019, GO Bonds

7.25%

12/15/2049

3,712

 

3,824,585

Prairie Center Metropolitan District No. 3 (Park & Recreation Improvements); Series 2018, RB

5.13%

12/15/2042

4,050

 

4,318,758

Public Authority for Colorado Energy; Series 2008, RB

6.50%

11/15/2038

22,895

 

37,277,181

Raindance Metropolitan District No. 2; Series 2019 B, GO Bonds

7.50%

12/15/2049

2,290

 

2,361,059

Reata Ridge Village Metropolitan District No. 2; Series 2019 B-3, GO Bonds

8.00%

12/15/2049

615

 

634,040

Riverdale Peaks II Metropolitan District; Series 2005, GO Bonds (j)

6.50%

12/01/2035

1,000

 

500,000

Rock Canyon Metropolitan District;

 

 

 

 

 

Series 2020 A, GO Bonds

5.00%

12/01/2049

1,637

 

1,696,407

Series 2020 B, GO Bonds

8.75%

12/15/2049

398

 

410,163

Sabell Metropolitan District; Series 2020 A, GO Bonds (h)

5.00%

12/01/2050

1,055

 

1,118,754

South Aurora Regional Improvement Authority; Series 2018, RB

6.25%

12/01/2057

2,815

 

3,023,000

Spring Valley Metropolitan District No. 3;

 

 

 

 

 

Series 2020 A, GO Bonds

5.00%

12/01/2049

1,360

 

1,443,667

Series 2020 B, GO Bonds

8.50%

12/15/2049

1,331

 

1,362,212

St. Vrain Lakes Metropolitan District No. 2; Series 2017 B, GO Bonds

7.63%

12/15/2047

1,080

 

1,138,212

STC Metropolitan District No. 2;

 

 

 

 

 

Series 2019 A, Ref. GO Bonds

5.00%

12/01/2038

4,955

 

5,484,045

Series 2019 A, Ref. GO Bonds

5.00%

12/01/2049

4,095

 

4,507,203

Series 2019 B, GO Bonds

8.00%

12/15/2049

3,954

 

4,095,000

Sterling Ranch Community Authority Board; Series 2017 B, RB

7.50%

12/15/2047

6,500

 

6,921,525

Tailholt Metropolitan District No. 3;

 

 

 

 

 

Series 2018 A, GO Bonds

6.00%

12/01/2048

7,545

 

8,180,893

Series 2018 B, GO Bonds

8.13%

12/15/2048

1,647

 

1,777,920

Talon Pointe Metropolitan District;

 

 

 

 

 

Series 2019 A, Ref. GO Bonds

5.25%

12/01/2039

3,260

 

3,498,273

Series 2019 A, Ref. GO Bonds

5.25%

12/01/2051

5,345

 

5,655,544

Series 2019 B, Ref. GO Bonds

8.00%

12/15/2051

2,595

 

2,685,072

Thompson Crossing Metropolitan District No. 4; Series 2019, Ref. GO Bonds

5.00%

12/01/2049

2,125

 

2,314,784

Trails at Crowfoot Metropolitan District No. 3;

 

 

 

 

 

Series 2019 A, GO Bonds

5.00%

12/01/2049

3,380

 

3,617,175

Series 2019, GO Bonds

9.00%

12/15/2049

2,095

 

2,198,451

Tuscan Foothills Village Metropolitan District; Series 2019 A, GO Bonds (f)

6.25%

12/01/2049

1,240

 

1,156,015

University of Colorado; Series 2014 A, RB (b)

5.00%

06/01/2046

16,835

 

19,787,522

Vauxmont Metropolitan District; Series 2019, Ref. GO Bonds (INS -AGM)(g)

3.25%

12/15/2050

1,250

 

1,338,975

Villages at Castle Rock Metropolitan District No. 6 (Cobblestone Ranch);

 

 

 

 

 

Series 2007, GO Bonds (i)

0.00%

12/01/2037

96,562

 

30,891,046

Vista Ridge Metropolitan District; Series 2006 B, Ref. GO Bonds (c)(f)(k)

9.50%

12/01/2021

1,000

 

1,167,220

Wagons West Metropolitan District;

 

 

 

 

 

Series 2020 A, GO Bonds

5.00%

12/01/2049

1,685

 

1,743,318

Series 2020 B-3, GO Bonds

8.50%

12/15/2049

553

 

553,608

Wild Plum Metropolitan District;

 

 

 

 

 

Series 2019 A, GO Bonds

5.00%

12/01/2049

600

 

644,970

Series 2019 B, GO Bonds (h)

7.75%

12/15/2049

505

 

521,125

Willow Springs Metropolitan District;

 

 

 

 

 

Series 2019 A, GO Bonds

5.00%

12/01/2049

3,700

 

3,954,264

Series 2019 B, GO Bonds

7.75%

12/15/2049

650

 

669,955

 

 

 

 

 

765,107,138

Connecticut–0.25%

 

 

 

 

 

Connecticut (State of) Health and Education Facilities Authority (Nuvance Health); Series 2019

 

 

 

 

 

A, Ref. RB

4.00%

07/01/2041

5,250

 

6,068,265

Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds (e)(j)

5.13%

10/01/2036

7,935

 

952,200

Hamden (Town of), CT (Whitney Center);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

01/01/2030

2,390

 

2,720,657

Series 2019, Ref. RB

5.00%

01/01/2050

9,000

 

9,891,000

Harbor Point Infrastructure Improvement District (Harbor Point); Series 2010 A, RB (c)(k)

7.88%

04/01/2020

3,000

 

3,016,350

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Connecticut–(continued)

 

 

 

 

 

University of Connecticut;

 

 

 

 

 

Series 2019 A, RB

4.00%

11/01/2037

$ 3,350

$

3,915,748

Series 2019 A, RB

4.00%

11/01/2038

1,985

 

2,314,093

 

 

 

 

 

28,878,313

Delaware–0.25%

 

 

 

 

 

Delaware (State of) Economic Development Authority (Aspira of Delaware Charter Operations,

 

 

 

 

 

Inc.); Series 2016 A, RB

5.00%

06/01/2051

2,200

 

2,451,416

Delaware (State of) Economic Development Authority (Newark Charter School); Series 2012, RB

5.00%

09/01/2042

1,350

 

1,431,445

Delaware (State of) River & Bay Authority; Series 2019, Ref. RB

4.00%

01/01/2044

10,000

 

11,841,000

Millsboro (Town of), DE (Plantation Lakes Special Development District);

 

 

 

 

 

Series 2018, Ref. RB (h)

5.13%

07/01/2038

8,000

 

8,993,520

Series 2018, Ref. RB (h)

5.25%

07/01/2048

4,100

 

4,592,984

 

 

 

 

 

29,310,365

District of Columbia–1.50%

 

 

 

 

 

District of Columbia; Series 2014 C, GO Bonds (b)

5.00%

06/01/2038

21,000

 

24,318,210

District of Columbia (Center for Strategic & International Studies, Inc.);

 

 

 

 

 

Series 2011, RB (c)(k)

6.38%

03/01/2021

1,710

 

1,800,818

Series 2011, RB (c)(k)

6.63%

03/01/2021

5,150

 

5,444,426

District of Columbia (Cesar Chavez Charter School); Series 2011, RB

7.88%

11/15/2040

7,000

 

7,081,480

District of Columbia (Gallaudet University); Series 2011, RB

5.50%

04/01/2041

3,000

 

3,141,690

District of Columbia (Ingleside at Rock Creek);

 

 

 

 

 

Series 2017 A, RB

5.00%

07/01/2032

500

 

552,385

Series 2017 A, RB

5.00%

07/01/2037

1,450

 

1,588,823

Series 2017 A, RB

5.00%

07/01/2042

1,250

 

1,360,613

Series 2017 A, RB

5.00%

07/01/2052

8,250

 

8,945,145

District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB

5.00%

10/01/2045

7,750

 

8,092,317

District of Columbia Tobacco Settlement Financing Corp.;

 

 

 

 

 

Series 2006 A, RB (i)

0.00%

06/15/2046

100,920

 

20,023,537

Series 2006 C, RB (i)

0.00%

06/15/2055

60,320

 

3,435,827

District of Columbia Water & Sewer Authority; Series 2013 A, RB (b)

5.00%

10/01/2044

27,000

 

31,053,510

District of Columbia Water & Sewer Authority (Green Bonds); Series 2017 A, RB (b)

5.00%

10/01/2052

20,000

 

24,517,600

Metropolitan Washington Airports Authority (Dulles Metrorail & Capital Improvement);

 

 

 

 

 

Series 2019 B, Ref. RB

4.00%

10/01/2053

10,000

 

11,678,100

Series 2019 B, Ref. RB (INS -AGM)(g)

4.00%

10/01/2053

17,500

 

20,255,375

 

 

 

 

 

173,289,856

Florida–5.96%

 

 

 

 

 

Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.);

 

 

 

 

 

Series 2014, RB

6.25%

11/15/2044

15,305

 

14,890,694

Series 2014, RB

6.38%

11/15/2049

8,945

 

8,717,350

Alachua (County of), FL Health Facilities Authority (Oak Hammock at the University of Florida);

 

 

 

 

 

Series 2012 A, Ref. RB

8.00%

10/01/2032

1,000

 

1,153,570

Series 2012 A, Ref. RB

8.00%

10/01/2042

2,500

 

2,864,875

Series 2012 A, Ref. RB

8.00%

10/01/2046

2,000

 

2,287,040

Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

12/01/2034

1,400

 

1,811,936

Series 2019, Ref. RB

5.00%

12/01/2035

2,325

 

3,002,063

Series 2019, Ref. RB

5.00%

12/01/2036

3,945

 

5,081,712

Series 2019, Ref. RB

5.00%

12/01/2037

5,150

 

6,610,437

Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);

 

 

 

 

 

Series 2011 A, RB

8.00%

11/15/2031

3,000

 

3,048,240

Series 2011 A, RB

8.13%

11/15/2041

11,200

 

11,334,400

Series 2011 A, RB

8.13%

11/15/2046

11,100

 

11,224,431

Atlantic Beach (City of), FL (Fleet Landing);

 

 

 

 

 

Series 2018 A, RB

5.00%

11/15/2043

1,100

 

1,283,689

Series 2018 A, RB

5.00%

11/15/2048

3,190

 

3,708,311

Series 2018 A, RB

5.00%

11/15/2053

5,235

 

6,064,957

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Florida–(continued)

 

 

 

 

 

Broward (County of), FL;

 

 

 

 

 

Series 2017, RB (b)(d)

5.00%

10/01/2042

$ 12,045

$

14,797,042

Series 2019 B, RB (d)

4.00%

09/01/2044

5,000

 

5,713,500

Buckeye Park Community Development District; Series 2008 A, RB (e)(j)

7.88%

05/01/2038

4,900

 

2,107,000

Cape Coral (City of), FL Health Facilities Authority (Gulf Care, Inc.);

 

 

 

 

 

Series 2015, Ref. RB (h)

6.00%

07/01/2045

6,000

 

6,643,080

Series 2015, Ref. RB (h)

6.00%

07/01/2050

5,290

 

5,843,546

Capital Trust Agency (H-Bay Ministries, Inc.- Superior Residences);

 

 

 

 

 

Series 2018 A-1, RB

4.00%

07/01/2038

2,750

 

2,714,690

Series 2018 A-1, RB

4.00%

07/01/2043

1,000

 

974,750

Series 2018 A-1, RB

4.13%

07/01/2053

2,000

 

1,955,560

Series 2018 B, RB

5.00%

07/01/2043

500

 

525,685

Series 2018 B, RB

5.00%

07/01/2053

1,100

 

1,151,502

Capital Trust Agency (Miami Community Charter School); Series 2010 A, RB

7.00%

10/15/2040

1,495

 

1,523,061

Capital Trust Agency (Sarasota-Manatee Jewish Housing Council, Inc.);

 

 

 

 

 

Series 2017, Ref. RB (h)

5.00%

07/01/2037

1,000

 

1,088,620

Series 2017, Ref. RB (h)

5.00%

07/01/2046

600

 

649,872

Capital Trust Agency (Tallahassee Tapestry);

 

 

 

 

 

Series 2015, RB (h)

6.75%

12/01/2035

5,405

 

5,224,419

Series 2015, RB (h)

7.00%

12/01/2045

2,000

 

1,940,140

Series 2015, RB (h)

7.13%

12/01/2050

2,000

 

1,941,740

Capital Trust Agency (University Bridge LLC Student Housing); Series 2018 A, RB (h)

5.25%

12/01/2043

15,850

 

17,670,214

Capital Trust Agency Inc. (H-Bay Ministries, Inc.- Superior Residences); Series 2018 A-1, RB

5.00%

07/01/2048

5,660

 

6,029,145

Capital Trust Agency Inc. (University Bridge, LLC Student Housing); Series 2018 A, RB (h)

5.25%

12/01/2058

13,000

 

14,302,210

Capital Trust Agency, Inc. (Franklin Academy);

 

 

 

 

 

Series 2020, RB (h)

5.00%

12/15/2050

1,955

 

2,117,128

Series 2020, RB (h)

5.00%

12/15/2055

2,845

 

3,071,377

Capital Trust Agency, Inc. (University Bridge LLC); Series 2018 A, RB (h)

4.00%

12/01/2028

4,110

 

4,321,459

Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities);

 

 

 

 

 

Series 2019, RB (d)(h)

5.00%

10/01/2049

2,420

 

2,718,991

Collier (County of), FL Industrial Development Authority (The Arlington of Naples);

 

 

 

 

 

Series 2014 A, RB (Acquired 12/16/2013; Cost $5,485,328) (e)(h)

8.13%

05/15/2044

5,560

 

5,226,400

Series 2014 A, RB (Acquired 12/16/2013; Cost $40,430,032) (e)(h)

8.25%

05/15/2049

44,570

 

41,895,800

Series 2015 A, RB (Acquired 06/30/2015; Cost $345,000) (e)(h)

5.50%

05/15/2025

345

 

324,300

Series 2015 A, RB (e)(h)

6.25%

05/15/2035

875

 

822,500

Series 2015 A, RB (Acquired 06/30/2015; Cost $3,000,000) (e)(h)

6.50%

05/15/2049

3,000

 

2,820,000

County of Broward FL Airport System Revenue; Series 2020, RB (b)(d)(l)

4.00%

10/01/2049

14,000

 

16,304,820

County of Miami-Dade FL Water & Sewer System Revenue;

 

 

 

 

 

Series 2019 XX1109, Revenue Ctfs. (b)(l)

4.00%

10/01/2049

17,500

 

20,546,925

East Homestead Community Development District; Series 2013, RB

5.63%

11/01/2043

2,000

 

2,137,280

Florida (State of) Mid-Bay Bridge Authority; Series 2011 A, RB (c)(k)

7.25%

10/01/2021

14,000

 

15,382,500

Florida Development Finance Corp. (Palm Bay Academy, Inc.);

 

 

 

 

 

Series 2017, Ref. RB (h)(i)(j)

0.00%

05/15/2037

2,235

 

843,386

Series 2017, Ref. RB (h)

6.38%

05/15/2037

2,705

 

2,570,751

Florida Development Finance Corp. (Renaissance Charter School, Inc.);

 

 

 

 

 

Series 2012 A, RB (h)

6.00%

06/15/2032

4,250

 

4,440,995

Series 2012 A, RB (h)

6.13%

06/15/2043

4,250

 

4,415,707

Series 2015, RB (h)

6.13%

06/15/2046

14,035

 

15,648,744

Florida Development Finance Corp. (Sculptor Charter School);

 

 

 

 

 

Series 2008 A, RB

7.25%

10/01/2038

2,450

 

2,458,918

Series 2012, RB

7.00%

10/01/2026

80

 

85,264

Series 2012, RB

7.25%

10/01/2041

595

 

635,418

Florida Development Finance Corp. (Virgin Trains USA Passenger Rail);

 

 

 

 

 

Series 2019 A, Ref. RB (c)(d)(h)

6.38%

01/01/2026

43,980

 

45,738,760

Series 2019 A, Ref. RB (c)(d)(h)

6.50%

01/01/2029

17,000

 

17,566,780

Gramercy Farms Community Development District;

 

 

 

 

 

Series 2007 A-1, RB (e)

5.25%

05/01/2039

1,335

 

13

Series 2007 A-2, RB (e)

5.25%

05/01/2039

1,700

 

17

Series 2011, Ref. RB (f)(j)

6.75%

05/01/2039

22,830

 

10,958,400

Greater Orlando Aviation Authority; Series 2019 XG0258, Revenue Ctfs. (b)(d)

5.00%

10/01/2049

20,000

 

25,218,200

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Florida–(continued)

 

 

 

 

 

Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties);

 

 

 

 

 

Series 2018 A, RB

6.25%

04/01/2049

$ 12,785

$

14,677,436

Kendall Breeze West Community Development District; Series 2004, RB

5.88%

05/01/2034

1,070

 

1,071,177

Lake (County of), FL (Lakeside at Waterman Village);

 

 

 

 

 

Series 2018 A, RB (h)

10.00%

10/31/2023

2,500

 

2,890,650

Series 2018 A, RB (h)

12.00%

10/31/2023

1,000

 

1,178,580

Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);

 

 

 

 

 

Series 2018 A, RB (h)

5.50%

07/15/2048

2,250

 

2,458,598

Series 2018 A, RB (h)

5.75%

07/15/2053

2,030

 

2,234,888

Lee (County of), FL Industrial Development Authority (Cypress Cove Healthpark);

 

 

 

 

 

Series 2012, Ref. RB

5.25%

10/01/2032

4,500

 

4,845,555

Series 2012, Ref. RB

5.75%

10/01/2042

10,100

 

10,959,106

Series 2012, Ref. RB

6.50%

10/01/2047

10,000

 

11,098,200

Lee (County of), FL Industrial Development Authority (Lee County Community Charter Schools,

 

 

 

 

 

LLC);

 

 

 

 

 

Series 2012, IDR

5.50%

06/15/2032

1,880

 

1,961,291

Series 2012, IDR

5.75%

06/15/2042

3,210

 

3,341,899

Miami-Dade (County of), FL;

 

 

 

 

 

Series 2009, RB (i)

0.00%

10/01/2035

12,000

 

8,464,800

Series 2009, RB (i)

0.00%

10/01/2042

42,215

 

23,690,214

Series 2019 A, RB (d)

5.00%

10/01/2049

23,000

 

29,069,470

Miami-Dade (County of), FL (Building Better Communities Program);

 

 

 

 

 

Series 2016 A, Ref. GO Bonds (b)

5.00%

07/01/2037

15,605

 

19,120,807

Series 2016 A, Ref. GO Bonds (b)

5.00%

07/01/2038

15,985

 

19,540,544

Miami-Dade (County of), FL Educational Facilities Authority (University of Miami);

 

 

 

 

 

Series 2018 A, RB (b)

5.00%

04/01/2053

13,500

 

16,433,549

Series 2018 A, RB

5.00%

04/01/2053

3,400

 

4,138,820

Miami-Dade (County of), FL Health Facilities Authority (Miami Children's Hospital);

 

 

 

 

 

Series 2010, Ref. RB (c)(k)

6.00%

08/01/2020

365

 

372,570

Series 2010, Ref. RB (c)(k)

6.13%

08/01/2020

185

 

188,933

Series 2010, Ref. RB

6.00%

08/01/2030

135

 

137,591

Series 2010, Ref. RB

6.13%

08/01/2042

65

 

66,240

Orange (County of), FL Housing Finance Authority (Alhambra Trace Apartments); Series 1998 C,

 

 

 

 

 

RB

7.00%

04/01/2028

1,185

 

1,186,967

Orange (County of), FL Housing Finance Authority (Governors Manor Apartments); Series 2001

 

 

 

 

 

F-4, RB

7.25%

10/01/2031

3,320

 

3,328,300

Orange (County of), FL Housing Finance Authority (Lake Davis Apartments); Series 2001 F-1, RB

7.25%

10/01/2031

690

 

691,725

Orange (County of), FL Housing Finance Authority (Lake Jennie Phase I); Series 2001 F-2, RB

7.25%

10/01/2031

180

 

180,450

Orange (County of), FL Housing Finance Authority (Lake Jennie Phase II); Series 2001 F-3, RB

7.25%

10/01/2031

690

 

691,725

Orange (County of), FL Housing Finance Authority (Mellonville Trace Apartments); Series 2001

 

 

 

 

 

F-5, RB

7.25%

10/01/2031

265

 

265,663

Orlando (City of), FL; Series 2014 A, RB (b)

5.00%

11/01/2039

20,305

 

23,797,257

Osceola (County of), FL; Series 2020 A-1, Ref. RB

4.00%

10/01/2054

4,100

 

4,692,163

Overoaks Community Development District; Series 2010 A-2, RB (f)

6.13%

05/01/2035

350

 

354,130

Palm Beach (County of), FL Health Facilities Authority (Sinai Residences of Boca Raton);

 

 

 

 

 

Series 2014 A, RB

7.50%

06/01/2049

2,750

 

3,120,370

Pine Ridge Plantation Community Development District; Series 2006 A, RB

5.40%

05/01/2037

1,319

 

1,231,128

Pinellas (County of), FL Educational Facilities Authority (Pinellas Preparatory Academy);

 

 

 

 

 

Series 2011 A, RB (k)

6.13%

09/15/2021

300

 

315,675

Series 2011 A, RB (c)(k)

7.13%

09/15/2021

3,250

 

3,545,327

Polk (County of), FL Industrial Development Authority (Carpenter's Home Estates);

 

 

 

 

 

Series 2019, Ref. IDR

5.00%

01/01/2049

2,350

 

2,653,808

Series 2019, Ref. IDR

5.00%

01/01/2055

2,520

 

2,838,402

Reunion East Community Development District;

 

 

 

 

 

Series 2002 A-2, RB (e)

7.38%

05/01/2033

145

 

1

Series 2005, RB (e)

5.80%

05/01/2036

1,716

 

17

Series 2015-1, RB

6.60%

05/01/2033

45

 

48,767

Series 2015-2, RB

6.60%

05/01/2036

1,605

 

1,739,371

St. Johns (County of), FL Industrial Development Authority (Presbyterian Retirement

 

 

 

 

 

Communities); Series 2010 A, RB (c)(k)

6.00%

08/01/2020

4,000

 

4,083,800

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Florida–(continued)

 

 

 

 

 

Sterling Hill Community Development District; Series 2003 A, RB (j)(m)

6.20%

05/01/2035

$ 1,375

$

866,046

Stonegate Community Development District; Series 2008, RB

8.13%

05/01/2039

4,230

 

4,278,941

Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB

5.00%

12/01/2055

4,000

 

4,602,480

Tampa Bay Water; Series 2001 A, RB (INS -NATL)(b)(g)

6.00%

10/01/2029

13,440

 

19,341,773

Treeline Preserve Community Development District; Series 2007 A, RB (e)(j)

6.80%

05/01/2039

4,895

 

2,692,250

 

 

 

 

 

688,637,768

Georgia–1.16%

 

 

 

 

 

Americus (City of) & Sumter (County of), GA Hospital Authority (Magnolia Manor Obligated Group);

 

 

 

 

 

Series 2013 A, Ref. RB

6.25%

05/15/2033

3,950

 

4,428,621

Series 2013 A, Ref. RB

6.38%

05/15/2043

8,000

 

8,917,920

City of Atlanta GA Water & Wastewater Revenue; Series 2015, Ref. RB (b)

5.00%

11/01/2040

37,555

 

44,768,941

Clayton (County of), GA Development Authority (Delta Air Lines, Inc.); Series 2009 A, RB

8.75%

06/01/2029

4,500

 

4,584,420

DeKalb (County of), GA Hospital Authority (DeKalb Medical Center, Inc.);

 

 

 

 

 

Series 2010, RAC (c)(k)

6.00%

09/01/2020

2,200

 

2,256,672

Series 2010, RAC (c)(k)

6.13%

09/01/2020

5,510

 

5,655,354

Fulton (County of), GA Residential Care Facilities for the Elderly Authority (Canterbury Court);

 

 

 

 

 

Series 2019 A, Ref. RB (h)

5.00%

04/01/2047

2,740

 

3,039,372

Series 2019 A, Ref. RB (h)

5.00%

04/01/2054

1,660

 

1,829,752

Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4); Series 2019 A, RB

5.00%

01/01/2049

15,000

 

18,146,400

Main Street Natural Gas, Inc.;

 

 

 

 

 

Series 2019 A, RB

5.00%

05/15/2038

3,745

 

5,289,738

Series 2019 B, RB (c)

4.00%

12/02/2024

10,000

 

11,427,700

Marietta (City of), GA Developing Authority (Life University, Inc.); Series 2017 A, Ref. RB (h)

5.00%

11/01/2047

8,480

 

9,688,909

Municipal Electric Authority of Georgia; Series 2019 A, Ref. RB

5.00%

01/01/2044

4,580

 

5,677,963

Savannah (City of), GA Hospital Authority (St. Josephs Candler Health System);

 

 

 

 

 

Series 2019 A, Ref. RB

4.00%

07/01/2039

2,500

 

2,918,075

Series 2019 A, Ref. RB

4.00%

07/01/2043

5,000

 

5,752,300

 

 

 

 

 

134,382,137

Idaho–0.24%

 

 

 

 

 

Gooding Industrial Development Corp. (Intrepid Technology & Resources); Series 2006, RB (d)(e)(j)

7.50%

11/01/2024

7,640

 

0

Idaho (State of) Health Facilities Authority (Terraces of Boise);

 

 

 

 

 

Series 2014 A, RB

8.00%

10/01/2044

10,440

 

11,472,620

Series 2014 A, RB

8.13%

10/01/2049

9,000

 

9,906,300

Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.);

 

 

 

 

 

Series 2010 A, RB

6.25%

07/01/2040

1,000

 

1,009,520

Series 2010 A, RB

6.25%

07/01/2045

1,000

 

1,009,150

Idaho (State of) Housing & Finance Association (Liberty Charter School); Series 2008 A, RB

6.00%

06/01/2038

750

 

751,755

Idaho (State of) Housing & Finance Association (North Star Charter School);

 

 

 

 

 

Series 2014 A, Ref. RB

6.75%

07/01/2028

19

 

21,149

Series 2014 A, Ref. RB

6.75%

07/01/2036

526

 

587,396

Series 2014 A, Ref. RB

6.75%

07/01/2048

1,061

 

1,174,267

Series 2014 B, Ref. RB (h)(i)

0.00%

07/01/2049

9,112

 

2,062,804

 

 

 

 

 

27,994,961

Illinois–10.18%

 

 

 

 

 

Bartlett (Village of), IL (Quarry Redevelopment); Series 2007, Ref. RB (k)

5.60%

01/01/2023

2,825

 

2,829,125

Bolingbrook (Village of), IL;

 

 

 

 

 

Series 2005, RB (f)

6.25%

01/01/2024

3,296

 

3,274,123

Series 2005, RB (f)

6.00%

01/01/2026

4,500

 

4,398,165

Bolingbrook (Village of), IL Special Service Area No. 2005-1; Series 2019, Ref. RB

5.25%

03/01/2041

4,000

 

4,339,240

Burbank (City of), IL (Intercultural Montessori Language School); Series 2015, RB (h)

6.25%

09/01/2045

4,000

 

4,528,400

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Illinois–(continued)

 

 

 

 

 

Chicago (City of), IL;

 

 

 

 

 

Series 2002 B, GO Bonds

5.50%

01/01/2034

$ 3,145

$

3,681,694

Series 2003 B, Ref. GO Bonds

5.50%

01/01/2032

2,150

 

2,521,348

Series 2003 B, Ref. GO Bonds

5.50%

01/01/2033

3,000

 

3,514,620

Series 2003 B, Ref. GO Bonds

5.50%

01/01/2034

2,160

 

2,528,604

Series 2005 D, Ref. GO Bonds

5.50%

01/01/2037

6,075

 

7,086,002

Series 2007 E, Ref. GO Bonds

5.50%

01/01/2035

2,500

 

2,923,825

Series 2007 F, Ref. GO Bonds

5.50%

01/01/2035

10,640

 

12,443,799

Series 2007 G, Ref. GO Bonds

5.50%

01/01/2035

375

 

438,574

Series 2007 G, Ref. GO Bonds

5.50%

01/01/2042

400

 

462,580

Series 2011, COP

7.13%

05/01/2021

656

 

655,798

Series 2011, COP

7.13%

05/01/2025

18,885

 

18,886,889

Series 2012 A, GO Bonds

5.00%

01/01/2033

3,500

 

3,728,760

Series 2014 A, Ref. GO Bonds

5.25%

01/01/2033

3,250

 

3,657,160

Series 2014, RB (b)

5.00%

01/01/2044

16,755

 

18,702,266

Series 2015 A, GO Bonds

5.50%

01/01/2034

4,440

 

5,197,686

Series 2015 A, GO Bonds

5.50%

01/01/2035

2,000

 

2,339,060

Series 2017 A, Ref. GO Bonds

6.00%

01/01/2038

64,150

 

80,854,018

Series 2019 A, GO Bonds

5.50%

01/01/2049

12,785

 

15,955,296

Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP (j)

7.46%

02/15/2026

2,176

 

1,652,066

Chicago (City of), IL (Lakeshore East); Series 2003, RB

6.63%

12/01/2022

1,447

 

1,450,835

Chicago (City of), IL (O'Hare International Airport);

 

 

 

 

 

Series 2017 D, RB (b)(d)

5.00%

01/01/2047

27,500

 

32,784,950

Series 2017 D, RB (b)(d)

5.00%

01/01/2052

9,960

 

11,820,926

Series 2017 D, RB (d)

5.00%

01/01/2052

5,260

 

6,242,778

Series 2018 A, Ref. RB (d)

5.00%

01/01/2048

6,000

 

7,378,560

Chicago (City of), IL Board of Education;

 

 

 

 

 

Series 2011 A, GO Bonds

5.00%

12/01/2041

23,015

 

24,334,450

Series 2012 A, GO Bonds

5.00%

12/01/2042

19,420

 

21,114,395

Series 2017 H, GO Bonds

5.00%

12/01/2046

3,000

 

3,583,560

Series 2018 D, Ref. GO Bonds

5.00%

12/01/2046

27,000

 

30,263,310

Chicago (City of), IL Metropolitan Water Reclamation District;

 

 

 

 

 

Series 2015 A, GO Bonds (b)

5.00%

12/01/2044

31,000

 

35,669,840

Series 2016 C, GO Bonds (b)

5.00%

12/01/2045

19,750

 

23,913,893

Chicago (City of), IL Transit Authority; Series 2014, RB (b)

5.25%

12/01/2049

27,000

 

31,852,710

Cook (County of), IL; Series 2018, RB (b)

5.25%

11/15/2036

7,750

 

9,768,100

Cook (County of), IL (Navistar International Corp.); Series 2010, RB

6.75%

10/15/2040

7,250

 

7,498,675

East Dundee (Village of), IL (Route 25 South Redevelopment); Series 2012, RB

5.63%

12/01/2031

1,530

 

1,553,317

Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Series 2014 A, RB

5.38%

03/01/2034

1,379

 

1,380,018

Gilberts Special Service Area No. 25 (The Conservancy); Series 2018 A, RB (f)

6.00%

03/01/2048

13,121

 

12,929,433

Illinois (State of);

 

 

 

 

 

Series 2013, GO Bonds

5.50%

07/01/2027

5,105

 

5,801,424

Series 2013, GO Bonds

5.25%

07/01/2030

4,965

 

5,579,220

Series 2013, GO Bonds

5.50%

07/01/2033

10,520

 

11,868,769

Series 2016, GO Bonds

5.00%

11/01/2028

10,700

 

13,018,369

Series 2016, Ref. GO Bonds

5.00%

02/01/2025

35,550

 

41,746,365

Series 2016, Ref. GO Bonds

5.00%

02/01/2027

7,145

 

8,783,563

Series 2016, Ref. GO Bonds

5.00%

02/01/2029

11,000

 

13,443,760

Series 2017 A, GO Bonds

5.00%

12/01/2034

5,125

 

6,297,549

Series 2017 D, GO Bonds (b)(l)

5.00%

11/01/2023

33,000

 

37,501,200

Series 2017 D, GO Bonds

5.00%

11/01/2026

10,500

 

12,833,520

Series 2018 A, GO Bonds

6.00%

05/01/2027

9,650

 

12,513,252

Series 2018 A, GO Bonds

6.00%

05/01/2028

6,000

 

7,973,340

Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB (d)

8.00%

06/01/2032

4,020

 

4,042,472

Illinois (State of) Finance Authority (Collegiate Housing Foundation - DeKalb II, LLC - Northern

 

 

 

 

 

Illinois University); Series 2011, RB

6.88%

10/01/2043

7,000

 

7,398,020

Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB (h)

6.00%

12/01/2045

3,715

 

4,147,203

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Illinois–(continued)

 

 

 

 

 

Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);

 

 

 

 

 

Series 2019 A, Ref. RB

5.00%

11/01/2035

$ 2,000

$

2,246,120

Series 2019 A, Ref. RB

5.00%

11/01/2040

4,910

 

5,454,666

Series 2019 A, Ref. RB

5.00%

11/01/2049

44,500

 

48,875,685

Illinois (State of) Finance Authority (Montgomery Place);

 

 

 

 

 

Series 2017, Ref. RB

5.25%

05/15/2037

6,795

 

7,582,337

Series 2017, Ref. RB

5.25%

05/15/2048

11,770

 

12,936,642

Illinois (State of) Finance Authority (Navistar International); Series 2010, RB

6.75%

10/15/2040

9,000

 

9,308,700

Illinois (State of) Finance Authority (Norwegian American Hospital, Inc.);

 

 

 

 

 

Series 2008, RB

7.63%

09/15/2028

2,900

 

2,940,513

Series 2008, RB

7.75%

09/15/2038

8,140

 

8,516,149

Illinois (State of) Finance Authority (Park Place of Elmhurst);

 

 

 

 

 

Series 2016 A, RB

6.20%

05/15/2030

176

 

157,432

Series 2016 A, RB

6.24%

05/15/2038

10,797

 

9,717,741

Series 2016 A, RB

6.33%

05/15/2048

22,504

 

20,091,346

Series 2016 A, RB

6.44%

05/15/2055

23,587

 

21,079,454

Series 2016 B, RB

5.63%

05/15/2020

5,665

 

5,488,635

Series 2016, RB (e)

2.00%

05/15/2055

7,144

 

71,440

Illinois (State of) Finance Authority (Peace Village); Series 2013, RB (c)(k)

7.00%

08/15/2023

12,210

 

14,550,535

Illinois (State of) Finance Authority (Plymouth Place);

 

 

 

 

 

Series 2013, Ref. RB

6.00%

05/15/2043

10,600

 

11,471,320

Series 2015, Ref. RB

5.25%

05/15/2050

6,660

 

7,292,234

Illinois (State of) Finance Authority (Rogers Park Montessori School);

 

 

 

 

 

Series 2014, Ref. RB

6.00%

02/01/2034

750

 

831,548

Series 2014, Ref. RB

6.13%

02/01/2045

1,500

 

1,650,765

Illinois (State of) Finance Authority (Roosevelt University);

 

 

 

 

 

Series 2007, RB

5.50%

04/01/2037

9,170

 

9,182,563

Series 2019 A, RB (h)

6.13%

04/01/2049

11,000

 

13,301,530

Series 2019 A, RB (h)

6.13%

04/01/2058

13,000

 

15,621,840

Illinois (State of) Finance Authority (Rush University Medical Center);

 

 

 

 

 

Series 2015 A, Ref. RB

5.00%

11/15/2038

5,000

 

5,802,950

Series 2015 B, Ref. RB

5.00%

11/15/2039

3,700

 

4,282,195

Illinois (State of) Finance Authority (Swedish Covenant Hospital); Series 2016 A, Ref. RB

5.00%

08/15/2032

500

 

590,140

Illinois (State of) Finance Authority (Three Crowns Park);

 

 

 

 

 

Series 2017, Ref. RB

5.25%

02/15/2037

1,185

 

1,310,029

Series 2017, Ref. RB

5.25%

02/15/2047

4,620

 

5,058,299

Illinois (State of) Finance Authority (United Neighborhood Organization Charter School Network,

 

 

 

 

 

Inc.);

 

 

 

 

 

Series 2011, Ref. RB

6.88%

10/01/2031

2,750

 

2,925,670

Series 2011, Ref. RB

7.13%

10/01/2041

1,000

 

1,061,640

Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB (b)

5.25%

10/01/2052

27,000

 

29,921,670

Illinois (State of) Finance Authority (Villa St. Benedict);

 

 

 

 

 

Series 2015, Ref. RB

6.13%

11/15/2035

9,580

 

10,884,604

Series 2015, Ref. RB

6.38%

11/15/2043

10,700

 

12,211,161

Illinois (State of) Housing Development Authority (Stonebridge of Gurnee);

 

 

 

 

 

Series 2016 A, RB (h)

5.45%

01/01/2046

2,500

 

2,539,675

Series 2016 A, RB (h)

5.60%

01/01/2056

2,700

 

2,753,487

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);

 

 

 

 

 

Series 2002 A, RB (INS -NATL)(g)(i)

0.00%

12/15/2038

29,950

 

19,037,119

Series 2010 B-2, Ref. RB (k)

5.00%

06/15/2050

1,000

 

1,011,790

Series 2010 B-2, Ref. RB (k)

5.25%

06/15/2050

8,015

 

8,115,188

Series 2010, RB (c)(k)

5.50%

06/15/2020

4,300

 

4,356,760

Series 2010, RB (k)

5.50%

06/15/2050

44,020

 

44,601,064

Series 2012 A, RB

5.00%

06/15/2042

2,000

 

2,147,240

Series 2012 B, RB (i)

0.00%

12/15/2051

13,165

 

5,105,914

Series 2012, RB (i)

0.00%

12/15/2050

35,755

 

14,330,246

Series 2015, RB (i)

0.00%

12/15/2052

26,000

 

9,756,240

Series 2017 B, Ref. RB (f)

4.95%

12/15/2047

3,000

 

2,513,340

Series 2017 B, Ref. RB (i)

0.00%

12/15/2054

20,000

 

7,021,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

 

(000)

 

Value

Illinois–(continued)

 

 

 

 

 

 

Series 2020, Ref. RB

5.00%

12/15/2045

$

680

$

836,733

Series 2020, Ref. RB

4.00%

06/15/2050

 

15,000

 

16,990,200

Series 2020, Ref. RB

5.00%

06/15/2050

 

14,000

 

17,180,660

Malta (Village of), IL (Prairie Springs); Series 2006, RB (j)(m)

5.75%

12/30/2025

 

1,800

 

576,000

Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB

5.00%

01/01/2039

 

2,000

 

2,079,740

Pingree Grove (Village of), IL (Cambridge Lakes Learning Center); Series 2011, RB (c)(k)

8.50%

06/01/2021

 

3,290

 

3,598,207

Plano (City of), IL Special Service Area No. 10 (Lakewood Springs Club); Series 2007, RB (e)

5.80%

03/01/2037

 

5,615

 

617,650

Railsplitter Tobacco Settlement Authority; Series 2010, RB (c)(k)

6.00%

06/01/2021

 

17,050

 

18,149,896

Sales Tax Securitization Corp.; Series 2018 C, Ref. RB

5.25%

01/01/2048

 

15,000

 

18,951,750

Southwestern Illinois Development Authority (Eden Retirement Center, Inc.);

 

 

 

 

 

 

Series 2006, RB

5.50%

12/01/2026

 

800

 

799,984

Series 2006, RB

5.85%

12/01/2036

 

3,000

 

2,999,970

St. Charles (City of), IL Special Service Area No. 21; Series 1998, RB

6.63%

03/01/2028

 

910

 

910,373

United City of Yorkville (City of), IL Special Service Area No. 2006-113 (Cannonball/Beecher

 

 

 

 

 

 

Road); Series 2007, RB

5.75%

03/01/2028

 

3,190

 

3,193,700

 

 

 

 

 

 

1,175,678,353

Indiana–1.01%

 

 

 

 

 

 

Allen (County of), IN Economic Development (StoryPoint Fort Wayne);

 

 

 

 

 

 

Series 2017, RB (h)

6.63%

01/15/2034

 

1,625

 

1,813,923

Series 2017, RB (h)

6.75%

01/15/2043

 

1,625

 

1,804,953

Series 2017, RB (h)

6.88%

01/15/2052

 

1,850

 

2,052,445

Carmel (City of), IN (Barrington Carmel);

 

 

 

 

 

 

Series 2012 A, RB (e)

7.00%

11/15/2027

 

377

 

9,981

Series 2012 A, RB (e)

7.00%

11/15/2032

 

1,069

 

28,328

Series 2012 A, RB (e)

7.13%

11/15/2042

 

4,376

 

115,972

Series 2012 A, RB (e)

7.13%

11/15/2047

 

3,566

 

94,489

Chestertown (Town of), IN (Storypoint Chesterton); Series 2016 A-1, RB (h)

6.38%

01/15/2051

 

3,000

 

3,276,960

Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB

5.50%

04/01/2046

 

5,785

 

6,615,610

Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2015 A,

 

 

 

 

 

 

Ref. RB (b)

5.00%

12/01/2040

 

15,750

 

18,688,005

Indiana (State of) Finance Authority (Irvington Community School);

 

 

 

 

 

 

Series 2018 A, Ref. RB (h)

5.90%

07/01/2038

 

1,000

 

1,068,040

Series 2018 A, Ref. RB (h)

6.00%

07/01/2048

 

2,750

 

2,937,522

Indiana (State of) Finance Authority (Ohio River Bridges East End Crossing); Series 2013, RB (d)

5.25%

01/01/2051

 

35,190

 

39,490,570

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 A, RB

5.00%

06/01/2039

 

7,145

 

7,522,470

Indianapolis (City of), IN (Ritter Affordable Assisted Living); Series 2014, RB

6.90%

12/01/2033

 

5,500

 

5,744,805

Valparaiso (City of), IN (Pratt Paper, LLC);

 

 

 

 

 

 

Series 2013, RB (d)

6.75%

01/01/2034

 

10,785

 

12,641,530

Series 2013, RB (d)

7.00%

01/01/2044

 

11,000

 

13,061,290

 

 

 

 

 

 

116,966,893

Iowa–2.55%

 

 

 

 

 

 

Ames (City of), IA (Mary Greeley Medical Center); Series 2011, RB (c)(k)

5.25%

06/15/2020

 

1,250

 

1,265,263

Iowa (State of) Finance Authority (Iowa Fertilizer Co.);

 

 

 

 

 

 

Series 2013, RB

5.25%

12/01/2025

 

48,890

 

55,102,452

Series 2013, RB (h)

5.88%

12/01/2026

 

2,420

 

2,521,592

Series 2013, RB (h)

5.88%

12/01/2027

 

10,330

 

10,763,240

Series 2013, Ref. RB (c)

5.25%

12/01/2037

 

14,010

 

15,788,990

Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2018 A, RB

5.00%

05/15/2048

 

4,500

 

5,186,880

Iowa (State of) Tobacco Settlement Authority;

 

 

 

 

 

 

Series 2005 B, RB (f)

5.60%

06/01/2034

 

31,350

 

31,683,877

Series 2005 C, RB

5.50%

06/01/2042

 

28,435

 

28,737,833

Series 2005 C, RB

5.63%

06/01/2046

 

33,390

 

33,745,603

Series 2005 D, RB (i)

0.00%

06/01/2046

 

181,600

 

36,118,424

Series 2005 E, RB (i)

0.00%

06/01/2046

 

215,990

 

34,392,088

PEFA, Inc.; Series 2019, RB (c)

5.00%

09/01/2026

 

32,000

 

39,170,880

 

 

 

 

 

 

294,477,122

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Kansas–0.39%

 

 

 

 

 

Olathe (City of), KS (West Village Center);

 

 

 

 

 

Series 2007, RB

5.45%

09/01/2022

$ 1,830

$

1,822,003

Series 2007, RB

5.50%

09/01/2026

2,835

 

2,772,488

Roeland Park (City of), KS (TDD No. 1);

 

 

 

 

 

Series 2005, RB (j)(m)

5.75%

12/01/2025

445

 

204,700

Series 2006 A, RB (j)(m)

5.88%

12/01/2025

835

 

384,100

Roeland Park (City of), KS (TDD No. 2); Series 2006 B, RB (j)(m)

5.88%

12/01/2025

1,000

 

700,000

Wichita (City of), KS (Larksfield Place);

 

 

 

 

 

Series 2013 III, Ref. RB

7.13%

12/15/2036

1,000

 

1,148,750

Series 2013 III, Ref. RB

7.38%

12/15/2043

5,000

 

5,741,800

Wichita (City of), KS (Presbyterian Manors);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

05/15/2034

1,100

 

1,259,137

Series 2019, Ref. RB

5.00%

05/15/2050

4,015

 

4,466,527

Wichita (City of), KS (Presbyterian Manors, Inc.);

 

 

 

 

 

Series 2013 IV-A, RB

6.38%

05/15/2043

5,000

 

5,588,800

Series 2013 IV-A, RB

6.50%

05/15/2048

12,500

 

14,011,500

Series 2014 IV-A, RB

5.63%

05/15/2044

1,850

 

2,051,780

Series 2014 IV-A, RB

5.63%

05/15/2049

2,750

 

3,044,195

Wyandotte (County of), KS Unified Government (Legends Apartments Garage & West Lawn);

 

 

 

 

 

Series 2018, RB

4.50%

06/01/2040

2,140

 

2,304,780

 

 

 

 

 

45,500,560

Kentucky–1.01%

 

 

 

 

 

Christian (County of), KY (Jennie Stuart Medical Center, Inc.);

 

 

 

 

 

Series 2016, Ref. RB

5.38%

02/01/2036

13,245

 

15,306,849

Series 2016, Ref. RB

5.50%

02/01/2044

12,020

 

13,802,326

Kentucky (State of) Economic Development Finance Authority (Baptist Healthcare System);

 

 

 

 

 

Series 2017 B, RB

5.00%

08/15/2046

7,855

 

9,304,640

Kentucky (State of) Economic Development Finance Authority (Masonic Home Independent Living

 

 

 

 

 

II, Inc.);

 

 

 

 

 

Series 2011, RB (c)(k)

7.00%

05/15/2021

2,500

 

2,682,200

Series 2011, RB (c)(k)

7.25%

05/15/2021

3,050

 

3,281,342

Series 2011, RB (c)(k)

7.38%

05/15/2021

1,000

 

1,077,340

Kentucky (State of) Economic Development Finance Authority (Masonic Homes of Kentucky, Inc.);

 

 

 

 

 

Series 2012, Ref. RB

5.38%

11/15/2032

1,600

 

1,694,784

Kentucky (State of) Economic Development Finance Authority (Norton Healthcare, Inc.);

 

 

 

 

 

Series 2000 B, RB (INS -NATL)(g)(i)

0.00%

10/01/2026

13,930

 

12,277,066

Series 2000 B, RB (INS -NATL)(g)(i)

0.00%

10/01/2027

12,955

 

11,140,264

Kentucky (State of) Economic Development Finance Authority (Owensboro Health, Inc.);

 

 

 

 

 

Series 2017 A, Ref. RB

5.00%

06/01/2041

4,000

 

4,736,040

Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health

 

 

 

 

 

System, Inc.); Series 2010 A, RB (c)(k)

6.50%

06/01/2020

8,000

 

8,109,200

Kentucky (State of) Economic Development Finance Authority (Rosedale Green);

 

 

 

 

 

Series 2015, Ref. RB

5.75%

11/15/2045

2,350

 

2,592,849

Series 2015, Ref. RB

5.75%

11/15/2050

4,650

 

5,117,976

Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing);

 

 

 

 

 

Series 2013 C, RB (f)

6.60%

07/01/2039

9,000

 

10,830,150

Series 2013 C, RB (f)

6.75%

07/01/2043

5,000

 

5,993,650

Series 2013 C, RB (f)

6.88%

07/01/2046

7,000

 

8,398,600

 

 

 

 

 

116,345,276

Louisiana–0.89%

 

 

 

 

 

East Baton Rouge Sewerage Commission; Series 2019 XM0803, Revenue Ctfs. (b)

4.00%

02/01/2045

16,685

 

19,520,282

Louisiana (State of) Local Government Environmental Facilities & Community Development

 

 

 

 

 

Authority;

 

 

 

 

 

Series 2015 A, Ref. RB

6.00%

11/15/2030

2,250

 

2,599,853

Series 2015 A, Ref. RB

6.00%

11/15/2035

4,135

 

4,715,182

Series 2015 A, Ref. RB

6.25%

11/15/2045

8,985

 

10,246,224

Louisiana (State of) Local Government Environmental Facilities & Community Development

 

 

 

 

 

Authority (Cameron Parish, Louisiana Gomesa); Series 2018, RB (h)

5.65%

11/01/2037

4,295

 

4,951,834

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Louisiana–(continued)

 

 

 

 

 

Louisiana (State of) Local Government Environmental Facilities & Community Development

 

 

 

 

 

Authority (Lafourche Parish Gomesa); Series 2019, RB (h)

3.95%

11/01/2043

$ 4,475

$

4,664,830

Louisiana (State of) Local Government Environmental Facilities & Community Development

 

 

 

 

 

Authority (Livingston Parish Gomesha Project); Series 2018, Ref. RB (h)

5.38%

11/01/2038

3,330

 

3,806,257

Louisiana (State of) Local Government Environmental Facilities & Community Development

 

 

 

 

 

Authority (St. Mary Parish Gomesa); Series 2019, RB (h)

4.40%

11/01/2044

3,870

 

4,179,174

Louisiana (State of) Local Government Environmental Facilities & Community Development

 

 

 

 

 

Authority (Terrebonne Parish Gomesa Project); Series 2018 A, RB (h)

5.50%

11/01/2039

2,895

 

3,188,119

Louisiana (State of) Local Government Environmental Facilities & Community Development

 

 

 

 

 

Authority (Westlake Chemical Corp.);

 

 

 

 

 

Series 2009 A, RB

6.50%

08/01/2029

3,560

 

3,640,776

Series 2010 A-1, RB

6.50%

11/01/2035

9,245

 

9,559,238

Louisiana (State of) Local Government Environmental Facilities & Community Development

 

 

 

 

 

Authority (Womans Foundation); Series 2017 A, Ref. RB

5.00%

10/01/2044

4,765

 

5,758,407

Louisiana (State of) Local Government Environmental Facilities and Community Development

 

 

 

 

 

Authority (Vermilion (Parish of), LA Gomesa); Series 2019, RB (h)

4.63%

11/01/2038

2,080

 

2,295,966

Louisiana (State of) Public Facilities Authority (Belle Chasse Educational Foundation);

 

 

 

 

 

Series 2011, RB (c)(k)

6.75%

05/01/2021

3,000

 

3,202,590

New Orleans (City of), LA Aviation Board (North Terminal); Series 2017 B, RB (b)(d)

5.00%

01/01/2048

17,750

 

21,019,372

 

 

 

 

 

103,348,104

Maine–0.40%

 

 

 

 

 

Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Healthcare

 

 

 

 

 

System);

 

 

 

 

 

Series 2016 A, RB

5.00%

07/01/2041

5,000

 

5,740,750

Series 2016 A, RB

5.00%

07/01/2046

3,705

 

4,237,075

Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Medical Center

 

 

 

 

 

Obligated Group); Series 2013, RB

5.00%

07/01/2043

16,300

 

17,703,756

Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center);

 

 

 

 

 

Series 2011, RB

7.50%

07/01/2032

2,500

 

2,701,500

Series 2011, RB

6.75%

07/01/2036

3,425

 

3,656,393

Series 2011, RB

6.75%

07/01/2041

11,505

 

12,255,241

 

 

 

 

 

46,294,715

Maryland–0.37%

 

 

 

 

 

Anne Arundel (County of), MD (The Villages at Two Rivers); Series 2014, RB

5.25%

07/01/2044

2,145

 

2,259,243

Frederick (County of), MD (Jefferson Technology Park);

 

 

 

 

 

Series 2013 A, RB

7.25%

07/01/2043

3,580

 

3,838,512

Series 2013 B, RB (h)

7.13%

07/01/2043

5,245

 

5,320,738

Frederick (County of), MD (Urbana Community Development Authority); Series 2010 B, RB

5.50%

07/01/2040

7,951

 

8,041,959

Harford (County of), MD; Series 2011, RB

7.50%

07/01/2040

6,000

 

6,084,420

Howard (County of), MD (Annapolis Junction Town Center);

 

 

 

 

 

Series 2014, RB

5.80%

02/15/2034

720

 

754,834

Series 2014, RB

6.10%

02/15/2044

1,420

 

1,495,047

Howard (County of), MD (Vantage House Facility); Series 2016, Ref. RB

5.00%

04/01/2046

2,710

 

2,980,648

Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare);

 

 

 

 

 

Series 2011 A, RB

6.13%

01/01/2036

1,500

 

1,628,835

Prince George's (County of), MD (Westphalia Town Center);

 

 

 

 

 

Series 2018, RB (h)

5.13%

07/01/2039

1,300

 

1,490,372

Series 2018, RB (h)

5.25%

07/01/2048

2,100

 

2,405,571

Rockville (City of), MD (Ingleside at King Farm);

 

 

 

 

 

Series 2017 A-1, Ref. RB

5.00%

11/01/2037

1,250

 

1,404,637

Series 2017 B, RB

5.00%

11/01/2042

2,000

 

2,229,600

Series 2017 B, RB

5.00%

11/01/2047

2,250

 

2,500,965

 

 

 

 

 

42,435,381

Massachusetts–1.40%

 

 

 

 

 

Collegiate Charter School of Lowell;

 

 

 

 

 

Series 2019, RB

5.00%

06/15/2049

1,750

 

1,912,277

Series 2019, RB

5.00%

06/15/2054

1,620

 

1,758,769

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Massachusetts–(continued)

 

 

 

 

 

Massachusetts (Commonwealth of);

 

 

 

 

 

Series 2004 A, Ref. GO Bonds (INS -AMBAC)(b)(g)

5.50%

08/01/2030

$ 32,040

$

45,101,747

Series 2019 C, GO Bonds

5.00%

05/01/2041

20,000

 

26,067,200

Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of

 

 

 

 

 

Technology); Series 2002 K, RB (b)

5.50%

07/01/2032

5,015

 

7,499,482

Massachusetts (State of) Development Finance Agency (GF/Pilgrim, Inc.); Series 1998, RB

6.75%

10/01/2028

3,010

 

3,013,251

Massachusetts (State of) Development Finance Agency (Lawrence General Hospital);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

07/01/2047

2,700

 

3,088,287

Massachusetts (State of) Development Finance Agency (Partners Healthcare System);

 

 

 

 

 

Series 2020, Ref. RB

4.00%

07/01/2040

1,000

 

1,199,900

Series 2020, Ref. RB

4.00%

07/01/2041

1,200

 

1,437,156

Massachusetts (State of) Development Finance Agency (Tufts Medical Center);

 

 

 

 

 

Series 2011 I, RB (c)(k)

6.75%

01/01/2021

1,000

 

1,049,490

Series 2011 I, RB (c)(k)

6.88%

01/01/2021

4,610

 

4,842,897

Massachusetts (State of) Development Finance Agency (Whitney Academy); Series 2000, RB

7.50%

09/01/2030

1,970

 

1,972,778

Massachusetts (State of) Port Authority; Series 2019 C, RB (d)

5.00%

07/01/2049

12,480

 

15,666,394

University of Massachusetts Building Authority; Sr. Series 2017 1, RB (b)

5.25%

11/01/2047

36,580

 

46,598,530

 

 

 

 

 

161,208,158

Michigan–1.32%

 

 

 

 

 

Advanced Technology Academy; Series 2019, Ref. RB

5.00%

11/01/2044

900

 

977,733

Charyl Stockwell Academy;

 

 

 

 

 

Series 2015, Ref. RB

5.50%

10/01/2035

2,740

 

2,853,272

Series 2015, Ref. RB

5.75%

10/01/2045

3,500

 

3,656,975

Dearborn Economic Development Corp. (Henry Ford Village, Inc.);

 

 

 

 

 

Series 2008, Ref. RB

7.00%

11/15/2028

5,100

 

5,100,663

Series 2008, Ref. RB

7.13%

11/15/2043

7,700

 

7,701,001

Series 2017, RB (h)

7.50%

11/15/2044

4,930

 

4,912,696

Detroit (City of), MI Water and Sewerage Department; Series 2012 A, Ref. RB

5.00%

07/01/2032

12,725

 

13,926,367

Detroit Community High School;

 

 

 

 

 

Series 2005, RB

5.65%

11/01/2025

735

 

649,542

Series 2005, RB

5.75%

11/01/2030

1,000

 

808,330

Grand Blanc Academy; Series 2000, COP

7.75%

02/01/2030

1,590

 

1,435,929

Kentwood Economic Development Corp. (Holland Home);

 

 

 

 

 

Series 2012, Ref. RB

5.63%

11/15/2032

3,500

 

3,787,840

Series 2012, Ref. RB

5.63%

11/15/2041

4,160

 

4,470,752

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);

 

 

 

 

 

Series 2014 C-2, Ref. RB (d)

5.00%

07/01/2044

5,120

 

5,505,946

Series 2014 D-4, Ref. RB

5.00%

07/01/2031

7,000

 

8,155,280

Series 2014 D-4, Ref. RB

5.00%

07/01/2032

4,000

 

4,636,880

Series 2014 D-4, Ref. RB

5.00%

07/01/2034

8,700

 

10,058,505

Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.);

 

 

 

 

 

Series 2016, RB (h)

5.00%

07/01/2036

1,970

 

2,114,106

Series 2016, RB (h)

5.00%

07/01/2046

1,000

 

1,063,170

Series 2016, RB (h)

5.00%

07/01/2051

2,000

 

2,122,220

Michigan (State of) Strategic Fund (Genesee Power Station); Series 1994, Ref. RB (d)

7.50%

01/01/2021

700

 

700,378

Michigan (State of) Tobacco Settlement Finance Authority; Series 2007 A, RB

6.00%

06/01/2048

40,145

 

40,971,184

Michigan Strategic Fund (Evangelical Homes); Series 2013, Ref. RB

5.50%

06/01/2047

6,350

 

6,696,011

Saline Economic Development Corp. (Evangelical Homes of Michigan); Series 2013, Ref. RB

5.50%

06/01/2047

6,735

 

7,101,990

Star International Academy; Series 2012, Ref. RB

5.00%

03/01/2033

3,100

 

3,138,688

Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.);

 

 

 

 

 

Series 2016 A, Ref. RB (h)

5.00%

07/01/2036

4,550

 

4,882,832

Series 2016 A, Ref. RB (h)

5.00%

07/01/2046

2,000

 

2,126,340

Series 2016 A, Ref. RB (h)

5.00%

07/01/2051

2,795

 

2,965,802

 

 

 

 

 

152,520,432

Minnesota–1.31%

 

 

 

 

 

Anoka (City of), MN (The Homestead at Anoka, Inc.);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

11/01/2046

1,500

 

1,632,165

Series 2017, Ref. RB

5.50%

11/01/2046

3,700

 

4,138,968

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

 

(000)

 

Value

Minnesota–(continued)

 

 

 

 

 

 

Anoka (County of), MN Housing & Redevelopment Authority (Fridley Medical Center);

 

 

 

 

 

 

Series 2010 A, RB

6.63%

05/01/2030

$

500

$

502,595

Series 2010 A, RB

6.88%

05/01/2040

 

1,000

 

1,005,130

Apple Valley (City of), MN (Ecumen-Seasons at Apple Valley); Series 2010, RB (c)(k)

6.75%

03/01/2020

 

2,500

 

2,500,000

Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB

4.00%

07/01/2037

 

375

 

406,088

Bloomington (City of), MN Port Authority (Radisson Blu Mall of America, LLC);

 

 

 

 

 

 

Series 2010, RB

8.00%

12/01/2025

 

1,450

 

1,485,293

Series 2010, RB

9.00%

12/01/2035

 

10,120

 

10,555,362

Brooklyn Park (City of), MN (Athlos Leadership Academy);

 

 

 

 

 

 

Series 2015, RB

5.50%

07/01/2035

 

665

 

728,760

Series 2015, RB

5.50%

07/01/2040

 

2,250

 

2,445,232

Series 2015, RB

5.75%

07/01/2046

 

2,800

 

3,059,476

Carlton (City of), MN (Inter-Faith Care Center); Series 2006, Ref. RB

5.70%

04/01/2036

 

2,000

 

2,000,220

Deephaven (City of), MN (Seven Hills Preparatory Academy); Series 2017, RB

5.00%

10/01/2049

 

1,200

 

1,259,952

Minneapolis (City of), MN (Riverton Community Housing);

 

 

 

 

 

 

Series 2014, Ref. RB

5.50%

08/01/2049

 

6,500

 

7,096,310

Series 2018, RB (h)

4.75%

08/01/2043

 

600

 

652,284

Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas);

 

 

 

 

 

 

Series 2019, RB

5.00%

10/01/2040

 

1,000

 

1,292,340

Series 2019, RB

4.00%

10/01/2041

 

150

 

178,106

Series 2019, RB

4.00%

10/01/2044

 

1,500

 

1,760,460

Oak Park Heights (City of), MN (Oakgreen Commons);

 

 

 

 

 

 

Series 2010, RB (c)(k)

6.75%

08/01/2020

 

1,500

 

1,535,970

Series 2010, RB (c)(k)

7.00%

08/01/2020

 

3,000

 

3,074,520

Perham (City of), MN Hospital District (Perham Memorial Hospital & Home); Series 2010, RB (c)(k)

6.35%

03/01/2020

 

2,000

 

2,000,000

Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB

6.88%

12/01/2048

 

6,000

 

6,591,660

Sartell (City of), MN (Country Manor Campus LLC); Series 2013, RB

5.38%

09/01/2043

 

5,000

 

5,465,850

St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, Ref. RB (c)(h)

6.00%

07/01/2027

 

26,750

 

28,575,152

St. Paul (City of), MN (Presbyterian Homes Bloomington); Series 2017, Ref. RB

5.00%

09/01/2042

 

500

 

555,975

St. Paul (City of), MN Housing & Redevelopment Authority (Emerald Gardens);

 

 

 

 

 

 

Series 2010, Ref. RB

5.63%

03/01/2020

 

165

 

165,000

Series 2010, Ref. RB

6.50%

03/01/2029

 

855

 

856,693

St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts);

 

 

 

 

 

 

Series 2015, RB

6.00%

10/01/2035

 

2,695

 

2,908,875

Series 2015, RB

6.25%

10/01/2045

 

4,275

 

4,607,467

St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy Project);

 

 

 

 

 

 

Series 2018, RB

5.00%

12/01/2043

 

4,170

 

4,695,086

Series 2018, RB

5.13%

12/01/2049

 

7,560

 

8,534,484

St. Paul (City of), MN Housing & Redevelopment Authority (Hmong Academy); Series 2012 A, RB

5.50%

09/01/2043

 

5,000

 

5,112,400

St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy);

 

 

 

 

 

 

Series 2016, Ref. RB

5.75%

09/01/2046

 

1,000

 

1,152,260

Series 2016, Ref. RB

6.00%

09/01/2051

 

3,550

 

4,130,993

St. Paul (City of), MN Housing & Redevelopment Authority (Marian Center); Series 2007 A, Ref. RB

5.38%

05/01/2043

 

5,000

 

5,002,700

St. Paul (City of), MN Housing & Redevelopment Authority (Nova Classical Academy);

 

 

 

 

 

 

Series 2011 A, RB (c)(k)

6.63%

09/01/2021

 

1,500

 

1,628,595

Series 2011 A, RB

6.38%

09/01/2031

 

1,000

 

1,067,780

St. Paul (City of), MN Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom

 

 

 

 

 

 

East Campus);

 

 

 

 

 

 

Series 2018, Ref. RB

4.35%

10/01/2038

 

1,185

 

1,220,977

Series 2018, Ref. RB

5.00%

10/01/2043

 

1,000

 

1,053,450

Series 2018, Ref. RB

4.65%

10/01/2048

 

1,500

 

1,544,760

Vadnais Heights (City of), MN (Agriculture & Food Sciences Academy);

 

 

 

 

 

 

Series 2018 A, Ref. RB

5.50%

12/01/2038

 

3,355

 

3,712,609

Series 2018 A, Ref. RB

5.88%

12/01/2048

 

4,500

 

4,978,845

Series 2018 A, Ref. RB

6.50%

12/01/2053

 

4,315

 

4,762,120

Series 2018 B, Ref. RB

6.75%

12/01/2025

 

595

 

617,545

Wayzata (City of), MN (Folkstone Senior Living Co.); Series 2019, Ref. RB

5.00%

08/01/2054

 

500

 

560,180

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

 

(000)

 

Value

Minnesota–(continued)

 

 

 

 

 

 

West St. Paul (City of), MN (Walker Westwood Ridge Campus);

 

 

 

 

 

 

Series 2017, Ref. RB

5.00%

11/01/2037

$

400

$

434,404

Series 2017, Ref. RB

5.00%

11/01/2049

 

1,275

 

1,371,033

Series 2017, Ref. RB

4.75%

11/01/2052

 

375

 

397,879

 

 

 

 

 

 

151,014,003

Mississippi–0.07%

 

 

 

 

 

 

Mississippi Development Bank (Hancock County Gomesa); Series 2019, RB (h)

4.55%

11/01/2039

 

2,250

 

2,406,015

Tunica (County of), MS; Series 2019, Ref. RB

6.00%

10/01/2040

 

5,000

 

5,202,850

 

 

 

 

 

 

7,608,865

Missouri–1.52%

 

 

 

 

 

 

370/Missouri Bottom Road/Taussig Road Transportation Development District (Hazelwood);

 

 

 

 

 

 

Series 2002, RB (e)(j)

7.20%

05/01/2049

 

5,250

 

1,785,000

Series 2002, RB (e)(j)

7.00%

12/31/2049

 

1,750

 

595,000

Ballwin (City of), MO (Ballwin Town Center); Series 2002 A, Ref. RB (j)

6.50%

10/01/2022

 

2,686

 

1,128,085

Branson Hills Infrastructure Facilities Community Improvement District;

 

 

 

 

 

 

Series 2007 A, RB (j)

5.50%

04/01/2022

 

3,170

 

820,237

Series 2007 A, RB (j)

5.50%

04/01/2027

 

6,055

 

1,566,731

Chillicothe (City of), MO (South U.S. 65); Series 2006, RB (j)

5.50%

04/01/2021

 

235

 

220,200

Dardenne Town Square Transportation Development District; Series 2006 A, RB (j)(m)

5.00%

05/01/2036

 

3,190

 

1,435,500

Grandview (City of), MO Industrial Development Authority (Grandview Crossing); Series 2006, RB

 

 

 

 

 

 

(j)(m)

5.75%

12/01/2028

 

1,250

 

225,000

 

 

 

I-470 Western Gateway Transportation Development District;

 

 

 

 

 

 

Series 2019 A, RB (h)

5.25%

12/01/2048

 

5,415

 

5,827,894

Series 2019 B, RB (h)

7.75%

12/15/2048

 

3,853

 

4,119,782

Kansas City (City of), MO Industrial Development Authority (Brentwood Manor Apartments);

 

 

 

 

 

 

Series 2002 B, RB (d)

5.25%

10/15/2038

 

2,025

 

1,939,059

Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);

 

 

 

 

 

 

Series 2019 B, RB (INS -AGM)(d)(g)

5.00%

03/01/2049

 

10,560

 

13,147,306

Series 2019 B, RB (d)

5.00%

03/01/2054

 

15,000

 

18,514,500

Kansas City (City of), MO Industrial Development Authority (Northwoods Apartments);

 

 

 

 

 

 

Series 2004 A, RB (d)

6.45%

05/01/2040

 

1,900

 

1,903,610

Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel);

 

 

 

 

 

 

Series 2018 B, RB (h)

5.00%

02/01/2050

 

2,550

 

2,912,508

Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);

 

 

 

 

 

 

Series 2010 A, RB (c)(k)

8.00%

05/15/2020

 

7,000

 

7,098,770

Series 2010 A, RB (c)(k)

8.25%

05/15/2020

 

25,500

 

25,872,555

Series 2017 A, Ref. RB

5.25%

05/15/2050

 

9,000

 

10,396,710

Series 2017, Ref. RB

5.25%

05/15/2037

 

2,285

 

2,678,545

Liberty (City of), MO (Liberty Commons); Series 2015 A, RB (h)

6.00%

06/01/2046

 

6,170

 

6,477,081

Maplewood (City of), MO (Maplewood South Redevelopment Area); Series 2005, Ref. RB

5.75%

11/01/2026

 

1,350

 

1,350,567

Missouri (State of) Health & Educational Facilities Authority (Truman Medical Center, Inc.);

 

 

 

 

 

 

Series 2017 B, RB (h)

4.25%

12/01/2042

 

5,415

 

5,854,048

Missouri (State of) Health & Educational Facilities Authority (Washington University);

 

 

 

 

 

 

Series 2011 A, RB (b)

5.00%

11/15/2041

 

6,210

 

6,610,297

Series 2011 B, RB (b)

5.00%

11/15/2037

 

10,500

 

11,198,880

St. Louis (City of), MO Industrial Development Authority (Ballpark Village Development);

 

 

 

 

 

 

Series 2017 A, Ref. RB

4.75%

11/15/2047

 

2,500

 

2,797,450

St. Louis (County of), MO Industrial Development Authority (Friendship Village Chesterfield);

 

 

 

 

 

 

Series 2012, RB (c)(k)

5.00%

09/01/2022

 

3,000

 

3,304,290

St. Louis (County of), MO Industrial Development Authority (Friendship Village West County);

 

 

 

 

 

 

Series 2018 A, RB

5.13%

09/01/2048

 

6,500

 

7,464,535

Series 2018 A, RB

5.13%

09/01/2049

 

3,975

 

4,562,624

Series 2018 A, RB

5.25%

09/01/2053

 

18,000

 

20,734,920

St. Louis (County of), MO Industrial Development Authority (Grand Center Redevelopment);

 

 

 

 

 

 

Series 2011, RB

6.38%

12/01/2025

 

2,515

 

2,518,622

 

 

 

 

 

 

175,060,306

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Montana–0.03%

 

 

 

 

 

Kalispell (City of), MT (Immanuel Lutheran Corp.);

 

 

 

 

 

Series 2017, Ref. RB

5.25%

05/15/2037

$ 1,000

$

1,105,240

Series 2017, Ref. RB

5.25%

05/15/2052

2,320

 

2,536,154

 

 

 

 

 

3,641,394

Nebraska–0.56%

 

 

 

 

 

Central Plains Energy Project (No. 3);

 

 

 

 

 

Series 2012, RB (n)

5.00%

09/01/2042

21,715

 

23,742,530

Series 2017 A, Ref. RB

5.00%

09/01/2042

20,000

 

29,653,200

Gage (County of), NE Hospital Authority No. 1 (Beatrice Community Hospital & Health Center);

 

 

 

 

 

Series 2010 B, RB (c)(k)

6.50%

06/01/2020

5,000

 

5,067,600

Series 2010 B, RB (c)(k)

6.75%

06/01/2020

6,000

 

6,084,780

 

 

 

 

 

64,548,110

Nevada–0.46%

 

 

 

 

 

Clark (County of), NV (Homestead Boulder City); Series 1997, RB

6.50%

12/01/2027

3,030

 

3,036,727

Clark (County of), NV (Stadium Improvement Bonds); Series 2018 A, GO Bonds (b)

5.00%

05/01/2048

16,650

 

20,837,142

Director of the State of Nevada Department of Business & Industry (Somerset Academy);

 

 

 

 

 

Series 2018 A, RB (h)

5.00%

12/15/2038

1,000

 

1,094,850

Series 2018 A, RB (h)

5.00%

12/15/2048

3,000

 

3,245,040

Las Vegas (City of), NV; Series 2016, RB (h)

4.38%

06/15/2035

4,000

 

4,020,280

Las Vegas (City of), NV Valley Water District; Series 2016 A, Ref. GO Bonds (b)

5.00%

06/01/2046

9,665

 

11,630,668

Nevada (State of) Department of Business & Industry (Fulcrum Sierra Biofuels, LLC);

 

 

 

 

 

Series 2017, RB (d)(h)

6.25%

12/15/2037

1,000

 

1,192,650

Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor);

 

 

 

 

 

Series 2018 C, Ref. RB (h)(i)

0.00%

07/01/2058

39,500

 

6,628,495

Series 2018 D, Ref. RB (h)(i)

0.00%

07/01/2058

13,000

 

1,343,160

 

 

 

 

 

53,029,012

New Hampshire–0.23%

 

 

 

 

 

National Finance Authority; Series 2020-1, Class A

4.13%

01/20/2034

12,486

 

15,412,090

National Finance Authority (Convanta); Series 2018 C, Ref. RB (d)(h)

4.88%

11/01/2042

7,500

 

8,127,600

New Hampshire (State of) Health & Education Facilities Authority (Rivermead);

 

 

 

 

 

Series 2011 A, RB

6.63%

07/01/2031

620

 

651,663

Series 2011 A, RB

6.88%

07/01/2041

2,125

 

2,230,719

 

 

 

 

 

26,422,072

New Jersey–4.69%

 

 

 

 

 

New Jersey (State of) Economic Development Authority;

 

 

 

 

 

Series 2015 XX, Ref. RB

5.25%

06/15/2027

10,000

 

11,939,700

Series 2017 B, Ref. RB

5.00%

11/01/2024

27,780

 

32,478,987

Series 2017 B, Ref. RB

5.00%

11/01/2026

23,695

 

29,112,862

New Jersey (State of) Economic Development Authority (Beloved Community Charter School,

 

 

 

 

 

Inc.);

 

 

 

 

 

Series 2019 A, RB (h)

5.00%

06/15/2049

1,110

 

1,220,867

Series 2019 A, RB (h)

5.00%

06/15/2054

725

 

791,809

New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);

 

 

 

 

 

Series 1999, RB (d)

5.25%

09/15/2029

26,770

 

29,460,385

Series 2000 B, RB (d)

5.63%

11/15/2030

20,000

 

23,196,400

Series 2003, RB (d)

5.50%

06/01/2033

16,480

 

18,544,120

Series 2012, RB (d)

5.75%

09/15/2027

34,325

 

37,857,386

New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and

 

 

 

 

 

Technology, Inc.);

 

 

 

 

 

Series 2012 A, RB

6.00%

07/01/2032

1,800

 

1,923,804

Series 2012 A, RB

6.10%

07/01/2044

3,950

 

4,192,925

Series 2012 C, RB

5.00%

07/01/2032

1,370

 

1,427,334

Series 2012 C, RB

5.30%

07/01/2044

4,500

 

4,676,265

New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC);

 

 

 

 

 

Series 2017, Ref. RB (d)

5.00%

10/01/2047

8,730

 

10,282,543

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

New Jersey–(continued)

 

 

 

 

 

New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement);

 

 

 

 

 

Series 2013, RB (d)

5.38%

01/01/2043

$ 22,110

$

25,178,868

Series 2013, RB (d)

5.63%

01/01/2052

22,695

 

25,873,435

New Jersey (State of) Transportation Trust Fund Authority;

 

 

 

 

 

Series 2006 C, RB (INS-NATL)(g)(i)

0.00%

12/15/2031

46,780

 

36,163,747

Series 2008 A, RB (i)

0.00%

12/15/2035

13,000

 

8,688,550

Series 2009 A, RB (i)

0.00%

12/15/2038

63,105

 

38,081,343

Series 2010 A, RB (i)

0.00%

12/15/2029

2,110

 

1,705,597

Series 2010 A, RB (i)

0.00%

12/15/2030

8,620

 

6,753,598

Series 2010 A, RB (i)

0.00%

12/15/2031

10,965

 

8,329,782

Series 2010 A, RB (i)

0.00%

12/15/2036

45,555

 

29,436,274

Series 2011 A, RB (c)(k)

5.50%

06/15/2021

12,600

 

13,359,402

Series 2011 B, RB (c)(k)

5.00%

06/15/2021

9,225

 

9,722,227

Series 2012 AA, RB

5.00%

06/15/2038

10,000

 

10,746,800

Series 2013 AA, RB

5.00%

06/15/2044

3,645

 

3,998,966

Series 2014, RN (SIFMA Municipal Swap Index + 1.20%)(c)(o)

2.35%

12/15/2021

5,000

 

5,052,800

Series 2018 A, Ref. RB

5.00%

12/15/2034

5,000

 

6,262,150

Series 2018 A, Ref. RB

5.00%

12/15/2036

7,500

 

9,352,575

Series 2019 BB, RB

4.00%

06/15/2050

12,500

 

14,056,750

Series 2019, Ref. RB

5.00%

12/15/2033

2,850

 

3,645,435

Series 2019, Ref. RB

5.00%

12/15/2039

2,500

 

3,151,375

Subseries 2016 A-1, RN

5.00%

06/15/2028

2,000

 

2,414,640

New Jersey (State of) Turnpike Authority;

 

 

 

 

 

Series 2017 B, Ref. RB (b)

5.00%

01/01/2040

11,000

 

13,862,420

Series 2019 A, RB (b)

5.00%

01/01/2048

23,425

 

29,603,344

Tobacco Settlement Financing Corp.; Series 2018 B, Ref. RB

5.00%

06/01/2046

25,000

 

29,466,250

 

 

 

 

 

542,011,715

New Mexico–0.42%

 

 

 

 

 

Farmington (City of), NM (Public Service Co. of New Mexico San Juan); Series 2010 C, Ref. PCR

5.90%

06/01/2040

5,000

 

5,061,550

New Mexico (State of) Hospital Equipment Loan Council (Gerald Champion); Series 2012, Ref. RB

5.50%

07/01/2042

10,000

 

10,813,500

New Mexico (State of) Hospital Equipment Loan Council (Haverland Charter Lifestyle Group);

 

 

 

 

 

Series 2013, RB

5.00%

07/01/2042

4,625

 

4,888,116

New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion); Series 2019 A, RB

5.00%

07/01/2049

8,275

 

9,568,465

New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena); Series 2010 A, RB (c)(k)

6.13%

07/01/2020

8,000

 

8,135,520

RHA Housing Development Corp. (Woodleaf Apartments); Series 1997 A, Ref. RB (CEP- GNMA)

7.13%

12/15/2027

1,630

 

1,633,179

Winrock Town Center Tax Increment Development District 1; Series 2015, RB (h)

6.00%

05/01/2040

7,838

 

8,089,913

 

 

 

 

 

48,190,243

New York–11.60%

 

 

 

 

 

Amherst (Town of), NY Industrial Development Agency (Shaary Zedek); Series 2006 A, Ref. RB

7.00%

06/15/2036

1,855

 

1,856,057

Brooklyn Arena Local Development Corp. (Barclays Center);

 

 

 

 

 

Series 2009, RB (i)

0.00%

07/15/2034

14,345

 

9,352,079

Series 2009, RB (i)

0.00%

07/15/2044

23,805

 

10,518,953

Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School); Series 2017

 

 

 

 

 

A, RB

5.00%

08/01/2052

5,000

 

5,656,400

Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB (d)(h)

5.50%

12/31/2040

13,140

 

14,665,554

Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB

5.00%

06/01/2045

10,000

 

10,005,400

Hudson Yards Infrastructure Corp.; Series 2017 A, RB (b)

5.00%

02/15/2039

21,060

 

26,218,647

Metropolitan Transportation Authority;

 

 

 

 

 

Series 2012 G-3, Ref. RB (SIFMA Municipal Swap Index + 0.43%)(c)(o)

1.58%

02/01/2025

8,500

 

8,514,280

Series 2019 XX1108, Revenue Ctfs. (INS -AGM)(b)(g)(l)

4.00%

11/15/2047

20,000

 

23,570,400

Series 2020, RB (INS -AGM)(b)(g)

4.00%

11/15/2043

16,025

 

19,119,908

Series 2020, RB (INS -AGM)(b)(g)

4.00%

11/15/2049

14,615

 

17,170,287

Series 2020, RB (b)(l)

4.00%

11/15/2053

27,500

 

32,352,925

Monroe County Industrial Development Corp. (St. Ann's Community); Series 2019, Ref. RB

5.00%

01/01/2050

3,000

 

3,363,120

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

New York–(continued)

 

 

 

 

 

Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);

 

 

 

 

 

Series 2014 A, RB

6.50%

01/01/2032

$ 6,866

$

6,984,967

Series 2014 A, RB

6.70%

01/01/2049

26,580

 

26,692,767

Series 2014 B, RB

5.50%

07/01/2020

829

 

828,543

Series 2014 C, RB (e)

2.00%

01/01/2049

13,770

 

2,065,506

Nassau County Tobacco Settlement Corp.;

 

 

 

 

 

Series 2006 A-3, RB

5.00%

06/01/2035

10,290

 

10,290,926

Series 2006 A-3, RB

5.13%

06/01/2046

61,730

 

62,093,589

Series 2006 B, RB (i)

0.00%

06/01/2046

105,990

 

23,637,890

New York & New Jersey (States of) Port Authority;

 

 

 

 

 

One Hundred Sixty-Ninth Series 2011, RB (b)(d)

5.00%

10/15/2028

10,760

 

11,473,496

Two Hundred Series 2017, Ref. RB (b)

5.25%

10/15/2057

20,000

 

24,778,600

Two Hundred Seventh Series 2018, Ref. RB (b)(d)

5.00%

09/15/2029

22,235

 

28,744,964

New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);

 

 

 

 

 

Series 2010, RB

6.00%

12/01/2042

7,500

 

7,784,775

New York (City of), NY;

 

 

 

 

 

Series 2019 B-1, GO Bonds

4.00%

10/01/2040

5,000

 

6,026,000

Subseries 2016 A-1, GO Bonds (b)

5.00%

08/01/2038

31,010

 

38,289,908

New York (City of), NY Municipal Water Finance Authority;

 

 

 

 

 

Series 2012 BB, RB (b)

5.00%

06/15/2047

16,470

 

18,257,654

Series 2014 BB, RB (b)

5.00%

06/15/2046

15,050

 

16,958,942

Series 2017 DD, RB (b)

5.25%

06/15/2047

14,150

 

17,911,070

Series 2017 EE, Ref. RB (b)

5.25%

06/15/2036

5,000

 

6,458,850

Series 2017 EE, Ref. RB (b)

5.25%

06/15/2037

5,000

 

6,448,600

New York (City of), NY Transitional Finance Authority;

 

 

 

 

 

Series 2013 I, RB (b)

5.00%

05/01/2042

25,775

 

28,817,223

Series 2019 B-1, RB

4.00%

11/01/2040

10,000

 

12,075,700

Subseries 2012 F-1, RB (b)

5.00%

05/01/2039

14,000

 

15,229,340

Subseries 2013, RB (b)

5.00%

11/01/2042

17,340

 

19,694,599

New York (Counties of), NY Tobacco Trust V;

 

 

 

 

 

Series 2005 S-1, RB (i)

0.00%

06/01/2038

65,990

 

22,447,818

Series 2005 S-2, RB (i)

0.00%

06/01/2050

30,000

 

4,874,100

Series 2005 S-3, RB (i)

0.00%

06/01/2055

225,000

 

16,020,000

New York (State of) Dormitory Authority;

 

 

 

 

 

Series 2014 C, RB (b)

5.00%

03/15/2041

26,940

 

31,100,344

Series 2018 E, RB (b)

5.00%

03/15/2045

35,050

 

44,716,439

New York (State of) Dormitory Authority (General Purpose); Series 2011 C, RB (b)

5.00%

03/15/2031

15,000

 

15,637,500

New York (State of) Dormitory Authority (Sales Tax); Series 2015 B-C, RB (b)

5.00%

03/15/2045

49,100

 

58,743,240

New York (State of) Thruway Authority; Series 2019 B, RB

4.00%

01/01/2045

10,000

 

11,889,600

New York City (City of), NY Transitional Finance Authority; Series 2019 B, RB

4.00%

07/15/2040

10,490

 

12,575,307

New York City Transitional Finance Authority Future Tax Secured Revenue; Series 2019 XL0123,

 

 

 

 

 

Revenue Ctfs. (b)

4.00%

05/01/2044

15,000

 

17,817,750

New York City Water & Sewer System; Series 2020, RB (b)

4.00%

06/15/2042

15,000

 

18,214,500

New York Convention Center Development Corp.; Series 2016 A, RB (i)

0.00%

11/15/2047

12,525

 

6,364,579

New York Liberty Development Corp. (3 World Trade Center);

 

 

 

 

 

Series 2014, Class 1, Ref. RB (h)

5.00%

11/15/2044

49,160

 

55,390,046

Series 2014, Class 2, Ref. RB (h)

5.38%

11/15/2040

2,500

 

2,871,775

Series 2014, Class 3, Ref. RB (h)

7.25%

11/15/2044

45,000

 

54,088,650

New York State Thruway Authority;

 

 

 

 

 

Series 2020, RB (b)

4.00%

01/01/2050

15,000

 

17,678,550

Series 2020, RB (b)

4.00%

01/01/2053

15,000

 

17,616,450

New York State Urban Development Corp.;

 

 

 

 

 

Series 2013 A-1, RB (b)

5.00%

03/15/2043

26,175

 

29,197,427

Series 2013 A-1, RB (b)

5.00%

03/15/2045

46,015

 

57,802,202

New York State Urban Development Corp. (Bidding Group); Series 2019 A, Ref. RB

4.00%

03/15/2046

10,000

 

11,924,500

New York Transportation Development Corp. (American Airlines, Inc.);

 

 

 

 

 

Series 2016, Ref. RB (d)

5.00%

08/01/2026

6,500

 

6,822,790

Series 2016, Ref. RB (d)

5.00%

08/01/2031

5,000

 

5,235,650

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

New York–(continued)

 

 

 

 

 

New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D

 

 

 

 

 

Redevelopment);

 

 

 

 

 

Series 2018, RB (d)

5.00%

01/01/2030

$ 3,275

$

4,085,792

Series 2018, RB (d)

5.00%

01/01/2033

5,000

 

6,201,050

Series 2018, RB (d)

5.00%

01/01/2034

5,000

 

6,189,300

Series 2018, RB (d)

5.00%

01/01/2036

7,970

 

9,830,278

New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);

 

 

 

 

 

Series 2016 A, RB (d)

5.25%

01/01/2050

43,370

 

50,257,589

Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB (d)(h)

4.75%

11/01/2042

2,390

 

2,580,483

Port Authority of New York & New Jersey (b)(d)

5.00%

10/15/2027

15,400

 

16,415,168

Rockland Tobacco Asset Securitization Corp.; Series 2005 C, RB (h)(i)

0.00%

08/15/2060

368,350

 

17,853,925

Suffolk Tobacco Asset Securitization Corp.; Series 2008 B, RB

6.00%

06/01/2048

7,915

 

7,927,189

Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);

 

 

 

 

 

Series 2013 A, RB

5.00%

07/01/2027

1,985

 

1,290,250

Series 2013 A, RB

5.00%

07/01/2038

5,700

 

3,705,000

Triborough Bridge & Tunnel Authority;

 

 

 

 

 

Series 2017 B, Ref. RB (b)

5.00%

11/15/2037

10,000

 

12,582,100

Series 2017 B, Ref. RB (b)

5.00%

11/15/2038

11,000

 

13,801,700

Troy Capital Resource Corp. (Rensselaer Polytechnic Institute); Series 2020 A, Ref. RB

4.00%

09/01/2040

5,435

 

6,355,146

TSASC, Inc.; Series 2016 B, Ref. RB

5.00%

06/01/2048

8,750

 

9,160,550

Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation

 

 

 

 

 

Facilities); Series 2017 A, RB (d)(h)

7.00%

06/01/2046

55,500

 

63,621,315

Westchester County Healthcare Corp.; Series 2014 A, RB

5.00%

11/01/2044

4,423

 

4,951,589

Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB

5.13%

06/01/2051

9,405

 

10,137,744

 

 

 

 

 

1,339,883,304

North Carolina–0.70%

 

 

 

 

 

North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 2015 B, Ref.

 

 

 

 

 

RB (b)

5.00%

10/01/2055

29,400

 

35,149,758

North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, RB (d)

5.00%

06/30/2054

5,000

 

5,694,900

North Carolina (State of) Medical Care Commission (Aldersgate); Series 2013, Ref. RB

6.25%

07/01/2035

3,750

 

4,229,475

North Carolina (State of) Medical Care Commission (Novant Health Obligated Group);

 

 

 

 

 

Series 2019, RB

4.00%

11/01/2049

4,400

 

5,175,412

North Carolina (State of) Medical Care Commission (WhiteStone); Series 2011 A, RB (c)(k)

7.75%

03/01/2021

2,000

 

2,133,660

North Carolina (State of) Turnpike Authority (Triangle Expressway);

 

 

 

 

 

Series 2019, RB

4.00%

01/01/2055

7,300

 

8,404,782

Series 2019, RB (INS -AGM)(g)

4.00%

01/01/2055

4,000

 

4,678,280

North Carolina Medical Care Commission (Salemtowne Project);

 

 

 

 

 

Series 2018 A, RB

5.00%

10/01/2038

1,185

 

1,327,473

Series 2018 A, RB

5.00%

10/01/2048

13,080

 

14,516,707

 

 

 

 

 

81,310,447

North Dakota–0.03%

 

 

 

 

 

Burleigh (County of), ND (University of Mary);

 

 

 

 

 

Series 2016, RB

5.10%

04/15/2036

1,500

 

1,622,475

Series 2016, RB

5.20%

04/15/2046

2,000

 

2,145,820

 

 

 

 

 

3,768,295

Ohio–6.45%

 

 

 

 

 

Akron, Bath & Copley Joint Township Hospital District; Series 2016, Ref. RB

5.25%

11/15/2041

3,800

 

4,597,240

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB

5.13%

06/01/2024

15,170

 

15,186,080

Series 2007 A-2, RB

5.38%

06/01/2024

945

 

946,058

Series 2007 A-2, RB

5.88%

06/01/2030

60,230

 

60,304,685

Series 2007 A-2, RB

5.75%

06/01/2034

5,000

 

5,006,050

Series 2007 A-2, RB

5.88%

06/01/2047

65,345

 

65,426,027

Series 2007 A-3, RB (c)(f)(k)

6.25%

06/01/2022

21,205

 

23,699,556

Series 2007 B, RB (i)

0.00%

06/01/2047

336,460

 

48,413,229

Series 2020 A-2, Ref. RB

3.00%

06/01/2048

10,000

 

10,239,400

Series 2020 A-2, Ref. RB

4.00%

06/01/2048

2,800

 

3,212,776

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Ohio–(continued)

 

 

 

 

 

Series 2020 B-2, Ref. RB

5.00%

06/01/2055

$ 46,000

$

52,020,480

Series 2020 B-3, Ref. RB (i)

0.00%

06/01/2057

200,875

 

28,279,182

Butler (County of), OH Port Authority (Storypoint Fairfield);

 

 

 

 

 

Sr. Series 2017 A-1, RB (h)

6.38%

01/15/2043

2,175

 

2,387,258

Sr. Series 2017 A-1, RB (h)

6.50%

01/15/2052

7,075

 

7,756,464

Butler (County of), OH Port Authority (StoryPoint Fairfield); Sr. Series 2017 A-1, RB (h)

6.25%

01/15/2034

2,350

 

2,592,144

Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools);

 

 

 

 

 

Series 2014 A, Ref. RB

6.75%

01/01/2044

14,900

 

15,876,844

Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB (d)

5.38%

09/15/2027

4,190

 

4,213,213

Cuyahoga (County of), OH (Metrohealth System);

 

 

 

 

 

Series 2017, Ref. RB

5.25%

02/15/2047

5,000

 

5,953,350

Series 2017, Ref. RB

5.50%

02/15/2052

14,320

 

17,223,094

Series 2017, Ref. RB

5.00%

02/15/2057

19,295

 

22,415,580

Series 2017, Ref. RB

5.50%

02/15/2057

56,555

 

67,858,082

Darke (County of), OH Hospital Facilities (Wayne Healthcare); Series 2019 A, RB

5.00%

09/01/2049

2,000

 

2,380,820

Franklin (County of), OH (First Community Village Obligated Group); Series 2013, Ref. RB

5.63%

07/01/2047

7,200

 

7,342,128

Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center);

 

 

 

 

 

Series 2019, RB

5.00%

12/01/2039

715

 

892,120

Series 2019, RB

5.00%

12/01/2044

2,500

 

3,097,825

Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB

8.00%

07/01/2042

34,920

 

39,244,842

Hamilton (County of), OH (Christ Hospital); Series 2012, RB (c)(k)

5.50%

06/01/2022

7,200

 

7,937,568

Hamilton (County of), OH (Life Enriching Communities); Series 2012, RB

5.00%

01/01/2032

2,250

 

2,454,098

Hancock (County of), OH (Blanchard Valley Regional Health Center); Series 2011 A, RB (c)(k)

6.25%

06/01/2021

5,850

 

6,241,658

Hickory Chase Community Authority; Series 2019, Ref. RB (h)

5.00%

12/01/2040

1,410

 

1,570,952

Lancaster (City of), OH Port Authority; Series 2019 A, Ref. RB (c)

5.00%

02/01/2025

7,000

 

8,310,260

Marion (County of), OH (United Church Homes, Inc.);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

12/01/2039

1,150

 

1,189,376

Series 2019, Ref. RB

5.13%

12/01/2049

3,000

 

3,100,920

Montgomery (County of), OH (Premier Health Partners Obligated Group); Series 2019 A, Ref. RB

4.00%

11/15/2039

9,000

 

10,302,300

Montgomery (County of), OH (St. Leonard);

 

 

 

 

 

Series 2010, Ref. RB

6.38%

04/01/2030

2,000

 

2,006,560

Series 2010, Ref. RB

6.63%

04/01/2040

6,500

 

6,523,790

Montgomery (County of), OH (Trousdale Foundation Properties);

 

 

 

 

 

Series 2018 A, RB (h)

6.00%

04/01/2038

4,445

 

5,076,412

Series 2018 A, RB (h)

6.25%

04/01/2049

17,500

 

20,090,350

Montgomery (County of), OH Hospital Facilities (Premier Health Partners Obligated Group);

 

 

 

 

 

Series 2019 A, Ref. RB

4.00%

11/15/2042

14,200

 

16,117,710

Series 2019 A, Ref. RB

4.00%

11/15/2045

3,850

 

4,334,215

Muskingum (County of), OH (Genesis Healthcare System);

 

 

 

 

 

Series 2013, RB

5.00%

02/15/2044

37,060

 

40,246,419

Series 2013, RB

5.00%

02/15/2048

3,120

 

3,373,531

Norwood (City of), OH (Cornerstone at Norwood);

 

 

 

 

 

Series 2006, RB

5.75%

12/01/2020

455

 

455,819

Series 2006, RB

6.20%

12/01/2031

7,340

 

7,347,854

Ohio (State of); Series 2020 A, Ref. RB

4.00%

01/15/2050

18,500

 

21,489,785

Ohio (State of) Air Quality Development Authority; Series 2019, RB (d)(h)

5.00%

07/01/2049

19,500

 

22,600,305

Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 D,

 

 

 

 

 

Ref. PCR (c)(e)

4.25%

09/15/2021

2,000

 

2,145,000

Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB (d)(h)

4.50%

01/15/2048

500

 

570,615

Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.);

 

 

 

 

 

Series 2009 A, Ref. PCR (c)(e)

4.38%

06/01/2022

3,500

 

3,753,750

Southeastern Ohio (State of) Port Authority (Memorial Health Systems);

 

 

 

 

 

Series 2015, Ref. RB

5.00%

12/01/2035

1,750

 

1,960,490

Series 2015, Ref. RB

5.00%

12/01/2043

6,695

 

7,311,074

Series 2015, Ref. RB

5.50%

12/01/2043

3,875

 

4,335,079

Toledo-Lucas (County of), OH Port Authority (StoryPoint Waterville);

 

 

 

 

 

Series 2016 A-1, RB (h)

6.13%

01/15/2034

2,000

 

2,197,260

Series 2016 A-1, RB (h)

6.25%

01/15/2043

5,000

 

5,466,000

Series 2016 A-1, RB (h)

6.38%

01/15/2051

4,000

 

4,369,280

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Ohio–(continued)

 

 

 

 

 

Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University);

 

 

 

 

 

Series 2015, Ref. RB

6.00%

03/01/2045

$ 5,000

$

5,427,450

 

 

 

 

 

744,870,407

Oklahoma–1.44%

 

 

 

 

 

Atoka (County of), OK Health Care Authority (Atoka Memorial Hospital); Series 2007, RB

6.63%

10/01/2037

3,370

 

2,696,000

Comanche (County of), OK Hospital Authority; Series 2015, Ref. RB

5.00%

07/01/2027

1,800

 

2,006,334

Oklahoma (State of) Development Finance Authority (Inverness Village Community);

 

 

 

 

 

Series 2012, Ref. RB (e)(j)

5.75%

01/01/2027

1,025

 

20,502

Series 2012, Ref. RB (e)(j)

6.00%

01/01/2032

4,191

 

83,822

Series 2013, Ref. RB (e)(j)

5.75%

01/01/2037

5,379

 

107,572

Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB (b)(l)

5.50%

08/15/2052

33,500

 

41,604,990

Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources,

 

 

 

 

 

Inc.-Cross Village Student Housing);

 

 

 

 

 

Series 2017, RB

5.00%

08/01/2047

10,500

 

5,880,000

Series 2017, RB

5.00%

08/01/2052

20,000

 

11,200,000

Series 2017, RB

5.25%

08/01/2057

2,190

 

1,226,400

Oklahoma Development Finance Authority; Series 2018 B, RB (b)(l)

5.50%

08/15/2057

15,210

 

18,817,204

Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch);

 

 

 

 

 

Series 2016 A, RB (e)

6.88%

11/01/2046

2,469

 

6,172

Series 2016 A, RB (e)

6.63%

11/30/2049

1,164

 

2,911

Series 2016 A, RB (e)

7.00%

11/01/2051

2,429

 

6,072

Series 2016 B-1, RB (e)

5.25%

11/30/2049

1,664

 

4,159

Tulsa (City of), OK Municipal Airport Trust;

 

 

 

 

 

Series 2000 B, Ref. RB (d)

5.50%

06/01/2035

10,500

 

11,661,615

Series 2001 A, Ref. RB (d)

5.50%

12/01/2035

15,000

 

16,651,800

Series 2001 B, Ref. RB (d)

5.50%

12/01/2035

41,650

 

46,236,498

Tulsa (County of), OK Industrial Authority (Montereau, Inc.); Series 2010 A, RB (c)(k)

7.25%

05/01/2020

7,450

 

7,525,469

 

 

 

 

 

165,737,520

Oregon–0.09%

 

 

 

 

 

Clackamas (County of), OR Hospital Facility Authority (Willamette View);

 

 

 

 

 

Series 2017 A, Ref. RB

5.00%

11/15/2032

500

 

600,035

Series 2017 A, Ref. RB

5.00%

11/15/2037

500

 

594,725

Series 2017 A, Ref. RB

5.00%

11/15/2052

2,750

 

3,216,702

Salem (City of), OR Hospital Facility Authority (Capital Manor, Inc.);

 

 

 

 

 

Series 2012, Ref. RB

5.63%

05/15/2032

250

 

270,823

Series 2012, Ref. RB

6.00%

05/15/2042

1,990

 

2,157,498

Series 2012, Ref. RB

6.00%

05/15/2047

3,250

 

3,518,645

 

 

 

 

 

10,358,428

Pennsylvania–1.80%

 

 

 

 

 

Allegheny (County of), PA Industrial Development Authority (Propel Charter School-McKeesport);

 

 

 

 

 

Series 2010 B, RB

6.38%

08/15/2035

1,220

 

1,242,387

Allegheny (County of), PA Industrial Development Authority (Propel Charter School-Montour);

 

 

 

 

 

Series 2010 A, RB

6.75%

08/15/2035

1,135

 

1,157,723

Beaver (County of), PA Industrial Development Authority (FirstEnergy Nuclear Generation);

 

 

 

 

 

Series 2006 A, Ref. PCR (c)(e)

4.38%

07/01/2022

925

 

992,062

Berks (County of), PA Industrial Development Authority (Tower Health); Series 2017, Ref. RB

5.00%

11/01/2050

12,545

 

14,929,679

Chester (County of), PA Industrial Development Authority (Collegium Charter School);

 

 

 

 

 

Series 2012 A, Ref. RB

5.25%

10/15/2032

2,320

 

2,446,162

Series 2012 A, Ref. RB

5.38%

10/15/2042

4,230

 

4,438,370

Cumberland (County of), PA Municipal Authority (Asbury Pennsylvania Obligated Group);

 

 

 

 

 

Series 2012, Ref. RB

5.25%

01/01/2041

3,000

 

3,131,040

Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);

 

 

 

 

 

Series 2018, Ref. RB

5.00%

12/01/2038

1,750

 

1,957,760

Series 2018, Ref. RB

5.00%

12/01/2043

2,500

 

2,777,175

Series 2018, Ref. RB

5.00%

12/01/2048

2,500

 

2,768,800

Lehigh (County of), PA (Lehigh Valley Health Network); Series 2019, Ref. RB

4.00%

07/01/2049

11,035

 

12,734,280

Lehigh (County of), PA General Purpose Authority (Bible Fellowship Church Homes, Inc.);

 

 

 

 

 

Series 2013, RB

5.25%

07/01/2042

3,430

 

3,532,660

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

35

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Pennsylvania–(continued)

 

 

 

 

 

Lehigh (County of), PA General Purpose Authority (Kidspeace Obligation Group);

 

 

 

 

 

Series 2014 A, RB

7.50%

02/01/2044

$ 5,130

$

5,146,285

Series 2014 B, RB (f)

7.50%

02/01/2044

1,379

 

679,773

Series 2014 C, RB (i)

0.00%

02/01/2044

4,122

 

1,278

Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University);

 

 

 

 

 

Series 2019, Ref. RB

4.00%

09/01/2049

10,560

 

12,120,451

Montgomery (County of), PA Industrial Development Authority (Albert Einstein Healthcare);

 

 

 

 

 

Series 2015, Ref. RB

5.25%

01/15/2046

4,000

 

4,587,480

Montgomery (County of), PA Industrial Development Authority (Philadelphia Presbytery Homes,

 

 

 

 

 

Inc.); Series 2010, RB (c)(k)

7.00%

12/01/2021

6,000

 

6,634,140

Pennsylvania (Commonwealth of); First Series 2014, GO Bonds (b)

5.00%

06/15/2034

15,450

 

17,930,189

Pennsylvania (State of) Economic Development Financing Authority (National Gypson Co.);

 

 

 

 

 

Series 2014, Ref. RB (d)

5.50%

11/01/2044

4,000

 

4,326,800

Pennsylvania (State of) Economic Development Financing Authority (PPL Energy Supply);

 

 

 

 

 

Series 2009 A, Ref. RB

6.40%

12/01/2038

14,200

 

16,639,986

Pennsylvania (State of) Higher Educational Facilities Authority (University of Pennsylvania Health

 

 

 

 

 

System);

 

 

 

 

 

Series 2019, RB

4.00%

08/15/2049

4,250

 

4,990,307

Series 2019, RB

5.00%

08/15/2049

5,000

 

6,339,600

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

 

Series 2019 A, RB

5.00%

12/01/2044

5,000

 

6,422,700

Series 2019 A, RB

5.00%

12/01/2049

7,000

 

8,937,460

Subseries 2013 B-2, RB (f)

6.00%

12/01/2037

7,000

 

7,377,300

Subseries 2017 B-1, RB

5.25%

06/01/2047

5,325

 

6,570,358

Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter

 

 

 

 

 

School Inc.); Series 2019 A, RB

5.00%

06/15/2049

1,390

 

1,504,967

Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated

 

 

 

 

 

Group);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

07/01/2037

3,575

 

4,141,387

Series 2017, Ref. RB

5.00%

07/01/2049

8,815

 

10,066,289

Philadelphia (City of), PA Industrial Development Authority (First Philadelphia Preparatory Charter

 

 

 

 

 

School); Series 2014 A, RB

7.25%

06/15/2043

5,500

 

6,411,020

Philadelphia (City of), PA Industrial Development Authority (Global Leadership Academy Charter

 

 

 

 

 

School); Series 2010, RB

6.38%

11/15/2040

1,000

 

1,021,320

Philadelphia (City of), PA Industrial Development Authority (MaST Charter School); Series 2010,

 

 

 

 

 

RB (c)(k)

6.00%

08/01/2020

500

 

510,370

Philadelphia (City of), PA Industrial Development Authority (MaST I Charter School);

 

 

 

 

 

Series 2016 A, Ref. RB

5.25%

08/01/2046

2,410

 

2,701,610

Series 2016 A, Ref. RB

5.38%

08/01/2051

3,950

 

4,444,619

Philadelphia (City of), PA Industrial Development Authority (New Foundations Charter School);

 

 

 

 

 

Series 2012, RB (c)(k)

6.63%

12/15/2022

1,500

 

1,732,800

Philadelphia (City of), PA Industrial Development Authority (Performing Arts Charter School);

 

 

 

 

 

Series 2013, RB (h)

6.50%

06/15/2033

2,000

 

2,020,640

Series 2013, RB (h)

6.75%

06/15/2043

8,000

 

8,082,640

Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University);

 

 

 

 

 

Series 2017 A, Ref. RB

5.00%

09/01/2042

4,070

 

4,897,716

 

 

 

 

 

208,347,583

Puerto Rico–9.15%

 

 

 

 

 

Children's Trust Fund;

 

 

 

 

 

Series 2002, RB

5.38%

05/15/2033

15,595

 

16,024,174

Series 2002, RB

5.50%

05/15/2039

29,090

 

29,963,282

Series 2002, RB

5.63%

05/15/2043

5,415

 

5,604,633

Series 2005 A, RB (i)

0.00%

05/15/2050

473,480

 

68,683,008

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Puerto Rico–(continued)

 

 

 

 

 

Puerto Rico (Commonwealth of);

 

 

 

 

 

Series 2001 A, GO Bonds (e)

5.13%

07/01/2031

$ 3,635

$

2,989,787

Series 2003 A, GO Bonds (e)

5.00%

12/31/2049

1,980

 

1,628,550

Series 2003 C-7, Ref. GO Bonds (INS -NATL)(g)

6.00%

07/01/2027

21,000

 

21,634,410

Series 2003 C-7, Ref. GO Bonds (INS -NATL)(g)

6.00%

07/01/2028

4,500

 

4,637,790

Series 2006 B, Ref. GO Bonds (e)

5.00%

07/01/2035

2,910

 

2,411,662

Series 2006, Ref. GO Bonds (e)

5.00%

07/01/2031

2,215

 

1,799,687

Series 2009 B, Ref. GO Bonds (e)

5.75%

07/01/2038

1,095

 

891,056

Series 2009 B, Ref. RB (e)

6.50%

07/01/2037

6,165

 

5,209,425

Series 2011 A, GO Bonds (e)

5.75%

07/01/2041

2,500

 

2,068,750

Series 2011 D, Ref. GO Bonds (e)

5.00%

07/01/2020

2,000

 

1,677,500

Series 2011 E, Ref. GO Bonds (e)

6.00%

07/01/2029

8,400

 

7,140,000

Series 2012 A, Ref. GO Bonds (e)

5.00%

07/01/2021

2,820

 

2,217,225

Series 2012 A, Ref. RB (e)

5.13%

07/01/2037

8,520

 

6,613,650

Series 2012 A, Ref. RB (e)

5.50%

07/01/2039

5,385

 

4,260,881

Series 2012 A, Ref. RB (e)

5.00%

07/01/2041

24,730

 

18,732,975

Series 2014 A, RB (e)

8.00%

07/01/2035

52,905

 

38,752,912

Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;

 

 

 

 

 

Series 2008 A, RB (f)

6.13%

07/01/2024

16,427

 

18,110,767

Series 2008 A, RB

6.00%

07/01/2038

25,620

 

26,644,800

Series 2008 A, RB

6.00%

07/01/2044

21,375

 

22,230,000

Series 2012 A, RB

5.50%

07/01/2028

2,395

 

2,616,537

Series 2012 A, RB

5.25%

07/01/2029

5,520

 

6,003,000

Series 2012 A, RB

5.13%

07/01/2037

6,790

 

7,333,200

Series 2012 A, RB

5.75%

07/01/2037

4,730

 

5,191,175

Series 2012 A, RB

5.25%

07/01/2042

41,740

 

45,183,550

Series 2012 A, RB

6.00%

07/01/2047

1,800

 

1,980,000

Puerto Rico (Commonwealth of) Electric Power Authority;

 

 

 

 

 

Series 2003 NN, RB (e)

5.50%

07/01/2020

50

 

40,188

Series 2004 PP, Ref. RB (INS-NATL)(g)

5.00%

07/01/2023

755

 

769,723

Series 2005 SS, Ref. RB (INS -NATL)(g)

5.00%

07/01/2024

5,565

 

5,687,430

Series 2007 TT, RB (e)

5.00%

07/01/2020

80

 

63,900

Series 2007 TT, RB (e)

5.00%

07/01/2027

2,350

 

1,877,062

Series 2007 TT, RB (e)

5.00%

12/31/2049

23,220

 

18,546,976

Series 2007 VV, Ref. RB (e)

5.50%

07/01/2020

75

 

60,281

Series 2007 VV, Ref. RB (INS -NATL)(g)

5.25%

07/01/2024

4,560

 

4,889,050

Series 2007 VV, Ref. RB (INS -NATL)(g)

5.25%

07/01/2030

9,275

 

10,188,402

Series 2007 VV, Ref. RB (INS -AGM)(g)

5.25%

07/01/2031

20,000

 

22,444,000

Series 2007 VV, Ref. RB (INS -NATL)(g)

5.25%

07/01/2032

6,275

 

6,849,853

Series 2008 WW, RB (e)

5.50%

07/01/2038

9,200

 

7,394,500

Series 2008 WW, RB (e)

5.00%

12/31/2049

13,620

 

10,878,975

Series 2008 WW, RB (e)

5.50%

12/31/2049

4,220

 

3,333,800

Series 2008 WW-RSA-1, RB (e)

5.25%

07/01/2033

10,000

 

8,012,500

Series 2010 AAA, RB

5.25%

07/01/2025

2,535

 

2,031,169

Series 2010 AAA, RB (e)

5.25%

12/31/2049

3,655

 

2,928,569

Series 2010 CCC, RB (e)

5.25%

07/01/2026

14,455

 

11,582,069

Series 2010 CCC, RB (e)

5.25%

07/01/2028

7,600

 

6,089,500

Series 2010 CCC, RB (e)

5.00%

12/31/2049

325

 

259,594

Series 2010 DDD, Ref. RB

5.00%

07/01/2020

3,710

 

2,963,362

Series 2010 DDD, Ref. RB (e)

5.00%

07/01/2022

1,575

 

1,258,031

Series 2010 DDD, Ref. RB (e)

5.00%

07/01/2023

1,150

 

918,563

Series 2010 DDD, Ref. RB (e)

5.00%

12/31/2049

11,020

 

8,802,225

Series 2010 XX, RB (e)

5.25%

07/01/2035

6,699

 

5,367,574

Series 2010 XX, RB (e)

5.25%

12/31/2049

19,000

 

15,223,750

Series 2010 ZZ, Ref. RB (e)

5.25%

07/01/2024

65

 

52,081

Series 2010 ZZ, Ref. RB (e)

5.25%

12/31/2049

1,650

 

1,322,063

Series 2010 ZZ-RSA-1, Ref. RB (e)

5.00%

12/31/2049

10,000

 

7,850,000

Series 2012 A, RB (e)

4.80%

12/31/2049

1,850

 

1,468,438

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

37

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Puerto Rico–(continued)

 

 

 

 

 

Series 2012 A, RB (e)

5.00%

12/31/2049

$ 26,315

$

21,019,106

Series 2012 A, RB (e)

5.05%

12/31/2049

3,095

 

2,472,131

Series 2013 A, RB (e)

6.75%

07/01/2036

15,090

 

12,354,937

Series 2013 A, RB (e)

7.00%

07/01/2040

2,675

 

2,196,844

Series 2013 A, RB (e)

7.00%

07/01/2043

18,665

 

15,328,631

Series 2013 A, RB (e)

7.00%

12/31/2049

6,030

 

4,952,137

Series 2013 A-RSA, RB (e)

7.25%

07/01/2030

2,120

 

1,746,350

Series 2016 E-1, RB (e)

10.00%

12/31/2049

7,483

 

6,743,730

Series 2016 E-2, RB (e)

10.00%

07/01/2021

7,483

 

6,743,733

Series 2016 E-2, RB (e)

10.00%

12/31/2049

3,064

 

2,761,815

Series 2016 E-4, RB (e)

10.00%

07/01/2022

1,774

 

1,599,153

Puerto Rico (Commonwealth of) Highway & Transportation Authority;

 

 

 

 

 

Series 1998 A, Ref. RB (e)

4.75%

07/01/2038

2,231

 

1,031,838

Series 2003 G, RB (e)

5.00%

12/31/2049

16,840

 

7,788,500

Series 2003 H, Ref. RB (e)

5.00%

07/01/2035

175

 

80,938

Series 2003 H, Ref. RB (e)

5.00%

12/31/2049

180

 

83,250

Series 2003 H, Ref. RB (e)

5.45%

12/31/2049

4,480

 

2,072,000

Series 2004 J, RB (e)

4.80%

07/01/2024

220

 

101,750

Series 2005 K, RB (e)

5.00%

07/01/2020

5,100

 

2,358,750

Series 2005 K, RB (e)

5.00%

07/01/2021

2,510

 

1,160,875

Series 2005 K, RB (e)

5.00%

07/01/2022

9,655

 

4,465,437

Series 2005 K, RB (e)

5.00%

07/01/2023

12,275

 

5,677,187

Series 2005 K, RB (e)

5.00%

07/01/2026

155

 

71,688

Series 2005 K, RB (e)

5.00%

12/31/2049

13,743

 

6,330,743

Series 2007 M, RB (e)

5.00%

07/01/2020

2,790

 

1,290,375

Series 2007 M, RB (e)

5.00%

07/01/2021

4,120

 

1,905,500

Series 2007 M, RB (e)

5.00%

07/01/2024

2,565

 

1,186,313

Series 2007 M, RB (e)

5.00%

07/01/2027

520

 

240,500

Series 2007 M, RB (e)

5.00%

07/01/2032

4,850

 

2,243,125

Series 2007 M, RB (e)

5.00%

07/01/2037

530

 

245,125

Series 2007 M, RB (e)

5.00%

12/31/2049

3,565

 

1,648,813

Series 2007 N, Ref. RB (e)

5.50%

07/01/2022

4,790

 

2,215,375

Series 2007 N, Ref. RB (e)

5.50%

07/01/2023

3,580

 

1,655,750

Series 2007 N, Ref. RB (e)

5.50%

07/01/2025

3,130

 

1,447,625

Series 2007 N, Ref. RB (e)

5.50%

07/01/2026

5,195

 

2,402,687

Series 2007 N, Ref. RB (e)

5.50%

12/31/2049

2,000

 

925,000

Puerto Rico (Commonwealth of) Industrial Tourist Educational Medical & Environmental Control

 

 

 

 

 

Facilities Financing Authority; Series 2000, RB (d)

6.63%

06/01/2026

21,245

 

21,988,575

Puerto Rico (Commonwealth of) Public Buildings Authority;

 

 

 

 

 

Series 2007 M-3, Ref. RB (INS -NATL)(g)

6.00%

07/01/2024

7,970

 

8,198,022

Series 2007 N, RB (e)

5.00%

07/01/2037

8,900

 

8,054,500

Series 2009 Q, RB (e)

5.63%

07/01/2039

2,000

 

1,840,000

Series 2011 S, RB (e)

6.00%

07/01/2041

23,435

 

21,970,312

Series 2012 U, Ref. RB (e)

5.25%

07/01/2042

25,460

 

21,641,000

Puerto Rico Sales Tax Financing Corp.;

 

 

 

 

 

Series 2018 A-1, RB (i)

0.00%

07/01/2024

5,943

 

5,437,964

Series 2018 A-1, RB (i)

0.00%

07/01/2027

4,712

 

4,030,739

Series 2018 A-1, RB (i)

0.00%

07/01/2029

1,927

 

1,563,356

Series 2018 A-1, RB (i)

0.00%

07/01/2031

2,484

 

1,874,923

Series 2018 A-1, RB (i)

0.00%

07/01/2033

2,796

 

1,967,713

Series 2018 A-1, RB

4.50%

07/01/2034

26,944

 

29,654,297

Series 2018 A-1, RB

4.55%

07/01/2040

4,089

 

4,611,043

Series 2018 A-1, RB (i)

0.00%

07/01/2046

150,915

 

44,900,134

Series 2018 A-1, RB (i)

0.00%

07/01/2051

215,064

 

46,490,384

Series 2018 A-1, RB

4.75%

07/01/2053

3,898

 

4,412,893

Series 2018 A-1, RB

5.00%

07/01/2058

49,806

 

57,121,067

Series 2019 A-2, RB

4.33%

07/01/2040

53,787

 

59,778,871

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

 

(000)

 

Value

Puerto Rico–(continued)

 

 

 

 

 

 

Series 2019 A-2, RB

4.54%

07/01/2053

$

314

$

350,546

Series 2019 A-2, RB

4.78%

07/01/2058

 

32,184

 

36,375,966

 

 

 

 

 

 

1,056,198,030

Rhode Island–0.00%

 

 

 

 

 

 

Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB

5.00%

06/01/2050

 

30

 

32,860

South Carolina–0.05%

 

 

 

 

 

 

South Carolina (State of) Jobs-Economic Development Authority (High Point Academy Project);

 

 

 

 

 

 

Series 2018 A, RB (h)

5.75%

06/15/2049

 

2,000

 

2,327,200

South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes);

 

 

 

 

 

 

Series 2013, RB

5.00%

05/01/2043

 

1,000

 

1,047,220

Series 2013, RB

5.13%

05/01/2048

 

2,000

 

2,098,800

Series 2017, Ref. RB

5.00%

05/01/2042

 

250

 

270,950

 

 

 

 

 

 

5,744,170

Tennessee–0.88%

 

 

 

 

 

 

Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB

5.63%

06/01/2035

 

13,000

 

14,074,450

Chattanooga (City of), TN Health, Educational and Housing Facility Board (CommonSpirit Health);

 

 

 

 

 

 

Series 2019 A-1, Ref. RB

4.00%

08/01/2044

 

2,000

 

2,309,060

Memphis (City of) & Shelby (County of), TN Economic Development Growth Engine Industrial

 

 

 

 

 

 

Development Board (Graceland);

 

 

 

 

 

 

Series 2017 A, Ref. RB

5.50%

07/01/2037

 

250

 

289,228

Series 2017 A, Ref. RB

5.63%

01/01/2046

 

250

 

287,198

Nashville (City of) & Davidson (County of), TN Health and Educational Facilities Board of

 

 

 

 

 

 

Metropolitan Government (Trousdale Foundation Properties);

 

 

 

 

 

 

Series 2018 A, RB (h)

6.00%

04/01/2038

 

14,875

 

16,987,994

Series 2018 A, RB (h)

6.25%

04/01/2049

 

6,405

 

7,353,068

Nashville (City of), TN Metropolitan Airport Authority; Series 2019 B, RB (d)

5.00%

07/01/2049

 

31,000

 

39,613,350

Shelby (County of), TN Health, Educational & Housing Facilities Board (Kirby Pines); Series 1997

 

 

 

 

 

 

A, RB

6.38%

11/15/2025

 

2,140

 

2,143,381

Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);

 

 

 

 

 

 

Series 2013 A, Ref. RB

5.50%

09/01/2047

 

16,300

 

16,397,474

Series 2016 A, Ref. RB (h)

5.00%

09/01/2031

 

750

 

759,952

Series 2016 A, Ref. RB (h)

5.00%

09/01/2037

 

1,145

 

1,139,710

 

 

 

 

 

 

101,354,865

Texas–8.26%

 

 

 

 

 

 

Angelina & Neches River Authority Industrial Development Corp. (Aspen Power LLC); Series 2007

 

 

 

 

 

 

A, RB (d)(e)

6.50%

11/01/2029

 

9,265

 

93

Arlington Higher Education Finance Corp. (Arlington Classics Academy); Series 2010 B, Ref. RB

 

 

 

 

 

 

(c)(k)

7.65%

08/15/2020

 

2,500

 

2,574,675

 

 

 

Arlington Higher Education Finance Corp. (Leadership Prep School); Series 2016 A, RB

5.00%

06/15/2046

 

1,325

 

1,352,838

Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, RB

7.13%

03/01/2044

 

2,000

 

2,217,720

Arlington Independent School District/TX; Series 2020, GO Bonds (CEP -Texas Permanent School

 

 

 

 

 

 

Fund)(b)

4.00%

02/15/2045

 

10,000

 

11,813,400

Austin (City of), TX; Series 2019 B, RB (d)

5.00%

11/15/2048

 

14,500

 

18,297,115

Bexar County Health Facilities Development Corp. (Army Retirement Residence); Series 2010, RB

 

 

 

 

 

 

(c)(k)

6.20%

07/01/2020

 

2,000

 

2,034,720

 

 

 

Bexar County Housing Finance Corp. (Woodland Ridge Apartments); Series 2002 A, RB (d)

7.00%

01/01/2039

 

3,540

 

3,547,257

Brazoria County Health Facilities Development Corp. (Brazosport Regional Health System);

 

 

 

 

 

 

Series 2012, Ref. RB (c)(k)

5.25%

07/01/2022

 

7,100

 

7,821,928

Series 2012, Ref. RB (c)(k)

5.50%

07/01/2022

 

13,410

 

14,850,636

Brazoria County Industrial Development Corp.; Series 2019, RB (d)

7.00%

03/01/2039

 

9,600

 

10,965,312

Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin);

 

 

 

 

 

 

Series 2005 B, RB

6.13%

04/01/2045

 

7,465

 

7,522,704

Celina (City of), TX;

 

 

 

 

 

 

Series 2015, RB

5.38%

09/01/2028

 

550

 

570,202

Series 2015, RB

5.50%

09/01/2032

 

250

 

259,158

Series 2015, RB

5.88%

09/01/2040

 

1,000

 

1,036,640

Central Texas Regional Mobility Authority; Series 2011, RB (c)(k)

6.75%

01/01/2021

 

17,500

 

18,343,675

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

39

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Texas–(continued)

 

 

 

 

 

Cleveland Independent School District; Series 2020 A, GO Bonds (CEP -Texas Permanent School

 

 

 

 

 

Fund)

4.00%

02/15/2052

$ 20,000

$

23,823,200

Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2011, RB (c)(k)

5.75%

08/15/2021

1,130

 

1,210,987

Clifton Higher Education Finance Corp. (International Leadership of Texas);

 

 

 

 

 

Series 2015, RB

5.75%

08/15/2038

1,000

 

1,159,090

Series 2015, RB

5.75%

08/15/2045

8,000

 

9,185,040

Series 2018 D, RB

5.75%

08/15/2033

6,190

 

7,243,352

Series 2018 D, RB

6.00%

08/15/2038

14,250

 

16,697,010

Series 2018 D, RB

6.13%

08/15/2048

26,250

 

30,585,712

Clifton Higher Education Finance Corp. (Uplift Education); Series 2010 A, RB (c)(k)

6.25%

12/01/2020

5,000

 

5,198,700

El Paso Independent School District; Series 2020, GO Bonds (CEP -Texas Permanent School

 

 

 

 

 

Fund)(b)

4.00%

08/15/2048

10,250

 

12,132,925

Forney Independent School District; Series 2020, GO Bonds (CEP -Texas Permanent School Fund)

3.00%

02/15/2045

9,000

 

9,743,850

Grand Parkway Transportation Corp.;

 

 

 

 

 

Series 2013 A, RB (c)(k)

5.50%

10/01/2023

10,000

 

11,600,600

Series 2013 B, RB (c)(k)

5.00%

10/01/2023

42,060

 

48,133,885

Series 2013 B, RB (f)

5.85%

10/01/2048

17,000

 

19,167,840

Series 2013 B, RB (b)

5.25%

10/01/2051

24,405

 

28,143,602

Series 2020, Ref. RB

4.00%

10/01/2049

15,000

 

17,779,950

Grand Prairie Housing Finance Corp.;

 

 

 

 

 

Series 2003, RB

7.75%

01/01/2034

6,770

 

6,937,151

Series 2003, RB (e)(j)(p)

7.75%

01/01/2034

3,595

 

287,600

Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers;

 

 

 

 

 

Series 2015, Ref. RB

5.00%

12/01/2040

5,350

 

5,902,334

Series 2015, Ref. RB

5.00%

12/01/2045

9,230

 

10,135,648

Hopkins (County of), TX Hospital District;

 

 

 

 

 

Series 2008, RB

6.00%

02/15/2033

2,500

 

2,507,525

Series 2008, RB

6.00%

02/15/2038

5,155

 

5,169,846

Houston (City of), TX;

 

 

 

 

 

Series 2011 A, Ref. RB (b)

5.25%

11/15/2031

18,360

 

18,939,442

Series 2015 B-1, RB (d)

5.00%

07/15/2030

24,605

 

28,354,310

Series 2015 B-1, RB (d)

5.00%

07/15/2035

21,545

 

24,763,177

Houston (City of), TX (Continental Airlines, Inc.); Series 2011 A, Ref. RB (d)

6.63%

07/15/2038

14,000

 

14,898,660

Houston (City of), TX (United Airlines, Inc. Terminal E); Series 2014, Ref. RB (d)

5.00%

07/01/2029

11,750

 

13,288,897

Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.);

 

 

 

 

 

Series 2011 A, RB (c)(k)

6.88%

05/15/2021

790

 

846,793

Series 2011, RB (c)(k)

6.50%

05/15/2021

500

 

533,710

La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015, RB (h)

5.60%

08/15/2045

4,420

 

4,987,616

Leander Independent School District;

 

 

 

 

 

Series 2014 C, GO Bonds (CEP -Texas Permanent School Fund)(c)(i)(k)

0.00%

08/15/2024

121,355

 

32,087,756

Series 2014 D, Ref. GO Bonds (CEP -Texas Permanent School Fund)(c)(i)(k)

0.00%

08/15/2024

425

 

219,232

Series 2014 D, Ref. GO Bonds (CEP -Texas Permanent School Fund)(i)

0.00%

08/15/2037

3,645

 

1,844,625

Mclendon-Chisholm (City of), TX (Sonoma Public Improvement Distribution Phase);

 

 

 

 

 

Series 2015, RB

5.13%

09/15/2028

500

 

518,950

Series 2015, RB

5.38%

09/15/2035

400

 

415,224

Series 2015, RB

5.50%

09/15/2040

765

 

793,994

Mission Economic Development Corp. (CarbonLite Recycling LLC); Series 2016, RB (d)(h)

6.50%

12/01/2033

10,460

 

11,045,551

Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB (d)(h)

4.63%

10/01/2031

22,150

 

24,059,108

New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.-Stoney Brook);

 

 

 

 

 

Series 2017 C, RB

5.00%

07/01/2037

1,725

 

1,707,146

New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community);

 

 

 

 

 

Series 2016, Ref. RB

5.00%

07/01/2036

2,200

 

2,336,246

Series 2016, Ref. RB

5.00%

07/01/2046

16,195

 

16,962,481

New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center);

 

 

 

 

 

Series 2016 A, Ref. RB (h)

5.00%

08/15/2046

2,500

 

2,560,725

Series 2017 A, RB (h)

5.00%

08/15/2037

2,000

 

2,055,160

Series 2017 A, RB (h)

5.13%

08/15/2047

2,085

 

2,139,002

New Hope Cultural Education Facilities Finance Corp. (Legacy Midtown Park); Series 2018 A, RB

5.50%

07/01/2054

4,750

 

5,091,145

New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB

5.00%

01/01/2042

3,000

 

3,302,550

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Texas–(continued)

 

 

 

 

 

New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries);

 

 

 

 

 

Series 2013, RB

6.50%

01/01/2043

$ 4,325

$

4,825,705

Series 2013, RB

6.50%

01/01/2048

5,675

 

6,318,772

New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);

 

 

 

 

 

Series 2016 A, RB

5.38%

11/15/2036

1,365

 

1,496,108

Series 2016 A, RB

5.50%

11/15/2046

2,975

 

3,236,651

Series 2016 A, RB

5.50%

11/15/2052

2,350

 

2,545,191

New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);

 

 

 

 

 

Series 2018, Ref. RB

5.00%

10/01/2039

1,000

 

1,124,090

Series 2018, Ref. RB

5.25%

10/01/2049

9,940

 

11,212,022

New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes, Inc.);

 

 

 

 

 

Series 2014, RB

5.50%

01/01/2049

1,000

 

1,099,740

Series 2019, Ref. RB

5.00%

01/01/2050

590

 

645,454

Series 2019, Ref. RB

5.00%

01/01/2055

2,200

 

2,400,662

Newark High Education Finance Corp. (A+ Charter Schools, Inc.);

 

 

 

 

 

Series 2015 A, RB (h)

5.50%

08/15/2035

845

 

981,391

Series 2015 A, RB (h)

5.75%

08/15/2045

2,015

 

2,330,529

North Texas Education Finance Corp. (Uplift Education); Series 2012 A, RB (c)(k)

5.25%

06/01/2022

2,100

 

2,301,012

North Texas Tollway Authority;

 

 

 

 

 

Series 2011 B, RB (c)(i)(k)

0.00%

09/01/2031

15,500

 

8,367,985

Series 2019 A, Ref. RB

4.00%

01/01/2044

13,315

 

15,494,000

Port Beaumont Navigation District (Jefferson Gulf Coast); Series 2020, Ref. RB (d)(h)

4.00%

01/01/2050

6,125

 

6,378,575

Red River Health Facilities Development Corp. (MRC Crossing);

 

 

 

 

 

Series 2014 A, RB

7.50%

11/15/2034

2,350

 

2,815,911

Series 2014 A, RB

7.75%

11/15/2044

3,600

 

4,298,832

Series 2014 A, RB

8.00%

11/15/2049

5,000

 

6,012,600

San Juan (City of), TX Higher Education Finance Authority (Idea Public Schools); Series 2010 A,

 

 

 

 

 

RB (c)(k)

6.70%

08/15/2020

1,000

 

1,026,030

Sanger Industrial Development Corp. (Texas Pellets); Series 2012 B, RB (d)(e)(j)

8.00%

07/01/2038

37,110

 

9,277,500

Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group);

 

 

 

 

 

Series 2016, Ref. RB

5.00%

05/15/2045

8,800

 

9,681,408

Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community,

 

 

 

 

 

Inc.);

 

 

 

 

 

Series 2007, RB (e)

5.63%

12/31/2049

1,500

 

1,050,000

Series 2007, RB (e)

5.75%

12/31/2049

2,500

 

1,750,000

Series 2014, RB (e)

5.63%

12/31/2049

3,250

 

2,275,000

Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana);

 

 

 

 

 

Series 2017, RB

4.50%

11/15/2023

650

 

650,930

Series 2017, RB

6.63%

11/15/2037

1,745

 

2,129,040

Series 2017, RB

6.75%

11/15/2047

13,125

 

15,855,394

Series 2017, RB

6.75%

11/15/2052

1,465

 

1,764,578

Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);

 

 

 

 

 

Series 2007, RB

5.75%

02/15/2025

1,015

 

1,016,807

Series 2007, RB

5.75%

02/15/2029

1,600

 

1,602,512

Series 2009 A, RB

8.00%

02/15/2038

12,350

 

12,394,583

Series 2017, RB

6.38%

02/15/2041

8,755

 

10,091,626

Series 2017A, RB

6.38%

02/15/2048

16,125

 

18,449,419

Series 2017A, RB

6.38%

02/15/2052

31,045

 

35,439,109

Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); Series 2018 A,

 

 

 

 

 

RN (h)

10.00%

03/15/2023

4,250

 

5,177,477

Tarrant County Cultural Education Facilities Finance Corp. (SQLC Senior Living Center at Corpus

 

 

 

 

 

Christi, Inc.-Mirador);

 

 

 

 

 

Series 2017 A, RB (e)

4.13%

11/15/2038

1,775

 

17,750

Series 2017 A, RB (e)

4.38%

11/15/2049

595

 

5,950

Series 2017 A, RB (e)

4.63%

11/15/2049

3,125

 

31,250

Series 2017 A, RB (e)

4.88%

11/15/2055

7,000

 

70,000

Series 2017 A, RB (e)

5.00%

11/15/2059

13,000

 

130,000

Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way);

 

 

 

 

 

Series 2020, RB

5.75%

12/01/2054

14,685

 

15,679,213

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

41

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Texas–(continued)

 

 

 

 

 

Texas (State of) Transportation Commission;

 

 

 

 

 

Series 2019, RB (i)

0.00%

08/01/2051

$ 6,000

$

1,529,700

Series 2019, RB (i)

0.00%

08/01/2052

6,000

 

1,442,760

Series 2019, RB (i)

0.00%

08/01/2053

1,000

 

227,410

Texas (State of) Water Development Board; Series 2019 A, RB

4.00%

10/15/2049

15,000

 

17,763,900

Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB

6.25%

12/15/2026

16,555

 

19,711,045

Texas Municipal Gas Acquisition & Supply Corp. III; Series 2012, RB

5.00%

12/15/2031

10,000

 

10,997,500

Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC

 

 

 

 

 

SH 288 Toll Lanes); Series 2016, RB (d)

5.00%

12/31/2055

12,135

 

14,081,333

Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure); Series 2010, RB

7.00%

06/30/2040

25,575

 

26,055,043

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC);

 

 

 

 

 

Series 2013, RB (d)

6.75%

06/30/2043

17,450

 

20,466,407

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC

 

 

 

 

 

Segments 3A and 3B Facility); Series 2013, RB (d)

7.00%

12/31/2038

4,000

 

4,740,240

Texas State Public Finance Authority Charter School Finance Corp. (New Frontiers Charter

 

 

 

 

 

School); Series 2010 A, RB

5.80%

08/15/2040

1,000

 

1,014,650

Texas State Public Finance Authority Charter School Finance Corp. (School Excellence Education);

 

 

 

 

 

Series 2004 A, RB

7.00%

12/01/2034

2,975

 

2,983,271

Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB

5.25%

08/15/2042

4,185

 

4,325,407

Travis County Health Facilities Development Corp. (Westminster Manor);

 

 

 

 

 

Series 2010, RB (c)(k)

7.00%

11/01/2020

2,005

 

2,085,000

Series 2010, RB

7.00%

11/01/2030

135

 

139,562

Ysleta Independent School District; Series 2020, GO Bonds (CEP - Texas Permanent School Fund)

4.00%

08/15/2052

5,750

 

6,763,322

 

 

 

 

 

953,482,776

Utah–0.40%

 

 

 

 

 

Salt Lake City Corp. Airport Revenue;

 

 

 

 

 

Series 2018 A, RB (b)(d)

5.00%

07/01/2043

14,750

 

18,286,755

Series 2018 A, RB (b)(d)

5.00%

07/01/2048

11,250

 

13,857,750

Utah (County of), UT (Renaissance Academy); Series 2007 A, RB (h)

5.63%

07/15/2037

2,565

 

2,568,976

Utah (State of) Charter School Finance Authority (Leadership Learning Academy); Series 2019 A,

 

 

 

 

 

RB (h)

5.00%

06/15/2050

2,000

 

2,169,060

Utah (State of) Charter School Finance Authority (Navigator Pointe Academy);

 

 

 

 

 

Series 2010 A, RB

5.38%

07/15/2030

1,650

 

1,671,087

Series 2010 A, RB

5.63%

07/15/2040

710

 

718,839

Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy);

 

 

 

 

 

Series 2010, RB

6.25%

07/15/2030

1,250

 

1,268,000

Series 2010, RB

6.38%

07/15/2040

2,500

 

2,536,625

Utah (State of) Charter School Finance Authority (Vista Entrada School of Performing Arts);

 

 

 

 

 

Series 2012, RB

5.60%

07/15/2022

365

 

380,414

Series 2012, RB

6.30%

07/15/2032

850

 

914,124

Series 2012, RB

6.55%

07/15/2042

2,000

 

2,154,300

 

 

 

 

 

46,525,930

Virgin Islands–0.42%

 

 

 

 

 

Virgin Islands (Government of) (Matching Fund Loan Note - Diago); Series 2009 A, RB

6.75%

10/01/2037

4,600

 

4,608,832

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Sr. Lien

 

 

 

 

 

Capital);

 

 

 

 

 

Series 2009 A-1, RB

5.00%

10/01/2029

3,620

 

3,624,525

Series 2009 A-1, RB

5.00%

10/01/2039

12,910

 

12,918,133

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);

 

 

 

 

 

Series 2009 B, Ref. RB

5.00%

10/01/2025

5,950

 

5,961,186

Series 2010 A, RB

5.00%

10/01/2025

12,575

 

12,654,600

Series 2010 A, RB

5.00%

10/01/2029

2,500

 

2,510,950

Series 2012 A, RB

5.00%

10/01/2032

5,730

 

5,751,488

 

 

 

 

 

48,029,714

Virginia–1.35%

 

 

 

 

 

Ballston Quarter Communities Development Authority;

 

 

 

 

 

Series 2016 A, RB

5.38%

03/01/2036

1,635

 

1,741,210

Series 2016 A, RB

5.50%

03/01/2046

10,000

 

10,564,800

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

42

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Virginia–(continued)

 

 

 

 

 

Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community,

 

 

 

 

 

Inc. - Harbor's Edge);

 

 

 

 

 

Series 2019 A, RB

5.00%

01/01/2049

$ 2,500

$

2,745,525

Series 2019 A, RB

5.25%

01/01/2054

2,000

 

2,210,420

Roanoke (City of), VA Economic Development Authority (Richfield Living);

 

 

 

 

 

Series 2020, RB

5.00%

09/01/2040

1,645

 

1,715,998

Series 2020, RB

5.13%

09/01/2055

1,210

 

1,242,126

Tobacco Settlement Financing Corp.;

 

 

 

 

 

Series 2007 B-1, RB

5.00%

06/01/2047

21,035

 

21,508,919

Series 2007 B-2, RB (f)

5.20%

06/01/2046

3,000

 

3,061,710

Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC);

 

 

 

 

 

Series 2012, RB (d)

5.50%

01/01/2042

20,775

 

22,598,629

Virginia (State of) Small Business Financing Authority (Express Lanes, LLC); Series 2012, RB (d)

5.00%

01/01/2040

40,550

 

43,242,925

Virginia (State of) Small Business Financing Authority (Transform 66 P3);

 

 

 

 

 

Series 2017, RB (d)

5.00%

12/31/2052

17,150

 

20,407,299

Series 2017, RB (d)

5.00%

12/31/2056

6,750

 

8,006,918

Virginia Beach Development Authority (Westminster-Canterbury);

 

 

 

 

 

Series 2018, Ref. RB

5.00%

09/01/2040

1,750

 

2,067,975

Series 2018, Ref. RB

5.00%

09/01/2044

2,215

 

2,603,777

Series 2018, Ref. RB

4.00%

09/01/2048

4,390

 

4,860,037

Virginia Small Business Financing Authority (Transform 66 P3 Project); Series 2017, RB (d)

5.00%

12/31/2047

6,350

 

7,584,567

 

 

 

 

 

156,162,835

Washington–1.79%

 

 

 

 

 

Greater Wenatchee (City of), WA Regional Events Center Public Facilities District; Series 2012 A,

 

 

 

 

 

RB

5.50%

09/01/2042

6,720

 

6,960,240

King (County of), WA Public Hospital District No. 4;

 

 

 

 

 

Series 2015 A, RB

5.75%

12/01/2030

3,000

 

3,259,890

Series 2015 A, RB

6.00%

12/01/2035

2,685

 

2,923,777

Series 2015 A, RB

6.25%

12/01/2045

6,465

 

7,014,525

King (County of), WA Public Hospital District No. 4 (Snoqualmie Valley Hospital);

 

 

 

 

 

Series 2011, Ref. GO Bonds

6.75%

12/01/2031

500

 

532,085

Series 2011, Ref. GO Bonds

7.00%

12/01/2040

4,000

 

4,253,680

King (County of), WA Sewer Revenue; Series 2011 B, Ref. RB (b)

5.00%

01/01/2034

38,540

 

39,862,693

Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB (d)

5.00%

04/01/2030

19,500

 

21,455,460

Skagit (County of), WA Public Hospital District No. 1 (Skagit Valley Hospital);

 

 

 

 

 

Series 2010, RB (c)(k)

5.75%

12/01/2020

6,000

 

6,216,720

Series 2010, RB (c)(k)

6.00%

12/01/2020

3,160

 

3,279,732

Washington (State of);

 

 

 

 

 

Series 2019 A, GO Bonds (b)

5.00%

08/01/2042

9,000

 

11,463,390

Series 2021 A, Ref. GO Bonds

5.00%

06/01/2040

3,500

 

4,473,245

Series 2021 A, Ref. GO Bonds

5.00%

06/01/2041

3,500

 

4,462,045

Washington (State of) Convention Center Public Facilities District; Series 2018, RB (b)

5.00%

07/01/2048

27,000

 

33,586,920

Washington (State of) Health Care Facilities Authority (CommonSpirit Health); Series 2019 A-1,

 

 

 

 

 

Ref. RB

4.00%

08/01/2044

3,000

 

3,463,590

Washington (State of) Housing Finance Commission (Bayview Manor Senior);

 

 

 

 

 

Series 2016 A, Ref. RB (h)

5.00%

07/01/2036

1,460

 

1,610,847

Series 2016 A, Ref. RB (h)

5.00%

07/01/2046

1,700

 

1,854,479

Series 2016 A, Ref. RB (h)

5.00%

07/01/2051

9,650

 

10,506,437

Washington (State of) Housing Finance Commission (Heron's Key Senior Living);

 

 

 

 

 

Series 2015 A, RB (h)

7.00%

07/01/2045

2,150

 

2,474,392

Series 2015 A, RB (h)

7.00%

07/01/2050

1,500

 

1,722,420

Series 2015 B-1, RB (h)

5.50%

01/01/2024

2,960

 

2,967,252

Washington (State of) Housing Finance Commission (Judson Park); Series 2018, Ref. RB (h)

5.00%

07/01/2048

1,650

 

1,810,248

Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016

 

 

 

 

 

A, Ref. RB (h)

5.00%

01/01/2046

2,250

 

2,523,308

Washington (State of) Housing Finance Commission (Presbyterian Retirement Communities

 

 

 

 

 

Northwest); Series 2016 A, Ref. RB (h)

5.00%

01/01/2051

8,650

 

9,679,783

Washington (State of) Housing Finance Commission (Transforming Age); Series 2019 A, RB (h)

5.00%

01/01/2049

1,500

 

1,724,040

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

43

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Washington–(continued)

 

 

 

 

 

Washington (State of) Housing Finance Commission (Wesley Homes at Lea Hill);

 

 

 

 

 

Series 2016, Ref. RB (h)

5.00%

07/01/2041

$ 2,000

$

2,187,860

Series 2016, Ref. RB (h)

5.00%

07/01/2046

1,000

 

1,087,980

Washington State Convention Center Public Facilities District; Series 2019 XL0124, Revenue

 

 

 

 

 

Ctfs. (b)

5.00%

07/01/2043

10,970

 

13,619,474

 

 

 

 

 

206,976,512

West Virginia–0.62%

 

 

 

 

 

Harrison (County of), WV Commission (Charles Pointe No. 2);

 

 

 

 

 

Series 2008 A, Ref. RB

7.00%

06/01/2035

3,340

 

3,342,505

Series 2013, Ref. RB (Acquired 02/15/2008; Cost $988,497) (e)(h)

7.00%

06/01/2035

1,000

 

500,000

Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development

 

 

 

 

 

District);

 

 

 

 

 

Series 2019 A, RB (h)

5.75%

06/01/2042

16,000

 

16,661,760

Series 2019 B, Ref. Tax Improvement RB (h)

7.50%

06/01/2042

6,140

 

6,362,329

Kanawha (County of), WV (The West Virginia State University Foundation); Series 2013, RB

6.75%

07/01/2045

5,650

 

6,173,416

Monongalia (County of), WV Commission Special District (University Town Centre Economic

 

 

 

 

 

Opportunity Development District); Series 2017 A, Ref. RB (h)

5.75%

06/01/2043

6,000

 

6,840,420

West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);

 

 

 

 

 

Series 2016, RB (d)(h)

7.25%

02/01/2036

10,965

 

11,319,060

Series 2018, RB (d)(h)

8.75%

02/01/2036

4,500

 

4,640,985

West Virginia (State of) Hospital Finance Authority (Thomas Health System);

 

 

 

 

 

Series 2008, RB (e)

6.00%

10/01/2020

720

 

396,000

Series 2008, RB (e)

6.50%

10/01/2038

14,000

 

7,700,000

Series 2008, RB (e)

6.75%

10/01/2043

13,150

 

7,232,500

 

 

 

 

 

71,168,975

Wisconsin–4.66%

 

 

 

 

 

Public Finance Authority (American Dream at Meadowlands);

 

 

 

 

 

Series 2017, RB (h)

6.25%

08/01/2027

11,000

 

13,351,360

Series 2017, RB (h)

6.75%

08/01/2031

20,590

 

27,397,054

Series 2017, RB (h)

6.50%

12/01/2037

25,000

 

30,541,000

Series 2017, RB (h)

6.75%

12/01/2042

12,270

 

14,833,448

Public Finance Authority (Coral Academy of Science Reno); Series 2019, Ref. RB (h)

5.00%

06/01/2050

1,250

 

1,376,563

Public Finance Authority (Goodwill Industries of Southern Nevada, Inc.);

 

 

 

 

 

Series 2019 A, RB

5.50%

12/01/2038

4,117

 

4,701,183

Series 2019 A, RB

5.75%

12/01/2048

6,863

 

8,099,800

Public Finance Authority (KU Campus Development Corporation — Central District Development

 

 

 

 

 

Project); Series 2016, RB (b)

5.00%

03/01/2041

24,000

 

28,668,240

Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB (h)

5.25%

06/15/2049

5,775

 

6,072,239

Public Finance Authority (Million Air Two LLC General Aviation Facilities);

 

 

 

 

 

Series 2017, Ref.RB (d)(h)

7.13%

06/01/2041

12,100

 

13,837,923

Public Finance Authority (Minnesota College of Osteopathic Medicine); Series 2019 A-1, RB (h)

5.50%

12/01/2048

76

 

76,078

Public Finance Authority (National Gypsum Co.); Series 2014, Ref. RB (d)

5.25%

04/01/2030

4,000

 

4,458,640

Public Finance Authority (Southminster);

 

 

 

 

 

Series 2018, RB (h)

5.00%

10/01/2043

2,500

 

2,850,575

Series 2018, RB (h)

5.00%

10/01/2048

3,000

 

3,410,610

Series 2018, RB (h)

5.00%

10/01/2053

5,515

 

6,254,451

Public Finance Authority (WhiteStone); Series 2017, Ref. RB (h)

5.00%

03/01/2052

500

 

559,300

Superior (City of), WI (Superior Water, Light & Power Co.); Series 2007 B, RB (d)

5.75%

11/01/2037

4,000

 

4,014,120

Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the

 

 

 

 

 

Midwest Obligated Group); Series 2017, Ref. RB

5.00%

08/01/2039

3,190

 

3,483,958

Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the

 

 

 

 

 

Midwest Obligated Group);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

08/01/2027

2,000

 

2,236,200

Series 2017, Ref. RB

5.00%

08/01/2037

5,770

 

6,319,246

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group);

 

 

 

 

 

Series 2016 A, Ref. RB (b)

5.00%

11/15/2039

38,800

 

46,823,840

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

44

Invesco High Yield Municipal Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

 

(000)

 

Value

Wisconsin–(continued)

 

 

 

 

 

 

Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar

 

 

 

 

 

 

Community);

 

 

 

 

 

 

Series 2017, Ref. RB

5.00%

06/01/2037

$

860

$

946,284

Series 2017, Ref. RB

5.00%

06/01/2041

 

955

 

1,046,441

Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);

 

 

 

 

 

 

Series 2019, Ref. RB

5.00%

11/01/2039

 

1,950

 

2,196,246

Series 2019, Ref. RB

5.00%

11/01/2046

 

2,100

 

2,343,642

Series 2019, Ref. RB

5.00%

11/01/2054

 

4,000

 

4,443,720

Wisconsin (State of) Health & Educational Facilities Authority (Mile Bluff Medical Center, Inc.);

 

 

 

 

 

 

Series 2014, RB

5.75%

05/01/2039

 

4,260

 

4,748,707

Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.); Series 2019, Ref.

 

 

 

 

 

 

RB

4.00%

12/15/2049

 

5,000

 

5,826,850

Wisconsin (State of) Health & Educational Facilities Authority (Wisconsin Illinois Senior Housing,

 

 

 

 

 

 

Inc.); Series 2013, RB (c)(k)

7.00%

08/01/2020

 

6,500

 

6,662,825

Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center);

 

 

 

 

 

 

Series 2017 A, RB (h)

6.25%

10/01/2031

 

2,475

 

2,809,620

Series 2017 A, RB (h)

6.85%

10/01/2047

 

20,735

 

23,467,666

Series 2017 A, RB (h)

7.00%

10/01/2047

 

1,250

 

1,424,000

Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017,

 

 

 

 

 

 

RB (h)

7.00%

12/01/2050

 

21,000

 

25,675,440

Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth);

 

 

 

 

 

 

Series 2016 A, RB (h)

5.00%

06/01/2036

 

4,625

 

5,084,355

Series 2016 A, RB (h)

5.13%

06/01/2048

 

8,000

 

8,737,200

Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center);

 

 

 

 

 

 

Series 2017 A, RB (h)

6.25%

11/01/2028

 

2,525

 

2,919,304

Series 2017 A, RB (h)

6.85%

11/01/2046

 

31,015

 

36,148,293

Series 2017 A, RB (h)

5.75%

12/31/2049

 

1,440

 

1,513,008

Series 2017 B, RB (e)(h)

8.50%

11/01/2046

 

8,000

 

7,840,000

Wisconsin (State of) Public Finance Authority (Explore Academy); Series 2018 A, RB (h)

6.13%

02/01/2048

 

5,535

 

5,908,170

Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch);

 

 

 

 

 

 

Series 2011 A, RB (h)

7.00%

06/01/2020

 

125

 

126,531

Series 2011 A, RB (h)

7.75%

06/01/2028

 

7,980

 

8,694,449

Series 2011 A, RB (h)

8.00%

06/01/2035

 

10,150

 

11,055,177

Series 2011 A, RB (h)

8.25%

06/01/2046

 

4,000

 

4,356,360

Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center);

 

 

 

 

 

 

Series 2018 A-1, RB (h)

6.25%

01/01/2038

 

5,500

 

5,941,870

Series 2018 A-1, RB (h)

6.38%

01/01/2048

 

16,520

 

17,863,241

Wisconsin (State of) Public Finance Authority (Mary's Woods at Marylhurst);

 

 

 

 

 

 

Series 2017 A, Ref. RB (h)

5.25%

05/15/2037

 

1,000

 

1,145,030

Series 2017 A, Ref. RB (h)

5.25%

05/15/2042

 

1,230

 

1,399,334

Series 2017 A, Ref. RB (h)

5.25%

05/15/2047

 

1,225

 

1,389,175

Series 2017 A, Ref. RB (h)

5.25%

05/15/2052

 

3,300

 

3,733,653

Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities);

 

 

 

 

 

 

Series 2017 A, RB (d)

7.25%

06/01/2035

 

6,965

 

8,008,078

Wisconsin (State of) Public Finance Authority (Penick Village Obligated Group);

 

 

 

 

 

 

Series 2019, Ref. RB (h)

5.00%

09/01/2039

 

775

 

865,877

Series 2019, Ref. RB (h)

5.00%

09/01/2049

 

1,450

 

1,608,297

Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);

 

 

 

 

 

 

Series 2018 A, RB

5.20%

12/01/2037

 

17,025

 

20,694,568

Series 2018 A, RB

5.35%

12/01/2045

 

27,500

 

33,201,025

Wisconsin (State of) Public Finance Authority (Rose Villa); Series 2014 A, RB (h)

6.00%

11/15/2049

 

2,500

 

2,783,450

Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);

 

 

 

 

 

 

Series 2012, RB

5.75%

04/01/2042

 

6,340

 

6,822,728

Series 2015, Ref. RB

5.88%

04/01/2045

 

6,400

 

7,510,592

Wisconsin (State of) Public Finance Authority (Voyager Foundation, Inc.);

 

 

 

 

 

 

Series 2012 A, RB (k)

5.50%

10/01/2022

 

305

 

326,747

Series 2012 A, RB (c)(k)

6.00%

10/01/2022

 

1,475

 

1,660,599

Series 2012 A, RB (c)(k)

6.20%

10/01/2022

 

1,300

 

1,470,170

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

45

Invesco High Yield Municipal Fund

 

 

 

 

Principal

 

 

 

 

 

Interest

Maturity

Amount

 

 

 

 

 

Rate

Date

 

(000)

 

Value

Wisconsin–(continued)

 

 

 

 

 

 

 

Wisconsin (State of) Public Finance Authority (Wittenberg University);

 

 

 

 

 

 

Series 2016, RB (h)

5.00%

12/01/2031

$

7,830

$

8,600,942

 

Series 2016, RB (h)

5.25%

12/01/2039

 

8,685

 

9,506,427

 

 

 

 

 

 

 

 

537,871,919

 

Wyoming–0.05%

 

 

 

 

 

 

 

West Park Hospital District (West Park Hospital);

 

 

 

 

 

 

Series 2011 A, RB

7.00%

06/01/2040

 

4,890

 

5,171,273

 

Series 2011, Ref. RB

7.00%

06/01/2035

 

1,085

 

1,149,470

 

 

 

 

 

 

 

 

6,320,743

 

Total Municipal Obligations (Cost

$11,723,844,451)

 

 

 

 

12,961,984,555

 

U.S. Dollar Denominated Bonds & Notes–0.00%

 

 

 

 

 

 

Texas–0.00%

 

 

 

 

 

 

 

Sears Tyler Methodist Retirement Corp.

 

 

 

 

 

 

 

(Cost $0)

2.00%

02/25/2048

 

135

 

0

 

TOTAL INVESTMENTS IN SECURITIES(q)–112.24% (Cost $11,723,844,451)

 

 

 

 

12,961,984,555

 

FLOATING RATE NOTE OBLIGATIONS–(12.19)%

 

 

 

 

 

 

Notes with interest and fee rates ranging from 1.63% to 2.07% at 02/29/2020 and

 

 

 

 

 

 

contractual maturities of collateral ranging from 11/01/2023 to 10/15/2057 (See

 

 

 

 

 

 

Note 1K)(r)

 

 

 

 

 

(1,407,285,000)

 

 

 

 

 

 

 

OTHER ASSETS LESS LIABILITIES–(0.05)%

 

 

 

 

(6,359,983)

NET ASSETS –100.00%

 

 

 

 

$11,548,339,572

 

Investment Abbreviations:

 

 

 

 

 

 

 

AGC

– Assured Guaranty Corp.

 

 

 

 

 

 

 

AGM

– Assured Guaranty Municipal Corp.

 

 

 

 

 

 

AMBAC – American Municipal Bond Assurance Corp.

 

 

 

 

 

 

CEP

– Credit Enhancement Provider

 

 

 

 

 

 

 

COP

– Certificates of Participation

 

 

 

 

 

 

 

Ctfs.

– Certificates

 

 

 

 

 

 

 

GNMA

– Government National Mortgage Association

 

 

 

 

 

 

GO

– General Obligation

 

 

 

 

 

 

 

IDR

– Industrial Development Revenue Bonds

 

 

 

 

 

 

INS

– Insurer

 

 

 

 

 

 

 

NATL

– National Public Finance Guarantee Corp.

 

 

 

 

 

 

PCR

– Pollution Control Revenue Bonds

 

 

 

 

 

 

RAC

– Revenue Anticipation Certificates

 

 

 

 

 

 

RB

– Revenue Bonds

 

 

 

 

 

 

 

Ref.

– Refunding

 

 

 

 

 

 

 

RN

– Revenue Notes

 

 

 

 

 

 

 

SIFMA

– Securities Industry and Financial Markets Association

 

 

 

 

 

 

Sr.

– Senior

 

 

 

 

 

 

 

Wts.

– Warrants

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

46

Invesco High Yield Municipal Fund

Notes to Schedule of Investments:

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

(b)Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

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

(d)Security subject to the alternative minimum tax.

(e)Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 29, 2020 was $528,144,343, which represented 4.57% of the Fund's Net Assets.

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

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

(h)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 29, 2020 was $1,698,172,589, which represented 14.70% of the Fund's Net Assets.

(i)Zero coupon bond issued at a discount.

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

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

(l)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 $132,330,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

(n)Security subject to crossover refunding.

(o)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.

(p)Restructured security not accruing interest income. The value of this security at February 29, 2020 was $287,600, which represented less than 1% of the Fund's Net Assets.

(q)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 obligation but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each.

(r)Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 29, 2020. At February 29, 2020, the Fund's investments with a value of $2,488,700,548 are held by TOB Trusts and serve as collateral for the $1,407,285,000 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.

47

Invesco High Yield Municipal Fund

Statement of Assets and Liabilities

February 29, 2020

Assets:

 

Investments in securities, at value

 

(Cost $11,723,844,451)

$12,961,984,555

Cash

13,259,683

Receivable for:

 

Investments sold

38,621,942

Fund shares sold

15,916,000

Interest

149,312,725

Investments matured, at value

 

(Cost $20,630,463)

12,607,121

Investment for trustee deferred compensation and

 

retirement plans

655,118

Other assets

179,066

Total assets

13,192,536,210

Liabilities:

 

Floating rate note obligations

1,407,285,000

Payable for:

 

Investments purchased

194,167,054

Dividends

17,674,062

Fund shares reacquired

20,590,216

Accrued fees to affiliates

3,486,283

Accrued trustees' and officers' fees and benefits

14,813

Accrued other operating expenses

242,388

Trustee deferred compensation and retirement plans

736,822

Total liabilities

1,644,196,638

Net assets applicable to shares outstanding

$11,548,339,572

Net assets consist of:

 

Shares of beneficial interest

$10,797,154,044

Distributable earnings

751,185,528

 

$11,548,339,572

Net Assets:

 

 

Class A

$

6,659,122,990

Class C

$

948,190,903

Class Y

$

3,291,052,313

Class R5

$

188,850

Class R6

$

649,784,516

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A

 

623,523,499

Class C

 

89,097,843

Class Y

 

307,599,459

Class R5

 

17,701

Class R6

 

60,934,125

Class A:

 

 

Net asset value per share

$

10.68

Maximum offering price per share

 

 

(Net asset value of $10.68 ÷ 95.75%)

$

11.15

Class C:

 

 

Net asset value and offering price per share

$

10.64

Class Y:

 

 

Net asset value and offering price per share

$

10.70

Class R5:

 

 

Net asset value and offering price per share

$

10.67

Class R6:

 

 

Net asset value and offering price per share

$

10.66

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

48

Invesco High Yield Municipal Fund

Statement of Operations

For the year ended February 29, 2020

Investment income:

 

 

 

 

Interest

$

559,040,504

Expenses:

 

 

 

 

Advisory fees

 

52,956,345

Administrative services fees

 

1,497,159

Custodian fees

 

104,209

 

Distribution fees:

 

 

 

 

Class A

 

15,382,397

Class C

 

9,290,000

Interest, facilities and maintenance fees

 

28,665,700

Transfer agent fees — A, C and Y

 

7,442,248

Transfer agent fees — R5

 

103

 

Transfer agent fees — R6

 

51,297

 

Trustees' and officers' fees and benefits

 

144,501

 

Registration and filing fees

 

452,415

 

Reports to shareholders

 

339,576

 

Professional services fees

 

152,826

 

Other

 

77,944

 

Total expenses

 

116,556,720

Less: Expense offset arrangement(s)

 

(3,854)

Net expenses

 

116,552,866

Net investment income

 

442,487,638

Realized and unrealized gain (loss) from:

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

Investment securities

 

(9,304,417)

Foreign currencies

 

1,154

 

Futures contracts

 

(23,557,533)

 

 

 

 

 

 

(32,860,796)

Change in net unrealized appreciation (depreciation) of:

 

 

 

 

Investment securities

 

875,642,224

Futures contracts

 

(1,544,717)

 

 

874,097,507

Net realized and unrealized gain

 

841,236,711

Net increase in net assets resulting from operations

$1,283,724,349

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

49

Invesco High Yield Municipal Fund

Statement of Changes in Net Assets

For the years ended February 29, 2020 and February 28, 2019

 

 

2020

 

2019

 

 

Operations:

 

 

 

 

 

 

Net investment income

$

442,487,638

$

406,488,704

 

Net realized gain (loss)

 

(32,860,796)

 

11,158,451

 

Change in net unrealized appreciation (depreciation)

 

874,097,507

 

(37,347,149)

Net increase in net assets resulting from operations

 

1,283,724,349

 

380,300,006

 

Distributions to shareholders from distributable earnings:

 

 

 

 

 

 

Class A

 

(267,822,828)

 

(248,183,225)

 

 

 

 

 

 

Class C

 

(33,553,492)

 

(47,103,255)

 

 

 

 

 

 

Class Y

 

(134,282,733)

 

(127,066,006)

 

 

 

 

 

 

Class R5

 

(8,264)

 

(13,790)

 

 

 

 

 

 

Class R6

 

(23,229,171)

 

(15,694,832)

 

 

 

 

 

 

Total distributions from distributable earnings

 

(458,896,488)

 

(438,061,108)

Share transactions–net:

 

 

 

 

 

 

Class A

 

616,372,933

 

229,372,990

 

Class C

 

15,162,005

 

(412,175,652)

Class Y

 

503,432,404

 

11,691,502

 

Class R5

 

(42,243)

 

(97,865)

Class R6

 

221,009,295

 

182,379,024

 

Net increase in net assets resulting from share transactions

 

1,355,934,394

 

11,169,999

 

Net increase (decrease) in net assets

 

2,180,762,255

 

(46,591,103)

Net assets:

 

 

 

 

 

 

Beginning of year

 

9,367,577,317

 

9,414,168,420

 

End of year

$11,548,339,572

$

9,367,577,317

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

50

Invesco High Yield Municipal Fund

Statement of Cash Flows

For the year ended February 29, 2020

Cash provided by operating activities:

 

 

 

 

Net increase in net assets resulting from operations

$

1,283,724,349

 

 

 

 

 

 

Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:

 

 

 

 

Purchases of investments

 

(2,711,113,416)

Proceeds from sales of investments

 

1,167,923,519

 

 

 

 

 

 

Proceeds from sales of short-term investments, net

 

110,314,255

 

Amortization of premium on investment securities

 

34,216,929

 

Accretion of discount on investment securities

 

(69,001,489)

 

 

 

 

Increase in receivables and other assets

 

(13,883,036)

Increase in accrued expenses and other payables

 

723,229

 

 

Decrease in variation margin - futures contracts

 

946,512

 

 

 

 

 

 

 

Net realized loss from investment securities

 

9,304,417

 

 

 

 

 

 

Net change in unrealized appreciation on investment securities

 

(875,642,224)

Decrease in cash collateral — exchange-traded futures contracts

 

5,575,000

 

 

 

 

 

 

Net cash provided by operating activities

 

(1,056,911,955)

Cash provided by (used in) financing activities:

 

 

 

 

Dividends paid to shareholders from distributable earnings

 

(200,800,110)

 

 

 

 

Decrease in payable for amount due custodian

 

(4,058,590)

Proceeds from shares of beneficial interest sold

 

2,500,948,972

 

 

 

 

 

 

Proceeds of TOB Trusts

 

222,015,000

 

 

 

 

 

 

Repayments of TOB Trusts

 

(57,820,000)

 

 

 

 

Disbursements from shares of beneficial interest reacquired

 

(1,390,113,634)

 

 

 

 

 

Net cash provided by (used in) financing activities

 

1,070,171,638

 

Net increase in cash and cash equivalents

 

13,259,683

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

—

 

Cash and cash equivalents at end of period

$

13,259,683

 

Non-cash financing activities:

 

 

 

 

Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders

$

256,349,470

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

Cash paid during the period for interest, facilities and maintenance fees

$

28,665,700

 

 

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

51

Invesco High Yield Municipal Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

 

 

 

 

 

 

 

 

 

 

 

Supplemental

 

 

 

 

 

 

 

 

 

 

 

 

 

ratio of

 

 

 

 

 

 

 

 

 

 

 

 

 

expenses

 

 

 

 

 

 

 

 

 

 

 

Ratio of

Ratio of

to average

 

 

 

 

 

 

 

 

 

 

 

expenses

expenses

net assets

 

 

 

 

 

Net gains

 

 

 

 

 

to average

to average net

with fee waivers

 

 

 

 

 

(losses)

 

 

 

 

 

net assets

assets without

(excluding

Ratio of net

 

 

Net asset

 

on securities

 

Dividends

 

 

 

with fee waivers

fee waivers

interest,

investment

 

 

value,

Net

(both

Total from

from net

Net asset

 

Net assets,

and/or

and/or

facilities and

income

 

 

beginning

investment

realized and

investment

investment

value, end

Total

end of period

expenses

expenses

maintenance

to average

Portfolio

 

of period

income(a)

unrealized)

operations

income

of period

return (b)

(000's omitted)

absorbed

absorbed

fees)

net assets

turnover (c)

Class A

 

 

 

 

 

 

 

 

1.13%(d)

1.13%(d)

0.86%(d)

4.19%(d)

 

Year ended 02/29/20

$ 9.87

$0.43

$ 0.83

$1.26

$(0.45)

$10.68

13.00% $6,659,123

10%

Year ended 02/28/19

9.93

0.43

(0.02)

0.41

(0.47)

9.87

4.17

5,561,342

1.22

1.22

0.86

4.37

24

Year ended 02/28/18

9.87

0.52

0.01

0.53

(0.47)

9.93

5.46

5,360,001

1.06

1.06

0.89

5.17

14

Year ended 02/28/17

10.11

0.50

(0.24)

0.26

(0.50)

9.87

2.53

4,922,389

1.01

1.01

0.87

4.87

17

Year ended 02/29/16

10.06

0.52

0.03

0.55

(0.50)

10.11

5.62

4,838,666

0.93

0.93

0.86

5.22

14

Class C

 

 

 

 

 

 

 

 

1.88(d)

1.88(d)

1.61(d)

3.44(d)

10

Year ended 02/29/20

9.84

0.35

0.82

1.17

(0.37)

10.64

12.09

948,191

Year ended 02/28/19

9.89

0.36

(0.02)

0.34

(0.39)

9.84

3.52

860,988

1.97

1.97

1.61

3.62

24

Year ended 02/28/18

9.84

0.45

0.00

0.45

(0.40)

9.89

4.57

1,282,971

1.81

1.81

1.64

4.42

14

Year ended 02/28/17

10.07

0.42

(0.23)

0.19

(0.42)

9.84

1.86

1,175,513

1.76

1.76

1.62

4.12

17

Year ended 02/29/16

10.03

0.45

0.02

0.47

(0.43)

10.07

4.79(e)

1,182,368

1.66(e)

1.66(e)

1.59(e)

4.49(e)

14

Class Y

 

 

 

 

 

 

 

 

0.88(d)

0.88(d)

0.61(d)

4.44(d)

10

Year ended 02/29/20

9.89

0.46

0.82

1.28

(0.47)

10.70

13.25

3,291,052

Year ended 02/28/19

9.94

0.46

(0.02)

0.44

(0.49)

9.89

4.54

2,557,003

0.97

0.97

0.61

4.62

24

Year ended 02/28/18

9.89

0.55

0.00

0.55

(0.50)

9.94

5.61

2,562,437

0.81

0.81

0.64

5.42

14

Year ended 02/28/17

10.12

0.52

(0.22)

0.30

(0.53)

9.89

2.89

1,867,338

0.76

0.76

0.62

5.12

17

Year ended 02/29/16

10.08

0.55

0.01

0.56

(0.52)

10.12

5.78

1,560,105

0.68

0.68

0.61

5.47

14

Class R5

 

 

 

 

 

 

 

 

0.86(d)

0.86(d)

0.59(d)

4.46(d)

10

Year ended 02/29/20

9.87

0.46

0.81

1.27

(0.47)

10.67

13.20

189

Year ended 02/28/19

9.92

0.46

(0.02)

0.44

(0.49)

9.87

4.51

215

0.99

0.99

0.63

4.60

24

Year ended 02/28/18

9.86

0.55

0.01

0.56

(0.50)

9.92

5.70

314

0.80

0.80

0.63

5.43

14

Year ended 02/28/17

10.11

0.52

(0.25)

0.27

(0.52)

9.86

2.64

631

0.80

0.80

0.66

5.08

17

Year ended 02/29/16

10.07

0.54

0.02

0.56

(0.52)

10.11

5.77

2,633

0.72

0.72

0.65

5.43

14

Class R6

 

 

 

 

 

 

 

 

0.81(d)

0.81(d)

0.54(d)

4.51(d)

10

Year ended 02/29/20

9.86

0.46

0.82

1.28

(0.48)

10.66

13.25

649,785

Year ended 02/28/19

9.91

0.46

(0.01)

0.45

(0.50)

9.86

4.59

388,029

0.92

0.92

0.56

4.67

24

Year ended 02/28/18(f)

9.90

0.50

(0.03)

0.47

(0.46)

9.91

4.76

208,446

0.74(g)

0.74(g)

0.57(g)

5.49(g)

14

(a)Calculated using average shares outstanding.

(b)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.

(c)Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

(d)Ratios are based on average daily net assets (000's omitted) of $6,152,959, $928,991, $2,920,713, $178 and $498,429 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

(e)The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.98% for the year ended February 29, 2016.

(f)Commencement date of April 04, 2017.

(g)Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

52

Invesco High Yield Municipal Fund

Notes to Financial Statements

February 29, 2020

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 ten 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 tenth anniversary after a purchase of Class C shares.

As of the opening of business on September 6, 2019, the Fund had limited public sales of its shares to certain investors. Effective as of the open of business on April 6, 2020, the Fund reopened to all investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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. 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 (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value ("NAV") per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE").

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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.

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 and the country that has the primary market for the issuer's securities, 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

53

Invesco High Yield 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. 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.

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 to each share class based on relative net assets. 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 relative net assets.

G.Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

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.Cash and Cash Equivalents – For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

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 generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund's net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB 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 from engaging in proprietary trading of certain instruments and limit such entities' investments in, and relationships with, "covered funds", as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as "sponsors" of TOB Trusts. These duties may be performed by a third-party service provider. The Fund's expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider

54

Invesco High Yield Municipal Fund

will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust's municipal bonds. 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 Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and 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 financial instrument. 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 - The Fund may invest in lower-quality debt securities, i.e., "junk bonds." Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher-rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors' claims. The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. 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 could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund's transaction costs.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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 $300 million

0.600%

Next $300 million

0.550%

Over $600 million

0.500%

 

 

For the year ended February 29, 2020, the effective advisory fee rate incurred by the Fund was 0.50%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (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 contractually agreed, through at least June 30, 2020, 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 average daily net assets (the "expense 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. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2020. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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 29, 2020, 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.

55

Invesco High Yield 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 29, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. ("IDI"). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the "Plans") for Class A shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% of Class C average daily net assets. The fees are accrued daily and paid monthly.

With respect to Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the year ended February 29, 2020, expenses incurred under these agreements 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 29, 2020, IDI advised the Fund that IDI retained $1,042,738 in front-end sales commissions from the sale of Class A shares and $88,580 and $31,808 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own 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 29, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

Level 1

Level 2

Level 3

Total

Investments in Securities

 

 

 

 

Municipal Obligations

$—

$12,915,739,467

$46,245,088

$12,961,984,555

U.S. Dollar Denominated Bonds & Notes

—

0

—

0

Total Investments in Securities

—

12,915,739,467

46,245,088

12,961,984,555

Other Investments - Assets

 

 

 

 

Investments Matured

—

11,789,946

817,175

12,607,121

Total Investments

$—

$12,927,529,413

$47,062,263

$12,974,591,676

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.

Effect of Derivative Investments for the year ended February 29, 2020

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

 

Statement of Operations

 

Interest

 

Rate Risk

Realized Gain (Loss):

 

Futures contracts

$(23,557,533)

Change in Net Unrealized Appreciation (Depreciation):

 

Futures contracts

(1,544,717)

Total

$(25,102,250)

 

 

56

Invesco High Yield Municipal Fund

The table below summarizes the average notional value of derivatives held during the period.

Futures

Contracts

Average notional value

$520,141,394

NOTE 5—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 29, 2020, the Fund engaged in securities purchases of $441,151,611 and securities sales of $452,826,999, which did not result in any net realized gains (losses).

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 29, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $3,854.

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. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate 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 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

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 29, 2020 were $1,270,167,154 and 2.24%, respectively.

NOTE 9—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 29, 2020 and February 28, 2019:

 

 

2020

 

2019

 

Ordinary income-tax-exempt

$458,896,488

 

$438,061,108

 

 

 

 

 

 

 

Tax Components of Net Assets at Period-End:

 

 

 

 

 

 

 

 

2020

 

Undistributed tax-exempt income

 

$

19,981,589

 

Net unrealized appreciation — investments

 

 

1,228,751,103

 

Temporary book/tax differences

 

 

(623,526)

 

 

 

 

 

Capital loss carryforward

 

 

(496,923,638)

 

 

 

 

 

Shares of beneficial interest

 

 

10,797,154,044

 

Total net assets

 

$11,548,339,572

 

 

 

 

 

 

 

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, TOBs, book to tax accretion and amortization discounts 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.

57

Invesco High Yield Municipal Fund

The Fund has a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$189,979,501

$306,944,137

$496,923,638

*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. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 29, 2020 was $2,881,632,236 and $1,205,186,461, respectively. Cost of investments, including any derivatives, on a tax basis 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

Aggregate unrealized appreciation of investments

$1,460,600,517

 

Aggregate unrealized (depreciation) of investments

(231,849,414)

Net unrealized appreciation of investments

$1,228,751,103

 

Cost of investments for tax purposes is $11,745,840,573.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of defaulted bonds, federal taxes paid by the Fund and discount bonds , on February 29, 2020, undistributed net investment income was increased by $2,019,219, undistributed net realized gain (loss) was decreased by $6,373,054 and shares of beneficial interest was increased by $4,353,835. This reclassification had no effect on the net assets of the Fund.

NOTE 12—Share Information

Summary of Share Activity

 

Year ended

 

Year ended

 

February 29, 2020(a)

 

 

February 28, 2019

 

 

Shares

 

Amount

 

Shares

 

Amount

Sold:

 

 

 

 

 

 

 

 

 

 

Class A

96,512,533

$

988,544,405

105,661,087

$1,041,022,411

 

Class C

24,104,492

 

245,772,767

11,363,795

 

111,808,569

 

Class Y

93,431,909

 

958,925,579

94,536,871

 

936,776,988

 

Class R5

12,132

 

125,152

7,632

 

74,810

 

 

Class R6

30,089,291

 

308,444,082

26,850,229

 

266,089,763

 

Issued as reinvestment of dividends:

 

 

 

 

 

 

 

 

 

 

Class A

13,941,849

 

143,628,728

14,447,108

 

142,926,007

 

Class C

2,030,791

 

20,846,496

2,855,598

 

28,160,284

 

Class Y

7,259,921

 

74,951,154

7,217,203

 

71,545,145

 

Class R5

423

 

4,372

470

 

4,660

 

 

Class R6

1,642,756

 

16,918,720

1,360,291

 

13,426,998

 

Automatic conversion of Class C shares to Class A shares:

 

 

 

 

 

 

 

 

 

 

Class A

10,470,873

 

107,660,676

-

 

-

 

 

Class C

(10,509,410)

 

(107,660,676)

-

 

-

 

 

Reacquired:

 

 

 

 

 

 

 

 

 

 

Class A

(60,755,184)

 

(623,460,876)

(96,761,632)

 

(954,575,428)

 

 

 

 

 

 

 

 

Class C

(14,059,613)

 

(143,796,582)

(56,357,428)

 

(552,144,505)

 

 

 

 

 

 

 

 

Class Y

(51,633,591)

 

(530,444,329)

(100,893,617)

 

(996,630,631)

 

 

 

 

 

 

 

 

Class R5

(16,639)

 

(171,767)

(17,970)

 

(177,335)

 

 

 

 

 

 

 

 

Class R6

(10,168,516)

 

(104,353,507)

(9,876,565)

 

(97,137,737)

Net increase in share activity

132,354,017

$1,355,934,394

393,072

$

11,169,999

 

(a)There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% 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.

NOTE 13—Subsequent Event

During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund's ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

58

Invesco High Yield Municipal Fund

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Fund should be immaterial.

59

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), hereafter referred to as the "Fund") as of February 29, 2020, the related statement of operations and cash flows for the year ended February 29, 2020, the statement of changes in net assets for each of the two years in the period ended February 29, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (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 29, 2020, 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 29, 2020 and the financial highlights for each of the periods indicated therein 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 29, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2020

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.

60

Invesco High Yield Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2019 through February 29, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

 

 

 

 

HYPOTHETICAL

 

 

 

 

 

 

(5% annual return before

 

 

 

 

ACTUAL

 

expenses)

 

 

Beginning

Ending

 

Expenses

Ending

 

Expenses

Annualized

 

Account Value

Account Value

 

Paid During

Account Value

 

Paid During

Expense

 

(09/01/19)

(02/29/20)1

 

Period2

(02/29/20)

 

Period2

Ratio

Class A

$1,000.00

$1,048.20

 

$5.70

$1,019.29

 

$5.62

1.12%

 

 

 

 

 

 

 

 

 

Class C

1,000.00

1,044.40

 

9.45

1,015.61

 

9.32

1.86

 

 

 

 

 

 

 

 

 

Class Y

1,000.00

1,049.40

 

4.43

1,020.54

 

4.37

0.87

 

 

 

 

 

 

 

 

 

Class R5

1,000.00

1,049.50

 

4.54

1,020.44

 

4.47

0.89

Class R6

1,000.00

1,049.90

 

4.08

1,020.89

 

4.02

0.80

 

 

 

 

 

 

 

 

 

1The actual ending account value is based on the actual total return of the Fund for the period September 1, 2019 through February 29, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses.

2Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

61

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 29, 2020:

Federal and State Income Tax

Qualified Dividend Income*

0%

Corporate Dividends Received Deduction*

0%

U.S. Treasury Obligations*

0%

Tax-Exempt Interest Dividends*

100%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

62

Invesco High Yield Municipal Fund

Trustees and Officers

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

 

Trustee

 

Number of

Other

Name, Year of Birth and

 

Funds in

Directorship(s)

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Interested Trustee

 

 

 

 

Martin L. Flanagan1 — 1960

2007

Executive Director, Chief Executive Officer and President, Invesco Ltd.

229

None

Trustee and Vice Chair

 

(ultimate parent of Invesco and a global investment management firm);

 

 

 

 

Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board, SMU Cox School of Business

 

 

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer,

 

 

 

 

Invesco Advisers, Inc. (registered investment adviser); Director, Chairman,

 

 

 

 

Chief Executive Officer and President, Invesco Holding Company (US), Inc.

 

 

 

 

(formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service

 

 

 

 

provider) and Invesco North American Holdings, Inc. (holding company);

 

 

 

 

Director, Chief Executive Officer and President, Invesco Holding Company

 

 

 

 

Limited (parent of Invesco and a global investment management firm);

 

 

 

 

Director, Invesco Ltd.; Chairman, Investment Company Institute and President,

 

 

 

 

Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief

 

 

 

 

Financial Officer, Franklin Resources, Inc. (global investment management

 

 

 

 

organization)

 

 

1Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1

Invesco High Yield Municipal Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees

 

 

 

 

Bruce L. Crockett – 1944

1993

Chairman, Crockett Technologies Associates (technology consulting company)

229

Director and

Trustee and Chair

 

Formerly: Director, Captaris (unified messaging provider); Director, President

 

Chairman of the

 

 

 

Audit Committee,

 

 

and Chief Executive Officer, COMSAT Corporation; Chairman, Board of

 

 

 

 

ALPS (Attorneys

 

 

Governors of INTELSAT (international communications company); ACE Limited

 

 

 

 

Liability

 

 

(insurance company); Independent Directors Council and Investment Company

 

 

 

 

Protection

 

 

Institute: Member of the Audit Committee, Investment Company Institute;

 

 

 

 

Society)

 

 

Member of the Executive Committee and Chair of the Governance Committee,

 

 

 

 

(insurance

 

 

Independent Directors Council

 

 

 

 

company);

 

 

 

 

 

 

 

 

Director and

 

 

 

 

Member of the

 

 

 

 

Audit Committee

 

 

 

 

and

 

 

 

 

Compensation

 

 

 

 

Committee,

 

 

 

 

Ferroglobe PLC

 

 

 

 

(metallurgical

 

 

 

 

company)

David C. Arch – 1945

2010

Chairman of Blistex Inc. (consumer health care products manufacturer);

229

Board member of

Trustee

 

Member, World Presidents' Organization

 

the Illinois

 

 

 

 

Manufacturers'

 

 

 

 

Association

Beth Ann Brown – 1968

2019

Independent Consultant

229

Director, Board of

Trustee

 

Formerly: Head of Intermediary Distribution, Managing Director, Strategic

 

Directors of

 

 

 

Caron

 

 

Relations, Managing Director, Head of National Accounts, Senior Vice

 

 

 

 

Engineering Inc.;

 

 

President, National Account Manager and Senior Vice President, Key Account

 

 

 

 

Advisor, Board of

 

 

Manager, Columbia Management Investment Advisers LLC; Vice President, Key

 

 

 

 

Advisors of Caron

 

 

Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain

 

 

 

 

Engineering Inc.;

 

 

Oppenheimer Funds

 

 

 

 

President and

 

 

 

 

 

 

 

 

Director, Acton

 

 

 

 

Shapleigh Youth

 

 

 

 

Conservation

 

 

 

 

Corps (non -

 

 

 

 

profit); and Vice

 

 

 

 

President and

 

 

 

 

Director of

 

 

 

 

Grahamtastic

 

 

 

 

Connection (non-

 

 

 

 

profit)

Jack M. Fields – 1952

1997

 

229

Member, Board of Directors of

Trustee

 

 

 

Baylor College of Medicine

Cynthia Hostetler —1962

2017

Non-Executive Director and Trustee of a number of public and private business

229

Vulcan Materials

Trustee

 

corporations

 

Company

 

 

Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of

 

(construction

Investment Funds and Private Equity, Overseas Private Investment

materials

company); Trilinc

Corporation; President, First Manhattan Bancorporation, Inc.; Attorney,

Global Impact

Simpson Thacher & Bartlett LLP

Fund; Genesee &

 

 

Wyoming, Inc.

 

(railroads); Artio

 

Global Investment

 

LLC (mutual fund

 

complex); Edgen

 

Group, Inc.

 

(specialized

 

energy and

 

infrastructure

 

products

 

distributor);

 

Investment

 

Company Institute

 

(professional

 

organization);

 

Independent

 

Directors Council

 

(professional

 

organization)

T-2

Invesco High Yield Municipal Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees—(continued)

 

 

 

Eli Jones – 1961

2016

Professor and Dean, Mays Business School - Texas A&M University

229

Insperity, Inc.

Trustee

 

Formerly: Professor and Dean, Walton College of Business, University of

 

(formerly known

 

 

 

as Administaff)

 

 

Arkansas and E.J. Ourso College of Business, Louisiana State University;

 

 

 

 

(human resources

 

 

Director, Arvest Bank

 

 

 

 

provider)

 

 

 

 

 

 

 

 

 

Elizabeth Krentzman – 1959

2019

Formerly: Principal and Chief Regulatory Advisor for Asset Management

229

Trustee of the

Trustee

 

Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General

 

University of

 

 

Counsel of the Investment Company Institute (trade association); National

 

Florida National

 

 

Director of the Investment Management Regulatory Consulting Practice,

 

Board Foundation

 

 

Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant

 

and Audit

 

 

Director of the Division of Investment Management - Office of Disclosure and

 

Committee

 

 

Investment Adviser Regulation of the U.S. Securities and Exchange

 

Member; Member

 

 

Commission and various positions with the Division of Investment Management

 

of the Cartica

 

 

– Office of Regulatory Policy of the U.S. Securities and Exchange Commission;

 

Funds Board of

 

 

Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and

 

Directors (private

 

 

Exchange Commission Historical Society; and Trustee of certain Oppenheimer

 

investment

 

 

Funds

 

funds); Member

 

 

 

 

of the University

 

 

 

 

of Florida Law

 

 

 

 

Center

 

 

 

 

Association, Inc.

 

 

 

 

Board of Trustees

 

 

 

 

and Audit

 

 

 

 

Committee

 

 

 

 

Member

Anthony J. LaCava, Jr. – 1956

2019

Formerly: Director and Member of the Audit Committee, Blue Hills Bank

229

Blue Hills Bank;

Trustee

 

(publicly traded financial institution) and Managing Partner, KPMG LLP

 

Chairman,

 

 

 

 

Bentley

 

 

 

 

University;

 

 

 

 

Member,

 

 

 

 

Business School

 

 

 

 

Advisory Council;

 

 

 

 

and Nominating

 

 

 

 

Committee

 

 

 

 

KPMG LLP

Prema Mathai-Davis – 1950

1998

Retired

229

None

Trustee

 

Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment

 

 

 

 

 

 

 

 

Research Platform for the Self-Directed Investor)

 

 

 

 

 

 

 

Joel W. Motley – 1952

2019

Director of Office of Finance, Federal Home Loan Bank System; Member of the

229

Member of Board

Trustee

 

Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc.

 

of Greenwall

 

 

(privately held financial advisor); Member of the Council on Foreign Relations

 

Foundation

 

 

and its Finance and Budget Committee; Chairman Emeritus of Board of Human

 

(bioethics research

 

 

Rights Watch and Member of its Investment Committee; and Member of

 

foundation)

 

 

Investment Committee and Board of Historic Hudson Valley (non-profit cultural

 

and its Investment

 

 

organization)

 

Committee;

 

 

Formerly: Managing Director of Public Capital Advisors, LLC (privately held

 

Member of Board of

 

 

 

Friends of the LRC

 

 

financial advisor); Managing Director of Carmona Motley Hoffman, Inc.

 

 

 

 

(non-profit legal advocacy);

 

 

(privately held financial advisor); Trustee of certain Oppenheimer Funds; and

 

 

 

 

Board Member

 

 

Director of Columbia Equity Financial Corp. (privately held financial advisor)

 

 

 

 

and Investment

 

 

 

 

 

 

 

 

Committee

 

 

 

 

Member of

 

 

 

 

Pulitzer Center for

 

 

 

 

Crisis Reporting

 

 

 

 

(non-profit journalism)

Teresa M. Ressel — 1962

2017

Non-executive director and trustee of a number of public and private business

229

Atlantic Power

Trustee

 

corporations

 

Corporation

 

 

Formerly: Chief Financial Officer, Olayan America, The Olayan Group

 

(power generation

 

 

 

company); ON

 

 

(international investor/commercial/industrial); Chief Executive Officer, UBS

 

 

 

 

Semiconductor

 

 

Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant

 

 

 

 

Corp.

 

 

Secretary for Management & Budget and CFO, US Department of the Treasury

 

 

 

 

(semiconductor

 

 

 

 

 

 

 

 

supplier)

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston Endowment Inc. (private

229

Federal Reserve

Trustee

 

philanthropic institution)

 

Bank of Dallas

Formerly: Executive Vice President and General Counsel, Texas Children's

Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor,

University of St. Thomas; Attorney, Andrews & Kurth LLP

T-3

Invesco High Yield Municipal Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees—(continued)

 

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of Denver – Daniels College of

 

 

 

 

 

 

 

 

Business; Senior Partner, KPMG LLP

 

 

 

 

 

 

 

Daniel S. Vandivort –1954

2019

Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board

229

Chairman and

Trustee

 

of Trustees, Huntington Disease Foundation of America; and President, Flyway

 

Lead Independent

 

 

Advisory Services LLC (consulting and property management)

 

Director,

 

 

Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds

 

Chairman of the

 

 

 

Audit Committee,

 

 

 

 

 

 

 

 

and Director,

 

 

 

 

Board of

 

 

 

 

Directors, Value

 

 

 

 

Line Funds

James D. Vaughn – 1945

2019

Retired

229

Board member

Trustee

 

Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of

 

and Chairman of

 

 

 

Audit Committee

 

 

the Audit Committee, Schroder Funds; Board Member, Mile High United Way,

 

 

 

 

of AMG National

 

 

Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts,

 

 

 

 

Trust Bank;

 

 

Economic Club of Colorado and Metro Denver Network (economic development

 

 

 

 

Trustee and

 

 

corporation); and Trustee of certain Oppenheimer Funds

 

 

 

 

Investment

 

 

 

 

 

 

 

 

Committee

 

 

 

 

member,

 

 

 

 

University of

 

 

 

 

South Dakota

 

 

 

 

Foundation;

 

 

 

 

Board member,

 

 

 

 

Audit Committee

 

 

 

 

Member and past

 

 

 

 

Board Chair,

 

 

 

 

Junior

 

 

 

 

Achievement

 

 

 

 

(non-profit)

Christopher L. Wilson -

2017

Retired

229

ISO New

1957

 

Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22

 

England, Inc.

Trustee, Vice Chair and Chair

 

 

(non-profit

 

portfolios); Managing Partner, CT2, LLC (investing and consulting firm);

 

Designate

 

 

organization

 

President/Chief Executive Officer, Columbia Funds, Bank of America

 

 

 

 

 

Corporation; President/Chief Executive Officer, CDC IXIS Asset Management

managing

regional electricity

Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder,

market)

Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

 

T-4

Invesco High Yield Municipal Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers

 

 

 

 

Sheri Morris — 1964

1999

Head of Global Fund Services, Invesco Ltd.; President, Principal Executive

N/A

N/A

President, Principal Executive

 

Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers,

 

 

Officer and Treasurer

 

Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust; and Vice President,

 

 

 

 

OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal Financial Officer, The Invesco Funds;

 

 

 

 

Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management,

 

 

 

 

Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President

 

 

 

 

and Assistant Treasurer, The Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM

 

 

 

 

Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded

 

 

 

 

Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded

 

 

 

 

Fund Trust

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The Invesco Funds

N/A

N/A

Senior Vice President and Senior

 

 

 

 

Officer

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and

N/A

N/A

Senior Vice President, Chief Legal

 

Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional

 

 

Officer and Secretary

 

(N.A.), Inc.) (registered investment adviser); Senior Vice President and

 

 

 

 

Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM

 

 

 

 

Distributors, Inc.); Vice President and Secretary, Invesco Investment Services,

 

 

 

 

Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice

 

 

 

 

President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers LLC (formerly known as Van

 

 

 

 

Kampen Asset Management); Secretary and General Counsel, Invesco Capital

 

 

 

 

Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund

 

 

 

 

Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal,

 

 

 

 

Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO

 

 

 

 

Private Capital Investments, Inc.; Senior Vice President, Secretary and General

 

 

 

 

Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM

 

 

 

 

Management Group, Inc.); Assistant Secretary, INVESCO Asset Management

 

 

 

 

(Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and

 

 

 

 

General Counsel, Invesco Senior Secured Management, Inc.; and Secretary,

 

 

 

 

Sovereign G./P. Holdings Inc.

 

 

Andrew R. Schlossberg – 1974

2019

Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco

 

 

 

 

Institutional (N.A.), Inc.) (registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM

 

 

 

 

Investment Services, Inc.) (registered transfer agent); Senior Vice President,

 

 

 

 

The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known

 

 

 

 

as Van Kampen Asset Management); Director, President and Chairman, Invesco

 

 

 

 

Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco

 

 

 

 

Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice

 

 

 

 

President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional (N.A.), Inc.) (registered investment

 

 

 

 

adviser); Director and Chief Executive, Invesco Administration Services Limited

 

 

 

 

and Invesco Global Investment Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust;

 

 

 

 

Managing Director and Principal Executive Officer, Invesco Capital

 

 

 

 

Management LLC

 

 

T-5

Invesco High Yield Municipal Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers—(continued)

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas; Senior Vice President, Invesco

N/A

N/A

Senior Vice President

 

Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly

 

 

 

 

known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director,

 

 

 

 

Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset Management); Senior Vice President,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.);

 

 

 

 

Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC;

 

 

 

 

Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member,

 

 

 

 

Invesco Canada Funds Advisory Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and

 

 

 

 

Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd.

 

 

 

 

(formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered

 

 

 

 

investment adviser and registered transfer agent); President, Invesco, Inc.

 

 

 

 

Formerly: Director and Senior Vice President, Invesco Management Group, Inc.

 

 

 

 

(formerly known as Invesco AIM Management Group, Inc.); Secretary and

 

 

 

 

General Counsel, Invesco Management Group, Inc. (formerly known as Invesco

 

 

 

 

AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer

 

 

 

 

and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco

 

 

 

 

Investment Advisers LLC (formerly known as Van Kampen Asset Management);

 

 

 

 

Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund

 

 

 

 

Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC;

 

 

 

 

Director, Secretary, General Counsel and Senior Vice President, Van Kampen

 

 

 

 

Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc.

 

 

 

 

(formerly known as INVESCO Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen

 

 

 

 

Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van

 

 

 

 

Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors,

 

 

 

 

Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice

 

 

 

 

President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van

 

 

 

 

Kampen Investments Inc.; Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice President, Secretary, General

 

 

 

 

Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief

 

 

 

 

Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and

N/A

N/A

Senior Vice President

 

Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco

 

 

 

 

Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco

 

 

 

 

Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and

 

 

 

 

Senior Vice President, The Invesco Funds; and President, SNW Asset

 

 

 

 

Management Corporation and Invesco Managed Accounts, LLC

 

 

 

 

Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco

 

 

 

 

Advisers, Inc.; Assistant Vice President, The Invesco Funds

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer – Investments Pool, Invesco

N/A

N/A

Vice President, Principal Financial

 

Specialized Products, LLC; Vice President, Principal Financial Officer and

 

 

Officer and Assistant Treasurer

 

Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting

 

 

 

 

Officer – Pooled Investments, Invesco Capital Management LLC; Vice President

 

 

 

 

and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded

 

 

 

 

Self-Indexed Fund Trust; Vice President, Invesco Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant

 

 

 

 

Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded

 

 

 

 

Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital

 

 

 

 

Management LLC; Assistant Vice President, The Invesco Funds

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities

N/A

N/A

Anti-Money Laundering

 

including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets,

 

 

Compliance Officer

 

Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC, Invesco Trust Company;

 

 

 

 

OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for

 

 

 

 

Invesco Investment Services, Inc.

 

 

T-6

Invesco High Yield Municipal Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers—(continued)

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers, Inc. (registered investment

N/A

N/A

Chief Compliance Officer

 

adviser); and Chief Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam Investments and the Putnam

 

 

 

 

Funds

 

 

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza, Suite 1000

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers LLP

Houston, TX 77046-1173

1555 Peachtree Street, N.E.

11 Greenway Plaza, Suite 1000

1000 Louisiana Street, Suite 5800

 

Atlanta, GA 30309

Houston, TX 77046-1173

Houston, TX 77002-5678

Counsel to the Fund

Counsel to the Independent Trustees

Transfer Agent

Custodian

Stradley Ronon Stevens & Young, LLP

Goodwin Procter LLP

Invesco Investment Services, Inc.

State Street Bank and Trust Company

2005 Market Street, Suite 2600

901 New York Avenue, N.W.

11 Greenway Plaza, Suite 1000

225 Franklin Street

Philadelphia, PA 19103-7018

Washington, D.C. 20001

Houston, TX 77046-1173

Boston, MA 02110-2801

T-7

Invesco High Yield Municipal Fund

(This page intentionally left blank)

(This page intentionally left blank)

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

•Fund reports and prospectuses

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio secu- rities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most

recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242

Invesco Distributors, Inc.

VK-HYM-AR-1

Annual Report to Shareholders

February 29, 2020

Invesco Intermediate Term Municipal Income Fund

Nasdaq:

A: VKLMX ￿ C: VKLCX ￿ Y: VKLIX ￿ R6: VKLSX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's web- site, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Andrew Schlossberg

Letters to Shareholders

Dear Shareholders:

This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period.

The reporting period proved to be another tumultuous time for both global equities and fixed-income secu- rities. In early 2019, global equity markets were buoyed by a more accommodative stance from central banks and optimism about a potential US-China trade deal. In May, US-China trade concerns and slowing global growth led to a global equity sell-off and rally in US Treasuries. Despite the May sell-off, domestic equity mar- kets rallied in June in anticipation of a US Federal Reserve (the Fed) interest rate cut and closed the second quarter with modest gains. Continued US-China trade worries and signs of slowing global economic growth led to increased market volatility in August. The US Treasury yield curve inverted several times as fears of a US recession increased. As a result, global equity markets were largely flat for the third quarter. In the final

months of 2019, geopolitical and macroeconomic issues largely abated. This combined with better-than-expected third quarter corporate earnings and initial agreement of the phase one US-China trade deal provided a favorable backdrop for equities and impressive fourth quar- ter global equity returns.

As the new year began, US equities were largely buoyed in January by the signing of the phase one trade agreement and strong eco- nomic data although returns were dampened by the spread of the Coronavirus (COVID-19). Concerns over the virus had a greater impact on international equities, which were largely lower for the month. As the virus spread outside of China and the number of cases increased, fears of diminished global growth led to a sharp global equity sell-off at the end of February 2020 and sent the yield on the US 10-year Treasury to a new all-time low.

Throughout 2019, central banks continued to be accommodative, providing sources of liquidity. In July, the Fed lowered interest rates for the first time in 11 years. It again lowered rates in September and once again in October. During the rest of the year, the Fed left rates unchanged. Overseas, the European Central Bank left its policy rate unchanged and continued its bond purchasing program. In 2020, with the increased spread of the coronavirus, the Fed shifted from a more neutral policy to the possibility of further rate cuts in the new year. As 2020 unfolds, we'll see how the interplay of interest rates, economic data, geopolitics and a host of other factors affect US and overseas equity and fixed income markets.

Investor uncertainty and market volatility, such as we witnessed during the reporting period, are unfortunate facts of life when it comes to investing. That's why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan. A financial adviser who knows your unique finan- cial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. Financial advis- ers can also offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you'll find detailed infor- mation about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select "Log In" on the right side of the homepage, and then select "Register for Individual Account Access."

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I'm pleased to share with you Invesco's commitment to both the Principles for Responsible Investment and to considering environ- mental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2Invesco Intermediate Term Municipal Income Fund

Bruce Crockett

Dear Shareholders:

Among the many important lessons I've learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco's mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:

￿Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

￿ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

￿Assessing each portfolio management team's investment performance within the context of the investment strategy described in the fund's prospectus.

￿Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds' advisory and sub-

advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3Invesco Intermediate Term Municipal Income Fund

Management's Discussion of Fund Performance

Performance summary

For the fiscal year ended February 29, 2020, Class A shares of Invesco Intermedi- ate Term Municipal Income Fund (the Fund), at net asset value (NAV), outper- formed the S&P Municipal Bond 2-17 Years Investment Grade Index, the Fund's style-specific benchmark.

Your Fund's long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 2/28/19 to 2/29/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares

8.75%

Class C Shares

7.87

Class Y Shares

8.93

Class R6 Shares

9.03

S&P Municipal Bond Index￿ (Broad Market Index)

8.94

S&P Municipal Bond 2-17 Years Investment Grade Index￿ (Style-Specific Index)

7.94

Lipper Intermediate Municipal Debt Funds Index￿ (Peer Group Index)

7.99

Source(s): ￿RIMES Technologies Corp.; ￿Lipper Inc.

25% from the previous fiscal year.4 Flows into the municipal bond asset class were posi- tive for the fiscal year.5 Fund flows totaled $97.2 billion from February 2019 through February 2020.5

The end of the fiscal year brought a major market shift as macroeconomic concerns re- garding the global outbreak of the Coronavi- rus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to qual- ity assets, such as municipal bonds. This re- sulted in a strong rally in February 2020.

At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic and many provide essential services to all Americans. Though there could be small, iso-

Market conditions and your Fund

The broad municipal bond market experi- enced positive returns for the sixth consecu- tive year at the close of 2019, and perfor- mance remained strong throughout the fiscal year. Investment grade municipal bonds re- turned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.1 In- vestment grade and high yield municipals were among the best performing asset classes over the fiscal year.

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key driver of strong municipal demand in 2019. During the fiscal year, municipal bonds withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as 2.79% and as low as 1.13% where it ended the fiscal year.2 The municipal bond market performed positively as techni- cal conditions (favorable demand and supply balances) continued to provide tailwinds.

Portfolio Composition

By credit sector, based on total investments

Revenue Bonds

88.6%

General Obligation Bonds

9.1

Pre-Refunded Bonds

1.7

Other

0.6

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September and October 2019, citing uncertainty about the global economic outlook.3 On October 30, 2019, after the third cut, the Fed indicated that any further changes would be based on economic data.

The first nine months of the fiscal year saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led inves- tors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" eliminating the risk of a government shutdown and the some- what unexpected UK election results set the stage for an orderly exit from the European Union by January 31, 2020.

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of

Top Five Debt Holdings

% of total net assets

1. Illinois (State of) Toll Highway Authority Series 2014 D, Ref. RB 0.8%

2. New York Transportation

 

Development Corp. (Delta Air

 

Lines, Inc. LaGuardia Airport

 

Terminal C&D Redevelopment)

 

Series 2018, RB

0.8

3.New York & New Jersey (States of) Port Authority Two Hundred

Seventh Series 2018, Ref. RB

0.7

4.Michigan (State of) Finance Authority (Detroit Water & Sewerage Department)

Series 2014 D-2, Ref. RB

0.6

5.Harris County Cultural Education Facilities Finance Corp.

(Methodist Hospital) Series 2008

 

C-2, VRD RB

0.6

lated pockets of defaults in the future, we believe the vast majority of municipal bonds will pay current principal and interest, as his- tory has shown.

During the fiscal year, security selection in higher coupon bonds (5.00%+) was a sub- stantial contributor to the Fund's perfor- mance relative to its style-specific bench- mark. Security selection in bonds A-rated† and below, as well as non-rated bonds, also aided the Fund's relative performance. On a state level, security selection in Illinois hold- ings contributed to the Fund's relative return, as well.

Conversely, security selection in lower cou- pon bonds (4.49% and less) detracted from the Fund's performance relative to its style- specific benchmark during the fiscal year. Security selection in state and local general obligation bonds also detracted from the Fund's relative performance. On a state level, security selection in California domiciled is- sues detracted from the Fund's relative re- sults.

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

Data presented here are as of February 29, 2020.

4Invesco Intermediate Term Municipal Income Fund

During the fiscal year, leverage contributed to the Fund's performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of in- verse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to ad- ditional volatility. For more information about the Fund's use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and de- mand for similar securities. We are monitor- ing interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments.

Thank you for investing in Invesco Interme- diate Term Municipal Income Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg

2Source: US Department of the Treasury

3 Source: US Federal Reserve

4 Source: The Bond Buyer

5 Source: Strategic Insight

†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. For more information on rating methodologies, please visit the following NRSRO

websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage; moodys.com and select "Rating Methodologies" under Research and Ratings on the homepage; and fitchratings.com and select "Ratings Definitions" on the homepage.

Portfolio managers:

John (Jack) Connelly

Tim O'Reilly

Mark Paris

James Phillips

John Schorle

Julius Williams

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

5Invesco Intermediate Term Municipal Income Fund

Your Fund's Long-Term Performance

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 2/28/10

$20,000

15,000

$15,615 S&P Municipal Bond Index1

$14,860 S&P Municipal Bond 2-17 Years Investment Grade Index1

$14,479 Invesco Intermediate Term Municipal Income Fund — Class

A Shares

$14,300 Lipper Intermediate Municipal Debt Funds Index2

10,000

5,000

2/28/10

2/11

2/12

2/13

2/14

2/15

2/16

2/17

2/18

2/19

2/20

1Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include rein- vested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested divi- dends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Per- formance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6Invesco Intermediate Term Municipal Income Fund

Average Annual Total Returns

As of 2/29/20, including maximum applicable sales charges

Class A Shares

Inception (5/28/93)

4.57%

10 Years

3.77

5

Years

3.01

1

Year

6.05

Class C Shares

 

Inception (10/19/93)

4.16%

10 Years

3.26

5

Years

2.77

1

Year

6.87

Class Y Shares

 

Inception (8/12/05)

4.29%

10 Years

4.29

5

Years

3.80

1

Year

8.93

Class R6 Shares

 

10 Years

4.12%

5

Years

3.70

1

Year

9.03

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen Intermediate Term Municipal Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, re- spectively, of Invesco Van Kampen Inter- mediate Term Municipal Income Fund (re- named Invesco Intermediate Term Municipal Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are blended re- turns of the predecessor fund and Invesco Intermediate Term Municipal Income Fund. Share class returns will differ from the pre- decessor fund because of different ex- penses.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund's and the predeces- sor fund's Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month- end performance. Performance figures re- flect reinvested distributions, changes in net asset value and the effect of the maxi- mum sales charge unless otherwise stated. Performance figures do not reflect deduc- tion of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 2.50% sales charge, and Class C share performance reflects the applicable

contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Fund performance reflects any applicable

fee waivers and/or expense reimburse- ments. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more informa- tion.

7Invesco Intermediate Term Municipal Income Fund

Invesco Intermediate Term Municipal Income 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.

￿Unless otherwise stated, information presented in this report is as of February 29, 2020, and is based on total net assets.

￿Unless otherwise noted, all data provided by Invesco.

￿To access your Fund's reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

￿The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.

￿The S&P Municipal Bond 2-17 Years In- vestment Grade Index seeks to measure the performance of investment grade US municipals with maturities between two and 17 years.

￿The Lipper Intermediate Municipal Debt Funds Index is an unmanaged index con- sidered representative of intermediate municipal debt funds tracked by Lipper.

￿The Fund is not managed to track the per- formance of any particular index, including the index(es) described here, and conse- quently, the performance of the Fund may deviate significantly from the performance of the index(es).

￿A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Perfor- mance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8Invesco Intermediate Term Municipal Income Fund

Schedule of Investments

February 29, 2020

 

 

Principal

 

 

 

 

 

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Municipal Obligations–102.91%

 

 

 

 

 

Alabama–2.28%

 

 

 

 

 

Alabama (State of) Federal Aid Highway Finance Authority; Series 2015, RB

5.00%

09/01/2030

$ 3,000

$

3,531,540

Alabama (State of) Port Authority; Series 2017 A, Ref. RB (INS-AGM)(a)(b)

5.00%

10/01/2033

3,500

 

4,292,890

Alabaster (City of), AL Board of Education;

 

 

 

 

 

Series 2014 A, GO Wts. (c)(d)

5.00%

09/01/2024

1,500

 

1,778,310

Series 2014 A, GO Wts. (INS-AGM)(b)

5.00%

09/01/2025

1,500

 

1,760,340

Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging);

 

 

 

 

 

Series 2016, RB

5.25%

06/01/2025

100

 

108,151

Series 2016, RB

5.50%

06/01/2030

2,000

 

2,319,720

Lower Alabama Gas District (The); Series 2016 A, RB

5.00%

09/01/2034

5,000

 

6,869,400

Pell City (City of), AL Special Care Facilities Financing Authority (Noland Health Services, Inc.);

 

 

 

 

 

Series 2012, RB

5.00%

12/01/2021

2,250

 

2,404,823

Series 2016 A, RB

5.00%

12/01/2031

4,850

 

5,175,386

Selma (City of), AL Industrial Development Board (International Paper Co.); Series 2019, Ref. RB (d)

2.00%

10/01/2024

1,500

 

1,539,630

Southeast Alabama Gas Supply District (The) (No. 1);

 

 

 

 

 

Series 2018 B, RB (67% of 1 mo. USD LIBOR + 0.90%)(d)(e)

1.96%

04/01/2024

4,875

 

4,924,432

Series 2018 C, RB (SIFMA Municipal Swap Index + 0.65%)(d)(e)

1.80%

04/01/2024

1,625

 

1,632,036

Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR

 

 

 

 

 

(f)

4.50%

05/01/2032

2,500

 

2,902,600

 

 

UAB Medicine Finance Authority; Series 2019, RB

5.00%

09/01/2031

550

 

728,932

 

 

 

 

 

39,968,190

Arizona–3.36%

 

 

 

 

 

Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, Ref. VRD RB (LOC-Bank

 

 

 

 

 

Of America, N.A.)(g)(h)

1.35%

01/01/2046

1,000

 

1,000,000

Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB

5.00%

12/01/2032

3,400

 

4,010,334

Arizona (State of) Industrial Development Authority; Series 2019 A-2, RB

3.63%

05/20/2033

1,989

 

2,314,702

Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2019, RB

 

 

 

 

 

(f)

5.00%

07/01/2039

1,000

 

1,163,400

 

 

Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 D, Ref. RB (f)

5.00%

07/01/2037

630

 

728,450

Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community);

 

 

 

 

 

Series 2019 A, RB

5.00%

01/01/2035

2,600

 

3,151,980

Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, Inspirada

 

 

 

 

 

and St. Rose Campus Projects); Series 2018 A, RB (f)

5.75%

07/15/2038

1,810

 

2,169,502

Glendale (City of), AZ Industrial Development Authority (Midwestern University); Series 2010, RB

5.00%

05/15/2026

2,000

 

2,016,840

Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, Ref.

 

 

 

 

 

RB

5.00%

11/15/2028

2,105

 

2,347,033

La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public

 

 

 

 

 

Schools); Series 2018 A, RB

5.00%

02/15/2038

1,200

 

1,424,376

Maricopa County Pollution Control Corp. (Southern California Education Co.); Series 2000 B, Ref. RB

5.00%

06/01/2035

3,000

 

3,032,220

Peoria (City of), AZ Industrial Development Authority (Sierra Winds Life Care Community);

 

 

 

 

 

Series 2014, Ref. RB

5.00%

11/15/2024

2,025

 

2,145,568

Series 2014, Ref. RB

5.25%

11/15/2029

2,105

 

2,220,291

Phoenix (City of), AZ Industrial Development Authority (Great Hearts Academies); Series 2016, Ref.

 

 

 

 

 

RB

5.00%

07/01/2036

1,000

 

1,136,480

Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A,

 

 

 

 

 

RB (f)

5.75%

07/01/2024

1,000

 

1,081,110

Phoenix (City of), AZ Industrial Development Authority (Rowan University); Series 2012, RB

5.00%

06/01/2027

3,000

 

3,248,940

Phoenix Civic Improvement Corp.; Series 2019 A, RB

5.00%

07/01/2033

3,500

 

4,600,715

Pima (County of), AZ Industrial Development Authority (American Leadership Academy);

 

 

 

 

 

Series 2015, Ref. RB (f)

5.38%

06/15/2035

1,360

 

1,522,302

Series 2017, RB (f)

4.75%

06/15/2037

3,500

 

3,630,900

Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School); Series 2014,

 

 

 

 

 

Ref. RB

6.00%

05/01/2024

395

 

418,258

Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018,

 

 

 

 

 

RB (f)

5.00%

07/01/2033

2,245

 

2,373,504

Salt River Project Agricultural Improvement & Power District; Series 2016 A, Ref. RB

5.00%

01/01/2034

5,500

 

6,904,370

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Arizona–(continued)

 

 

 

 

 

Verrado Community Facilities District No. 1;

 

 

 

 

 

Series 2013 A, Ref. GO Bonds (f)

5.00%

07/15/2020

$ 700

$

706,055

Series 2013 A, Ref. GO Bonds (f)

5.00%

07/15/2021

485

 

499,259

Series 2013 A, Ref. GO Bonds (f)

5.00%

07/15/2022

570

 

596,237

Series 2013 A, Ref. GO Bonds (f)

5.00%

07/15/2023

825

 

876,076

Series 2013 B, GO Bonds (f)

5.00%

07/15/2023

365

 

387,597

Yavapai (County of), AZ Industrial Development Authority (Northern Arizona Healthcare System);

 

 

 

 

 

Series 2011, Ref. RB

5.25%

10/01/2026

2,000

 

2,125,580

Yuma (City of), AZ Industrial Development Authority (Regional Medical Center); Series 2014 A, RB

5.00%

08/01/2025

1,000

 

1,171,870

 

 

 

 

 

59,003,949

Arkansas–0.09%

 

 

 

 

 

Pulaski (County of), AR Public Facilities Board; Series 2014, RB

5.00%

12/01/2028

1,345

 

1,573,529

California–7.29%

 

 

 

 

 

California (County of), CA Tobacco Securitization Agency (Gold Country Settlement Funding Corp.);

 

 

 

 

 

Series 2006, RB (i)

0.00%

06/01/2033

3,225

 

1,519,942

California (State of);

 

 

 

 

 

Series 2007, Ref. GO Bonds (INS-AGM)(b)

5.25%

08/01/2032

7,000

 

10,142,650

Series 2012 B, Ref. GO Bonds (SIFMA Municipal Swap Index + 1.15%)(e)

2.30%

05/01/2020

2,000

 

2,000,660

Series 2013 C, GO Bonds (70% of 1 mo. USD LIBOR + 0.70%)(d)(e)

1.76%

12/01/2020

4,000

 

4,005,280

Series 2015, Ref. GO Bonds

5.00%

03/01/2030

5,000

 

6,006,450

Series 2016 B, GO Bonds (70% of 1 mo. USD LIBOR + 0.76%)(d)(e)

1.82%

12/01/2021

2,000

 

2,011,940

Series 2019, Ref. GO Bonds

4.00%

10/01/2034

1,000

 

1,250,050

California (State of) Enterprise Development Authority (Academy for Academic Excellence);

 

 

 

 

 

Series 2020 A, RB (f)

5.00%

07/01/2040

1,000

 

1,157,710

California (State of) Housing Finance Agency;

 

 

 

 

 

Series 2019 2, Class A, Revenue Ctfs.

4.00%

03/20/2033

1,995

 

2,413,002

Series 2019 A-1, RB

4.25%

01/15/2035

1,986

 

2,493,071

California (State of) Municipal Finance Authority (American Heritage Education Foundation);

 

 

 

 

 

Series 2016 A, Ref. RB

5.00%

06/01/2036

1,000

 

1,178,910

California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing

 

 

 

 

 

Project); Series 2018, RB

5.00%

05/15/2035

5,000

 

6,277,850

California (State of) Municipal Finance Authority (Emerson College);

 

 

 

 

 

Series 2011, RB (c)(d)

5.00%

01/01/2022

1,230

 

1,327,514

Series 2011, RB

5.00%

01/01/2028

270

 

290,093

California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, Ref. RB (a)

4.00%

07/15/2029

2,000

 

2,402,500

California (State of) Pollution Control Finance Authority; Series 2012, RB (a)(f)

5.00%

07/01/2027

7,000

 

7,695,450

California (State of) School Finance Authority (Alliance for College-Ready Public Schools);

 

 

 

 

 

Series 2013 A, RB

5.25%

07/01/2023

860

 

918,557

California (State of) School Finance Authority (KIPP LA); Series 2014 A, RB

4.13%

07/01/2024

365

 

388,360

California (State of) Statewide Communities Development Authority (California Baptist University);

 

 

 

 

 

Series 2017 A, Ref. RB (f)

5.00%

11/01/2032

1,135

 

1,378,412

California (State of) Statewide Communities Development Authority (Loma Linda University Medical

 

 

 

 

 

Center);

 

 

 

 

 

Series 2014, RB

5.25%

12/01/2029

3,000

 

3,527,700

Series 2018 A, RB (f)

5.25%

12/01/2038

1,000

 

1,224,060

California Public Finance Authority (Henry Mayo Newhall Hospital);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

10/15/2031

1,070

 

1,271,470

Series 2017, Ref. RB

5.00%

10/15/2033

1,000

 

1,184,310

Corona-Norco Unified School District (Community Facilities District No. 98-1);

 

 

 

 

 

Series 2013, Ref. RB

5.00%

09/01/2021

810

 

861,816

Series 2013, Ref. RB

5.00%

09/01/2023

1,000

 

1,148,500

Fresno (City of), CA; Series 2010 A-1, RB

5.50%

06/01/2022

1,000

 

1,012,090

Golden State Tobacco Securitization Corp.;

 

 

 

 

 

Series 2013 A, RB

5.00%

06/01/2021

2,000

 

2,105,600

Series 2017 A-1, Ref. RB

5.00%

06/01/2027

4,000

 

5,091,240

Series 2018A-1, Ref. RB

5.00%

06/01/2030

4,000

 

5,179,720

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

California–(continued)

 

 

 

 

 

Irvine (City of), CA (Reassessment District No. 13-1);

 

 

 

 

 

Series 2013, RB

5.00%

09/02/2020

$ 450

$

459,725

Series 2013, RB

5.00%

09/02/2021

375

 

398,858

Series 2013, RB

5.00%

09/02/2022

710

 

784,337

Series 2013, RB

5.00%

09/02/2023

500

 

572,070

Lake Elsinore (City of), CA Public Financing Authority; Series 2015, Ref. RB

5.00%

09/01/2028

2,115

 

2,497,244

Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);

 

 

 

 

 

Series 2018 B, Ref. RB (a)

5.00%

05/15/2029

2,000

 

2,604,640

Series 2018 D, Ref. RB (a)

5.00%

05/15/2031

3,000

 

3,958,740

Series 2019 E, RB

5.00%

05/15/2031

905

 

1,212,809

Murrieta (City of), CA Public Financing Authority; Series 2012, Ref. RB

5.00%

09/01/2023

1,000

 

1,096,700

Oakland Unified School District (County of Alameda);

 

 

 

 

 

Series 2015 A, GO Bonds

5.00%

08/01/2028

1,000

 

1,208,610

Series 2015 A, GO Bonds

5.00%

08/01/2029

1,160

 

1,400,630

Oroville (City of), CA (Oroville Hospital); Series 2019, RB

5.25%

04/01/2034

2,000

 

2,530,820

Rancho Cordova (City of), CA Community Facilities District No. 2003-1 (Sunridge Anatolia);

 

 

 

 

 

Series 2012, Ref. RB

5.00%

09/01/2022

575

 

630,189

Series 2012, Ref. RB

5.00%

09/01/2023

450

 

491,999

Rancho Water District Financing Authority; Series 2019 A, Ref. RB

5.00%

08/01/2032

900

 

1,236,348

San Buenaventura (City of), CA (Community Memorial Health System); Series 2011, RB

6.25%

12/01/2020

1,000

 

1,035,690

San Diego (County of), CA Regional Airport Authority; Series 2013 B, RB (a)

5.00%

07/01/2023

700

 

792,862

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);

 

 

 

 

 

Series 2011 C, Ref. RB (a)

5.00%

05/01/2023

2,000

 

2,097,840

Series 2019 D, Ref. RB

5.00%

05/01/2030

1,800

 

2,425,068

Series 2019 E, Ref. RB (a)

5.00%

05/01/2035

2,000

 

2,601,000

San Francisco (City & County of), CA Redevelopment Financing Authority (Mission Bay South

 

 

 

 

 

Redevelopment); Series 2011 D, RB (c)(d)

6.63%

02/01/2021

500

 

527,140

San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community

 

 

 

 

 

Facilities District No. 6 (Mission Bay South Public Improvements);

 

 

 

 

 

Series 2013 A, Ref. RB

5.00%

08/01/2027

750

 

815,985

Series 2013 B, RB

5.00%

08/01/2027

405

 

440,632

San Jose (City of), CA; Series 2011 A-1, RB (a)

5.25%

03/01/2026

2,000

 

2,087,160

San Luis Obispo (County of), CA Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref.

 

 

 

 

 

RB (INS-AGM)(b)

5.50%

08/01/2026

3,195

 

3,404,816

Santa Margarita Water District (Community Facilities District No. 2013-1);

 

 

 

 

 

Series 2013, RB

5.00%

09/01/2026

990

 

1,094,494

Series 2013, RB

5.13%

09/01/2027

1,150

 

1,276,592

Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

06/01/2035

1,000

 

1,292,170

Series 2019, Ref. RB

5.00%

06/01/2036

1,000

 

1,288,240

Series 2019, Ref. RB

5.00%

06/01/2037

1,000

 

1,283,750

Series 2019, Ref. RB

5.00%

06/01/2038

1,000

 

1,278,640

Turlock Irrigation District; Series 2019, Ref. RB

5.00%

01/01/2031

250

 

342,588

Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP

 

 

 

 

 

(INS-AGM)(b)(d)

3.20%

06/01/2020

4,245

 

4,252,853

West Contra Costa Unified School District (Election of 2005); Series 2008 B, GO Bonds

6.00%

08/01/2023

1,000

 

1,181,630

 

 

 

 

 

128,067,776

Colorado–2.16%

 

 

 

 

 

Arkansas (State of) River Power Authority; Series 2018 A, Ref. RB

5.00%

10/01/2032

2,645

 

3,300,590

Arkansas River Power Authority; Series 2006, RB (c)

5.88%

10/01/2021

685

 

720,003

Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2017, Ref. RB (f)

5.00%

12/01/2029

4,000

 

4,362,080

Colorado (State of) Health Facilities Authority (Christian Living Neighborhoods); Series 2016, Ref. RB

5.00%

01/01/2031

2,475

 

2,775,465

Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2019 A-1, Ref. RB

5.00%

08/01/2032

4,795

 

6,148,964

Colorado (State of) Health Facilities Authority (SCL Health System); Series 2019 A, Ref. RB

5.00%

01/01/2034

2,425

 

3,224,789

Colorado (State of) Health Facilities Authority (Sunny Vista Living Center);

 

 

 

 

 

Series 2015 A, Ref. RB (f)

5.00%

12/01/2025

550

 

597,625

Series 2015 A, Ref. RB (f)

5.50%

12/01/2030

750

 

848,647

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010,

 

 

 

 

 

RB

5.00%

01/15/2022

850

 

859,460

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Colorado–(continued)

 

 

 

 

 

Denver (City & County of), CO;

 

 

 

 

 

Series 2012 A, RB (a)

5.00%

11/15/2022

$ 740

$

819,905

Series 2018 A, Ref. RB (a)

5.00%

12/01/2030

2,000

 

2,689,040

Series 2018 A-2, RB (i)

0.00%

08/01/2030

800

 

626,848

Series 2018 A-2, RB (i)

0.00%

08/01/2031

1,000

 

746,300

Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB (a)

5.00%

10/01/2032

3,000

 

3,316,860

Denver (State of) Health & Hospital Authority;

 

 

 

 

 

Series 2019 A, Ref. RB

4.00%

12/01/2037

1,000

 

1,169,310

Series 2019 A, Ref. RB

4.00%

12/01/2038

1,250

 

1,457,562

Plaza Metropolitan District No. 1;

 

 

 

 

 

Series 2013, Ref. RB (f)

5.00%

12/01/2021

1,045

 

1,104,366

Series 2013, Ref. RB (f)

5.00%

12/01/2022

500

 

540,965

Prairie Center Metropolitan District No. 3; Series 2017 A, Ref. RB (f)

4.13%

12/15/2027

835

 

881,034

Vauxmont Metropolitan District;

 

 

 

 

 

Series 2019, Ref. GO Bonds (INS-AGM)(b)

5.00%

12/15/2031

135

 

157,679

Series 2019, Ref. GO Bonds (INS-AGM)(b)

5.00%

12/15/2032

160

 

186,634

Series 2020, Ref. GO Bonds (INS-AGM)(b)

5.00%

12/01/2031

230

 

285,888

Series 2020, Ref. GO Bonds (INS-AGM)(b)

5.00%

12/01/2032

250

 

310,033

Series 2020, Ref. GO Bonds (INS-AGM)(b)

5.00%

12/01/2033

255

 

315,540

Series 2020, Ref. GO Bonds (INS-AGM)(b)

5.00%

12/01/2034

285

 

351,998

Series 2020, Ref. GO Bonds (INS-AGM)(b)

5.00%

12/01/2035

100

 

123,234

 

 

 

 

 

37,920,819

Connecticut–1.80%

 

 

 

 

 

Connecticut (State of);

 

 

 

 

 

Series 2018 C, GO Bonds

5.00%

06/15/2027

3,000

 

3,820,290

Series 2019 A, GO Bonds

5.00%

04/15/2034

3,450

 

4,467,025

Series 2019 A, GO Bonds

5.00%

04/15/2035

1,150

 

1,485,087

Connecticut (State of) (Transportation Infrastructure); Series 2018, RB

5.00%

01/01/2030

3,500

 

4,454,975

Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, RB (a)

5.50%

04/01/2021

1,000

 

1,041,820

Connecticut (State of) Health & Educational Facilities Authority;

 

 

 

 

 

Series 2020 A, RB

5.00%

07/01/2033

1,000

 

1,314,120

Series 2020 G-1, Ref. RB (f)

5.00%

07/01/2030

285

 

355,785

Series 2020 G-1, Ref. RB (f)

5.00%

07/01/2031

540

 

669,665

Series 2020 G-1, Ref. RB (f)

5.00%

07/01/2033

600

 

737,394

Hamden (Town of), CT (Whitney Center); Series 2019, Ref. RB

5.00%

01/01/2030

3,000

 

3,415,050

University of Connecticut;

 

 

 

 

 

Series 2016 A, RB

5.00%

03/15/2032

2,940

 

3,559,223

Series 2017 A, RB

5.00%

01/15/2030

5,000

 

6,206,950

 

 

 

 

 

31,527,384

District of Columbia–1.40%

 

 

 

 

 

District of Columbia;

 

 

 

 

 

Series 2020, RB

5.00%

12/01/2032

2,000

 

2,691,340

Series 2020, RB

5.00%

12/01/2033

1,000

 

1,342,540

District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB

5.00%

10/01/2030

2,250

 

2,379,128

Metropolitan Washington Airports Authority;

 

 

 

 

 

Series 2016 A, Ref. RB (a)

5.00%

10/01/2034

2,215

 

2,708,945

Series 2019 A, Ref. RB (a)

5.00%

10/01/2032

1,435

 

1,885,977

Series 2019 A, Ref. RB (a)

5.00%

10/01/2033

3,000

 

3,933,570

Series 2020 A, Ref. RB (a)

5.00%

10/01/2032

3,000

 

3,922,620

Series 2020 A, Ref. RB (a)

5.00%

10/01/2033

2,000

 

2,606,460

Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2010

 

 

 

 

 

A, RB (i)

0.00%

10/01/2037

5,000

 

3,049,000

 

 

 

 

 

24,519,580

Florida–3.72%

 

 

 

 

 

Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics); Series 2019,

 

 

 

 

 

Ref. RB

5.00%

12/01/2033

2,355

 

3,053,964

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Florida–(continued)

 

 

 

 

 

Atlantic Beach (City of), FL (Fleet Landing);

 

 

 

 

 

Series 2013 A, Ref. RB

5.00%

11/15/2021

$ 440

$

466,594

Series 2013 A, Ref. RB

5.00%

11/15/2022

375

 

409,909

Series 2013 A, Ref. RB

5.00%

11/15/2023

565

 

635,427

Series 2018 A, RB

5.00%

11/15/2038

1,100

 

1,297,516

Capital Trust Agency (H-Bay Ministries, Inc.- Superior Residences); Series 2018 B, RB

4.50%

07/01/2038

500

 

510,745

Capital Trust Agency (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB (f)

5.00%

07/01/2032

2,045

 

2,235,553

Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB (f)

5.00%

12/15/2040

1,220

 

1,334,985

Citizens Property Insurance Corp.; Series 2012 A-1, RB

5.00%

06/01/2022

2,000

 

2,180,420

Citizens Property Insurance Corp. (Coastal Account); Series 2011 A-1, RB

5.00%

06/01/2020

1,000

 

1,010,150

Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB

 

 

 

 

 

(Acquired 12/16/2013; Cost $1,215,000) (f)(j)

7.25%

05/15/2026

1,215

 

1,142,100

Florida (State of) Higher Educational Facilities Financial Authority (Florida Institute of Technology);

 

 

 

 

 

Series 2019, RB

5.00%

10/01/2032

840

 

1,060,307

Series 2019, RB

5.00%

10/01/2033

1,720

 

2,164,345

Florida (State of) Municipal Power Agency (St. Lucie); Series 2011 B, RB

5.00%

10/01/2026

2,000

 

2,127,220

Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB

5.00%

01/01/2034

5,000

 

6,168,700

Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 A, Ref.

 

 

 

 

 

RB

5.00%

10/01/2027

1,000

 

1,063,770

Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2015, RB (f)

6.00%

06/15/2035

1,265

 

1,424,061

Greater Orlando Aviation Authority; Series 2019 A, RB (a)

5.00%

10/01/2031

4,000

 

5,244,040

Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); Series 2018

 

 

 

 

 

A, RB

5.25%

04/01/2028

2,500

 

2,770,450

Manatee (County of), FL School District;

 

 

 

 

 

Series 2017, RB (INS-AGM)(b)

5.00%

10/01/2029

1,000

 

1,263,030

Series 2017, RB (INS-AGM)(b)

5.00%

10/01/2031

3,000

 

3,766,350

Series 2017, RB (INS-AGM)(b)

5.00%

10/01/2032

1,250

 

1,566,537

Martin (County of), FL Health Facilities Authority (Martin Memorial Medical Center);

 

 

 

 

 

Series 2012, RB (c)(d)

5.00%

11/15/2021

1,990

 

2,128,365

Series 2012, RB (c)(d)

5.50%

11/15/2021

1,670

 

1,800,176

Miami-Dade (County of), FL Expressway Authority;

 

 

 

 

 

Series 2013 A, Ref. RB

5.00%

07/01/2022

2,000

 

2,178,320

Series 2016 A, Ref. RB

5.00%

07/01/2028

1,625

 

2,001,447

Miami-Dade (County of), FL Industrial Development Authority (Waste Management, Inc.); Series 2018

 

 

 

 

 

B, RB (SIFMA Municipal Swap Index + 0.80%)(a)(d)(e)

1.95%

11/01/2021

3,000

 

3,003,900

Orlando (City of) & Orange (County of), FL Expressway Authority; Series 2012, Ref. RB

5.00%

07/01/2023

1,000

 

1,094,730

Osceola (County of), FL;

 

 

 

 

 

Series 2020 A-1, Ref. RB

5.00%

10/01/2033

350

 

454,570

Series 2020 A-1, Ref. RB

5.00%

10/01/2034

300

 

388,848

Series 2020 A-1, Ref. RB

5.00%

10/01/2035

500

 

646,650

Palm Beach (County of), FL Health Facilities Authority (BRRH Corp. Obligated Group); Series 2014,

 

 

 

 

 

Ref. RB (c)(d)

5.00%

12/01/2024

4,000

 

4,751,800

Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center, Inc.); Series 2013 A,

 

 

 

 

 

RB

5.00%

11/01/2023

1,965

 

2,154,426

Reedy Creek Improvement District;

 

 

 

 

 

Series 2013 1, Ref. RB

5.00%

10/01/2021

885

 

942,437

Series 2013 1, Ref. RB

5.00%

10/01/2022

800

 

882,968

 

 

 

 

 

65,324,810

Georgia–1.55%

 

 

 

 

 

Atlanta (City of), GA (Department of Aviation); Series 2019 C, RB

5.00%

07/01/2038

5,000

 

6,531,200

Brookhaven Development Authority (Children's Healthcare of Atlanta, Inc.); Series 2019 A, RB

5.00%

07/01/2031

330

 

437,078

Fulton (County of), GA Development Authority (Wellstar Health System, Inc.); Series 2017, RB

5.00%

04/01/2033

1,870

 

2,301,446

Georgia (State of) Municipal Electric Authority; Series 2019 A, Ref. RB

5.00%

01/01/2033

1,200

 

1,525,776

Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.);

 

 

 

 

 

Series 2017 A, RB (f)

5.75%

06/15/2037

1,540

 

1,587,848

Main Street Natural Gas, Inc.; Series 2019 C, RB (d)

4.00%

09/01/2026

4,000

 

4,678,560

Metropolitan Atlanta Rapid Transit Authority; Series 2016 B, Ref. RB

5.00%

07/01/2032

7,150

 

8,888,380

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Georgia–(continued)

 

 

 

 

 

Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); Series 2009 A,

 

 

 

 

 

VRD PCR (LOC - JPMorgan Chase Bank, N.A.)(g)(h)

1.30%

01/01/2030

$ 1,300

$

1,300,000

 

 

 

 

 

27,250,288

Guam–0.20%

 

 

 

 

 

Guam (Territory of) Power Authority;

 

 

 

 

 

Series 2012 A, Ref. RB (INS-AGM)(b)

5.00%

10/01/2021

1,500

 

1,593,945

Series 2012 A, Ref. RB (INS-AGM)(b)

5.00%

10/01/2022

1,700

 

1,873,094

 

 

 

 

 

3,467,039

Hawaii–0.74%

 

 

 

 

 

Hawaii (State of) Department of Budget & Finance; Series 2012, Ref. RB

5.00%

11/15/2027

1,000

 

1,115,410

Hawaii (State of) Department of Transportation (Airports Division);

 

 

 

 

 

Series 2013, COP (a)

5.00%

08/01/2021

1,000

 

1,056,050

Series 2013, COP (a)

5.00%

08/01/2022

2,000

 

2,189,640

Series 2013, COP (a)

5.00%

08/01/2023

1,250

 

1,414,950

Honolulu (City & County of), HI Wastewater System Revenue; Series 2015 A, Ref. RB (k)

5.00%

07/01/2031

6,000

 

7,229,820

 

 

 

 

 

13,005,870

Idaho–0.14%

 

 

 

 

 

Idaho (State of) Housing & Finance Association; Series 2019, Ref. RB

5.00%

07/15/2035

1,900

 

2,479,747

Illinois–11.66%

 

 

 

 

 

Bartlett (Village of) ,IL (Quarry Redevelopment); Series 2016, Ref. RB

4.00%

01/01/2024

2,845

 

2,870,377

Bartlett (Village of), IL (Quarry Redevelopment); Series 2007, Ref. RB (c)

5.60%

01/01/2023

565

 

565,825

Bolingbrook (Village of), IL Special Service Area No. 2005-1; Series 2019, Ref. RB

5.00%

03/01/2033

1,645

 

1,801,357

Chicago (City of), IL;

 

 

 

 

 

Series 2003 B, Ref. GO Bonds

5.00%

01/01/2024

1,795

 

2,019,393

Series 2004, Ref. RB

5.00%

11/01/2028

3,000

 

3,624,690

Series 2008 C, Ref. RB

5.00%

01/01/2029

2,500

 

2,925,200

Series 2008 C, Ref. RB

5.00%

01/01/2030

1,500

 

1,748,955

Series 2011, COP

7.13%

05/01/2021

494

 

494,211

Series 2015 A, GO Bonds

5.38%

01/01/2029

5,000

 

5,868,250

Series 2017 A, Ref. GO Bonds

5.75%

01/01/2034

2,500

 

3,112,850

Series 2017 B, Ref. RB

5.00%

01/01/2033

3,000

 

3,657,570

Series 2019 A, GO Bonds

5.50%

01/01/2035

3,000

 

3,848,220

Chicago (City of), IL (83rd/Stewart Redevelopment); Series 2013, COP (f)

7.00%

01/15/2029

1,121

 

1,122,447

Chicago (City of), IL (Midway Airport);

 

 

 

 

 

Series 2013 A, Ref. RB (a)

5.50%

01/01/2027

1,000

 

1,123,050

Series 2013 B, Ref. RB

5.00%

01/01/2025

1,000

 

1,115,700

Series 2014 A, Ref. RB (a)

5.00%

01/01/2023

3,000

 

3,323,940

Chicago (City of), IL (O'Hare International Airport);

 

 

 

 

 

Series 2015 A, Ref. RB (a)

5.00%

01/01/2029

6,000

 

7,022,460

Series 2017 D, RB (a)

5.00%

01/01/2031

1,000

 

1,224,990

Series 2017 D, RB (a)

5.00%

01/01/2032

1,000

 

1,222,870

Series 2017 D, RB (a)

5.00%

01/01/2033

2,000

 

2,441,280

Chicago (City of), IL (Roosevelt Square/ABLA Redevelopment); Series 2009 A, Ref. COP

7.13%

03/15/2022

263

 

263,055

Chicago (City of), IL Board of Education;

 

 

 

 

 

Series 2017 C, Ref. GO Bonds

5.00%

12/01/2030

2,000

 

2,465,880

Series 2018 A, Ref. GO Bonds (INS-AGM)(b)

5.00%

12/01/2027

1,500

 

1,861,305

Series 2018 A, Ref. GO Bonds (INS-AGM)(b)

5.00%

12/01/2030

1,000

 

1,254,740

Series 2018 A, Ref. GO Bonds (INS-AGM)(b)

5.00%

12/01/2031

1,250

 

1,564,750

Series 2018 C, Ref. GO Bonds

5.00%

12/01/2025

1,000

 

1,191,820

Chicago (City of), IL Metropolitan Water Reclamation District;

 

 

 

 

 

Series 2011 B, GO Bonds (k)

5.00%

12/01/2024

3,000

 

3,218,430

Series 2015 C, GO Bonds (k)

5.00%

12/01/2027

7,000

 

8,344,000

Chicago (City of), IL Transit Authority; Series 2011, RB

5.25%

12/01/2027

1,000

 

1,074,910

Cook (County of), IL; Series 2018, Ref. RB

5.25%

11/15/2035

2,000

 

2,530,680

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Illinois–(continued)

 

 

 

 

 

Illinois (State of);

 

 

 

 

 

Series 2012 A, GO Bonds

5.00%

01/01/2027

$ 1,795

$

1,917,886

Series 2012, Ref. GO Bonds (INS-AGM)(b)

5.00%

08/01/2022

1,250

 

1,365,700

Series 2013, GO Bonds

5.00%

07/01/2022

2,000

 

2,176,380

Series 2013, GO Bonds

5.50%

07/01/2027

2,295

 

2,608,084

Series 2017 D, GO Bonds

5.00%

11/01/2024

2,000

 

2,335,340

Series 2018 A, GO Bonds

5.25%

05/01/2023

5,000

 

5,627,750

Series 2018 A, GO Bonds

6.00%

05/01/2027

2,000

 

2,593,420

Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 A, Ref. RB

5.00%

11/01/2030

2,000

 

2,450,460

Illinois (State of) Finance Authority (Centegra Health System);

 

 

 

 

 

Series 2014 A, RB

5.00%

09/01/2026

1,000

 

1,177,990

Series 2014 A, RB

5.00%

09/01/2028

1,250

 

1,466,487

Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB (a)

8.00%

06/01/2032

610

 

613,410

Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); Series 2019 A, Ref. RB

5.00%

11/01/2035

1,965

 

2,206,813

Illinois (State of) Finance Authority (Park Place of Elmhurst);

 

 

 

 

 

Series 2016 B, RB

5.63%

05/15/2020

1,160

 

1,123,532

Series 2016, RB (j)

2.00%

05/15/2055

271

 

2,708

Illinois (State of) Finance Authority (Peace Village); Series 2013, RB (c)(d)

6.25%

08/15/2023

1,505

 

1,758,307

Illinois (State of) Finance Authority (Rogers Park Montessori School); Series 2014, Ref. RB

5.00%

02/01/2024

355

 

374,202

Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB

5.00%

11/15/2034

4,500

 

5,285,430

Illinois (State of) Finance Authority (Swedish Covenant Hospital); Series 2016 A, Ref. RB

5.25%

08/15/2030

5,000

 

6,043,800

Illinois (State of) Metropolitan Pier & Exposition Authority; Series 2002, RB (INS-AGM)(b)(i)

0.00%

12/15/2029

2,550

 

2,165,689

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);

 

 

 

 

 

Series 2002 A, Ref. RB (INS-NATL)(b)(l)

5.70%

06/15/2023

1,295

 

1,464,088

Series 2002, RB (INS-NATL)(b)(i)

0.00%

12/15/2032

10,000

 

7,717,800

Series 2012 B, Ref. RB

5.00%

12/15/2022

5,010

 

5,481,942

Illinois (State of) Sports Facilities Authority;

 

 

 

 

 

Series 2019, Ref. RB

5.00%

06/15/2028

2,000

 

2,473,620

Series 2019, Ref. RB

5.00%

06/15/2029

1,000

 

1,258,340

Series 2019, Ref. RB

5.00%

06/15/2030

1,200

 

1,502,796

Illinois (State of) Toll Highway Authority;

 

 

 

 

 

Series 2014 D, Ref. RB (k)

5.00%

01/01/2024

12,500

 

14,407,500

Series 2016 A, Ref. RB

5.00%

12/01/2031

2,305

 

2,801,566

Kane County School District No. 131 Aurora East Side; Series 2020 A, GO Bonds (INS-AGM)(b)

4.00%

12/01/2036

745

 

875,606

Lake County Community Consolidated School District No. 73 (Hawthorn); Series 2002, GO Bonds

 

 

 

 

 

(c)(i)

0.00%

12/01/2021

330

 

324,532

 

 

Madison & Jersey Counties Community Unit School District No. 11 (Alton); Series 2002, GO Bonds

 

 

 

 

 

(c)(i)

0.00%

12/01/2020

2,900

 

2,870,681

 

 

Manhattan (Village of), IL Special Service Area No. 2004-1 (Brookstone Springs); Series 2015, Ref.

 

 

 

 

 

RB

4.25%

03/01/2024

804

 

825,009

Metropolitan Water Reclamation District of Greater Chicago; Series 2007 B, Ref. GO Bonds

5.25%

12/01/2035

2,500

 

3,665,750

Railsplitter Tobacco Settlement Authority;

 

 

 

 

 

Series 2010, RB

5.25%

06/01/2021

3,000

 

3,153,420

Series 2010, RB

5.38%

06/01/2021

525

 

552,657

Series 2017, RB

5.00%

06/01/2027

4,000

 

4,924,520

Series 2017, RB

5.00%

06/01/2028

2,000

 

2,455,200

Regional Transportation Authority;

 

 

 

 

 

Series 2002 A, RB (INS-AGM)(b)

6.00%

07/01/2027

2,700

 

3,591,405

Series 2018 B, RB (k)

5.00%

06/01/2031

3,800

 

4,850,206

Series 2018 B, RB (k)

5.00%

06/01/2032

3,995

 

5,072,092

Sales Tax Securitization Corp.;

 

 

 

 

 

Series 2017 A, Ref. RB

5.00%

01/01/2029

1,000

 

1,269,800

Series 2017 A, Ref. RB

5.00%

01/01/2030

1,000

 

1,264,570

Series 2018 A, Ref. RB

5.00%

01/01/2031

3,000

 

3,778,590

Springfield (City of), IL;

 

 

 

 

 

Series 2015, Ref. RB

5.00%

03/01/2032

2,000

 

2,350,220

Series 2015, Ref. RB

5.00%

03/01/2033

3,500

 

4,106,970

University of Illinois; Series 2011 A, RB

5.00%

04/01/2026

3,425

 

3,569,227

 

 

 

 

 

204,804,700

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Indiana–0.76%

 

 

 

 

 

Northern Indiana Commuter Transportation District;

 

 

 

 

 

Series 2016, RB

5.00%

07/01/2027

$ 1,800

$

2,238,210

Series 2016, RB

5.00%

07/01/2028

1,250

 

1,552,488

Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB (a)

5.88%

01/01/2024

835

 

918,533

Whiting (City of), IN (BP Products North America); Series 2019, Ref. RB (a)(d)

5.00%

06/05/2026

7,000

 

8,568,700

 

 

 

 

 

13,277,931

Iowa–1.11%

 

 

 

 

 

Ames (City of), IA (Mary Greeley Medical Center); Series 2011, RB (c)(d)

5.50%

06/15/2020

2,255

 

2,284,112

Iowa (State of) Finance Authority (Iowa Fertilizer Co.);

 

 

 

 

 

Series 2013, RB (f)

5.88%

12/01/2026

2,565

 

2,672,679

Series 2013, Ref. RB (d)

5.25%

12/01/2033

2,990

 

3,314,236

Series 2019, Ref. RB

3.13%

12/01/2022

1,500

 

1,561,155

Iowa (State of) Finance Authority (Iowa Health System); Series 2018, Ref. RB (SIFMA Municipal Swap

 

 

 

 

 

Index + 0.58%)(d)(e)(f)

1.73%

01/04/2024

3,645

 

3,645,036

Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2019, RB

2.88%

05/15/2049

850

 

862,283

Iowa (State of) Finance Authority (Mercy Medical Center);

 

 

 

 

 

Series 2012, RB

4.00%

08/15/2022

1,905

 

2,039,169

Series 2012, RB

4.00%

08/15/2023

1,200

 

1,280,832

Iowa (State of) Tobacco Settlement Authority; Series 2005 B, RB (l)

5.60%

06/01/2034

1,750

 

1,768,637

 

 

 

 

 

19,428,139

Kansas–0.74%

 

 

 

 

 

Kansas (State of) Development Finance Authority (University of Kansas Health System); Series 2011

 

 

 

 

 

H, RB

5.00%

03/01/2031

1,000

 

1,000,000

Kansas (State of) Municipal Energy Agency (Jameson Energy Center); Series 2013, RB

5.00%

07/01/2028

1,140

 

1,284,928

Lenexa (City of), KS (Lakeview Village, Inc.);

 

 

 

 

 

Series 2018 A, Ref. RB

5.00%

05/15/2029

1,210

 

1,407,968

Series 2018 A, Ref. RB

5.00%

05/15/2031

1,335

 

1,545,503

Wichita (City of), KS (Kansas Masonic Home); Series 2016 II-A, RB

5.25%

12/01/2036

1,500

 

1,663,050

Wichita (City of), KS (Presbyterian Manors);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

05/15/2029

1,280

 

1,484,314

Series 2019, Ref. RB

5.00%

05/15/2034

2,950

 

3,376,776

Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2018 I, Ref. RB

5.00%

05/15/2033

1,140

 

1,287,744

 

 

 

 

 

13,050,283

Kentucky–2.63%

 

 

 

 

 

Ashland (City of), KY (King's Daughters Medical Center);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

02/01/2030

370

 

470,300

Series 2019, Ref. RB

5.00%

02/01/2031

460

 

580,060

Series 2019, Ref. RB

5.00%

02/01/2032

450

 

563,949

Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives);

 

 

 

 

 

Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(d)(e)

2.55%

02/01/2025

1,430

 

1,455,540

Kentucky (Commonwealth of) Municipal Power Agency;

 

 

 

 

 

Series 2015 A, Ref. RB (INS-NATL)(b)

5.00%

09/01/2026

1,000

 

1,208,230

Series 2015 A, Ref. RB (INS-NATL)(b)

5.00%

09/01/2027

1,620

 

1,956,263

Series 2015 A, Ref. RB (INS-NATL)(b)

5.00%

09/01/2028

1,260

 

1,518,665

Kentucky (Commonwealth of) Property & Building Commission (No. 108); Series 2015 A, Ref. RB

5.00%

08/01/2029

1,000

 

1,197,190

Kentucky (Commonwealth of) Public Energy Authority; Series 2018 B, RB (d)

4.00%

01/01/2025

2,000

 

2,259,400

Kentucky (State of) Economic Development Finance Authority (Masonic Home Independent Living II,

 

 

 

 

 

Inc.); Series 2016 A, Ref. RB

5.00%

05/15/2021

525

 

538,262

Kentucky (State of) Economic Development Finance Authority (Masonic Home Independent Living);

 

 

 

 

 

Series 2016 A, Ref. RB

5.00%

05/15/2036

2,000

 

2,153,100

Kentucky (State of) Economic Development Finance Authority (Next Generation Kentucky Information

 

 

 

 

 

Highway);

 

 

 

 

 

Series 2015 A, RB

5.00%

07/01/2028

1,500

 

1,733,550

Series 2015 A, RB

5.00%

07/01/2030

3,000

 

3,447,300

Kentucky (State of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017

 

 

 

 

 

A, Ref. RB

5.00%

06/01/2032

1,435

 

1,728,300

Kentucky (State of) Economic Development Finance Authority (Rosedale Green); Series 2015, Ref.

 

 

 

 

 

RB

5.50%

11/15/2035

3,100

 

3,431,204

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Kentucky–(continued)

 

 

 

 

 

Kentucky (State of) Municipal Power Agency (Prairie State); Series 2016, Ref. RB (INS-NATL)(b)

5.00%

09/01/2031

$ 5,000

$

6,159,250

Kentucky (State of) Municipal Power Agency (Prarie State);

 

 

 

 

 

Series 2019 A, Ref. RB

5.00%

09/01/2031

1,500

 

1,873,920

Series 2019 A, Ref. RB

5.00%

09/01/2032

1,600

 

1,992,000

Series 2019 A, Ref. RB

5.00%

09/01/2033

1,000

 

1,240,580

Kentucky (State of) Public Energy Authority; Series 2019 C, RB (d)

4.00%

02/01/2028

5,000

 

5,941,400

Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.);

 

 

 

 

 

Series 2016 A, Ref. RB

5.00%

10/01/2033

2,450

 

3,019,747

Louisville/Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2020

 

 

 

 

 

A, RB

4.00%

10/01/2039

1,500

 

1,775,430

 

 

 

 

 

46,243,640

Louisiana–1.75%

 

 

 

 

 

Jefferson Sales Tax District; Series 2019 B, RB (INS-AGM)(b)

5.00%

12/01/2031

3,000

 

4,030,530

Louisiana (State of) Energy & Power Authority (Rodemacher Unit No. 2); Series 2013, RB

5.00%

01/01/2022

1,000

 

1,068,670

New Orleans (City of), LA;

 

 

 

 

 

Series 2014, Ref. RB

5.00%

12/01/2026

1,250

 

1,474,287

Series 2015, RB

5.00%

06/01/2030

500

 

596,440

Series 2015, RB

5.00%

12/01/2030

500

 

601,965

Series 2015, RB

5.00%

12/01/2031

1,750

 

2,101,295

Series 2015, RB

5.00%

06/01/2032

300

 

356,100

Series 2015, RB

5.00%

12/01/2032

1,000

 

1,198,290

Series 2015, RB

5.00%

06/01/2033

1,050

 

1,245,122

Series 2015, RB

5.00%

06/01/2034

1,000

 

1,183,230

Series 2015, RB

5.00%

12/01/2034

1,200

 

1,433,304

Series 2015, RB

5.00%

06/01/2035

500

 

590,630

Series 2015, RB

5.00%

12/01/2035

1,165

 

1,388,727

New Orleans (City of), LA Aviation Board;

 

 

 

 

 

Series 2015 B, RB (a)

5.00%

01/01/2027

1,750

 

2,050,002

Series 2015 B, RB (a)

5.00%

01/01/2029

1,805

 

2,107,987

New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolitdated Garage System);

 

 

 

 

 

Series 2018 B, Ref. RB (INS-AGM)(b)

5.00%

10/01/2030

350

 

454,332

St. John the Baptist (Parish of), LA (Marathon Oil Corp.); Series 2017, Ref. RB (d)

2.10%

07/01/2024

1,000

 

1,036,660

St. Tammany (Parish of), LA Public Trust Financing Authority (Christwood);

 

 

 

 

 

Series 2015, Ref. RB

5.00%

11/15/2024

1,250

 

1,346,500

Series 2015, Ref. RB

5.25%

11/15/2029

1,250

 

1,405,625

Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB

5.50%

05/15/2030

5,000

 

5,089,000

 

 

 

 

 

30,758,696

Maryland–1.35%

 

 

 

 

 

Baltimore (City of), MD; Series 2017, Ref. RB

5.00%

09/01/2033

1,105

 

1,349,492

Howard (County of), MD (Downtown Columbia); Series 2017 A, RB (f)

4.13%

02/15/2034

1,000

 

1,082,980

Maryland (State of) Department of Transportation;

 

 

 

 

 

Series 2012, RB

2.25%

10/01/2025

100

 

100,696

Series 2017, RB

5.00%

09/01/2028

3,000

 

3,875,580

Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare);

 

 

 

 

 

Series 2011 A, RB

6.00%

01/01/2026

4,500

 

4,895,190

Maryland (State of) Health & Higher Educational Facilities Authority (Charlestown Community);

 

 

 

 

 

Series 2010, RB (c)(d)

5.50%

01/01/2021

1,000

 

1,038,090

Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health); Series 2011,

 

 

 

 

 

RB (c)(d)

6.00%

07/01/2021

535

 

571,070

Maryland Economic Development Corp. (AFCO Cargo BWI II, LLC); Series 2017, Ref. RB (a)(f)

4.00%

07/01/2024

1,595

 

1,725,726

Maryland Economic Development Corp. (Purple Line Light Rail);

 

 

 

 

 

Series 2016 D, RB (a)

5.00%

03/31/2036

2,600

 

3,075,098

Series 2016, RB (a)

5.00%

09/30/2029

2,100

 

2,525,964

Maryland Economic Development Corp. (Transportation Facilities); Series 2010 A, RB (c)

5.13%

06/01/2020

710

 

717,526

Mayor & Council of Rockville (The) (Ingleside at King Farm); Series 2017 C-2, RB

3.00%

11/01/2025

2,750

 

2,754,675

 

 

 

 

 

23,712,087

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Massachusetts–1.60%

 

 

 

 

 

Massachusetts (Commonwealth of); Series 2005, Ref. RB (INS-NATL)(b)

5.50%

01/01/2034

$ 3,000

$

4,333,230

Massachusetts (Sate of) Bay Transportation Authority; Series 2006 A, RB

5.25%

07/01/2031

1,330

 

1,901,421

Massachusetts (State of) Bay Transportation Authority; Series 2004 B, Ref. RB

5.25%

07/01/2030

7,000

 

9,462,460

Massachusetts (State of) Department of Transportation; Series 2019 A, Ref. RB

5.00%

01/01/2033

3,000

 

3,920,490

Massachusetts (State of) Department of Transportation (Contract Assistance); Series 2018 A, Ref.

 

 

 

 

 

RB

5.00%

01/01/2029

495

 

662,934

Massachusetts (State of) Development Finance Agency;

 

 

 

 

 

Series 2019 A, Ref. RB

5.00%

07/01/2031

1,530

 

1,939,994

Series 2019 A, Ref. RB

5.00%

07/01/2032

2,115

 

2,676,490

Massachusetts (State of) Development Finance Agency (Newbridge Charles, Inc.); Series 2017, Ref.

 

 

 

 

 

RB (f)

5.00%

10/01/2037

1,500

 

1,674,330

Massachusetts (State of) Development Finance Agency (Suffolk University); Series 2017, Ref. RB

5.00%

07/01/2034

1,000

 

1,221,110

Massachusetts (State of) Water Resources Authority; Series 2007 B, Ref. RB (INS-AGM)(b)

5.25%

08/01/2025

300

 

371,334

 

 

 

 

 

28,163,793

Michigan–4.04%

 

 

 

 

 

Charyl Stockwell Academy; Series 2015, Ref. RB

4.88%

10/01/2023

270

 

278,429

Detroit (City of), MI Downtown Development Authority;

 

 

 

 

 

Series 2018 A, Ref. RB (INS-AGM)(b)

5.00%

07/01/2030

700

 

800,716

Series 2018 A, Ref. RB (INS-AGM)(b)

5.00%

07/01/2032

2,000

 

2,281,200

East Lansing School District; Series 2017 I, GO Bonds

5.00%

05/01/2033

2,000

 

2,528,120

Great Lakes Water Authority; Series 2018 B, Ref. RB

5.00%

07/01/2029

3,000

 

4,010,220

Kalamazoo Economic Development Corp. (Heritage Community of Kala); Series 2019, Ref. RB

5.00%

05/15/2032

1,995

 

2,327,247

Michigan (State of) Buillding Authority (Facilities Program); Series 2015 I, Ref. RB

5.00%

04/15/2031

5,000

 

6,062,100

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);

 

 

 

 

 

Series 2014 D-2, Ref. RB (INS-AGM)(b)

5.00%

07/01/2026

9,000

 

10,592,820

Series 2014 D-4, Ref. RB

5.00%

07/01/2029

5,000

 

5,850,200

Series 2015, Ref. RB

5.00%

07/01/2035

2,900

 

3,421,855

Michigan (State of) Finance Authority (Henry Ford Health System); Series 2016, Ref. RB

5.00%

11/15/2028

2,000

 

2,504,820

Michigan (State of) Finance Authority (Local Government Loan Program); Series 2014 F, Ref. RB

4.50%

10/01/2029

5,000

 

5,615,550

Michigan (State of) Finance Authority (Mclaren Health Care); Series 2015 D-2, Ref. RB (68% of 1

 

 

 

 

 

mo. USD LIBOR + 0.75%)(d)(e)

1.85%

10/15/2020

2,500

 

2,501,975

Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017 A, Ref. RB

5.00%

12/01/2034

2,000

 

2,543,640

Michigan (State of) Finance Authority (Trinity Health); Series 2015, RB (67% of 1 mo. USD LIBOR +

 

 

 

 

 

0.54%)(d)(e)

1.62%

12/01/2020

3,500

 

3,504,340

Michigan (State of) Finance Authority (Wayne (County of) Criminal Justice Center); Series 2018, RB

5.00%

11/01/2029

1,500

 

1,967,715

Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.); Series 2016, RB (f)

5.00%

07/01/2031

1,530

 

1,654,129

Michigan (State of) Strategic Fund (Holland Home Obligated Group); Series 2019, Ref. RB

5.00%

11/15/2034

1,810

 

2,136,198

Michigan (State of) Tobacco Settlement Finance Authority; Series 2007 A, RB

6.00%

06/01/2048

3,000

 

3,061,740

Star International Academy; Series 2012, Ref. RB

5.00%

03/01/2033

2,075

 

2,100,896

Summit Academy North;

 

 

 

 

 

Series 2016, Ref. RB

4.00%

11/01/2021

680

 

689,704

Series 2016, Ref. RB

5.00%

11/01/2031

1,665

 

1,719,779

Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport); Series 2012 D, Ref. RB (a)

5.00%

12/01/2028

2,500

 

2,753,550

 

 

 

 

 

70,906,943

Minnesota–0.56%

 

 

 

 

 

Maple Grove (City of), MN (Maple Grove Hospital Corp.);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

05/01/2031

500

 

614,905

Series 2017, Ref. RB

5.00%

05/01/2032

1,600

 

1,962,192

Minnesota (State of) Higher Education Facilities Authority (Bethel University); Series 2017, Ref. RB

5.00%

05/01/2032

1,750

 

2,095,152

Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul);

 

 

 

 

 

Series 2007 Six-Q, VRD RB (LOC - U.S. Bank N.A.)(g)(h)

1.33%

04/01/2037

515

 

515,000

St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, Ref. RB (d)(f)

6.00%

07/01/2027

1,250

 

1,335,287

St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts);

 

 

 

 

 

Series 2015, RB

5.13%

10/01/2023

270

 

282,037

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Minnesota–(continued)

 

 

 

 

 

Woodbury (City of), MN Housing & Redevelopment Authority (St. Therese of Woodbury);

 

 

 

 

 

Series 2014, RB

3.15%

12/01/2020

$ 620

$

623,993

Series 2014, RB

3.60%

12/01/2021

225

 

229,813

Series 2014, RB

4.00%

12/01/2022

490

 

510,159

Series 2014, RB

4.00%

12/01/2023

300

 

315,651

Series 2014, RB

4.00%

12/01/2024

175

 

185,703

Series 2014, RB

5.00%

12/01/2029

1,000

 

1,087,790

 

 

 

 

 

9,757,682

Mississippi–0.34%

 

 

 

 

 

Mississippi (State of) Hospital Equipment & Facilities Authority;

 

 

 

 

 

Series 2020, Ref. RB

5.00%

10/01/2033

650

 

832,481

Series 2020, Ref. RB

5.00%

10/01/2034

725

 

926,021

Series 2020, Ref. RB

5.00%

10/01/2035

600

 

764,136

Series 2020, Ref. RB

5.00%

10/01/2036

650

 

825,916

Mississippi (State of) Hospital Equipment & Facilities Authority (Forrest Co. General Hospital);

 

 

 

 

 

Series 2019 B, Ref. RB

5.00%

01/01/2029

1,000

 

1,283,700

Series 2019 B, Ref. RB

5.00%

01/01/2030

1,000

 

1,304,920

 

 

 

 

 

5,937,174

Missouri–1.51%

 

 

 

 

 

Cape Girardeau (County of), MO Industrial Development Authority; Series 2017, Ref. RB

5.00%

03/01/2029

100

 

120,389

Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health);

 

 

 

 

 

Series 2017 A, Ref. RB

5.00%

03/01/2036

3,000

 

3,538,440

Kansas (City of), MO Industrial Development Authority (Downtown Redevelopment District);

 

 

 

 

 

Series 2011 A, Ref. RB

5.50%

09/01/2028

2,000

 

2,134,440

Kansas City (City of), MO; Series 2017 C, Ref. RB

5.00%

09/01/2032

1,850

 

2,343,709

Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District);

 

 

 

 

 

Series 2011 A, Ref. RB

5.50%

09/01/2023

1,000

 

1,068,140

Series 2011 A, Ref. RB

5.50%

09/01/2024

2,000

 

2,135,360

Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);

 

 

 

 

 

Series 2019 B, RB (a)

5.00%

03/01/2035

1,000

 

1,273,690

Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017, Ref. RB

5.25%

05/15/2032

2,685

 

3,182,262

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services);

 

 

 

 

 

Series 2016 B, Ref. RB

5.00%

02/01/2032

1,000

 

1,175,020

Series 2016, Ref. RB

5.00%

02/01/2033

1,305

 

1,530,896

Series 2019 A, RB

5.00%

02/01/2029

1,100

 

1,277,397

Missouri (State of) Joint Municipal Electric Utility Commission (Iatan 2); Series 2014 A, Ref. RB

5.00%

01/01/2029

2,000

 

2,296,520

Missouri (State of) Joint Municipal Electric Utility Commission (Prairie Street);

 

 

 

 

 

Series 2015 A, Ref. RB

5.00%

06/01/2027

1,500

 

1,799,610

Series 2015 A, Ref. RB

5.00%

12/01/2027

640

 

767,898

St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills);

 

 

 

 

 

Series 2012, RB

4.50%

09/01/2023

340

 

361,695

Series 2012, RB

5.00%

09/01/2032

1,490

 

1,591,841

 

 

 

 

 

26,597,307

Nebraska–1.04%

 

 

 

 

 

Central Plains Energy Project (No. 3);

 

 

 

 

 

Series 2012, RB (m)

5.00%

09/01/2032

5,000

 

5,462,950

Series 2012, RB (m)

5.25%

09/01/2037

5,000

 

5,497,450

Lincoln (County of), NE Hospital Authority No. 1 (Great Plains Regional Medical Center);

 

 

 

 

 

Series 2012, Ref. RB (c)(d)

4.00%

11/01/2021

720

 

756,468

Series 2012, Ref. RB (c)(d)

5.00%

11/01/2021

500

 

533,545

Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2016 A, Ref. RB

5.00%

01/01/2034

5,000

 

6,090,800

 

 

 

 

 

18,341,213

Nevada–0.39%

 

 

 

 

 

Carson City (City of), NV (Carson-Tahoe Regional Medical Center); Series 2012, Ref. RB

5.00%

09/01/2027

1,000

 

1,094,740

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Nevada–(continued)

 

 

 

 

 

Clark (County of), NV (Special Improvement District No. 159);

 

 

 

 

 

Series 2015, RB

5.00%

08/01/2026

$ 145

$

164,810

Series 2015, RB

5.00%

08/01/2029

1,320

 

1,492,445

Series 2015, RB

5.00%

08/01/2031

1,455

 

1,637,995

Series 2015, RB

5.00%

08/01/2032

355

 

398,122

Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB (f)

2.75%

06/15/2028

2,000

 

2,109,540

 

 

 

 

 

6,897,652

New Hampshire–0.27%

 

 

 

 

 

National Finance Authority; Series 2020-1, Class A

4.13%

01/20/2034

2,497

 

3,082,418

New Hampshire (State of) Health & Education Facilities Authority (Southern New Hampshire

 

 

 

 

 

University); Series 2012, RB

5.00%

01/01/2027

1,500

 

1,606,440

 

 

 

 

 

4,688,858

New Jersey–6.01%

 

 

 

 

 

Garden State Preservation Trust; Series 2005 A, RB (INS-AGM)(b)

5.75%

11/01/2028

2,000

 

2,561,820

Gloucester (County of), NJ Pollution Control Financing Authority (Logan); Series 2014 A, Ref. PCR (a)

5.00%

12/01/2024

3,705

 

4,048,750

New Jersey (State of) Economic Development Authority;

 

 

 

 

 

Series 2005 N-1, Ref. RB (INS-NATL)(b)(k)(n)

5.50%

09/01/2022

7,500

 

8,300,100

Series 2012, Ref. RB

5.00%

06/15/2023

2,000

 

2,160,220

Series 2012, Ref. RB

5.00%

06/15/2025

3,050

 

3,283,996

Series 2017 A, Ref. RB (INS-BAM)(b)

5.00%

07/01/2028

5,035

 

6,242,242

Series 2017 DDD, RB

5.00%

06/15/2031

3,670

 

4,475,345

New Jersey (State of) Economic Development Authority (American Water Co., Inc.); Series 2019,

 

 

 

 

 

Ref. RB (a)(d)

2.20%

12/03/2029

2,000

 

2,085,640

New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and

 

 

 

 

 

Technology, Inc.);

 

 

 

 

 

Series 2012 C, RB

5.00%

07/01/2022

845

 

869,860

Series 2012 C, RB

5.00%

07/01/2032

475

 

494,879

New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement);

 

 

 

 

 

Series 2013, RB (a)

5.00%

07/01/2021

425

 

447,045

Series 2013, RB (a)

5.50%

01/01/2026

1,390

 

1,622,658

Series 2013, RB (a)

5.50%

01/01/2027

2,130

 

2,479,554

Series 2013, RB (a)

5.00%

01/01/2028

1,000

 

1,139,900

New Jersey (State of) Health Care Facilities Financing Authority (Meridian Health System Obligated

 

 

 

 

 

Group);

 

 

 

 

 

Series 2011, Ref. RB

5.00%

07/01/2025

1,500

 

1,639,185

Series 2011, Ref. RB

5.00%

07/01/2027

2,000

 

2,180,740

New Jersey (State of) Health Care Facilities Financing Authority (Princeton Healthcare System);

 

 

 

 

 

Series 2016, Ref. RB

5.00%

07/01/2030

1,200

 

1,491,984

Series 2016, Ref. RB

5.00%

07/01/2031

1,000

 

1,242,890

New Jersey (State of) Health Care Facilities Financing Authority (St. Clare's Hospital, Inc.);

 

 

 

 

 

Series 2004 A, Ref. RB (c)

5.25%

07/01/2020

1,000

 

1,014,620

New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated

 

 

 

 

 

Group); Series 2019, RB

5.00%

07/01/2030

1,250

 

1,658,975

New Jersey (State of) Higher Education Student Assistance Authority; Series 2018 B, Ref. RB (a)

5.00%

12/01/2025

2,250

 

2,717,640

New Jersey (State of) Transportation Trust Fund Authority;

 

 

 

 

 

Series 2010 D, RB

5.25%

12/15/2023

4,000

 

4,605,080

Series 2013 AA, RB

5.00%

06/15/2021

5,270

 

5,529,020

Series 2018 A, Ref. RB

5.00%

12/15/2032

5,000

 

6,286,600

Series 2018 A, Ref. RN

5.00%

06/15/2023

2,500

 

2,804,825

Series 2018 A, Ref. RN (k)(n)

5.00%

06/15/2029

4,500

 

5,418,585

Series 2018 A, Ref. RN (k)(n)

5.00%

06/15/2030

2,000

 

2,400,020

Series 2019, Ref. RB

5.00%

12/15/2028

5,000

 

6,370,250

North Hudson Sewerage Authority; Series 2012 A, Ctfs. (c)(d)

5.00%

06/01/2022

605

 

661,186

Salem (County of), NJ Pollution Control Financing Authority (Chambers); Series 2014 A, Ref. PCR (a)

5.00%

12/01/2023

4,555

 

4,926,415

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

New Jersey–(continued)

 

 

 

 

 

Tobacco Settlement Financing Corp.;

 

 

 

 

 

Series 2018 A, Ref. RB

5.00%

06/01/2029

$ 2,500

$

3,201,700

Series 2018 A, Ref. RB

5.00%

06/01/2030

5,000

 

6,362,300

Series 2018 A, Ref. RB

5.00%

06/01/2031

3,750

 

4,742,287

 

 

 

 

 

105,466,311

New Mexico–0.23%

 

 

 

 

 

Farmington (City of), NM (Public Service Co. of New Mexico San Juan); Series 2010 A, Ref. PCR (d)

5.20%

06/01/2020

1,700

 

1,716,558

New Mexico (State of) Hospital Equipment Loan Council (Haverland Charter Lifestyle Group);

 

 

 

 

 

Series 2013, RB

4.00%

07/01/2022

1,010

 

1,040,169

Santa Fe (City of), NM (El Castillo Retirement);

 

 

 

 

 

Series 2019 A, RB

5.00%

05/15/2034

625

 

728,300

Series 2019 A, RB

5.00%

05/15/2039

500

 

575,125

 

 

 

 

 

4,060,152

New York–10.53%

 

 

 

 

 

Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB (a)(f)

5.25%

12/31/2033

1,500

 

1,677,255

Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB (a)(f)

4.50%

01/01/2025

1,000

 

1,086,980

Long Island (City of), NY Power Authority; Series 2014 A, Ref. RB

5.00%

09/01/2034

4,000

 

4,679,760

Metropolitan Transportation Authority;

 

 

 

 

 

Subseries 2012 G-4, Ref. RB (67% of 1 mo. USD LIBOR + 0.55%)(d)(e)

1.61%

11/01/2022

2,965

 

2,952,962

Subseries 2014 D-2, RB (SIFMA Municipal Swap Index + 0.45%)(d)(e)

1.60%

11/15/2022

3,500

 

3,513,055

Metropolitan Transportation Authority (Green Bonds); Series 2017 C-2, Ref. RB (i)

0.00%

11/15/2029

1,000

 

853,360

Monroe County Industrial Development Corp. (St. Ann's Community); Series 2019, Ref. RB

4.00%

01/01/2030

1,500

 

1,661,085

New York & New Jersey (States of) Port Authority;

 

 

 

 

 

Series 2019 218, RB (a)

5.00%

11/01/2030

3,000

 

4,017,990

Series 2019, RB (a)

5.00%

11/01/2033

1,525

 

2,015,898

Two Hundred Second Series 2017, Ref. RB (a)

5.00%

10/15/2035

3,000

 

3,725,820

Two Hundred Seventh Series 2018, Ref. RB (a)(k)

5.00%

09/15/2028

9,000

 

11,685,960

New York (City of), NY;

 

 

 

 

 

Series 2014 I-2, VRD GO Bonds (g)

2.22%

03/01/2040

4,300

 

4,300,000

Series 2016 E, Ref. GO Bonds

5.00%

08/01/2027

5,000

 

6,294,800

Series 2019 B-1, GO Bonds

5.00%

10/01/2032

1,000

 

1,343,890

Series 2019 B-1, GO Bonds

5.00%

10/01/2033

2,000

 

2,679,320

Series 2020 C-1, Ref. GO Bonds

5.00%

08/01/2036

4,645

 

6,266,151

Subseries 2015 F-5, VRD GO Bonds (g)

1.35%

06/01/2044

2,450

 

2,450,000

New York (City of), NY Transitional Finance Authority;

 

 

 

 

 

Series 2018 S-2A, Ref. RB

5.00%

07/15/2034

5,000

 

6,480,400

Series 2019 C1, RB

4.00%

11/01/2036

5,000

 

6,054,100

New York (State of) Dormitory Authority;

 

 

 

 

 

Series 2019 A, RB

5.00%

10/01/2033

1,350

 

1,718,307

Series 2019 A, Ref. RB

5.00%

03/15/2037

3,000

 

3,923,130

Series 2020 D, Ref. RB

5.00%

02/15/2033

4,000

 

5,420,560

Series 2020 D, Ref. RB

4.00%

02/15/2036

7,870

 

9,678,526

New York (State of) Dormitory Authority (Montefiore Obligated Group);

 

 

 

 

 

Series 2018 A, Ref. RB

5.00%

08/01/2028

1,755

 

2,288,345

Series 2018 A, Ref. RB

5.00%

08/01/2030

2,420

 

3,134,747

New York (State of) Dormitory Authority (Orange Regional Medical Center);

 

 

 

 

 

Series 2017, Ref. RB (f)

5.00%

12/01/2033

2,000

 

2,436,700

Series 2017, Ref. RB (f)

5.00%

12/01/2034

1,000

 

1,214,970

New York (State of) Housing Finance Agency (505 West 37th Street); Series 2009 A, VRD RB

 

 

 

 

 

(LOC-Landesbank Hessen-thrgn)(g)(h)

1.33%

05/01/2042

9,200

 

9,200,000

New York (State of) Thruway Authority;

 

 

 

 

 

Series 2018 L, Ref. RB

5.00%

01/01/2030

500

 

647,190

Series 2018 L, Ref. RB

5.00%

01/01/2031

1,000

 

1,289,280

Series 2019 B, RB

5.00%

01/01/2030

3,000

 

4,077,180

New York City (City of), NY Transitional Finance Authority; Series 2019 B-1, RB

4.00%

11/01/2038

5,000

 

6,068,400

New York City (City of), NY Water & Sewer System; Series 2020 DD-1, RB

5.00%

06/15/2030

5,000

 

6,945,650

New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2005, Ref. RB

5.25%

10/01/2035

2,660

 

3,846,387

New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. RB (a)

5.00%

08/01/2026

5,000

 

5,248,300

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

New York–(continued)

 

 

 

 

 

New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D

 

 

 

 

 

Redevelopment);

 

 

 

 

 

Series 2018, RB (a)

5.00%

01/01/2029

$10,545

$

13,208,983

Series 2018, RB (a)

5.00%

01/01/2032

5,000

 

6,213,800

Series 2018, RB (a)

5.00%

01/01/2036

2,500

 

3,083,525

Niagara Falls (City of), NY; Series 1994, GO Bonds (c)

6.90%

03/01/2020

5

 

5,000

Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB

 

 

 

 

 

(INS-AGM)(b)

5.00%

12/01/2031

1,000

 

1,307,150

Rockland Tobacco Asset Securitization Corp.; Series 2001, RB

5.63%

08/15/2035

2,770

 

2,842,214

Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB (a)

5.00%

01/01/2032

1,250

 

1,409,050

Triborough Bridge & Tunnel Authority; Subseries 2016 B-4A, Ref. RB (67% of 1 mo. USD LIBOR +

 

 

 

 

 

0.70%)(d)(e)

1.76%

02/01/2021

5,450

 

5,467,821

Triborough Bridge & Tunnel Authority (MTA Bridges and Tunnels); Series 2018 D, RB (67% of SOFR +

 

 

 

 

 

0.50%)(d)(e)

2.14%

10/01/2020

5,000

 

5,000,050

TSASC, Inc.;

 

 

 

 

 

Series 2017 A, Ref. RB

5.00%

06/01/2032

2,000

 

2,430,180

Series 2017 A, Ref. RB

5.00%

06/01/2033

1,500

 

1,816,710

Series 2017 A, Ref. RB

5.00%

06/01/2034

1,000

 

1,208,510

 

 

 

 

 

184,869,451

North Carolina–2.15%

 

 

 

 

 

Charlotte (City of) & Mecklenburg (County of), NC Hospital Authority (Carolinas HealthCare System);

 

 

 

 

 

Series 2018 E, Ref. RB (SIFMA Municipal Swap Index + 0.45%)(d)(e)

1.60%

12/01/2021

3,000

 

2,997,300

Charlotte (City of), NC (Charlotte Douglas International Airport);

 

 

 

 

 

Series 2017 A, RB

5.00%

07/01/2034

750

 

946,395

Series 2017 A, RB

5.00%

07/01/2035

1,000

 

1,259,770

Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 H, VRD RB (g)

1.32%

01/15/2048

1,500

 

1,500,000

Columbus (County of), NC Industrial Facilities & Pollution Control Financing Authority (International

 

 

 

 

 

Paper Co.); Series 2019, Ref. RB (d)

2.00%

10/01/2024

1,500

 

1,539,630

New Hanover (County of), NC (New Hanover Regional Medical Center); Series 2017, Ref. RB

5.00%

10/01/2027

1,100

 

1,353,407

New Hanover (County of), NC North Carolina (New Hanover Regional Medical Center); Series 2017,

 

 

 

 

 

Ref. RB

5.00%

10/01/2034

1,000

 

1,201,780

North Carolina (State of); Series 2019, RB

5.00%

03/01/2032

3,000

 

3,938,910

North Carolina (State of) Department of Transportation (I-77 HOT Lanes);

 

 

 

 

 

Series 2015, RB (a)

5.00%

06/30/2026

1,700

 

2,012,171

Series 2015, RB (a)

5.00%

06/30/2027

1,215

 

1,434,733

Series 2015, RB (a)

5.00%

06/30/2029

1,340

 

1,574,835

Series 2015, RB (a)

5.00%

06/30/2030

1,405

 

1,646,365

North Carolina (State of) Medical Care Commission;

 

 

 

 

 

Series 2020 A, RB

5.00%

07/01/2031

1,000

 

1,335,350

Series 2020 A, RB

5.00%

07/01/2032

900

 

1,201,167

Series 2020 A, RB

5.00%

07/01/2033

1,250

 

1,661,437

North Carolina (State of) Medical Care Commission (Lutheran Services); Series 2012, Ref. RB

4.25%

03/01/2024

1,095

 

1,149,082

North Carolina (State of) Municipal Power Agency #1 (Catawba); Series 2015 A, Ref. RB

5.00%

01/01/2028

5,000

 

6,121,300

North Carolina (State of) Turnpike Authority; Series 2017, Ref. RB (INS-AGM)(b)

5.00%

01/01/2031

1,250

 

1,549,538

Raleigh & Durham (Cities of) Airport Authority;

 

 

 

 

 

Series 2020 A, Ref. RB (a)

5.00%

05/01/2032

1,000

 

1,345,730

Series 2020 A, Ref. RB (a)

5.00%

05/01/2033

1,500

 

2,013,315

 

 

 

 

 

37,782,215

North Dakota–0.21%

 

 

 

 

 

Burleigh (County of), ND (University of Mary);

 

 

 

 

 

Series 2016, RB

4.38%

04/15/2026

695

 

727,109

Series 2016, RB

5.10%

04/15/2036

2,815

 

3,044,845

 

 

 

 

 

3,771,954

Ohio–3.64%

 

 

 

 

 

American Municipal Power, Inc. (Amp Fremont Energy Center); Series 2012, RB

5.00%

02/15/2021

1,250

 

1,299,587

American Municipal Power, Inc. (Combined Hydroelectric);

 

 

 

 

 

Series 2016 A, Ref. RB

4.00%

02/15/2035

3,000

 

3,364,680

Series 2018 A, RB (d)

2.25%

08/15/2021

1,500

 

1,514,400

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Ohio–(continued)

 

 

 

 

 

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB

5.88%

06/01/2047

$ 4,000

$

4,004,960

Series 2020 A-2, Ref. RB

4.00%

06/01/2037

625

 

747,256

Series 2020 A-2, Ref. RB

4.00%

06/01/2039

500

 

593,710

Series 2020 B-2, Ref. RB

5.00%

06/01/2055

3,775

 

4,269,072

Centerville (City of), OH (Graceworks Lutheran Services); Series 2017, Ref. RB

5.25%

11/01/2037

1,195

 

1,378,612

Cincinnati City School District; Series 2006, Ref. GO Bonds (INS-NATL)(b)

5.25%

12/01/2031

3,000

 

4,316,880

Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014

 

 

 

 

 

A, Ref. RB

5.75%

01/01/2024

660

 

699,376

Cleveland (City of), OH; Series 2012 A, Ref. RB (c)(d)

5.00%

01/01/2022

4,750

 

5,117,555

Cuyahoga (County of), OH (Metrohealth System);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

02/15/2031

1,750

 

2,099,685

Series 2017, Ref. RB

5.00%

02/15/2032

3,980

 

4,768,120

Franklin (County of), OH (First Community Village Obligated Group); Series 2013, Ref. RB

5.25%

07/01/2033

1,000

 

1,019,230

Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB

8.00%

07/01/2042

3,335

 

3,748,040

Hamilton (County of), OH; Series 2016 A, Ref. RB

5.00%

12/01/2027

3,410

 

4,414,893

Hamilton (County of), OH (Christ Hospital); Series 2012, RB

5.25%

06/01/2023

1,500

 

1,640,460

Hamilton (County of), OH (Life Enriching Communities); Series 2012, RB

5.00%

01/01/2032

750

 

818,032

Montgomery (County of), OH (St. Leonard); Series 2010, Ref. RB

6.00%

04/01/2020

140

 

140,483

Montgomery (County of), OH Hospital Facilities (Premier Health Partners Obligated Group);

 

 

 

 

 

Series 2019 A, Ref. RB

5.00%

11/15/2034

1,500

 

1,910,430

Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB

5.00%

02/15/2033

1,240

 

1,353,782

Ohio (State of);

 

 

 

 

 

Series 2020 A, Ref. RB

5.00%

01/15/2033

600

 

790,020

Series 2020 A, Ref. RB

5.00%

01/15/2034

1,000

 

1,313,680

Series 2020 A, Ref. RB

5.00%

01/15/2035

900

 

1,179,990

Ohio (State of) (Portsmouth Bypass); Series 2015, RB (a)

5.00%

12/31/2025

1,300

 

1,542,190

Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2014, RB (a)(d)

2.60%

10/01/2029

7,500

 

7,774,500

Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB (a)(f)

3.75%

01/15/2028

2,000

 

2,184,860

 

 

 

 

 

64,004,483

Oklahoma–0.50%

 

 

 

 

 

Comanche (County of), OK Hospital Authority; Series 2015, Ref. RB

5.00%

07/01/2023

2,815

 

3,068,294

Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch); Series 2016

 

 

 

 

 

B-2, RB (j)

4.75%

11/01/2023

852

 

2,129

Tulsa (City of), OK Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB (a)(d)

5.00%

06/01/2025

5,000

 

5,739,750

 

 

 

 

 

8,810,173

Oregon–0.39%

 

 

 

 

 

Portland (Port of), OR; Series 2017 24-B, RB (a)

5.00%

07/01/2035

3,255

 

3,966,836

Salem (City of), OR Hospital Facility Authority (Capital Manor, Inc.); Series 2012, Ref. RB

5.00%

05/15/2022

630

 

661,702

Tri-County Metropolitan Transportation District; Series 2011 A, RB (c)(d)

5.00%

10/01/2021

2,000

 

2,132,400

 

 

 

 

 

6,760,938

Pennsylvania–5.88%

 

 

 

 

 

Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated

 

 

 

 

 

Group Issue); Series 2018 A, Ref. RB

5.00%

04/01/2032

2,000

 

2,529,920

Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); Series 2019,

 

 

 

 

 

Ref. RB

4.88%

11/01/2024

2,000

 

2,217,000

Allentown Neighborhood Improvement Zone Development Authority (City Center); Series 2018, RB (f)

5.00%

05/01/2033

3,795

 

4,623,524

Commonwealth Financing Authority;

 

 

 

 

 

Series 2018, RB

5.00%

06/01/2030

5,500

 

6,990,170

Series 2018, RB

5.00%

06/01/2031

2,000

 

2,533,180

Cumberland (County of), PA Municipal Authority (Asbury Obligated Group);

 

 

 

 

 

Series 2012, Ref. RB

5.00%

01/01/2022

645

 

672,490

Series 2012, Ref. RB

5.25%

01/01/2027

1,275

 

1,345,903

Delaware River Joint Toll Bridge Commission; Series 2019 B, Ref. RB

5.00%

07/01/2031

370

 

491,970

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Pennsylvania–(continued)

 

 

 

 

 

Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);

 

 

 

 

 

Series 2018, Ref. RB

5.00%

12/01/2029

$ 1,000

$

1,140,940

Series 2018, Ref. RB

5.00%

12/01/2031

1,005

 

1,139,720

Series 2018, Ref. RB

5.00%

12/01/2033

750

 

847,110

Lehigh (County of), PA General Purpose Authority (Bible Fellowship Church Homes, Inc.);

 

 

 

 

 

Series 2013, RB

4.25%

07/01/2020

710

 

713,742

Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University);

 

 

 

 

 

Series 2018 A, Ref. RB

5.00%

09/01/2030

3,500

 

4,506,110

Series 2018 C, RB (SIFMA Municipal Swap Index + 0.72%)(d)(e)

1.87%

09/01/2023

2,800

 

2,800,028

Series 2019, Ref. RB

5.00%

09/01/2031

545

 

714,370

Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities);

 

 

 

 

 

Series 2012, Ref. RB

5.00%

11/15/2025

2,000

 

2,164,960

Series 2012, Ref. RB

5.00%

11/15/2029

1,045

 

1,127,586

Series 2016, Ref. RB

5.00%

11/15/2033

2,000

 

2,404,560

Montgomery (County of), PA Industrial Development Authority (PECO Energy Company); Series 1999,

 

 

 

 

 

Ref. RB (a)(d)

2.70%

04/01/2020

4,380

 

4,384,730

Northampton (County of), PA Industrial Development Authority (Morningstar Senior Living, Inc.);

 

 

 

 

 

Series 2012, RB

5.00%

07/01/2027

2,850

 

3,036,732

Pennsylvania (Commonwealth of);

 

 

 

 

 

First Series 2017, Ref. GO Bonds

5.00%

01/01/2026

5,400

 

6,647,022

Series 2018 A, Ref. COP

5.00%

07/01/2029

300

 

382,197

Series 2018 A, Ref. COP

5.00%

07/01/2030

375

 

475,747

Series 2018 A, Ref. COP

5.00%

07/01/2031

425

 

537,502

Pennsylvania (State of) Economic Development Financing Authority (PA Bridges Finco L.P.);

 

 

 

 

 

Series 2015, RB (a)

5.00%

12/31/2027

5,965

 

7,258,093

Series 2015, RB (a)

5.00%

12/31/2034

2,630

 

3,151,660

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

 

Series 2014 B-1, Ref. RB (SIFMA Municipal Swap Index + 0.98%)(e)

2.13%

12/01/2021

5,000

 

5,047,550

Series 2019 A, RB

5.00%

12/01/2031

1,860

 

2,433,271

Series 2019 A, RB

5.00%

12/01/2034

1,400

 

1,847,272

Pennsylvania Turnpike Commission; Subseries 2017, Ref. RB

5.00%

12/01/2031

4,075

 

5,135,967

Philadelphia (City of), PA; Series 2019 B, GO Bonds

5.00%

02/01/2033

1,200

 

1,577,076

Philadelphia (City of), PA Gas Works;

 

 

 

 

 

Series 2015, Ref. RB

5.00%

08/01/2031

1,000

 

1,192,860

Series 2015, Ref. RB

5.00%

08/01/2032

1,000

 

1,188,410

Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health

 

 

 

 

 

System);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

07/01/2027

3,480

 

4,239,197

Series 2017, Ref. RB

5.00%

07/01/2029

2,295

 

2,776,445

Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University);

 

 

 

 

 

Series 2017 A, Ref. RB

5.00%

09/01/2035

3,000

 

3,661,260

Philadelphia School District; Series 2007 A, Ref. GO Bonds (INS -NATL)(b)

5.00%

06/01/2025

2,400

 

2,895,408

School District of Philadelphia (The);

 

 

 

 

 

Series 2019 A, GO Bonds

5.00%

09/01/2027

1,500

 

1,880,880

Series 2019 A, GO Bonds

5.00%

09/01/2031

1,000

 

1,296,400

Series 2019 B, GO Bonds

5.00%

09/01/2027

1,725

 

2,163,012

State Public School Building Authority (School District of Philidelphia (The)); Series 2016 A, Ref. RB

 

 

 

 

 

(INS-AGM)(b)

5.00%

06/01/2031

120

 

147,418

Washington (County of), PA Industrial Development Authority (Washington Jefferson College);

 

 

 

 

 

Series 2010, RB (c)(d)

5.00%

05/01/2020

1,000

 

1,006,790

 

 

 

 

 

103,326,182

Puerto Rico–0.95%

 

 

 

 

 

Children's Trust Fund; Series 2002, RB

5.38%

05/15/2033

2,200

 

2,260,544

Puerto Rico (Commonwealth of);

 

 

 

 

 

Series 2001 A, GO Bonds (INS-NATL)(b)

5.50%

07/01/2029

1,570

 

1,746,986

Series 2006 A, GO Bonds (CPI RATE + 1.02%) (INS -AGC)(b)(e)

3.48%

07/01/2020

1,060

 

1,060,000

Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2007 CC, Ref. RB

 

 

 

 

 

(INS-AGM)(b)

5.50%

07/01/2030

2,535

 

2,899,432

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Puerto Rico–(continued)

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.;

 

 

 

 

 

Series 2018 A-1, RB (i)

0.00%

07/01/2027

$ 5,700

$

4,875,894

Series 2018 A-1, RB

4.50%

07/01/2034

3,468

 

3,816,846

 

 

 

 

 

16,659,702

Rhode Island–0.68%

 

 

 

 

 

Rhode Island Health & Educational Building Corp. (University of Rhode Island - Auxiliary Enterprise);

 

 

 

 

 

Series 2013 C, Ref. RB

5.00%

09/15/2022

1,000

 

1,099,560

Tobacco Settlement Financing Corp.;

 

 

 

 

 

Series 2015 A, Ref. RB

5.00%

06/01/2026

1,375

 

1,624,425

Series 2015 A, Ref. RB

5.00%

06/01/2027

900

 

1,059,768

Series 2015 A, Ref. RB

5.00%

06/01/2028

1,080

 

1,267,888

Series 2015 A, Ref. RB

5.00%

06/01/2035

5,000

 

5,759,300

Series 2015 B, Ref. RB

2.25%

06/01/2041

1,125

 

1,127,857

 

 

 

 

 

11,938,798

South Carolina–0.75%

 

 

 

 

 

Greenwood (County of), SC (Self Regional Healthcare); Series 2012 B, Ref. RB

5.00%

10/01/2026

4,650

 

5,009,631

Piedmont Municipal Power Agency; Series 2009 A-4, Ref. RB

5.00%

01/01/2021

2,000

 

2,006,200

South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes);

 

 

 

 

 

Series 2013, RB

5.00%

05/01/2023

1,000

 

1,078,350

Series 2013, RB

5.00%

05/01/2028

1,250

 

1,334,550

South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance);

 

 

 

 

 

Series 2013 A, Ref. RB (c)(d)

5.25%

08/01/2023

3,215

 

3,696,607

 

 

 

 

 

13,125,338

South Dakota–0.06%

 

 

 

 

 

South Dakota (State of) Health & Educational Facilities Authority (Regional Health); Series 2010, RB

 

 

 

 

 

(c)(d)

5.00%

09/01/2020

1,105

 

1,127,741

 

 

Tennessee–1.33%

 

 

 

 

 

Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB

4.25%

06/01/2021

745

 

750,923

Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health);

 

 

 

 

 

Series 2018 A, Ref. RB

5.00%

07/01/2034

3,000

 

3,358,110

Series 2018 A, Ref. RB

5.00%

07/01/2035

2,500

 

3,101,825

Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities

 

 

 

 

 

Board (Blakeford at Green Hills); Series 2012, Ref. RB

5.00%

07/01/2022

500

 

538,930

Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities

 

 

 

 

 

Board (Lipscomb University); Series 2019 A, Ref. RB

5.00%

10/01/2035

1,115

 

1,428,393

Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities

 

 

 

 

 

Board (The) (Vanderbilt University Medical Center);

 

 

 

 

 

Series 2016 A, RB

5.00%

07/01/2031

1,000

 

1,218,240

Series 2016 A, RB

5.00%

07/01/2035

2,000

 

2,421,680

Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur

 

 

 

 

 

Healthcare); Series 2017 A, RB

5.00%

05/01/2031

1,185

 

1,476,380

Shelby (County of), TN Health, Educational & Housing Facilities Board (The Village at Germantown,

 

 

 

 

 

Inc.); Series 2014, RB

5.00%

12/01/2029

650

 

713,089

Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);

 

 

 

 

 

Series 2016 A, Ref. RB (f)

5.00%

09/01/2037

750

 

746,535

Tennessee Energy Acquisition Corp.;

 

 

 

 

 

Series 2006 C, RB

5.00%

02/01/2023

1,360

 

1,504,921

Series 2006 C, RB

5.00%

02/01/2024

3,225

 

3,675,597

Series 2006 C, RB

5.00%

02/01/2027

150

 

182,749

Series 2018, RB (d)

4.00%

11/01/2025

2,000

 

2,294,900

 

 

 

 

 

23,412,272

Texas–8.62%

 

 

 

 

 

Arlington Higher Education Finance Corp. (Universal Academy);

 

 

 

 

 

Series 2014 A, RB

5.88%

03/01/2024

255

 

269,275

Series 2014 A, RB

6.63%

03/01/2029

1,000

 

1,112,400

Austin (City of), TX; Series 2019 B, RB (a)

5.00%

11/15/2034

2,000

 

2,600,740

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Texas–(continued)

 

 

 

 

 

Austin Convention Enterprises, Inc.;

 

 

 

 

 

Series 2017, Ref. RB

5.00%

01/01/2032

$ 1,075

$

1,275,509

Series 2017, Ref. RB

5.00%

01/01/2033

1,200

 

1,445,808

Bexar (County of), TX Hospital District; Series 2020, Ref. GO Bonds

5.00%

02/15/2031

2,000

 

2,630,120

Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin);

 

 

 

 

 

Series 2005 A, RB

5.50%

04/01/2023

1,670

 

1,676,363

Series 2005 A, RB

5.50%

04/01/2025

1,610

 

1,615,989

Central Texas Turnpike System; Series 2015 C, Ref. RB

5.00%

08/15/2027

1,470

 

1,725,677

Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2013, RB

6.00%

08/15/2033

1,250

 

1,452,350

Clifton Higher Education Finance Corp. (International Leadership of Texas);

 

 

 

 

 

Series 2015 A, RB

4.88%

08/15/2027

500

 

570,540

Series 2015 A, RB

5.13%

08/15/2030

3,000

 

3,440,010

Series 2018 D, RB

5.75%

08/15/2033

5,000

 

5,850,850

Dallas Area Rapid Transit; Series 2019, Ref. RB

5.00%

12/01/2032

2,000

 

2,695,700

Dallas-Fort Worth (Cities of), TX International Airport;

 

 

 

 

 

Series 2013 F, Ref. RB

5.25%

11/01/2033

3,500

 

4,026,330

Series 2014 A, Ref. RB (a)

5.25%

11/01/2026

2,000

 

2,305,440

Decatur (City of), TX Hospital Authority (Wise Regional Health System);

 

 

 

 

 

Series 2014 A, Ref. RB

5.00%

09/01/2022

150

 

162,156

Series 2014 A, Ref. RB

5.00%

09/01/2023

150

 

166,826

Series 2014 A, Ref. RB

5.00%

09/01/2024

265

 

302,039

Series 2014 A, Ref. RB

5.25%

09/01/2029

1,000

 

1,147,000

Dickinson Independent School District; Series 2000, Ref. GO Bonds (CEP-Texas Permanent School

 

 

 

 

 

Fund)

6.00%

02/15/2028

2,000

 

2,496,040

Frisco Independent School District; Series 2019, Ref. GO Bonds (CEP-Texas Permanent School Fund)

5.00%

08/15/2036

3,375

 

4,400,561

Grand Parkway Transportation Corp.;

 

 

 

 

 

Series 2020, Ref. RB

4.00%

10/01/2037

1,000

 

1,215,930

Series 2020, Ref. RB

4.00%

10/01/2038

2,250

 

2,727,180

Gulf Coast Waste Disposal Authority;

 

 

 

 

 

Series 2013, RB (INS-AGM)(b)

5.00%

10/01/2021

1,250

 

1,331,125

Series 2013, RB (INS-AGM)(b)

5.00%

10/01/2023

2,610

 

2,884,207

Harris County Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes, Inc.);

 

 

 

 

 

Series 2013 A, RB

4.00%

01/01/2023

995

 

1,040,710

Series 2013 A, RB

5.00%

01/01/2033

1,090

 

1,161,450

Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System);

 

 

 

 

 

Series 2013 B, Ref. RB (SIFMA Municipal Swap Index + 0.75%)(e)

1.90%

06/01/2020

2,000

 

2,002,280

Harris County Cultural Education Facilities Finance Corp. (Methodist Hospital); Series 2008 C-2, VRD

 

 

 

 

 

RB (g)

1.35%

12/01/2027

10,300

 

10,300,000

Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital); Series 2015, RB

 

 

 

 

 

(68% of 1 mo. USD LIBOR + 0.85%)(d)(e)

1.94%

06/01/2020

5,000

 

5,001,650

Harris County Cultural Education Facilities Finance Corp. (YMCA of the Greater Houston Area);

 

 

 

 

 

Series 2013 A, Ref. RB

5.00%

06/01/2028

1,500

 

1,625,625

Harris Health Facilities Development Corp. (Methodist Hospital System); Series 2008 A-2, VRD RB (g)

2.16%

12/01/2041

7,200

 

7,200,000

Hopkins (County of), TX Hospital District; Series 2008, RB

5.50%

02/15/2023

315

 

315,854

Houston (City of), TX; Series 2011 A, Ref. RB (a)

5.00%

07/01/2025

1,000

 

1,053,580

Houston (City of), TX Airport System (United Airlines, Inc. Airport Improvement); Series 2015 C, Ref.

 

 

 

 

 

RB (a)

5.00%

07/15/2020

5,000

 

5,066,600

Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.);

 

 

 

 

 

Series 2011 A, RB (c)

5.88%

05/15/2021

265

 

273,485

Series 2012 A, RB

4.00%

02/15/2022

175

 

181,764

Lower Colorado River Authority;

 

 

 

 

 

Series 2019 A, RB

5.00%

05/15/2031

400

 

527,020

Series 2019, Ref. RB

5.00%

05/15/2030

1,200

 

1,587,216

Mesquite Health Facilities Development Corporation (Christian Care Centers, Inc.); Series 2014, Ref.

 

 

 

 

 

RB

5.00%

02/15/2024

285

 

294,154

New Hope Cultural Education Facilities Corp. (Morningside Ministries); Series 2013, RB

6.25%

01/01/2033

1,600

 

1,777,584

New Hope Cultural Education Facilities Corp. (Presbyterian Village North);

 

 

 

 

 

Series 2018, Ref. RB

5.00%

10/01/2029

2,105

 

2,425,149

Series 2018, Ref. RB

5.00%

10/01/2030

2,210

 

2,536,085

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Texas–(continued)

 

 

 

 

 

New Hope Cultural Education Facilities Corp. (Wesleyan Homes, Inc.);

 

 

 

 

 

Series 2014, RB

5.25%

01/01/2029

$ 1,500

$

1,654,125

Series 2014, RB

5.50%

01/01/2035

1,400

 

1,563,492

New Hope Cultural Education Facilities Finance Corp. (Longhorn Village);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

01/01/2027

1,090

 

1,228,463

Series 2017, Ref. RB

5.00%

01/01/2029

1,205

 

1,352,829

Series 2017, Ref. RB

5.00%

01/01/2037

2,000

 

2,214,080

New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); Series 2016

 

 

 

 

 

B-1, RB

3.25%

11/15/2022

320

 

320,099

New Hope Cultural Education Facilities Finance Corp. (Tarleton State University); Series 2014 A, RB

5.00%

04/01/2029

620

 

686,799

Newark High Education Finance Corp. (A+ Charter Schools, Inc.); Series 2015 A, RB (f)

4.63%

08/15/2025

915

 

985,693

North Texas Tollway Authority;

 

 

 

 

 

Series 2008 I, Ref. RB (INS-AGC)(b)(l)

6.20%

01/01/2042

4,500

 

5,584,725

Series 2017 B, Ref. RB (INS-AGM)(b)

4.00%

01/01/2034

750

 

863,528

Series 2019 B, Ref. RB

5.00%

01/01/2029

1,000

 

1,318,470

Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas, LLC);

 

 

 

 

 

Series 2016 A, RB

5.00%

08/15/2036

1,960

 

2,162,899

SA Energy Acquisition Public Facility Corp.; Series 2007, RB

5.50%

08/01/2021

1,475

 

1,567,129

San Antonio (City of), TX; Series 2020 A, Ref. RB

5.00%

05/15/2031

1,000

 

1,360,050

Tarrant County Cultural Education Facilities Finance Corp. (SQLC Senior Living Center at Corpus

 

 

 

 

 

Christi, Inc.-Mirador); Series 2017 A, RB (j)

4.13%

11/15/2038

2,680

 

26,800

Temple (City of), TX; Series 2018 A, RB (f)

5.00%

08/01/2038

4,000

 

4,480,240

Texas (State of) Transportation Commission;

 

 

 

 

 

Series 2019, RB (i)

0.00%

08/01/2034

1,400

 

926,884

Series 2019, RB (i)

0.00%

08/01/2035

1,250

 

776,475

Series 2019, RB (i)

0.00%

08/01/2036

1,000

 

589,010

Texas (State of) Transportation Commission (Central Texas Turnpike System); Series 2015 C, Ref. RB

5.00%

08/15/2033

5,000

 

5,843,100

Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB

6.25%

12/15/2026

2,550

 

3,036,132

Texas Municipal Gas Acquisition & Supply Corp. III;

 

 

 

 

 

Series 2012, RB

5.00%

12/15/2021

2,600

 

2,780,050

Series 2012, RB

5.00%

12/15/2022

500

 

553,445

Series 2012, RB

5.00%

12/15/2023

3,950

 

4,377,745

Series 2012, RB

5.00%

12/15/2028

1,775

 

1,959,724

Series 2012, RB

5.00%

12/15/2032

1,775

 

1,949,980

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant

 

 

 

 

 

Express Managed Lanes); Series 2019 A, Ref. RB

5.00%

12/31/2032

3,000

 

3,972,750

Travis County Cultural Education Facilities Finance Corp. (Wayside Schools);

 

 

 

 

 

Series 2012 A, RB

4.63%

08/15/2022

260

 

268,494

Series 2012 A, RB

5.00%

08/15/2027

1,085

 

1,127,792

 

 

 

 

 

151,427,373

Utah–0.30%

 

 

 

 

 

Salt Lake City (City of), UT; Series 2017 A, RB (a)

5.00%

07/01/2034

3,500

 

4,336,290

Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy); Series 2010,

 

 

 

 

 

RB

6.38%

07/15/2040

1,000

 

1,014,650

 

 

 

 

 

5,350,940

Vermont–0.21%

 

 

 

 

 

University of Vermont & State Agricultural College;

 

 

 

 

 

Series 2019 B, Ref. RB

5.00%

10/01/2035

1,220

 

1,753,835

Series 2019 B, Ref. RB

5.00%

10/01/2036

1,375

 

2,002,509

 

 

 

 

 

3,756,344

Virgin Islands–0.17%

 

 

 

 

 

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B,

 

 

 

 

 

Ref. RB

5.00%

10/01/2025

2,950

 

2,955,546

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27

Invesco Intermediate Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Virginia–0.91%

 

 

 

 

 

Dulles Town Center Community Development Authority (Dulles Town Center);

 

 

 

 

 

Seires 2012, Ref. RB

5.00%

03/01/2022

$ 1,100

$

1,155,374

Series 2012, Ref. RB

5.00%

03/01/2021

1,395

 

1,433,070

Series 2012, Ref. RB

4.25%

03/01/2026

700

 

720,517

Fairfax (County of), VA Economic Development Authority (Vinson Hall, LLC); Series 2013 A, RB

4.00%

12/01/2022

530

 

552,790

Fairfax (County of), VA Economic Development Authority (Wiehle Ave Metrorail Station); Series 2020,

 

 

 

 

 

Ref. RB

5.00%

08/01/2029

3,100

 

4,123,155

Virginia (State of) Small Business Financing Authority (95 Express Lanes, LLC); Series 2017, RB (a)

5.00%

07/01/2034

5,000

 

5,346,150

Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC);

 

 

 

 

 

Series 2012, RB (a)

5.00%

01/01/2027

2,500

 

2,716,200

 

 

 

 

 

16,047,256

Washington–2.20%

 

 

 

 

 

Chelan (County of), WA Public Utility District No. 1; Series 2011 A, Ref. RB (a)

5.50%

07/01/2025

1,000

 

1,058,790

Energy Northwest (Columbia Generating Station); Series 2019 A, Ref. RB

5.00%

07/01/2038

2,360

 

3,082,726

Energy Northwest (Project #3); Series 2017 A, Ref. RB

5.00%

07/01/2028

1,000

 

1,283,690

Seattle (Port of), WA;

 

 

 

 

 

Series 2016 B, Ref. RB (a)

5.00%

10/01/2028

3,730

 

4,556,232

Series 2019, RB (a)

5.00%

04/01/2032

2,000

 

2,571,600

Seattle (Port of), WA (SEATAC Fuel Facilities LLC);

 

 

 

 

 

Series 2013, Ref. RB (a)

5.00%

06/01/2021

650

 

682,481

Series 2013, Ref. RB (a)

5.00%

06/01/2024

1,560

 

1,758,650

Washington (State of); Series 2021 A, Ref. GO Bonds

5.00%

06/01/2033

2,250

 

2,929,523

Washington (State of) Convention Center Public Facilities District; Series 2018, RB

5.00%

07/01/2031

2,425

 

3,101,163

Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2013, RB

 

 

 

 

 

(SIFMA Municipal Swap Index + 1.40%)(d)(e)

2.55%

01/01/2025

3,350

 

3,493,213

Washington (State of) Health Care Facilities Authority (PeaceHealth); Series 2014 A, Ref. RB

5.00%

11/15/2027

500

 

580,515

Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

08/15/2032

1,500

 

1,832,535

Series 2017, Ref. RB

5.00%

08/15/2037

1,360

 

1,643,424

Washington (State of) Housing Finance Commission (Bayview Manor Senior);

 

 

 

 

 

Series 2016 A, Ref. RB (f)

5.00%

07/01/2031

1,350

 

1,503,549

Series 2016 A, Ref. RB (f)

5.00%

07/01/2036

1,450

 

1,599,814

Washington (State of) Housing Finance Commission (The Hearthstone); Series 2018 A, Ref. RB (f)

5.00%

07/01/2038

830

 

916,403

Washington (State of) Housing Finance Commission (Transforming Age);

 

 

 

 

 

Series 2019 A, RB (f)

5.00%

01/01/2034

745

 

873,900

Series 2019 A, RB (f)

5.00%

01/01/2039

1,400

 

1,625,120

Washington (State of) Tobacco Settlement Authority; Series 2013, Ref. RB

5.00%

06/01/2022

3,260

 

3,541,794

 

 

 

 

 

38,635,122

West Virginia–0.29%

 

 

 

 

 

Monongalia (County of), WV Commission Special District (University Town Centre Economic

 

 

 

 

 

Opportunity Development District); Series 2017 A, Ref. RB (f)

5.50%

06/01/2037

2,000

 

2,275,840

West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);

 

 

 

 

 

Series 2016, RB (a)(f)

6.75%

02/01/2026

2,000

 

2,043,260

Series 2018, RB (a)(f)

8.75%

02/01/2036

640

 

660,051

West Virginia (State of) Hospital Finance Authority (Thomas Health System); Series 2008, RB (j)

6.00%

10/01/2020

240

 

132,000

 

 

 

 

 

5,111,151

Wisconsin–2.31%

 

 

 

 

 

Public Finance Authority (American Dream at Meadowlands); Series 2017, RB (f)

6.25%

08/01/2027

5,000

 

6,068,800

Public Finance Authority (Goodwill Industries of Southern Nevada, Inc.); Series 2019 A, RB

5.50%

12/01/2038

1,930

 

2,203,679

Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB (f)

4.38%

06/15/2029

2,105

 

2,221,975

Superior (City of), WI (Superior Water, Light & Power Co.); Series 2007 A, Ref. RB (a)

5.38%

11/01/2021

1,370

 

1,374,617

Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

06/01/2030

1,560

 

1,750,320

Series 2017, Ref. RB

5.00%

06/01/2032

1,720

 

1,916,441

Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);

 

 

 

 

 

Series 2019 B-2, Ref. RB

2.55%

11/01/2027

2,000

 

2,031,000

Series 2019 B-3, Ref. RB

2.25%

11/01/2026

1,000

 

1,014,730

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28

Invesco Intermediate Term Municipal Income Fund

 

 

 

 

Principal

 

 

 

 

 

Interest

Maturity

Amount

 

 

 

 

 

Rate

Date

(000)

 

Value

Wisconsin–(continued)

 

 

 

 

 

 

 

Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance);

 

 

 

 

 

 

 

Series 2012, RB

5.00%

06/01/2025

$

2,450

$

2,656,143

 

Series 2012, RB

5.00%

06/01/2026

 

1,000

 

1,083,680

 

Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth);

 

 

 

 

 

 

 

Series 2016 A, RB (f)

5.00%

06/01/2025

 

1,000

 

1,113,280

 

Series 2016 A, RB (f)

4.63%

06/01/2036

 

125

 

132,245

 

Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1,

 

 

 

 

 

 

 

RB (f)

6.25%

01/01/2038

 

3,250

 

3,511,105

 

Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB

5.20%

12/01/2037

 

4,000

 

4,862,160

 

Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);

 

 

 

 

 

 

 

Series 2012, RB

5.00%

04/01/2022

 

315

 

326,138

 

Series 2015, Ref. RB

5.00%

04/01/2025

 

995

 

1,078,550

 

Wisconsin (State of) Public Finance Authority (Wittenberg University); Series 2016, RB (f)

4.13%

12/01/2024

 

2,900

 

3,065,590

 

Wisconsin Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated

 

 

 

 

 

 

 

Group); Series 2017, Ref. RB

5.00%

08/01/2032

 

3,700

 

4,092,718

 

 

 

 

 

 

 

 

40,503,171

 

Wyoming–0.11%

 

 

 

 

 

 

 

Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB (INS-BAM)(b)

5.00%

01/01/2031

 

1,500

 

1,848,436

 

TOTAL INVESTMENTS IN SECURITIES(o)–102.91% (Cost $1,679,844,850)

 

 

 

 

 

1,807,426,128

 

FLOATING RATE NOTE OBLIGATIONS–(2.29)%

 

 

 

 

 

 

 

Notes with interest and fee rates ranging from 1.70% to 1.77% at 02/29/2020 and

 

 

 

 

 

 

 

 

contractual maturities of collateral ranging from 09/01/2022 to 06/01/2032 (See

 

 

 

 

 

 

 

 

Note 1J)(p)

 

 

 

 

 

(40,145,000)

 

 

 

 

 

 

 

 

OTHER ASSETS LESS LIABILITIES–(0.62)%

 

 

 

 

 

(10,945,003)

NET ASSETS –100.00%

 

 

 

 

$

1,756,336,125

 

Investment Abbreviations:

 

 

 

 

 

 

 

AGC

– Assured Guaranty Corp.

 

 

 

 

 

 

 

AGM

– Assured Guaranty Municipal Corp.

 

 

 

 

 

 

 

BAM

– Build America Mutual Assurance Co.

 

 

 

 

 

 

 

COP

– Certificates of Participation

 

 

 

 

 

 

 

CPI

– Consumer Price Index

 

 

 

 

 

 

 

Ctfs.

– Certificates

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

PCR

– Pollution Control Revenue Bonds

 

 

 

 

 

 

 

RB

– Revenue Bonds

 

 

 

 

 

 

 

Ref.

– Refunding

 

 

 

 

 

 

 

RN

– Revenue Notes

 

 

 

 

 

 

 

SIFMA – Securities Industry and Financial Markets Association

 

 

 

 

 

 

 

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.

29

Invesco Intermediate Term Municipal Income Fund

Notes to Schedule of Investments:

(a)Security subject to the alternative minimum tax.

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

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

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

(e)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.

(f)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $111,984,575, which represented 6.38% of the Fund's Net Assets.

(g)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 29, 2020.

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

(i)Zero coupon bond issued at a discount.

(j)Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 29, 2020 was $1,305,737, which represented less than 1% of the Fund's Net Assets.

(k)Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

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

(m)Security subject to crossover refunding.

(n)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 $9,800,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

(o)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 obligation but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each.

(p)Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 29, 2020. At February 29, 2020, the Fund's investments with a value of $70,926,713 are held by TOB Trusts and serve as collateral for the $40,145,000 in the floating rate note obligations outstanding at that date.

Open Futures Contracts(a)

 

 

 

 

 

Unrealized

Short Futures Contracts

Number of

Expiration

Notional

 

Appreciation

Contracts

Month

Value

Value

(Depreciation)

Interest Rate Risk

 

 

 

 

 

U.S. Treasury 10 Year Notes

486

June-2020

$(65,488,500)

$(849,125)

$(849,125)

(a)Futures contracts collateralized by $590,000 cash held with Goldman Sachs & Co., the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30

Invesco Intermediate Term Municipal Income Fund

Statement of Assets and Liabilities

February 29, 2020

Assets:

 

Investments in securities, at value

 

(Cost $1,679,844,850)

$1,807,426,128

Deposits with brokers:

 

Cash collateral — exchange-traded futures contracts

590,000

Receivable for:

 

Investments sold

944,020

Fund shares sold

5,083,776

Interest

17,409,839

Investment for trustee deferred compensation and

 

retirement plans

91,784

Other assets

75,157

Total assets

1,831,620,704

Liabilities:

 

Floating rate note obligations

40,145,000

Other investments:

 

Variation margin payable - futures contracts

691,029

Payable for:

 

Investments purchased

28,815,719

Dividends

963,855

Fund shares reacquired

3,788,022

Amount due custodian

17,931

Accrued fees to affiliates

642,304

Accrued trustees' and officers' fees and benefits

4,045

Accrued other operating expenses

112,146

Trustee deferred compensation and retirement plans

104,528

Total liabilities

75,284,579

Net assets applicable to shares outstanding

$1,756,336,125

Net assets consist of:

 

 

Shares of beneficial interest

$

1,657,902,807

Distributable earnings

 

98,433,318

 

$

1,756,336,125

Net Assets:

 

 

Class A

$1,114,423,118

Class C

$

145,442,784

Class Y

$

492,201,821

Class R6

$

4,268,402

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A

 

95,592,278

Class C

 

12,512,256

Class Y

 

42,249,790

Class R6

 

366,468

Class A:

 

 

Net asset value per share

$

11.66

Maximum offering price per share

 

 

(Net asset value of $11.66 ÷ 97.50%)

$

11.96

Class C:

 

 

Net asset value and offering price per share

$

11.62

Class Y:

 

 

Net asset value and offering price per share

$

11.65

Class R6:

 

 

Net asset value and offering price per share

$

11.65

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31

Invesco Intermediate Term Municipal Income Fund

Statement of Operations

For the year ended February 29, 2020

Investment income:

 

 

 

 

Interest

$

52,342,966

Expenses:

 

 

 

 

Advisory fees

 

7,080,006

Administrative services fees

 

216,468

 

Custodian fees

 

16,685

 

Distribution fees:

 

 

 

 

Class A

 

2,360,185

Class C

 

1,193,653

Interest, facilities and maintenance fees

 

819,490

 

Transfer agent fees — A, C and Y

 

1,315,852

Transfer agent fees — R6

 

802

 

Trustees' and officers' fees and benefits

 

36,910

 

Registration and filing fees

 

116,541

 

Reports to shareholders

 

86,233

 

Professional services fees

 

71,917

 

Other

 

36,726

 

Total expenses

 

13,351,468

Less: Expenses reimbursed and/or expense offset arrangement(s)

 

(25,328)

Net expenses

 

13,326,140

Net investment income

 

39,016,826

Realized and unrealized gain (loss) from:

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

Investment securities

 

12,684

 

Futures contracts

 

(3,391,804)

 

 

 

 

 

 

(3,379,120)

Change in net unrealized appreciation (depreciation) of:

 

 

 

 

Investment securities

 

93,277,088

Futures contracts

 

(1,002,219)

 

 

92,274,869

Net realized and unrealized gain

 

88,895,749

Net increase in net assets resulting from operations

$127,912,575

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32

Invesco Intermediate Term Municipal Income Fund

Statement of Changes in Net Assets

For the years ended February 29, 2020 and February 28, 2019

 

 

2020

 

2019

 

 

Operations:

 

 

 

 

 

 

Net investment income

$

39,016,826

$

37,741,736

 

Net realized gain (loss)

 

(3,379,120)

 

(4,342,919)

Change in net unrealized appreciation

 

92,274,869

 

8,839,709

 

 

Net increase in net assets resulting from operations

 

127,912,575

 

42,238,526

 

Distributions to shareholders from distributable earnings:

 

 

 

 

 

 

Class A

 

(25,893,042)

 

(21,992,216)

 

 

 

 

 

 

Class C

 

(2,382,441)

 

(4,350,818)

 

 

 

 

 

 

Class Y

 

(13,586,786)

 

(11,651,405)

 

 

 

 

 

 

Class R6

 

(24,766)

 

(312)

 

 

 

 

 

 

Total distributions from distributable earnings

 

(41,887,035)

 

(37,994,751)

Share transactions–net:

 

 

 

 

 

 

Class A

 

212,649,338

 

78,379,131

 

Class C

 

32,464,371

 

(130,236,175)

Class Y

 

53,468,799

 

77,124,676

 

Class R6

 

4,162,766

 

—

 

Net increase in net assets resulting from share transactions

 

302,745,274

 

25,267,632

 

Net increase in net assets

 

388,770,814

 

29,511,407

 

Net assets:

 

 

 

 

 

 

Beginning of year

 

1,367,565,311

 

1,338,053,904

 

End of year

$

1,756,336,125

$

1,367,565,311

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33

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.

 

 

 

 

 

 

 

 

 

 

 

Supplemental

 

 

 

 

 

 

 

 

 

 

 

 

 

ratio of

 

 

 

 

 

 

 

 

 

 

 

 

 

expenses

 

 

 

 

 

 

 

 

 

 

 

Ratio of

Ratio of

to average

 

 

 

 

 

 

 

 

 

 

 

expenses

expenses

net assets

 

 

 

 

 

Net gains

 

 

 

 

 

to average

to average net

with fee waivers

 

 

 

 

 

(losses)

 

 

 

 

 

net assets

assets without

(excluding

Ratio of net

 

 

Net asset

 

on securities

 

Dividends

 

 

 

with fee waivers

fee waivers

interest,

investment

 

 

value,

Net

(both

Total from

from net

Net asset

 

Net assets,

and/or

and/or

facilities and

income

 

 

beginning

investment

realized and

investment

investment

value, end

Total

end of period

expenses

expenses

maintenance

to average

Portfolio

 

of period

income(a)

unrealized)

operations

income

of period

return (b)

(000's omitted)

absorbed

absorbed

fees)

net assets

turnover (c)

Class A

 

 

 

 

 

 

 

 

0.89%(d)

0.89%(d)

0.84%(d)

2.56%(d)

 

Year ended 02/29/20

$11.02

$0.29

$ 0.66

$ 0.95

$(0.31)

$11.66

8.75% $1,114,423

11%

Year ended 02/28/19

10.99

0.31

0.03

0.34

(0.31)

11.02

3.19

848,116

0.88

0.91

0.84

2.85

27

Year ended 02/28/18

10.97

0.31

0.02

0.33

(0.31)

10.99

3.03

766,748

0.87

0.91

0.84

2.79

16

Year ended 02/28/17

11.29

0.30

(0.33)

(0.03)

(0.29)

10.97

(0.30)

701,376

0.85

0.90

0.82

2.71

20

Year ended 02/29/16

11.23

0.32

0.04

0.36

(0.30)

11.29

3.25

648,535

0.82

0.90

0.80

2.88

7

Class C

 

 

 

 

 

 

7.87(e)

145,443

1.64(d)(e)

1.64(d)(e)

1.59(d)(e)

1.81(d)(e)

11

Year ended 02/29/20

10.99

0.20

0.66

0.86

(0.23)

11.62

Year ended 02/28/19

10.96

0.23

0.03

0.26

(0.23)

10.99

2.42(e)

106,166

1.63(e)

1.66(e)

1.59(e)

2.10(e)

27

Year ended 02/28/18

10.94

0.23

0.02

0.25

(0.23)

10.96

2.26(e)

236,475

1.62(e)

1.66(e)

1.59(e)

2.04(e)

16

Year ended 02/28/17

11.26

0.22

(0.34)

(0.12)

(0.20)

10.94

(1.06)(e)

234,811

1.60(e)

1.65(e)

1.57(e)

1.96(e)

20

Year ended 02/29/16

11.20

0.24

0.04

0.28

(0.22)

11.26

2.53(e)

204,971

1.57(e)

1.65(e)

1.55(e)

2.13(e)

7

Class Y

 

 

 

 

 

 

 

 

0.64(d)

0.64(d)

0.59(d)

2.81(d)

11

Year ended 02/29/20

11.02

0.32

0.65

0.97

(0.34)

11.65

8.93

492,202

Year ended 02/28/19

10.98

0.34

0.04

0.38

(0.34)

11.02

3.54

413,274

0.63

0.66

0.59

3.10

27

Year ended 02/28/18

10.96

0.34

0.02

0.36

(0.34)

10.98

3.29

334,820

0.62

0.66

0.59

3.04

16

Year ended 02/28/17

11.28

0.33

(0.33)

0.00

(0.32)

10.96

(0.05)

271,646

0.60

0.65

0.57

2.96

20

Year ended 02/29/16

11.22

0.35

0.04

0.39

(0.33)

11.28

3.51

212,783

0.57

0.65

0.55

3.13

7

Class R6

 

 

 

 

 

 

 

 

0.64(d)

0.64(d)

0.59(d)

2.81(d)

11

Year ended 02/29/20

11.01

0.32

0.66

0.98

(0.34)

11.65

9.03

4,268

Year ended 02/28/19

10.97

0.34

0.04

0.38

(0.34)

11.01

3.54

10

0.63

0.67

0.59

3.10

27

Year ended 02/28/18(f)

10.99

0.31

(0.02)

0.29

(0.31)

10.97

2.65

10

0.62(g)

0.67(g)

0.59(g)

3.04(g)

16

(a)Calculated using average shares outstanding.

(b)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.

(c)Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

(d)Ratios are based on average daily net assets (000's omitted) of $944,074, $119,365, $453,494 and $846 for Class A, Class C, Class Y and Class R6 shares, respectively.

(e)The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets, reflect actual 12b-1 fees of 1.00% for the years ended February 29, 2020, February 28, 2019, February 28, 2018, February 28, 2017 and February 29, 2016, respectively.

(f)Commencement date of April 4, 2017.

(g)Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34

Invesco Intermediate Term Municipal Income Fund

Notes to Financial Statements

February 29, 2020

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 ten 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 tenth 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 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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. 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 (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value ("NAV") per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE").

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 and the country that has the primary market for the issuer's securities, 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

35

Invesco Intermediate Term Municipal Income Fund

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. 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.

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 relative net assets.

G.Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

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.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 generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund's net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB 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 from engaging in proprietary trading of certain instruments and limit such entities' investments in, and relationships with, "covered funds", as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as "sponsors" of TOB Trusts. These duties may be performed by a third-party service provider. The Fund's expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust's municipal bonds. 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 Trust transactions or increase the costs of such transactions in certain circumstances.

36

Invesco Intermediate Term Municipal Income Fund

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and 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.

K.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 financial instrument. 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.

L.Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. 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 Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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

0.500%

Over $500 million

0.450%

 

 

For the year ended February 29, 2020, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (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 contractually agreed, through at least June 30, 2020, 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 0.84%, 1.59%, 0.59% and 0.59%, respectively, of average daily net assets (the "expense 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. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2020. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended February 29, 2020, the Adviser reimbursed class level expenses of $15,486, $1,958, $7,439, and $0 of Class A, Class C, Class Y, and Class R6 shares, respectively.

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 29, 2020, 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 29, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. ("IDI"). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the "Plans") for Class A shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% of Class C average daily net assets. The fees are accrued daily and paid monthly.

With respect to Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class C maximum annual reimbursement rate, respectively.

37

Invesco Intermediate Term Municipal Income Fund

With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the year ended February 29, 2020, expenses incurred under these agreements 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 29, 2020, IDI advised the Fund that IDI retained $149,783 in front-end sales commissions from the sale of Class A shares and $129,396 and $3,326 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own 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 29, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

 

Level 1

Level 2

Level 3

Total

Investments in Securities

 

 

 

 

 

 

Municipal Obligations

$

—

$1,807,426,128

$—

$1,807,426,128

 

Other Investments - Liabilities*

 

 

 

 

 

 

Futures Contracts

 

(849,125)

—

—

(849,125)

Total Investments

$(849,125)

$1,807,426,128

$—

$1,806,577,003

 

*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 29, 2020:

 

Value

 

Interest

Derivative Liabilities

Rate Risk

Unrealized depreciation on futures contracts — Exchange-Traded

$(849,125)

Derivatives not subject to master netting agreements

849,125

 

 

 

 

 

Total Derivative Liabilities subject to master netting agreements

$

-

 

 

 

 

 

Effect of Derivative Investments for the year ended February 29, 2020

 

 

 

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

 

Statement of Operations

 

Interest

 

 

 

Rate Risk

 

 

Realized Gain (Loss):

 

 

 

Futures contracts

$(3,391,804)

 

 

Change in Net Unrealized Appreciation (Depreciation):

 

 

 

Futures contracts

(1,002,219)

 

 

Total

$(4,394,023)

 

 

 

 

 

 

38

Invesco Intermediate Term Municipal Income Fund

The table below summarizes the average notional value of derivatives held during the period.

Futures

Contracts

Average notional value

$32,885,001

NOTE 5—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 29, 2020, the Fund engaged in securities purchases of $106,046,323 and securities sales of $104,382,043, which did not result in any net realized gains (losses).

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 29, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $445.

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. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate 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 Trust 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 Trust 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. The Trust may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Trust's total assets, or when any borrowings from an Invesco Fund are outstanding.

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 29, 2020 were $40,007,500 and 2.04%, respectively.

NOTE 9—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 29, 2020 and February 28, 2019:

 

 

2020

 

2019

 

 

Ordinary income-tax-exempt

$41,887,035

 

$37,994,751

 

 

 

 

 

 

 

 

Tax Components of Net Assets at Period-End:

 

 

 

 

 

 

 

 

 

2020

 

 

Undistributed tax-exempt income

 

$

220,879

 

Net unrealized appreciation — investments

 

 

127,676,629

 

Temporary book/tax differences

 

 

(88,699)

 

 

 

 

 

Capital loss carryforward

 

 

(29,375,491)

 

 

 

 

 

Shares of beneficial interest

 

 

1,657,902,807

 

Total net assets

 

$1,756,336,125

 

 

 

 

 

 

 

 

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 TOBS accretion of bond discount and defaulted bonds and futures contracts.

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.

39

Invesco Intermediate Term Municipal Income Fund

The Fund has a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$20,278,016

$9,097,475

$29,375,491

*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. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 29, 2020 was $480,760,505 and $170,843,255, respectively. Cost of investments, including any derivatives, on a tax basis 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

Aggregate unrealized appreciation of investments

$131,433,612

 

Aggregate unrealized (depreciation) of investments

(3,756,983)

Net unrealized appreciation of investments

$127,676,629

 

Cost of investments for tax purposes is $1,678,899,359.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of defaulted bonds, federal income tax under distribution, non-deductible federal income tax expense and market discount, on February 29, 2020, undistributed net investment income was decreased by $56,152, undistributed net realized gain (loss) was increased by $29,497 and shares of beneficial interest was increased by $26,655. This reclassification had no effect on the net assets of the Fund.

NOTE 12—Share Information

Summary of Share Activity

 

 

Year ended

Year ended

 

 

February 29, 2020(a)

 

February 28, 2019

 

 

 

Shares

Amount

Shares

 

Amount

Sold:

 

 

 

 

 

 

 

 

 

Class A

36,871,281

$ 419,216,381

26,873,300

$

294,160,713

 

Class C

6,293,548

71,369,191

3,454,954

 

37,731,473

 

Class Y

13,483,869

152,813,307

19,035,068

 

208,316,573

 

Class R6

364,895

4,155,100

-

 

-

 

 

Issued as reinvestment of dividends:

 

 

 

 

 

 

 

 

 

Class A

1,587,358

18,051,345

1,480,164

 

16,216,458

 

Class C

170,204

1,930,123

322,679

 

3,524,937

 

 

Class Y

889,370

10,103,888

784,161

 

8,584,058

 

 

Class R6

2,045

23,518

-

 

-

 

 

Automatic conversion of Class C shares to Class A shares:

 

 

 

 

 

 

 

 

 

Class A

510,266

5,791,917

-

 

-

 

 

Class C

(511,711)

(5,791,917)

-

 

-

 

 

Reacquired:

 

 

 

 

 

 

 

 

 

Class A

(20,311,458)

(230,410,305)

(21,200,690)

 

(231,998,040)

 

 

 

 

 

 

 

Class C

(3,098,952)

(35,043,026)

(15,698,929)

 

(171,492,585)

 

 

 

 

 

 

 

Class Y

(9,639,835)

(109,448,396)

(12,796,537)

 

(139,775,955)

Class R6

(1,383)

(15,852)

-

 

-

 

 

Net increase in share activity

26,609,497

$ 302,745,274

2,254,170

$

25,267,632

 

(a)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.

NOTE 13—Significant Event

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the "Agreement") pursuant to which the Fund would .

The reorganization is expected to be consummated on May 15, 2020. Upon closing of the reorganization, shareholders of the Target Fund will receive shares of the Fund in exchange for their shares of the Target Fund, and the Target Fund will liquidate and cease operations.

NOTE 14—Subsequent Event

During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund's

40

Invesco Intermediate Term Municipal Income Fund

ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Fund should be immaterial.

41

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), hereafter referred to as the "Fund") as of February 29, 2020, the related statement of operations for the year ended February 29, 2020, the statement of changes in net assets for each of the two years in the period ended February 29, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (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 29, 2020, 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 29, 2020 and the financial highlights financial highlights for each of the periods indicated therein 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 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2020

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.

42

Invesco Intermediate Term Municipal Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2019 through February 29, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

 

 

 

 

HYPOTHETICAL

 

 

 

 

 

 

(5% annual return before

 

 

 

 

ACTUAL

 

expenses)

 

 

Beginning

Ending

 

Expenses

Ending

 

Expenses

Annualized

 

Account Value

Account Value

 

Paid During

Account Value

 

Paid During

Expense

 

(09/01/19)

(02/29/20)1

 

Period2

(02/29/20)

 

Period2

Ratio

Class A

$1,000.00

$1,028.60

 

$4.49

$1,020.44

 

$4.47

0.89%

 

 

 

 

 

 

 

 

 

Class C

1,000.00

1,024.80

 

8.26

1,016.71

 

8.22

1.64

 

 

 

 

 

 

 

 

 

Class Y

1,000.00

1,029.90

 

3.23

1,021.68

 

3.22

0.64

 

 

 

 

 

 

 

 

 

Class R6

1,000.00

1,030.80

 

3.18

1,021.73

 

3.17

0.63

1The actual ending account value is based on the actual total return of the Fund for the period September 1, 2019 through February 29, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses.

2Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

43

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 29, 2020:

Federal and State Income Tax

Qualified Dividend Income*

0%

Corporate Dividends Received Deduction*

0%

U.S. Treasury Obligations*

0%

Tax-Exempt Interest Dividends*

100%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

44

Invesco Intermediate Term Municipal Income Fund

Trustees and Officers

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

 

Trustee

 

Number of

Other

Name, Year of Birth and

 

Funds in

Directorship(s)

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Interested Person

 

 

 

 

Martin L. Flanagan1 — 1960

2007

Executive Director, Chief Executive Officer and President, Invesco Ltd.

229

None

Trustee and Vice Chair

 

(ultimate parent of Invesco and a global investment management firm);

 

 

 

 

Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board, SMU Cox School of Business

 

 

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer,

 

 

 

 

Invesco Advisers, Inc. (registered investment adviser); Director, Chairman,

 

 

 

 

Chief Executive Officer and President, Invesco Holding Company (US), Inc.

 

 

 

 

(formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service

 

 

 

 

provider) and Invesco North American Holdings, Inc. (holding company);

 

 

 

 

Director, Chief Executive Officer and President, Invesco Holding Company

 

 

 

 

Limited (parent of Invesco and a global investment management firm);

 

 

 

 

Director, Invesco Ltd.; Chairman, Investment Company Institute and President,

 

 

 

 

Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief

 

 

 

 

Financial Officer, Franklin Resources, Inc. (global investment management

 

 

 

 

organization)

 

 

1Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1

Invesco Intermediate Term Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees

 

 

 

 

Bruce L. Crockett – 1944

1993

Chairman, Crockett Technologies Associates (technology consulting company)

229

Director and

Trustee and Chair

 

Formerly: Director, Captaris (unified messaging provider); Director, President

 

Chairman of the

 

 

 

Audit Committee,

 

 

and Chief Executive Officer, COMSAT Corporation; Chairman, Board of

 

 

 

 

ALPS (Attorneys

 

 

Governors of INTELSAT (international communications company); ACE Limited

 

 

 

 

Liability

 

 

(insurance company); Independent Directors Council and Investment Company

 

 

 

 

Protection

 

 

Institute: Member of the Audit Committee, Investment Company Institute;

 

 

 

 

Society)

 

 

Member of the Executive Committee and Chair of the Governance Committee,

 

 

 

 

(insurance

 

 

Independent Directors Council

 

 

 

 

company);

 

 

 

 

 

 

 

 

Director and

 

 

 

 

Member of the

 

 

 

 

Audit Committee

 

 

 

 

and

 

 

 

 

Compensation

 

 

 

 

Committee,

 

 

 

 

Ferroglobe PLC

 

 

 

 

(metallurgical

 

 

 

 

company)

David C. Arch – 1945

2010

Chairman of Blistex Inc. (consumer health care products manufacturer);

229

Board member of

Trustee

 

Member, World Presidents' Organization

 

the Illinois

 

 

 

 

Manufacturers'

 

 

 

 

Association

Beth Ann Brown – 1968

2019

Independent Consultant

229

Director, Board of

Trustee

 

Formerly: Head of Intermediary Distribution, Managing Director, Strategic

 

Directors of

 

 

 

Caron

 

 

Relations, Managing Director, Head of National Accounts, Senior Vice

 

 

 

 

Engineering Inc.;

 

 

President, National Account Manager and Senior Vice President, Key Account

 

 

 

 

Advisor, Board of

 

 

Manager, Columbia Management Investment Advisers LLC; Vice President, Key

 

 

 

 

Advisors of Caron

 

 

Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain

 

 

 

 

Engineering Inc.;

 

 

Oppenheimer Funds

 

 

 

 

President and

 

 

 

 

 

 

 

 

Director, Acton

 

 

 

 

Shapleigh Youth

 

 

 

 

Conservation

 

 

 

 

Corps (non -

 

 

 

 

profit); and Vice

 

 

 

 

President and

 

 

 

 

Director of

 

 

 

 

Grahamtastic

 

 

 

 

Connection (non-

 

 

 

 

profit)

Jack M. Fields – 1952

1997

 

229

Member, Board of Directors of

Trustee

 

 

 

Baylor College of Medicine

Cynthia Hostetler —1962

2017

Non-Executive Director and Trustee of a number of public and private business

229

Vulcan Materials

Trustee

 

corporations

 

Company

 

 

Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of

 

(construction

Investment Funds and Private Equity, Overseas Private Investment

materials

company); Trilinc

Corporation; President, First Manhattan Bancorporation, Inc.; Attorney,

Global Impact

Simpson Thacher & Bartlett LLP

Fund; Genesee &

 

 

Wyoming, Inc.

 

(railroads); Artio

 

Global Investment

 

LLC (mutual fund

 

complex); Edgen

 

Group, Inc.

 

(specialized

 

energy and

 

infrastructure

 

products

 

distributor);

 

Investment

 

Company Institute

 

(professional

 

organization);

 

Independent

 

Directors Council

 

(professional

 

organization)

T-2

Invesco Intermediate Term Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees—(continued)

 

 

 

Eli Jones – 1961

2016

Professor and Dean, Mays Business School - Texas A&M University

229

Insperity, Inc.

Trustee

 

Formerly: Professor and Dean, Walton College of Business, University of

 

(formerly known

 

 

 

as Administaff)

 

 

Arkansas and E.J. Ourso College of Business, Louisiana State University;

 

 

 

 

(human resources

 

 

Director, Arvest Bank

 

 

 

 

provider)

 

 

 

 

 

 

 

 

 

Elizabeth Krentzman – 1959

2019

Formerly: Principal and Chief Regulatory Advisor for Asset Management

229

Trustee of the

Trustee

 

Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General

 

University of

 

 

Counsel of the Investment Company Institute (trade association); National

 

Florida National

 

 

Director of the Investment Management Regulatory Consulting Practice,

 

Board Foundation

 

 

Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant

 

and Audit

 

 

Director of the Division of Investment Management - Office of Disclosure and

 

Committee

 

 

Investment Adviser Regulation of the U.S. Securities and Exchange

 

Member; Member

 

 

Commission and various positions with the Division of Investment Management

 

of the Cartica

 

 

– Office of Regulatory Policy of the U.S. Securities and Exchange Commission;

 

Funds Board of

 

 

Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and

 

Directors (private

 

 

Exchange Commission Historical Society; and Trustee of certain Oppenheimer

 

investment

 

 

Funds

 

funds); Member

 

 

 

 

of the University

 

 

 

 

of Florida Law

 

 

 

 

Center

 

 

 

 

Association, Inc.

 

 

 

 

Board of Trustees

 

 

 

 

and Audit

 

 

 

 

Committee

 

 

 

 

Member

Anthony J. LaCava, Jr. – 1956

2019

Formerly: Director and Member of the Audit Committee, Blue Hills Bank

229

Blue Hills Bank;

Trustee

 

(publicly traded financial institution) and Managing Partner, KPMG LLP

 

Chairman,

 

 

 

 

Bentley

 

 

 

 

University;

 

 

 

 

Member,

 

 

 

 

Business School

 

 

 

 

Advisory Council;

 

 

 

 

and Nominating

 

 

 

 

Committee

 

 

 

 

KPMG LLP

Prema Mathai-Davis – 1950

1998

Retired

229

None

Trustee

 

Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment

 

 

 

 

 

 

 

 

Research Platform for the Self-Directed Investor)

 

 

 

 

 

 

 

Joel W. Motley – 1952

2019

Director of Office of Finance, Federal Home Loan Bank System; Member of the

229

Member of Board

Trustee

 

Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc.

 

of Greenwall

 

 

(privately held financial advisor); Member of the Council on Foreign Relations

 

Foundation

 

 

and its Finance and Budget Committee; Chairman Emeritus of Board of Human

 

(bioethics research

 

 

Rights Watch and Member of its Investment Committee; and Member of

 

foundation)

 

 

Investment Committee and Board of Historic Hudson Valley (non-profit cultural

 

and its Investment

 

 

organization)

 

Committee;

 

 

Formerly: Managing Director of Public Capital Advisors, LLC (privately held

 

Member of Board of

 

 

 

Friends of the LRC

 

 

financial advisor); Managing Director of Carmona Motley Hoffman, Inc.

 

 

 

 

(non-profit legal advocacy);

 

 

(privately held financial advisor); Trustee of certain Oppenheimer Funds; and

 

 

 

 

Board Member

 

 

Director of Columbia Equity Financial Corp. (privately held financial advisor)

 

 

 

 

and Investment

 

 

 

 

 

 

 

 

Committee

 

 

 

 

Member of

 

 

 

 

Pulitzer Center for

 

 

 

 

Crisis Reporting

 

 

 

 

(non-profit journalism)

Teresa M. Ressel — 1962

2017

Non-executive director and trustee of a number of public and private business

229

Atlantic Power

Trustee

 

corporations

 

Corporation

 

 

Formerly: Chief Financial Officer, Olayan America, The Olayan Group

 

(power generation

 

 

 

company); ON

 

 

(international investor/commercial/industrial); Chief Executive Officer, UBS

 

 

 

 

Semiconductor

 

 

Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant

 

 

 

 

Corp.

 

 

Secretary for Management & Budget and CFO, US Department of the Treasury

 

 

 

 

(semiconductor

 

 

 

 

 

 

 

 

supplier)

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston Endowment Inc. (private

229

Federal Reserve

Trustee

 

philanthropic institution)

 

Bank of Dallas

Formerly: Executive Vice President and General Counsel, Texas Children's

Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor,

University of St. Thomas; Attorney, Andrews & Kurth LLP

T-3

Invesco Intermediate Term Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees—(continued)

 

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of Denver – Daniels College of

 

 

 

 

 

 

 

 

Business; Senior Partner, KPMG LLP

 

 

 

 

 

 

 

Daniel S. Vandivort –1954

2019

Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board

229

Chairman and

Trustee

 

of Trustees, Huntington Disease Foundation of America; and President, Flyway

 

Lead Independent

 

 

Advisory Services LLC (consulting and property management)

 

Director,

 

 

Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds

 

Chairman of the

 

 

 

Audit Committee,

 

 

 

 

 

 

 

 

and Director,

 

 

 

 

Board of

 

 

 

 

Directors, Value

 

 

 

 

Line Funds

James D. Vaughn – 1945

2019

Retired

229

Board member

Trustee

 

Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of

 

and Chairman of

 

 

 

Audit Committee

 

 

the Audit Committee, Schroder Funds; Board Member, Mile High United Way,

 

 

 

 

of AMG National

 

 

Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts,

 

 

 

 

Trust Bank;

 

 

Economic Club of Colorado and Metro Denver Network (economic development

 

 

 

 

Trustee and

 

 

corporation); and Trustee of certain Oppenheimer Funds

 

 

 

 

Investment

 

 

 

 

 

 

 

 

Committee

 

 

 

 

member,

 

 

 

 

University of

 

 

 

 

South Dakota

 

 

 

 

Foundation;

 

 

 

 

Board member,

 

 

 

 

Audit Committee

 

 

 

 

Member and past

 

 

 

 

Board Chair,

 

 

 

 

Junior

 

 

 

 

Achievement

 

 

 

 

(non-profit)

Christopher L. Wilson -

2017

Retired

229

ISO New

1957

 

Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22

 

England, Inc.

Trustee, Vice Chair and Chair

 

 

(non-profit

 

portfolios); Managing Partner, CT2, LLC (investing and consulting firm);

 

Designate

 

 

organization

 

President/Chief Executive Officer, Columbia Funds, Bank of America

 

 

 

 

 

Corporation; President/Chief Executive Officer, CDC IXIS Asset Management

managing

regional electricity

Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder,

market)

Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

 

T-4

Invesco Intermediate Term Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers

 

 

 

 

Sheri Morris — 1964

1999

Head of Global Fund Services, Invesco Ltd.; President, Principal Executive

N/A

N/A

President, Principal Executive

 

Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers,

 

 

Officer and Treasurer

 

Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust; and Vice President,

 

 

 

 

OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal Financial Officer, The Invesco Funds;

 

 

 

 

Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management,

 

 

 

 

Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President

 

 

 

 

and Assistant Treasurer, The Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM

 

 

 

 

Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded

 

 

 

 

Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded

 

 

 

 

Fund Trust

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The Invesco Funds

N/A

N/A

Senior Vice President and Senior

 

 

 

 

Officer

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and

N/A

N/A

Senior Vice President, Chief Legal

 

Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional

 

 

Officer and Secretary

 

(N.A.), Inc.) (registered investment adviser); Senior Vice President and

 

 

 

 

Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM

 

 

 

 

Distributors, Inc.); Vice President and Secretary, Invesco Investment Services,

 

 

 

 

Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice

 

 

 

 

President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers LLC (formerly known as Van

 

 

 

 

Kampen Asset Management); Secretary and General Counsel, Invesco Capital

 

 

 

 

Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund

 

 

 

 

Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal,

 

 

 

 

Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO

 

 

 

 

Private Capital Investments, Inc.; Senior Vice President, Secretary and General

 

 

 

 

Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM

 

 

 

 

Management Group, Inc.); Assistant Secretary, INVESCO Asset Management

 

 

 

 

(Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and

 

 

 

 

General Counsel, Invesco Senior Secured Management, Inc.; and Secretary,

 

 

 

 

Sovereign G./P. Holdings Inc.

 

 

Andrew R. Schlossberg – 1974

2019

Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco

 

 

 

 

Institutional (N.A.), Inc.) (registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM

 

 

 

 

Investment Services, Inc.) (registered transfer agent); Senior Vice President,

 

 

 

 

The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known

 

 

 

 

as Van Kampen Asset Management); Director, President and Chairman, Invesco

 

 

 

 

Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco

 

 

 

 

Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice

 

 

 

 

President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional (N.A.), Inc.) (registered investment

 

 

 

 

adviser); Director and Chief Executive, Invesco Administration Services Limited

 

 

 

 

and Invesco Global Investment Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust;

 

 

 

 

Managing Director and Principal Executive Officer, Invesco Capital

 

 

 

 

Management LLC

 

 

T-5

Invesco Intermediate Term Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers—(continued)

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas; Senior Vice President, Invesco

N/A

N/A

Senior Vice President

 

Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly

 

 

 

 

known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director,

 

 

 

 

Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset Management); Senior Vice President,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.);

 

 

 

 

Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC;

 

 

 

 

Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member,

 

 

 

 

Invesco Canada Funds Advisory Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and

 

 

 

 

Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd.

 

 

 

 

(formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered

 

 

 

 

investment adviser and registered transfer agent); President, Invesco, Inc.

 

 

 

 

Formerly: Director and Senior Vice President, Invesco Management Group, Inc.

 

 

 

 

(formerly known as Invesco AIM Management Group, Inc.); Secretary and

 

 

 

 

General Counsel, Invesco Management Group, Inc. (formerly known as Invesco

 

 

 

 

AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer

 

 

 

 

and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco

 

 

 

 

Investment Advisers LLC (formerly known as Van Kampen Asset Management);

 

 

 

 

Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund

 

 

 

 

Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC;

 

 

 

 

Director, Secretary, General Counsel and Senior Vice President, Van Kampen

 

 

 

 

Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc.

 

 

 

 

(formerly known as INVESCO Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen

 

 

 

 

Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van

 

 

 

 

Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors,

 

 

 

 

Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice

 

 

 

 

President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van

 

 

 

 

Kampen Investments Inc.; Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice President, Secretary, General

 

 

 

 

Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief

 

 

 

 

Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and

N/A

N/A

Senior Vice President

 

Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco

 

 

 

 

Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco

 

 

 

 

Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and

 

 

 

 

Senior Vice President, The Invesco Funds; and President, SNW Asset

 

 

 

 

Management Corporation and Invesco Managed Accounts, LLC

 

 

 

 

Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco

 

 

 

 

Advisers, Inc.; Assistant Vice President, The Invesco Funds

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer – Investments Pool, Invesco

N/A

N/A

Vice President, Principal Financial

 

Specialized Products, LLC; Vice President, Principal Financial Officer and

 

 

Officer and Assistant Treasurer

 

Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting

 

 

 

 

Officer – Pooled Investments, Invesco Capital Management LLC; Vice President

 

 

 

 

and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded

 

 

 

 

Self-Indexed Fund Trust; Vice President, Invesco Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant

 

 

 

 

Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded

 

 

 

 

Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital

 

 

 

 

Management LLC; Assistant Vice President, The Invesco Funds

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities

N/A

N/A

Anti-Money Laundering

 

including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets,

 

 

Compliance Officer

 

Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC, Invesco Trust Company;

 

 

 

 

OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for

 

 

 

 

Invesco Investment Services, Inc.

 

 

T-6

Invesco Intermediate Term Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers—(continued)

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers, Inc. (registered investment

N/A

N/A

Chief Compliance Officer

 

adviser); and Chief Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam Investments and the Putnam

 

 

 

 

Funds

 

 

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza, Suite 1000

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers LLP

Houston, TX 77046-1173

1555 Peachtree Street, N.E.

11 Greenway Plaza, Suite 1000

1000 Louisiana Street, Suite 5800

 

Atlanta, GA 30309

Houston, TX 77046-1173

Houston, TX 77002-5678

Counsel to the Fund

Counsel to the Independent Trustees

Transfer Agent

Custodian

Stradley Ronon Stevens & Young, LLP

Goodwin Procter LLP

Invesco Investment Services, Inc.

State Street Bank and Trust Company

2005 Market Street, Suite 2600

901 New York Avenue, N.W.

11 Greenway Plaza, Suite 1000

225 Franklin Street

Philadelphia, PA 19103-7018

Washington, D.C. 20001

Houston, TX 77046-1173

Boston, MA 02110-2801

T-7

Invesco Intermediate Term Municipal Income Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

•Fund reports and prospectuses

•Quarterly statements

•Daily confirmations

•Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio secu- rities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most

recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242

Invesco Distributors, Inc.

VK-ITMI-AR-1

Annual Report to Shareholders

February 29, 2020

Invesco Limited Term Municipal Income Fund

Nasdaq:

A: ATFAX ￿ A2: AITFX ￿ C: ATFCX ￿ Y: ATFYX ￿ R5: ATFIX ￿ R6: ATFSX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's web- site, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Andrew Schlossberg

Letters to Shareholders

Dear Shareholders:

This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period.

The reporting period proved to be another tumultuous time for both global equities and fixed-income secu- rities. In early 2019, global equity markets were buoyed by a more accommodative stance from central banks and optimism about a potential US-China trade deal. In May, US-China trade concerns and slowing global growth led to a global equity sell-off and rally in US Treasuries. Despite the May sell-off, domestic equity mar- kets rallied in June in anticipation of a US Federal Reserve (the Fed) interest rate cut and closed the second quarter with modest gains. Continued US-China trade worries and signs of slowing global economic growth led to increased market volatility in August. The US Treasury yield curve inverted several times as fears of a US recession increased. As a result, global equity markets were largely flat for the third quarter. In the final

months of 2019, geopolitical and macroeconomic issues largely abated. This combined with better-than-expected third quarter corporate earnings and initial agreement of the phase one US-China trade deal provided a favorable backdrop for equities and impressive fourth quar- ter global equity returns.

As the new year began, US equities were largely buoyed in January by the signing of the phase one trade agreement and strong eco- nomic data although returns were dampened by the spread of the Coronavirus (COVID-19). Concerns over the virus had a greater impact on international equities, which were largely lower for the month. As the virus spread outside of China and the number of cases increased, fears of diminished global growth led to a sharp global equity sell-off at the end of February 2020 and sent the yield on the US 10-year Treasury to a new all-time low.

Throughout 2019, central banks continued to be accommodative, providing sources of liquidity. In July, the Fed lowered interest rates for the first time in 11 years. It again lowered rates in September and once again in October. During the rest of the year, the Fed left rates unchanged. Overseas, the European Central Bank left its policy rate unchanged and continued its bond purchasing program. In 2020, with the increased spread of the coronavirus, the Fed shifted from a more neutral policy to the possibility of further rate cuts in the new year. As 2020 unfolds, we'll see how the interplay of interest rates, economic data, geopolitics and a host of other factors affect US and overseas equity and fixed income markets.

Investor uncertainty and market volatility, such as we witnessed during the reporting period, are unfortunate facts of life when it comes to investing. That's why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan. A financial adviser who knows your unique finan- cial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. Financial advis- ers can also offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you'll find detailed infor- mation about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select "Log In" on the right side of the homepage, and then select "Register for Individual Account Access."

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I'm pleased to share with you Invesco's commitment to both the Principles for Responsible Investment and to considering environ- mental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2Invesco Limited Term Municipal Income Fund

Bruce Crockett

Dear Fellow Shareholders:

Among the many important lessons I've learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco's mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:

￿Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

￿ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

￿Assessing each portfolio management team's investment performance within the context of the investment strategy described in the fund's prospectus.

￿Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds' advisory and sub-

advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3Invesco Limited Term Municipal Income Fund

Management's Discussion of Fund Performance

Performance summary

For the fiscal year ended February 29, 2020, Class A shares of Invesco Limited Term Municipal Income Fund (the Fund), at net asset value (NAV), underperformed the S&P Municipal Bond Investment Grade Short Intermediate Index, the Fund's style-specific benchmark.

Your Fund's long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 2/28/19 to 2/29/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares

4.68%

Class A2 Shares

5.02

Class C Shares

3.99

Class Y Shares

5.02

Class R5 Shares

5.10

Class R6 Shares

5.01

S&P Municipal Bond Index￿ (Broad Market Index)

8.94

S&P Municipal Bond Investment Grade Short Intermediate Index￿ (Style-Specific

 

Index)

5.04

Lipper Short-Intermediate Municipal Debt Funds Index￿ (Peer Group Index)

4.96

Source(s): ￿RIMES Technologies; ￿Lipper Inc.

25% from the previous fiscal year.4 Flows into the municipal bond asset class were posi- tive for the fiscal year.5 Fund flows totaled $97.2 billion from February 2019 through February 2020.5

The end of the fiscal year brought a major market shift as macroeconomic concerns re- garding the global outbreak of the Coronavi- rus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to qual- ity assets, such as municipal bonds. This re- sulted in a strong rally in February 2020.

At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic and many provide essential services to all Americans. Though there could be small, iso- lated pockets of defaults in the future, we believe the vast majority of municipal bonds will pay current principal and interest, as his-

Market conditions and your Fund

The broad municipal bond market experi- enced positive returns for the sixth consecu- tive year at the close of 2019, and perfor- mance remained strong throughout the fiscal year. Investment grade municipal bonds re- turned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.1 In- vestment grade and high yield municipals were among the best performing asset classes over the fiscal year.

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key driver of strong municipal demand in 2019. During the fiscal year, municipal bonds withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as 2.79% and as low as 1.13% where it ended the fiscal year.2 The municipal bond market performed positively as techni- cal conditions (favorable demand and supply balances) continued to provide tailwinds.

Portfolio Composition

By credit sector, based on total investments

Revenue Bonds

81.6%

General Obligation Bonds

15.5

Pre-Refunded Bonds

1.5

Other

1.4

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September and October 2019, citing uncertainty about the global economic outlook.3 On October 30, 2019, after the third cut, the Fed indicated that any further changes would be based on economic data.

The first nine months of the fiscal year saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led inves- tors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" eliminating the risk of a government shutdown and the some- what unexpected UK election results set the stage for an orderly exit from the European Union by January 31, 2020.

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of

Top Five Debt Holdings

% of total net assets

1.Ohio (State of) (Cleveland Clinic Health System Obligated Group)

Series 2019 E, VRD RB

1.5%

2.New York (City of), NY Transitional Finance Authority

Subseries 2014 D-4, VRD RB

1.1

3.Harris Health Facilities Development Corp. (Methodist Hospital System) Series 2008

A-2, VRD RB

1.0

4.Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health)

Series 2018 H, VRD RB

0.9

5. Chesapeake Bay Bridge & Tunnel

 

District Series 2019, RAN

0.9

tory has shown.

During the fiscal year, the Fund's over- weight allocation to revenue bonds compared to general obligation bonds benefited the Fund's performance relative to its style- specific benchmark. At the sector level, secu- rity selection in health care and transporta- tion bonds aided the Fund's relative performance. On a state level, security selec- tion in Illinois and New Jersey holdings also benefited the Fund's relative performance.

Over the fiscal year, security selection in state and local general obligation sectors de- tracted from the Fund's performance relative to its style-specific benchmark. Security selec- tion in high quality bonds (AAA and AA-rated† specifically) also detracted from relative per- formance. On a state level, security selection in California and New York domiciled bonds moderately detracted from the Fund's rela- tive performance.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

Data presented here are as of February 29, 2020.

4Invesco Limited Term Municipal Income Fund

securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and de- mand for similar securities. We are monitor- ing interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments.

Thank you for investing in Invesco Limited Term Municipal Income Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg L.P.

2Source: US Department of the Treasury

3 Source: US Federal Reserve

4 Source: The Bond Buyer

5 Source: Strategic Insight

†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. For more information on rating methodologies, please visit the following NRSRO

websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage; moodys.com and select "Rating Methodologies" under Research and Ratings on the homepage; and fitchratings.com and select "Ratings Definitions" on the homepage.

Portfolio managers:

John (Jack) Connelly

Tim O'Reilly

Mark Paris

James Phillips

John Schorle

Julius Williams

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical

performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

5Invesco Limited Term Municipal Income Fund

Your Fund's Long-Term Performance

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 2/28/10

$20,000

15,000

10,000

5,000

$15,615 S&P Municipal Bond Index1

$13,407 Invesco Limited Term Municipal Income Fund — Class A2 Shares

$12,538 Lipper Short-Intermediate Municipal Debt Funds Index2

2/28/10

2/11

2/12

2/13

2/14

2/15

2/16

2/17

2/18

2/19

2/20

1Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The S&P Municipal Bond Investment Grade Short Intermediate Index is not shown on the chart as the index does not have 10 years of performance history.

The data shown in the chart include rein- vested distributions, applicable sales charges and Fund expenses including management fees. Index results include reinvested divi- dends, but they do not reflect sales charges. Performance of the peer group, if applicable,

reflects fund expenses and management fees; performance of a market index does not. Per- formance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6Invesco Limited Term Municipal Income Fund

Average Annual Total Returns

As of 2/29/20, including maximum applicable sales charges

Class A Shares

Inception (10/31/02)

3.01%

10 Years

2.56

5

Years

1.32

1

Year

2.04

Class A2 Shares

 

Inception (5/11/87)

4.68%

10 Years

2.98

5

Years

1.88

1

Year

4.01

Class C Shares

 

10 Years

2.04%

5

Years

1.07

1

Year

2.99

Class Y Shares

 

Inception (10/3/08)

3.84%

10 Years

3.08

5

Years

2.10

1

Year

5.02

Class R5 Shares

 

Inception (7/30/04)

3.47%

10 Years

3.08

5

Years

2.10

1

Year

5.10

Class R6 Shares

 

10 Years

2.92%

5

Years

2.03

1

Year

5.01

Class C shares incepted on June 28, 2013. Performance shown prior to that date is that of Class A2 shares, restated to reflect the higher 12b-1 fees applicable to Class C shares.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month- end performance. Performance figures re- flect reinvested distributions, changes in net asset value and the effect of the maxi- mum applicable sales charge unless other- wise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and princi- pal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 2.50% sales charge. Class A2 share performance reflects the maximum 1% sales charge. The CDSC on Class C shares is 1% for the first year after pur- chase. Class Y, Class R5 and Class R6

shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Fund performance reflects any applicable

fee waivers and/or expense reimburse- ments. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more informa- tion.

7Invesco Limited Term Municipal Income Fund

Invesco Limited Term Municipal Income Fund's investment objective is federal tax-exempt current income.

￿Unless otherwise stated, information presented in this report is as of February 29, 2020, and is based on total net assets.

￿Unless otherwise noted, all data provided by Invesco.

￿To access your Fund's reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

￿The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.

￿The S&P Municipal Bond Investment Grade Short Intermediate Index is an unmanaged index considered representa- tive of investment grade US municipal bonds with maturities between one and eight years.

￿The Lipper Short-Intermediate Municipal Debt Funds Index is an unmanaged index considered representative of short- intermediate municipal debt funds tracked by Lipper.

￿The Fund is not managed to track the per- formance of any particular index, including the index(es) described here, and conse- quently, the performance of the Fund may deviate significantly from the performance of the index(es).

￿A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Perfor- mance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8Invesco Limited Term Municipal Income Fund

Schedule of Investments

February 29, 2020

 

 

Principal

 

 

 

 

 

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Municipal Obligations–100.12%

 

 

 

 

 

Alabama–1.35%

 

 

 

 

 

Birmingham (City of), AL Airport Authority; Series 2010, Ref. RB (INS-AGM)(a)

6.00%

07/01/2022

$ 2,365

$

2,405,465

Black Belt Energy Gas District (The); Series 2016 A, RB (b)

4.00%

06/01/2021

5,000

 

5,185,350

Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB (b)

4.00%

12/01/2025

8,000

 

9,212,400

Selma (City of), AL Industrial Development Board (International Paper Co.); Series 2019, Ref. RB (b)

2.00%

10/01/2024

2,000

 

2,052,840

Southeast Alabama Gas Supply District (The) (No. 1);

 

 

 

 

 

Series 2018 B, RB (67% of 1 mo. USD LIBOR + 0.90%)(b)(c)

1.96%

04/01/2024

8,625

 

8,712,457

Series 2018 C, RB (SIFMA Municipal Swap Index + 0.65%)(b)(c)

1.80%

04/01/2024

2,875

 

2,887,449

 

 

 

 

 

30,455,961

Alaska–0.49%

 

 

 

 

 

Alaska (State of) Industrial Development & Export Authority; Series 2010 A, Ref. RB (b)(d)

5.25%

04/01/2020

765

 

767,655

Alaska (State of) Municipal Bond Bank Authority; Series 2016-3, Ref. RB

5.00%

12/01/2025

4,635

 

5,664,526

North Slope (Borough of), AK;

 

 

 

 

 

Series 2018 A, GO Bonds

5.00%

06/30/2021

1,000

 

1,055,230

Series 2018 A, GO Bonds

5.00%

06/30/2022

1,710

 

1,804,238

Valdez (City of), AK (BP Pipelines); Series 2003 B, Ref. RB

5.00%

01/01/2021

1,800

 

1,858,122

 

 

 

 

 

11,149,771

Arizona–3.90%

 

 

 

 

 

Arizona (State of);

 

 

 

 

 

Series 2010 B, COP (INS-AGM)(a)

5.00%

10/01/2021

2,000

 

2,006,560

Series 2010 B, COP (INS-AGM)(a)

5.00%

10/01/2022

2,000

 

2,006,560

Series 2010 B, COP (INS-AGM)(a)

5.00%

10/01/2023

2,000

 

2,006,560

Series 2019, Ref. RB

5.00%

07/01/2026

10,000

 

12,552,600

Series 2019, Ref. RB

5.00%

07/01/2027

10,500

 

13,548,255

Arizona (State of) Industrial Development Authority; Series 2019 A-2, RB

3.63%

05/20/2033

15,912

 

18,517,612

Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community);

 

 

 

 

 

Series 2019 A, RB

5.00%

01/01/2023

550

 

601,167

Series 2019 A, RB

5.00%

01/01/2024

555

 

622,754

Series 2019 A, RB

5.00%

01/01/2025

605

 

696,470

Series 2019 A, RB

5.00%

01/01/2026

735

 

864,963

Series 2019 A, RB

5.00%

01/01/2027

800

 

958,024

Series 2019 B, RB

5.00%

01/01/2043

1,370

 

1,575,568

Arizona (State of) Water Infrastructure Finance Authority; Series 2014 A, Ref. RB

5.00%

10/01/2024

5,000

 

5,943,950

La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public

 

 

 

 

 

Schools); Series 2016 A, RB (e)

5.00%

02/15/2026

1,150

 

1,293,762

Maricopa (County of), AZ Industrial Development Authority (Banner Health); Series 2017 C, RB (b)

5.00%

10/18/2024

7,500

 

8,877,750

Maricopa (County of), AZ Special Health Care District;

 

 

 

 

 

Series 2018 C, GO Bonds

5.00%

07/01/2024

2,000

 

2,350,760

Series 2018 C, GO Bonds

5.00%

07/01/2025

2,475

 

3,000,863

Maricopa County Pollution Control Corp. (Southern California Education Co.); Series 2000 B, Ref. RB

5.00%

06/01/2035

2,000

 

2,021,480

Phoenix Civic Improvement Corp.;

 

 

 

 

 

Series 2014 B, Ref. RB

5.00%

07/01/2027

2,450

 

2,883,674

Series 2017 D, Ref. RB

5.00%

07/01/2024

5,080

 

5,975,655

 

 

 

 

 

88,304,987

California–6.52%

 

 

 

 

 

Bay Area Toll Authority (San Francisco Bay Area); Series 2017 D, Ref. RB (70% of 3 mo. USD LIBOR

 

 

 

 

 

+ 0.55%)(b)(c)

1.89%

04/01/2021

1,000

 

1,003,440

California (State of);

 

 

 

 

 

Series 2013 C, GO Bonds (70% of 1 mo. USD LIBOR + 0.70%)(b)(c)

1.76%

12/01/2020

8,000

 

8,010,560

Series 2013 E, GO Bonds (SIFMA Municipal Swap Index + 0.43%)(b)(c)

1.58%

12/01/2023

7,000

 

7,034,020

Series 2016 B, GO Bonds (70% of 1 mo. USD LIBOR + 0.76%)(b)(c)

1.82%

12/01/2021

10,000

 

10,059,700

California (State of) Health Facilities Financing Authority (Providence St. Joseph Health);

 

 

 

 

 

Series 2016 B-2, Ref. RB (b)

4.00%

10/01/2024

5,000

 

5,712,350

California (State of) Infrastructure & Economic Development Bank; Series 2019, Ref. RB (b)

1.75%

08/01/2026

5,240

 

5,409,514

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

California–(continued)

 

 

 

 

 

California (State of) Municipal Finance Authority (American Heritage Education Foundation);

 

 

 

 

 

Series 2016 A, Ref. RB

4.00%

06/01/2026

$ 1,975

$

2,124,942

California (State of) Municipal Finance Authority (Anaheim System Distribution Facilities);

 

 

 

 

 

Series 2015 A, RB (SIFMA Municipal Swap Index + 0.35%)(b)(c)

1.50%

12/01/2020

3,500

 

3,500,945

California (State of) Municipal Finance Authority (Humangood Obligation Group);

 

 

 

 

 

Series 2019 A, Ref. RB

4.00%

10/01/2028

750

 

885,622

Series 2019 A, Ref. RB

4.00%

10/01/2029

1,000

 

1,177,040

California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing);

 

 

 

 

 

Series 2019, RB (INS-BAM)(a)

5.00%

05/15/2024

350

 

408,184

Series 2019, RB (INS-BAM)(a)

5.00%

05/15/2025

500

 

600,680

California Infrastructure & Economic Development Bank (California Academy of Sciences);

 

 

 

 

 

Series 2018 C, Ref. RB (70% of 1 mo. USD LIBOR +0.38%)(b)(c)

1.51%

08/01/2021

5,000

 

5,007,450

California Infrastructure & Economic Development Bank (The J. Paul Getty Trust); Series 2011 A-3,

 

 

 

 

 

Ref. RB (70% of 3 mo. USD LIBOR + 0.37%)(b)(c)

1.48%

04/01/2020

7,000

 

7,001,750

Corona-Norco Unified School District (Election of 2006); Series 2009 C, GO Bonds (INS-AGM)(a)(f)

0.00%

08/01/2021

1,500

 

1,479,255

Golden State Tobacco Securitization Corp.;

 

 

 

 

 

Series 2017 A-1, Ref. RB

5.00%

06/01/2024

6,500

 

7,582,575

Series 2017 A-1, Ref. RB

5.00%

06/01/2025

10,000

 

12,035,100

Series 2017 A-1, Ref. RB

5.00%

06/01/2028

11,765

 

14,933,550

Grossmont-Cuyamaca Community College District (Election of 2002); Series 2008 C, GO Bonds

 

 

 

 

 

(INS-AGC)(a)(f)

0.00%

08/01/2025

3,000

 

2,823,060

Hayward Unified School District (Election of 2008); Series 2010 A, GO Bonds (INS-AGM)(a)(f)

0.00%

08/01/2020

1,000

 

995,950

Los Angeles (City of), CA Harbor Department; Series 2009 C, Ref. RB

5.00%

08/01/2021

2,000

 

2,124,920

Mizuho Floater/Residual Trust; Series 2020, VRD RB (e)(g)

1.40%

10/01/2036

18,909

 

18,909,000

New Haven Unified School District; Series 2009, Ref. GO Bonds (INS-AGC)(a)

5.00%

08/01/2020

1,605

 

1,610,216

Rowland Unified School District (Election of 2006); Series 2009 B, GO Bonds (f)

0.00%

08/01/2023

1,300

 

1,252,199

Sacramento (County of), CA;

 

 

 

 

 

Series 2010, RB

5.00%

07/01/2023

500

 

507,105

Series 2018 B, Ref. RB

5.00%

07/01/2022

750

 

824,348

Series 2018 B, Ref. RB

5.00%

07/01/2023

1,000

 

1,140,800

San Diego Association of Governments (Mid-Coast Corridor Transit); Series 2019 A, RB

5.00%

11/15/2025

3,000

 

3,585,780

Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

06/01/2027

1,500

 

1,896,825

Series 2019, Ref. RB

5.00%

06/01/2028

1,500

 

1,935,405

Torrance Unified School District (Election of 2008-Measure Z);

 

 

 

 

 

Series 2009 B-1, GO Bonds (f)

0.00%

08/01/2022

1,900

 

1,855,331

Series 2009 B-1, GO Bonds (f)

0.00%

08/01/2023

2,000

 

1,930,400

Tustin Unified School District (Community Facilities District No. 88-1);

 

 

 

 

 

Series 2015, Ref. RB (INS-BAM)(a)

5.00%

09/01/2022

1,500

 

1,659,240

Series 2015, Ref. RB (INS-BAM)(a)

5.00%

09/01/2023

1,000

 

1,148,130

Tustin Unified School District (Community Facilities District No. 97-1);

 

 

 

 

 

Series 2015 A, Ref. RB

5.00%

09/01/2022

1,000

 

1,100,400

Series 2015 A, Ref. RB

5.00%

09/01/2023

650

 

741,202

Series 2015 A, Ref. RB

5.00%

09/01/2024

1,500

 

1,760,715

Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP

 

 

 

 

 

(INS-AGM)(a)(b)

3.20%

06/01/2020

3,695

 

3,701,836

Vernon (City of), CA; Series 2009 A, RB

5.13%

08/01/2021

705

 

715,772

West Contra Costa Unified School District (Election of 2005); Series 2008 B, GO Bonds

6.00%

08/01/2027

1,000

 

1,381,060

 

 

 

 

 

147,566,371

Colorado–2.22%

 

 

 

 

 

Arkansas River Power Authority;

 

 

 

 

 

Series 2006, RB (d)

5.88%

10/01/2021

2,035

 

2,138,988

Series 2006, RB (d)

5.88%

10/01/2026

3,500

 

4,246,445

Colorado (State of); Series 2018 A, COP

5.00%

12/15/2023

2,000

 

2,308,200

Colorado (State of) Health Facilities Authority (Adventhealth Obligated); Series 2019, Ref. RB (b)

5.00%

11/19/2026

8,500

 

10,685,265

Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group);

 

 

 

 

 

Series 2018 B, RB (b)

5.00%

11/20/2025

4,600

 

5,651,008

Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2019 B-1, Ref. RB (b)

5.00%

08/01/2025

7,500

 

8,871,075

Colorado Springs (City of), CO; Series 2018 A-1, Ref. RB

5.00%

11/15/2023

2,990

 

3,452,613

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Colorado–(continued)

 

 

 

 

 

Denver (City & County of), CO; Series 2012 B, RB

5.00%

11/15/2025

$ 2,000

$

2,225,620

E-470 Public Highway Authority;

 

 

 

 

 

Series 2017 B, Ref. RB (67% of 1 mo. USD LIBOR + 1.05%)(b)(c)

2.13%

09/01/2021

2,000

 

2,016,600

Series 2019, Ref. RB (67% of 1 mo. USD LIBOR + 0.42%)(b)(c)

1.51%

09/01/2021

1,500

 

1,501,590

Public Authority for Colorado Energy;

 

 

 

 

 

Series 2008, RB

6.13%

11/15/2023

1,295

 

1,436,259

Series 2008, RB

6.25%

11/15/2028

2,000

 

2,616,460

Vauxmont Metropolitan District;

 

 

 

 

 

Series 2019, Ref. GO Bonds (INS-AGM)(a)

5.00%

12/15/2027

130

 

153,117

Series 2019, Ref. GO Bonds (INS-AGM)(a)

5.00%

12/15/2028

125

 

146,947

Series 2019, Ref. GO Bonds (INS-AGM)(a)

5.00%

12/15/2029

125

 

146,568

Series 2019, Ref. GO Bonds (INS-AGM)(a)

5.00%

12/15/2030

125

 

146,194

Series 2020, Ref. GO Bonds (INS-AGM)(a)

5.00%

12/01/2026

385

 

457,549

Series 2020, Ref. GO Bonds (INS-AGM)(a)

5.00%

12/01/2027

400

 

483,544

Series 2020, Ref. GO Bonds (INS-AGM)(a)

5.00%

12/01/2028

415

 

511,143

Series 2020, Ref. GO Bonds (INS-AGM)(a)

5.00%

12/01/2029

420

 

525,714

Series 2020, Ref. GO Bonds (INS-AGM)(a)

5.00%

12/01/2030

435

 

542,027

 

 

 

 

 

50,262,926

Connecticut–1.29%

 

 

 

 

 

Connecticut (State of);

 

 

 

 

 

Series 2013 A, GO Bonds (SIFMA Municipal Swap Index + 0.65%)(c)

1.80%

03/01/2020

6,000

 

6,000,000

Series 2013 A, GO Bonds (SIFMA Municipal Swap Index + 0.85%)(c)

2.00%

03/01/2022

5,000

 

5,060,050

Series 2018 C, GO Bonds

5.00%

06/15/2022

1,350

 

1,478,061

Connecticut (State of) (Transportation Infrastructure);

 

 

 

 

 

Series 2018, RB

5.00%

01/01/2023

9,000

 

10,030,590

Series 2018, RB

5.00%

01/01/2027

3,000

 

3,758,310

Connecticut (State of) Health & Educational Facility Authority (Sacred Heart University); Series 2012

 

 

 

 

 

H, Ref. RB (d)

4.00%

07/01/2022

2,590

 

2,785,105

 

 

 

 

 

29,112,116

District of Columbia–0.50%

 

 

 

 

 

District of Columbia (Georgetown University);

 

 

 

 

 

Series 2011, RB (b)(d)

5.00%

04/01/2021

2,055

 

2,148,112

Series 2017, Ref. RB (d)

5.00%

04/01/2023

1,000

 

1,124,500

Series 2017, Ref. RB (d)

5.00%

04/01/2024

1,500

 

1,746,345

Metropolitan Washington Airports Authority; Series 2019 B, Ref. RB

5.00%

10/01/2026

5,000

 

6,310,250

 

 

 

 

 

11,329,207

Florida–3.84%

 

 

 

 

 

Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

12/01/2020

550

 

566,517

Series 2019, Ref. RB

5.00%

12/01/2021

500

 

534,495

Series 2019, Ref. RB

5.00%

12/01/2022

600

 

664,290

Brevard County School District; Series 2013 A, Ref. COP

5.00%

07/01/2024

2,000

 

2,266,020

Broward (County of), FL; Series 2012 B, Ref. RB

5.00%

10/01/2023

3,555

 

3,937,162

Broward (County of), FL School Board; Series 2017 C, Ref. COP

5.00%

07/01/2025

5,000

 

6,062,350

Citizens Property Insurance Corp.;

 

 

 

 

 

Series 2012 A-1, RB

5.00%

06/01/2022

8,000

 

8,721,680

Series 2015 A-1, RB

5.00%

06/01/2025

6,000

 

7,151,580

Citizens Property Insurance Corp. (Coastal Account); Series 2011 A-1, RB

5.00%

06/01/2020

1,000

 

1,010,150

Florida (State of) (Department of Transportation); Series 2016 A, Ref. GO Bonds

5.00%

07/01/2025

2,610

 

3,188,872

Florida (State of) Board of Education; Series 2011 D, Ref. GO Bonds

5.00%

06/01/2025

10,000

 

10,526,700

Florida (State of) Higher Educational Facilities Financial Authority (Florida Institute of Technology);

 

 

 

 

 

Series 2019, RB

5.00%

10/01/2021

450

 

475,479

Series 2019, RB

5.00%

10/01/2022

495

 

540,491

Series 2019, RB

5.00%

10/01/2024

350

 

404,460

Series 2019, RB

5.00%

10/01/2025

475

 

562,281

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Florida–(continued)

 

 

 

 

 

Florida (State of) Mid-Bay Bridge Authority;

 

 

 

 

 

Series 2015 A, Ref. RB

5.00%

10/01/2022

$ 2,485

$

2,725,995

Series 2015 A, Ref. RB

5.00%

10/01/2023

1,000

 

1,131,490

Florida (State of) Municipal Power Agency (All-Requirements Power Supply);

 

 

 

 

 

Series 2017-A, Ref. RB

5.00%

10/01/2026

4,000

 

5,022,000

Series 2019 A, Ref. RB

5.00%

10/01/2025

2,000

 

2,444,080

Series 2019 A, Ref. RB

5.00%

10/01/2026

5,200

 

6,536,140

Gulf Breeze (City of), FL (Local Government Loan Program); Series 1985 J, RB (h)

4.50%

12/01/2020

3,050

 

3,130,794

Hillsborough (County of), FL Aviation Authority (Tampa International Airport);

 

 

 

 

 

Series 2018 F, RB

5.00%

10/01/2023

1,250

 

1,435,675

Series 2018 F, RB

5.00%

10/01/2024

1,050

 

1,247,190

Hillsborough (County of), FL School Board;

 

 

 

 

 

Series 2015, Ref. RB (INS-AGM)(a)

5.00%

10/01/2021

1,700

 

1,810,330

Series 2015, Ref. RB (INS-AGM)(a)

5.00%

10/01/2022

1,500

 

1,658,400

JEA; Series 2017 A, Ref. RB

5.00%

10/01/2025

4,500

 

5,485,500

Manatee (County of), FL School District; Series 2017, RB (INS-AGM)(a)

5.00%

10/01/2024

2,600

 

3,102,502

Miami-Dade (County of), FL; Series 2010 B, Ref. RB (INS-AGM)(a)

5.00%

10/01/2023

3,500

 

3,585,365

Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD RB

 

 

 

 

 

(LOC - Northern Trust Co. (The))(g)(i)

1.15%

11/01/2038

1,000

 

1,000,000

 

 

 

 

 

86,927,988

Georgia–1.52%

 

 

 

 

 

Atlanta (City of), GA;

 

 

 

 

 

Series 2009 B, RB (INS-AGM)(a)

5.25%

11/01/2027

2,000

 

2,556,380

Series 2018 C, Ref. RB

5.00%

11/01/2024

2,000

 

2,383,300

Atlanta (City of), GA Department of Aviation;

 

 

 

 

 

Series 2019 F, Ref. RB

5.00%

07/01/2023

3,000

 

3,418,140

Series 2019 F, Ref. RB

5.00%

07/01/2024

2,000

 

2,360,100

Brookhaven Development Authority (Children's Healthcare of Atlanta, Inc.);

 

 

 

 

 

Series 2019 A, RB

5.00%

07/01/2024

1,875

 

2,205,581

Series 2019 A, RB

5.00%

07/01/2025

1,050

 

1,275,530

Burke (County of), GA Development Authority (Georgia Power Co. Plant Vogtle);

 

 

 

 

 

Series 1994, RB (b)

2.25%

05/25/2023

3,000

 

3,081,060

Series 1994, RB (b)

2.15%

06/13/2024

2,000

 

2,060,160

Burke (County of), GA Development Authority (Oglethorpe Power Vogtle); Series 2013 A, PCR (b)

2.40%

04/01/2020

2,000

 

2,001,860

DeKalb (County of), GA Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC (d)

5.25%

09/01/2020

540

 

551,945

Gainesville (City of) & Hall (County of), GA Development Authority (Acts Retirement-Life Community);

 

 

 

 

 

Series 2012, RB

5.00%

11/15/2022

1,600

 

1,739,008

Georgia (State of) Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4);

 

 

 

 

 

Series 2019, RB

5.00%

01/01/2025

355

 

417,132

Series 2019, RB

5.00%

01/01/2026

300

 

361,896

Series 2019, RB

5.00%

01/01/2028

800

 

1,009,048

Main Street Natural Gas, Inc.; Series 2019 B, RB (b)

4.00%

12/02/2024

3,000

 

3,428,310

Medical Center Hospital Authority (Columbus Regional Healthcare System, Inc.);

 

 

 

 

 

Series 2010, RAC (d)

3.50%

08/01/2020

2,000

 

2,021,600

Series 2010, RAC (b)(d)

5.00%

08/01/2020

1,500

 

1,525,725

Private Colleges & Universities Authority (Emory University); Series 2013 B, Ref. RB (SIFMA Municipal

 

 

 

 

 

Swap Index + 0.42%)(b)(c)

1.57%

08/16/2022

2,000

 

2,005,280

 

 

 

 

 

34,402,055

Guam–0.09%

 

 

 

 

 

Guam (Territory of) Power Authority; Series 2012 A, Ref. RB (INS-AGM)(a)

5.00%

10/01/2020

2,070

 

2,116,720

Hawaii–0.92%

 

 

 

 

 

Hawaii (State of);

 

 

 

 

 

Series 2013, GO Bonds

5.00%

08/01/2028

7,000

 

7,959,070

Series 2016 FE, Ref. GO Bonds

5.00%

10/01/2026

4,845

 

6,139,390

Series 2016 FE, Ref. GO Bonds

5.00%

10/01/2027

5,265

 

6,651,591

 

 

 

 

 

20,750,051

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Idaho–0.32%

 

 

 

 

 

Idaho (State of) Health Facilities Authority (St. Luke's Health System);

 

 

 

 

 

Series 2018 A, Ref. RB

5.00%

03/01/2023

$ 2,000

$

2,226,620

Series 2018 A, Ref. RB

5.00%

03/01/2024

1,350

 

1,551,069

Regents of the University of Idaho; Series 2011, Ref. RB (b)

5.25%

04/01/2021

3,305

 

3,446,586

 

 

 

 

 

7,224,275

Illinois–9.32%

 

 

 

 

 

Chicago (City of), IL;

 

 

 

 

 

Series 2003 B, Ref. GO Bonds

5.00%

01/01/2024

3,205

 

3,605,657

Series 2004, Ref. RB

5.00%

11/01/2022

5,675

 

6,236,541

Series 2004, Ref. RB

5.00%

11/01/2023

2,475

 

2,802,121

Series 2004, Ref. RB

5.00%

11/01/2024

14,440

 

16,789,966

Series 2012, RB

5.00%

01/01/2027

1,000

 

1,069,970

Series 2014, RB

5.00%

11/01/2021

1,000

 

1,062,300

Series 2017 B, Ref. RB

5.00%

01/01/2025

3,520

 

4,105,482

Chicago (City of), IL (O'Hare International Airport);

 

 

 

 

 

Series 2010 C, RB (INS-AGC)(a)

5.25%

01/01/2021

1,025

 

1,028,393

Series 2015 B, Ref. RB

5.00%

01/01/2022

3,650

 

3,923,421

Series 2015 B, Ref. RB

5.00%

01/01/2023

5,000

 

5,578,500

Chicago (City of), IL Board of Education; Series 1998 B-1, GO Bonds (INS-NATL)(a)(f)

0.00%

12/01/2025

735

 

670,320

Chicago (City of), IL Transit Authority;

 

 

 

 

 

Series 2010, Ref. RB (INS-AGM)(a)

5.00%

06/01/2028

755

 

762,482

Series 2011, RB

5.25%

12/01/2029

2,500

 

2,684,875

Series 2011, RB

5.25%

12/01/2031

1,550

 

1,664,018

Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds);

 

 

 

 

 

Series 2015, Ref. RB

5.00%

06/01/2021

8,000

 

8,372,240

Series 2017, Ref. RB

5.00%

06/01/2025

4,000

 

4,731,160

Chicago (City of), IL Transit Authority (FTA Section 5337 State of Good Repair Formula Funds);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

06/01/2025

1,500

 

1,788,435

Cook (County of), IL;

 

 

 

 

 

Series 2010 A, Ref. GO Bonds

5.25%

11/15/2033

4,775

 

4,916,149

Series 2011 A, Ref. GO Bonds

5.25%

11/15/2028

8,785

 

9,355,410

Cook County School District No. 144 (Prairie Hills); Series 2010 A, GO Bonds (d)

4.25%

12/01/2020

555

 

569,302

Cook County Township High School District No. 220 Reavis; Series 2012, GO Bonds

3.00%

12/01/2024

1,035

 

1,074,237

Illinois (State of);

 

 

 

 

 

Series 2010, Ref. GO Bonds

5.00%

01/01/2023

525

 

526,386

Series 2012, Ref. GO Bonds

5.00%

08/01/2025

4,710

 

5,139,175

Series 2013, GO Bonds

5.00%

07/01/2021

2,500

 

2,630,525

Series 2014, GO Bonds

5.00%

02/01/2021

5,000

 

5,179,500

Series 2014, GO Bonds

5.00%

02/01/2024

1,100

 

1,255,056

Series 2014, GO Bonds

5.00%

02/01/2025

4,695

 

5,350,985

Series 2017 D, GO Bonds

5.00%

11/01/2024

3,480

 

4,063,492

Series 2018 A, GO Bonds

5.25%

05/01/2023

3,000

 

3,376,650

Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 A, Ref. RB

5.00%

11/01/2030

3,000

 

3,675,690

Illinois (State of) Finance Authority (Edward-Elmhurst Heathcare); Series 2018 B, Ref. RB (SIFMA

 

 

 

 

 

Municipal Swap Index + 0.75%)(b)(c)

1.90%

07/01/2023

3,750

 

3,761,250

Illinois (State of) Finance Authority (Field Museum); Series 2019, Ref. RB (68% of 1 mo. USD LIBOR

 

 

 

 

 

+ 1.00%)(b)(c)

1.58%

09/01/2022

6,925

 

6,934,072

Illinois (State of) Finance Authority (Northwestern Memorial Healthcare); Series 2017 B, RB (b)

5.00%

12/15/2022

10,750

 

11,924,115

Illinois (State of) Finance Authority (Palos Hospital); Series 2010 C, RB

5.38%

05/15/2025

6,000

 

6,051,360

Illinois (State of) Finance Authority (Southern Illinois Healthcare Enterprises, Inc.); Series 2005, RB

 

 

 

 

 

(b)(d)

5.25%

03/01/2020

2,775

 

2,775,000

 

 

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);

 

 

 

 

 

Series 2002, RB (b)(d)(j)

5.70%

06/15/2022

875

 

979,755

Series 2002, RB (INS-NATL)(a)(j)

5.70%

06/15/2025

3,125

 

3,440,781

Series 2002, RB (INS-NATL)(a)(f)

0.00%

12/15/2032

25,000

 

19,294,500

Illinois (State of) Toll Highway Authority;

 

 

 

 

 

Series 2013 A, RB

5.00%

01/01/2032

1,250

 

1,386,187

Series 2015 A, RB

5.00%

01/01/2032

1,635

 

1,955,869

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Illinois–(continued)

 

 

 

 

 

Long Grove (Village of), IL (Sunset Grove);

 

 

 

 

 

Series 2020, Ref. RB

2.35%

01/01/2021

$ 230

$

230,428

Series 2020, Ref. RB

2.50%

01/01/2022

240

 

241,579

Series 2020, Ref. RB

2.50%

01/01/2023

245

 

247,002

Series 2020, Ref. RB

3.00%

01/01/2026

280

 

286,306

Series 2020, Ref. RB

3.10%

01/01/2027

290

 

296,073

Series 2020, Ref. RB

3.25%

01/01/2028

305

 

311,835

Series 2020, Ref. RB

3.35%

01/01/2029

320

 

326,880

Series 2020, Ref. RB

3.50%

01/01/2030

330

 

337,250

Series 2020, Ref. RB

3.60%

01/01/2031

345

 

351,941

Series 2020, Ref. RB

3.70%

01/01/2032

490

 

501,652

Railsplitter Tobacco Settlement Authority;

 

 

 

 

 

Series 2010, RB (b)(d)

5.50%

06/01/2021

1,500

 

1,587,690

Series 2017, RB

5.00%

06/01/2025

7,000

 

8,393,350

Regional Transportation Authority;

 

 

 

 

 

Series 1997, Ref. RB (INS-NATL)(a)

6.00%

06/01/2023

1,460

 

1,605,197

Series 2002 A, RB (INS-NATL)(a)

6.00%

07/01/2020

3,840

 

3,903,629

Series 2002 A, RB (INS-NATL)(a)

6.00%

07/01/2021

2,055

 

2,191,863

Series 2003 A, RB (INS-NATL)(a)

5.50%

07/01/2020

2,580

 

2,618,545

Rosemont (Village of), IL; Series 2017 A, GO Bonds (INS-AGM)(a)

5.00%

12/01/2046

4,000

 

4,777,000

Sales Tax Securitization Corp.; Series 2017 A, Ref. RB

5.00%

01/01/2025

6,700

 

7,930,790

Springfield (City of), IL; Series 2015, Ref. RB

5.00%

03/01/2023

2,000

 

2,225,980

 

 

 

 

 

210,856,317

Indiana–0.83%

 

 

 

 

 

Indiana (State of) Finance Authority; Series 2016 C, Ref. RB

5.00%

12/01/2025

7,000

 

8,634,080

Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc. Obligated Group);

 

 

 

 

 

Series 2008 J, Ref. VRD RB (LOC - Barclays Bank PLC)(g)(i)

1.35%

11/01/2037

1,530

 

1,530,000

Indiana (State of) Municipal Power Agency;

 

 

 

 

 

Series 2011 A, RB

5.00%

01/01/2021

250

 

258,600

Series 2011 A, RB (b)(d)

5.00%

07/01/2021

250

 

264,112

Indiana Bond Bank; Series 2007 B-1, RB (67% of 3 mo. USD LIBOR + 0.97%)(c)

2.20%

10/15/2022

2,875

 

2,876,179

Indianapolis (City of), IN Department of Public Utilites; Series 2018 A, Ref. RB

5.00%

10/01/2025

1,350

 

1,654,695

Purdue University; Series 2016 CC, Ref. RB

5.00%

07/01/2023

3,115

 

3,543,624

 

 

 

 

 

18,761,290

Iowa–0.35%

 

 

 

 

 

Ames (City of), IA (Mary Greeley Medical Center); Series 2011, RB (b)(d)

5.38%

06/15/2020

1,825

 

1,847,922

Iowa (State of) Finance Authority (Iowa Health System); Series 2018, Ref. RB (SIFMA Municipal Swap

 

 

 

 

 

Index + 0.58%)(b)(c)(e)

1.73%

01/04/2024

6,095

 

6,095,061

 

 

 

 

 

7,942,983

Kansas–1.25%

 

 

 

 

 

Kansas (State of) Development Finance Authority;

 

 

 

 

 

Series 2011 K, RB

5.00%

12/01/2020

2,400

 

2,429,784

Series 2015 G, RB

5.00%

04/01/2027

5,000

 

5,608,950

Series 2015 G, RB

5.00%

04/01/2028

5,000

 

5,603,300

Kansas (State of) Development Finance Authority (Adventist Health System/Subelt Obligated Group);

 

 

 

 

 

Series 2012 A, Ref. RB

5.00%

11/15/2032

11,975

 

13,028,561

Kansas (State of) Development Finance Authority (University of Kansas Health System); Series 2011

 

 

 

 

 

H, RB

5.00%

03/01/2024

500

 

500,000

Wyandotte (County of) & Kansas City (City of), KS Unified Government; Series 2014 A, Ref. RB

5.00%

09/01/2021

1,000

 

1,060,570

 

 

 

 

 

28,231,165

Kentucky–3.69%

 

 

 

 

 

Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives);

 

 

 

 

 

Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(b)(c)

2.55%

02/01/2025

2,340

 

2,381,792

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Kentucky–(continued)

 

 

 

 

 

Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky

 

 

 

 

 

Information Highway);

 

 

 

 

 

Series 2015 A, RB

5.00%

07/01/2025

$ 1,635

$

1,901,505

Series 2015, RB

5.00%

07/01/2022

850

 

912,492

Kentucky (Commonwealth of) Municipal Power Agency;

 

 

 

 

 

Series 2015 A, Ref. RB (INS-NATL)(a)

5.00%

09/01/2026

2,000

 

2,416,460

Series 2015 A, Ref. RB (INS-NATL)(a)

5.00%

09/01/2027

3,380

 

4,081,587

Series 2015 A, Ref. RB (INS-NATL)(a)

5.00%

09/01/2028

2,870

 

3,459,182

Kentucky (Commonwealth of) Municipal Power Agency (Prairie State);

 

 

 

 

 

Series 2010 A, RB (d)

5.00%

09/01/2021

5,860

 

5,980,599

Series 2010 A, RB (d)

5.00%

09/01/2022

4,560

 

4,653,845

Series 2010 A, RB (d)

5.00%

09/01/2023

1,000

 

1,020,580

Kentucky (Commonwealth of) Property & Building Commission; Series 2020 C, Ref. RB

5.00%

11/01/2021

5,000

 

5,296,900

Kentucky (Commonwealth of) Property & Building Commission (No. 108); Series 2015 A, Ref. RB

5.00%

08/01/2029

4,000

 

4,788,760

Kentucky (Commonwealth of) Property & Building Commission (No. 112); Series 2016 B, Ref. RB

5.00%

11/01/2026

13,290

 

16,481,460

Kentucky (Commonwealth of) Public Energy Authority;

 

 

 

 

 

Series 2018 A, RB (b)

4.00%

04/01/2024

7,830

 

8,709,231

Series 2018 B, RB (b)

4.00%

01/01/2025

5,000

 

5,648,500

Kentucky (Commonwealth of) Turnpike Authority (Revitalization); Series 2017 B, Ref. RB

4.00%

07/01/2026

3,750

 

4,398,375

Louisville & Jefferson (Counties of), KY Metropolitan Sewer District;

 

 

 

 

 

Series 2017 A, RB

5.00%

05/15/2025

4,025

 

4,871,820

Series 2017, Ref. RB

5.00%

05/15/2025

5,285

 

6,396,911

 

 

 

 

 

83,399,999

Louisiana–3.57%

 

 

 

 

 

Jefferson Sales Tax District;

 

 

 

 

 

Series 2019 A, Ref. RB (INS-AGM)(a)

5.00%

12/01/2023

1,000

 

1,151,740

Series 2019 A, Ref. RB (INS-AGM)(a)

5.00%

12/01/2024

1,000

 

1,188,330

Louisiana (State of);

 

 

 

 

 

Series 2012 A, GO Bonds

5.00%

08/01/2024

1,980

 

2,176,218

Series 2013 A, RB

5.00%

06/15/2033

1,050

 

1,183,801

Series 2014 C, Ref. GO Bonds

5.00%

08/01/2025

2,400

 

2,828,400

Series 2016 B, Ref. GO Bonds

5.00%

08/01/2025

10,000

 

12,168,500

Series 2019 A, RB

5.00%

09/01/2026

2,000

 

2,513,900

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority

 

 

 

 

 

(Westlake Chemical Corp.); Series 2009 A, RB

6.50%

08/01/2029

8,980

 

9,183,756

Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 A, Ref. RB (d)

5.25%

07/01/2020

1,000

 

1,013,790

Louisiana (State of) Public Facilities Authority (Louisiana Children's Medical Center); Series 2015

 

 

 

 

 

A-2, RB (b)

5.00%

06/01/2025

5,000

 

5,953,050

Louisiana Citizens Property Insurance Corp.; Series 2015, Ref. RB (INS-AGM)(a)

5.00%

06/01/2022

14,575

 

15,913,714

Louisiana State University & Agricultural & Mechanical College Board of Supervisors; Series 2016 A,

 

 

 

 

 

Ref. RB

5.00%

07/01/2023

3,250

 

3,683,452

New Orleans (City of), LA;

 

 

 

 

 

Series 2015, RB

5.00%

06/01/2023

700

 

784,364

Series 2015, RB

5.00%

12/01/2023

600

 

682,002

Series 2015, RB

5.00%

06/01/2024

400

 

462,668

Series 2015, RB

5.00%

12/01/2024

750

 

879,060

Series 2015, RB

5.00%

06/01/2025

500

 

596,145

Series 2015, RB

5.00%

12/01/2025

825

 

992,912

Series 2015, RB

5.00%

06/01/2026

250

 

299,630

Series 2015, RB

5.00%

12/01/2026

500

 

605,860

Series 2015, RB

5.00%

06/01/2027

350

 

418,723

Series 2015, RB

5.00%

12/01/2027

750

 

908,153

Series 2015, Ref. GO Bonds

5.00%

12/01/2022

500

 

555,590

Series 2015, Ref. GO Bonds

5.00%

12/01/2023

500

 

574,275

Series 2015, Ref. GO Bonds

5.00%

12/01/2024

1,000

 

1,184,760

New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolitdated Garage System);

 

 

 

 

 

Series 2018 B, Ref. RB (INS-AGM)(a)

5.00%

10/01/2026

200

 

246,654

St. Charles (Parish of), LA (Valero Energy Corp.); Series 2010, RB (b)

4.00%

06/01/2022

2,865

 

3,027,732

St. John the Baptist (Parish of), LA (Marathon Oil Corp.); Series 2017, Ref. RB (b)

2.10%

07/01/2024

3,000

 

3,109,980

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Louisiana–(continued)

 

 

 

 

 

Terrebonne (Parish of), LA Hospital Service District No. 1 (Terrebonne General Medical Center);

 

 

 

 

 

Series 2010, Ref. RB

4.00%

04/01/2020

$ 1,000

$

1,002,260

Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB

5.00%

05/15/2022

5,000

 

5,426,250

 

 

 

 

 

80,715,669

Maine–0.08%

 

 

 

 

 

Lewiston (City of), ME (UBS Financial Services, Inc.);

 

 

 

 

 

Series 2008 B, GO Bonds (INS-AGM)(a)

5.00%

12/15/2020

870

 

872,732

Series 2008 B, GO Bonds (INS-AGM)(a)

5.50%

12/15/2023

950

 

953,363

 

 

 

 

 

1,826,095

Maryland–1.00%

 

 

 

 

 

Maryland (State of);

 

 

 

 

 

Series 2014 B, GO Bonds

5.00%

08/01/2021

5,000

 

5,297,700

Series 2017 C, Ref. GO Bonds

5.00%

08/01/2024

10,000

 

11,839,400

Maryland Economic Development Corp. (CNX Marine Terminal Inc. - Port of Baltimore Facility);

 

 

 

 

 

Series 2010, Ref. RB

5.75%

09/01/2025

5,400

 

5,506,704

 

 

 

 

 

22,643,804

Massachusetts–2.52%

 

 

 

 

 

Massachusetts (Commonwealth of) Department of Transportation;

 

 

 

 

 

Series 2019 A, Ref. RB

5.00%

01/01/2026

4,000

 

4,939,080

Series 2019 A, Ref. RB

5.00%

01/01/2027

5,000

 

6,350,350

Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance);

 

 

 

 

 

Series 2019 A, Ref. RB (b)

5.00%

01/01/2023

4,750

 

5,302,425

Massachusetts (Commonwealth of) Development Finance Agency;

 

 

 

 

 

Series 2019 A, Ref. RB

5.00%

07/01/2025

845

 

1,004,181

Series 2019 A, Ref. RB

5.00%

07/01/2027

2,300

 

2,864,282

Massachusetts (Commonwealth of) Development Finance Agency (Beth Israel Lahey Health);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

07/01/2025

1,000

 

1,202,070

Massachusetts (Commonwealth of) Development Finance Agency (Boston University); Series 2019

 

 

 

 

 

DD, RB (b)

5.00%

04/01/2024

6,880

 

7,886,200

Massachusetts (Commonwealth of) Development Finance Agency (Caregroup); Series 2017 S-5, Ref.

 

 

 

 

 

RB (SIFMA Municipal Swap Index + 0.50%)(b)(c)

1.57%

01/27/2022

300

 

300,144

Massachusetts (Commonwealth of) Development Finance Agency (Harvard University);

 

 

 

 

 

Series 2016 A, Ref. RB

5.00%

07/15/2024

4,735

 

5,606,287

Series 2017 S-4, Ref. RB (b)

5.00%

01/25/2024

15,000

 

17,353,050

Massachusetts (Commonwealth of) Development Finance Agency (International Charter School);

 

 

 

 

 

Series 2015, Ref. RB

4.00%

04/15/2020

60

 

60,149

Series 2015, Ref. RB

5.00%

04/15/2025

1,750

 

1,923,267

Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University); Series 2017,

 

 

 

 

 

Ref. RB

5.00%

07/01/2024

1,000

 

1,167,030

University of Massachusetts Building Authority; Series 2015-2, Ref. RB

5.00%

11/01/2023

975

 

1,125,053

 

 

 

 

 

57,083,568

Michigan–3.18%

 

 

 

 

 

Great Lakes Water Authority; Series 2018 A, Ref. RB

5.00%

07/01/2024

2,425

 

2,833,418

Michigan (State of); Series 2009, Ref. RB

5.00%

11/01/2023

1,500

 

1,504,710

Michigan (State of) Building Authority (Facilities Program); Series 2019, Ref. RB

5.00%

04/15/2025

2,100

 

2,538,501

Michigan (State of) Finance Authority (Bronson Healthcare Group); Series 2019 B, RB (b)

3.50%

11/15/2022

4,000

 

4,249,160

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);

 

 

 

 

 

Series 2014 D-1, Ref. RB (INS-AGM)(a)

5.00%

07/01/2020

3,500

 

3,547,985

Series 2014 D-1, Ref. RB (INS-AGM)(a)

5.00%

07/01/2021

4,000

 

4,220,320

Series 2014 D-1, Ref. RB (INS-AGM)(a)

5.00%

07/01/2022

10,000

 

10,952,200

Michigan (State of) Finance Authority (Local Government Loan Program); Series 2014, Ref. RB

3.88%

10/01/2023

2,000

 

2,146,640

Michigan (State of) Finance Authority (Mclaren Health Care);

 

 

 

 

 

Series 2015 D-1, Ref. RB (68% of 1 mo. USD LIBOR + 0.40%)(b)(c)

1.50%

10/15/2021

6,985

 

6,997,294

Series 2015 D-2, Ref. RB (68% of 1 mo. USD LIBOR + 0.75%)(b)(c)

1.85%

10/15/2020

10,000

 

10,007,900

Michigan (State of) Finance Authority (Trinity Health Corp.); Series 2015, Ref. RB (b)(d)

5.00%

06/01/2022

9,000

 

9,832,680

Michigan (State of) Finance Authority (Trinity Health); Series 2015, RB (67% of 1 mo. USD LIBOR +

 

 

 

 

 

0.54%)(b)(c)

1.62%

12/01/2020

10,000

 

10,012,400

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Michigan–(continued)

 

 

 

 

 

Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank,

 

 

 

 

 

N.A.)(g)(i)

1.25%

03/01/2031

$ 3,000

$

3,000,000

 

 

 

 

 

71,843,208

Minnesota–0.71%

 

 

 

 

 

Maple Grove (City of), MN (Maple Grove Hospital Corp.);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

05/01/2023

500

 

559,735

Series 2017, Ref. RB

5.00%

05/01/2024

1,200

 

1,387,572

Series 2017, Ref. RB

5.00%

05/01/2025

800

 

953,272

Minneapolis & St. Paul (Cities of), MN Housing & Redevelopment Authority (Allina Health System);

 

 

 

 

 

Series 2017 A, Ref. RB

5.00%

11/15/2024

1,780

 

2,117,595

Series 2019, Ref. RB

5.00%

11/15/2023

1,600

 

1,839,952

Series 2019, Ref. RB

5.00%

11/15/2024

1,900

 

2,260,354

Minneapolis & St. Paul (Cities of), MN Housing & Redevelopment Authority (Children's Health Care);

 

 

 

 

 

Series 1995 B, RB (b)(d)

5.00%

08/15/2020

1,350

 

1,375,285

Series 2010 A, RB (d)

5.00%

08/15/2020

730

 

743,673

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission;

 

 

 

 

 

Series 2011, Ref. RB

5.00%

01/01/2021

1,240

 

1,282,656

Series 2016 B, Ref. RB

5.00%

01/01/2023

1,000

 

1,117,490

Series 2016 C, RB

4.00%

01/01/2021

175

 

179,699

Series 2016 C, RB

5.00%

01/01/2022

250

 

269,297

Series 2016 C, RB

5.00%

01/01/2023

225

 

251,638

Series 2016 C, RB

5.00%

01/01/2024

200

 

231,830

Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(g)

1.14%

11/01/2035

1,500

 

1,500,000

 

 

 

 

 

16,070,048

Mississippi–0.82%

 

 

 

 

 

Mississippi (State of) Hospital Equipment & Facilities Authority (Forrest Co. General Hospital);

 

 

 

 

 

Series 2019 B, Ref. RB

5.00%

01/01/2024

400

 

456,500

Series 2019 B, Ref. RB

5.00%

01/01/2025

1,105

 

1,297,823

Mississippi Business Finance Corp. (Chevron USA, Inc.); Series 2010 H, VRD IDR (g)

1.29%

11/01/2035

16,800

 

16,800,000

 

 

 

 

 

18,554,323

Missouri–0.97%

 

 

 

 

 

Kansas City (City of), MO;

 

 

 

 

 

Series 2010 B, Ref. RB

4.13%

01/01/2021

2,000

 

2,004,880

Series 2017 C, Ref. RB

5.00%

09/01/2023

1,500

 

1,708,245

Series 2017 C, Ref. RB

5.00%

09/01/2024

2,675

 

3,146,388

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Service); Series 2019

 

 

 

 

 

B, RB (b)

2.88%

02/01/2022

3,600

 

3,604,860

Missouri (State of) Health & Educational Facilities Authority (SSM Health Care); Series 2010 B, RB

 

 

 

 

 

(b)(d)

5.00%

06/01/2020

4,645

 

4,692,240

 

 

Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.);

 

 

 

 

 

Series 2010 A, RB

5.00%

11/15/2020

1,000

 

1,029,890

Missouri (State of) Joint Municipal Electric Utility Commission (Prairie Street);

 

 

 

 

 

Series 2015 A, Ref. RB

5.00%

06/01/2027

2,600

 

3,119,324

Series 2015 A, Ref. RB

5.00%

12/01/2027

1,140

 

1,367,818

St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills);

 

 

 

 

 

Series 2013 A, RB

5.00%

09/01/2023

1,135

 

1,206,391

 

 

 

 

 

21,880,036

Nebraska–0.06%

 

 

 

 

 

Lincoln (City of), NE; Series 2012, Ref. RB

5.00%

09/01/2023

1,250

 

1,379,425

Nevada–0.14%

 

 

 

 

 

Clark (County of), NV (Las Vegas-McCarran International Airport); Series 2015, Ref. RB

5.00%

07/01/2022

2,000

 

2,190,440

Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB (e)

2.50%

06/15/2024

1,000

 

1,023,780

 

 

 

 

 

3,214,220

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

New Hampshire–0.06%

 

 

 

 

 

New Hampshire (State of) Health & Education Facilities Authority (Concord Hospital);

 

 

 

 

 

Series 2011, RB

5.25%

10/01/2025

$ 525

$

557,030

Series 2011, RB

5.50%

10/01/2026

510

 

542,767

New Hampshire (State of) Housing Finance Authority; Series 2009 A, RB

5.13%

07/01/2029

280

 

282,932

 

 

 

 

 

1,382,729

New Jersey–5.69%

 

 

 

 

 

New Jersey (State of) Economic Development Authority;

 

 

 

 

 

Series 2005 N-1, Ref. RB (INS-NATL)(a)

5.50%

09/01/2022

5,000

 

5,533,400

Series 2012, Ref. RB

5.00%

06/15/2022

1,500

 

1,623,060

Series 2017 A, Ref. RB (INS-BAM)(a)

5.00%

07/01/2027

8,200

 

10,198,914

Series 2017 A, Ref. RB (INS-BAM)(a)

5.00%

07/01/2028

5,005

 

6,205,049

New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-

 

 

 

 

 

Montclair State University Student Housing);

 

 

 

 

 

Series 2010 A, RB (b)(d)

5.00%

06/01/2020

1,500

 

1,515,630

Series 2010 A, RB

5.25%

06/01/2020

1,295

 

1,306,085

New Jersey (State of) Transportation Trust Fund Authority;

 

 

 

 

 

Series 2005 B, RB (INS-AGC)(a)

5.50%

12/15/2021

6,000

 

6,482,640

Series 2006 A, RB (INS-AGM)(a)

5.25%

12/15/2021

1,820

 

1,958,375

Series 2010 D, RB

5.25%

12/15/2023

3,305

 

3,804,947

Series 2011 B, RB

5.00%

06/15/2020

1,000

 

1,011,420

Series 2011-B, RB

5.00%

06/15/2021

1,000

 

1,049,150

Series 2013 AA, RB

5.00%

06/15/2021

6,000

 

6,294,900

Series 2014, RN (SIFMA Municipal Swap Index + 1.20%)(b)(c)

2.35%

12/15/2021

1,000

 

1,010,560

Series 2016, RB

5.00%

06/15/2023

1,250

 

1,402,413

Series 2016, RN

5.00%

06/15/2030

2,025

 

2,430,020

Series 2018 A, Ref. RB

5.00%

12/15/2025

5,000

 

6,008,700

Series 2018 A, Ref. RN

5.00%

06/15/2023

8,500

 

9,536,405

Series 2018 A, Ref. RN

5.00%

06/15/2030

5,000

 

6,000,050

Series 2018-A, Ref. RN

5.00%

06/15/2024

8,750

 

10,117,188

Series 2019, Ref. RB

5.00%

12/15/2025

2,500

 

3,004,350

Series 2019, Ref. RB

5.00%

12/15/2028

9,750

 

12,421,987

Subseries 2016 A-1, RN

5.00%

06/15/2024

4,500

 

5,201,100

Subseries 2016 A-1, RN

5.00%

06/15/2028

1,140

 

1,376,345

New Jersey (State of) Turnpike Authority;

 

 

 

 

 

Series 2005 D-4, RB (INS-AGM)(a)

5.25%

01/01/2026

5,000

 

6,211,300

Series 2017 C-6, Ref. RB (70% of 1 mo. USD LIBOR + 0.75%)(b)(c)

1.86%

01/01/2023

10,000

 

10,071,300

Tobacco Settlement Financing Corp.;

 

 

 

 

 

Series 2018 A, Ref. RB

5.00%

06/01/2023

3,000

 

3,367,650

Series 2018 A, Ref. RB

5.00%

06/01/2024

2,000

 

2,316,640

Series 2018 A, Ref. RB

5.00%

06/01/2025

1,000

 

1,194,350

 

 

 

 

 

128,653,928

New Mexico–0.34%

 

 

 

 

 

Albuquerque (City of) & Bernalillo (County of), NM Water Utility Authority; Series 2015, Ref. RB

5.00%

07/01/2023

5,170

 

5,885,063

New Mexico (State of) Hospital Equipment Loan Council (Haverland Charter Lifestyle Group);

 

 

 

 

 

Series 2013, RB

4.00%

07/01/2022

1,675

 

1,725,032

 

 

 

 

 

7,610,095

New York–10.18%

 

 

 

 

 

Jefferson Civic Facility Development Corp. (Samaritan Medical Center);

 

 

 

 

 

Series 2017 A, Ref. RB

5.00%

11/01/2023

1,185

 

1,318,218

Series 2017 A, Ref. RB

5.00%

11/01/2024

1,245

 

1,420,383

Long Island (City of), NY Power Authority;

 

 

 

 

 

Series 2014 C, Ref. RN (70% of 1 mo. USD LIBOR + 0.75%)(b)(c)

1.86%

10/01/2023

15,000

 

15,092,100

Series 2016 B, Ref. RB

5.00%

09/01/2024

2,485

 

2,932,499

Series 2017, RB

5.00%

09/01/2025

1,000

 

1,217,060

Long Island Power Authority; Series 2019 B, RB (b)

1.65%

09/01/2024

4,000

 

4,085,360

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

New York–(continued)

 

 

 

 

 

Metropolitan Transportation Authority;

 

 

 

 

 

Subseries 2002 G-1H, Ref. RB (67% of 1 mo. USD LIBOR + 0.82%)(b)(c)

1.88%

02/01/2022

$ 3,190

$

3,198,262

Subseries 2008 A-2A, Ref. RB (SIFMA Municipal Swap Index + 0.45%)(b)(c)

1.60%

06/01/2022

11,780

 

11,822,526

Subseries 2012 G-4, Ref. RB (67% of 1 mo. USD LIBOR + 0.55%)(b)(c)

1.61%

11/01/2022

11,870

 

11,821,808

Subseries 2018 C-2, RB

5.00%

09/01/2021

5,000

 

5,301,300

Subseries 2018 D-1, RB (67% of 1 mo. USD LIBOR + 0.65%)(b)(c)

1.71%

07/01/2021

4,790

 

4,794,263

Metropolitan Transportation Authority (Green Bonds); Series 2018 B, Ref. RB

5.00%

11/15/2023

5,000

 

5,734,100

New York (City of), NY;

 

 

 

 

 

Series 2012 F, Ref. GO Bonds

5.00%

08/01/2023

9,165

 

9,904,799

Series 2014 I-2, VRD GO Bonds (g)

2.22%

03/01/2040

7,400

 

7,400,000

Series 2017 C, Ref. GO Bonds

5.00%

08/01/2024

8,050

 

9,500,046

Subseries 2015 F-5, VRD GO Bonds (g)

1.35%

06/01/2044

9,450

 

9,450,000

New York (City of), NY Industrial Development Agency (Yankee Stadium);

 

 

 

 

 

Series 2006, RB (CPI Rate + 0.87%) (INS -FGIC)(a)(c)

3.36%

03/01/2025

1,025

 

1,060,690

Series 2006, RB (CPI Rate + 0.88%) (INS -FGIC) (a)(c)

3.37%

03/01/2026

2,725

 

2,823,563

Series 2006, RB (CPI Rate + 0.89%) (INS -FGIC)(a)(c)

3.38%

03/01/2027

5,500

 

5,680,400

New York (City of), NY Municipal Water Finance Authority; Subseries 2012 A-1, VRD RB (g)

1.35%

06/15/2044

10,075

 

10,075,000

New York (City of), NY Transitional Finance Authority; Subseries 2014 D-4, VRD RB (g)

1.26%

02/01/2044

23,185

 

23,185,000

New York (State of) Dormitory Authority;

 

 

 

 

 

Series 2013 A, RB

5.00%

02/15/2024

5,375

 

6,036,824

Series 2019 A, Ref. RB

5.00%

03/15/2024

5,000

 

5,840,000

New York (State of) Dormitory Authority (Montefiore Obligated Group);

 

 

 

 

 

Series 2018 A, Ref. RB

5.00%

08/01/2024

1,250

 

1,467,450

Series 2018 A, Ref. RB

5.00%

08/01/2025

3,000

 

3,632,880

New York (State of) Dormitory Authority (New York University); Series 1998 A, RB (INS-NATL)(a)

5.75%

07/01/2027

2,000

 

2,423,520

New York (State of) Dormitory Authority (Northwell Health Obligated Group); Series 2019 B-3, RB (b)

5.00%

05/01/2026

4,000

 

4,869,680

New York (State of) Housing Finance Agency (505 West 37th Street); Series 2009 A, VRD RB

 

 

 

 

 

(LOC-Landesbank Hessen-thrgn)(g)(i)

1.33%

05/01/2042

3,140

 

3,140,000

New York (State of) Housing Finance Agency (Clinton Park Housing); Series 2010 A, VRD RB (g)

1.13%

11/01/2044

2,800

 

2,800,000

New York (State of) Metropolitan Transportation Authority; Series 2012 C, RB

5.00%

11/15/2028

7,260

 

8,059,616

New York (State of) Thruway Authority;

 

 

 

 

 

Series 2018 L, Ref. RB

5.00%

01/01/2025

780

 

934,323

Series 2018 L, Ref. RB

5.00%

01/01/2026

1,000

 

1,236,690

New York State Urban Development Corp.; Series 2017 A, Ref. RB

5.00%

03/15/2024

10,000

 

11,684,300

Triborough Bridge & Tunnel Authority; Subseries 2016 B-4A, Ref. RB (67% of 1 mo. USD LIBOR +

 

 

 

 

 

0.70%)(b)(c)

1.76%

02/01/2021

13,225

 

13,268,246

Triborough Bridge & Tunnel Authority (MTA Bridges and Tunnels); Series 2018 D, RB (67% of SOFR +

 

 

 

 

 

0.50%)(b)(c)

2.14%

10/01/2020

4,850

 

4,850,048

TSASC, Inc.;

 

 

 

 

 

Series 2017 A, Ref. RB

5.00%

06/01/2024

4,500

 

5,202,720

Series 2017 A, Ref. RB

5.00%

06/01/2025

5,000

 

5,932,050

Yonkers (City of), NY;

 

 

 

 

 

Series 2010 A, GO Bonds (b)(d)

5.00%

11/15/2020

500

 

515,340

Series 2010 A, GO Bonds (INS-AGM)(a)

5.00%

11/15/2020

655

 

674,205

 

 

 

 

 

230,385,269

North Carolina–2.50%

 

 

 

 

 

Charlotte (City of) & Mecklenburg (County of), NC Hospital Authority (Carolinas HealthCare System);

 

 

 

 

 

Series 2018 E, Ref. RB (SIFMA Municipal Swap Index + 0.45%)(b)(c)

1.60%

12/01/2021

5,000

 

4,995,500

Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 H, VRD RB (g)

1.32%

01/15/2048

20,600

 

20,600,000

Columbus (County of), NC Industrial Facilities & Pollution Control Financing Authority (International

 

 

 

 

 

Paper Co.); Series 2019, Ref. RB (b)

2.00%

10/01/2024

850

 

872,457

North Carolina (State of) Municipal Power Agency #1 (Catawba);

 

 

 

 

 

Series 2015 A, Ref. RB

5.00%

01/01/2028

1,615

 

1,977,180

Series 2015 B, Ref. RB

5.00%

01/01/2022

1,875

 

2,015,812

Series 2019 A, Ref. RB

5.00%

01/01/2021

7,180

 

7,425,197

North Carolina (State of) Municipal Power Agency No. 1;

 

 

 

 

 

Series 2019 A, Ref. RB

5.00%

01/01/2023

2,335

 

2,602,381

Series 2019 B, Ref. RB

5.00%

01/01/2021

5,545

 

5,734,362

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

North Carolina–(continued)

 

 

 

 

 

North Carolina (State of) Turnpike Authority;

 

 

 

 

 

Series 2017, Ref. RB (INS-AGM)(a)

5.00%

01/01/2024

$ 1,150

$

1,318,475

Series 2017, Ref. RB

5.00%

01/01/2025

2,025

 

2,387,738

Series 2017, Ref. RB (INS-AGM)(a)

5.00%

01/01/2026

1,350

 

1,645,475

University of North Carolina at Chapel Hill; Series 2012, RB (67% of 1 mo. USD LIBOR + 0.40%)(b)(c)

1.46%

11/09/2022

5,000

 

5,001,050

 

 

 

 

 

56,575,627

North Dakota–0.18%

 

 

 

 

 

McLean (County of), ND (Great River Energy); Series 2010 B, RB

5.15%

07/01/2040

4,000

 

4,051,040

Ohio–3.61%

 

 

 

 

 

Allen (County of), OH (Catholic Healthcare Partners); Series 2010 B, RB

5.00%

09/01/2020

2,920

 

2,977,466

American Municipal Power, Inc.; Series 2015 A, Ref. RB (b)(d)

5.25%

02/15/2022

2,000

 

2,172,660

American Municipal Power, Inc. (AMP Fremont Energy Center); Series 2017 A, Ref. RB

5.00%

02/15/2027

5,000

 

6,356,100

American Municipal Power, Inc. (Combined Hydroelectric); Series 2018 A, RB (b)

2.25%

08/15/2021

2,500

 

2,524,000

Cleveland (City of), OH;

 

 

 

 

 

Series 2006 A, RB (INS-AMBAC)(a)

5.25%

01/01/2021

3,980

 

4,124,434

Series 2011 A, RB

5.00%

01/01/2022

2,315

 

2,394,242

Series 2012 A, Ref. RB (b)(d)

5.00%

01/01/2022

3,000

 

3,232,140

Franklin (County of), OH (OhioHealth Corp.);

 

 

 

 

 

Series 2009 A, Ref. VRD RB (g)

1.25%

11/15/2041

2,155

 

2,155,000

Series 2011 B, Ref. RB (b)

5.00%

05/15/2023

4,995

 

5,603,990

Hancock (County of), OH (Blanchard Valley Regional Health Center); Series 2011 A, RB (b)(d)

5.75%

06/01/2021

250

 

265,225

Miami University (A State University of Ohio);

 

 

 

 

 

Series 2014, Ref. RB

5.00%

09/01/2023

1,465

 

1,674,905

Series 2017, Ref. RB

5.00%

09/01/2023

1,995

 

2,280,844

Ohio (State of); Series 2014 A, GO Bonds

5.00%

03/01/2031

4,190

 

4,522,016

Ohio (State of) (Cleveland Clinic Health System Obligated Group);

 

 

 

 

 

Series 2011 B-1, Ref. RB

5.00%

01/01/2024

1,000

 

1,033,890

Series 2017, Ref. RB

5.00%

01/01/2026

1,205

 

1,488,669

Series 2019 E, VRD RB (g)

1.23%

01/01/2052

34,170

 

34,170,000

Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2014, RB (b)

2.40%

10/01/2029

4,500

 

4,655,070

 

 

 

 

 

81,630,651

Oklahoma–0.29%

 

 

 

 

 

Grand River Dam Authority; Series 2016 A, Ref. RB

5.00%

06/01/2024

2,500

 

2,932,450

Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools); Series 2016, RB

5.00%

09/01/2026

3,100

 

3,530,373

 

 

 

 

 

6,462,823

Oregon–1.10%

 

 

 

 

 

Multnomah (County of), OR; Series 2017, GO Bonds

5.00%

06/01/2023

6,960

 

7,903,706

Oregon (State of) Department of Transportation;

 

 

 

 

 

Series 2017 C, Ref. RB

5.00%

11/15/2025

3,525

 

4,346,149

Series 2017 C, Ref. RB

5.00%

11/15/2026

2,000

 

2,537,140

Portland (City of), OR; Series 2011 B, RB

5.25%

06/15/2029

1,000

 

1,053,390

Portland (City of), OR Community College District; Series 2013, GO Bonds

5.00%

06/15/2022

6,000

 

6,576,300

Salem-Keizer School District No. 24J; Series 2009 B, GO Bonds (CEP -Oregon School Bond

 

 

 

 

 

Guaranty)(f)

0.00%

06/15/2023

2,500

 

2,422,550

 

 

 

 

 

24,839,235

Pennsylvania–5.22%

 

 

 

 

 

Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University);

 

 

 

 

 

Series 2008 A, Ref. VRD RB (g)

1.23%

12/01/2037

2,050

 

2,050,000

Bethlehem (City of), PA;

 

 

 

 

 

Series 2014, Ref. RB (INS-BAM)(a)

5.00%

11/15/2020

1,475

 

1,516,566

Series 2014, Ref. RB (INS-BAM)(a)

5.00%

11/15/2021

1,400

 

1,495,858

Butler (County of), PA General Authority (Hampton Township School District); Series 2007, VRD RB

 

 

 

 

 

(INS-AGM)(a)(g)

1.15%

09/01/2027

2,690

 

2,690,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Pennsylvania–(continued)

 

 

 

 

 

Commonwealth Financing Authority;

 

 

 

 

 

Series 2015 A, RB

5.00%

06/01/2034

$ 6,000

$

7,082,700

Series 2018, RB

5.00%

06/01/2025

5,500

 

6,569,970

Series 2018, RB

5.00%

06/01/2026

2,000

 

2,455,300

Delaware Valley Regional Financial Authority; Series 2018 B, RB (SIFMA Municipal Swap Index +

 

 

 

 

 

0.42%)(b)(c)

1.57%

09/01/2022

4,000

 

4,006,400

DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare);

 

 

 

 

 

Series 2018, Ref. RB

5.00%

07/15/2020

500

 

507,330

Series 2018, Ref. RB

5.00%

07/15/2021

500

 

526,865

Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB

 

 

 

 

 

(LOC - PNC Bank, N.A.)(g)(i)

1.15%

06/01/2037

2,655

 

2,655,000

Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University);

 

 

 

 

 

Series 2018 A, Ref. RB

5.00%

09/01/2022

1,350

 

1,484,487

Series 2018 A, Ref. RB

5.00%

09/01/2023

1,050

 

1,195,383

Series 2018 A, Ref. RB

5.00%

09/01/2024

1,000

 

1,175,250

Series 2018 C, RB (SIFMA Municipal Swap Index + 0.72%)(b)(c)

1.87%

09/01/2023

4,700

 

4,700,047

Montgomery (County of), PA Industrial Development Authority (ACTS Retirement Communities);

 

 

 

 

 

Series 2012, Ref. IDR

5.00%

11/15/2026

2,000

 

2,162,880

Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities);

 

 

 

 

 

Series 2012, Ref. RB

5.00%

11/15/2025

1,000

 

1,082,480

Montgomery (County of), PA Industrial Development Authority (PECO Energy Company);

 

 

 

 

 

Series 1994 A, Ref. RB (b)

2.55%

06/01/2020

5,000

 

5,019,700

Series 1999 A, Ref. RB (b)

2.50%

04/01/2020

6,000

 

6,007,260

Pennsylvania (Commonwealth of);

 

 

 

 

 

First Series 2016, Ref. GO Bonds

5.00%

09/15/2026

5,000

 

6,280,650

First Series 2016, Ref. GO Bonds

5.00%

02/01/2028

1,690

 

2,070,487

Second Series 2016, Ref. GO Bonds

5.00%

09/15/2028

2,455

 

3,075,084

Series 2013, GO Bonds

5.00%

10/15/2032

1,475

 

1,683,963

Series 2018 A, Ref. COP

5.00%

07/01/2023

500

 

562,995

Series 2018 A, Ref. COP

5.00%

07/01/2025

500

 

598,170

Pennsylvania (Commonwealth of) Economic Development Financing Authority (Philadelphia Biosolids

 

 

 

 

 

Facility); Series 2009, RB

6.25%

01/01/2032

3,045

 

3,098,044

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pittsburgh

 

 

 

 

 

Medical Center); Series 2010 E, RB

5.00%

05/15/2021

7,285

 

7,345,465

Pennsylvania (Commonwealth of) Turnpike Commission;

 

 

 

 

 

Series 2011 A, RB

5.00%

12/01/2022

1,500

 

1,667,625

Series 2011 A, RB

5.00%

12/01/2023

1,500

 

1,726,410

Series 2014 B-1, Ref. RB (SIFMA Municipal Swap Index + 0.88%)(c)

2.03%

12/01/2020

5,100

 

5,110,047

Series 2014, Ref. RB

5.00%

12/01/2033

5,000

 

5,910,550

Series 2018 A-1, Ref. RB (SIFMA Municipal Swap Index + 0.43%)(c)

1.58%

12/01/2021

4,000

 

4,010,880

Series 2019 A, RB

5.00%

12/01/2026

1,000

 

1,242,010

Series 2019 A, RB

5.00%

12/01/2027

1,500

 

1,907,475

Series 2019 A, RB

5.00%

12/01/2028

2,000

 

2,589,560

Philadelphia (City of), PA;

 

 

 

 

 

Series 2017 A, Ref. GO Bonds

5.00%

08/01/2023

1,000

 

1,137,740

Series 2019 B, GO Bonds

5.00%

02/01/2024

850

 

982,838

Series 2019 B, GO Bonds

5.00%

02/01/2025

1,000

 

1,191,630

Series 2019 B, GO Bonds

5.00%

02/01/2026

1,200

 

1,473,156

Philadelphia (City of), PA Gas Works;

 

 

 

 

 

Series 2015, Ref. RB

5.00%

08/01/2022

2,250

 

2,467,305

Series 2015, Ref. RB

5.00%

08/01/2023

4,000

 

4,543,720

Philadelphia (City of), PA Industrial Development Authority (Discovery Charter School); Series 2012,

 

 

 

 

 

RB

5.50%

04/01/2027

1,320

 

1,361,712

Pittsburgh (City of), PA Water & Sewer Authority; Series 2019 A, RB (INS-AGM)(a)

5.00%

09/01/2024

1,000

 

1,178,630

South Fork (Borough of), PA Municipal Authority (Conemaugh Valley Memorial Hospital); Series 2005

 

 

 

 

 

A, Ref. RB (b)(d)

6.00%

07/01/2020

500

 

508,270

 

 

 

 

 

118,107,892

Puerto Rico–0.02%

 

 

 

 

 

Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2006 B, RB (INS-AGC)(a)

5.00%

07/01/2023

100

 

102,463

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Puerto Rico–(continued)

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.;

 

 

 

 

 

 

Series 2018 A-1, RB (f)

0.00%

07/01/2024

$

35

$

32,026

Series 2018 A-1, RB (f)

0.00%

07/01/2027

 

252

 

215,566

 

 

 

 

 

 

350,055

Rhode Island–0.56%

 

 

 

 

 

 

Rhode Island Health & Educational Building Corp. (University of Rhode Island - Auxiliary Enterprise);

 

 

 

 

 

 

Series 2009 B, RB (INS-AGC)(a)

5.25%

09/15/2029

 

1,265

 

1,268,871

Tobacco Settlement Financing Corp.;

 

 

 

 

 

 

Series 2015 A, Ref. RB

5.00%

06/01/2026

 

2,435

 

2,876,709

Series 2015 A, Ref. RB

5.00%

06/01/2027

 

3,600

 

4,239,072

Series 2015 A, Ref. RB

5.00%

06/01/2028

 

1,920

 

2,254,022

Series 2015 B, Ref. RB

2.25%

06/01/2041

 

1,985

 

1,990,042

 

 

 

 

 

 

12,628,716

South Carolina–1.42%

 

 

 

 

 

 

Patriots Energy Group Financing Agency; Series 2018 A, RB (b)

4.00%

02/01/2024

 

8,000

 

8,889,040

SCAGO Educational Facilities Corporation for Pickens School District; Series 2015, Ref. RB

5.00%

12/01/2026

 

2,250

 

2,702,677

South Carolina (State of) Jobs-Economic Development Authority (AnMed Health);

 

 

 

 

 

 

Series 2012 B, Ref. RB (b)(d)

5.00%

10/01/2022

 

5,000

 

5,537,400

Series 2018 A, Ref. RB

5.00%

05/01/2025

 

1,500

 

1,794,030

South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance);

 

 

 

 

 

 

Series 2013 A, Ref. RB (d)

5.00%

08/01/2021

 

1,300

 

1,377,025

South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group);

 

 

 

 

 

 

Series 2018 A, Ref. RB

5.00%

05/01/2024

 

1,000

 

1,160,290

South Carolina Transportation Infrastructure Bank; Series 2012 A, Ref. RB (b)(d)

5.00%

10/01/2021

 

10,000

 

10,662,000

 

 

 

 

 

 

32,122,462

South Dakota–0.05%

 

 

 

 

 

 

South Dakota (State of) Health & Educational Facilities Authority (Regional Health); Series 2010, RB

 

 

 

 

 

 

(b)(d)

5.00%

09/01/2020

 

1,000

 

1,020,580

 

 

 

Tennessee–1.17%

 

 

 

 

 

 

Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health);

 

 

 

 

 

 

Series 2018 A, Ref. RB

5.00%

07/01/2023

 

1,800

 

2,043,234

Series 2018 A, Ref. RB

5.00%

07/01/2024

 

2,000

 

2,268,840

Series 2018 A, Ref. RB

5.00%

07/01/2025

 

2,000

 

2,266,740

Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2011 D, Ref. RB

5.00%

07/01/2022

 

2,165

 

2,283,079

Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities

 

 

 

 

 

 

Board (Blakeford at Green Hills);

 

 

 

 

 

 

Series 2012, Ref. RB

5.00%

07/01/2020

 

860

 

869,924

Series 2012, Ref. RB

5.00%

07/01/2021

 

885

 

925,559

Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities

 

 

 

 

 

 

Board (Lipscomb University); Series 2016 A, Ref. RB

5.00%

10/01/2021

 

745

 

788,985

Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur

 

 

 

 

 

 

Healthcare); Series 2017 A, RB

5.00%

05/01/2024

 

1,840

 

2,142,294

Tennessee Energy Acquisition Corp.;

 

 

 

 

 

 

Series 2006 A, RB

5.25%

09/01/2021

 

4,385

 

4,660,115

Series 2017 A, RB (b)

4.00%

05/01/2023

 

3,420

 

3,727,766

Series 2018, RB (b)

4.00%

11/01/2025

 

4,000

 

4,589,800

 

 

 

 

 

 

26,566,336

Texas–10.43%

 

 

 

 

 

 

Austin Convention Enterprises, Inc.;

 

 

 

 

 

 

Series 2017, Ref. RB

5.00%

01/01/2022

 

350

 

373,583

Series 2017, Ref. RB

5.00%

01/01/2025

 

900

 

1,045,461

Board of Regents of The University of Texas System; Series 2010, Ref. RB

5.00%

08/15/2021

 

5,340

 

5,665,847

Central Texas Regional Mobility Authority; Series 2018, RB

4.00%

01/01/2022

 

2,500

 

2,598,650

Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2013, RB

5.00%

08/15/2023

 

750

 

806,678

Dallas-Fort Worth (Cities of), TX International Airport; Series 2013 F, Ref. RB

5.25%

11/01/2033

 

4,490

 

5,165,206

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Texas–(continued)

 

 

 

 

 

Denton Independent School District; Series 2015, Ref. GO Bonds (CEP -Texas Permanent School

 

 

 

 

 

Fund)

5.00%

08/15/2024

$ 6,685

$

7,899,598

Dickinson Independent School District; Series 2000, Ref. GO Bonds (CEP-Texas Permanent School

 

 

 

 

 

Fund)

6.00%

02/15/2028

11,370

 

14,189,987

Frisco Independent School District; Series 2016 A, Ref. GO Bonds (CEP -Texas Permanent School

 

 

 

 

 

Fund)

5.00%

08/15/2025

2,500

 

3,053,325

Galveston (City of), TX; Series 2011, Ref. RB

5.00%

02/01/2021

1,000

 

1,035,530

Grand Parkway Transportation Corp. (Tela Supported); Series 2018 B, RB (b)

5.00%

10/01/2023

5,000

 

5,695,150

Harris (County of), TX Metropolitan Transit Authority; Series 2017 B, Ref. RB

5.00%

11/01/2025

3,040

 

3,735,978

Harris County Cultural Education Facilities Finance Corp. (Memorial Herman Health System);

 

 

 

 

 

Series 2014 A, RB (b)(d)

5.00%

12/01/2024

1,445

 

1,727,714

Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System);

 

 

 

 

 

Series 2013 A, Ref. RB

5.00%

12/01/2023

1,625

 

1,799,119

Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital); Series 2015, RB

 

 

 

 

 

(68% of 1 mo. USD LIBOR + 0.85%)(b)(c)

1.94%

06/01/2020

5,000

 

5,001,650

Harris County Cultural Education Facilities Finance Corp. (YMCA of the Greater Houston Area);

 

 

 

 

 

Series 2013 A, Ref. RB

5.00%

06/01/2021

535

 

557,042

Series 2013 A, Ref. RB

5.00%

06/01/2022

855

 

912,772

Harris County Health Facilities Development Corp. (School Health Care System); Series 1997 B, RB (d)

5.75%

07/01/2027

5,475

 

6,809,258

Harris Health Facilities Development Corp. (Methodist Hospital System); Series 2008 A-2, VRD RB (g)

2.16%

12/01/2041

21,750

 

21,750,000

Houston (City of), TX;

 

 

 

 

 

Series 2014 C, Ref. RB

5.00%

05/15/2024

3,685

 

4,317,530

Series 2016 A, Ref. GO Bonds

5.00%

03/01/2024

3,060

 

3,563,951

Series 2017 A, Ref. GO Bonds

5.00%

03/01/2028

5,350

 

6,765,396

Series 2018 C, Ref. RB (70% of 1 mo. USD LIBOR +0.36%)(b)(c)

1.49%

08/01/2021

4,000

 

4,003,800

Series 2019 C, Ref. GO Bonds

5.00%

03/01/2022

12,305

 

13,325,946

Houston Independent School District; Series 2016 A, Ref. GO Bonds (CEP -Texas Permanent School

 

 

 

 

 

Fund)

5.00%

02/15/2025

3,750

 

4,512,375

Leander Independent School District; Series 2014 D, Ref. GO Bonds (CEP -Texas Permanent School

 

 

 

 

 

Fund)(f)

0.00%

08/15/2027

5,675

 

4,846,166

Lower Colorado River Authority (LCRA Transmission Services Corp.);

 

 

 

 

 

Series 2018, Ref. RB

5.00%

05/15/2023

1,900

 

2,148,976

Series 2018, Ref. RB

5.00%

05/15/2024

2,430

 

2,842,711

Lower Neches Valley Authority Industrial Development Corp. (Exxonmobil ); Series 2010, VRD RB (g)

1.24%

11/01/2038

2,740

 

2,740,000

New Hope Cultural Education Facilities Corp. (CHF-Collegiate Housing College Station I, LLC-Texas

 

 

 

 

 

A&M University); Series 2014 A, RB (INS-AGM)(a)

4.00%

04/01/2020

325

 

325,647

North East Texas Regional Mobility Authority; Series 2016, RB

5.00%

01/01/2026

1,870

 

2,259,315

North Texas Tollway Authority; Series 2019 B, Ref. RB

5.00%

01/01/2025

2,000

 

2,382,100

Northside Independent School District (School Building); Series 2012, GO Bonds (CEP -Texas

 

 

 

 

 

Permanent School Fund)(b)

1.75%

06/01/2022

3,090

 

3,096,149

San Antonio (City of), TX;

 

 

 

 

 

Series 2016, RB (d)

5.00%

02/01/2023

5,345

 

5,976,512

Series 2016, RB

5.00%

02/01/2023

1,155

 

1,294,293

Series 2018, Ref. RB

5.00%

02/01/2021

5,000

 

5,193,950

San Antonio (City of), TX Water System; Series 2013 B, Ref. RB

5.00%

05/15/2031

2,720

 

3,059,864

San Antonio Independent School District;

 

 

 

 

 

Series 2019, Ref. GO Bonds (CEP -Texas Permanent School Fund)

5.00%

08/15/2025

5,400

 

6,601,608

Series 2019, Ref. GO Bonds (CEP -Texas Permanent School Fund)

5.00%

08/15/2026

5,405

 

6,804,625

Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health); Series 2018 A, Ref. RB

5.00%

07/01/2024

1,850

 

2,159,006

Tarrant Cultural Educational Facilities Finance Corp. (Methodist Hospitals of Dallas); Series 2008 A,

 

 

 

 

 

VRD RB (LOC - TD Bank N.A.)(g)(i)

1.20%

10/01/2041

6,730

 

6,730,000

Texas (State of); Series 2019, RAN

4.00%

08/27/2020

10,000

 

10,154,900

Texas (State of) Water Development Board (State Water Implementation Revenue Fund);

 

 

 

 

 

Series 2018 A, RB

5.00%

10/15/2022

2,500

 

2,772,750

Series 2018 A, RB

5.00%

10/15/2024

2,500

 

2,973,400

Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB

6.25%

12/15/2026

4,845

 

5,768,651

Texas Municipal Gas Acquisition & Supply Corp. III;

 

 

 

 

 

Series 2012, RB

5.00%

12/15/2021

5,485

 

5,864,836

Series 2012, RB

5.00%

12/15/2022

500

 

553,445

Series 2012, RB

5.00%

12/15/2023

8,050

 

8,921,734

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23

Invesco Limited Term Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Texas–(continued)

 

 

 

 

 

Texas Public Finance Authority; Series 2018 A, Ref. GO Bonds

5.00%

10/01/2023

$ 5,000

$

5,742,700

Texas State University Board of Regents;

 

 

 

 

 

Series 2017 A, Ref. RB

5.00%

03/15/2023

2,150

 

2,419,352

Series 2017 A, Ref. RB

5.00%

03/15/2024

4,000

 

4,663,320

Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center);

 

 

 

 

 

Series 2011, RB (d)

5.00%

07/01/2021

1,285

 

1,354,891

 

 

 

 

 

235,962,447

Utah–0.46%

 

 

 

 

 

Utah (County of), UT (IHC Health Services, Inc.); Series 2018 B, RB (b)

5.00%

08/01/2024

4,000

 

4,658,320

Weber (County of), UT; Series 2000 C, VRD RB (g)

1.34%

02/15/2035

5,840

 

5,840,000

 

 

 

 

 

10,498,320

Virgin Islands–0.37%

 

 

 

 

 

Virgin Islands (Government of) Public Finance Authority;

 

 

 

 

 

Series 2015, RB (e)

5.00%

09/01/2022

2,220

 

2,380,173

Series 2015, RB (e)

5.00%

09/01/2023

1,500

 

1,648,410

Series 2015, RB (e)

5.00%

09/01/2024

1,650

 

1,855,524

Series 2015, RB (e)

5.00%

09/01/2025

1,500

 

1,723,155

Virgin Islands (Government of) Water & Power Authority; Series 2010 B, RB (INS-AGM)(a)

5.00%

07/01/2022

685

 

708,879

 

 

 

 

 

8,316,141

Virginia–2.24%

 

 

 

 

 

Chesapeake Bay Bridge & Tunnel District; Series 2019, RAN

5.00%

11/01/2023

17,645

 

20,236,345

Fairfax (County of), VA Economic Development Authority (Wiehle Ave Metrorail Station); Series 2020,

 

 

 

 

 

Ref. RB

5.00%

08/01/2027

1,400

 

1,780,884

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment

 

 

 

 

 

Programs); Series 2015 A, RB

5.00%

02/01/2024

4,075

 

4,734,009

Virginia Commonwealth Transportation Board;

 

 

 

 

 

Series 2016, RB

5.00%

03/15/2024

1,500

 

1,747,440

Series 2016, RB

5.00%

09/15/2024

1,015

 

1,202,805

Series 2017 A, Ref. RB

5.00%

05/15/2024

5,395

 

6,323,479

Series 2017, RB

5.00%

05/15/2025

5,640

 

6,836,188

Series 2017, Ref. RB

5.00%

09/15/2023

5,000

 

5,729,900

York (County of), VA Economic Development Authority; Series 2009 A, Ref. PCR (b)

1.90%

06/01/2023

2,000

 

2,058,720

 

 

 

 

 

50,649,770

Washington–1.97%

 

 

 

 

 

Energy Northwest (Columbia Generating Station); Series 2011 A, Ref. RB

5.00%

07/01/2023

2,500

 

2,639,075

Energy Northwest (Project #3); Series 2018 C, Ref. RB

5.00%

07/01/2023

4,000

 

4,550,400

Seattle (City of), WA; Series 2015 A, Ref. GO Bonds

5.00%

06/01/2023

4,000

 

4,542,360

Seattle (Port of), WA; Series 2015 B, Ref. RB

5.00%

03/01/2022

1,205

 

1,303,979

Washington (State of); Series 1998 C, GO Bonds

5.50%

07/01/2023

2,815

 

3,124,791

Washington (State of) Economic Development Finance Authority (Waste Management, Inc.);

 

 

 

 

 

Series 2008, RB (e)

2.13%

06/01/2020

3,000

 

3,003,180

Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2013, RB

 

 

 

 

 

(SIFMA Municipal Swap Index + 1.40%)(b)(c)

2.55%

01/01/2025

5,650

 

5,891,537

Washington (State of) Health Care Facilities Authority (Fred Hutchinson Cancer Research Center);

 

 

 

 

 

Series 2017, Ref. RB (67% of 1 mo. USD LIBOR + 1.10%)(b)(c)

2.18%

07/01/2022

5,000

 

5,047,800

Washington (State of) Health Care Facilities Authority (PeaceHealth); Series 2014 A, Ref. RB

5.00%

11/15/2020

500

 

514,050

Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB

 

 

 

 

 

(LOC - FHLB of San Francisco)(g)(i)

1.25%

09/01/2049

850

 

850,000

Washington (State of) Tobacco Settlement Authority;

 

 

 

 

 

Series 2018, Ref. RB

5.00%

06/01/2023

2,500

 

2,807,325

Series 2018, Ref. RB

5.00%

06/01/2024

3,750

 

4,210,987

Washington Health Care Facilities Authority (CommonSpirit Health); Series 2019 B-3, Ref. RB (b)

5.00%

08/01/2026

5,000

 

6,062,100

 

 

 

 

 

44,547,584

West Virginia–0.43%

 

 

 

 

 

Mason (County of), WV (Appalachian Power Co.); Series 2003 L, PCR

2.75%

10/01/2022

2,500

 

2,602,625

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24

Invesco Limited Term Municipal Income Fund

 

 

 

 

Principal

 

 

 

 

 

Interest

Maturity

Amount

 

 

 

 

 

Rate

Date

(000)

 

Value

West Virginia–(continued)

 

 

 

 

 

 

West Virginia (State of) Economic Development Authority; Series 2017, Ref. RB

5.00%

06/15/2027

$ 5,610

$

7,184,615

 

 

 

 

 

 

 

9,787,240

 

Wisconsin–0.33%

 

 

 

 

 

 

Wisconsin (State of); Series 2017-1, Ref. RB

5.00%

07/01/2025

3,790

 

4,619,518

 

Wisconsin (State of) Health & Educational Facilities Authority (Advocate Aurora Health Credit Group);

 

 

 

 

 

 

Series 2018 B-3, Ref. RB (b)

5.00%

01/31/2024

2,495

 

2,877,633

 

 

 

 

 

 

 

7,497,151

 

Wyoming–0.05%

 

 

 

 

 

 

Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB (INS-BAM)(a)

5.00%

01/01/2024

1,000

 

1,147,720

 

TOTAL INVESTMENTS IN SECURITIES(k)–100.12% (Cost $2,175,473,351)

 

 

 

 

2,264,798,389

 

OTHER ASSETS LESS LIABILITIES–(0.12)%

 

 

 

 

(2,618,958)

NET ASSETS –100.00%

 

 

 

$2,262,179,431

 

Investment Abbreviations:

 

 

 

 

 

 

AGC

– Assured Guaranty Corp.

 

 

 

 

 

 

AGM

– Assured Guaranty Municipal Corp.

 

 

 

 

 

 

AMBAC – American Municipal Bond Assurance Corp.

 

 

 

 

 

 

BAM

– Build America Mutual Assurance Co.

 

 

 

 

 

 

CEP

– Credit Enhancement Provider

 

 

 

 

 

 

COP

– Certificates of Participation

 

 

 

 

 

 

CPI

– Consumer Price Index

 

 

 

 

 

 

FGIC

– Financial Guaranty Insurance Company

 

 

 

 

 

 

FHLB

– Federal Home Loan Bank

 

 

 

 

 

 

FHLMC – Federal Home Loan Mortgage Corp.

 

 

 

 

 

 

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.

 

 

 

 

 

 

PCR

– Pollution Control Revenue Bonds

 

 

 

 

 

 

RAC

– Revenue Anticipation Certificates

 

 

 

 

 

 

RAN

– Revenue Anticipation Notes

 

 

 

 

 

 

RB

– Revenue Bonds

 

 

 

 

 

 

Ref.

– Refunding

 

 

 

 

 

 

RN

– Revenue Notes

 

 

 

 

 

 

SIFMA

– Securities Industry and Financial Markets Association

 

 

 

 

 

 

SOFR

– Secured Overnight Financing Rate

 

 

 

 

 

 

USD

– U.S. Dollar

 

 

 

 

 

 

VRD

– Variable Rate Demand

 

 

 

 

 

 

Notes to Schedule of Investments:

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

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

(c)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.

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

(e)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 29, 2020 was $37,932,045, which represented 1.68% of the Fund's Net Assets.

(f)Zero coupon bond issued at a discount.

(g)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 29, 2020.

(h)Security subject to crossover refunding.

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

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

(k)Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower's obligations but may be called upon to satisfy the borrower'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.

25

Invesco Limited Term Municipal Income Fund

Statement of Assets and Liabilities

February 29, 2020

Assets:

 

Investments in securities, at value

 

(Cost $2,175,473,351)

$2,264,798,389

Cash

1,124,078

Receivable for:

 

Investments sold

98,000

Fund shares sold

4,945,301

Dividends

133,711

Interest

19,533,766

Investment for trustee deferred compensation and

 

retirement plans

224,123

Other assets

72,950

Total assets

2,290,930,318

Liabilities:

 

Payable for:

 

Investments purchased

9,404,750

Dividends

1,165,383

Fund shares reacquired

17,144,427

Accrued fees to affiliates

653,500

Accrued trustees' and officers' fees and benefits

4,735

Accrued other operating expenses

128,777

Trustee deferred compensation and retirement plans

249,315

Total liabilities

28,750,887

Net assets applicable to shares outstanding

$2,262,179,431

Net assets consist of:

 

Shares of beneficial interest

$2,210,828,600

Distributable earnings

51,350,831

 

$2,262,179,431

Net Assets:

 

 

Class A

$1,115,905,254

Class A2

$

47,719,465

Class C

$

108,817,983

Class Y

$

721,345,551

Class R5

$

2,376,981

Class R6

$

266,014,197

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A

 

96,847,423

Class A2

 

4,139,104

Class C

 

9,448,222

Class Y

 

62,636,040

Class R5

 

206,482

Class R6

 

23,102,937

Class A:

 

 

Net asset value per share

$

11.52

Maximum offering price per share

 

 

(Net asset value of $11.52 ÷ 97.50%)

$

11.82

Class A2:

 

 

Net asset value per share

$

11.53

Maximum offering price per share

 

 

(Net asset value of $11.53 ÷ 99.00%)

$

11.65

Class C:

 

 

Net asset value and offering price per share

$

11.52

Class Y:

 

 

Net asset value and offering price per share

$

11.52

Class R5:

 

 

Net asset value and offering price per share

$

11.51

Class R6:

 

 

Net asset value and offering price per share

$

11.51

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26

Invesco Limited Term Municipal Income Fund

Statement of Operations

For the year ended February 29, 2020

Investment income:

 

 

 

Interest

$

54,805,247

 

Expenses:

 

 

 

Advisory fees

 

4,987,155

 

Administrative services fees

 

301,925

 

Custodian fees

 

22,086

 

Distribution fees:

 

 

 

Class A

 

2,616,632

 

Class C

 

977,265

 

Transfer agent fees — A, A2, C and Y

 

1,671,669

 

Transfer agent fees — R5

 

443

 

Transfer agent fees — R6

 

28,490

 

Trustees' and officers' fees and benefits

 

44,136

 

Registration and filing fees

 

205,243

 

Reports to shareholders

 

102,277

 

Professional services fees

 

59,255

 

Other

 

12,664

 

Total expenses

 

11,029,240

 

Less: Expense offset arrangement(s)

 

(849)

Net expenses

 

11,028,391

 

Net investment income

 

43,776,856

 

Realized and unrealized gain from:

 

 

 

Net realized gain from investment securities

 

672,817

 

Change in net unrealized appreciation of investment securities

 

56,060,334

 

Net realized and unrealized gain

 

56,733,151

 

Net increase in net assets resulting from operations

$100,510,007

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27

Invesco Limited Term Municipal Income Fund

Statement of Changes in Net Assets

For the years ended February 29, 2020 and February 28, 2019

 

 

2020

 

2019

 

 

Operations:

 

 

 

 

 

 

Net investment income

$

43,776,856

$

47,691,605

 

Net realized gain (loss)

 

672,817

 

(15,951,397)

Change in net unrealized appreciation

 

56,060,334

 

18,409,994

 

Net increase in net assets resulting from operations

 

100,510,007

 

50,150,202

 

Distributions to shareholders from distributable earnings:

 

 

 

 

 

 

Class A

 

(23,041,136)

 

(20,416,390)

 

 

 

 

 

 

Class A2

 

(1,208,339)

 

(1,260,107)

 

 

 

 

 

 

Class C

 

(1,414,451)

 

(3,162,192)

 

 

 

 

 

 

Class Y

 

(16,772,304)

 

(16,188,721)

 

 

 

 

 

 

Class R5

 

(60,846)

 

(203,638)

 

 

 

 

 

 

Class R6

 

(5,958,958)

 

(4,500,235)

 

 

 

 

 

 

Total distributions from distributable earnings

 

(48,456,034)

 

(45,731,283)

Share transactions–net:

 

 

 

 

 

 

Class A

 

56,991,094

 

(17,752,621)

 

 

 

 

 

 

Class A2

 

(5,518,380)

 

(5,646,483)

 

 

 

 

 

 

Class C

 

10,720,200

 

(209,049,185)

 

 

 

 

 

 

Class Y

 

27,557,962

 

(61,464,077)

 

 

 

 

 

 

Class R5

 

(495,211)

 

(7,353,609)

Class R6

 

48,411,822

 

44,009,167

 

Net increase (decrease) in net assets resulting from share transactions

 

137,667,487

 

(257,256,808)

 

 

 

 

 

 

Net increase (decrease) in net assets

 

189,721,460

 

(252,837,889)

Net assets:

 

 

 

 

 

 

Beginning of year

 

2,072,457,971

 

2,325,295,860

 

End of year

$2,262,179,431

$2,072,457,971

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28

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.

 

 

 

 

 

 

 

 

 

Ratio of

Ratio of

 

 

 

 

 

 

 

 

 

 

 

expenses

expenses

 

 

 

 

 

Net gains

 

 

 

 

 

to average

to average net

 

 

 

 

 

(losses)

 

 

 

 

 

net assets

assets without

Ratio of net

 

 

Net asset

 

on securities

 

Dividends

 

 

 

with fee waivers

fee waivers

investment

 

 

value,

Net

(both

Total from

from net

Net asset

 

Net assets,

and/or

and/or

income

 

 

beginning

investment

realized and

investment

investment

value, end

Total

end of period

expenses

expenses

to average

Portfolio

 

of period

income(a)

unrealized)

operations

income

of period

return (b)

(000's omitted)

absorbed

absorbed

net assets

turnover (c)

Class A

 

 

 

 

 

 

 

 

0.61%(d)

0.61%(d)

1.98%(d)

 

Year ended 02/29/20

$11.25

$0.22

$ 0.30

$ 0.52

$(0.25)

$11.52

4.68%

$1,115,905

26%

Year ended 02/28/19

11.22

0.24

0.02

0.26

(0.23)

11.25

2.38

1,033,140

0.63

0.63

2.17

45

Year ended 02/28/18

11.31

0.21

(0.10)

0.11

(0.20)

11.22

0.93

1,048,359

0.62

0.62

1.86

20

Year ended 02/28/17

11.57

0.21

(0.27)

(0.06)

(0.20)

11.31

(0.51)

1,274,653

0.60

0.60

1.79

29

Year ended 02/29/16

11.62

0.24

(0.04)

0.20

(0.25)

11.57

1.76

1,183,160

0.61

0.61

2.14

13

Class A2

 

 

 

 

 

 

 

 

0.36(d)

0.36(d)

2.23(d)

26

Year ended 02/29/20

11.25

0.25

0.31

0.56

(0.28)

11.53

5.02

47,719

Year ended 02/28/19

11.22

0.27

0.02

0.29

(0.26)

11.25

2.64

52,007

0.38

0.38

2.42

45

Year ended 02/28/18

11.31

0.24

(0.11)

0.13

(0.22)

11.22

1.18

57,533

0.37

0.37

2.11

20

Year ended 02/28/17

11.58

0.23

(0.27)

(0.04)

(0.23)

11.31

(0.35)

72,115

0.35

0.35

2.04

29

Year ended 02/29/16

11.63

0.27

(0.04)

0.23

(0.28)

11.58

2.02

93,226

0.36

0.36

2.39

13

Class C

 

 

 

 

 

 

 

 

1.36(d)

1.36(d)

1.23(d)

26

Year ended 02/29/20

11.24

0.14

0.31

0.45

(0.17)

11.52

3.99

108,818

Year ended 02/28/19

11.21

0.16

0.02

0.18

(0.15)

11.24

1.61

95,674

1.38

1.38

1.42

45

Year ended 02/28/18

11.30

0.13

(0.11)

0.02

(0.11)

11.21

0.18

304,861

1.37

1.37

1.11

20

Year ended 02/28/17

11.56

0.12

(0.26)

(0.14)

(0.12)

11.30

(1.26)

390,826

1.35

1.35

1.04

29

Year ended 02/29/16

11.62

0.16

(0.06)

0.10

(0.16)

11.56

0.91

264,598

1.36

1.36

1.39

13

Class Y

 

 

 

 

 

 

 

 

0.36(d)

0.36(d)

2.23(d)

 

Year ended 02/29/20

11.24

0.25

0.31

0.56

(0.28)

11.52

5.02

721,346

26

Year ended 02/28/19

11.21

0.27

0.02

0.29

(0.26)

11.24

2.64

677,051

0.38

0.38

2.42

45

Year ended 02/28/18

11.30

0.24

(0.11)

0.13

(0.22)

11.21

1.18

737,222

0.37

0.37

2.11

20

Year ended 02/28/17

11.56

0.23

(0.26)

(0.03)

(0.23)

11.30

(0.27)

801,182

0.35

0.35

2.04

29

Year ended 02/29/16

11.61

0.27

(0.04)

0.23

(0.28)

11.56

2.02

674,461

0.36

0.36

2.39

13

Class R5

 

 

 

 

 

 

 

 

0.29(d)

0.29(d)

2.30(d)

26

Year ended 02/29/20

11.23

0.26

0.31

0.57

(0.29)

11.51

5.10

2,377

Year ended 02/28/19

11.21

0.27

0.01

0.28

(0.26)

11.23

2.54

2,812

0.38

0.38

2.42

45

Year ended 02/28/18

11.30

0.24

(0.11)

0.13

(0.22)

11.21

1.18

10,237

0.37

0.37

2.11

20

Year ended 02/28/17

11.57

0.23

(0.27)

(0.04)

(0.23)

11.30

(0.33)

10,893

0.35

0.35

2.04

29

Year ended 02/29/16

11.62

0.28

(0.05)

0.23

(0.28)

11.57

2.06

16,076

0.31

0.31

2.44

13

Class R6

 

 

 

 

 

 

 

 

0.28(d)

0.28(d)

2.31(d)

 

Year ended 02/29/20

11.24

0.26

0.30

0.56

(0.29)

11.51

5.01

266,014

26

Year ended 02/28/19

11.21

0.28

0.02

0.30

(0.27)

11.24

2.71

211,774

0.30

0.30

2.50

45

Year ended 02/28/18(e)

11.30

0.22

(0.10)

0.12

(0.21)

11.21

1.10

167,084

0.29(f)

0.29(f)

2.19(f)

20

(a)Calculated using average shares outstanding.

(b)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.

(c)Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

(d)Ratios are based on average daily net assets (000's omitted) of $1,046,653, $49,324, $97,727, $685,965 , $2,422 and $236,487 for Class A, Class A2, Class C, Class Y, Class R5 and Class R6 shares, respectively.

(e)Commencement date of April 4, 2017 for Class R6 Shares.

(f)Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29

Invesco Limited Term Municipal Income Fund

Notes to Financial Statements

February 29, 2020

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 ten 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 tenth anniversary after a purchase of Class C shares.

As of the close of business on October 30, 2002, Class A2 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 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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. 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 either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 and the country that has the primary market for the issuer's securities, 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

30

Invesco Limited Term Municipal Income Fund

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.

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 to each share class based on relative net assets. 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 relative net assets.

G.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.

H.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.

I.Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. 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 could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund's transaction costs.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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

0.300%

 

 

Over $500 million up to and including $1 billion

0.250%

Over $1 billion

0.200%

For the year ended February 29, 2020, the effective advisory fee rate incurred by the Fund was 0.235%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (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 contractually agreed, through at least June 30, 2020, 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 average daily net assets (the "expense 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. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2020. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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 29, 2020, 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 29, 2020, 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 Plan, 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 Rule 12b-1 payment, 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 Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory

31

Invesco Limited Term Municipal Income Fund

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 29, 2020, 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 29, 2020, IDI advised the Fund that IDI retained $140,304 and $326 in front-end sales commissions from the sale of Class A and Class A2 shares, respectively, and $121,237, $0 and $6,578 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own 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 29, 2020, 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 or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 29, 2020, the Fund engaged in securities purchases of $357,993,591 and securities sales of $293,634,514, which did not result in any net realized gains (losses).

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 29, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $849.

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. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 29, 2020 and February 28, 2019:

20202019

Ordinary income-tax-exempt

$48,456,034

$45,731,283

32

Invesco Limited Term Municipal Income Fund

Tax Components of Net Assets at Period-End:

 

 

2020

 

 

Undistributed tax-exempt income

$

1,537,489

 

Net unrealized appreciation — investments

 

89,796,313

 

Temporary book/tax differences

 

(211,891)

 

 

 

 

Capital loss carryforward

 

(39,771,080)

 

 

 

 

Shares of beneficial interest

 

2,210,828,600

 

Total net assets

$2,262,179,431

 

 

 

 

 

 

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 book to tax accretion differences and wash sales.

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 29, 2020, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$22,388,298

$17,382,782

$39,771,080

*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. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 29, 2020 was $544,068,460 and $553,107,705, respectively. Cost of investments, including any derivatives, on a tax basis 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

Aggregate unrealized appreciation of investments

$90,485,634

 

Aggregate unrealized (depreciation) of investments

(689,321)

Net unrealized appreciation of investments

$89,796,313

 

Cost of investments for tax purposes is $2,175,002,076.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of taxable income, on February 29, 2020, undistributed net investment income was increased by $85,597, undistributed net realized gain (loss) was decreased by $87,592 and shares of beneficial interest was increased by $1,995. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information

Summary of Share Activity

 

Year ended

Year ended

 

February 29, 2020(a)

 

February 28, 2019

 

Shares

Amount

Shares

Amount

Sold:

 

 

 

 

 

Class A

31,701,054

$ 360,812,060

33,312,882

$ 372,772,646

Class A2

196,872

2,242,397

73,268

820,916

Class C

4,124,490

46,971,435

3,184,940

35,591,148

Class Y

23,268,809

264,853,316

31,143,144

347,963,046

Class R5

13,456

153,332

610,874

6,821,354

Class R6

8,232,518

93,631,072

9,077,349

101,404,114

Issued as reinvestment of dividends:

 

 

 

 

 

Class A

1,504,896

17,140,801

1,415,181

15,828,220

Class A2

51,387

585,435

81,419

910,624

Class C

105,186

1,197,535

238,764

2,667,374

Class Y

885,511

10,080,052

932,204

10,418,898

Class R5

1,914

21,776

2,996

33,467

Class R6

451,146

5,135,549

358,122

4,002,470

33

Invesco Limited Term Municipal Income Fund

Summary of Share Activity

 

Year ended

 

Year ended

 

February 29, 2020(a)

 

 

February 28, 2019

 

 

Shares

 

Amount

 

Shares

 

Amount

Automatic conversion of Class C shares to Class A shares:

 

 

 

 

 

 

 

 

 

 

Class A

73,124

$

832,910

-

$

-

 

Class C

(73,138)

 

(832,910)

-

 

-

 

Reacquired:

 

 

 

 

 

 

 

 

 

 

Class A

(28,302,030)

 

(321,794,677)

(36,335,835)

 

(406,353,487)

 

 

 

 

 

 

 

 

Class A2

(731,267)

 

(8,346,212)

(659,840)

 

(7,378,023)

 

 

 

 

 

 

 

 

Class C

(3,219,660)

 

(36,615,860)

(22,111,553)

 

(247,307,707)

 

 

 

 

 

 

 

 

Class Y

(21,759,404)

 

(247,375,406)

(37,607,728)

 

(419,846,021)

 

 

 

 

 

 

 

 

Class R5

(59,174)

 

(670,319)

(1,276,877)

 

(14,208,430)

 

 

 

 

 

 

 

 

Class R6

(4,426,729)

 

(50,354,799)

(5,499,370)

 

(61,397,417)

 

 

 

 

 

 

 

 

Net increase (decrease) in share activity

12,038,961

$

137,667,487

(23,060,060)

$

(257,256,808)

 

 

 

 

 

 

 

 

 

 

 

(a)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.

NOTE 12—Subsequent Event

During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund's ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Fund should be immaterial.

34

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), hereafter referred to as the "Fund") as of February 29, 2020, the related statement of operations for the year ended February 29, 2020, the statement of changes in net assets for each of the two years in the period ended February 29, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (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 29, 2020, 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 29, 2020 and the financial highlights financial highlights for each of the periods indicated therein 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 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2020

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 Limited Term Municipal Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2019 through February 29, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

 

 

 

 

HYPOTHETICAL

 

 

 

 

 

 

(5% annual return before

 

 

 

 

ACTUAL

 

expenses)

 

 

Beginning

Ending

 

Expenses

Ending

 

Expenses

Annualized

 

Account Value

Account Value

 

Paid During

Account Value

 

Paid During

Expense

 

(09/01/19)

(02/29/20)1

 

Period2

(02/29/20)

 

Period2

Ratio

Class A

$1,000.00

$1,016.10

 

$3.06

$1,021.83

 

$3.07

0.61%

 

 

 

 

 

 

 

 

 

Class A2

1,000.00

1,017.40

 

1.81

1,023.07

 

1.81

0.36

 

 

 

 

 

 

 

 

 

Class C

1,000.00

1,012.30

 

6.80

1,018.10

 

6.82

1.36

 

 

 

 

 

 

 

 

 

Class Y

1,000.00

1,017.40

 

1.81

1,023.07

 

1.81

0.36

Class R5

1,000.00

1,017.80

 

1.40

1,023.47

 

1.41

0.28

 

 

 

 

 

 

 

 

 

Class R6

1,000.00

1,017.80

 

1.40

1,023.47

 

1.41

0.28

1The actual ending account value is based on the actual total return of the Fund for the period September 1, 2019 through February 29, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses.

2Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

36

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 29, 2020:

Federal and State Income Tax

Qualified Dividend Income*

0%

Corporate Dividends Received Deduction*

0%

U.S. Treasury Obligations*

0%

Tax-Exempt Interest Dividends*

100%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

37

Invesco Limited Term Municipal Income Fund

Trustees and Officers

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

 

Trustee

 

Number of

Other

Name, Year of Birth and

 

Funds in

Directorship(s)

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Interested Trustee

 

 

 

 

Martin L. Flanagan1 — 1960

2007

Executive Director, Chief Executive Officer and President, Invesco Ltd.

229

None

Trustee and Vice Chair

 

(ultimate parent of Invesco and a global investment management firm);

 

 

 

 

Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board, SMU Cox School of Business

 

 

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer,

 

 

 

 

Invesco Advisers, Inc. (registered investment adviser); Director, Chairman,

 

 

 

 

Chief Executive Officer and President, Invesco Holding Company (US), Inc.

 

 

 

 

(formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service

 

 

 

 

provider) and Invesco North American Holdings, Inc. (holding company);

 

 

 

 

Director, Chief Executive Officer and President, Invesco Holding Company

 

 

 

 

Limited (parent of Invesco and a global investment management firm);

 

 

 

 

Director, Invesco Ltd.; Chairman, Investment Company Institute and President,

 

 

 

 

Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief

 

 

 

 

Financial Officer, Franklin Resources, Inc. (global investment management

 

 

 

 

organization)

 

 

1Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1

Invesco Limited Term Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees

 

 

 

 

Bruce L. Crockett – 1944

1993

Chairman, Crockett Technologies Associates (technology consulting company)

229

Director and

Trustee and Chair

 

Formerly: Director, Captaris (unified messaging provider); Director, President

 

Chairman of the

 

 

 

Audit Committee,

 

 

and Chief Executive Officer, COMSAT Corporation; Chairman, Board of

 

 

 

 

ALPS (Attorneys

 

 

Governors of INTELSAT (international communications company); ACE Limited

 

 

 

 

Liability

 

 

(insurance company); Independent Directors Council and Investment Company

 

 

 

 

Protection

 

 

Institute: Member of the Audit Committee, Investment Company Institute;

 

 

 

 

Society)

 

 

Member of the Executive Committee and Chair of the Governance Committee,

 

 

 

 

(insurance

 

 

Independent Directors Council

 

 

 

 

company);

 

 

 

 

 

 

 

 

Director and

 

 

 

 

Member of the

 

 

 

 

Audit Committee

 

 

 

 

and

 

 

 

 

Compensation

 

 

 

 

Committee,

 

 

 

 

Ferroglobe PLC

 

 

 

 

(metallurgical

 

 

 

 

company)

David C. Arch – 1945

2010

Chairman of Blistex Inc. (consumer health care products manufacturer);

229

Board member of

Trustee

 

Member, World Presidents' Organization

 

the Illinois

 

 

 

 

Manufacturers'

 

 

 

 

Association

Beth Ann Brown – 1968

2019

Independent Consultant

229

Director, Board of

Trustee

 

Formerly: Head of Intermediary Distribution, Managing Director, Strategic

 

Directors of

 

 

 

Caron

 

 

Relations, Managing Director, Head of National Accounts, Senior Vice

 

 

 

 

Engineering Inc.;

 

 

President, National Account Manager and Senior Vice President, Key Account

 

 

 

 

Advisor, Board of

 

 

Manager, Columbia Management Investment Advisers LLC; Vice President, Key

 

 

 

 

Advisors of Caron

 

 

Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain

 

 

 

 

Engineering Inc.;

 

 

Oppenheimer Funds

 

 

 

 

President and

 

 

 

 

 

 

 

 

Director, Acton

 

 

 

 

Shapleigh Youth

 

 

 

 

Conservation

 

 

 

 

Corps (non -

 

 

 

 

profit); and Vice

 

 

 

 

President and

 

 

 

 

Director of

 

 

 

 

Grahamtastic

 

 

 

 

Connection (non-

 

 

 

 

profit)

Jack M. Fields – 1952

1997

 

229

Member, Board of Directors of

Trustee

 

 

 

Baylor College of Medicine

Cynthia Hostetler —1962

2017

Non-Executive Director and Trustee of a number of public and private business

229

Vulcan Materials

Trustee

 

corporations

 

Company

 

 

Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of

 

(construction

Investment Funds and Private Equity, Overseas Private Investment

materials

company); Trilinc

Corporation; President, First Manhattan Bancorporation, Inc.; Attorney,

Global Impact

Simpson Thacher & Bartlett LLP

Fund; Genesee &

 

 

Wyoming, Inc.

 

(railroads); Artio

 

Global Investment

 

LLC (mutual fund

 

complex); Edgen

 

Group, Inc.

 

(specialized

 

energy and

 

infrastructure

 

products

 

distributor);

 

Investment

 

Company Institute

 

(professional

 

organization);

 

Independent

 

Directors Council

 

(professional

 

organization)

T-2

Invesco Limited Term Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees—(continued)

 

 

 

Eli Jones – 1961

2016

Professor and Dean, Mays Business School - Texas A&M University

229

Insperity, Inc.

Trustee

 

Formerly: Professor and Dean, Walton College of Business, University of

 

(formerly known

 

 

 

as Administaff)

 

 

Arkansas and E.J. Ourso College of Business, Louisiana State University;

 

 

 

 

(human resources

 

 

Director, Arvest Bank

 

 

 

 

provider)

 

 

 

 

 

 

 

 

 

Elizabeth Krentzman – 1959

2019

Formerly: Principal and Chief Regulatory Advisor for Asset Management

229

Trustee of the

Trustee

 

Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General

 

University of

 

 

Counsel of the Investment Company Institute (trade association); National

 

Florida National

 

 

Director of the Investment Management Regulatory Consulting Practice,

 

Board Foundation

 

 

Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant

 

and Audit

 

 

Director of the Division of Investment Management - Office of Disclosure and

 

Committee

 

 

Investment Adviser Regulation of the U.S. Securities and Exchange

 

Member; Member

 

 

Commission and various positions with the Division of Investment Management

 

of the Cartica

 

 

– Office of Regulatory Policy of the U.S. Securities and Exchange Commission;

 

Funds Board of

 

 

Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and

 

Directors (private

 

 

Exchange Commission Historical Society; and Trustee of certain Oppenheimer

 

investment

 

 

Funds

 

funds); Member

 

 

 

 

of the University

 

 

 

 

of Florida Law

 

 

 

 

Center

 

 

 

 

Association, Inc.

 

 

 

 

Board of Trustees

 

 

 

 

and Audit

 

 

 

 

Committee

 

 

 

 

Member

Anthony J. LaCava, Jr. – 1956

2019

Formerly: Director and Member of the Audit Committee, Blue Hills Bank

229

Blue Hills Bank;

Trustee

 

(publicly traded financial institution) and Managing Partner, KPMG LLP

 

Chairman,

 

 

 

 

Bentley

 

 

 

 

University;

 

 

 

 

Member,

 

 

 

 

Business School

 

 

 

 

Advisory Council;

 

 

 

 

and Nominating

 

 

 

 

Committee

 

 

 

 

KPMG LLP

Prema Mathai-Davis – 1950

1998

Retired

229

None

Trustee

 

Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment

 

 

 

 

 

 

 

 

Research Platform for the Self-Directed Investor)

 

 

 

 

 

 

 

Joel W. Motley – 1952

2019

Director of Office of Finance, Federal Home Loan Bank System; Member of the

229

Member of Board

Trustee

 

Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc.

 

of Greenwall

 

 

(privately held financial advisor); Member of the Council on Foreign Relations

 

Foundation

 

 

and its Finance and Budget Committee; Chairman Emeritus of Board of Human

 

(bioethics research

 

 

Rights Watch and Member of its Investment Committee; and Member of

 

foundation)

 

 

Investment Committee and Board of Historic Hudson Valley (non-profit cultural

 

and its Investment

 

 

organization)

 

Committee;

 

 

Formerly: Managing Director of Public Capital Advisors, LLC (privately held

 

Member of Board of

 

 

 

Friends of the LRC

 

 

financial advisor); Managing Director of Carmona Motley Hoffman, Inc.

 

 

 

 

(non-profit legal advocacy);

 

 

(privately held financial advisor); Trustee of certain Oppenheimer Funds; and

 

 

 

 

Board Member

 

 

Director of Columbia Equity Financial Corp. (privately held financial advisor)

 

 

 

 

and Investment

 

 

 

 

 

 

 

 

Committee

 

 

 

 

Member of

 

 

 

 

Pulitzer Center for

 

 

 

 

Crisis Reporting

 

 

 

 

(non-profit journalism)

Teresa M. Ressel — 1962

2017

Non-executive director and trustee of a number of public and private business

229

Atlantic Power

Trustee

 

corporations

 

Corporation

 

 

Formerly: Chief Financial Officer, Olayan America, The Olayan Group

 

(power generation

 

 

 

company); ON

 

 

(international investor/commercial/industrial); Chief Executive Officer, UBS

 

 

 

 

Semiconductor

 

 

Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant

 

 

 

 

Corp.

 

 

Secretary for Management & Budget and CFO, US Department of the Treasury

 

 

 

 

(semiconductor

 

 

 

 

 

 

 

 

supplier)

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston Endowment Inc. (private

229

Federal Reserve

Trustee

 

philanthropic institution)

 

Bank of Dallas

Formerly: Executive Vice President and General Counsel, Texas Children's

Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor,

University of St. Thomas; Attorney, Andrews & Kurth LLP

T-3

Invesco Limited Term Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees—(continued)

 

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of Denver – Daniels College of

 

 

 

 

 

 

 

 

Business; Senior Partner, KPMG LLP

 

 

 

 

 

 

 

Daniel S. Vandivort –1954

2019

Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board

229

Chairman and

Trustee

 

of Trustees, Huntington Disease Foundation of America; and President, Flyway

 

Lead Independent

 

 

Advisory Services LLC (consulting and property management)

 

Director,

 

 

Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds

 

Chairman of the

 

 

 

Audit Committee,

 

 

 

 

 

 

 

 

and Director,

 

 

 

 

Board of

 

 

 

 

Directors, Value

 

 

 

 

Line Funds

James D. Vaughn – 1945

2019

Retired

229

Board member

Trustee

 

Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of

 

and Chairman of

 

 

 

Audit Committee

 

 

the Audit Committee, Schroder Funds; Board Member, Mile High United Way,

 

 

 

 

of AMG National

 

 

Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts,

 

 

 

 

Trust Bank;

 

 

Economic Club of Colorado and Metro Denver Network (economic development

 

 

 

 

Trustee and

 

 

corporation); and Trustee of certain Oppenheimer Funds

 

 

 

 

Investment

 

 

 

 

 

 

 

 

Committee

 

 

 

 

member,

 

 

 

 

University of

 

 

 

 

South Dakota

 

 

 

 

Foundation;

 

 

 

 

Board member,

 

 

 

 

Audit Committee

 

 

 

 

Member and past

 

 

 

 

Board Chair,

 

 

 

 

Junior

 

 

 

 

Achievement

 

 

 

 

(non-profit)

Christopher L. Wilson -

2017

Retired

229

ISO New

1957

 

Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22

 

England, Inc.

Trustee, Vice Chair and Chair

 

 

(non-profit

 

portfolios); Managing Partner, CT2, LLC (investing and consulting firm);

 

Designate

 

 

organization

 

President/Chief Executive Officer, Columbia Funds, Bank of America

 

 

 

 

 

Corporation; President/Chief Executive Officer, CDC IXIS Asset Management

managing

regional electricity

Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder,

market)

Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

 

T-4

Invesco Limited Term Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers

 

 

 

 

Sheri Morris — 1964

1999

Head of Global Fund Services, Invesco Ltd.; President, Principal Executive

N/A

N/A

President, Principal Executive

 

Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers,

 

 

Officer and Treasurer

 

Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust; and Vice President,

 

 

 

 

OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal Financial Officer, The Invesco Funds;

 

 

 

 

Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management,

 

 

 

 

Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President

 

 

 

 

and Assistant Treasurer, The Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM

 

 

 

 

Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded

 

 

 

 

Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded

 

 

 

 

Fund Trust

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The Invesco Funds

N/A

N/A

Senior Vice President and Senior

 

 

 

 

Officer

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and

N/A

N/A

Senior Vice President, Chief Legal

 

Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional

 

 

Officer and Secretary

 

(N.A.), Inc.) (registered investment adviser); Senior Vice President and

 

 

 

 

Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM

 

 

 

 

Distributors, Inc.); Vice President and Secretary, Invesco Investment Services,

 

 

 

 

Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice

 

 

 

 

President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers LLC (formerly known as Van

 

 

 

 

Kampen Asset Management); Secretary and General Counsel, Invesco Capital

 

 

 

 

Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund

 

 

 

 

Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal,

 

 

 

 

Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO

 

 

 

 

Private Capital Investments, Inc.; Senior Vice President, Secretary and General

 

 

 

 

Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM

 

 

 

 

Management Group, Inc.); Assistant Secretary, INVESCO Asset Management

 

 

 

 

(Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and

 

 

 

 

General Counsel, Invesco Senior Secured Management, Inc.; and Secretary,

 

 

 

 

Sovereign G./P. Holdings Inc.

 

 

Andrew R. Schlossberg – 1974

2019

Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco

 

 

 

 

Institutional (N.A.), Inc.) (registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM

 

 

 

 

Investment Services, Inc.) (registered transfer agent); Senior Vice President,

 

 

 

 

The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known

 

 

 

 

as Van Kampen Asset Management); Director, President and Chairman, Invesco

 

 

 

 

Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco

 

 

 

 

Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice

 

 

 

 

President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional (N.A.), Inc.) (registered investment

 

 

 

 

adviser); Director and Chief Executive, Invesco Administration Services Limited

 

 

 

 

and Invesco Global Investment Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust;

 

 

 

 

Managing Director and Principal Executive Officer, Invesco Capital

 

 

 

 

Management LLC

 

 

T-5

Invesco Limited Term Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers—(continued)

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas; Senior Vice President, Invesco

N/A

N/A

Senior Vice President

 

Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly

 

 

 

 

known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director,

 

 

 

 

Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset Management); Senior Vice President,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.);

 

 

 

 

Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC;

 

 

 

 

Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member,

 

 

 

 

Invesco Canada Funds Advisory Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and

 

 

 

 

Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd.

 

 

 

 

(formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered

 

 

 

 

investment adviser and registered transfer agent); President, Invesco, Inc.

 

 

 

 

Formerly: Director and Senior Vice President, Invesco Management Group, Inc.

 

 

 

 

(formerly known as Invesco AIM Management Group, Inc.); Secretary and

 

 

 

 

General Counsel, Invesco Management Group, Inc. (formerly known as Invesco

 

 

 

 

AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer

 

 

 

 

and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco

 

 

 

 

Investment Advisers LLC (formerly known as Van Kampen Asset Management);

 

 

 

 

Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund

 

 

 

 

Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC;

 

 

 

 

Director, Secretary, General Counsel and Senior Vice President, Van Kampen

 

 

 

 

Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc.

 

 

 

 

(formerly known as INVESCO Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen

 

 

 

 

Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van

 

 

 

 

Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors,

 

 

 

 

Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice

 

 

 

 

President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van

 

 

 

 

Kampen Investments Inc.; Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice President, Secretary, General

 

 

 

 

Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief

 

 

 

 

Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and

N/A

N/A

Senior Vice President

 

Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco

 

 

 

 

Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco

 

 

 

 

Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and

 

 

 

 

Senior Vice President, The Invesco Funds; and President, SNW Asset

 

 

 

 

Management Corporation and Invesco Managed Accounts, LLC

 

 

 

 

Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco

 

 

 

 

Advisers, Inc.; Assistant Vice President, The Invesco Funds

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer – Investments Pool, Invesco

N/A

N/A

Vice President, Principal Financial

 

Specialized Products, LLC; Vice President, Principal Financial Officer and

 

 

Officer and Assistant Treasurer

 

Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting

 

 

 

 

Officer – Pooled Investments, Invesco Capital Management LLC; Vice President

 

 

 

 

and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded

 

 

 

 

Self-Indexed Fund Trust; Vice President, Invesco Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant

 

 

 

 

Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded

 

 

 

 

Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital

 

 

 

 

Management LLC; Assistant Vice President, The Invesco Funds

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities

N/A

N/A

Anti-Money Laundering

 

including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets,

 

 

Compliance Officer

 

Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC, Invesco Trust Company;

 

 

 

 

OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for

 

 

 

 

Invesco Investment Services, Inc.

 

 

T-6

Invesco Limited Term Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers—(continued)

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers, Inc. (registered investment

N/A

N/A

Chief Compliance Officer

 

adviser); and Chief Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam Investments and the Putnam

 

 

 

 

Funds

 

 

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza, Suite 1000

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers LLP

Houston, TX 77046-1173

1555 Peachtree Street, N.E.

11 Greenway Plaza, Suite 1000

1000 Louisiana Street, Suite 5800

 

Atlanta, GA 30309

Houston, TX 77046-1173

Houston, TX 77002-5678

Counsel to the Fund

Counsel to the Independent Trustees

Transfer Agent

Custodian

Stradley Ronon Stevens & Young, LLP

Goodwin Procter LLP

Invesco Investment Services, Inc.

State Street Bank and Trust Company

2005 Market Street, Suite 2600

901 New York Avenue, N.W.

11 Greenway Plaza, Suite 1000

225 Franklin Street

Philadelphia, PA 19103-7018

Washington, D.C. 20001

Houston, TX 77046-1173

Boston, MA 02110-2801

T-7

Invesco Limited Term Municipal Income Fund

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio secu- rities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most

recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242

Invesco Distributors, Inc.

LTMI-AR-1

Annual Report to Shareholders

February 29, 2020

Invesco Municipal Income Fund

Nasdaq:

A: VKMMX ￿ C: VMICX ￿ Y: VMIIX ￿ Investor: VMINX ￿ R6: VKMSX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's web- site, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Andrew Schlossberg

Letters to Shareholders

Dear Shareholders:

This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period.

The reporting period proved to be another tumultuous time for both global equities and fixed-income secu- rities. In early 2019, global equity markets were buoyed by a more accommodative stance from central banks and optimism about a potential US-China trade deal. In May, US-China trade concerns and slowing global growth led to a global equity sell-off and rally in US Treasuries. Despite the May sell-off, domestic equity mar- kets rallied in June in anticipation of a US Federal Reserve (the Fed) interest rate cut and closed the second quarter with modest gains. Continued US-China trade worries and signs of slowing global economic growth led to increased market volatility in August. The US Treasury yield curve inverted several times as fears of a US recession increased. As a result, global equity markets were largely flat for the third quarter. In the final

months of 2019, geopolitical and macroeconomic issues largely abated. This combined with better-than-expected third quarter corporate earnings and initial agreement of the phase one US-China trade deal provided a favorable backdrop for equities and impressive fourth quar- ter global equity returns.

As the new year began, US equities were largely buoyed in January by the signing of the phase one trade agreement and strong eco- nomic data although returns were dampened by the spread of the Coronavirus (COVID-19). Concerns over the virus had a greater impact on international equities, which were largely lower for the month. As the virus spread outside of China and the number of cases increased, fears of diminished global growth led to a sharp global equity sell-off at the end of February 2020 and sent the yield on the US 10-year Treasury to a new all-time low.

Throughout 2019, central banks continued to be accommodative, providing sources of liquidity. In July, the Fed lowered interest rates for the first time in 11 years. It again lowered rates in September and once again in October. During the rest of the year, the Fed left rates unchanged. Overseas, the European Central Bank left its policy rate unchanged and continued its bond purchasing program. In 2020, with the increased spread of the coronavirus, the Fed shifted from a more neutral policy to the possibility of further rate cuts in the new year. As 2020 unfolds, we'll see how the interplay of interest rates, economic data, geopolitics and a host of other factors affect US and overseas equity and fixed income markets.

Investor uncertainty and market volatility, such as we witnessed during the reporting period, are unfortunate facts of life when it comes to investing. That's why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan. A financial adviser who knows your unique finan- cial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. Financial advis- ers can also offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you'll find detailed infor- mation about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select "Log In" on the right side of the homepage, and then select "Register for Individual Account Access."

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I'm pleased to share with you Invesco's commitment to both the Principles for Responsible Investment and to considering environ- mental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2Invesco Municipal Income Fund

Bruce Crockett

Dear Shareholders:

Among the many important lessons I've learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco's mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:

￿Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

￿ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

￿Assessing each portfolio management team's investment performance within the context of the investment strategy described in the fund's prospectus.

￿Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds' advisory and sub-

advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3Invesco Municipal Income Fund

Management's Discussion of Fund Performance

Performance summary

For the fiscal year ended February 29, 2020, Class A shares of Invesco Municipal Income Fund (the Fund), at net asset value (NAV), outperformed the S&P Munici- pal Bond 5+ Year Investment Grade Index, the Fund's style-specific benchmark.

Your Fund's long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 2/28/19 to 2/29/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares

11.56%

Class C Shares

10.69

Class Y Shares

11.83

Investor Class Shares

11.65

Class R6 Shares

11.90

S&P Municipal Bond Index￿ (Broad Market Index)

8.94

S&P Municipal Bond 5+ Year Investment Grade Index￿ (Style-Specific Index)

10.68

Lipper General Municipal Debt Funds Index￿ (Peer Group Index)

10.41

Source(s): ￿RIMES Technologies Corp.; ￿Lipper Inc.

garding the global outbreak of the Coronavi- rus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to qual- ity assets, such as municipal bonds. This re- sulted in a strong rally in February 2020.

At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic and many provide essential services to all Americans. Though there could be small, iso- lated pockets of defaults in the future, we believe the vast majority of municipal bonds will pay current principal and interest, as his- tory has shown.

During the fiscal year, security selection in the health care and industrial development revenue/pollution control revenue sectors

Market conditions and your Fund

The broad municipal bond market experi- enced positive returns for the sixth consecu- tive year at the close of 2019, and perfor- mance remained strong throughout the fiscal year. Investment grade municipal bonds re- turned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.1 In- vestment grade and high yield municipals were among the best performing asset classes over the fiscal year.

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key driver of strong municipal demand in 2019. During the fiscal year, municipal bonds withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as 2.79% and as low as 1.13% where it ended the fiscal year.2 The municipal bond market performed positively as techni- cal conditions (favorable demand and supply balances) continued to provide tailwinds.

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September

Portfolio Composition

By credit sector, based on total investments

Revenue Bonds

86.8%

General Obligation Bonds

8.9

Pre-Refunded Bonds

4.2

Other

0.1

and October 2019, citing uncertainty about the global economic outlook.3 On October 30, 2019, after the third cut, the Fed indicated that any further changes would be based on economic data.

The first nine months of the fiscal year saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led inves- tors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" eliminating the risk of a government shutdown and the some- what unexpected UK election results set the stage for an orderly exit from the European Union by January 31, 2020.

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of 25% from the previous fiscal year.4 Flows into the municipal bond asset class were posi- tive for the fiscal year.5 Fund flows totaled $97.2 billion from February 2019 through February 2020.5

The end of the fiscal year brought a major market shift as macroeconomic concerns re-

Top Five Debt Holdings

% of total net assets

1.New York (City of), NY Municipal Water Finance Authority

Series 2012 FF, RB

0.8%

2.Missouri (State of) Health & Educational Facilities Authority (Mercy Health) Series 2017 C,

Ref. RB

0.8

3.Texas (State of) Water Development Board Series 2019

A, RB

0.7

4.California (State of) Educational Facilities Authority (Stanford

University) Series 2019 V-1, RB

0.7

5. Seattle (Port of), WA Series 2018

 

A, RB

0.7

contributed to the Fund's performance rela- tive to its style-specific benchmark. Security selection in bonds A-rated† and below, as well as non-rated bonds, significantly contributed to the Fund's relative return. On a state level, security selection in Illinois domiciled bonds also added to the Fund's relative perfor- mance.

Conversely, security selection in higher quality bonds (AAA and AA-rated specifically) detracted from the Fund's performance rela- tive to its style-specific benchmark over the fiscal year. Security selection in state and local general obligation bonds also detracted from the Fund's relative performance. On a state level, security selection in California and New York holdings was a slight detractor from the Fund's relative results.

During the fiscal year, leverage contributed to the Fund's performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of in- verse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

Data presented here are as of February 29, 2020.

4Invesco Municipal Income Fund

leverage also can expose shareholders to ad- ditional volatility. For more information about the Fund's use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and de- mand for similar securities. We are monitor- ing interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments.

Thank you for investing in Invesco Munici- pal Income Fund and for sharing our long- term investment horizon.

1 Source: Bloomberg

2Source: US Department of the Treasury

3 Source: US Federal Reserve

4 Source: The Bond Buyer

5 Source: Strategic Insight

†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. For more information on rating methodologies, please visit the following NRSRO

websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage; moodys.com and select "Rating Methodologies" under Research and Ratings on the homepage; and fitchratings.com and select "Ratings Definitions" on the homepage.

Portfolio managers:

John (Jack) Connelly

Tim O'Reilly

Mark Paris

James Phillips

John Schorle

Julius Williams

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as

investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

5Invesco Municipal Income Fund

Your Fund's Long-Term Performance

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 2/28/10

$20,000

 

 

 

$16,780 S&P Municipal Bond 5+ Year Investment Grade Index1

 

 

 

 

 

 

 

 

 

 

 

 

$16,127 Lipper General Municipal Debt Funds Index2

 

 

 

 

 

 

 

$15,615

S&P Municipal Bond Index1

 

 

 

 

15,000

 

 

$15,550

Invesco Municipal Income Fund — Class A Shares

 

 

 

10,000

5,000

2/28/10

2/11

2/12

2/13

2/14

2/15

2/16

2/17

2/18

2/19

2/20

1Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include rein- vested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested divi- dends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Per- formance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6Invesco Municipal Income Fund

Average Annual Total Returns

As of 2/29/20, including maximum applicable sales charges

Class A Shares

Inception (8/1/90)

4.96%

10 Years

4.51

5

Years

3.45

1

Year

6.80

Class C Shares

 

Inception (8/13/93)

4.11%

10 Years

4.17

5

Years

3.57

1

Year

9.69

Class Y Shares

 

Inception (8/12/05)

4.45%

10 Years

5.24

5

Years

4.63

1

Year

11.83

Investor Class Shares

 

10 Years

5.04%

5

Years

4.46

1

Year

11.65

Class R6 Shares

 

10 Years

5.06%

5

Years

4.53

1

Year

11.90

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen Municipal Income Fund, ad- vised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen Municipal Income Fund (re- named Invesco Municipal Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are blended returns of the predeces- sor fund and Invesco Municipal Income Fund. Share class returns will differ from the predecessor fund because of different expenses.

Investor Class shares incepted on

July 15, 2013. Performance shown prior to that date is that of Class A shares and in- cludes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund's and the predeces- sor fund's Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month- end performance. Performance figures re- flect reinvested distributions, changes in net asset value and the effect of the maxi- mum sales charge unless otherwise stated. Performance figures do not reflect deduc- tion of taxes a shareholder would pay on

Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, perfor- mance is at net asset value.

The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Fund performance reflects any applicable

fee waivers and/or expense reimburse- ments. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more informa- tion.

7Invesco Municipal Income Fund

Invesco Municipal Income 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.

￿Unless otherwise stated, information presented in this report is as of February 29, 2020, and is based on total net assets.

￿Unless otherwise noted, all data provided by Invesco.

￿To access your Fund's reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

￿The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.

￿The S&P Municipal Bond 5+ Year Invest- ment Grade Index seeks to measure the performance of investment grade US mu- nicipal bonds with maturities equal to or greater than five years.

￿The Lipper General Municipal Debt Funds Index is an unmanaged index considered representative of general municipal debt funds tracked by Lipper.

￿The Fund is not managed to track the per- formance of any particular index, including the index(es) described here, and conse- quently, the performance of the Fund may deviate significantly from the performance of the index(es).

￿A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Perfor- mance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8Invesco Municipal Income Fund

Schedule of Investments

February 29, 2020

 

 

Principal

 

 

 

 

 

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Municipal Obligations–108.18%

 

 

 

 

 

Alabama–2.34%

 

 

 

 

 

Alabama (State of) Special Care Facilities Financing Authority (Ascension Health Senior Credit Group);

 

 

 

 

 

Series 2016 B, Ref. RB

5.00%

11/15/2046

$11,790

$

14,089,168

Series 2014 A, GO Wts. (a)(b)

5.00%

09/01/2024

5,450

 

6,461,193

Auburn University; Series 2011 A, RB (a)(b)

5.00%

06/01/2021

1,000

 

1,052,920

Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging);

 

 

 

 

 

Series 2016, RB

5.75%

06/01/2035

4,200

 

4,860,786

Birmingham (City of), AL Water Works Board; Series 2015 A, Ref. RB (c)

5.00%

01/01/2042

10,005

 

11,996,295

Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB (b)

4.00%

12/01/2025

15,000

 

17,273,250

Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB (d)

5.75%

10/01/2049

5,000

 

6,062,900

Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007,

 

 

 

 

 

RB (e)

5.50%

01/01/2043

900

 

638,721

Lower Alabama Gas District (The); Series 2016 A, RB (c)

5.00%

09/01/2046

6,000

 

9,088,920

Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR

 

 

 

 

 

(f)

5.25%

05/01/2044

5,000

 

5,974,700

 

 

UAB Medicine Finance Authority; Series 2019, RB

4.00%

09/01/2044

7,250

 

8,527,667

 

 

 

 

 

86,026,520

Alaska–0.43%

 

 

 

 

 

Alaska (State of) Industrial Development & Export Authority (Providence Health Services);

 

 

 

 

 

Series 2011 A, RB

5.00%

10/01/2040

1,250

 

1,319,788

Series 2011 A, RB

5.50%

10/01/2041

3,000

 

3,182,550

Alaska Municipal Bond Bank Authority; Series 2017 A, RB (c)

5.50%

10/01/2042

9,000

 

11,396,070

 

 

 

 

 

15,898,408

Arizona–3.35%

 

 

 

 

 

Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, Ref. VRD RB (LOC-Bank

 

 

 

 

 

Of America, N.A.)(g)(h)

1.35%

01/01/2046

1,530

 

1,530,000

Arizona (State of) Health Facilities Authority (Catholic Healthcare West); Series 2011 B-1, RB

5.25%

03/01/2039

5,000

 

5,195,500

Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. RB (f)

5.25%

07/01/2047

4,500

 

5,137,830

Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community);

 

 

 

 

 

Series 2019 A, RB

5.00%

01/01/2043

2,045

 

2,419,030

Arizona (State of) Industrial Development Authority (Kaizen Education Foundation); Series 2016, RB

 

 

 

 

 

(f)

5.50%

07/01/2036

5,840

 

6,582,264

 

 

Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, Inspirada

 

 

 

 

 

and St. Rose Campus Projects); Series 2018 A, RB (f)

5.75%

07/15/2048

3,150

 

3,726,607

City of Phoenix Civic Improvement Corp.; Series 2019, RB

5.00%

07/01/2049

18,155

 

23,288,871

Glendale (City of), AZ Industrial Development Authority (Midwestern University);

 

 

 

 

 

Series 2010, RB

5.00%

05/15/2035

1,000

 

1,008,420

Series 2010, RB

5.13%

05/15/2040

2,150

 

2,168,641

Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

11/15/2032

2,560

 

2,826,829

Series 2017, Ref. RB

5.00%

11/15/2036

2,200

 

2,414,016

Goodyear (City of), AZ; Series 2010, Ref. RB

5.63%

07/01/2039

1,000

 

1,015,010

Maricopa (County of), AZ Industrial Development Authority (Paradise Schools); Series 2016, Ref. RB

 

 

 

 

 

(f)

5.00%

07/01/2036

2,500

 

2,818,375

 

 

Phoenix (City of), AZ Industrial Development Authority (Career Success Schools);

 

 

 

 

 

Series 2009, RB

7.00%

01/01/2039

600

 

601,578

Series 2009, RB

7.13%

01/01/2045

1,240

 

1,243,236

Phoenix (City of), AZ Industrial Development Authority (Great Hearts Academies);

 

 

 

 

 

Series 2012, RB (a)(b)

6.30%

07/01/2021

1,000

 

1,072,070

Series 2012, RB (a)(b)

6.40%

07/01/2021

400

 

429,352

Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A,

 

 

 

 

 

RB (f)

6.50%

07/01/2034

1,095

 

1,283,373

Phoenix (City of), AZ Industrial Development Authority (Rowan University);

 

 

 

 

 

Series 2012, RB

5.25%

06/01/2034

3,000

 

3,263,400

Series 2012, RB

5.00%

06/01/2042

5,000

 

5,376,800

Phoenix Civic Improvement Corp.; Series 2019 A, RB

4.00%

07/01/2045

4,235

 

4,931,446

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Arizona–(continued)

 

 

 

 

 

Pima (County of), AZ Industrial Development Authority (American Leadership Academy);

 

 

 

 

 

Series 2017, RB (f)

4.75%

06/15/2037

$ 2,000

$

2,074,800

Series 2017, RB (f)

5.00%

06/15/2047

5,000

 

5,203,150

Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School); Series 2014,

 

 

 

 

 

Ref. RB

7.00%

05/01/2034

1,000

 

1,123,250

Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018,

 

 

 

 

 

RB (f)

5.25%

07/01/2048

5,000

 

5,249,900

Pima (County of), AZ Industrial Development Authority (Tucson Electric Power Co.); Series 2010 A,

 

 

 

 

 

IDR

5.25%

10/01/2040

1,925

 

1,968,813

Pinal (County of), AZ Electric District No. 3; Series 2011, Ref. RB (a)(b)

5.25%

07/01/2021

2,000

 

2,118,120

Salt Verde Financial Corp.; Series 2007, RB

5.00%

12/01/2037

15,155

 

21,715,296

Verrado Community Facilities District No. 1;

 

 

 

 

 

Series 2013 A, Ref. GO Bonds (f)

6.00%

07/15/2027

2,000

 

2,179,300

Series 2013 B, GO Bonds (f)

5.70%

07/15/2029

775

 

834,799

Series 2013 B, GO Bonds (f)

6.00%

07/15/2033

710

 

766,346

Yavapai (County of), AZ Industrial Development Authority (Northern Arizona Healthcare System);

 

 

 

 

 

Series 2011, Ref. RB

5.25%

10/01/2025

1,000

 

1,063,600

Series 2011, Ref. RB

5.25%

10/01/2026

500

 

531,395

 

 

 

 

 

123,161,417

Arkansas–0.17%

 

 

 

 

 

Pulaski (County of), AR Public Facilities Board; Series 2014, RB

5.00%

12/01/2042

5,530

 

6,333,896

California–8.97%

 

 

 

 

 

Anaheim (City of), CA Public Financing Authority (Electric System Distribution Facilities); Series 2011

 

 

 

 

 

A, RB (a)(b)

5.38%

04/01/2021

735

 

773,301

Bay Area Toll Authority (San Francisco Bay Area); Series 2017 F-1, RB (c)

5.00%

04/01/2056

12,000

 

14,697,840

Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds (i)

0.00%

08/01/2031

40

 

34,007

Big Bear Lake (City of), CA; Series 1996, Ref. RB (INS-NATL)(j)

6.00%

04/01/2022

955

 

1,002,740

California (County of), CA Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.);

 

 

 

 

 

Series 2006 A, RB (i)

0.00%

06/01/2046

20,000

 

4,517,800

California (State of);

 

 

 

 

 

Series 2010, GO Bonds

5.50%

03/01/2040

250

 

250,875

Series 2011, GO Bonds

5.00%

10/01/2041

5,000

 

5,318,050

Series 2012, GO Bonds

5.00%

09/01/2036

5,000

 

5,520,300

Series 2019, GO Bonds

4.00%

10/01/2044

10,000

 

12,154,100

California (State of) Educational Facilities Authority (Stanford University); Series 2019 V-1, RB (c)

5.00%

05/01/2049

15,000

 

25,548,900

California (State of) Health Facilities Financing Authority (Children's Hospital Los Angeles);

 

 

 

 

 

Series 2010, RB (a)(b)

5.25%

07/01/2020

500

 

507,445

California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at

 

 

 

 

 

Stanford); Series 2017, RB

5.00%

11/15/2056

3,000

 

3,678,990

California (State of) Housing Finance Agency;

 

 

 

 

 

Series 2019 2, Class A, Revenue Ctfs.

4.00%

03/20/2033

2,993

 

3,619,503

Series 2019 A-1, RB

4.25%

01/15/2035

3,724

 

4,674,508

California (State of) Municipal Finance Authority (Emerson College);

 

 

 

 

 

Series 2011, RB (a)(b)

5.00%

01/01/2022

1,250

 

1,349,100

Series 2011, RB (a)(b)

5.75%

01/01/2022

450

 

491,800

Series 2011, RB

5.00%

01/01/2028

275

 

295,466

California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB (d)

5.00%

12/31/2047

12,550

 

15,326,185

California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, Ref. RB (d)

4.00%

07/15/2029

4,000

 

4,805,000

California (State of) Pollution Control Finance Authority;

 

 

 

 

 

Series 2012, RB (d)(f)

5.00%

07/01/2030

3,160

 

3,465,446

Series 2012, RB (d)(f)

5.00%

07/01/2037

6,955

 

7,596,807

California (State of) Pollution Control Financing Authority (San Diego County Water Authority);

 

 

 

 

 

Series 2019, Ref. RB (f)

5.00%

07/01/2039

5,250

 

6,494,670

California (State of) Public Works Board (Various Correctional Facilities); Series 2014 A, RB

5.00%

09/01/2039

2,500

 

2,925,400

California (State of) School Finance Authority (New Designs Charter School); Series 2012, RB

5.50%

06/01/2042

2,000

 

2,137,320

California (State of) Statewide Communities Development Authority (Lancer Educational Student

 

 

 

 

 

Housing); Series 2016, Ref. RB (f)

5.00%

06/01/2046

3,000

 

3,431,010

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

California–(continued)

 

 

 

 

 

California (State of) Statewide Communities Development Authority (Loma Linda University Medical

 

 

 

 

 

Center);

 

 

 

 

 

Series 2016 A, RB (f)

5.00%

12/01/2041

$ 6,475

$

7,457,322

Series 2016 A, RB (f)

5.25%

12/01/2056

6,150

 

7,104,849

California (State of) Statewide Communities Development Authority (Pooled Financing Program);

 

 

 

 

 

Series 2004 A, RB

5.25%

10/01/2024

270

 

270,940

Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS -NATL)(i)(j)

0.00%

08/01/2029

1,585

 

1,379,283

Clovis Unified School District (Election of 2012); Series 2015 D, GO Bonds (i)

0.00%

08/01/2033

3,270

 

2,119,581

Corona-Norco Unified School District (Election of 2006); Series 2009 C, GO Bonds (INS-AGM)(i)(j)

0.00%

08/01/2039

1,000

 

601,680

Earlimart School District; Series 1994 1, GO Bonds (INS-AMBAC)(j)

6.70%

08/01/2021

140

 

144,984

El Segundo Unified School District (Election of 2008);

 

 

 

 

 

Series 2009 A, GO Bonds (i)

0.00%

08/01/2032

5,030

 

4,044,472

Series 2009 A, GO Bonds (i)

0.00%

08/01/2033

4,185

 

3,271,331

Golden State Tobacco Securitization Corp.; Series 2018 A-2, Ref. RB

5.00%

06/01/2047

5,000

 

5,309,350

Hacienda La Puente Unified School District Facilities Financing Authority (Unified School District GO

 

 

 

 

 

Bond Program); Series 2007, RB (INS-AGM)(j)

5.00%

08/01/2026

2,000

 

2,545,160

Hayward Unified School District (Election of 2008); Series 2010 A, GO Bonds (INS-AGM)(i)(j)

0.00%

08/01/2034

1,500

 

1,125,840

Inland Empire Tobacco Securitization Authority; Series 2007 C-1, RB (i)

0.00%

06/01/2036

25,000

 

8,673,750

Long Beach Unified School District (Election of 2008); Series 2009, GO Bonds

5.75%

08/01/2033

305

 

306,129

Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);

 

 

 

 

 

Series 2017, RB (d)

5.00%

05/15/2046

6,000

 

7,196,580

Series 2018 A, RB (c)(d)(k)

5.25%

05/15/2048

12,000

 

15,209,520

Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS-AGC)(i)(j)

0.00%

08/01/2035

3,260

 

2,388,830

Morongo Band of Mission Indians (The); Series 2018 A, RB (f)

5.00%

10/01/2042

4,800

 

5,758,080

Mt. San Antonio Community College District (Election 2008); Series 2013 A, GO Bonds (l)

6.25%

08/01/2043

6,965

 

7,563,851

Oakland (Port of), CA; Series 2012 P, Ref. RB (d)

5.00%

05/01/2028

2,000

 

2,167,500

Patterson Joint Unified School District (Election of 2008);

 

 

 

 

 

Series 2009 B, GO Bonds (INS-AGM)(i)(j)

0.00%

08/01/2037

1,170

 

806,879

Series 2009 B, GO Bonds (INS-AGM)(i)(j)

0.00%

08/01/2038

4,770

 

3,184,786

Series 2009 B, GO Bonds (INS-AGM)(i)(j)

0.00%

08/01/2039

5,010

 

3,241,370

Series 2009 B, GO Bonds (INS-AGM)(i)(j)

0.00%

08/01/2040

5,260

 

3,300,177

Series 2009 B, GO Bonds (INS-AGM)(i)(j)

0.00%

08/01/2041

5,520

 

3,347,383

Placentia-Yorba Linda Unified School District (Election of 2008); Series 2011 D, GO Bonds (i)

0.00%

08/01/2035

1,500

 

1,133,220

Riverside (County of), CA Transportation Commission; Series 2013 A, RB

5.75%

06/01/2044

2,500

 

2,840,175

Sacramento (County of), CA; Series 2010, RB

5.00%

07/01/2040

4,300

 

4,355,943

San Buenaventura (City of), CA (Community Memorial Health System);

 

 

 

 

 

Series 2011, RB

6.25%

12/01/2020

1,000

 

1,035,690

Series 2011, RB

6.50%

12/01/2021

2,000

 

2,175,520

Series 2011, RB

6.50%

12/01/2022

2,000

 

2,173,680

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);

 

 

 

 

 

Series 2011 C, Ref. RB (d)

5.00%

05/01/2023

10,000

 

10,489,200

Series 2018 D, RB (d)

5.25%

05/01/2048

14,190

 

17,932,329

Series 2019 A, Ref. RB (d)

5.00%

05/01/2039

5,000

 

6,434,150

San Joaquin (County of), CA Transportation Authority (Measure K); Series 2011 A, RB (a)(b)

5.25%

03/01/2021

1,500

 

1,568,745

San Joaquin Hills Transportation Corridor Agency; Series 2014 B, Ref. RB

5.25%

01/15/2044

5,000

 

5,938,250

San Jose (City of), CA;

 

 

 

 

 

Series 2011 A-1, RB (d)

5.25%

03/01/2026

2,730

 

2,848,973

Series 2011 A-1, RB (d)

6.25%

03/01/2034

2,500

 

2,629,300

San Mateo (City of), CA Foster School District (Election 2008); Series 2010, GO Bonds (l)

6.63%

08/01/2042

4,915

 

5,399,226

Santa Margarita Water District (Community Facilities District No. 2013-1); Series 2013, RB

5.38%

09/01/2029

2,430

 

2,710,009

Silicon Valley Tobacco Securitization Authority (Santa Clara);

 

 

 

 

 

Series 2007 A, RB (i)

0.00%

06/01/2036

22,000

 

8,936,180

Series 2007 A, RB (i)

0.00%

06/01/2041

5,000

 

1,521,550

Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

06/01/2048

5,500

 

6,751,800

Torrance Unified School District (Election of 2008-Measure Z); Series 2009 B-1, GO Bonds (i)

0.00%

08/01/2026

1,250

 

1,148,750

Vernon (City of), CA; Series 2009 A, RB

5.13%

08/01/2021

730

 

741,154

West Contra Costa Unified School District; Series 2005, GO Bonds (INS-NATL)(i)(j)

0.00%

08/01/2027

7,865

 

7,133,162

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

California–(continued)

 

 

 

 

 

Western Riverside (County of), CA Water & Wastewater Financing Authority (Eastern Municipal Water

 

 

 

 

 

District Improvement); Series 2009, RB (INS-AGC)(j)

5.50%

09/01/2034

$ 1,000

$

1,003,490

Yosemite Community College District (Election of 2004); Series 2008 C, GO Bonds (INS-AGM)(i)(j)

0.00%

08/01/2024

3,570

 

3,417,454

 

 

 

 

 

329,454,140

Colorado–2.70%

 

 

 

 

 

Amber Creak Metropolitan District; Series 2017 A, Ref. GO Bonds

5.13%

12/01/2047

1,075

 

1,138,769

Belleview Station Metropolitan District No. 2;

 

 

 

 

 

Series 2017, Ref. GO Bonds

5.00%

12/01/2036

1,000

 

1,055,640

Series 2017, Ref. GO Bonds

5.13%

12/01/2046

2,375

 

2,506,290

Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2017, Ref. RB (f)

5.00%

12/01/2037

3,000

 

3,243,060

Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group);

 

 

 

 

 

Series 2018 A, RB

5.00%

11/15/2048

5,000

 

6,191,300

Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2019 A-2, Ref. RB

5.00%

08/01/2044

15,770

 

19,633,650

Colorado (State of) Health Facilities Authority (Evangelical Lutheran Good Samaritan Society (The));

 

 

 

 

 

Series 2013, RB (a)(b)

5.63%

06/01/2023

2,500

 

2,886,400

Series 2017, Ref. RB (a)(b)

5.00%

06/01/2027

3,500

 

4,512,690

Colorado (State of) High Performance Transportation Enterprise (C-470 Express Lanes);

 

 

 

 

 

Series 2017, RB

5.00%

12/31/2056

6,250

 

6,958,062

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);

 

 

 

 

 

Series 2010, RB

6.50%

01/15/2030

2,400

 

2,440,680

Series 2019, RB

6.00%

01/15/2041

2,650

 

2,690,094

Colorado Springs (City of), CO; Series 2010 D-1, RB (a)(b)

5.25%

11/15/2020

1,000

 

1,031,200

Denver (City & County of), CO; Series 2018 A, Ref. RB (c)(d)

5.25%

12/01/2043

15,000

 

19,143,600

Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB (d)

5.00%

10/01/2032

5,000

 

5,528,100

Denver (City of), CO Convention Center Hotel Authority; Series 2016, Ref. RB

5.00%

12/01/2040

2,500

 

2,955,750

Denver (State of) Health & Hospital Authority;

 

 

 

 

 

Series 2019 A, Ref. RB

4.00%

12/01/2039

1,000

 

1,163,170

Series 2019 A, Ref. RB

4.00%

12/01/2040

1,000

 

1,159,200

Leyden Rock Metropolitan District No. 10; Series 2016 A, GO Bonds

5.00%

12/01/2045

1,250

 

1,320,463

Neu Towne Metropolitan District; Series 2018 A, Ref. GO Bonds

5.38%

12/01/2046

3,000

 

3,220,620

Public Authority for Colorado Energy; Series 2008, RB

6.50%

11/15/2038

6,255

 

10,184,266

 

 

 

 

 

98,963,004

Connecticut–1.36%

 

 

 

 

 

Connecticut (State of);

 

 

 

 

 

Series 2019 A, GO Bonds

5.00%

04/15/2035

2,000

 

2,582,760

Series 2019 A, GO Bonds

5.00%

04/15/2036

2,600

 

3,347,214

Series 2019 A, GO Bonds

5.00%

04/15/2039

1,600

 

2,041,488

Connecticut (State of) (Bradley International Airport); Series 2000 A, RB (INS-ACA)(d)(j)

6.60%

07/01/2024

860

 

863,087

Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, RB (d)

5.50%

04/01/2021

3,000

 

3,125,460

Connecticut (State of) Health & Educational Facilities Authority; Series 2020 G-1, Ref. RB (f)

5.00%

07/01/2050

3,730

 

4,471,300

Connecticut (State of) Health & Educational Facilities Authority (Church Home of Hartford, Inc.);

 

 

 

 

 

Series 2016 A, RB (f)

5.00%

09/01/2046

2,500

 

2,822,950

Series 2016 A, RB (f)

5.00%

09/01/2053

1,700

 

1,912,092

Connecticut (State of) Health & Educational Facilities Authority (Duncaster, Inc.);

 

 

 

 

 

Series 2014 A, RB

5.00%

08/01/2035

1,000

 

1,103,440

Series 2014 A, RB

5.00%

08/01/2044

5,000

 

5,456,600

Series 2011 A, RB (a)(b)

5.00%

07/01/2021

6,700

 

7,001,740

Connecticut (State of) Health & Educational Facilities Authority (Western Connecticut Health

 

 

 

 

 

Network); Series 2011 M, RB (a)(b)

5.38%

07/01/2021

5,000

 

5,303,500

Hamden (Town of), CT (Whitney Center); Series 2019, Ref. RB

5.00%

01/01/2040

6,190

 

6,872,386

Harbor Point Infrastructure Improvement District (Harbor Point); Series 2010 A, RB (a)(b)

7.88%

04/01/2020

3,000

 

3,016,350

 

 

 

 

 

49,920,367

Delaware–0.19%

 

 

 

 

 

Delaware (State of) Economic Development Authority (Delmarva Power & Light Co.); Series 2010,

 

 

 

 

 

Ref. RB

5.40%

02/01/2031

1,050

 

1,069,100

Delaware (State of) River & Bay Authority; Series 2019, Ref. RB

4.00%

01/01/2044

5,000

 

5,920,500

 

 

 

 

 

6,989,600

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

District of Columbia–2.67%

 

 

 

 

 

District of Columbia;

 

 

 

 

 

Series 2006 B-1, RB (INS-NATL)(j)

5.00%

02/01/2031

$ 945

$

947,750

Series 2019 A, RB

4.00%

03/01/2044

6,665

 

7,987,203

District of Columbia (Center for Strategic & International Studies, Inc.);

 

 

 

 

 

Series 2011, RB (a)(b)

6.38%

03/01/2021

2,545

 

2,680,165

Series 2011, RB (a)(b)

6.63%

03/01/2021

1,100

 

1,162,887

Series 2017, Ref. RB (a)(b)

5.00%

04/01/2027

8,305

 

10,658,213

District of Columbia (Ingleside at Rock Creek); Series 2017 A, RB

5.00%

07/01/2052

2,250

 

2,439,585

District of Columbia Tobacco Settlement Financing Corp.; Series 2006 A, RB (i)

0.00%

06/15/2046

25,000

 

4,960,250

Metropolitan Washington Airports Authority;

 

 

 

 

 

Series 2016 A, Ref. RB (d)

5.00%

10/01/2034

5,295

 

6,475,785

Series 2018 A, Ref. RB (d)

5.00%

10/01/2043

15,800

 

19,782,548

Metropolitan Washington Airports Authority (Dulles Metrorail & Capital Improvement); Series 2019 B,

 

 

 

 

 

Ref. RB

4.00%

10/01/2049

12,185

 

14,283,379

Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement);

 

 

 

 

 

Series 2010 A, RB (INS-AGM)(i)(j)

0.00%

10/01/2037

17,565

 

11,886,938

Series 2014 A, Ref. RB

5.00%

10/01/2053

13,710

 

14,705,346

 

 

 

 

 

97,970,049

Florida–6.40%

 

 

 

 

 

Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics); Series 2019,

 

 

 

 

 

RB

4.00%

12/01/2049

7,500

 

8,686,500

Broward (County of), FL;

 

 

 

 

 

Series 2015 A, RB (d)

5.00%

10/01/2045

5,030

 

5,898,480

Series 2019 A, RB

4.00%

10/01/2042

6,540

 

7,809,937

Series 2019 B, RB (d)

4.00%

09/01/2044

5,000

 

5,713,500

Capital Trust Agency (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB (f)

5.00%

07/01/2037

2,765

 

3,010,034

Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB (f)

5.00%

12/15/2050

2,000

 

2,165,860

Citizens Property Insurance Corp. (Coastal Account); Series 2011 A-1, RB

5.00%

06/01/2020

3,000

 

3,030,450

Collier (County of), FL Industrial Development Authority (The Arlington of Naples);

 

 

 

 

 

Series 2014 A, RB (Acquired 12/16/2013; Cost $1,000,000) (e)(f)

7.25%

05/15/2026

1,000

 

940,000

Series 2014 A, RB (Acquired 12/16/2013; Cost $2,442,456) (e)(f)

7.75%

05/15/2035

2,500

 

2,350,000

Davie (Town of), FL (Nova Southeastern University);

 

 

 

 

 

Series 2013 A, RB

6.00%

04/01/2042

3,250

 

3,653,682

Series 2018, Ref. RB

5.00%

04/01/2048

10,605

 

12,752,937

Escambia (County of), FL Health Facilities Authority (Florida Health Care Facility Loan Veterans Health

 

 

 

 

 

Administration Program); Series 2000, RB (a)

5.95%

07/01/2020

60

 

61,004

Florida (State of) Mid-Bay Bridge Authority; Series 1991 A, RB (a)

6.88%

10/01/2022

1,630

 

1,779,194

Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB

5.00%

01/01/2048

5,000

 

6,005,250

Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2015, RB (f)

6.00%

06/15/2035

2,935

 

3,304,047

Greater Orlando Aviation Authority; Series 2019 A, RB (d)

4.00%

10/01/2049

10,000

 

11,646,300

Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); Series 2018

 

 

 

 

 

A, RB

6.00%

04/01/2038

6,000

 

6,852,300

Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB (c)(d)

5.00%

10/01/2048

15,000

 

18,567,750

Lee Memorial Health System; Series 2019 A1, Ref. RB

5.00%

04/01/2044

4,225

 

5,281,292

Martin (County of), FL Health Facilities Authority (Martin Memorial Medical Center); Series 2012, RB

 

 

 

 

 

(a)(b)

5.50%

11/15/2021

6,500

 

7,006,675

 

 

Miami Beach (City of), FL Health Facilities Authority (Mount Sinai Medical Center);

 

 

 

 

 

Series 2014, Ref. RB

5.00%

11/15/2039

1,010

 

1,164,126

Series 2014, Ref. RB

5.00%

11/15/2044

1,045

 

1,196,974

Miami-Dade (County of), FL;

 

 

 

 

 

Series 2010 B, RB (INS-AGM)(j)

5.00%

10/01/2035

1,205

 

1,233,330

Series 2010, Ref. RB (a)(b)

5.00%

10/01/2020

4,500

 

4,610,835

Series 2012 A, Ref. RB (a)(b)(d)

5.00%

10/01/2022

2,000

 

2,204,140

Series 2012 B, Ref. RB (INS -AGM)(j)

5.00%

10/01/2035

3,800

 

4,181,444

Series 2017 B, Ref. RB (d)

5.00%

10/01/2040

6,000

 

7,405,800

Series 2019 A, RB (d)

5.00%

10/01/2049

12,000

 

15,166,680

Series 2010, RB (a)(b)

5.38%

10/01/2020

3,105

 

3,187,252

Miami-Dade (County of), FL Educational Facilities Authority (University of Miami); Series 2018 A, RB

 

 

 

 

 

(c)

5.00%

04/01/2053

9,000

 

10,955,700

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Florida–(continued)

 

 

 

 

 

Miami-Dade (County of), FL Expressway Authority; Series 2010 A, Ref. RB (INS-AGM)(j)

5.00%

07/01/2035

$ 3,350

$

3,394,019

Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2019 A,

 

 

 

 

 

RB

5.00%

10/01/2047

10,000

 

12,481,500

Orlando (City of), FL Greater Orlando Aviation Authority; Series 2017 A, RB (d)

5.00%

10/01/2047

8,570

 

10,418,206

Osceola (County of), FL; Series 2020 A-1, Ref. RB

5.00%

10/01/2049

2,500

 

3,139,875

Palm Beach (County of), FL Health Facilities Authority (Bethesda Health Care System, Inc.);

 

 

 

 

 

Series 2010 A, RB (a)(b)

5.00%

07/01/2020

625

 

633,631

Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD RB

 

 

 

 

 

(LOC - Northern Trust Co. (The))(g)

1.15%

11/01/2038

2,955

 

2,955,000

Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global

 

 

 

 

 

Understanding); Series 2019, RB

5.00%

07/01/2039

2,000

 

2,417,340

Putnam (County of), FL Development Authority (Seminole Electric Cooperative); Series 2018 B, Ref.

 

 

 

 

 

PCR

5.00%

03/15/2042

4,920

 

6,038,316

Putnam (County of), FL Development Authority (Seminole); Series 2018 A, Ref. RB

5.00%

03/15/2042

12,125

 

14,891,319

Reunion East Community Development District;

 

 

 

 

 

Series 2005, RB (e)

5.80%

05/01/2036

197

 

2

Series 2015-2, RB

6.60%

05/01/2036

190

 

205,907

Sunrise (City of), FL; Series 1998, Ref. RB (a)(b)

5.20%

10/01/2020

850

 

871,412

Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB

5.00%

12/01/2055

4,500

 

5,177,790

Tampa Bay Water; Series 2001 A, Ref. RB (INS-NATL)(j)

6.00%

10/01/2029

3,000

 

4,317,360

 

 

 

 

 

234,763,150

Georgia–2.60%

 

 

 

 

 

Atlanta (City of), GA;

 

 

 

 

 

Series 2010 C, Ref. RB

5.25%

01/01/2030

1,500

 

1,554,060

Series 2010 C, Ref. RB (INS-AGM)(j)

5.25%

01/01/2030

1,500

 

1,554,690

Series 2010 C, Ref. RB

6.00%

01/01/2030

1,000

 

1,043,490

Brookhaven Development Authority (Children's Healthcare of Atlanta, Inc.);

 

 

 

 

 

Series 2019 A, RB

4.00%

07/01/2044

3,500

 

4,130,980

Series 2019 A, RB

4.00%

07/01/2049

2,400

 

2,813,808

City of Atlanta GA Water & Wastewater Revenue; Series 2015, Ref. RB (c)

5.00%

11/01/2040

18,420

 

21,958,298

Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.); Series 2019, RB

4.00%

07/01/2049

10,000

 

11,631,600

Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4);

 

 

 

 

 

Series 2019 A, RB

5.00%

01/01/2039

4,500

 

5,543,055

Series 2019 A, RB

5.00%

01/01/2049

5,000

 

6,048,800

Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System); Series 2017, RAC

5.00%

08/01/2043

7,750

 

9,398,270

Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.);

 

 

 

 

 

Series 2017 A, RB (f)

5.88%

06/15/2047

1,680

 

1,720,270

Series 2017 A, RB (f)

6.00%

06/15/2052

1,530

 

1,568,801

Main Street Natural Gas, Inc.;

 

 

 

 

 

Series 2019 A, RB

5.00%

05/15/2043

3,000

 

3,734,970

Series 2019 B, RB (b)

4.00%

12/02/2024

7,000

 

7,999,390

Marietta (City of), GA Developing Authority (Life University, Inc.); Series 2017 A, Ref. RB (f)

5.00%

11/01/2037

5,250

 

6,104,122

Rockdale (County of), GA Development Authority (Pratt Paper (GA), LLC); Series 2018, Ref. RB (d)(f)

4.00%

01/01/2038

6,200

 

6,927,384

Savannah (City of), GA Economic Development Authority (SSU Community Development I, LLC);

 

 

 

 

 

Series 2010, RB (INS-AGM)(j)

5.50%

06/15/2035

1,020

 

1,032,903

Thomasville (City of), GA Hospital Authority (John D. Archbold Memorial Hospital, Inc.); Series 2010,

 

 

 

 

 

RAC (a)(b)

5.13%

11/02/2020

750

 

771,375

 

 

 

 

 

95,536,266

Guam–0.03%

 

 

 

 

 

Guam (Territory of) Power Authority; Series 2010 A, RB (a)(b)

5.00%

10/01/2020

1,100

 

1,126,895

Hawaii–0.21%

 

 

 

 

 

Hawaii (State of) Department of Budget & Finance; Series 2012, Ref. RB

5.25%

11/15/2037

1,250

 

1,388,675

Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc.); Series 2015, Ref. RB

 

 

 

 

 

(d)

3.25%

01/01/2025

4,500

 

4,804,110

 

 

Hawaii (State of) Department of Budget & Finance (Kahala Nui); Series 2012, Ref. RB

5.13%

11/15/2032

1,500

 

1,668,480

 

 

 

 

 

7,861,265

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Illinois–10.24%

 

 

 

 

 

Bartlett (Village of), IL (Quarry Redevelopment); Series 2007, Ref. RB (a)

5.60%

01/01/2023

$ 1,270

$

1,271,854

Bolingbrook (Village of), IL; Series 2005, RB (l)

6.25%

01/01/2024

827

 

821,809

Chicago (City of), IL;

 

 

 

 

 

Series 2002 B, GO Bonds

5.50%

01/01/2032

3,300

 

3,869,976

Series 2007 E, Ref. GO Bonds

5.50%

01/01/2035

1,500

 

1,754,295

Series 2008 C, Ref. RB

5.00%

01/01/2039

5,000

 

5,694,700

Series 2011 A, RB (a)(b)

5.00%

01/01/2022

1,000

 

1,076,430

Series 2011, COP

7.13%

05/01/2021

1,845

 

1,845,056

Series 2014, RB

5.00%

11/01/2044

1,905

 

2,157,108

Series 2015 A, GO Bonds

5.50%

01/01/2034

4,440

 

5,197,686

Series 2015 A, GO Bonds

5.50%

01/01/2035

2,000

 

2,339,060

Series 2017 A, RB (INS-AGM)(j)

5.25%

01/01/2042

2,000

 

2,466,840

Series 2017 A, Ref. GO Bonds

6.00%

01/01/2038

8,500

 

10,713,315

Series 2019 A, GO Bonds

5.50%

01/01/2049

8,000

 

9,983,760

Chicago (City of), IL (83rd/Stewart Redevelopment); Series 2013, COP (f)

7.00%

01/15/2029

3,011

 

3,013,396

Chicago (City of), IL (Cottage View Terrace Apartments); Series 2000 A, RB (CEP-GNMA)(d)

6.13%

02/20/2042

1,295

 

1,297,525

Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP (m)

7.46%

02/15/2026

363

 

275,344

Chicago (City of), IL (Midway Airport);

 

 

 

 

 

Series 2013 A, Ref. RB (d)

5.50%

01/01/2032

5,000

 

5,584,050

Series 2014 A, Ref. RB (d)

5.00%

01/01/2041

2,725

 

3,053,363

Chicago (City of), IL (O'Hare International Airport);

 

 

 

 

 

Series 2012 B, Ref. RB (d)

5.00%

01/01/2030

5,000

 

5,337,850

Series 2016 C, Ref. RB

5.00%

01/01/2037

2,500

 

3,009,675

Series 2017 D, RB

5.25%

01/01/2036

4,600

 

5,759,292

Series 2017 D, RB (c)(d)

5.00%

01/01/2047

7,500

 

8,941,350

Chicago (City of), IL (Roosevelt Square/ABLA Redevelopment); Series 2009 A, Ref. COP

7.13%

03/15/2022

1,052

 

1,052,221

Chicago (City of), IL Board of Education;

 

 

 

 

 

Series 2017 H, GO Bonds

5.00%

12/01/2036

5,750

 

7,002,637

Series 2018 C, Ref. GO Bonds

5.00%

12/01/2023

3,000

 

3,388,650

Series 2018 D, Ref. GO Bonds

5.00%

12/01/2046

3,000

 

3,649,170

Chicago (City of), IL Metropolitan Water Reclamation District;

 

 

 

 

 

Series 2011 B, GO Bonds (c)

5.00%

12/01/2024

15,000

 

16,092,150

Series 2015 C, GO Bonds (c)

5.00%

12/01/2027

6,805

 

8,111,560

Series 2015 C, GO Bonds (c)

5.00%

12/01/2028

4,000

 

4,762,960

Chicago (City of), IL Transit Authority;

 

 

 

 

 

Series 2011, RB (c)(k)

5.25%

12/01/2036

12,000

 

12,886,560

Series 2014, RB

5.00%

12/01/2044

8,195

 

9,527,015

Cook County School District No. 122 (Ridgeland); Series 2000, GO Bonds (a)(i)

0.00%

12/01/2020

4,050

 

4,022,136

Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Series 2014 A, RB

5.38%

03/01/2034

552

 

552,007

Illinois (State of);

 

 

 

 

 

Series 1991, RB (INS-AMBAC)(j)

6.25%

12/15/2020

495

 

508,113

Series 2012 A, GO Bonds

5.00%

01/01/2031

2,775

 

2,953,655

Series 2013, GO Bonds

5.25%

07/01/2031

4,000

 

4,488,440

Series 2014, GO Bonds

5.25%

02/01/2033

2,650

 

3,012,997

Series 2014, GO Bonds

5.00%

05/01/2039

4,710

 

5,307,840

Series 2018 A, GO Bonds

6.00%

05/01/2027

5,000

 

6,483,550

Series 2018 A, GO Bonds

6.00%

05/01/2028

10,235

 

13,601,189

Illinois (State of) Finance Authority (Centegra Health System);

 

 

 

 

 

Series 2014 A, RB

5.00%

09/01/2039

1,865

 

2,148,685

Series 2014 A, RB

5.00%

09/01/2042

1,290

 

1,480,494

Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB (d)

8.00%

06/01/2032

1,270

 

1,277,099

Illinois (State of) Finance Authority (DePaul University); Series 2011 A, RB (a)(b)

6.00%

04/01/2021

1,000

 

1,055,350

Illinois (State of) Finance Authority (Evangelical Hospitals);

 

 

 

 

 

Series 1992 A, Ref. RB (a)

6.25%

04/15/2022

635

 

672,986

Series 1992 C, RB (a)

6.25%

04/15/2022

730

 

773,559

Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);

 

 

 

 

 

Series 2019 A, Ref. RB

5.00%

11/01/2035

3,430

 

3,852,096

Series 2019 A, Ref. RB

5.00%

11/01/2040

2,245

 

2,494,038

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Illinois–(continued)

 

 

 

 

 

Illinois (State of) Finance Authority (Park Place of Elmhurst);

 

 

 

 

 

Series 2016 B, RB

5.63%

05/15/2020

$ 870

$

843,426

Series 2016, RB (e)

2.00%

05/15/2055

203

 

2,033

Illinois (State of) Finance Authority (Peace Village); Series 2013, RB (a)(b)

6.75%

08/15/2023

2,000

 

2,368,800

Illinois (State of) Finance Authority (Plymouth Place);

 

 

 

 

 

Series 2015, Ref. RB

5.00%

05/15/2037

1,050

 

1,155,147

Series 2015, Ref. RB

5.25%

05/15/2045

2,355

 

2,584,469

Illinois (State of) Finance Authority (Rosalind Franklin University Research Building); Series 2017, RB

5.00%

08/01/2049

2,450

 

2,872,895

Illinois (State of) Finance Authority (Rosalind Franklin University); Series 2017, Ref. RB

5.00%

08/01/2047

1,025

 

1,203,791

Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB

5.00%

11/15/2038

6,750

 

7,833,982

Illinois (State of) Finance Authority (Southern Illinois Healthcare Enterprises, Inc.); Series 2005, RB

 

 

 

 

 

(a)(b)

5.38%

03/01/2020

1,000

 

1,000,000

 

 

Illinois (State of) Finance Authority (The Carle Foundation);

 

 

 

 

 

Series 2011 A, RB

5.75%

08/15/2034

1,000

 

1,063,720

Series 2011 A, RB (INS-AGM)(j)

6.00%

08/15/2041

650

 

693,258

Series 2011 A, RB

6.00%

08/15/2041

4,000

 

4,257,240

Illinois (State of) Finance Authority (University of Chicago); Series 2015 A, RB (c)

5.00%

10/01/2040

10,000

 

12,054,800

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);

 

 

 

 

 

Series 2002, Ref. RB (a)(l)

5.65%

06/15/2022

3,660

 

4,056,029

Series 2002, Ref. RB (INS-NATL)(j)(l)

5.65%

06/15/2022

16,340

 

17,817,953

Series 2012 A, RB

5.00%

06/15/2042

3,175

 

3,408,743

Series 2020, Ref. RB

5.00%

06/15/2050

7,000

 

8,590,330

Illinois (State of) Sports Facilities Authority;

 

 

 

 

 

Series 2014, Ref. RB (INS-AGM)(j)

5.25%

06/15/2031

2,630

 

3,045,382

Series 2014, Ref. RB (INS-AGM)(j)

5.25%

06/15/2032

2,395

 

2,770,416

Illinois (State of) Toll Highway Authority;

 

 

 

 

 

Series 2013 A, RB (c)

5.00%

01/01/2038

8,000

 

8,838,800

Series 2015 A, RB (c)

5.00%

01/01/2040

14,190

 

16,836,719

McHenry (County of), IL Special Service Area (Wonder Lake Dredging); Series 2010, RB

6.50%

03/01/2030

3,820

 

3,830,429

Metropolitan Water Reclamation District of Greater Chicago;

 

 

 

 

 

Series 2007 B, Ref. GO Bonds

5.25%

12/01/2035

5,000

 

7,331,500

Series 2015 A, GO Bonds (c)

5.00%

12/01/2044

12,000

 

13,807,680

Northern Illinois University;

 

 

 

 

 

Series 2011, Ref. RB (INS-AGM)(j)

5.50%

04/01/2026

2,000

 

2,006,400

Series 2011, Ref. RB (INS-AGM)(j)

5.25%

04/01/2028

2,000

 

2,006,000

Plano (City of), IL Special Service Area No. 10 (Lakewood Springs Club); Series 2007, RB (e)

5.80%

03/01/2037

1,500

 

165,000

Railsplitter Tobacco Settlement Authority;

 

 

 

 

 

Series 2010, RB

5.25%

06/01/2021

1,000

 

1,051,140

Series 2010, RB (a)(b)

6.00%

06/01/2021

10,000

 

10,645,100

Series 2017, RB

5.00%

06/01/2026

8,000

 

9,875,440

Sales Tax Securitization Corp.; Series 2018 C, Ref. RB

5.25%

01/01/2043

5,000

 

6,366,900

Tender Option Bonds Receipt; Series 2019 (c)(d)

5.00%

01/01/2042

6,500

 

7,800,975

University of Illinois; Series 2011 A, RB

5.13%

04/01/2036

1,000

 

1,038,050

 

 

 

 

 

375,843,438

Indiana–1.49%

 

 

 

 

 

Indiana (State of) Finance Authority (CWA Authority);

 

 

 

 

 

Series 2011 B, RB

5.00%

10/01/2041

11,000

 

11,677,050

Series 2016 A, RB (INS-NATL)(j)

5.00%

10/01/2046

15,000

 

18,168,900

Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB

5.50%

04/01/2041

4,555

 

5,227,272

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.);

 

 

 

 

 

Series 2012 A, RB

5.00%

06/01/2032

1,220

 

1,284,221

Series 2012 A, RB

5.00%

06/01/2039

2,500

 

2,632,075

Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc. Obligated Group);

 

 

 

 

 

Series 2008 J, Ref. VRD RB (LOC - Barclays Bank PLC)(g)(h)

1.35%

11/01/2037

10,095

 

10,095,000

Northern Indiana Commuter Transportation District;

 

 

 

 

 

Series 2016, RB

5.00%

07/01/2035

1,700

 

2,081,429

Series 2016, RB

5.00%

07/01/2041

1,500

 

1,816,065

Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB (d)

6.75%

01/01/2034

1,500

 

1,758,210

 

 

 

 

 

54,740,222

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Iowa–1.87%

 

 

 

 

 

Ames (City of), IA (Mary Greeley Medical Center);

 

 

 

 

 

Series 2011, RB (a)(b)

5.25%

06/15/2020

$ 7,000

$

7,085,470

Series 2011, RB (a)(b)

5.50%

06/15/2020

1,000

 

1,012,910

Series 2011, RB (a)(b)

5.63%

06/15/2020

1,500

 

1,519,890

Iowa (State of) Finance Authority (Iowa Fertilizer Co.);

 

 

 

 

 

Series 2013, RB (f)

5.88%

12/01/2027

6,795

 

7,079,982

Series 2013, Ref. RB (b)

5.25%

12/01/2037

8,140

 

9,173,617

Series 2019, Ref. RB

3.13%

12/01/2022

2,000

 

2,081,540

Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2018 A, RB

5.00%

05/15/2043

4,760

 

5,531,834

Iowa (State of) Tobacco Settlement Authority;

 

 

 

 

 

Series 2005 C, RB

5.63%

06/01/2046

2,690

 

2,718,649

Series 2005 E, RB (i)

0.00%

06/01/2046

50,000

 

7,961,500

PEFA, Inc.; Series 2019, RB (b)

5.00%

09/01/2026

20,000

 

24,481,800

 

 

 

 

 

68,647,192

Kansas–0.51%

 

 

 

 

 

Kansas (State of) Development Finance Authority (University of Kansas Health System);

 

 

 

 

 

Series 2011 H, RB

5.38%

03/01/2029

1,000

 

1,000,000

Series 2011 H, RB

5.00%

03/01/2034

1,000

 

1,000,000

Series 2011 H, RB

5.13%

03/01/2039

2,000

 

2,000,000

Kansas (State of) Municipal Energy Agency (Jameson Energy Center); Series 2013, RB

5.25%

07/01/2044

2,000

 

2,263,200

Lenexa (City of), KS (Lakeview Village, Inc.); Series 2018 A, Ref. RB

5.00%

05/15/2039

1,500

 

1,710,150

Wichita (City of), KS (Kansas Masonic Home); Series 2016 II-A, RB

5.38%

12/01/2046

6,960

 

7,671,660

Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2013 IV-A, RB

6.38%

05/15/2043

1,500

 

1,676,640

Wyandotte (County of) & Kansas City (City of), KS Unified Government; Series 2014 A, Ref. RB

5.00%

09/01/2044

1,180

 

1,352,374

 

 

 

 

 

18,674,024

Kentucky–2.30%

 

 

 

 

 

Ashland (City of), KY (King's Daughters Medical Center);

 

 

 

 

 

Series 2019, Ref. RB

4.00%

02/01/2035

465

 

524,892

Series 2019, Ref. RB

4.00%

02/01/2036

380

 

427,869

Series 2019, Ref. RB

4.00%

02/01/2037

375

 

420,859

Series 2019, Ref. RB

4.00%

02/01/2038

375

 

419,906

Christian (County of), KY (Jennie Stuart Medical Center, Inc.);

 

 

 

 

 

Series 2016, Ref. RB

5.38%

02/01/2036

3,000

 

3,467,010

Series 2016, Ref. RB

5.50%

02/01/2044

5,000

 

5,741,400

Kentucky (Commonwealth of) Public Energy Authority; Series 2018 B, RB (b)

4.00%

01/01/2025

6,000

 

6,778,200

Kentucky (State of) Economic Development Finance Authority (Baptist Healthcare System);

 

 

 

 

 

Series 2017 B, RB

5.00%

08/15/2046

4,500

 

5,330,475

Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.);

 

 

 

 

 

Series 2017 A, Ref. RB (INS-AGM)(j)

5.00%

12/01/2045

12,000

 

14,465,400

Kentucky (State of) Economic Development Finance Authority (Next Generation Kentucky Information

 

 

 

 

 

Highway);

 

 

 

 

 

Series 2015 A, RB

5.00%

07/01/2037

1,700

 

1,919,368

Series 2015 A, RB

5.00%

07/01/2040

2,620

 

2,932,671

Series 2015 A, RB

5.00%

01/01/2045

14,260

 

15,916,441

Kentucky (State of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017

 

 

 

 

 

A, Ref. RB

5.00%

06/01/2045

8,950

 

10,500,229

Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System,

 

 

 

 

 

Inc.); Series 2010 A, RB (a)(b)

6.50%

06/01/2020

3,200

 

3,243,680

Kentucky (State of) Municipal Power Agency (Prarie State); Series 2019 A, Ref. RB

4.00%

09/01/2045

5,000

 

5,528,000

Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.);

 

 

 

 

 

Series 2013 A, RB

5.75%

10/01/2042

5,870

 

6,728,840

 

 

 

 

 

84,345,240

Louisiana–2.06%

 

 

 

 

 

Caddo & Bossier (Parishes of), LA Port Commission; Series 2011, Ref. RB (a)(b)

5.00%

04/01/2021

550

 

574,612

East Baton Rouge Sewerage Commission; Series 2019 A, Ref. RB

4.00%

02/01/2045

13,500

 

15,794,055

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Louisiana–(continued)

 

 

 

 

 

Jefferson (Parish of), LA Hospital Service District No. 1 (West Jefferson Medical Center);

 

 

 

 

 

Series 2011 A, Ref. RB (a)(b)

5.38%

01/01/2021

$ 400

$

414,824

Series 2011 A, Ref. RB (a)(b)

6.00%

01/01/2021

3,000

 

3,125,520

Jefferson Sales Tax District; Series 2019 B, RB (INS-AGM)(j)

4.00%

12/01/2038

6,000

 

7,195,020

Lafayette (City of), LA Public Trust Financing Authority (Ragin' Cajun Facilities-Housing & Parking);

 

 

 

 

 

Series 2010, RB (a)(b)

5.00%

10/01/2020

1,000

 

1,024,330

Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2002 B, RB (a)(b)

5.50%

05/15/2026

1,010

 

1,286,740

Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana

 

 

 

 

 

State University Nicholson Gateway); Series 2016, RB

5.00%

07/01/2051

12,400

 

14,505,768

New Orleans (City of), LA;

 

 

 

 

 

Series 2014, Ref. RB

5.00%

06/01/2044

605

 

691,981

Series 2015, RB

5.00%

12/01/2040

3,000

 

3,534,570

Series 2015, RB

5.00%

12/01/2045

5,500

 

6,433,350

New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolitdated Garage System);

 

 

 

 

 

Series 2018 A, RB (INS-AGM)(j)

5.00%

10/01/2048

5,000

 

6,153,800

Regional Transit Authority; Series 2010, RB (INS-AGM)(j)

5.00%

12/01/2030

2,580

 

2,658,458

Terrebonne (Parish of), LA; Series 2011 ST, RB (a)(b)

5.00%

04/01/2021

2,645

 

2,764,845

Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB

5.25%

05/15/2035

8,500

 

9,451,150

 

 

 

 

 

75,609,023

Maryland–1.65%

 

 

 

 

 

Baltimore (City of), MD; Series 2017, Ref. RB

5.00%

09/01/2042

2,500

 

2,990,175

Baltimore (City of), MD (East Baltimore Research Park); Series 2017, Ref. RB

5.00%

09/01/2038

1,650

 

1,889,069

Baltimore (County of), MD (Oak Crest Village, Inc.);

 

 

 

 

 

Series 2020, Ref. RB

4.00%

01/01/2045

1,750

 

2,002,980

Series 2020, Ref. RB

4.00%

01/01/2050

2,500

 

2,853,500

Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare);

 

 

 

 

 

Series 2011 A, RB

6.25%

01/01/2031

3,175

 

3,468,910

Series 2011 A, RB

6.13%

01/01/2036

4,000

 

4,343,560

Maryland (State of) Health & Higher Educational Facilities Authority (Charlestown Community);

 

 

 

 

 

Series 2010, RB (a)(b)

6.13%

01/01/2021

4,250

 

4,433,388

Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy);

 

 

 

 

 

Series 2017 A, RB (f)

5.13%

07/01/2037

1,265

 

1,379,710

Series 2017 A, RB (f)

5.25%

07/01/2047

4,295

 

4,649,767

Series 2017 A, RB (f)

5.38%

07/01/2052

1,530

 

1,663,401

Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health);

 

 

 

 

 

Series 2011, RB (a)(b)

6.00%

07/01/2021

1,000

 

1,067,420

Series 2016, Ref. RB

5.00%

07/01/2047

5,000

 

6,024,450

Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health);

 

 

 

 

 

Series 2011, RB (a)(b)

5.00%

08/15/2021

5,000

 

5,304,350

Series 2017 A, RB

5.00%

05/15/2042

5,000

 

6,077,600

Maryland Economic Development Corp. (Terminal); Series 2010 B, RB (a)(b)

5.75%

06/01/2020

1,460

 

1,477,695

Maryland Economic Development Corp. (Transportation Facilities); Series 2010 A, RB (a)(b)

5.38%

06/01/2020

1,030

 

1,041,546

Montgomery (County of), MD; Series 2017 E, VRD GO Bonds (g)

1.30%

11/01/2037

3,100

 

3,100,000

Prince Georges (County of), MD (Collington Episcopal Life Care Community, Inc.);

 

 

 

 

 

Series 2017, Ref. RB

5.25%

04/01/2037

2,000

 

2,241,640

Series 2017, Ref. RB

5.25%

04/01/2047

4,035

 

4,474,169

 

 

 

 

 

60,483,330

Massachusetts–2.74%

 

 

 

 

 

Massachusetts (Commonwealth of); Series 2019 C, GO Bonds

5.00%

05/01/2041

15,000

 

19,550,400

Massachusetts (State of) Bay Transportation Authority; Series 2016 A, Ref. RB (i)

0.00%

07/01/2031

13,000

 

10,405,720

Massachusetts (State of) Development Finance Agency; Series 2019 A, Ref. RB

5.00%

07/01/2044

4,000

 

4,900,080

Massachusetts (State of) Development Finance Agency (Caregroup);

 

 

 

 

 

Series 2016 I, Ref. RB

5.00%

07/01/2036

3,000

 

3,632,430

Series 2016 I, Ref. RB

5.00%

07/01/2038

2,045

 

2,464,020

Series 2018 J-2, RB

5.00%

07/01/2043

4,100

 

5,072,397

Series 2018 J-2, RB

5.00%

07/01/2048

5,000

 

6,146,050

Massachusetts (State of) Development Finance Agency (Emerson College); Series 2016 A, RB

5.00%

01/01/2047

5,000

 

5,957,350

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Massachusetts–(continued)

 

 

 

 

 

Massachusetts (State of) Development Finance Agency (International Charter School); Series 2015,

 

 

 

 

 

Ref. RB

5.00%

04/15/2040

$ 2,000

$

2,234,860

Massachusetts (State of) Development Finance Agency (Lawrence General Hospital);

 

 

 

 

 

Series 2017, Ref. RB

5.00%

07/01/2042

1,000

 

1,151,330

Series 2017, Ref. RB

5.00%

07/01/2047

3,000

 

3,431,430

Massachusetts (State of) Development Finance Agency (Lesley University); Series 2011 B-1, RB (a)(b)

5.25%

07/01/2021

750

 

794,295

Massachusetts (State of) Development Finance Agency (Merrimack College); Series 2012 A, RB

5.25%

07/01/2042

1,050

 

1,137,738

Series 2011 I, RB (a)(b)

6.75%

01/01/2021

1,000

 

1,049,490

Massachusetts (State of) Development Finance Agency (Umass Memorial);

 

 

 

 

 

Series 2011 H, RB (a)(b)

5.50%

07/01/2021

950

 

1,009,232

Series 2011 H, RB

5.50%

07/01/2031

50

 

53,066

Massachusetts (State of) Port Authority;

 

 

 

 

 

Series 2019 A, Ref. RB (d)

5.00%

07/01/2039

4,000

 

5,116,840

Series 2019 A, Ref. RB (d)

5.00%

07/01/2040

1,000

 

1,276,160

Series 2019 C, RB (d)

5.00%

07/01/2049

12,980

 

16,294,054

Massachusetts (State of) Port Authority (Bosfuel); Series 2019 A, Ref. RB (d)

5.00%

07/01/2049

7,000

 

8,739,920

 

 

 

 

 

100,416,862

Michigan–2.28%

 

 

 

 

 

Kalamazoo (City of), MI Economic Development Corp. (Heritage Community of Kalamazoo);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

05/15/2037

1,220

 

1,409,393

Series 2019, Ref. RB

5.00%

05/15/2042

2,000

 

2,293,060

Michigan (State of) Building Authority (Facilities Program);

 

 

 

 

 

Series 2011 I-A, Ref. RB

5.00%

10/15/2029

500

 

531,415

Series 2019, Ref. RB

4.00%

10/15/2049

7,000

 

8,162,560

Michigan (State of) Finance Authority (Beaumont Health Credit Group); Series 2016, RB

5.00%

11/01/2044

9,000

 

10,537,560

Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center);

 

 

 

 

 

Series 2018, RB

5.00%

11/01/2043

2,500

 

3,128,400

Michigan (State of) Finance Authority (CHE Trinity Health Credit Group); Series 2013 MI-4, Ref. RB

5.00%

12/01/2039

7,000

 

9,216,200

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);

 

 

 

 

 

Series 2014 C-1, Ref. RB

5.00%

07/01/2044

2,720

 

2,941,272

Series 2014 C-6, Ref. RB

5.00%

07/01/2033

1,355

 

1,568,846

Series 2014 D-1, Ref. RB (INS-AGM)(j)

5.00%

07/01/2037

2,000

 

2,302,060

Series 2014 D-2, Ref. RB (INS-AGM)(j)

5.00%

07/01/2027

4,000

 

4,708,040

Series 2014 D-4, Ref. RB

5.00%

07/01/2029

1,355

 

1,585,404

Michigan (State of) Finance Authority (Henry Ford Health System); Series 2019 A, RB

5.00%

11/15/2048

3,000

 

3,788,970

Michigan (State of) Finance Authority (Local Government Loan Program); Series 2014 F, Ref. RB

4.50%

10/01/2029

4,000

 

4,492,440

Michigan (State of) Strategic Fund (Genesee Power Station); Series 1994, Ref. RB (d)

7.50%

01/01/2021

355

 

355,192

Michigan (State of) Tobacco Settlement Finance Authority; Series 2007 A, RB

6.00%

06/01/2048

5,000

 

5,102,900

Oakland University Board of Trustees;

 

 

 

 

 

Series 2016, RB

5.00%

03/01/2041

5,000

 

5,966,250

Series 2016, RB

5.00%

03/01/2047

2,500

 

2,979,375

Summit Academy North;

 

 

 

 

 

Series 2016, Ref. RB

5.00%

11/01/2031

3,000

 

3,098,700

Series 2016, Ref. RB

5.00%

11/01/2035

3,255

 

3,354,635

Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport);

 

 

 

 

 

Series 2012 B, RB (d)

5.00%

12/01/2032

1,500

 

1,645,725

Series 2012 B, RB (d)

5.00%

12/01/2037

1,500

 

1,641,045

Series 2012 D, Ref. RB (d)

5.00%

12/01/2028

2,500

 

2,753,550

 

 

 

 

 

83,562,992

Minnesota–0.72%

 

 

 

 

 

Minnesota (State of) Higher Education Facilities Authority (Bethel University); Series 2017, Ref. RB

5.00%

05/01/2047

7,615

 

8,882,136

St. Paul (City of), MN Housing & Redevelopment Authority (Fairview Health Services); Series 2017 A,

 

 

 

 

 

Ref. RB

5.00%

11/15/2047

9,000

 

10,954,260

St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref.

 

 

 

 

 

VRD RB (CEP - FHLMC)(g)

1.14%

10/01/2033

3,070

 

3,070,000

St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy);

 

 

 

 

 

Series 2016, Ref. RB

5.75%

09/01/2046

2,000

 

2,304,520

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Minnesota–(continued)

 

 

 

 

 

Woodbury (City of), MN Housing & Redevelopment Authority (St. Therese of Woodbury); Series 2014,

 

 

 

 

 

RB

5.25%

12/01/2049

$ 1,000

$

1,074,480

 

 

 

 

 

26,285,396

Mississippi–0.19%

 

 

 

 

 

Mississippi Business Finance Corp. (Chevron USA, Inc.); Series 2007 E, VRD IDR (g)

1.29%

12/01/2030

2,000

 

2,000,000

West Rankin Utility Authority; Series 2018, RB (INS-AGM)(j)

5.00%

01/01/2048

4,050

 

4,912,934

 

 

 

 

 

6,912,934

Missouri–2.60%

 

 

 

 

 

Kansas (City of), MO Industrial Development Authority (Kansas City International Airport);

 

 

 

 

 

Series 2019 B, RB (d)

5.00%

03/01/2046

20,000

 

24,890,600

Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District);

 

 

 

 

 

Series 2011 A, Ref. RB

5.50%

09/01/2024

5,990

 

6,395,403

Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community

 

 

 

 

 

Improvement District); Series 2016 A, Ref. RB (f)

5.00%

04/01/2046

1,150

 

1,219,748

Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel);

 

 

 

 

 

Series 2018 B, RB (f)

5.00%

02/01/2040

1,500

 

1,736,145

Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017, Ref. RB

5.25%

05/15/2042

4,575

 

5,317,294

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services);

 

 

 

 

 

Series 2016, Ref. RB

5.00%

02/01/2046

4,000

 

4,597,760

Series 2019 A, RB

5.00%

02/01/2042

3,000

 

3,423,630

Missouri (State of) Health & Educational Facilities Authority (Medical Research Lutheran Services);

 

 

 

 

 

Series 2016 A, RB

5.00%

02/01/2036

3,200

 

3,735,904

Missouri (State of) Health & Educational Facilities Authority (Mercy Health); Series 2017 C, Ref. RB (c)

5.00%

11/15/2042

25,000

 

31,157,750

St. Louis (City of), MO Industrial Development Authority (Ballpark Village Development); Series 2017

 

 

 

 

 

A, Ref. RB

4.38%

11/15/2035

2,250

 

2,508,705

St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills);

 

 

 

 

 

Series 2013 A, RB

5.88%

09/01/2043

1,750

 

1,960,157

St. Louis (County of), MO Industrial Development Authority (Friendship Village West County);

 

 

 

 

 

Series 2018 A, RB

5.13%

09/01/2048

7,500

 

8,612,925

 

 

 

 

 

95,556,021

Montana–0.11%

 

 

 

 

 

Kalispell (City of), MT (Immanuel Lutheran Corp.); Series 2017, Ref. RB

5.25%

05/15/2047

2,645

 

2,898,047

Montana (State of) Facility Finance Authority (Benefit Health System Obligated Group); Series 2011

 

 

 

 

 

A, RB (a)(b)

5.75%

01/01/2021

1,000

 

1,040,580

 

 

 

 

 

3,938,627

Nebraska–1.04%

 

 

 

 

 

Central Plains Energy Project (No. 3);

 

 

 

 

 

Series 2012, RB (n)

5.00%

09/01/2032

4,900

 

5,353,691

Series 2017 A, Ref. RB

5.00%

09/01/2037

5,010

 

7,128,228

Series 2017 A, Ref. RB

5.00%

09/01/2042

13,355

 

19,800,924

Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2016 A, Ref. RB

5.00%

01/01/2037

5,000

 

6,042,450

 

 

 

 

 

38,325,293

Nevada–0.26%

 

 

 

 

 

Las Vegas (City of) NV Convention & Visitors Authority; Series 2018 B, RB

5.00%

07/01/2043

5,000

 

6,207,600

Nevada (State of) Department of Business & Industry (Doral Academy of Nevada); Series 2017 A, RB

 

 

 

 

 

(f)

5.00%

07/15/2047

2,900

 

3,188,434

 

 

 

 

 

 

 

9,396,034

New Hampshire–0.42%

 

 

 

 

 

National Finance Authority; Series 2020-1, Class A

4.13%

01/20/2034

6,493

 

8,014,287

New Hampshire (State of) Health & Education Facilities Authority (Southern New Hampshire

 

 

 

 

 

University); Series 2012, RB

5.00%

01/01/2042

6,000

 

6,392,400

New Hampshire (State of) Health & Education Facilities Authority (Wentworth Douglas Hospital);

 

 

 

 

 

Series 2011 A, RB (a)(b)

6.00%

01/01/2021

1,100

 

1,146,805

 

 

 

 

 

15,553,492

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

New Jersey–4.47%

 

 

 

 

 

Garden State Preservation Trust; Series 2005 A, RB (INS-AGM)(j)

5.75%

11/01/2028

$ 7,500

$

9,606,825

Gloucester (County of), NJ Pollution Control Financing Authority (Logan); Series 2014 A, Ref. PCR (d)

5.00%

12/01/2024

3,705

 

4,048,750

New Jersey (State of) Economic Development Authority;

 

 

 

 

 

Series 2005 N-1, Ref. RB (INS-NATL)(c)(j)(k)

5.50%

09/01/2022

7,500

 

8,300,100

Series 2005, Ref. RB (INS-AMBAC)(j)

5.50%

09/01/2024

3,885

 

4,603,997

Series 2012 II, Ref. RB

5.00%

03/01/2023

2,150

 

2,312,733

Series 2012, Ref. RB

5.00%

06/15/2025

3,000

 

3,230,160

Series 2012, Ref. RB

5.00%

06/15/2026

1,000

 

1,075,300

Series 2012, Ref. RB

5.00%

06/15/2028

3,000

 

3,217,440

Series 2017 A, Ref. RB

5.00%

07/01/2033

2,800

 

3,405,444

New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and

 

 

 

 

 

Technology, Inc.);

 

 

 

 

 

Series 2012 C, RB

5.00%

07/01/2032

675

 

703,249

Series 2012 C, RB

5.30%

07/01/2044

2,380

 

2,473,225

New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-

 

 

 

 

 

Montclair State University Student Housing); Series 2010 A, RB (a)(b)

5.75%

06/01/2020

3,020

 

3,056,995

New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement);

 

 

 

 

 

Series 2013, RB (d)

5.38%

01/01/2043

1,500

 

1,708,200

Series 2011 A, Ref. RB (a)(b)

5.63%

07/01/2021

8,000

 

8,506,480

New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health

 

 

 

 

 

Obligated Group); Series 2017 A, Ref. RB

5.25%

07/01/2057

6,375

 

7,817,344

New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System);

 

 

 

 

 

Series 2016 A, Ref. RB

5.00%

07/01/2039

7,000

 

8,609,650

New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated

 

 

 

 

 

Group); Series 2019, RB

4.00%

07/01/2044

2,500

 

2,943,675

New Jersey (State of) Transportation Trust Fund Authority;

 

 

 

 

 

Series 2006 C, RB (INS-AGC)(i)(j)

0.00%

12/15/2026

10,000

 

8,945,800

Series 2006 C, RB (INS-NATL)(i)(j)

0.00%

12/15/2031

7,410

 

5,728,374

Series 2010 D, RB

5.25%

12/15/2023

2,000

 

2,302,540

Series 2015 AA, RB

5.25%

06/15/2041

2,500

 

2,905,975

Series 2015 AA, RB

5.00%

06/15/2045

3,420

 

3,912,890

Series 2018 A, Ref. RB

5.00%

12/15/2034

8,000

 

10,019,440

Series 2018 A, Ref. RN (c)(k)

5.00%

06/15/2030

5,000

 

6,000,050

Series 2018 A, Ref. RN (c)(k)

5.00%

06/15/2031

7,500

 

8,976,525

Series 2019, RB

5.25%

06/15/2043

5,000

 

6,254,850

Series 2019, Ref. RB

5.00%

12/15/2032

2,500

 

3,205,100

Subseries 2016 A-1, RN

5.00%

06/15/2027

10,000

 

12,107,600

New Jersey (State of) Turnpike Authority; Series 2016 A, Ref. RB

5.00%

01/01/2034

5,000

 

6,083,050

Tobacco Settlement Financing Corp.; Series 2018 A, Ref. RB

5.00%

06/01/2046

10,000

 

12,184,500

 

 

 

 

 

164,246,261

New Mexico–0.25%

 

 

 

 

 

Farmington (City of), NM (Public Service Co. of New Mexico San Juan);

 

 

 

 

 

Series 2010 A, Ref. PCR (b)

5.20%

06/01/2020

2,000

 

2,019,480

Series 2010 C, Ref. PCR

5.90%

06/01/2040

4,100

 

4,150,471

New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion);

 

 

 

 

 

Series 2019 A, RB

5.00%

07/01/2039

1,225

 

1,437,256

Series 2019 A, RB

5.00%

07/01/2049

1,250

 

1,445,387

 

 

 

 

 

9,052,594

New York–10.15%

 

 

 

 

 

Brooklyn Arena Local Development Corp. (Barclays Center); Series 2009, RB (i)

0.00%

07/15/2035

5,000

 

3,145,000

Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB

5.00%

06/01/2045

5,850

 

5,853,159

Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB (INS-AGM)(j)

4.00%

02/15/2047

8,000

 

9,184,960

Metropolitan Transportation Authority;

 

 

 

 

 

Series 2011 A, RB (a)(b)

5.00%

11/15/2021

2,000

 

2,148,279

Series 2013 A, RB

5.00%

11/15/2038

3,025

 

3,401,552

Series 2019 C, RB (INS-AGM)(j)

4.00%

11/15/2049

10,000

 

11,748,400

Subseries 2005 D-2, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(g)(h)

1.32%

11/01/2035

955

 

955,000

Metropolitan Transportation Authority (Climate Bond Certified); Subseries 2017 A-1, RB

5.25%

11/15/2057

2,280

 

2,802,964

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

New York–(continued)

 

 

 

 

 

Monroe County Industrial Development Corp. (St. Ann's Community); Series 2019, Ref. RB

5.00%

01/01/2040

$ 2,500

$

2,829,900

New York & New Jersey (States of) Port Authority;

 

 

 

 

 

Ninety-Third Series 1994, RB

6.13%

06/01/2094

5,250

 

6,349,613

Series 2019, RB (d)

5.00%

11/01/2049

6,500

 

8,312,915

New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010,

 

 

 

 

 

RB

6.00%

12/01/2042

3,000

 

3,113,910

New York (City of), NY;

 

 

 

 

 

Series 2019 A-1, GO Bonds

4.00%

08/01/2044

11,930

 

14,221,037

Series 2019 B-1, GO Bonds

5.00%

10/01/2042

3,000

 

3,900,750

Series 2019 B-1, GO Bonds

5.00%

10/01/2043

3,000

 

3,892,020

Subseries 2015 F-5, VRD GO Bonds (g)

1.35%

06/01/2044

1,495

 

1,495,000

New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2009, RB

 

 

 

 

 

(INS-AGC)(j)

6.38%

01/01/2039

1,000

 

1,003,960

New York (City of), NY Municipal Water Finance Authority;

 

 

 

 

 

Series 2012 FF, RB (c)

5.00%

06/15/2045

28,610

 

31,178,034

Subseries 2012 A-1, VRD RB (g)

1.35%

06/15/2044

19,830

 

19,830,000

New York (City of), NY Transitional Finance Authority;

 

 

 

 

 

Series 2019 B-1, RB

4.00%

11/01/2045

6,000

 

7,166,400

Subseries 2009 A-1, RB (c)

5.00%

05/01/2030

3,058

 

3,058,000

Subseries 2013, RB (c)

5.00%

11/01/2038

5,465

 

6,239,609

Subseries 2013, RB (c)

5.00%

11/01/2042

12,625

 

14,339,349

Subseries 2014 D-4, VRD RB (g)

1.26%

02/01/2044

1,900

 

1,900,000

Subseries 2020 A-3, RB

4.00%

05/01/2044

10,000

 

11,878,500

New York (Counties of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB

5.75%

06/01/2043

10,000

 

12,792,100

New York (State of) Dormitory Authority; Series 2020 D, Ref. RB

4.00%

02/15/2047

11,000

 

13,185,700

New York (State of) Dormitory Authority (General Purpose);

 

 

 

 

 

Series 2011 A, RB (c)

5.00%

03/15/2031

21,885

 

22,815,113

Series 2014 C, RB (c)

5.00%

03/15/2040

12,030

 

13,899,221

Series 2011 A, RB (a)(b)

5.00%

05/01/2021

2,000

 

2,098,300

New York (State of) Dormitory Authority (State University Dormitory Facilities); Series 2011A, RB

 

 

 

 

 

(a)(b)

5.00%

07/01/2021

1,000

 

1,058,230

 

 

New York (State of) Housing Finance Agency; Series 2009 B, VRD RB (LOC-Landesbank

 

 

 

 

 

Hessen-thrgn)(g)(h)

1.33%

05/01/2042

450

 

450,000

New York (State of) Housing Finance Agency (Clinton Park Housing); Series 2010 A, VRD RB (g)

1.13%

11/01/2044

1,200

 

1,200,000

New York (State of) Thruway Authority; Series 2019 B, RB

4.00%

01/01/2045

9,120

 

10,843,315

New York City (City of), NY Transitional Finance Authority; Series 2019 B-1, RB

4.00%

11/01/2038

3,015

 

3,659,245

New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB (f)

5.00%

11/15/2044

10,905

 

12,286,991

New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2005, Ref. RB

5.25%

10/01/2035

6,000

 

8,676,060

New York State Urban Development Corp.; Series 2019 A, Ref. RB

4.00%

03/15/2042

10,080

 

12,111,624

New York State Urban Development Corp. (Bidding Group); Series 2019 A, Ref. RB

4.00%

03/15/2046

8,500

 

10,135,825

New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. RB (d)

5.00%

08/01/2026

10,000

 

10,496,600

New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D

 

 

 

 

 

Redevelopment);

 

 

 

 

 

Series 2018, RB (d)

5.00%

01/01/2032

5,000

 

6,213,800

Series 2018, RB (d)

5.00%

01/01/2036

3,205

 

3,953,079

New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);

 

 

 

 

 

Series 2016 A, RB (d)

5.00%

07/01/2046

15,205

 

17,503,084

Rockland Tobacco Asset Securitization Corp.;

 

 

 

 

 

Series 2001, RB

5.63%

08/15/2035

3,130

 

3,211,599

Series 2005 A, RB (f)(i)

0.00%

08/15/2045

57,500

 

13,173,250

Suffolk (County of), NY Water Authority; Series 2011, Ref. RB

5.00%

06/01/2040

2,135

 

2,238,163

TSASC, Inc.; Series 2016 B, Ref. RB

5.00%

06/01/2048

10,275

 

10,757,103

 

 

 

 

 

372,706,713

North Carolina–0.80%

 

 

 

 

 

Charlotte-Mecklenburg Hospital Authority (The); Series 2007 B, Ref. VRD RB (g)

1.32%

01/15/2038

3,045

 

3,045,000

Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref.

 

 

 

 

 

VRD RB (g)

1.32%

01/15/2037

7,400

 

7,400,000

North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, RB (d)

5.00%

06/30/2054

5,475

 

6,235,915

North Carolina (State of) Medical Care Commission (Lutheran Services); Series 2012, Ref. RB

4.25%

03/01/2024

1,210

 

1,269,762

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

North Carolina–(continued)

 

 

 

 

 

North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB

5.00%

01/01/2040

$ 7,000

$

8,821,540

Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank,

 

 

 

 

 

N.A.)(g)

1.10%

05/01/2036

2,500

 

2,500,000

 

 

 

 

 

29,272,217

North Dakota–0.52%

 

 

 

 

 

Burleigh (County of), ND (University of Mary); Series 2016, RB

5.20%

04/15/2046

2,700

 

2,896,857

Fargo (City of), ND (Sanford); Series 2011, RB

6.25%

11/01/2031

1,250

 

1,360,237

McLean (County of), ND (Great River Energy); Series 2010 B, RB

5.15%

07/01/2040

2,000

 

2,025,520

Ward (County of), ND (Trinity Obligated Group); Series 2017 C, RB

5.00%

06/01/2048

11,065

 

12,901,569

 

 

 

 

 

19,184,183

Ohio–5.48%

 

 

 

 

 

Akron, Bath & Copley Joint Township Hospital District (Medical Center of Akron); Series 2012, RB

5.00%

11/15/2032

1,000

 

1,076,150

Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016,

 

 

 

 

 

Ref. RB

5.25%

11/15/2046

5,000

 

6,008,900

Allen (County of), OH (Catholic Healthcare Partners); Series 2010 A, RB (a)(b)

5.00%

06/01/2020

1,025

 

1,035,424

American Municipal Power, Inc. (Greenup Hydroelectric); Series 2016 A, RB

5.00%

02/15/2046

10,000

 

11,789,600

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB

5.88%

06/01/2047

15,575

 

15,594,313

Series 2020 B-2, Ref. RB

5.00%

06/01/2055

19,235

 

21,752,477

Series 2020 B-3, Ref. RB (i)

0.00%

06/01/2057

21,475

 

3,023,251

Centerville (City of), OH (Graceworks Lutheran Services);

 

 

 

 

 

Series 2017, Ref. RB

5.25%

11/01/2047

2,700

 

3,067,416

Series 2017, Ref. RB

5.25%

11/01/2050

2,500

 

2,834,750

Chillicothe (City of), OH (Adena Health System Obligated Group); Series 2017, Ref. RB

5.00%

12/01/2037

5,000

 

6,159,000

Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools);

 

 

 

 

 

Series 2014 A, Ref. RB

5.75%

01/01/2024

500

 

529,830

Series 2014 A, Ref. RB

6.50%

01/01/2034

2,450

 

2,618,560

Cleveland (City of), OH;

 

 

 

 

 

Series 1993 G, Ref. RB (INS-NATL)(j)

5.50%

01/01/2021

640

 

664,979

Series 2008 B-1, RB (INS-NATL)(i)(j)

0.00%

11/15/2025

2,895

 

2,658,681

Series 2012 A, Ref. RB (a)(b)

5.00%

01/01/2022

5,000

 

5,386,900

Cuyahoga (County of), OH (Metrohealth System);

 

 

 

 

 

Series 2017, Ref. RB

5.50%

02/15/2052

7,000

 

8,419,110

Series 2017, Ref. RB

5.00%

02/15/2057

2,150

 

2,497,720

Franklin (County of), OH (OhioHealth Corp.); Series 2009 A, Ref. VRD RB (g)

1.25%

11/15/2041

2,000

 

2,000,000

Hamilton (County of), OH (Christ Hospital);

 

 

 

 

 

Series 2012, RB (a)(b)

5.50%

06/01/2022

6,000

 

6,614,640

Series 2012, RB

5.25%

06/01/2027

3,295

 

3,588,123

Hamilton (County of), OH (Cincinnati Childrens Hospital); Series 2019 CC, RB

5.00%

11/15/2049

15,540

 

25,284,979

Hamilton (County of), OH (Life Enriching Communities);

 

 

 

 

 

Series 2016, Ref. RB

5.00%

01/01/2051

1,695

 

1,938,249

Series 2016, Ref.RB

5.00%

01/01/2046

6,505

 

7,457,592

Lancaster (City of), OH Port Authority; Series 2019 A, Ref. RB (b)

5.00%

02/01/2025

5,000

 

5,935,900

Lucas (County of), OH (ProMedica Healthcare System); Series 2018 A, Ref. RB

5.25%

11/15/2048

16,500

 

20,093,535

Middleburg Heights (City of), OH (Southwest General Health Center);

 

 

 

 

 

Series 2011, RB

5.13%

08/01/2031

1,750

 

1,849,120

Series 2011, RB

5.25%

08/01/2036

1,500

 

1,585,395

Montgomery (County of), OH Hospital Facilities (Premier Health Partners Obligated Group);

 

 

 

 

 

Series 2019 A, Ref. RB

4.00%

11/15/2042

4,000

 

4,540,200

Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB

5.00%

02/15/2044

7,740

 

8,405,485

Ohio (State of); Series 2020 A, Ref. RB

5.00%

01/15/2050

6,095

 

7,755,217

Ohio (State of) (Portsmouth Bypass); Series 2015, RB (d)

5.00%

12/31/2025

2,000

 

2,372,600

Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated

 

 

 

 

 

Group); Series 2013 B-2, VRD RB (g)

1.28%

01/01/2039

360

 

360,000

Ohio (State of) Housing Finance Agency (Covenant House Apartments); Series 2008 C, RB

 

 

 

 

 

(CEP-GNMA)(d)

6.10%

09/20/2049

2,845

 

2,849,837

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Ohio–(continued)

 

 

 

 

 

Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University);

 

 

 

 

 

Series 2015, Ref. RB

6.00%

03/01/2045

$ 3,000

$

3,256,470

 

 

 

 

 

201,004,403

Oklahoma–0.71%

 

 

 

 

 

Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB

5.25%

08/15/2048

8,500

 

10,422,785

Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources,

 

 

 

 

 

Inc.-Cross Village Student Housing);

 

 

 

 

 

Series 2017, RB

5.00%

08/01/2052

2,000

 

1,120,000

Series 2017, RB

5.25%

08/01/2057

2,610

 

1,461,600

Oklahoma Development Finance Authority; Series 2018 B, RB (c)(k)

5.50%

08/15/2057

6,000

 

7,422,960

Tulsa (City of), OK Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB (b)(d)

5.00%

06/01/2025

5,000

 

5,739,750

 

 

 

 

 

26,167,095

Oregon–0.50%

 

 

 

 

 

Clackamas (County of), OR Hospital Facility Authority (Mary's Woods at Marylhurst, Inc.);

 

 

 

 

 

Series 2018 A, RB

5.00%

05/15/2048

1,090

 

1,225,814

Series 2018 A, RB

5.00%

05/15/2052

500

 

561,260

Clackamas (County of), OR Hospital Facility Authority (Willamette View); Series 2017 A, Ref. RB

5.00%

11/15/2047

5,375

 

6,303,854

Forest Grove (City of), OR (Pacific University); Series 2014 A, Ref. RB

5.25%

05/01/2034

2,000

 

2,162,640

Oregon (State of) Facilities Authority (Samaritan Health Services); Series 2010 A, Ref. RB

5.00%

10/01/2030

1,500

 

1,531,800

Portland (City of), OR; Series 2011 B, RB

5.25%

06/15/2029

900

 

948,051

Portland (Port of), OR (Portland International Airport); Series 2017 24 B, RB (d)

5.00%

07/01/2047

3,000

 

3,583,500

Salem (City of), OR Hospital Facility Authority (Capital Manor, Inc.);

 

 

 

 

 

Series 2012, Ref. RB

5.75%

05/15/2027

1,000

 

1,096,630

Series 2012, Ref. RB

5.63%

05/15/2032

1,000

 

1,083,290

 

 

 

 

 

18,496,839

Pennsylvania–2.39%

 

 

 

 

 

Allegheny (County of), PA Higher Education Building Authority (Duquesne University); Series 2011 A,

 

 

 

 

 

RB (a)(b)

5.25%

03/01/2021

700

 

731,010

Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated

 

 

 

 

 

Group Issue); Series 2018 A, Ref. RB

5.00%

04/01/2047

15,410

 

18,893,122

Allegheny (County of), PA Port Authority; Series 2011, Ref. RB

5.75%

03/01/2029

1,385

 

1,451,217

Erie (City of), PA Parking Authority;

 

 

 

 

 

Series 2010, RB (a)(b)

5.20%

09/01/2020

260

 

265,608

Series 2010, RB (INS-AGM)(j)

5.20%

09/01/2035

740

 

753,845

Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, RB (LOC

 

 

 

 

 

-PNC Bank, N.A.)(g)

1.15%

10/15/2025

2,176

 

2,176,000

Lehigh (County of), PA General Purpose Authority (Bible Fellowship Church Homes, Inc.);

 

 

 

 

 

Series 2013, RB

4.75%

07/01/2022

2,125

 

2,195,975

Pennsylvania (State of) Economic Development Financing Authority (National Gypson Co.);

 

 

 

 

 

Series 2014, Ref. RB (d)

5.50%

11/01/2044

3,300

 

3,569,610

Pennsylvania (State of) Higher Educational Facilities Authority (Drexel University);

 

 

 

 

 

Series 2011 A, RB (a)(b)

5.13%

05/01/2021

470

 

493,608

Series 2011 A, RB

5.13%

05/01/2036

30

 

31,364

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

 

Series 2018 B, RB

5.25%

12/01/2048

7,995

 

10,073,620

Subseries 2010 B-2, RB (a)(b)(l)

5.75%

12/01/2020

4,550

 

4,718,285

Subseries 2010 B-2, RB (a)(b)(l)

6.00%

12/01/2020

2,750

 

2,857,053

Subseries 2014 A-2, RB (l)

5.13%

12/01/2040

5,500

 

5,763,615

Subseries 2017 B-1, RB

5.25%

06/01/2047

9,325

 

11,505,838

Philadelphia (City of), PA;

 

 

 

 

 

Ninth Series 2010, RB (a)(b)

5.00%

08/01/2020

500

 

508,660

Series 2017 B, Ref. RB (d)

5.00%

07/01/2047

7,500

 

9,029,775

Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated

 

 

 

 

 

Group); Series 2017, Ref. RB

5.00%

07/01/2042

3,000

 

3,445,110

Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University);

 

 

 

 

 

Series 2017 A, Ref. RB

5.00%

09/01/2042

3,500

 

4,211,795

Philadelphia School District; Series 2007 A, Ref. GO Bonds (INS-NATL)(j)

5.00%

06/01/2026

2,360

 

2,905,231

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Pennsylvania–(continued)

 

 

 

 

 

Pittsburgh (City of) & Allegheny (County of), PA Sports & Exhibition Authority (Regional Asset District);

 

 

 

 

 

Series 2010, Ref. RB (INS-AGM)(j)

5.00%

02/01/2031

$ 2,000

$

2,032,860

 

 

 

 

 

87,613,201

Puerto Rico–0.98%

 

 

 

 

 

Children's Trust Fund; Series 2002, RB

5.50%

05/15/2039

6,450

 

6,643,629

Puerto Rico (Commonwealth of) Electric Power Authority;

 

 

 

 

 

Series 2007 VV, Ref. RB (INS -NATL)(j)

5.25%

07/01/2030

2,700

 

2,965,896

Series 2012 A, RB

5.00%

12/31/2049

5,525

 

4,413,094

Puerto Rico (Commonwealth of) Highway & Transportation Authority;

 

 

 

 

 

Series 2007 N, Ref. RB (INS-AGC)(j)

5.25%

07/01/2034

2,500

 

2,829,825

Series 2007 N, Ref. RB (INS-AGC)(j)

5.25%

07/01/2036

4,100

 

4,634,353

Puerto Rico Sales Tax Financing Corp.;

 

 

 

 

 

Series 2018 A-1, RB (i)

0.00%

07/01/2027

6,343

 

5,425,929

Series 2018 A-1, RB (i)

0.00%

07/01/2029

4,150

 

3,366,854

Series 2018 A-1, RB

4.50%

07/01/2034

1,400

 

1,540,826

Series 2018 A-1, RB

4.55%

07/01/2040

1,583

 

1,784,729

Series 2018 A-1, RB

4.75%

07/01/2053

2,000

 

2,264,240

 

 

 

 

 

35,869,375

Rhode Island–0.01%

 

 

 

 

 

Rhode Island (State of) Turnpike & Bridge Authority; Series 2010 A, RB (a)(b)

5.00%

12/01/2020

500

 

515,475

South Carolina–1.15%

 

 

 

 

 

Greenwood (County of), SC (Self Regional Healthcare); Series 2012 B, Ref. RB

5.00%

10/01/2031

2,120

 

2,275,799

Horry (County of), SC; Series 2010 A, RB

5.00%

07/01/2040

2,000

 

2,026,620

Piedmont Municipal Power Agency;

 

 

 

 

 

Series 2011 C, Ref. RB (INS-AGC)(j)

5.00%

01/01/2030

500

 

525,495

Series 2011 D, Ref. RB (INS-AGC)(j)

5.75%

01/01/2034

1,000

 

1,062,530

South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes);

 

 

 

 

 

Series 2013, RB

5.00%

05/01/2028

2,000

 

2,135,280

Series 2017, Ref. RB

5.00%

05/01/2037

2,860

 

3,118,801

South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance);

 

 

 

 

 

Series 2013 A, Ref. RB (a)(b)

5.25%

08/01/2023

3,850

 

4,426,730

South Carolina (State of) Ports Authority; Series 2015, RB (a)(b)(d)

5.00%

07/01/2025

10,000

 

12,099,100

South Carolina (State of) Public Service Authority; Series 2015 E, RB

5.25%

12/01/2055

7,365

 

8,796,903

South Carolina (State of) Public Service Authority (Santee Cooper Revenue Obligations); Series 2013

 

 

 

 

 

E, RB

5.50%

12/01/2053

5,000

 

5,711,350

 

 

 

 

 

42,178,608

South Dakota–0.11%

 

 

 

 

 

South Dakota (State of) Health & Educational Facilities Authority (Avera Health); Series 2012 A, RB

 

 

 

 

 

(a)(b)

5.00%

07/01/2021

4,000

 

4,220,320

 

 

Tennessee–1.00%

 

 

 

 

 

Johnson City (City of), TN Health & Educational Facilities Board (Mountain States Health Alliance);

 

 

 

 

 

Series 2010, RB (a)(b)

5.63%

07/01/2020

2,000

 

2,031,360

Knox (County of), TN Health, Educational and Housing Facility Board (Covenant Health); Series 2016

 

 

 

 

 

A, Ref. RB

5.00%

01/01/2042

14,000

 

16,703,120

Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities

 

 

 

 

 

Board (Blakeford at Green Hills);

 

 

 

 

 

Series 2012, Ref. RB

5.00%

07/01/2027

2,000

 

2,144,860

Series 2012, Ref. RB

5.00%

07/01/2032

1,500

 

1,600,320

Series 2012, Ref. RB

5.00%

07/01/2037

1,100

 

1,168,926

Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities

 

 

 

 

 

Board (The) (Vanderbilt University Medical Center);

 

 

 

 

 

Series 2016 A, RB

5.00%

07/01/2046

8,015

 

9,500,580

Series 2017 A, RB

5.00%

07/01/2048

1,500

 

1,799,820

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Tennessee–(continued)

 

 

 

 

 

Shelby (County of), TN Health, Educational & Housing Facilities Board (The Village at Germantown,

 

 

 

 

 

Inc.);

 

 

 

 

 

Series 2014, RB

5.00%

12/01/2034

$ 500

$

544,820

Series 2014, RB

5.25%

12/01/2044

1,165

 

1,270,899

 

 

 

 

 

36,764,705

Texas–9.80%

 

 

 

 

 

Aldine Independent School District; Series 2017 A, Ref. GO Bonds (CEP-Texas Permanent School

 

 

 

 

 

Fund)(c)

5.00%

02/15/2045

15,000

 

18,366,750

Angelina & Neches River Authority Industrial Development Corp. (Aspen Power LLC); Series 2007 A,

 

 

 

 

 

RB (d)(e)

6.50%

11/01/2029

430

 

4

Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, RB

7.00%

03/01/2034

1,000

 

1,117,170

Arlington Independent School District; Series 2020, Ref. GO Bonds (CEP-Texas Permanent School

 

 

 

 

 

Fund)

4.00%

02/15/2045

6,130

 

7,241,614

Bexar County Health Facilities Development Corp. (St. Luke's Lutheran Hospital); Series 1991, RB (a)

7.00%

05/01/2021

345

 

359,193

Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin);

 

 

 

 

 

Series 2005 B, RB

6.13%

04/01/2045

4,500

 

4,534,785

Central Texas Regional Mobility Authority;

 

 

 

 

 

Series 2011, RB (a)(b)

5.75%

01/01/2021

1,000

 

1,040,580

Series 2011, RB (a)(b)

6.00%

01/01/2021

5,000

 

5,212,750

Series 2016, Ref. RB

5.00%

01/01/2046

8,705

 

10,312,726

Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2013, RB

6.00%

08/15/2043

2,000

 

2,300,760

Clifton Higher Education Finance Corp. (International Leadership of Texas);

 

 

 

 

 

Series 2015 A, RB

5.13%

08/15/2030

2,000

 

2,293,340

Series 2018 D, RB

6.00%

08/15/2038

5,000

 

5,858,600

Dallas (City of), TX (Civic Center Convention Complex); Series 2009, Ref. RB (INS-AGC)(j)

5.25%

08/15/2034

4,000

 

4,012,680

Decatur (City of), TX Hospital Authority (Wise Regional Health System);

 

 

 

 

 

Series 2014 A, Ref. RB

5.00%

09/01/2034

1,250

 

1,407,388

Series 2014 A, Ref. RB

5.25%

09/01/2044

1,500

 

1,675,215

El Paso Independent School District; Series 2020, GO Bonds (CEP-Texas Permanent School Fund)

4.00%

08/15/2048

4,000

 

4,734,800

Galena Park Independent School District; Series 1996, Ref. GO Bonds (CEP-Texas Permanent School

 

 

 

 

 

Fund)(i)

0.00%

08/15/2023

2,000

 

1,933,580

Grand Parkway Transportation Corp.;

 

 

 

 

 

Series 2013 B, RB (a)(b)

5.25%

10/01/2023

14,360

 

16,559,808

Series 2020, Ref. RB

4.00%

10/01/2049

10,000

 

11,853,300

Harris (County of), TX; Series 2007 C, Ref. GO Bonds (INS-AGM)(j)

5.25%

08/15/2031

6,665

 

9,528,484

Harris Health Facilities Development Corp. (Methodist Hospital System); Series 2008 A-2, VRD RB (g)

2.16%

12/01/2041

17,355

 

17,355,000

Hopkins (County of), TX Hospital District; Series 2008, RB

5.50%

02/15/2023

1,140

 

1,143,089

Houston (City of), TX; Series 2019 A, Ref. GO Bonds

4.00%

03/01/2049

6,130

 

7,113,375

Houston (City of), TX Convention & Entertainment Facilities Department;

 

 

 

 

 

Series 2001 B, RB (INS-AGM)(i)(j)

0.00%

09/01/2026

8,750

 

7,989,100

Series 2001 B, RB (INS-AGM)(i)(j)

0.00%

09/01/2027

3,600

 

3,219,336

Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.);

 

 

 

 

 

Series 2011 A, RB (a)(b)

6.88%

05/15/2021

1,700

 

1,822,213

Series 2011, RB (a)(b)

6.50%

05/15/2021

1,740

 

1,857,311

Keller Independent School District; Series 2020, GO Bonds (CEP-Texas Permanent School Fund)

4.00%

02/15/2044

16,465

 

19,514,647

Laredo Community College District; Series 2010, RB (a)(b)

5.25%

08/01/2020

1,000

 

1,018,140

Love Field Airport Modernization Corp. (Southwest Airlines Co.);

 

 

 

 

 

Series 2010, RB

5.25%

11/01/2040

1,000

 

1,027,950

Series 2012, RB (d)

5.00%

11/01/2028

2,000

 

2,198,320

Lower Colorado River Authority;

 

 

 

 

 

Series 2012 A, Ref. RB (a)(b)

5.00%

05/15/2022

10

 

10,896

Series 2012 A, Ref. RB

5.00%

05/15/2030

4,585

 

4,991,185

Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2019, Ref. RB

5.00%

05/15/2044

3,395

 

4,148,452

Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.);

 

 

 

 

 

Series 2014, Ref. RB

5.13%

02/15/2030

1,750

 

1,789,778

Series 2014, Ref. RB

5.13%

02/15/2042

2,135

 

2,151,247

Series 2016, Ref. RB

5.00%

02/15/2030

280

 

287,378

New Hope Cultural Education Facilities Corp. (Presbyterian Village North); Series 2018, Ref. RB

5.00%

10/01/2035

1,820

 

2,060,968

New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB

5.00%

01/01/2042

3,000

 

3,302,550

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Texas–(continued)

 

 

 

 

 

New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries); Series 2013, RB

6.50%

01/01/2043

$ 2,350

$

2,622,060

New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);

 

 

 

 

 

Series 2016 A, RB

5.00%

11/15/2026

1,250

 

1,350,400

Series 2016 A, RB

5.38%

11/15/2036

865

 

948,083

Series 2016 A, RB

5.50%

11/15/2046

1,250

 

1,359,938

New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);

 

 

 

 

 

Series 2018, Ref. RB

5.00%

10/01/2039

3,260

 

3,664,533

Series 2018, Ref. RB

5.25%

10/01/2049

5,000

 

5,639,850

New Hope Cultural Education Facilities Finance Corp. (Tarleton State University); Series 2014 A, RB

5.00%

04/01/2046

3,000

 

3,253,170

North East Texas Regional Mobility Authority;

 

 

 

 

 

Series 2016 A, RB

5.00%

01/01/2041

6,750

 

7,943,738

Series 2016, RB

5.00%

01/01/2036

3,400

 

4,038,520

North Texas Tollway Authority;

 

 

 

 

 

Series 2008 D, Ref. RB (INS-AGC)(i)(j)

0.00%

01/01/2028

12,800

 

11,470,720

Series 2008 D, Ref. RB (INS-AGC)(i)(j)

0.00%

01/01/2029

2,165

 

1,895,955

Series 2008 D, Ref. RB (INS-AGC)(i)(j)

0.00%

01/01/2031

4,710

 

3,930,354

Series 2011, Ref. RB

5.00%

01/01/2038

1,000

 

1,032,460

Series 2019 A, Ref. RB

4.00%

01/01/2044

7,500

 

8,727,375

Pottsboro Higher Education Funance Corp. (Imagine International Academy of North Texas, LLC);

 

 

 

 

 

Series 2016 A, RB

5.00%

08/15/2046

3,000

 

3,261,360

Red River Health Facilities Development Corp. (MRC Crossing); Series 2014 A, RB

6.75%

11/15/2024

850

 

981,138

Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area);

 

 

 

 

 

Series 2016, RB

5.38%

09/15/2030

400

 

410,864

Series 2016, RB

5.75%

09/15/2036

150

 

154,535

San Jacinto River Authority (Groundwater Reduction Plan Division);

 

 

 

 

 

Series 2011, RB (INS-AGM)(j)

5.00%

10/01/2032

1,250

 

1,253,588

Series 2011, RB (INS-AGM)(j)

5.00%

10/01/2037

1,000

 

1,003,080

Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community,

 

 

 

 

 

Inc.); Series 2007, RB (e)

5.75%

12/31/2049

345

 

241,500

Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);

 

 

 

 

 

Series 2007, RB

5.75%

02/15/2025

1,485

 

1,487,643

Series 2007, RB

5.75%

02/15/2029

1,500

 

1,502,355

Series 2017A, RB

6.38%

02/15/2052

5,000

 

5,707,700

Texas (State of) Transportation Commission;

 

 

 

 

 

Series 2019, RB (i)

0.00%

08/01/2045

4,000

 

1,417,920

Series 2019, RB (i)

0.00%

08/01/2046

3,180

 

1,070,261

Texas (State of) Transportation Commission (Central Texas Turnpike System);

 

 

 

 

 

Series 2015 B, Ref. RB (i)

0.00%

08/15/2036

7,670

 

4,104,754

Series 2015 B, Ref. RB (i)

0.00%

08/15/2037

9,995

 

5,103,447

Texas (State of) Turnpike Authority (Central Texas Turnpike System);

 

 

 

 

 

Series 2002 A, RB (INS-BHAC)(i)(j)

0.00%

08/15/2027

970

 

872,020

Series 2002, RB (a)(i)

0.00%

08/15/2027

30

 

27,401

Texas (State of) Water Development Board;

 

 

 

 

 

Series 2019 A, RB

4.00%

10/15/2044

5,000

 

5,972,250

Series 2019 A, RB

4.00%

10/15/2049

22,035

 

26,095,169

Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB

6.25%

12/15/2026

3,810

 

4,536,338

Texas Municipal Gas Acquisition & Supply Corp. III;

 

 

 

 

 

Series 2012, RB

5.00%

12/15/2023

2,000

 

2,216,580

Series 2012, RB

5.00%

12/15/2028

6,310

 

6,966,682

Series 2012, RB

5.00%

12/15/2031

1,875

 

2,062,031

Series 2012, RB

5.00%

12/15/2032

3,865

 

4,246,012

Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH

 

 

 

 

 

288 Toll Lanes); Series 2016, RB (d)

5.00%

12/31/2045

7,550

 

8,816,437

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant

 

 

 

 

 

Express Managed Lanes);

 

 

 

 

 

Series 2019 A, Ref. RB

4.00%

12/31/2037

2,000

 

2,401,460

Series 2019 A, Ref. RB

4.00%

12/31/2038

6,000

 

7,185,000

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC

 

 

 

 

 

Segments 3A and 3B Facility); Series 2013, RB (d)

7.00%

12/31/2038

3,475

 

4,118,084

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Texas–(continued)

 

 

 

 

 

Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center);

 

 

 

 

 

Series 2011, RB (a)(b)

5.13%

07/01/2021

$ 1,655

$

1,747,746

Series 2011, RB (a)(b)

5.25%

07/01/2021

2,000

 

2,115,360

Ysleta Independent School District Public Facility Corp.; Series 2001, Ref. RB (INS-AMBAC)(j)

5.38%

11/15/2024

1,300

 

1,311,817

 

 

 

 

 

359,612,150

Utah–1.00%

 

 

 

 

 

Murray (City of), UT; Series 2005 B, VRD RB (g)

1.34%

05/15/2037

3,835

 

3,835,000

Salt Lake City Corp Airport Revenue; Series 2017 A, RB (c)(d)

5.00%

07/01/2042

14,000

 

17,063,900

Weber (County of), UT; Series 2000 C, VRD RB (g)

1.34%

02/15/2035

5,700

 

5,700,000

Weber (County of), UT (IHC Health Services, Inc.); Series 2000A, VRD RB (g)

1.34%

02/15/2031

10,000

 

10,000,000

 

 

 

 

 

36,598,900

Vermont–0.03%

 

 

 

 

 

Vermont (State of) Economic Development Authority (Central Vermont Public Service Corp.);

 

 

 

 

 

Series 2010, RB

5.00%

12/15/2020

1,250

 

1,284,713

Virgin Islands–0.25%

 

 

 

 

 

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);

 

 

 

 

 

Series 2009 B, Ref. RB

5.00%

10/01/2025

5,500

 

5,510,340

Series 2010 A, RB

5.00%

10/01/2025

850

 

855,381

Series 2010 A, RB

5.00%

10/01/2029

2,750

 

2,762,045

 

 

 

 

 

9,127,766

Virginia–1.17%

 

 

 

 

 

Ballston Quarter Communities Development Authority; Series 2016 A, RB

5.50%

03/01/2046

2,500

 

2,641,200

Hanover (County of), VA Economic Development Authority (Covenant Woods);

 

 

 

 

 

Series 2018, Ref. RB

5.00%

07/01/2048

700

 

768,817

Series 2018, Ref. RB

5.00%

07/01/2051

1,000

 

1,097,030

Tobacco Settlement Financing Corp.; Series 2007 B-2, RB (l)

5.20%

06/01/2046

4,000

 

4,082,280

Virginia (State of) Small Business Financing Authority (95 Express Lanes, LLC); Series 2017, RB (d)

5.00%

07/01/2034

5,000

 

5,346,150

Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC);

 

 

 

 

 

Series 2012, RB (d)

5.00%

07/01/2027

4,465

 

4,847,874

Series 2012, RB (d)

5.50%

01/01/2042

4,920

 

5,351,878

Virginia (State of) Small Business Financing Authority (Express Lanes, LLC);

 

 

 

 

 

Series 2012, RB (d)

5.00%

07/01/2034

6,735

 

7,201,264

Series 2012, RB (d)

5.00%

01/01/2040

2,535

 

2,703,349

Virginia (State of) Small Business Financing Authority (Transform 66 P3); Series 2017, RB (d)

5.00%

12/31/2052

7,500

 

8,924,475

 

 

 

 

 

42,964,317

Washington–2.46%

 

 

 

 

 

Seattle (Port of), WA; Series 2018 A, RB (c)(d)

5.00%

05/01/2043

21,000

 

25,321,380

Washington (State of); Series 2021 A, Ref. GO Bonds

5.00%

06/01/2038

2,750

 

3,533,722

Washington (State of) Convention Center Public Facilities District;

 

 

 

 

 

Series 2018, RB

5.00%

07/01/2043

20,000

 

24,830,400

Series 2018, RB (c)

5.00%

07/01/2048

15,000

 

18,659,400

Washington (State of) Health Care Facilities Authority (Fred Hutchinson Cancer Research Center);

 

 

 

 

 

Series 2011, RB

6.00%

01/01/2031

1,500

 

1,553,130

Series 2011, RB

5.63%

01/01/2035

1,250

 

1,288,450

Washington (State of) Housing Finance Commission (Bayview Manor Senior); Series 2016 A, Ref. RB

 

 

 

 

 

(f)

5.00%

07/01/2046

6,755

 

7,368,827

 

 

Washington (State of) Housing Finance Commission (Heron's Key Senior Living);

 

 

 

 

 

Series 2015 A, RB (f)

6.50%

07/01/2030

800

 

916,104

Series 2015 A, RB (f)

6.75%

07/01/2035

820

 

943,303

Washington (State of) Housing Finance Commission (Presbyterian Retirement Communities

 

 

 

 

 

Northwest); Series 2016, Ref. RB (f)

5.00%

01/01/2036

1,875

 

2,129,344

Washington (State of) Housing Finance Commission (The Hearthstone);

 

 

 

 

 

Series 2018 A, Ref. RB (f)

5.00%

07/01/2048

2,000

 

2,185,420

Series 2018 A, Ref. RB (f)

5.00%

07/01/2053

1,500

 

1,634,610

 

 

 

 

 

90,364,090

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28

Invesco Municipal Income Fund

 

 

 

Principal

 

 

 

 

Interest

Maturity

Amount

 

 

 

 

Rate

Date

(000)

 

Value

West Virginia–0.23%

 

 

 

 

 

 

 

Monongalia (County of), WV Commission Special District (University Town Centre Economic

 

 

 

 

 

 

 

Opportunity Development District); Series 2017 A, Ref. RB (f)

5.50%

06/01/2037

$

2,500

$

2,844,800

 

West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);

 

 

 

 

 

 

 

Series 2016, RB (d)(f)

6.75%

02/01/2026

 

4,035

 

4,122,277

 

Series 2018, RB (d)(f)

8.75%

02/01/2036

 

1,300

 

1,340,729

 

 

 

 

 

 

 

8,307,806

 

Wisconsin–2.56%

 

 

 

 

 

 

 

Public Finance Authority (American Dream at Meadowlands); Series 2017, RB (f)

6.75%

08/01/2031

 

3,000

 

3,991,800

 

Public Finance Authority (KU Campus Development Corp. — Central District Development Project);

 

 

 

 

 

 

 

Series 2016, RB (c)

5.00%

03/01/2041

 

10,000

 

11,945,100

 

Public Finance Authority (The Evergreens Obligated Group);

 

 

 

 

 

 

 

Series 2019 A, Ref. RB

5.00%

11/15/2044

 

2,000

 

2,342,440

 

Series 2019 A, Ref. RB

5.00%

11/15/2049

 

2,000

 

2,335,660

 

Public Finance Authority (WhiteStone); Series 2017, Ref. RB (f)

5.00%

03/01/2052

 

1,075

 

1,202,495

 

Superior (City of), WI (Superior Water, Light & Power Co.); Series 2007 A, Ref. RB (d)

5.38%

11/01/2021

 

2,000

 

2,006,740

 

Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest

 

 

 

 

 

 

 

Obligated Group); Series 2017, Ref. RB

5.00%

08/01/2039

 

3,500

 

3,822,525

 

Wisconsin (State of) Health & Educational Facilities Authority (Catholic Residential Services);

 

 

 

 

 

 

 

Series 2007, Ref. RB

5.25%

05/01/2028

 

1,155

 

1,155,012

 

Wisconsin (State of) Health & Educational Facilities Authority (Meriter Hospital, Inc.);

 

 

 

 

 

 

 

Series 2011 A, RB (a)(b)

5.50%

05/01/2021

 

2,000

 

2,107,920

 

Series 2011 A, RB (a)(b)

5.75%

05/01/2021

 

1,000

 

1,056,840

 

Wisconsin (State of) Health & Educational Facilities Authority (Rogers Memorial Hospital, Inc.);

 

 

 

 

 

 

 

Series 2014, Ref. RB

5.00%

07/01/2044

 

3,125

 

3,565,625

 

Wisconsin (State of) Health & Educational Facilities Authority (St. John's Communities, Inc.);

 

 

 

 

 

 

 

Series 2018 A, RB

5.00%

09/15/2040

 

1,000

 

1,080,510

 

Series 2018 A, RB

5.00%

09/15/2045

 

1,000

 

1,075,960

 

Series 2018 A, RB

5.00%

09/15/2050

 

4,000

 

4,288,480

 

Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB (f)

7.00%

12/01/2050

 

7,000

 

8,558,480

 

Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. Central District

 

 

 

 

 

 

 

Development); Series 2016, RB

5.00%

03/01/2036

 

4,500

 

5,475,780

 

Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1,

 

 

 

 

 

 

 

RB (f)

6.25%

01/01/2038

 

5,250

 

5,671,785

 

Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);

 

 

 

 

 

 

 

Series 2018 A, RB

5.20%

12/01/2037

 

5,000

 

6,077,700

 

Series 2018 A, RB

5.35%

12/01/2045

 

4,000

 

4,829,240

 

Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center);

 

 

 

 

 

 

 

Series 2016 A, Ref. RB

5.00%

06/01/2032

 

2,000

 

2,406,540

 

Series 2016 A, Ref. RB

5.00%

06/01/2034

 

7,180

 

8,593,383

 

Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015,

 

 

 

 

 

 

 

Ref. RB

5.75%

04/01/2035

 

1,955

 

2,316,616

 

Wisconsin (State of) Public Finance Authority (Wittenberg University); Series 2016, RB (f)

5.25%

12/01/2039

 

7,285

 

7,974,015

 

 

 

 

 

 

 

93,880,646

 

Wyoming–0.26%

 

 

 

 

 

 

 

West Park Hospital District (West Park Hospital); Series 2011 A, RB

6.50%

06/01/2031

 

1,000

 

1,055,210

 

Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB (INS-BAM)(c)(j)

5.00%

01/01/2047

 

7,000

 

8,394,680

 

 

 

 

 

 

 

9,449,890

 

TOTAL INVESTMENTS IN SECURITIES(o)–108.18% (Cost $3,607,965,729)

 

 

 

 

 

3,971,177,364

 

FLOATING RATE NOTE OBLIGATIONS–(8.15)%

 

 

 

 

 

 

 

Notes with interest and fee rates ranging from 1.65% to 2.07% at 02/29/2020 and

 

 

 

 

 

 

 

contractual maturities of collateral ranging from 09/01/2022 to 08/15/2057 (See

 

 

 

 

 

 

 

Note 1K)(p)

 

 

 

 

 

(299,350,000)

 

 

 

 

 

 

 

 

OTHER ASSETS LESS LIABILITIES–(0.03)%

 

 

 

 

 

(1,071,629)

NET ASSETS –100.00%

 

 

 

 

$

3,670,755,735

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29

Invesco Municipal Income Fund

Investment Abbreviations:

ACA

– ACA Financial Guaranty Corp.

AGC

– Assured Guaranty Corp.

AGM

– Assured Guaranty Municipal Corp.

AMBAC – American Municipal Bond Assurance Corp.

BAM

– Build America Mutual Assurance Co.

BHAC

– Berkshire Hathaway Assurance Corp.

CEP

– Credit Enhancement Provider

COP

– Certificates of Participation

Ctfs.

– Certificates

FHLMC – Federal Home Loan Mortgage Corp.

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

RAC

– Revenue Anticipation Certificates

RB

– Revenue Bonds

Ref.

– Refunding

RN

– Revenue Notes

VRD

– Variable Rate Demand

Wts.

– Warrants

Notes to Schedule of Investments:

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

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

(c)Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

(d)Security subject to the alternative minimum tax.

(e)Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 29, 2020 was $4,337,260, which represented less than 1% of the Fund's Net Assets.

(f)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $223,954,361, which represented 6.10% of the Fund's Net Assets.

(g)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 29, 2020.

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

(i)Zero coupon bond issued at a discount.

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

(k)Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $35,695,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

(m)Security valued using significant unobservable inputs (Level 3). See Note 3.

(n)Security subject to crossover refunding.

(o)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 obligation but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each.

(p)Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 29, 2020. At February 29, 2020, the Fund's investments with a value of $521,834,368 are held by TOB Trusts and serve as collateral for the $299,350,000 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.

30

Invesco Municipal Income Fund

Statement of Assets and Liabilities

February 29, 2020

Assets:

 

Investments in securities, at value

 

(Cost $3,607,965,729)

$3,971,177,364

Cash

362,246

Receivable for:

 

Investments sold

857,000

Fund shares sold

9,552,626

Interest

39,771,585

Investment for trustee deferred compensation and

 

retirement plans

350,224

Other assets

111,755

Total assets

4,022,182,800

Liabilities:

 

Floating rate note obligations

299,350,000

Payable for:

 

Investments purchased

42,203,257

Dividends

3,000,185

Fund shares reacquired

5,112,342

Accrued fees to affiliates

1,154,312

Accrued trustees' and officers' fees and benefits

5,978

Accrued other operating expenses

168,927

Trustee deferred compensation and retirement plans

432,064

Total liabilities

351,427,065

Net assets applicable to shares outstanding

$3,670,755,735

Net assets consist of:

 

Shares of beneficial interest

$3,426,336,406

Distributable earnings

244,419,329

 

$3,670,755,735

Net Assets:

 

 

Class A

$2,525,162,908

Class C

$

298,432,985

Class Y

$

500,892,528

Investor Class

$

102,850,245

Class R6

$

243,417,069

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A

 

179,876,898

Class C

 

21,356,256

Class Y

 

35,686,783

Investor Class

 

7,320,981

Class R6

 

17,341,440

Class A:

 

 

Net asset value per share

$

14.04

Maximum offering price per share

 

 

(Net asset value of $14.04 ÷ 95.75%)

$

14.66

Class C:

 

 

Net asset value and offering price per share

$

13.97

Class Y:

 

 

Net asset value and offering price per share

$

14.04

Investor Class:

 

 

Net asset value and offering price per share

$

14.05

Class R6:

 

 

Net asset value and offering price per share

$

14.04

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31

Invesco Municipal Income Fund

Statement of Operations

For the year ended February 29, 2020

Investment income:

 

 

 

Interest

$139,946,177

Expenses:

 

 

 

Advisory fees

14,565,036

Administrative services fees

453,741

 

Custodian fees

30,217

 

Distribution fees:

 

 

 

Class A

5,584,606

Class C

1,994,824

Investor Class

174,921

 

Interest, facilities and maintenance fees

7,474,857

Transfer agent fees — A, C, Y and Investor

2,342,873

Transfer agent fees — R6

27,986

 

Trustees' and officers' fees and benefits

56,716

 

Registration and filing fees

238,188

 

Reports to shareholders

158,023

 

Professional services fees

77,845

 

Other

36,322

 

Total expenses

33,216,155

Less: Expense offset arrangement(s)

(5,618)

Net expenses

33,210,537

Net investment income

106,735,640

Realized and unrealized gain (loss) from:

 

 

 

Net realized gain (loss) from:

 

 

 

Investment securities

2,173,551

Foreign currencies

384

 

Futures contracts

(7,120,280)

 

 

 

 

(4,946,345)

Change in net unrealized appreciation (depreciation) of:

 

 

 

Investment securities

249,528,012

Futures contracts

(466,949)

 

249,061,063

Net realized and unrealized gain

244,114,718

Net increase in net assets resulting from operations

$350,850,358

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32

Invesco Municipal Income Fund

Statement of Changes in Net Assets

For the years ended February 29, 2020 and February 28, 2019

 

 

2020

 

2019

 

 

Operations:

 

 

 

 

 

 

Net investment income

$

106,735,640

$

108,678,467

 

Net realized gain (loss)

 

(4,946,345)

 

(12,945,511)

 

 

 

 

 

 

Change in net unrealized appreciation (depreciation)

 

249,061,063

 

(19,012,770)

Net increase in net assets resulting from operations

 

350,850,358

 

76,720,186

 

Distributions to shareholders from distributable earnings:

 

 

 

 

 

 

Class A

 

(75,591,307)

 

(77,364,929)

 

 

 

 

 

 

Class C

 

(5,117,033)

 

(7,492,837)

 

 

 

 

 

 

Class Y

 

(16,415,197)

 

(18,467,349)

 

 

 

 

 

 

Investor Class

 

(3,518,570)

 

(4,218,855)

 

 

 

 

 

 

Class R6

 

(7,224,670)

 

(6,411,966)

 

 

 

 

 

 

Total distributions from distributable earnings

 

(107,866,777)

 

(113,955,936)

Share transactions–net:

 

 

 

 

 

 

Class A

 

372,653,767

 

71,379,669

 

Class C

 

149,343,209

 

(110,909,622)

 

 

 

 

 

 

Class Y

 

59,750,854

 

(29,817,647)

 

 

 

 

 

 

Investor Class

 

(4,608,765)

 

(3,978,961)

Class R6

 

75,838,918

 

13,133,390

 

Net increase (decrease) in net assets resulting from share transactions

 

652,977,983

 

(60,193,171)

 

 

 

 

 

 

Net increase (decrease) in net assets

 

895,961,564

 

(97,428,921)

Net assets:

 

 

 

 

 

 

Beginning of year

 

2,774,794,171

 

2,872,223,092

 

End of year

$

3,670,755,735

$2,774,794,171

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33

Invesco Municipal Income Fund

Statement of Cash Flows

For the year ended February 29, 2020

Cash provided by operating activities:

 

 

 

 

Net increase in net assets resulting from operations

$

350,850,358

 

 

 

 

 

Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:

 

 

 

 

Purchases of investments

 

(843,804,957)

Proceeds from sales of investments

 

293,215,645

 

 

 

 

 

Proceeds from sales of short-term investments, net

 

(20,901,190)

Amortization of premium on investment securities

 

17,738,696

Accretion of discount on investment securities

 

(8,971,953)

 

 

 

 

 

Increase in receivables and other assets

 

(5,832,023)

Increase in accrued expenses and other payables

 

258,157

 

Decrease in variation margin - futures contracts

 

286,125

 

 

 

 

 

 

Net realized gain from investment securities

 

(2,173,551)

 

 

 

 

Net change in unrealized appreciation on investment securities

 

(249,528,012)

Decrease in cash collateral — exchange-traded futures contracts

 

1,850,000

 

 

 

 

Net cash provided by operating activities

 

(467,012,705)

Cash provided by (used in) financing activities:

 

 

 

 

Dividends paid to shareholders from distributable earnings

 

(40,270,345)

 

 

 

 

Decrease in payable for amount due custodian

 

(13,231,149)

Proceeds from shares of beneficial interest sold

 

1,025,306,094

 

 

 

 

Proceeds of TOB Trusts

 

13,935,000

 

 

 

 

Repayments of TOB Trusts

 

(75,005,000)

 

 

 

 

Disbursements from shares of beneficial interest reacquired

 

(443,359,649)

 

 

 

 

Net cash provided by (used in) financing activities

 

467,374,951

Net increase in cash and cash equivalents

 

362,246

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

—

 

Cash and cash equivalents at end of period

$

362,246

Non-cash financing activities:

 

 

 

 

Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders

$

68,153,598

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

Cash paid during the period for interest, facilities and maintenance fees

$

7,474,857

 

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34

Invesco Municipal Income Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

 

 

 

 

 

 

 

 

 

 

 

Supplemental

 

 

 

 

 

 

 

 

 

 

 

 

 

ratio of

 

 

 

 

 

 

 

 

 

 

 

 

 

expenses

 

 

 

 

 

 

 

 

 

 

 

Ratio of

Ratio of

to average

 

 

 

 

 

 

 

 

 

 

 

expenses

expenses

net assets

 

 

 

 

 

Net gains

 

 

 

 

 

to average

to average net

with fee waivers

 

 

 

 

 

(losses)

 

 

 

 

 

net assets

assets without

(excluding

Ratio of net

 

 

Net asset

 

on securities

 

Dividends

 

 

 

with fee waivers

fee waivers

interest,

investment

 

 

value,

Net

(both

Total from

from net

Net asset

 

Net assets,

and/or

and/or

facilities and

income

 

 

beginning

investment

realized and

investment

investment

value, end

Total

end of period

expenses

expenses

maintenance

to average

Portfolio

 

of period

income(a)

unrealized)

operations

income

of period

return (b)

(000's omitted)

absorbed

absorbed

fees)

net assets

turnover (c)

Class A

 

 

 

 

 

 

 

 

1.05%(d)

1.05%(d)

0.82%(d)

3.35%(d)

 

Year ended 02/29/20

$13.02

$0.45

$ 1.03

$ 1.48

$(0.46)

$14.04

11.56% $2,525,163

9%

Year ended 02/28/19

13.19

0.50

(0.14)

0.36

(0.53)

13.02

2.78

1,982,214

1.01

1.01

0.85

3.85

27

Year ended 02/28/18

13.22

0.53

(0.06)

0.47

(0.50)

13.19

3.53

1,935,019

1.10

1.10

0.87

3.94

17

Year ended 02/28/17

13.70

0.52

(0.47)

0.05

(0.53)

13.22

0.28

1,927,685

0.99

0.99

0.83

3.79

25

Year ended 02/29/16

13.75

0.59

(0.06)

0.53

(0.58)

13.70

3.94

1,766,102

0.93

0.93

0.85

4.29

12

Class C

 

 

 

 

 

 

 

 

1.80(d)

1.80(d)

1.57(d)

2.60(d)

9

Year ended 02/29/20

12.96

0.35

1.02

1.37

(0.36)

13.97

10.69

298,433

Year ended 02/28/19

13.12

0.40

(0.13)

0.27

(0.43)

12.96

2.08

133,292

1.76

1.76

1.60

3.10

27

Year ended 02/28/18

13.16

0.42

(0.07)

0.35

(0.39)

13.12

2.68

248,013

1.85

1.85

1.62

3.19

17

Year ended 02/28/17

13.64

0.41

(0.47)

(0.06)

(0.42)

13.16

(0.48)

250,828

1.74

1.74

1.58

3.04

25

Year ended 02/29/16

13.68

0.48

(0.05)

0.43

(0.47)

13.64

3.24

156,712

1.68

1.68

1.60

3.54

12

Class Y

 

 

 

 

 

 

 

 

0.80(d)

0.80(d)

0.57(d)

3.60(d)

9

Year ended 02/29/20

13.02

0.48

1.03

1.51

(0.49)

14.04

11.83

500,893

Year ended 02/28/19

13.18

0.54

(0.14)

0.40

(0.56)

13.02

3.11

406,923

0.76

0.76

0.60

4.10

27

Year ended 02/28/18

13.22

0.56

(0.07)

0.49

(0.53)

13.18

3.71

442,757

0.85

0.85

0.62

4.19

17

Year ended 02/28/17

13.70

0.55

(0.47)

0.08

(0.56)

13.22

0.54

524,417

0.74

0.74

0.58

4.04

25

Year ended 02/29/16

13.74

0.62

(0.05)

0.57

(0.61)

13.70

4.27

449,882

0.68

0.68

0.60

4.54

12

Investor Class

 

 

 

 

 

 

11.65(e)

102,850

0.98(d)(e)

0.98(d)(e)

0.75(d)(e)

3.42(d)(e)

9

Year ended 02/29/20

13.03

0.46

1.03

1.49

(0.47)

14.05

Year ended 02/28/19

13.19

0.52

(0.14)

0.38

(0.54)

13.03

2.96(e)

99,887

0.88(e)

0.88(e)

0.72(e)

3.98(e)

27

Year ended 02/28/18

13.24

0.54

(0.08)

0.46

(0.51)

13.19

3.48(e)

105,159

1.03(e)

1.03(e)

0.80(e)

4.01(e)

17

Year ended 02/28/17

13.71

0.53

(0.46)

0.07

(0.54)

13.24

0.47(e)

108,489

0.87(e)

0.87(e)

0.71(e)

3.91(e)

25

Year ended 02/29/16

13.76

0.60

(0.06)

0.54

(0.59)

13.71

4.06(e)

114,690

0.82(e)

0.82(e)

0.74(e)

4.40(e)

12

Class R6

 

 

 

 

 

 

 

 

0.74(d)

0.74(d)

0.51(d)

3.66(d)

9

Year ended 02/29/20

13.02

0.49

1.03

1.52

(0.50)

14.04

11.90

243,417

Year ended 02/28/19

13.18

0.54

(0.13)

0.41

(0.57)

13.02

3.18

152,478

0.69

0.69

0.53

4.17

27

Year ended 02/28/18(f)

13.25

0.51

(0.10)

0.41

(0.48)

13.18

3.13

141,275

0.79(g)

0.79(g)

0.56(g)

4.25(g)

17

(a)Calculated using average shares outstanding.

(b)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.

(c)Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

(d)Ratios are based on average daily net assets (000's omitted) of $2,233,842, $199,482, $450,542, $100,427 and $196,825 for Class A, Class C, Class Y, Investor Class and Class R6 shares, respectively.

(e)The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.17%, 0.13%, 0.18%, 0.13% and 0.14% for the years ended February 29, 2020, February 28, 2019, February 28, 2018, February 28, 2017 and February 29, 2016, respectively.

(f)Commencement date of April 04, 2017.

(g)Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

35

Invesco Municipal Income Fund

Notes to Financial Statements

February 29, 2020

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 and Investor Class 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 ten 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 tenth 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 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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. 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 (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value ("NAV") per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE").

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 and the country that has the primary market for the issuer's securities, 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.

36

Invesco Municipal Income Fund

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. 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.

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 relative net assets.

G.Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

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 Fund's organizational documents, each Trustee, officer, employee or other agent of the Fund 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.Cash and Cash Equivalents – For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

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 generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund's net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB 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 from engaging in proprietary trading of certain instruments and limit such entities' investments in, and relationships with, "covered funds", as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as "sponsors" of TOB Trusts. These duties may be performed by a third-party service provider. The Fund's expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB

37

Invesco Municipal Income Fund

Trust's municipal bonds. 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 Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and 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 financial instrument. 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 – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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

0.500%

Over $500 million

0.450%

For the year ended February 29, 2020, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (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 contractually agreed, through at least June 30, 2020, 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 average daily net assets (the "expense 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. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2020. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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 29, 2020, 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 29, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. ("IDI"). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the "Plans") for Class A shares, Class C shares and Investor Class shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A and Investor Class average daily net assets and up to 1.00% of Class C average daily net assets. The fees are accrued daily and paid monthly.

With respect to Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class C maximum annual reimbursement rate, respectively.

38

Invesco Municipal Income Fund

With respect to Class A and Investor Class shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the year ended February 29, 2020, expenses incurred under these agreements 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 29, 2020, IDI advised the Fund that IDI retained $568,608 in front-end sales commissions from the sale of Class A shares and $78,627 and $2,895 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own 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 29, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

Level 1

Level 2

Level 3

Total

Investments in Securities

 

 

 

 

Municipal Obligations

$—

$3,970,902,020

$275,344

$3,971,177,364

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.

Effect of Derivative Investments for the year ended February 29, 2020

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

 

Statement of Operations

 

Interest

 

Rate Risk

Realized Gain (Loss):

 

Futures contracts

$(7,120,280)

Change in Net Unrealized Appreciation (Depreciation):

 

Futures contracts

(466,949)

Total

$(7,587,229)

 

 

The table below summarizes the average notional value of derivatives held during the period.

 

 

Futures

 

Contracts

Average notional value

$157,250,472

 

 

NOTE 5—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 29, 2020, the Fund engaged in securities purchases of $237,170,081 and securities sales of $106,925,469, which did not result in any net realized gains (losses).

39

Invesco 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 29, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $5,618.

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. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate 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 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

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 29, 2020 were $326,394,923 and 2.26%, respectively.

NOTE 9—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 29, 2020 and February 28, 2019:

 

 

2020

 

2019

 

 

Ordinary income-tax-exempt

$107,866,777

 

$113,955,936

 

 

 

 

 

 

 

 

Tax Components of Net Assets at Period-End:

 

 

 

 

 

 

 

 

 

2020

 

 

Undistributed tax-exempt income

 

$

244,819

 

Net unrealized appreciation — investments

 

 

366,941,455

 

 

 

 

 

 

Temporary book/tax differences

 

 

(373,837)

 

 

 

 

 

Capital loss carryforward

 

 

(122,393,108)

Shares of beneficial interest

 

 

3,426,336,406

 

 

 

 

 

Total net assets

 

$3,670,755,735

 

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 book to tax amortization differences 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 29, 2020, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$67,434,507

$54,958,601

$122,393,108

 

 

 

 

*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. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 29, 2020 was $872,700,741 and $292,208,484, respectively. Cost of investments, including any derivatives, on a tax basis 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

Aggregate unrealized appreciation of investments

$378,654,851

 

Aggregate unrealized (depreciation) of investments

(11,713,396)

Net unrealized appreciation of investments

$366,941,455

 

40

Invesco Municipal Income Fund

Cost of investments for tax purposes is $3,604,235,909.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of market discount and federal taxes paid by the fund, on February 29, 2020, undistributed net investment income was increased by $382,969, undistributed net realized gain (loss) was decreased by $496,896 and shares of beneficial interest was increased by $113,927. This reclassification had no effect on the net assets of the Fund.

NOTE 12—Share Information

Summary of Share Activity

 

Year ended

Year ended

 

February 29, 2020(a)

 

February 28, 2019

 

 

Shares

Amount

Shares

 

Amount

Sold:

 

 

 

 

 

 

 

 

Class A

44,759,270

$ 604,782,920

30,218,584

$

393,104,282

 

Class C

15,455,350

208,409,624

4,608,638

 

59,942,494

 

Class Y

8,315,377

112,195,062

6,256,742

 

81,729,448

 

Investor Class

431,706

5,832,042

261,823

 

3,422,112

 

Class R6

7,412,069

99,896,391

4,806,957

 

62,739,383

 

Issued as reinvestment of dividends:

 

 

 

 

 

 

 

 

Class A

3,473,727

46,992,526

3,957,211

 

51,652,444

 

Class C

287,735

3,883,419

425,215

 

5,528,378

 

 

Class Y

668,610

9,041,710

780,837

 

10,187,062

 

Investor Class

191,480

2,590,322

242,923

 

3,175,244

 

Class R6

417,059

5,645,621

397,222

 

5,185,135

 

 

Automatic conversion of Class C shares to Class A shares:

 

 

 

 

 

 

 

 

Class A

833,876

11,246,368

-

 

-

 

 

Class C

(837,704)

(11,246,368)

-

 

-

 

 

Reacquired:

 

 

 

 

 

 

 

 

Class A

(21,446,199)

(290,368,047)

(28,663,425)

 

(373,377,057)

 

 

 

 

 

 

 

Class C

(3,835,694)

(51,703,466)

(13,646,095)

 

(176,380,494)

 

 

 

 

 

 

 

Class Y

(4,559,671)

(61,485,918)

(9,358,723)

 

(121,734,157)

 

 

 

 

 

 

 

Investor Class

(967,246)

(13,031,129)

(809,692)

 

(10,576,317)

 

 

 

 

 

 

 

Class R6

(2,201,328)

(29,703,094)

(4,206,115)

 

(54,791,128)

 

 

 

 

 

 

 

Net increase (decrease) in share activity

48,398,417

$ 652,977,983

(4,727,898)

$

(60,193,171)

 

 

 

 

 

 

 

 

 

(a)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.

NOTE 13—Subsequent Event

During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund's ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Fund should be immaterial.

41

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), hereafter referred to as the "Fund") as of February 29, 2020, the related statement of operations and cash flows for the year ended February 29, 2020, the statement of changes in net assets for each of the two years in the period ended February 29, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (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 29, 2020, 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 29, 2020 and the financial highlights for each of the periods indicated therein 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 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2020

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.

42

Invesco Municipal Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2019 through February 29, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

 

 

 

 

HYPOTHETICAL

 

 

 

 

 

 

(5% annual return before

 

 

 

 

ACTUAL

 

expenses)

 

 

Beginning

Ending

 

Expenses

Ending

 

Expenses

Annualized

 

Account Value

Account Value

 

Paid During

Account Value

 

Paid During

Expense

 

(09/01/19)

(02/29/20)1

 

Period2

(02/29/20)

 

Period2

Ratio

Class A

$1,000.00

$1,041.20

 

$5.08

$1,019.89

 

$5.02

1.00%

 

 

 

 

 

 

 

 

 

Class C

1,000.00

1,036.70

 

8.86

1,016.16

 

8.77

1.75

 

 

 

 

 

 

 

 

 

Class Y

1,000.00

1,042.40

 

3.81

1,021.13

 

3.77

0.75

 

 

 

 

 

 

 

 

 

Investor Class

1,000.00

1,041.60

 

4.67

1,020.29

 

4.62

0.92

Class R6

1,000.00

1,042.80

 

3.50

1,021.43

 

3.47

0.69

 

 

 

 

 

 

 

 

 

1The actual ending account value is based on the actual total return of the Fund for the period September 1, 2019 through February 29, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses.

2Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

43

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 29, 2020:

Federal and State Income Tax

Qualified Dividend Income*

0.00%

Corporate Dividends Received Deduction*

0.00%

U.S. Treasury Obligations*

0.00%

Tax-Exempt Interest Dividends*

100.00%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

44

Invesco Municipal Income Fund

Trustees and Officers

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

 

Trustee

 

Number of

Other

Name, Year of Birth and

 

Funds in

Directorship(s)

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Interested Trustee

 

 

 

 

Martin L. Flanagan1 — 1960

2007

Executive Director, Chief Executive Officer and President, Invesco Ltd.

229

None

Trustee and Vice Chair

 

(ultimate parent of Invesco and a global investment management firm);

 

 

 

 

Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board, SMU Cox School of Business

 

 

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer,

 

 

 

 

Invesco Advisers, Inc. (registered investment adviser); Director, Chairman,

 

 

 

 

Chief Executive Officer and President, Invesco Holding Company (US), Inc.

 

 

 

 

(formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service

 

 

 

 

provider) and Invesco North American Holdings, Inc. (holding company);

 

 

 

 

Director, Chief Executive Officer and President, Invesco Holding Company

 

 

 

 

Limited (parent of Invesco and a global investment management firm);

 

 

 

 

Director, Invesco Ltd.; Chairman, Investment Company Institute and President,

 

 

 

 

Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief

 

 

 

 

Financial Officer, Franklin Resources, Inc. (global investment management

 

 

 

 

organization)

 

 

1Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1

Invesco Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees

 

 

 

 

Bruce L. Crockett – 1944

1992

Chairman, Crockett Technologies Associates (technology consulting company)

229

Director and

Trustee and Chair

 

Formerly: Director, Captaris (unified messaging provider); Director, President

 

Chairman of the

 

 

 

Audit Committee,

 

 

and Chief Executive Officer, COMSAT Corporation; Chairman, Board of

 

 

 

 

ALPS (Attorneys

 

 

Governors of INTELSAT (international communications company); ACE Limited

 

 

 

 

Liability

 

 

(insurance company); Independent Directors Council and Investment Company

 

 

 

 

Protection

 

 

Institute: Member of the Audit Committee, Investment Company Institute;

 

 

 

 

Society)

 

 

Member of the Executive Committee and Chair of the Governance Committee,

 

 

 

 

(insurance

 

 

Independent Directors Council

 

 

 

 

company);

 

 

 

 

 

 

 

 

Director and

 

 

 

 

Member of the

 

 

 

 

Audit Committee

 

 

 

 

and

 

 

 

 

Compensation

 

 

 

 

Committee,

 

 

 

 

Ferroglobe PLC

 

 

 

 

(metallurgical

 

 

 

 

company)

David C. Arch – 1945

2010

Chairman of Blistex Inc. (consumer health care products manufacturer);

229

Board member of

Trustee

 

Member, World Presidents' Organization

 

the Illinois

 

 

 

 

Manufacturers'

 

 

 

 

Association

Beth Ann Brown – 1968

2019

Independent Consultant

229

Director, Board of

Trustee

 

Formerly: Head of Intermediary Distribution, Managing Director, Strategic

 

Directors of

 

 

 

Caron

 

 

Relations, Managing Director, Head of National Accounts, Senior Vice

 

 

 

 

Engineering Inc.;

 

 

President, National Account Manager and Senior Vice President, Key Account

 

 

 

 

Advisor, Board of

 

 

Manager, Columbia Management Investment Advisers LLC; Vice President, Key

 

 

 

 

Advisors of Caron

 

 

Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain

 

 

 

 

Engineering Inc.;

 

 

Oppenheimer Funds

 

 

 

 

President and

 

 

 

 

 

 

 

 

Director, Acton

 

 

 

 

Shapleigh Youth

 

 

 

 

Conservation

 

 

 

 

Corps (non -

 

 

 

 

profit); and Vice

 

 

 

 

President and

 

 

 

 

Director of

 

 

 

 

Grahamtastic

 

 

 

 

Connection (non-

 

 

 

 

profit)

Jack M. Fields – 1952

1997

Chief Executive Officer, Twenty First Century Group, Inc. (government affairs

229

Member, Board of Directors of

Trustee

 

company); and Chairman, Discovery Learning Alliance (non-profit)

 

Baylor College of Medicine

 

 

Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle,

 

 

 

 

hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as

 

 

 

 

Administaff) (human resources provider); Chief Executive Officer, Texana

 

 

 

 

Timber LP (sustainable forestry company); Director of Cross Timbers Quail

 

 

 

 

Research Ranch (non-profit); and member of the U.S. House of Representatives

 

 

 

 

 

 

 

T-2

Invesco Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees—(continued)

 

 

 

Cynthia Hostetler —1962

2017

Non-Executive Director and Trustee of a number of public and private business

229

Vulcan Materials

Trustee

 

corporations

 

Company

 

 

Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of

 

(construction

 

 

 

materials

 

 

Investment Funds and Private Equity, Overseas Private Investment

 

 

 

 

company); Trilinc

 

 

Corporation; President, First Manhattan Bancorporation, Inc.; Attorney,

 

 

 

 

Global Impact

 

 

Simpson Thacher & Bartlett LLP

 

 

 

 

Fund; Genesee &

 

 

 

 

 

 

 

 

Wyoming, Inc.

 

 

 

 

(railroads); Artio

 

 

 

 

Global Investment

 

 

 

 

LLC (mutual fund

 

 

 

 

complex); Edgen

 

 

 

 

Group, Inc.

 

 

 

 

(specialized

 

 

 

 

energy and

 

 

 

 

infrastructure

 

 

 

 

products

 

 

 

 

distributor);

 

 

 

 

Investment

 

 

 

 

Company Institute

 

 

 

 

(professional

 

 

 

 

organization);

 

 

 

 

Independent

 

 

 

 

Directors Council

 

 

 

 

(professional

 

 

 

 

organization)

Eli Jones – 1961

2016

Professor and Dean, Mays Business School - Texas A&M University

229

Insperity, Inc.

Trustee

 

Formerly: Professor and Dean, Walton College of Business, University of

 

(formerly known

 

 

 

as Administaff)

 

 

Arkansas and E.J. Ourso College of Business, Louisiana State University;

 

 

 

 

(human resources

 

 

Director, Arvest Bank

 

 

 

 

provider)

 

 

 

 

Elizabeth Krentzman – 1959

2019

Formerly: Principal and Chief Regulatory Advisor for Asset Management

229

Trustee of the

Trustee

 

Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General

 

University of

 

 

Counsel of the Investment Company Institute (trade association); National

 

Florida National

 

 

Director of the Investment Management Regulatory Consulting Practice,

 

Board Foundation

 

 

Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant

 

and Audit

 

 

Director of the Division of Investment Management - Office of Disclosure and

 

Committee

 

 

Investment Adviser Regulation of the U.S. Securities and Exchange

 

Member; Member

 

 

Commission and various positions with the Division of Investment Management

 

of the Cartica

 

 

– Office of Regulatory Policy of the U.S. Securities and Exchange Commission;

 

Funds Board of

 

 

Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and

 

Directors (private

 

 

Exchange Commission Historical Society; and Trustee of certain Oppenheimer

 

investment

 

 

Funds

 

funds); Member

 

 

 

 

of the University

 

 

 

 

of Florida Law

 

 

 

 

Center

 

 

 

 

Association, Inc.

 

 

 

 

Board of Trustees

 

 

 

 

and Audit

 

 

 

 

Committee

 

 

 

 

Member

Anthony J. LaCava, Jr. – 1956

2019

Formerly: Director and Member of the Audit Committee, Blue Hills Bank

229

Blue Hills Bank;

Trustee

 

(publicly traded financial institution) and Managing Partner, KPMG LLP

 

Chairman,

 

 

 

 

Bentley

 

 

 

 

University;

 

 

 

 

Member,

 

 

 

 

Business School

 

 

 

 

Advisory Council;

 

 

 

 

and Nominating

 

 

 

 

Committee

 

 

 

 

KPMG LLP

Prema Mathai-Davis – 1950

1998

Retired

229

None

Trustee

 

Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment

 

 

 

 

 

 

Research Platform for the Self-Directed Investor)

T-3

Invesco Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees—(continued)

 

 

 

Joel W. Motley – 1952

2019

Director of Office of Finance, Federal Home Loan Bank System; Member of the

229

Member of Board

Trustee

 

Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc.

 

of Greenwall

 

 

(privately held financial advisor); Member of the Council on Foreign Relations

 

Foundation

 

 

and its Finance and Budget Committee; Chairman Emeritus of Board of Human

 

(bioethics research

 

 

Rights Watch and Member of its Investment Committee; and Member of

 

foundation) and

 

 

Investment Committee and Board of Historic Hudson Valley (non-profit cultural

 

its Investment

 

 

organization)

 

Committee;

 

 

Formerly: Managing Director of Public Capital Advisors, LLC (privately held

 

Member of Board of

 

 

 

Friends of the LRC

 

 

financial advisor); Managing Director of Carmona Motley Hoffman, Inc.

 

 

 

 

(non-profit

 

 

(privately held financial advisor); Trustee of certain Oppenheimer Funds; and

 

 

 

 

legal advocacy);

 

 

Director of Columbia Equity Financial Corp. (privately held financial advisor)

 

 

 

 

Board Member

 

 

 

 

 

 

 

 

and Investment

 

 

 

 

Committee

 

 

 

 

Member of

 

 

 

 

Pulizer Center for

 

 

 

 

Crisis Reporting

 

 

 

 

(non-profit

 

 

 

 

journalism)

Teresa M. Ressel — 1962

2017

Non-executive director and trustee of a number of public and private business

229

Atlantic Power

Trustee

 

corporations

 

Corporation

 

 

Formerly: Chief Financial Officer, Olayan America, The Olayan Group

 

(power generation

 

 

 

company); ON

 

 

(international investor/commercial/industrial); Chief Executive Officer, UBS

 

 

 

 

Semiconductor

 

 

Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant

 

 

 

 

Corp.

 

 

Secretary for Management & Budget and CFO, US Department of the Treasury

 

 

 

 

(semiconductor

 

 

 

 

 

 

 

 

supplier)

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston Endowment Inc. (private

229

Federal Reserve

Trustee

 

philanthropic institution)

 

Bank of Dallas

 

 

Formerly: Executive Vice President and General Counsel, Texas Children's

 

 

 

 

Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor,

 

 

 

 

University of St. Thomas; Attorney, Andrews & Kurth LLP

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of Denver – Daniels College of

 

 

 

 

 

 

 

 

Business; Senior Partner, KPMG LLP

 

 

 

 

 

 

 

Daniel S. Vandivort –1954

2019

Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board

229

Chairman and

Trustee

 

of Trustees, Huntington Disease Foundation of America; and President, Flyway

 

Lead Independent

 

 

Advisory Services LLC (consulting and property management)

 

Director,

 

 

Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds

 

Chairman of the

 

 

 

Audit Committee,

 

 

 

 

 

 

 

 

and Director,

 

 

 

 

Board of

 

 

 

 

Directors, Value

 

 

 

 

Line Funds

James D. Vaughn – 1945

2019

Retired

229

Board member

Trustee

 

Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of

 

and Chairman of

 

 

 

Audit Committee

 

 

the Audit Committee, Schroder Funds; Board Member, Mile High United Way,

 

 

 

 

of AMG National

 

 

Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts,

 

 

 

 

Trust Bank;

 

 

Economic Club of Colorado and Metro Denver Network (economic development

 

 

 

 

Trustee and

 

 

corporation); and Trustee of certain Oppenheimer Funds

 

 

 

 

Investment

 

 

 

 

 

 

 

 

Committee

 

 

 

 

member,

 

 

 

 

University of

 

 

 

 

South Dakota

 

 

 

 

Foundation;

 

 

 

 

Board member,

 

 

 

 

Audit Committee

 

 

 

 

Member and past

 

 

 

 

Board Chair,

 

 

 

 

Junior

 

 

 

 

Achievement

 

 

 

 

(non-profit)

Christopher L. Wilson -

2017

Retired

229

ISO New

1957

 

Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22

 

England, Inc.

Trustee, Vice Chair and Chair

 

 

(non-profit

 

portfolios); Managing Partner, CT2, LLC (investing and consulting firm);

 

Designate

 

 

organization

 

President/Chief Executive Officer, Columbia Funds, Bank of America

 

 

 

 

 

Corporation; President/Chief Executive Officer, CDC IXIS Asset Management

managing

regional electricity

Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder,

market)

Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

 

T-4

Invesco Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers

 

 

 

 

Sheri Morris — 1964

1999

Head of Global Fund Services, Invesco Ltd.; President, Principal Executive

N/A

N/A

President, Principal Executive

 

Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers,

 

 

Officer and Treasurer

 

Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust; and Vice President,

 

 

 

 

OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal Financial Officer, The Invesco Funds;

 

 

 

 

Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management,

 

 

 

 

Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President

 

 

 

 

and Assistant Treasurer, The Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM

 

 

 

 

Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded

 

 

 

 

Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded

 

 

 

 

Fund Trust

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The Invesco Funds

N/A

N/A

Senior Vice President and Senior

 

 

 

 

Officer

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and

N/A

N/A

Senior Vice President, Chief Legal

 

Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional

 

 

Officer and Secretary

 

(N.A.), Inc.) (registered investment adviser); Senior Vice President and

 

 

 

 

Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM

 

 

 

 

Distributors, Inc.); Vice President and Secretary, Invesco Investment Services,

 

 

 

 

Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice

 

 

 

 

President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers LLC (formerly known as Van

 

 

 

 

Kampen Asset Management); Secretary and General Counsel, Invesco Capital

 

 

 

 

Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund

 

 

 

 

Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal,

 

 

 

 

Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO

 

 

 

 

Private Capital Investments, Inc.; Senior Vice President, Secretary and General

 

 

 

 

Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM

 

 

 

 

Management Group, Inc.); Assistant Secretary, INVESCO Asset Management

 

 

 

 

(Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and

 

 

 

 

General Counsel, Invesco Senior Secured Management, Inc.; and Secretary,

 

 

 

 

Sovereign G./P. Holdings Inc.

 

 

Andrew R. Schlossberg – 1974

2019

Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco

 

 

 

 

Institutional (N.A.), Inc.) (registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM

 

 

 

 

Investment Services, Inc.) (registered transfer agent); Senior Vice President,

 

 

 

 

The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known

 

 

 

 

as Van Kampen Asset Management); Director, President and Chairman, Invesco

 

 

 

 

Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco

 

 

 

 

Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice

 

 

 

 

President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional (N.A.), Inc.) (registered investment

 

 

 

 

adviser); Director and Chief Executive, Invesco Administration Services Limited

 

 

 

 

and Invesco Global Investment Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust;

 

 

 

 

Managing Director and Principal Executive Officer, Invesco Capital

 

 

 

 

Management LLC

 

 

T-5

Invesco Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers—(continued)

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas; Senior Vice President, Invesco

N/A

N/A

Senior Vice President

 

Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly

 

 

 

 

known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director,

 

 

 

 

Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset Management); Senior Vice President,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.);

 

 

 

 

Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC;

 

 

 

 

Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member,

 

 

 

 

Invesco Canada Funds Advisory Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and

 

 

 

 

Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd.

 

 

 

 

(formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered

 

 

 

 

investment adviser and registered transfer agent); President, Invesco, Inc.

 

 

 

 

Formerly: Director and Senior Vice President, Invesco Management Group, Inc.

 

 

 

 

(formerly known as Invesco AIM Management Group, Inc.); Secretary and

 

 

 

 

General Counsel, Invesco Management Group, Inc. (formerly known as Invesco

 

 

 

 

AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer

 

 

 

 

and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco

 

 

 

 

Investment Advisers LLC (formerly known as Van Kampen Asset Management);

 

 

 

 

Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund

 

 

 

 

Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC;

 

 

 

 

Director, Secretary, General Counsel and Senior Vice President, Van Kampen

 

 

 

 

Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc.

 

 

 

 

(formerly known as INVESCO Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen

 

 

 

 

Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van

 

 

 

 

Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors,

 

 

 

 

Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice

 

 

 

 

President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van

 

 

 

 

Kampen Investments Inc.; Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice President, Secretary, General

 

 

 

 

Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief

 

 

 

 

Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and

N/A

N/A

Senior Vice President

 

Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco

 

 

 

 

Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco

 

 

 

 

Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and

 

 

 

 

Senior Vice President, The Invesco Funds; and President, SNW Asset

 

 

 

 

Management Corporation and Invesco Managed Accounts, LLC

 

 

 

 

Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco

 

 

 

 

Advisers, Inc.; Assistant Vice President, The Invesco Funds

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer – Investments Pool, Invesco

N/A

N/A

Vice President, Principal Financial

 

Specialized Products, LLC; Vice President, Principal Financial Officer and

 

 

Officer and Assistant Treasurer

 

Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting

 

 

 

 

Officer – Pooled Investments, Invesco Capital Management LLC; Vice President

 

 

 

 

and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded

 

 

 

 

Self-Indexed Fund Trust; Vice President, Invesco Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant

 

 

 

 

Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded

 

 

 

 

Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital

 

 

 

 

Management LLC; Assistant Vice President, The Invesco Funds

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities

N/A

N/A

Anti-Money Laundering

 

including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets,

 

 

Compliance Officer

 

Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC, Invesco Trust Company;

 

 

 

 

OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for

 

 

 

 

Invesco Investment Services, Inc.

 

 

T-6

Invesco Municipal Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers—(continued)

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers, Inc. (registered investment

N/A

N/A

Chief Compliance Officer

 

adviser); and Chief Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam Investments and the Putnam

 

 

 

 

Funds

 

 

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza, Suite 1000

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers LLP

Houston, TX 77046-1173

1555 Peachtree Street, N.E.

11 Greenway Plaza, Suite 1000

1000 Louisiana Street, Suite 5800

 

Atlanta, GA 30309

Houston, TX 77046-1173

Houston, TX 77002-5678

Counsel to the Fund

Counsel to the Independent Trustees

Transfer Agent

Custodian

Stradley Ronon Stevens & Young, LLP

Goodwin Procter LLP

Invesco Investment Services, Inc.

State Street Bank and Trust Company

2005 Market Street, Suite 2600

901 New York Avenue, N.W.

11 Greenway Plaza, Suite 1000

225 Franklin Street

Philadelphia, PA 19103-7018

Washington, D.C. 20001

Houston, TX 77046-1173

Boston, MA 02110-2801

T-7

Invesco Municipal Income Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

•Fund reports and prospectuses

•Quarterly statements

•Daily confirmations

•Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio secu- rities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most

recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242

Invesco Distributors, Inc.

VK-MINC-AR-1

Annual Report to Shareholders

February 29, 2020

Invesco New York Tax Free Income Fund

Nasdaq:

A: VNYAX ￿ C: VNYCX ￿ Y: VNYYX ￿ R6: VNYSX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's web- site, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Andrew Schlossberg

Letters to Shareholders

Dear Shareholders:

This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period.

The reporting period proved to be another tumultuous time for both global equities and fixed-income secu- rities. In early 2019, global equity markets were buoyed by a more accommodative stance from central banks and optimism about a potential US-China trade deal. In May, US-China trade concerns and slowing global growth led to a global equity sell-off and rally in US Treasuries. Despite the May sell-off, domestic equity mar- kets rallied in June in anticipation of a US Federal Reserve (the Fed) interest rate cut and closed the second quarter with modest gains. Continued US-China trade worries and signs of slowing global economic growth led to increased market volatility in August. The US Treasury yield curve inverted several times as fears of a US recession increased. As a result, global equity markets were largely flat for the third quarter. In the final

months of 2019, geopolitical and macroeconomic issues largely abated. This combined with better-than-expected third quarter corporate earnings and initial agreement of the phase one US-China trade deal provided a favorable backdrop for equities and impressive fourth quar- ter global equity returns.

As the new year began, US equities were largely buoyed in January by the signing of the phase one trade agreement and strong eco- nomic data although returns were dampened by the spread of the Coronavirus (COVID-19). Concerns over the virus had a greater impact on international equities, which were largely lower for the month. As the virus spread outside of China and the number of cases increased, fears of diminished global growth led to a sharp global equity sell-off at the end of February 2020 and sent the yield on the US 10-year Treasury to a new all-time low.

Throughout 2019, central banks continued to be accommodative, providing sources of liquidity. In July, the Fed lowered interest rates for the first time in 11 years. It again lowered rates in September and once again in October. During the rest of the year, the Fed left rates unchanged. Overseas, the European Central Bank left its policy rate unchanged and continued its bond purchasing program. In 2020, with the increased spread of the coronavirus, the Fed shifted from a more neutral policy to the possibility of further rate cuts in the new year. As 2020 unfolds, we'll see how the interplay of interest rates, economic data, geopolitics and a host of other factors affect US and overseas equity and fixed income markets.

Investor uncertainty and market volatility, such as we witnessed during the reporting period, are unfortunate facts of life when it comes to investing. That's why Invesco encourages investors to work with a professional financial adviser who can stress the importance of starting to save and invest early and the importance of adhering to a disciplined investment plan. A financial adviser who knows your unique finan- cial situation, investment goals and risk tolerance can be an invaluable partner as you seek to achieve your financial goals. Financial advis- ers can also offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you'll find detailed infor- mation about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select "Log In" on the right side of the homepage, and then select "Register for Individual Account Access."

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I'm pleased to share with you Invesco's commitment to both the Principles for Responsible Investment and to considering environ- mental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2Invesco New York Tax Free Income Fund

Bruce Crockett

Dear Shareholders:

Among the many important lessons I've learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco's mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:

￿Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

￿ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

￿Assessing each portfolio management team's investment performance within the context of the investment strategy described in the fund's prospectus.

￿Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds' advisory and sub-

advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3Invesco New York Tax Free Income Fund

Management's Discussion of Fund Performance

Performance summary

For the fiscal year ended February 29, 2020, Class A shares of Invesco New York Tax Free Income Fund (the Fund), at net asset value (NAV), underperformed the S&P Municipal Bond New York 5+Year Investment Grade Index, the Fund's style- specific benchmark.

Your Fund's long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 2/28/19 to 2/29/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares

9.38%

Class C Shares

8.59

Class Y Shares

9.59

Class R6 Shares

9.72

S&P Municipal Bond Index￿ (Broad Market Index)

8.94

S&P Municipal Bond New York 5+ Year Investment Grade Index￿ (Style-Specific

 

Index)

10.22

Lipper New York Municipal Debt Funds Index￿ (Peer Group Index)

10.37

Source(s): ￿RIMES Technologies Corp.; ￿Lipper Inc.

cal conditions (favorable demand and supply balances) continued to provide tailwinds.

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September and October 2019, citing uncertainty about the global economic outlook.5 On October 30, 2019, after the third cut, the Fed indicated that any further changes would be based on economic data.

The first nine months of the fiscal year saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led inves- tors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" eliminating the risk of a government shutdown and the some- what unexpected UK election results set the stage for an orderly exit from the European Union by January 31, 2020.

Market conditions and your Fund

New York benefits from a broad-based and well-diversified economy, with a median household income higher than the national median household income. New York's economy, however, is subject to volatility due to the significance of the financial services industry to its economic base. New York's gross domestic product, the value of all goods and services produced in the state, rose to $1.74 trillion in the third quarter of 2019, which makes New York the third-largest economy in the US.1 As of December 2019, the state's unemployment rate was 3.9%, which was slightly higher than the national unemployment rate of 3.5%.2 New York has improved its financial management practices in recent years by enacting on-time budgets, developing a consensus revenue forecasting mechanism and addressing longstanding growth in spending. However, the state con- tinues to face potential headwinds stemming from federal tax reform, increasing health

Portfolio Composition

By credit sector, based on total investments

Revenue Bonds

89.9%

Pre-Refunded Bonds

6.3

General Obligation Bonds

3.8

care expenditures, public school funding and growing transportation needs. Favorably, New York's pension liabilities remain well funded compared to other states.

The broad municipal bond market experi- enced positive returns for the sixth consecu- tive year at the close of 2019, and perfor- mance remained strong throughout the fiscal year. Investment grade municipal bonds re- turned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.3 In- vestment grade and high yield municipals were among the best performing asset classes over the fiscal year.

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key driver of strong municipal demand in 2019. During the fiscal year, municipal bonds withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as 2.79% and as low as 1.13% where it ended the fiscal year.4 The municipal bond market performed positively as techni-

Top Five Debt Holdings

% of total net assets

1. Brooklyn Arena Local

 

Development Corp. (Barclays

 

Center) Series 2016 A, Ref. RB

3.2%

2.MTA Hudson Rail Yards

Trust Obligations Series 2016 A,

RB

3.0

3. New York & New Jersey (States

 

of) Port Authority Series 2017

 

200, Ref. RB

2.2

4.New York (City of), NY Municipal Water Finance Authority

Series 2017 DD, RB

1.6

5. New York Transportation

 

Development Corp. (Delta Air

 

Lines, Inc. LaGuardia Airport

 

Terminal C&D Redevelopment)

 

Series 2018, RB

1.5

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of 25% from the previous fiscal year.6 Flows into the municipal bond asset class were posi- tive for the fiscal year.7 Fund flows totaled $97.2 billion from February 2019 through February 2020.7

The end of the fiscal year brought a major market shift as macroeconomic concerns re- garding the global outbreak of the Coronavi- rus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to qual- ity assets, such as municipal bonds. This re- sulted in a strong rally in February 2020.

At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic and many provide essential services to all

The Fund's holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

Data presented here are as of February 29, 2020.

4Invesco New York Tax Free Income Fund

Americans. Though there could be small, iso- lated pockets of defaults in the future, we believe the vast majority of municipal bonds will pay current principal and interest, as his- tory has shown.

During the fiscal year, security selection in longer maturity bonds (15.00 years and greater) contributed to the Fund's perfor- mance relative to its style-specific bench- mark. The Fund's overweight allocation to revenue bonds compared to general obliga- tion bonds also benefited the Fund's relative performance. Security selection in bonds A-rated† and below, as well as non-rated bonds, also aided the Fund's relative results.

Conversely, security selection in intermediate-term bonds (4.00 – 8.99 years) detracted from the Fund's performance rela- tive to its style-specific benchmark during the fiscal year. Security selection in the local gen- eral obligation and dedicated tax sectors de- tracted from the Fund's relative performance. The Fund's security selection in higher rated bonds (AAA and AA-rated specifically) was another detractor from the Fund's relative performance, as well.

During the fiscal year, leverage contributed to the Fund's performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of in- verse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to ad- ditional volatility. For more information about the Fund's use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and de- mand for similar securities. We are monitor- ing interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments.

Thank you for investing in Invesco New York Tax Free Income Fund and for sharing our long-term investment horizon.

1Source: US Bureau of Economic Analysis

2 Source: US Bureau of Labor Statistics

3 Source: Bloomberg

4Source: US Department of the Treasury

5 Source: US Federal Reserve

6 Source: The Bond Buyer

7 Source: Strategic Insight

†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. For more information on rating methodologies, please visit the following NRSRO

websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage; moodys.com and select "Rating Methodologies" under Research and Ratings on the homepage; and fitchratings.com and select "Ratings Definitions" on the homepage.

Portfolio managers:

John (Jack) Connelly

Tim O'Reilly

Mark Paris

James Phillips

John Schorle

Julius Williams

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

5Invesco New York Tax Free Income Fund

Your Fund's Long-Term Performance

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 2/28/10

$20,000

$16,173 S&P Municipal Bond New York 5+ Year Investment Grade

Index 1

$15,615 S&P Municipal Bond Index1

$15,503 Lipper New York Municipal Debt Funds Index2

15,000

$14,746 Invesco New York Tax Free Income Fund — Class A Shares

$14,298 Invesco New York Tax Free Income Fund — Class C Shares

10,000

5,000

2/28/10

2/11

2/12

2/13

2/14

2/15

2/16

2/17

2/18

2/19

2/20

1Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include rein- vested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested divi- dends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Per- formance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6Invesco New York Tax Free Income Fund

Average Annual Total Returns

As of 2/29/20, including maximum applicable sales charges

Class A Shares

Inception (7/29/94)

4.88%

10 Years

3.96

5

Years

2.64

1

Year

4.75

Class C Shares

 

Inception (7/29/94)

4.75%

10 Years

3.64

5

Years

2.77

1

Year

7.59

Class Y Shares

 

10 Years

4.66%

5

Years

3.78

1

Year

9.59

Class R6 Shares

 

10 Years

4.51%

5

Years

3.71

1

Year

9.72

Effective June 1, 2010, Class A and Class C shares of the predecessor fund, Van Kampen New York Tax-Free Income Fund, advised by Van Kampen Asset Man- agement were reorganized into Class A and Class C shares, respectively, of Invesco Van Kampen New York Tax Free Income Fund (renamed Invesco New York Tax Free Income Fund). Returns shown above, prior to June 1, 2010, for Class A and Class C shares are blended returns of the predeces- sor fund and Invesco New York Tax Free Income Fund. Share class returns will differ from the predecessor fund because of dif- ferent expenses.

Class Y shares incepted on June 1, 2010. Performance shown prior to that date is that of the predecessor fund's Class A shares and includes the 12b-1 fees appli- cable to Class A shares.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund's and the predeces- sor fund's Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month- end performance. Performance figures re- flect reinvested distributions, changes in net asset value and the effect of the maxi- mum sales charge unless otherwise stated. Performance figures do not reflect deduc- tion of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Fund performance reflects any applicable

fee waivers and/or expense reimburse- ments. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more informa- tion.

7Invesco New York Tax Free Income Fund

Invesco New York Tax Free Income Fund's investment objective is to provide investors with a high level of current income exempt from federal, New York State and New York City income taxes, consistent with preservation of capital.

￿Unless otherwise stated, information presented in this report is as of February 29, 2020, and is based on total net assets.

￿Unless otherwise noted, all data provided by Invesco.

￿To access your Fund's reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

￿The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.

￿The S&P Municipal Bond New York 5+ Year Investment Grade Index seeks to measure the performance of investment grade, New York-issued US municipals with maturities equal to or greater than five years.

￿The Lipper New York Municipal Debt Funds Index is an unmanaged index con- sidered representative of New York mu- nicipal debt funds tracked by Lipper.

￿The Fund is not managed to track the per- formance of any particular index, including the index(es) described here, and conse- quently, the performance of the Fund may deviate significantly from the performance of the index(es).

￿A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Perfor- mance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8Invesco New York Tax Free Income Fund

Schedule of Investments

February 29, 2020

 

 

Principal

 

 

 

 

 

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

Municipal Obligations–99.16%

 

 

 

 

 

New York–95.81%

 

 

 

 

 

Albany (County of), NY Airport Authority; Series 2010 A, Ref. RB (a)

5.00%

12/15/2025

$ 500

$

505,995

Albany Capital Resource Corp. (St. Peter's Hospital); Series 2011, RB (a)(b)

6.25%

11/15/2020

1,000

 

1,038,240

Amherst Development Corp. (Daemen College); Series 2018, Ref. RB

5.00%

10/01/2048

435

 

507,080

Battery Park (City of), NY Authority; Series 2019, RB

4.00%

11/01/2044

1,000

 

1,208,980

Brookhaven Local Development Corp. (Jefferson's Ferry); Series 2016, Ref. RB

5.25%

11/01/2036

490

 

586,971

Brooklyn Arena Local Development Corp. (Barclays Center);

 

 

 

 

 

Series 2009, RB (c)

0.00%

07/15/2034

3,685

 

2,402,399

Series 2016 A, Ref. RB

5.00%

07/15/2042

4,795

 

5,596,292

Buffalo & Erie County Industrial Land Development Corp. (Catholic Health System); Series 2015, RB

5.25%

07/01/2035

1,000

 

1,191,580

Buffalo & Erie County Industrial Land Development Corp. (Orchard Park); Series 2015, Ref. RB

5.00%

11/15/2037

1,035

 

1,178,120

Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School); Series 2017 A, RB

5.00%

08/01/2037

825

 

952,256

Build NYC Resource Corp.; Series 2015, RB

5.00%

07/01/2045

1,160

 

1,363,000

Build NYC Resource Corp. (Bronx Charter School for Excellence); Series 2013 A, RB

5.00%

04/01/2033

500

 

543,210

Build NYC Resource Corp. (Children's Aid Society (The)); Series 2019, RB

4.00%

07/01/2044

555

 

660,805

Build NYC Resource Corp. (Metropolitan Lighthouse Charter School); Series 2017 A, RB (d)

5.00%

06/01/2047

1,250

 

1,404,162

Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB (d)(e)

5.00%

01/01/2035

1,100

 

1,240,844

Build NYC Resource Corp. (YMCA of Greater New York);

 

 

 

 

 

Series 2012, RB (a)(b)

5.00%

08/01/2022

350

 

385,032

Series 2012, RB (a)(b)

5.00%

08/01/2022

1,750

 

1,925,157

Dutchess County Local Development Corp. (Health Quest Systems, Inc.);

 

 

 

 

 

Series 2014 A, RB (a)(b)

5.00%

07/01/2024

600

 

706,416

Series 2019 B, Ref. RB

4.00%

07/01/2044

850

 

989,017

Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB

5.00%

06/01/2045

1,275

 

1,275,688

Hudson Yards Infrastructure Corp.;

 

 

 

 

 

Series 2012 A, RB (a)(b)

5.75%

02/15/2021

865

 

906,373

Series 2012 A, RB

5.75%

02/15/2047

535

 

558,706

Series 2017 A, Ref. RB (INS-AGM)(f)

4.00%

02/15/2047

575

 

660,169

Jefferson Civic Facility Development Corp. (Samaritan Medical Center); Series 2017 A, Ref. RB

4.00%

11/01/2047

555

 

597,113

Livingston (County of), NY Industrial Development Agency (Nicholas H. Noyes Memorial Hospital);

 

 

 

 

 

Series 2005, RB

6.00%

07/01/2030

1,000

 

1,000,400

Long Island Power Authority;

 

 

 

 

 

Series 2016 B, Ref. RB

5.00%

09/01/2036

655

 

802,703

Series 2019 A, RB

4.00%

09/01/2038

1,000

 

1,171,830

Metropolitan Transportation Authority;

 

 

 

 

 

Series 2012 H, RB (a)(b)

5.00%

11/15/2022

410

 

457,654

Series 2012 H, RB

5.00%

11/15/2030

340

 

377,475

Series 2013 E, RB (a)(b)

5.00%

11/15/2023

1,000

 

1,160,360

Series 2019 C, RB (INS -AGM)(f)

4.00%

11/15/2045

560

 

661,030

Subseries 2002 G-1H, Ref. RB (67% of 1 mo. USD LIBOR + 0.82%)(b)(g)

1.88%

02/01/2022

795

 

797,059

Metropolitan Transportation Authority (Climate Bond Certified);

 

 

 

 

 

Series 2017, RB

5.25%

11/15/2057

935

 

1,167,899

Subseries 2017 A-1, RB

5.25%

11/15/2057

745

 

915,881

Metropolitan Transportation Authority (Green Bonds); Series 2017 C-2, Ref. RB (c)

0.00%

11/15/2040

3,750

 

2,347,200

Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2011, RB (a)(b)

5.50%

10/01/2021

370

 

397,876

Monroe County Industrial Development Corp. (University of Rochester);

 

 

 

 

 

Series 2011 A, RB (a)(b)

5.00%

07/01/2021

875

 

925,951

Series 2015 A, Ref. RB

5.00%

07/01/2033

785

 

946,474

MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB

5.00%

11/15/2051

4,905

 

5,217,498

Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);

 

 

 

 

 

Series 2014 A, RB

6.50%

01/01/2032

420

 

427,262

Series 2014 A, RB

6.70%

01/01/2049

180

 

180,767

Series 2014 C, RB (h)

2.00%

01/01/2049

65

 

9,744

Nassau County Local Economic Assistance Corp. (South Nassau Communities); Series 2012, Ref. RB

5.00%

07/01/2027

930

 

1,004,419

Nassau County Local Economic Assistance Corp. (Winthrop University Hospital Association);

 

 

 

 

 

Series 2012, Ref. RB (a)(b)

5.00%

07/01/2022

1,200

 

1,315,992

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9Invesco New York Tax Free Income Fund

 

 

 

Principal

 

 

 

Interest

Maturity

Amount

 

 

 

Rate

Date

(000)

 

Value

New York–(continued)

 

 

 

 

 

Nassau County Tobacco Settlement Corp.;

 

 

 

 

 

Series 2006 A-3, RB

5.00%

06/01/2035

$ 750

$

750,068

Series 2006 A-3, RB

5.12%

06/01/2046

615

 

618,622

New York & New Jersey (States of) Port Authority;

 

 

 

 

 

Series 2017 200, Ref. RB

5.25%

10/15/2057

3,120

 

3,865,462

Series 2019, RB

4.00%

11/01/2041

600

 

725,526

Series 2019, RB (e)

4.00%

11/01/2041

250

 

298,363

Series 2019, RB (e)

4.00%

11/01/2047

325

 

384,082

New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);

 

 

 

 

 

Series 1997 6, RB (INS-NATL)(e)(f)

5.75%

12/01/2022

1,270

 

1,306,728

Series 2010, RB

6.00%

12/01/2042

860

 

892,654

New York (City of), NY;

 

 

 

 

 

Series 2017 B-1, GO Bonds

5.00%

12/01/2041

1,000

 

1,241,720

Series 2018 E-1, GO Bonds

5.25%

03/01/2035

1,000

 

1,302,980

Series 2019 A, GO Bonds

5.00%

08/01/2045

880

 

1,133,792

Series 2019 B-1, GO Bonds

5.00%

10/01/2042

595

 

773,649

New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2006, RB (INS

 

 

 

 

 

-AMBAC)(f)

5.00%

01/01/2036

1,140

 

1,153,315

New York (City of), NY Municipal Water Finance Authority;

 

 

 

 

 

Series 2017 DD, RB

5.25%

06/15/2047

2,250

 

2,848,050

Series 2019 CC-1, RB

4.00%

06/15/2049

225

 

268,407

Series 2019 CC-1, RB

5.00%

06/15/2049

630

 

817,538

New York (City of), NY Transitional Finance Authority;

 

 

 

 

 

Series 2009, RB

5.00%

05/01/2028

420

 

421,466

Series 2018 S-3, RB

5.00%

07/15/2043

885

 

1,121,534

Series 2018 S-3, RB

5.25%

07/15/2045

310

 

398,716

Subseries 2011 E, RB

5.00%

11/01/2024

660

 

692,287

Subseries 2014 D-4, VRD RB (i)

1.26%

02/01/2044

100

 

100,000

Subseries 2020 A-3, RB

4.00%

05/01/2044

1,000

 

1,187,850

New York (City of), NY Trust for Cultural Resources (American Museum of Natural History); Series 2014

 

 

 

 

 

A, Ref. RB

5.00%

07/01/2041

1,000

 

1,164,510

New York (City of), NY Trust for Cultural Resources (Carnegie Hall);

 

 

 

 

 

Series 2019, Ref. RB

5.00%

12/01/2034

300

 

407,532

Series 2019, Ref. RB

5.00%

12/01/2036

700

 

945,623

New York (Counties of), NY Tobacco Trust V;

 

 

 

 

 

Series 2005 S-1, RB (c)

0.00%

06/01/2038

3,430

 

1,166,783

Series 2005 S-2, RB (c)

0.00%

06/01/2050

6,770

 

1,099,922

New York (State of) Dormitory Authority;

 

 

 

 

 

Series 2009 C, RB (INS-AGC)(f)

5.00%

10/01/2024

115

 

115,347

Series 2016 A, Ref. RB

5.00%

10/01/2033

600

 

742,092

Series 2019 A, RB

5.00%

10/01/2034

820

 

1,040,637

Series 2019 A, RB

4.00%

07/01/2049

160

 

187,736

Series 2019 B, RB

5.00%

07/01/2050

400

 

518,296

Series 2020 D, Ref. RB

4.00%

02/15/2047

2,000

 

2,397,400

New York (State of) Dormitory Authority (Catholic Health System Obligated Group); Series 2019 A, Ref.

 

 

 

 

 

RB

4.00%

07/01/2045

750

 

873,338

New York (State of) Dormitory Authority (City of New York);

 

 

 

 

 

Series 2005 A, RB (INS -AMBAC)(f)

5.50%

05/15/2027

710

 

933,117

Series 2005 A, RB (INS -AMBAC)(f)

5.50%

05/15/2030

750

 

1,057,672

Series 2005 A, RB (INS -AMBAC)(f)

5.50%

05/15/2031

555

 

794,183

New York (State of) Dormitory Authority (Columbia University); Series 2011 A, RB

5.00%

10/01/2041

510

 

532,374

New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.);

 

 

 

 

 

Series 2007, RB (INS -NATL)(f)

5.25%

07/01/2028

935

 

1,174,482

New York (State of) Dormitory Authority (Fordham University);

 

 

 

 

 

Series 2011 A, RB (a)(b)

5.13%

07/01/2021

500

 

529,940

Series 2020, RB

4.00%

07/01/2046

500

 

590,330

New York (State of) Dormitory Authority (General Purpose); Series 2018 A, Ref. RB

5.25%

03/15/2038

1,500

 

1,966,470

New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai); Series 2015, Ref.

 

 

 

 

 

RB

5.00%

07/01/2045

1,165

 

1,363,015

New York (State of) Dormitory Authority (Marymount Manhattan College); Series 2009, RB

5.25%

07/01/2029

1,000

 

1,018,900

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10

Invesco New York Tax Free Income Fund

 

 

 

Principal

 

 

Interest

Maturity

Amount

 

 

Rate

Date

(000)

Value

New York–(continued)

 

 

 

 

New York (State of) Dormitory Authority (Memorial Sloan-Kettering Cancer Center); Series 1998, RB

 

 

 

 

(INS -NATL)(f)

5.50%

07/01/2023

$ 1,250

$ 1,380,100

New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2020 A, Ref. RB

4.00%

09/01/2050

130

150,773

New York (State of) Dormitory Authority (Mount Sinai Hospital Obligated Group); Series 2011 A, RB (a)(b)

5.00%

07/01/2021

875

924,149

New York (State of) Dormitory Authority (New York University Hospitals Center); Series 2011 A, RB (a)(b)

6.00%

07/01/2020

1,500

1,525,665

New York (State of) Dormitory Authority (New York University); Series 2001 1, RB (INS -BHAC)(f)

5.50%

07/01/2031

1,070

1,456,965

New York (State of) Dormitory Authority (Orange Regional Medical Center);

 

 

 

 

Series 2015, Ref. RB (d)

5.00%

12/01/2045

425

486,570

Series 2017, Ref. RB (d)

5.00%

12/01/2036

1,300

1,569,776

New York (State of) Dormitory Authority (Pace University);

 

 

 

 

Series 2013 A, RB (a)(b)

5.00%

05/01/2023

20

22,677

Series 2013 A, RB

5.00%

05/01/2029

980

1,094,297

New York (State of) Dormitory Authority (Pratt Institute);

 

 

 

 

Series 2015 A, Ref. RB

5.00%

07/01/2044

925

1,057,922

Series 2016, Ref. RB

5.00%

07/01/2039

500

601,795

New York (State of) Dormitory Authority (Rochester Institute of Technology);

 

 

 

 

Series 2010, RB (a)

5.00%

07/01/2040

1,250

1,267,550

Series 2019 A, RB

5.00%

07/01/2049

940

1,192,822

New York (State of) Dormitory Authority (Rockefeller University);

 

 

 

 

Series 2010 A, RB

5.00%

07/01/2041

775

785,083

Series 2019 C, Ref. RB

4.00%

07/01/2049

585

698,513

New York (State of) Dormitory Authority (St. Johns University);

 

 

 

 

Series 2012, RB (a)(b)

5.00%

07/01/2022

5

5,496

Series 2012, RB

5.00%

07/01/2030

635

694,995

New York (State of) Dormitory Authority (St. John's University); Series 2012, RB (a)(b)

5.00%

07/01/2022

580

638,191

New York (State of) Dormitory Authority (St. Joseph's College); Series 2010, RB

5.25%

07/01/2035

500

503,655

New York (State of) Dormitory Authority (State University of New York); Series 2013 A, RB (a)(b)

5.00%

07/01/2023

1,185

1,356,102

New York (State of) Dormitory Authority (The New School);

 

 

 

 

Series 2010, RB (a)(b)

5.50%

07/01/2020

1,245

1,264,522

Series 2011, Ref. RB

5.00%

07/01/2031

750

790,635

New York (State of) Dormitory Authority (Touro College and University System);

 

 

 

 

Series 2014 A, RB

5.50%

01/01/2039

630

727,234

Series 2014 A, RB

5.50%

01/01/2044

700

803,544

New York (State of) Housing Finance Agency; Series 2009 B, VRD RB (LOC-Landesbank Hessen-

 

 

 

 

thrgn)(i)(j)

1.33%

05/01/2042

150

150,000

New York (State of) Power Authority; Series 2011 A, RB

5.00%

11/15/2038

730

778,844

New York (State of) Thruway Authority;

 

 

 

 

Series 2014 J, RB

5.00%

01/01/2034

1,620

1,856,374

Series 2019 B, RB

4.00%

01/01/2045

1,000

1,188,960

New York City Water & Sewer System; Series 2019 AA, Ref. RB

4.00%

06/15/2040

1,500

1,819,800

New York Convention Center Development Corp. (Hotel Unit Fee Secured);

 

 

 

 

Series 2015, Ref. RB

5.00%

11/15/2040

1,500

1,819,905

Series 2016 B, RB (c)

0.00%

11/15/2044

3,270

1,808,800

New York Liberty Development Corp.; Series 2019, Ref. RB

2.80%

09/15/2069

1,215

1,298,507

New York Liberty Development Corp. (3 World Trade Center);

 

 

 

 

Series 2014, Class 1, Ref. RB (d)

5.00%

11/15/2044

1,505

1,695,729

Series 2014, Class 3, Ref. RB (d)

7.25%

11/15/2044

415

498,818

New York Liberty Development Corp. (4 World Trade Center); Series 2011, Ref. RB

5.00%

11/15/2031

875

937,317

New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 2, Ref. RB

5.00%

09/15/2043

1,410

1,518,711

New York Liberty Development Corp. (Goldman Sachs Headquarters);

 

 

 

 

Series 2005, Ref. RB

5.25%

10/01/2035

300

433,803

Series 2007, RB

5.50%

10/01/2037

855

1,302,584

New York State Environmental Facilities Corp. (Municipal Water Finance Authority); Series 2011 B, Ref.

 

 

 

 

RB

5.00%

06/15/2031

1,430

1,506,147

New York State Environmental Facilities Corp. (Pooled Financing Program); Series 2005 B, RB (a)

5.50%

04/15/2035

615

927,992

New York State Urban Development Corp. (Bidding Group); Series 2019 A, Ref. RB

4.00%

03/15/2046

1,500

1,788,675

New York Transportation Development Corp. (American Airlines, Inc.);

 

 

 

 

Series 2016, Ref. RB (e)

5.00%

08/01/2026

1,070

1,123,136

Series 2016, Ref. RB (e)

5.00%

08/01/2031

900

942,417

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11

Invesco New York Tax Free Income Fund

 

 

 

Principal

 

 

Interest

Maturity

Amount

 

 

Rate

Date

(000)

Value

New York–(continued)

 

 

 

 

New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D

 

 

 

 

Redevelopment); Series 2018, RB (e)

5.00%

01/01/2036

$ 2,045

$ 2,522,323

New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);

 

 

 

 

Series 2016 A, RB (e)

5.00%

07/01/2046

1,750

2,014,495

Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB (d)(e)

4.75%

11/01/2042

790

852,963

Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2014 A, Ref.

 

 

 

 

RB (e)

5.00%

04/01/2029

725

828,327

Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. RB

5.25%

05/15/2040

275

297,765

North Syracuse Central School District; Series 2007, Ref. GO Bonds (INS -NATL)(f)

5.00%

06/15/2023

935

1,061,636

Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB (INS

 

 

 

 

-AGM)(f)

4.00%

12/01/2049

1,500

1,744,455

Onondaga (County of), NY Trust for Cultural Resources (Syracuse University);

 

 

 

 

Series 2019, Ref. RB

4.00%

12/01/2041

175

211,503

Series 2019, Ref. RB

5.00%

12/01/2043

350

458,868

Series 2019, Ref. RB

5.00%

12/01/2045

500

653,335

Series 2019, Ref. RB

4.00%

12/01/2047

290

347,084

Series 2019, Ref. RB

4.00%

12/01/2049

315

375,748

Onondaga Civic Development Corp. (Le Moyne College); Series 2010, RB

5.37%

07/01/2040

1,065

1,080,357

Rensselaer (County of), NY Industrial Development Agency (Franciscan Heights, L.P.); Series 2004 A,

 

 

 

 

IDR (LOC - JP Morgan Chase Bank)(e)(j)

5.37%

12/01/2036

1,000

1,003,030

Rockland Tobacco Asset Securitization Corp.;

 

 

 

 

Series 2001, RB

5.75%

08/15/2043

720

738,778

Series 2005 A, RB (c)(d)

0.00%

08/15/2045

4,000

916,400

Series 2005 C, RB (c)(d)

0.00%

08/15/2060

25,000

1,211,750

Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.); Series 2010, Ref. RB

 

 

 

 

(a)

6.00%

12/01/2040

465

483,047

 

Suffolk Economic Development Corp. (Catholic Health Services); Series 2014 C, RB

5.00%

07/01/2032

415

477,478

Syracuse (City of), NY; Series 2011 A, GO Bonds (e)

5.00%

11/01/2036

1,000

1,062,830

Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB (e)

5.00%

01/01/2035

755

845,441

Tompkins (County of), NY Industrial Development Agency (Cornell University); Series 2008 A, RB

5.00%

07/01/2037

250

253,353

Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);

 

 

 

 

Series 2013 A, RB

5.00%

07/01/2032

1,250

812,500

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);

 

 

 

 

Series 2019 C, RB

4.00%

11/15/2042

750

905,985

Series 2019 C, RB

4.00%

11/15/2043

750

903,848

Troy Capital Resource Corp. (Rensselaer Polytechnic Institute); Series 2010 A, RB (a)

5.00%

09/01/2030

1,250

1,275,537

TSASC, Inc.;

 

 

 

 

Series 2016 B, Ref. RB

5.00%

06/01/2048

930

973,636

Series 2017 A, Ref. RB

5.00%

06/01/2036

1,345

1,616,139

Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation

 

 

 

 

Facilities); Series 2017 A, RB (d)(e)

7.00%

06/01/2046

470

538,775

Westchester Local Development Corp. (Westchester Medical Center Obligated Group); Series 2016, Ref.

 

 

 

 

RB

5.00%

11/01/2046

1,000

1,150,870

Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB

5.13%

06/01/2051

1,295

1,395,893

Yonkers Economic Development Corp. (Charter School Education Excellence);

 

 

 

 

Series 2010 A, RB

6.25%

10/15/2040

1,000

1,025,580

Series 2019 A, RB

5.00%

10/15/2039

420

495,865

Series 2019 A, RB

5.00%

10/15/2049

640

743,322

Series 2019 A, RB

5.00%

10/15/2054

465

535,880

 

 

 

 

168,801,933

Guam–2.10%

 

 

 

 

Guam (Territory of);

 

 

 

 

Series 2011 A, RB

5.25%

01/01/2036

550

585,282

Series 2015 D, Ref. RB

5.00%

11/15/2039

750

867,345

Guam (Territory of) Power Authority;

 

 

 

 

Series 2010 A, RB (a)(b)

5.50%

10/01/2020

450

462,164

Series 2012 A, Ref. RB

5.00%

10/01/2034

610

663,375

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12

Invesco New York Tax Free Income Fund

 

 

 

 

Principal

 

 

 

 

Interest

Maturity

Amount

 

 

 

 

Rate

Date

(000)

 

Value

Guam–(continued)

 

 

 

 

 

 

Guam (Territory of) Waterworks Authority;

 

 

 

 

 

 

Series 2010, RB (a)(b)

5.62%

07/01/2020

$

740

$

751,899

Series 2014 A, Ref. RB

5.00%

07/01/2029

 

325

 

369,889

 

 

 

 

 

 

 

3,699,954

Virgin Islands–0.89%

 

 

 

 

 

 

Virgin Islands (Government of) Port Authority; Series 2014 A, Ref. RB (e)

5.00%

09/01/2029

 

665

 

689,938

Virgin Islands (Government of) Public Finance Authority; Series 2015, RB (d)

5.00%

09/01/2030

 

770

 

872,525

 

 

 

 

 

 

 

1,562,463

Puerto Rico–0.36%

 

 

 

 

 

 

Children's Trust Fund; Series 2002, RB

5.38%

05/15/2033

 

270

 

277,430

Puerto Rico Sales Tax Financing Corp.; Series 2018 A-1, RB (c)

0.00%

07/01/2027

 

420

 

359,277

 

 

 

 

 

 

 

636,707

TOTAL INVESTMENTS IN SECURITIES(k)–99.16% (Cost $160,701,539)

 

 

 

 

 

174,701,057

OTHER ASSETS LESS LIABILITIES–0.84%

 

 

 

 

 

1,481,685

NET ASSETS–100.00%

 

 

 

 

$

176,182,742

Investment Abbreviations:

 

 

 

 

 

 

AGC

– Assured Guaranty Corp.

 

 

 

 

 

 

AGM

– Assured Guaranty Municipal Corp.

 

 

 

 

 

 

AMBAC – American Municipal Bond Assurance Corp.

 

 

 

 

 

 

BHAC

– Berkshire Hathaway Assurance Corp.

 

 

 

 

 

 

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.

 

 

 

 

 

 

RB

– Revenue Bonds

 

 

 

 

 

 

Ref.

– Refunding

 

 

 

 

 

 

USD

– U.S. Dollar

 

 

 

 

 

 

VRD

– Variable Rate Demand

 

 

 

 

 

 

Notes to Schedule of Investments:

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

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

(c)Zero coupon bond issued at a discount.

(d)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $11,288,312, which represented 6.41% of the Fund's Net Assets.

(e)Security subject to the alternative minimum tax.

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

(g)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.

(h)Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at February 29, 2020 represented less than 1% of the Fund's Net Assets.

(i)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 29, 2020.

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

(k)Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's obligation 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.

13

Invesco New York Tax Free Income Fund

Statement of Assets and Liabilities

February 29, 2020

Assets:

 

Investments in securities, at value

 

(Cost $160,701,539)

$174,701,057

Receivable for:

 

Fund shares sold

149,348

Interest

1,732,048

Investment for trustee deferred compensation and

 

retirement plans

44,176

Other assets

21,678

Total assets

176,648,307

Liabilities:

 

Payable for:

 

Dividends

144,251

Fund shares reacquired

69,949

Amount due custodian

10,394

Accrued fees to affiliates

64,658

Accrued trustees' and officers' fees and benefits

2,458

Accrued other operating expenses

81,193

Trustee deferred compensation and retirement plans

92,662

Total liabilities

465,565

Net assets applicable to shares outstanding

$176,182,742

Net assets consist of:

 

Shares of beneficial interest

$168,253,829

Distributable earnings

7,928,913

 

$176,182,742

Net Assets:

 

 

Class A

$

143,768,380

Class C

$

14,618,314

Class Y

$

15,570,393

Class R6

$

2,225,655

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A

 

8,957,936

Class C

 

912,597

Class Y

 

971,171

Class R6

 

138,871

Class A:

 

 

Net asset value per share

$

16.05

Maximum offering price per share

 

 

(Net asset value of $16.05 ÷ 95.75%)

$

16.76

Class C:

 

 

Net asset value and offering price per share

$

16.02

Class Y:

 

 

Net asset value and offering price per share

$

16.03

Class R6:

 

 

Net asset value and offering price per share

$

16.03

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14

Invesco New York Tax Free Income Fund

Statement of Operations

For the year ended February 29, 2020

Investment income:

 

 

 

Interest

$

6,415,083

 

Expenses:

 

 

 

Advisory fees

 

764,853

 

Administrative services fees

 

23,203

 

Custodian fees

 

1,734

 

Distribution fees:

 

 

 

Class A

 

320,406

 

Class C

 

155,947

 

Transfer agent fees — A, C and Y

 

132,113

 

Transfer agent fees — R6

 

578

 

Trustees' and officers' fees and benefits

 

20,652

 

Registration and filing fees

 

53,675

 

Reports to shareholders

 

22,966

 

Professional services fees

 

67,051

 

Other

 

(86,748)

Total expenses

 

1,476,430

 

Less: Expense offset arrangement(s)

 

(238)

Net expenses

 

1,476,192

 

Net investment income

 

4,938,891

 

Realized and unrealized gain from:

 

 

 

Net realized gain from investment securities

 

2,043,991

 

Change in net unrealized appreciation of investment securities

 

7,481,376

 

Net realized and unrealized gain

 

9,525,367

 

Net increase in net assets resulting from operations

$14,464,258

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15

Invesco New York Tax Free Income Fund

Statement of Changes in Net Assets

For the years ended February 29, 2020 and February 28, 2019

 

 

2020

 

2019

 

 

Operations:

 

 

 

 

 

 

Net investment income

$

4,938,891

$

5,467,278

 

Net realized gain (loss)

 

2,043,991

 

(589,504)

 

 

 

 

 

 

Change in net unrealized appreciation (depreciation)

 

7,481,376

 

(1,148,927)

Net increase in net assets resulting from operations

 

14,464,258

 

3,728,847

 

Distributions to shareholders from distributable earnings:

 

 

 

 

 

 

Class A

 

(4,179,257)

 

(3,979,497)

 

 

 

 

 

 

Class C

 

(397,597)

 

(640,076)

 

 

 

 

 

 

Class Y

 

(605,919)

 

(779,022)

 

 

 

 

 

 

Class R6

 

(66,924)

 

(67,660)

 

 

 

 

 

 

Total distributions from distributable earnings

 

(5,249,697)

 

(5,466,255)

Share transactions–net:

 

 

 

 

 

 

Class A

 

20,138,748

 

(409,875)

 

 

 

 

 

 

Class C

 

(1,944,233)

 

(8,898,379)

 

 

 

 

 

 

Class Y

 

(3,096,101)

 

(3,899,868)

 

 

 

 

 

 

Class R6

 

661,069

 

(393,880)

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from share transactions

 

15,759,483

 

(13,602,002)

 

 

 

 

 

 

Net increase (decrease) in net assets

 

24,974,044

 

(15,339,410)

Net assets:

 

 

 

 

 

 

Beginning of year

 

151,208,698

 

166,548,108

 

End of year

$

176,182,742

$151,208,698

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16

Invesco New York Tax Free Income Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

 

 

 

 

 

 

 

 

 

 

 

Supplemental

 

 

 

 

 

 

 

 

 

 

 

 

 

ratio of

 

 

 

 

 

 

 

 

 

 

 

 

 

expenses

 

 

 

 

 

 

 

 

 

 

 

Ratio of

Ratio of

to average

 

 

 

 

 

 

 

 

 

 

 

expenses

expenses

net assets

 

 

 

 

 

Net gains

 

 

 

 

 

to average

to average net

with fee waivers

 

 

 

 

 

(losses)

 

 

 

 

 

net assets

assets without

(excluding

Ratio of net

 

 

Net asset

 

on securities

 

Dividends

 

 

 

with fee waivers

fee waivers

interest,

investment

 

 

value,

Net

(both

Total from

from net

Net asset

 

Net assets,

and/or

and/or

facilities and

income

 

 

beginning

investment

realized and

investment

investment

value, end

Total

end of period

expenses

expenses

maintenance

to average

Portfolio

 

of period

income(a)

unrealized)

operations

income

of period

return (b)

(000's omitted)

absorbed

absorbed

fees)

net assets

turnover (c)

Class A

 

 

 

 

 

 

 

 

0.86%(d)

0.86%(d)

0.92%(d)

3.08%(d)

 

Year ended 02/29/20

$15.16

$0.48

$ 0.92

$ 1.40

$(0.51)

$16.05

9.38%

$143,768

21%

Year ended 02/28/19

15.32

0.54

(0.16)

0.38

(0.54)

15.16

2.52

116,333

1.21

1.21

0.99

3.54

6

Year ended 02/28/18

15.42

0.54

(0.12)

0.42

(0.52)

15.32

2.71

117,918

1.36

1.36

0.98

3.46

14

Year ended 02/28/17

16.00

0.52

(0.58)

(0.06)

(0.52)

15.42

(0.44)

124,150

1.09

1.09

0.95

3.24

25

Year ended 02/29/16

16.01

0.58

0.00

0.58

(0.59)

16.00

3.73

132,678

1.00

1.00

0.95

3.67

7

Class C

 

 

 

 

 

 

 

 

1.61(d)

1.61(d)

1.67(d)

2.33(d)

21

Year ended 02/29/20

15.13

0.36

0.92

1.28

(0.39)

16.02

8.59

14,618

Year ended 02/28/19

15.30

0.43

(0.17)

0.26

(0.43)

15.13

1.72(e)

15,703

1.95(e)

1.95(e)

1.73(e)

2.80(e)

6

Year ended 02/28/18

15.40

0.42

(0.11)

0.31

(0.41)

15.30

2.00

24,888

2.11

2.11

1.73

2.71

14

Year ended 02/28/17

15.99

0.40

(0.59)

(0.19)

(0.40)

15.40

(1.26)

27,856

1.84

1.84

1.70

2.49

25

Year ended 02/29/16

15.99

0.46

0.01

0.47

(0.47)

15.99

3.02

25,833

1.75

1.75

1.70

2.92

7

Class Y

 

 

 

 

 

 

 

 

0.61(d)

0.61(d)

0.67(d)

3.33(d)

21

Year ended 02/29/20

15.15

0.52

0.91

1.43

(0.55)

16.03

9.59

15,570

Year ended 02/28/19

15.31

0.58

(0.16)

0.42

(0.58)

15.15

2.78

17,714

0.96

0.96

0.74

3.79

6

Year ended 02/28/18

15.40

0.58

(0.11)

0.47

(0.56)

15.31

3.03

21,868

1.11

1.11

0.73

3.71

14

Year ended 02/28/17

15.99

0.56

(0.59)

(0.03)

(0.56)

15.40

(0.26)

17,946

0.84

0.84

0.70

3.49

25

Year ended 02/29/16

16.00

0.62

0.00

0.62

(0.63)

15.99

3.99

11,125

0.75

0.75

0.70

3.92

7

Class R6

 

 

 

 

 

 

 

 

0.56(d)

0.56(d)

0.62(d)

3.38(d)

21

Year ended 02/29/20

15.14

0.53

0.92

1.45

(0.56)

16.03

9.72

2,226

Year ended 02/28/19

15.30

0.59

(0.17)

0.42

(0.58)

15.14

2.83

1,459

0.88

0.88

0.66

3.87

6

Year ended 02/28/18(f)

15.43

0.52

(0.14)

0.38

(0.51)

15.30

2.47

1,875

1.06(g)

1.06(g)

0.68(g)

3.76(g)

14

(a)Calculated using average shares outstanding.

(b)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.

(c)Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

(d)Ratios are based on average daily net assets (000's omitted) of $128,162, $15,595, $17,092 and $1,885 for Class A, Class C, Class Y and Class R6 shares, respectively.

(e)The total return, ratio 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, 2019.

(f)Commencement date of April 04, 2017.

(g)Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17

Invesco New York Tax Free Income Fund

Notes to Financial Statements

February 29, 2020

NOTE 1—Significant Accounting Policies

Invesco New York Tax Free 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, New York State and New York City income taxes, 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 ten 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 tenth 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 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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. 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 either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 and the country that has the primary market for the issuer's securities, 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

18

Invesco New York Tax Free Income Fund

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.

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 relative net assets.

G.Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

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.Cash and Cash Equivalents – For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

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 generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund's net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB 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 from engaging in proprietary trading of certain instruments and limit such entities' investments in, and relationships with, "covered funds", as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as "sponsors" of TOB Trusts. These duties may be performed by a third-party service provider. The Fund's expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust's municipal bonds. 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 Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and 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

19

Invesco New York Tax Free Income Fund

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 value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. 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 could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund's transaction costs.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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

0.470%

Over $500 million

0.445%

 

 

For the year ended February 29, 2020, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (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 contractually agreed, through at least June 30, 2020, 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 average daily net assets (the "expense 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. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2020. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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 29, 2020, 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 29, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. ("IDI"). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the "Plans") for Class A shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% of Class C average daily net assets. The fees are accrued daily and paid monthly.

With respect to Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the year ended February 29, 2020, expenses incurred under these agreements 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 29, 2020, IDI advised the Fund that IDI retained $19,892 in front-end sales commissions from the sale of Class A shares and $2,653 and $165 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 or are unreliable. 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.

20

Invesco New York Tax Free Income Fund

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own 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 29, 2020, 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 or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 29, 2020, the Fund engaged in securities purchases of $20,310,566 and securities sales of $32,219,169, which did not result in any net realized gains (losses).

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 29, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $238.

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. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate 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 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

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 held during the year ended February 29, 2020 were $17,663,333 and 1.52%, respectively. The Fund did not have any floating rate note obligations outstanding at February 29, 2020.

NOTE 8—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 29, 2020 and February 28, 2019:

 

 

2020

 

2019

 

 

Ordinary income-tax-exempt

$5,249,697

 

$5,466,255

 

 

 

 

 

 

 

 

Tax Components of Net Assets at Period-End:

 

 

 

 

 

 

 

 

 

2020

 

 

Undistributed tax-exempt income

 

$

22,219

 

 

Net unrealized appreciation — investments

 

 

14,112,190

 

 

 

 

 

 

Temporary book/tax differences

 

 

(84,650)

 

 

 

 

 

Capital loss carryforward

 

 

(6,120,846)

Shares of beneficial interest

 

 

168,253,829

 

 

 

 

 

Total net assets

 

$176,182,742

 

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 book to tax accretion and amortization differences.

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.

21

Invesco New York Tax Free Income Fund

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 29, 2020, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$5,688,878

$431,968

$6,120,846

 

 

 

 

*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. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 29, 2020 was $35,069,928 and $34,956,734, respectively. Cost of investments, including any derivatives, on a tax basis 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

Aggregate unrealized appreciation of investments

$14,978,180

 

Aggregate unrealized (depreciation) of investments

(865,990)

Net unrealized appreciation of investments

$14,112,190

 

Cost of investments for tax purposes is $160,588,867.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of nondeductible federal income tax expense and market discount adjustments, on February 29, 2020, undistributed net investment income was increased by $1,327, undistributed net realized gain (loss) was increased by $2,962 and shares of beneficial interest was decreased by $4,289. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information

Summary of Share Activity

 

Year ended

 

Year ended

 

February 29, 2020(a)

 

 

February 28, 2019

 

 

Shares

Amount

 

Shares

Amount

Sold:

 

 

 

 

 

 

 

 

Class A

2,164,156

$ 33,770,425

1,267,360

$ 19,170,828

Class C

185,229

2,883,597

129,036

1,951,016

 

Class Y

253,796

3,947,425

473,850

7,187,607

Class R6

47,770

743,258

27,499

415,993

 

Issued as reinvestment of dividends:

 

 

 

 

 

 

 

 

Class A

165,551

2,586,571

183,341

2,783,424

 

Class C

18,225

283,981

30,033

455,232

 

Class Y

22,083

344,426

30,552

463,517

 

Class R6

3,561

55,601

3,883

58,915

 

Automatic conversion of Class C shares to Class A shares:

 

 

 

 

 

 

 

 

Class A

130,362

2,037,455

-

-

 

 

Class C

(130,613)

(2,037,455)

-

-

 

 

Reacquired:

 

 

 

 

 

 

 

 

Class A

(1,174,543)

(18,255,703)

(1,474,610)

(22,364,127)

 

 

 

 

 

 

Class C

(197,828)

(3,074,356)

(748,552)

(11,304,627)

 

 

 

 

 

 

Class Y

(474,303)

(7,387,952)

(763,581)

(11,550,992)

 

 

 

 

 

 

Class R6

(8,826)

(137,790)

(57,590)

(868,788)

 

 

 

 

 

 

Net increase (decrease) in share activity

1,004,620

$ 15,759,483

(898,779)

$(13,602,002)

 

 

 

 

 

 

 

 

 

(a)There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 66% 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.

NOTE 12—Significant Event

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the "Agreement") pursuant to which the Fund would transfer all of its assets and liabilities to Invesco Oppenheimer Rochester® Municipals Fund (the "Acquiring Fund").

The reorganization is expected to be consummated on May 15, 2020. Upon closing of the reorganization, shareholders of the Fund will receive shares of the Acquiring Fund in exchange for their shares of the Fund, and the Fund will liquidate and cease operations.

22

Invesco New York Tax Free Income Fund

NOTE 13—Subsequent Event

During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund's ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Fund should be immaterial.

23

Invesco New York Tax Free Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco New York Tax Free Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco New York Tax Free Income Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), hereafter referred to as the "Fund") as of February 29, 2020, the related statement of operations for the year ended February 29, 2020, the statement of changes in net assets for each of the two years in the period ended February 29, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (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 29, 2020, 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 29, 2020 and the financial highlights for each of the periods indicated therein 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 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2020

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 New York Tax Free Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2019 through February 29, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

 

 

 

 

HYPOTHETICAL

 

 

 

 

 

 

(5% annual return before

 

 

 

 

ACTUAL

 

expenses)

 

 

Beginning

Ending

 

Expenses

Ending

 

Expenses

Annualized

 

Account Value

Account Value

 

Paid During

Account Value

 

Paid During

Expense

 

(09/01/19)

(02/29/20)1

 

Period2

(02/29/20)

 

Period2

Ratio

Class A

$1,000.00

$1,030.80

 

$2.83

$1,022.08

 

$2.82

0.56%

 

 

 

 

 

 

 

 

 

Class C

1,000.00

1,027.00

 

6.60

1,018.35

 

6.57

1.31

 

 

 

 

 

 

 

 

 

Class Y

1,000.00

1,031.50

 

1.57

1,023.32

 

1.56

0.31

 

 

 

 

 

 

 

 

 

Class R6

1,000.00

1,032.40

 

1.31

1,023.57

 

1.31

0.26

1The actual ending account value is based on the actual total return of the Fund for the period September 1, 2019 through February 29, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses.

2Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

25

Invesco New York Tax Free 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 29, 2020:

Federal and State Income Tax

Qualified Dividend Income*

0%

Corporate Dividends Received Deduction*

0%

U.S. Treasury Obligations*

0%

Tax-Exempt Interest Dividends*

100%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

26

Invesco New York Tax Free Income Fund

Trustees and Officers

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

 

Trustee

 

Number of

Other

Name, Year of Birth and

 

Funds in

Directorship(s)

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Interested Trustee

 

 

 

 

Martin L. Flanagan1 — 1960

2007

Executive Director, Chief Executive Officer and President, Invesco Ltd.

229

None

Trustee and Vice Chair

 

(ultimate parent of Invesco and a global investment management firm);

 

 

 

 

Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board, SMU Cox School of Business

 

 

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer,

 

 

 

 

Invesco Advisers, Inc. (registered investment adviser); Director, Chairman,

 

 

 

 

Chief Executive Officer and President, Invesco Holding Company (US), Inc.

 

 

 

 

(formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service

 

 

 

 

provider) and Invesco North American Holdings, Inc. (holding company);

 

 

 

 

Director, Chief Executive Officer and President, Invesco Holding Company

 

 

 

 

Limited (parent of Invesco and a global investment management firm);

 

 

 

 

Director, Invesco Ltd.; Chairman, Investment Company Institute and President,

 

 

 

 

Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief

 

 

 

 

Financial Officer, Franklin Resources, Inc. (global investment management

 

 

 

 

organization)

 

 

1Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1

Invesco New York Tax Free Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees

 

 

 

 

Bruce L. Crockett – 1944

1993

Chairman, Crockett Technologies Associates (technology consulting company)

229

Director and

Trustee and Chair

 

Formerly: Director, Captaris (unified messaging provider); Director, President

 

Chairman of the

 

 

 

Audit Committee,

 

 

and Chief Executive Officer, COMSAT Corporation; Chairman, Board of

 

 

 

 

ALPS (Attorneys

 

 

Governors of INTELSAT (international communications company); ACE Limited

 

 

 

 

Liability

 

 

(insurance company); Independent Directors Council and Investment Company

 

 

 

 

Protection

 

 

Institute: Member of the Audit Committee, Investment Company Institute;

 

 

 

 

Society)

 

 

Member of the Executive Committee and Chair of the Governance Committee,

 

 

 

 

(insurance

 

 

Independent Directors Council

 

 

 

 

company);

 

 

 

 

 

 

 

 

Director and

 

 

 

 

Member of the

 

 

 

 

Audit Committee

 

 

 

 

and

 

 

 

 

Compensation

 

 

 

 

Committee,

 

 

 

 

Ferroglobe PLC

 

 

 

 

(metallurgical

 

 

 

 

company)

David C. Arch – 1945

2010

Chairman of Blistex Inc. (consumer health care products manufacturer);

229

Board member of

Trustee

 

Member, World Presidents' Organization

 

the Illinois

 

 

 

 

Manufacturers'

 

 

 

 

Association

Beth Ann Brown – 1968

2019

Independent Consultant

229

Director, Board of

Trustee

 

Formerly: Head of Intermediary Distribution, Managing Director, Strategic

 

Directors of

 

 

 

Caron

 

 

Relations, Managing Director, Head of National Accounts, Senior Vice

 

 

 

 

Engineering Inc.;

 

 

President, National Account Manager and Senior Vice President, Key Account

 

 

 

 

Advisor, Board of

 

 

Manager, Columbia Management Investment Advisers LLC; Vice President, Key

 

 

 

 

Advisors of Caron

 

 

Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain

 

 

 

 

Engineering Inc.;

 

 

Oppenheimer Funds

 

 

 

 

President and

 

 

 

 

 

 

 

 

Director, Acton

 

 

 

 

Shapleigh Youth

 

 

 

 

Conservation

 

 

 

 

Corps (non -

 

 

 

 

profit); and Vice

 

 

 

 

President and

 

 

 

 

Director of

 

 

 

 

Grahamtastic

 

 

 

 

Connection (non-

 

 

 

 

profit)

Jack M. Fields – 1952

1997

 

229

Member, Board of Directors of

Trustee

 

 

 

Baylor College of Medicine

Cynthia Hostetler —1962

2017

Non-Executive Director and Trustee of a number of public and private business

229

Vulcan Materials

Trustee

 

corporations

 

Company

 

 

Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of

 

(construction

Investment Funds and Private Equity, Overseas Private Investment

materials

company); Trilinc

Corporation; President, First Manhattan Bancorporation, Inc.; Attorney,

Global Impact

Simpson Thacher & Bartlett LLP

Fund; Genesee &

 

 

Wyoming, Inc.

 

(railroads); Artio

 

Global Investment

 

LLC (mutual fund

 

complex); Edgen

 

Group, Inc.

 

(specialized

 

energy and

 

infrastructure

 

products

 

distributor);

 

Investment

 

Company Institute

 

(professional

 

organization);

 

Independent

 

Directors Council

 

(professional

 

organization)

T-2

Invesco New York Tax Free Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees—(continued)

 

 

 

Eli Jones – 1961

2016

Professor and Dean, Mays Business School - Texas A&M University

229

Insperity, Inc.

Trustee

 

Formerly: Professor and Dean, Walton College of Business, University of

 

(formerly known

 

 

 

as Administaff)

 

 

Arkansas and E.J. Ourso College of Business, Louisiana State University;

 

 

 

 

(human resources

 

 

Director, Arvest Bank

 

 

 

 

provider)

 

 

 

 

 

 

 

 

 

Elizabeth Krentzman – 1959

2019

Formerly: Principal and Chief Regulatory Advisor for Asset Management

229

Trustee of the

Trustee

 

Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General

 

University of

 

 

Counsel of the Investment Company Institute (trade association); National

 

Florida National

 

 

Director of the Investment Management Regulatory Consulting Practice,

 

Board Foundation

 

 

Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant

 

and Audit

 

 

Director of the Division of Investment Management - Office of Disclosure and

 

Committee

 

 

Investment Adviser Regulation of the U.S. Securities and Exchange

 

Member; Member

 

 

Commission and various positions with the Division of Investment Management

 

of the Cartica

 

 

– Office of Regulatory Policy of the U.S. Securities and Exchange Commission;

 

Funds Board of

 

 

Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and

 

Directors (private

 

 

Exchange Commission Historical Society; and Trustee of certain Oppenheimer

 

investment

 

 

Funds

 

funds); Member

 

 

 

 

of the University

 

 

 

 

of Florida Law

 

 

 

 

Center

 

 

 

 

Association, Inc.

 

 

 

 

Board of Trustees

 

 

 

 

and Audit

 

 

 

 

Committee

 

 

 

 

Member

Anthony J. LaCava, Jr. – 1956

2019

Formerly: Director and Member of the Audit Committee, Blue Hills Bank

229

Blue Hills Bank;

Trustee

 

(publicly traded financial institution) and Managing Partner, KPMG LLP

 

Chairman,

 

 

 

 

Bentley

 

 

 

 

University;

 

 

 

 

Member,

 

 

 

 

Business School

 

 

 

 

Advisory Council;

 

 

 

 

and Nominating

 

 

 

 

Committee

 

 

 

 

KPMG LLP

Prema Mathai-Davis – 1950

1998

Retired

229

None

Trustee

 

Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment

 

 

 

 

 

 

 

 

Research Platform for the Self-Directed Investor)

 

 

 

 

 

 

 

Joel W. Motley – 1952

2019

Director of Office of Finance, Federal Home Loan Bank System; Member of the

229

Member of Board

Trustee

 

Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc.

 

of Greenwall

 

 

(privately held financial advisor); Member of the Council on Foreign Relations

 

Foundation

 

 

and its Finance and Budget Committee; Chairman Emeritus of Board of Human

 

(bioethics research

 

 

Rights Watch and Member of its Investment Committee; and Member of

 

foundation)

 

 

Investment Committee and Board of Historic Hudson Valley (non-profit cultural

 

and its Investment

 

 

organization)

 

Committee;

 

 

Formerly: Managing Director of Public Capital Advisors, LLC (privately held

 

Member of Board of

 

 

 

Friends of the LRC

 

 

financial advisor); Managing Director of Carmona Motley Hoffman, Inc.

 

 

 

 

(non-profit legal advocacy);

 

 

(privately held financial advisor); Trustee of certain Oppenheimer Funds; and

 

 

 

 

Board Member

 

 

Director of Columbia Equity Financial Corp. (privately held financial advisor)

 

 

 

 

and Investment

 

 

 

 

 

 

 

 

Committee

 

 

 

 

Member of

 

 

 

 

Pulitzer Center for

 

 

 

 

Crisis Reporting

 

 

 

 

(non-profit journalism)

Teresa M. Ressel — 1962

2017

Non-executive director and trustee of a number of public and private business

229

Atlantic Power

Trustee

 

corporations

 

Corporation

 

 

Formerly: Chief Financial Officer, Olayan America, The Olayan Group

 

(power generation

 

 

 

company); ON

 

 

(international investor/commercial/industrial); Chief Executive Officer, UBS

 

 

 

 

Semiconductor

 

 

Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant

 

 

 

 

Corp.

 

 

Secretary for Management & Budget and CFO, US Department of the Treasury

 

 

 

 

(semiconductor

 

 

 

 

 

 

 

 

supplier)

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston Endowment Inc. (private

229

Federal Reserve

Trustee

 

philanthropic institution)

 

Bank of Dallas

Formerly: Executive Vice President and General Counsel, Texas Children's

Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor,

University of St. Thomas; Attorney, Andrews & Kurth LLP

T-3

Invesco New York Tax Free Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

 

 

 

 

Funds

Other

 

Trustee

 

in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Independent Trustees—(continued)

 

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of Denver – Daniels College of

 

 

 

 

 

 

 

 

Business; Senior Partner, KPMG LLP

 

 

 

 

 

 

 

Daniel S. Vandivort –1954

2019

Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board

229

Chairman and

Trustee

 

of Trustees, Huntington Disease Foundation of America; and President, Flyway

 

Lead Independent

 

 

Advisory Services LLC (consulting and property management)

 

Director,

 

 

Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds

 

Chairman of the

 

 

 

Audit Committee,

 

 

 

 

 

 

 

 

and Director,

 

 

 

 

Board of

 

 

 

 

Directors, Value

 

 

 

 

Line Funds

James D. Vaughn – 1945

2019

Retired

229

Board member

Trustee

 

Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of

 

and Chairman of

 

 

 

Audit Committee

 

 

the Audit Committee, Schroder Funds; Board Member, Mile High United Way,

 

 

 

 

of AMG National

 

 

Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts,

 

 

 

 

Trust Bank;

 

 

Economic Club of Colorado and Metro Denver Network (economic development

 

 

 

 

Trustee and

 

 

corporation); and Trustee of certain Oppenheimer Funds

 

 

 

 

Investment

 

 

 

 

 

 

 

 

Committee

 

 

 

 

member,

 

 

 

 

University of

 

 

 

 

South Dakota

 

 

 

 

Foundation;

 

 

 

 

Board member,

 

 

 

 

Audit Committee

 

 

 

 

Member and past

 

 

 

 

Board Chair,

 

 

 

 

Junior

 

 

 

 

Achievement

 

 

 

 

(non-profit)

Christopher L. Wilson -

2017

Retired

229

ISO New

1957

 

Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22

 

England, Inc.

Trustee, Vice Chair and Chair

 

 

(non-profit

 

portfolios); Managing Partner, CT2, LLC (investing and consulting firm);

 

Designate

 

 

organization

 

President/Chief Executive Officer, Columbia Funds, Bank of America

 

 

 

 

 

Corporation; President/Chief Executive Officer, CDC IXIS Asset Management

managing

regional electricity

Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder,

market)

Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

 

T-4

Invesco New York Tax Free Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers

 

 

 

 

Sheri Morris — 1964

1999

Head of Global Fund Services, Invesco Ltd.; President, Principal Executive

N/A

N/A

President, Principal Executive

 

Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers,

 

 

Officer and Treasurer

 

Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust; and Vice President,

 

 

 

 

OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal Financial Officer, The Invesco Funds;

 

 

 

 

Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management,

 

 

 

 

Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President

 

 

 

 

and Assistant Treasurer, The Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM

 

 

 

 

Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded

 

 

 

 

Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded

 

 

 

 

Fund Trust

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The Invesco Funds

N/A

N/A

Senior Vice President and Senior

 

 

 

 

Officer

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and

N/A

N/A

Senior Vice President, Chief Legal

 

Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional

 

 

Officer and Secretary

 

(N.A.), Inc.) (registered investment adviser); Senior Vice President and

 

 

 

 

Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM

 

 

 

 

Distributors, Inc.); Vice President and Secretary, Invesco Investment Services,

 

 

 

 

Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice

 

 

 

 

President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers LLC (formerly known as Van

 

 

 

 

Kampen Asset Management); Secretary and General Counsel, Invesco Capital

 

 

 

 

Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund

 

 

 

 

Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal,

 

 

 

 

Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO

 

 

 

 

Private Capital Investments, Inc.; Senior Vice President, Secretary and General

 

 

 

 

Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM

 

 

 

 

Management Group, Inc.); Assistant Secretary, INVESCO Asset Management

 

 

 

 

(Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and

 

 

 

 

General Counsel, Invesco Senior Secured Management, Inc.; and Secretary,

 

 

 

 

Sovereign G./P. Holdings Inc.

 

 

Andrew R. Schlossberg – 1974

2019

Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco

 

 

 

 

Institutional (N.A.), Inc.) (registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM

 

 

 

 

Investment Services, Inc.) (registered transfer agent); Senior Vice President,

 

 

 

 

The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known

 

 

 

 

as Van Kampen Asset Management); Director, President and Chairman, Invesco

 

 

 

 

Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco

 

 

 

 

Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice

 

 

 

 

President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional (N.A.), Inc.) (registered investment

 

 

 

 

adviser); Director and Chief Executive, Invesco Administration Services Limited

 

 

 

 

and Invesco Global Investment Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust;

 

 

 

 

Managing Director and Principal Executive Officer, Invesco Capital

 

 

 

 

Management LLC

 

 

T-5

Invesco New York Tax Free Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers—(continued)

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas; Senior Vice President, Invesco

N/A

N/A

Senior Vice President

 

Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly

 

 

 

 

known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director,

 

 

 

 

Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset Management); Senior Vice President,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.);

 

 

 

 

Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC;

 

 

 

 

Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member,

 

 

 

 

Invesco Canada Funds Advisory Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and

 

 

 

 

Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd.

 

 

 

 

(formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered

 

 

 

 

investment adviser and registered transfer agent); President, Invesco, Inc.

 

 

 

 

Formerly: Director and Senior Vice President, Invesco Management Group, Inc.

 

 

 

 

(formerly known as Invesco AIM Management Group, Inc.); Secretary and

 

 

 

 

General Counsel, Invesco Management Group, Inc. (formerly known as Invesco

 

 

 

 

AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer

 

 

 

 

and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco

 

 

 

 

Investment Advisers LLC (formerly known as Van Kampen Asset Management);

 

 

 

 

Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund

 

 

 

 

Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC;

 

 

 

 

Director, Secretary, General Counsel and Senior Vice President, Van Kampen

 

 

 

 

Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc.

 

 

 

 

(formerly known as INVESCO Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen

 

 

 

 

Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van

 

 

 

 

Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors,

 

 

 

 

Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice

 

 

 

 

President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van

 

 

 

 

Kampen Investments Inc.; Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice President, Secretary, General

 

 

 

 

Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief

 

 

 

 

Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and

N/A

N/A

Senior Vice President

 

Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco

 

 

 

 

Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco

 

 

 

 

Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and

 

 

 

 

Senior Vice President, The Invesco Funds; and President, SNW Asset

 

 

 

 

Management Corporation and Invesco Managed Accounts, LLC

 

 

 

 

Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco

 

 

 

 

Advisers, Inc.; Assistant Vice President, The Invesco Funds

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer – Investments Pool, Invesco

N/A

N/A

Vice President, Principal Financial

 

Specialized Products, LLC; Vice President, Principal Financial Officer and

 

 

Officer and Assistant Treasurer

 

Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting

 

 

 

 

Officer – Pooled Investments, Invesco Capital Management LLC; Vice President

 

 

 

 

and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded

 

 

 

 

Self-Indexed Fund Trust; Vice President, Invesco Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant

 

 

 

 

Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded

 

 

 

 

Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital

 

 

 

 

Management LLC; Assistant Vice President, The Invesco Funds

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities

N/A

N/A

Anti-Money Laundering

 

including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets,

 

 

Compliance Officer

 

Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC, Invesco Trust Company;

 

 

 

 

OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for

 

 

 

 

Invesco Investment Services, Inc.

 

 

T-6

Invesco New York Tax Free Income Fund

Trustees and Officers—(continued)

 

 

 

Number of

Other

 

Trustee

 

Funds in

Directorship(s)

Name, Year of Birth and

and/or

 

Fund Complex

Held by Trustee

Position(s)

Officer

Principal Occupation(s)

Overseen by

During Past 5

Held with the Trust

Since

During Past 5 Years

Trustee

Years

Officers—(continued)

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers, Inc. (registered investment

N/A

N/A

Chief Compliance Officer

 

adviser); and Chief Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam Investments and the Putnam

 

 

 

 

Funds

 

 

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza, Suite 1000

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers LLP

Houston, TX 77046-1173

1555 Peachtree Street, N.E.

11 Greenway Plaza, Suite 1000

1000 Louisiana Street, Suite 5800

 

Atlanta, GA 30309

Houston, TX 77046-1173

Houston, TX 77002-5678

Counsel to the Fund

Counsel to the Independent Trustees

Transfer Agent

Custodian

Stradley Ronon Stevens & Young, LLP

Goodwin Procter LLP

Invesco Investment Services, Inc.

State Street Bank and Trust Company

2005 Market Street, Suite 2600

901 New York Avenue, N.W.

11 Greenway Plaza, Suite 1000

225 Franklin Street

Philadelphia, PA 19103-7018

Washington, D.C. 20001

Houston, TX 77046-1173

Boston, MA 02110-2801

T-7

Invesco New York Tax Free Income Fund

(This page intentionally left blank)

(This page intentionally left blank)

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

•Fund reports and prospectuses

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•Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio secu- rities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most

recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242

Invesco Distributors, Inc.

VK-NYTFI-AR-1

Shareholder Report for the

Eleven Months Ended 2/29/20

Invesco

Oppenheimer

Municipal Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

*Prior to the close of business on May 24, 2019, the Fund's name was Oppenheimer Municipal Fund. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, "OppenheimerFunds"). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco's Client Services team at 800-959-4246.

Table of Contents

 

Fund Performance Discussion

4

Top Holdings and Allocations

7

Fund Expenses

11

Schedule of Investments

13

Statement of Assets and Liabilities

22

Statement of Operations

24

Statement of Changes in Net Assets

25

Financial Highlights

26

Notes to Financial Statements

33

Report of Independent Registered Public Accounting Firm

46

Tax Information

48

Portfolio Proxy Voting Policies and Guidelines; Updates to

 

Schedule of Investments

49

Trustees and Officers

50

Invesco's Privacy Notice

62

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 2/29/20

 

 

 

 

 

 

Class A Shares of the Fund

 

 

Without Sales Charge

With Sales Charge

Bloomberg Barclays

 

Municipal Bond Index

 

 

 

1-Year

12.59%

7.77%

9.46%

5-Year

4.82

3.91

4.01

10-Year

5.85

5.40

4.51

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where "without sales charge" is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business 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 those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual's investment. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

3 INVESCO OPPENHEIMER MUNICIPAL FUND

Fund Performance Discussion

PERFORMANCE SUMMARY

The Fund's Class A shares (without sales charge) returned 12.59% during the 1-year reporting period, outperforming the Bloomberg Barclays Municipal Bond Index, the Fund's benchmark (the "Index"), which returned 9.46%. During the 11-month period ended February 29, 2020, the Fund's Class A shares (without sales charge) returned 9.36%, outperforming the Index which returned 7.76%.

Please note that the fiscal year end for the Fund has changed to February 29, 2020.

MARKET CONDITIONS AND YOUR FUND

The broad municipal bond market experienced positive returns for the sixth consecutive year at the close of 2019, and performance remained strong throughout the fiscal year. Investment grade municipal bonds returned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.1 Investment grade and high yield municipals were among the best performing asset classes over the fiscal year.

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key driver of strong municipal demand in 2019. We believe that these tax changes have yet to be fully realized and should continue to drive municipal bond performance into 2020. During the fiscal year, municipal bonds withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as 2.79% and as low as 1.13% where it ended the fiscal year.2 The municipal bond market performed positively over the fiscal period, as technical conditions

(favorable demand and supply balances) continued to provide tailwinds.

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September and October 2019, citing uncertainty about the global economic outlook.3 On October 30, 2019, after the third cut, the Fed indicated that any further changes would be based on economic data.

Throughout 2019 we saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led investors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" that eliminated the risk of a government shutdown and the UK election results set the stage for an orderly

4 INVESCO OPPENHEIMER MUNICIPAL FUND

exit from the European Union on January 31, 2020.

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of 25% from the previous fiscal year.4 Flows into the municipal bond asset class were positive for the fiscal year. Municipal bond fund flows totaled $97.2 billion from February 2019 through February 2020.5

The end of the fiscal year brought a major market shift as macroeconomic concerns regarding the global outbreak of the Coronavirus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to quality assets, such as municipal bonds. This resulted in a strong rally in February 2020.

At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020.

Over the fiscal year, security selection in many sectors – including marine/aviation facilities, diversified financial service, and higher education, significantly contributed to the Fund's performance. General Obligation bonds and highways/commuter facilities, among other sectors, were also strong contributors to the Fund's absolute performance. Security

selection in California, New York, and Minnesota, significantly contributed to the Fund's performance. Sector allocations in Wisconsin were a detractor.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Thank you for investing in Invesco Oppenheimer Municipal Fund and for sharing our long-term investment horizon.

5 INVESCO OPPENHEIMER MUNICIPAL FUND

1 Source: Bloomberg Barclays

2 Source: US Department of the Treasury

3 Source: US Federal Reserve

4 Source: The Bond Buyer

5 Source: Strategic Insight

Portfolio Managers: Michael Camarella,

Charles Pulire, Mark Paris

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation

or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

6 INVESCO OPPENHEIMER MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES

 

 

 

Industrial Development Revenue/

13.8%

Pollution Control Revenue

 

Higher Education

10.5

Airport

8.5

Dedicated Tax

8.3

Hospital

7.9

Appropriation

7.1

Water/Sewer

6.7

Life Care

5.0

Tollroad

4.4

Other Revenues

4.1

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of February 29, 2020 and are based on total market value of investments.

For more current Fund holdings, please visit invesco.com.

CREDIT ALLOCATION

 

 

 

 

 

 

 

NRSRO-

Adviser-

 

 

Rated

Rated

Total

AAA

14.2%

0.0%

14.2%

AA

32.5

0.0

32.5

A

21.6

0.0

21.6

BBB

17.5

4.9

22.4

BB or lower

2.4

6.9

9.3

Total

88.2%

11.8%

100.0%

The percentages above are based on the market value of the securities as of February 29, 2020 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund's assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security's rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser's credit analysis process is consistent or comparable with any NRSRO's process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs' four highest categories—AAA, AA, A, and BBB—are investment-grade securities. For further details, please consult the Fund's prospectus or Statement of Additional Information.

7 INVESCO OPPENHEIMER MUNICIPAL FUND

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

Date

1-Year

5-Year

10-Year

Inception

Class A (OPAMX)

11/7/06

12.59%

4.82%

5.85%

4.65%

Class C (OPCMX)

11/7/06

11.91

4.08

5.09

4.04

Class Y (OPYMX)

7/29/11

12.79

4.93

N/A

5.93

Class R6 (IOMUX)*

5/24/19

12.84

4.86

5.88

N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

Date

1-Year

5-Year

10-Year

Inception

Class A (OPAMX)

11/7/06

7.77%

3.91%

5.40%

4.31%

Class C (OPCMX)

11/7/06

10.91

4.08

5.09

4.04

Class Y (OPYMX)

7/29/11

12.79

4.93

N/A

5.93

Class R6 (IOMUX)*

5/24/19

12.84

4.86

5.88

N/A

*Class R6 shares' performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund's Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class

A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements.

8 INVESCO OPPENHEIMER MUNICIPAL FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Invesco Oppenheimer Municipal Fund (Class A shares with sales charge)

Bloomberg Barclays Municipal Bond Index

Consumer Price Index

$20,000

 

 

 

 

 

 

 

 

 

 

 

$16,919

15,000

 

 

 

 

 

 

 

 

 

 

$15,538

 

 

 

 

 

 

 

 

 

 

 

$11,935

10,000

 

 

 

 

 

 

 

 

 

 

 

5,000

 

 

 

 

 

 

 

 

 

 

 

0

|

|

|

|

|

|

|

|

|

|

|

 

2/28/10

2/28/11

2/29/12

2/28/13

2/28/14

2/28/15

2/29/16

2/28/17

2/28/18

2/28/19

2/29/20

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front- end sales charge or contingent deferred sales charge, which would have reduced the performance of certain shares. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class Y and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C and Class Y shares of the predecessor fund were reorganized into Class A, Class C and Class Y shares, respectively, of the Fund. Class R6 shares' performance shown prior to the inception date is that of the predecessor fund's Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class Y and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns of the Fund will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund's performance is compared to the performance of the Bloomberg Barclays Municipal Bond Index, an index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. The index is unmanaged and cannot be purchased by investors. The Fund's performance is also compared to the U.S. Consumer Price Index, a non-securities index that measures changes in the inflation rate. Indices are unmanaged, and an investment cannot be made into an index. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses, or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund's

9 INVESCO OPPENHEIMER MUNICIPAL FUND

performance and does not predict or depict performance of the Fund. The Fund's performance reflects the effects of the Fund's business and operating expenses.

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

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.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

10 INVESCO OPPENHEIMER MUNICIPAL FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended February 29, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During 6 Months Ended February 29, 2020" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the "hypothetical" section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

11 INVESCO OPPENHEIMER MUNICIPAL FUND

 

Beginning

Ending

Expenses

 

Account

Account

Paid During

 

Value

Value

6 Months Ended

Actual

September 1, 2019

February 29, 2020

February 29, 2020

Class A

$ 1,000.00

$ 1,031.40

$

3.74

Class C

1,000.00

1,027.70

 

6.57

Class Y

1,000.00

1,032.00

 

2.48

Class R6

1,000.00

1,033.20

 

2.02

Hypothetical

 

 

 

 

(5% return before expenses)

 

 

 

 

Class A

1,000.00

1,021.18

 

3.73

Class C

1,000.00

1,018.40

 

6.54

Class Y

1,000.00

1,022.43

 

2.47

Class R6

1,000.00

1,022.87

 

2.01

Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended February 29, 2020 are as follows:

Class

Expense Ratios

 

 

Class A

0.74%

 

 

Class C

1.30

Class Y

0.49

Class R6

0.40

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund's Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund's prospectus. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

12 INVESCO OPPENHEIMER MUNICIPAL FUND

SCHEDULE OF INVESTMENTS February 29, 2020

Principal Amount

 

 

Coupon

Maturity

Value

Municipal Bonds and Notes—97.3%

 

 

 

 

 

Alabama—0.8%

 

 

 

 

 

 

$1,000,000

Tuscaloosa (County of), AL Industrial

 

 

 

 

 

Development Authority (Hunt Refining); Series

 

 

 

 

 

2019 A, Ref. IDR

 

4.500%

05/01/2032 $

1,161,040

 

 

 

 

 

 

 

Alaska—0.8%

 

 

 

 

 

 

1,000,000

Alaska (State of) Municipal Bond Bank

 

 

 

 

 

Authority; Series 2018 1, RB

5.000

02/01/2034

1,225,950

 

 

 

 

 

 

 

Arizona—3.4%

 

 

 

 

 

 

100,000

Arizona (State of) Industrial Development

 

 

 

 

 

Authority (Mater Academy of Nevada Mountain

 

 

 

 

 

Vista Campus Project); Series 2018 A, RB

5.250

12/15/2038

113,647

300,000

Festival Ranch Community Facilities District;

 

 

 

 

 

Series 2019, GO Bonds

4.000

07/15/2034

349,272

350,000

Festival Ranch Community Facilities District;

 

 

 

 

 

Series 2019, Ref. GO Bonds

4.000

07/15/2034

407,484

1,000,000

Maricopa (County of), AZ Industrial

 

 

 

 

 

Development Authority (Benjamin Franklin

 

 

 

 

 

Charter School); Series 2018, RB

6.000

07/01/2052

1,189,530

340,000

Maricopa County Pollution Control Corp.

 

 

 

 

 

(Southern California Education Co.); Series

 

 

 

 

 

2000 B, Ref. RB

 

5.000

06/01/2035

343,652

2,000,000

Salt Verde Financial Corp.; Series 2007, RB

5.000

12/01/2037

2,865,760

 

 

 

 

 

 

5,269,345

 

 

 

 

 

 

California—8.5%

 

 

 

 

 

1,000,000

California (State of) Infrastructure & Economic

 

 

 

 

 

Development Bank (California State Teachers'

 

 

 

 

 

Retirement System Headquarters Expansion);

 

 

 

 

 

Series 2019, RB

 

5.000

08/01/2044

1,311,740

1,500,000

California (State of) Infrastructure & Economic

 

 

 

 

 

Development Bank (California State Teachers'

 

 

 

 

 

Retirement System Headquarters Expansion);

 

 

 

 

 

Series 2019, RB

 

5.000

08/01/2049

1,954,650

1,000,000

California (State of) Municipal Finance Authority

 

 

 

 

 

(LINXS APM); Series 2018, RB

5.000

12/31/2035

1,249,800

1,000,000

California (State of) Municipal Finance

 

 

 

 

 

Authority; Series 2018, RB

5.000

12/31/2037

1,243,200

500,000

California (State of) Statewide Financing

 

 

 

 

 

Authority; Series 2006 D, RB

9.840 1

06/01/2055

 

25,195

1,000,000

Norman Y Mineta San Jose International Airport

 

 

 

 

 

SJC; Series 2017 A, Ref. RB

5.000

03/01/2041

 

1,221,500

1,670,000

Norman Y Mineta San Jose International Airport

 

 

 

 

 

SJC; Series 2017 A, Ref. RB

5.000

03/01/2047

 

2,022,253

2,000,000

Oak Grove School District (Election of 2008);

 

 

 

 

 

Series 2018 E, Ref. GO Bonds

0.000 2

08/01/2042

 

1,243,360

25,000

Oxnard (City of), CA; Series 2007, COP

4.625

09/01/2032

 

25,056

 

13

INVESCO OPPENHEIMER MUNICIPAL FUND

 

 

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

 

$1,000,000

San Diego (County of), CA Regional

 

 

 

 

 

Transportation Commission; Series 2020 A,

 

 

 

 

 

Ref. RB

4.000%

04/01/2048 $

1,223,150

10,800,000

Silicon Valley Tobacco Securitization Authority;

 

 

 

 

 

Series 2007 C, RB

7.049 1

06/01/2056

 

1,140,480

3,000,000

Tobacco Securitization Authority of Southern

 

 

 

 

 

California; Series 2006, RB

8.000 1

06/01/2046

 

527,490

 

 

 

 

 

13,187,874

 

 

 

 

 

 

Colorado—0.3%

 

 

 

 

 

500,000

Hunting Hill Metropolitan District; Series 2018,

 

 

 

 

 

Ref. GO Bonds

5.625

12/01/2048

538,795

 

 

 

 

 

Connecticut—0.0%

 

 

 

 

15,000

South Central Connecticut Regional Water

 

 

 

 

 

Authority; Series 2008, RB

4.500

08/01/2038

15,033

 

 

 

 

 

District of Columbia—2.3%

 

 

 

 

1,500,000

Metropolitan Washington Airports Authority;

 

 

 

 

 

Series 2014 A, Ref. RB

5.000

10/01/2053

1,608,900

1,500,000

Metropolitan Washington Airports Authority;

 

 

 

 

 

Series 2019 A, RB

5.000

10/01/2040

1,932,375

 

 

 

 

 

3,541,275

 

 

 

 

 

 

Florida—1.7%

 

 

 

 

 

2,510,000

JEA Water & Sewer System Revenue; Series

 

 

 

 

 

2008 B-1, VRD RB

1.180 3

10/01/2036

 

2,510,000

100,000

Lake Helen (City of), FL (Ivy Hawn Charter

 

 

 

 

 

School of the Arts); Series 2018 A, RB

5.750

07/15/2053

 

110,093

25,000

Miami Beach (City of), FL Health Facilities

 

 

 

 

 

Authority (Mt. Sinai Medical Center); Series

 

 

 

 

 

2014, Ref. RB

4.250

11/15/2034

 

25,051

 

 

 

 

 

2,645,144

 

 

 

 

 

 

Georgia—4.8%

 

 

 

 

 

1,275,000

Atlanta (City of), GA (Beltline); Series 2016 A,

 

 

 

 

 

Ref. RB

5.000

01/01/2026

1,279,042

1,035,000

Cobb (County of), GA Kennestone Hospital

 

 

 

 

 

Authority; Series 2017, Ref. RAC

5.000

04/01/2042

1,246,388

100,000

Floyd (County of), GA Development Authority;

 

 

 

 

 

Series 2018 A, RB

5.750

12/01/2033

104,974

115,000

Floyd (County of), GA Development Authority;

 

 

 

 

 

Series 2018 A, RB

6.000

12/01/2038

120,933

285,000

Floyd (County of), GA Development Authority;

 

 

 

 

 

Series 2018 A, RB

6.250

12/01/2048

301,330

165,000

Floyd (County of), GA Development Authority;

 

 

 

 

 

Series 2018 A, RB

6.500

12/01/2053

175,824

1,900,000

Houston (County of), GA Hospital Authority

 

 

 

 

 

(Houston Hospitals, Inc.); Series 2016 A, Ref. RB

5.000

10/01/2031

2,094,541

285,000

Main Street Natural Gas, Inc.; Series 2019 A, RB

5.000

05/15/2049

429,954

14 INVESCO OPPENHEIMER MUNICIPAL FUND

Principal Amount

 

 

Coupon

Maturity

Value

Georgia (Continued)

 

 

 

 

 

$1,000,000

Municipal Electric Authority of Georgia; Series

 

 

 

 

 

2018 HH, Ref. RB

 

5.000%

01/01/2044 $

1,218,710

250,000

Oconee (County of), GA Industrial Development

 

 

 

 

 

Authority; Series 2018 A-1, RB

6.375

12/01/2053

274,058

100,000

Oconee (County of), GA Industrial Development

 

 

 

 

 

Authority; Series 2018 A-2, RB

5.500 3

12/01/2053

 

104,913

 

 

 

 

 

 

7,350,667

 

 

 

 

 

 

 

Illinois—0.1%

 

 

 

 

 

 

100,000

Illinois (State of) Sports Facilities Authority;

 

 

 

 

 

Series 2019, RB

 

5.000

06/15/2030

125,233

 

 

 

 

 

 

 

Indiana—3.3%

 

 

 

 

 

 

2,500,000

Indiana (State of) Finance Authority; Series

 

 

 

 

 

2019, Ref. RB

 

5.000

10/01/2048

3,161,900

1,500,000

Indianapolis Local Public Improvement Bond

 

 

 

 

 

Bank (Courthouse and Jail); Series 2019 A, RB

5.000

02/01/2049

1,908,045

 

 

 

 

 

 

5,069,945

 

 

 

 

 

 

 

Iowa—1.5%

 

 

 

 

 

 

100,000

Clear Lake (City of), IA; Series 2018, RB

6.000

10/01/2048

111,586

1,500,000

Iowa (State of) Finance Authority; Series 2020

 

 

 

 

 

A, RB

 

5.000

08/01/2049

1,987,365

200,000

Iowa (State of) Tobacco Settlement Authority;

 

 

 

 

 

Series 2005 C, RB

 

5.625

06/01/2046

202,130

 

 

 

 

 

 

2,301,081

 

 

 

 

 

 

 

Kentucky—1.2%

 

 

 

 

 

 

1,500,000

Kentucky (State of) Property & Building

 

 

 

 

 

Commission (Project No. 119); Series 2018, RB

5.000

05/01/2032

1,907,535

 

 

 

 

 

 

 

Louisiana—1.5%

 

 

 

 

 

 

2,000,000

New Orleans (City of), LA Aviation Board; Series

 

 

 

 

 

2017 B, RB

 

5.000

01/01/2048

2,368,380

 

 

 

 

 

 

 

Maryland—0.8%

 

 

 

 

 

 

1,080,000

Baltimore (City of), MD (Water Projects); Series

 

 

 

 

 

2019 A, RB

 

4.000

07/01/2044

1,276,733

 

 

 

 

 

 

Massachusetts—2.1%

 

 

 

 

 

2,555,000

Massachusetts (Commonwealth of)

 

 

 

 

 

Transportation Fund; Series 2017 A, RB

5.000

06/01/2047

3,181,971

5,000

Massachusetts (State of) Development Finance

 

 

 

 

 

Agency; Series 2007, RB

4.500

09/01/2036

5,012

 

 

 

 

 

 

3,186,983

 

 

 

 

 

 

 

Michigan—1.8%

 

 

 

 

 

 

150,000

Detroit (City of), MI Downtown Development

 

 

 

 

 

Authority; Series 2018 A, Ref. RB

5.000

07/01/2043

169,386

 

15

INVESCO OPPENHEIMER MUNICIPAL FUND

 

 

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

Michigan (Continued)

 

 

 

 

$1,350,000

Detroit (City of), MI Downtown Development

 

 

 

 

 

Authority; Series 2018 A, Ref. RB

5.000%

07/01/2048 $

1,521,355

1,000,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

2017, Ref. RB

5.250

02/01/2032

1,130,780

 

 

 

 

 

2,821,521

 

 

 

 

 

Minnesota—11.0%

 

 

 

 

25,000

Anoka (County of), MN Housing &

 

 

 

 

 

Redevelopment Authority (Fridley Medical

 

 

 

 

 

Center); Series 2010 A, RB

6.625

05/01/2030

25,130

1,000,000

Anoka (County of), MN Housing &

 

 

 

 

 

Redevelopment Authority (Woodland Park

 

 

 

 

 

Apartments); Series 2011 A, RB

5.000

04/01/2027

1,002,630

650,000

Brooklyn Park (City of), MN (Athlos Leadership

 

 

 

 

 

Academy); Series 2015 A, RB

5.500

07/01/2035

712,322

365,000

Buffalo (City of), MN (Central MN Senior

 

 

 

 

 

Housing); Series 2006 A, Ref. RB

5.375

09/01/2026

365,255

10,000

Buffalo (City of), MN (Central MN Senior

 

 

 

 

 

Housing); Series 2006 A, Ref. RB

5.500

09/01/2033

10,006

1,000,000

Chisago City (City of), MN (CDL Homes LLC);

 

 

 

 

 

Series 2013 B, RB

6.000

08/01/2043

1,088,080

200,000

Cokato (City of), MN (Cokato Charitable Trust);

 

 

 

 

 

Series 2006 A, Ref. RB

5.250

12/01/2026

200,254

750,000

Dakota (County of), MN Community

 

 

 

 

 

Development Agency (Ebenezer Ridges Assisted

 

 

 

 

 

Living); Series 2013 A, RB

5.750

11/01/2033

786,255

2,300,000

Dakota (County of), MN Community

 

 

 

 

 

Development Agency; Series 2015, RB

6.000

08/01/2035

2,400,188

500,000

Hayward (City of), MN (St. John's Lutheran

 

 

 

 

 

Home of Albert Lea); Series 2014, Ref. RB

5.375

10/01/2044

527,840

115,000

International Falls (City of), MN; Series 1999,

 

 

 

 

 

Ref. RB

6.850

12/01/2029

116,400

250,000

Little Canada (City of), MN (PHS/Mayfield LLC);

 

 

 

 

 

Series 2010, Ref. RB

6.000

12/01/2030

250,362

500,000

Maplewood (City of), MN (VOA Care Centers);

 

 

 

 

 

Series 2005 A, Ref. RB

5.375

10/01/2024

500,605

2,081

Minneapolis & St. Paul (Cities of), MN Housing

 

 

 

 

 

Finance Board; Series 2006 A2, RB

5.000

12/01/2038

2,083

13,900

Minneapolis & St. Paul (Cities of), MN Housing

 

 

 

 

 

Finance Board; Series 2007 A-1, RB

5.250

12/01/2040

13,982

10,000

Minneapolis & St. Paul (Cities of), MN Housing

 

 

 

 

 

Finance Board; Series 2007 A-2, RB

5.520

03/01/2041

10,096

500,000

Minneapolis (City of), MN; Series 2010, RB

6.000

12/01/2040

518,945

1,050,000

Minnesota (Sate of) Housing Finance Agency;

 

 

 

 

 

Series 2013 B-1, RB

5.300

08/01/2044

1,155,472

500,000

Minnesota (State of) Higher Education Facilities

 

 

 

 

 

Authority; Series 2017, Ref. RB

5.000

10/01/2040

583,550

750,000

Minnesota (State of) Municipal Power Agency;

 

 

 

 

 

Series 2010 A, RB

5.250

10/01/2035

768,750

16 INVESCO OPPENHEIMER MUNICIPAL FUND

Principal Amount

 

 

Coupon

Maturity

Value

Minnesota (Continued)

 

 

 

 

 

$1,000,000

Ramsey (City of), MN (Pact Charter School);

 

 

 

 

 

Series 2013 A, Ref. RB

 

5.500%

12/01/2033 $

1,056,240

750,000

Rochester (City of), MN (Olmsted Medical

 

 

 

 

 

Center); Series 2010, RB

5.875

07/01/2030

761,295

150,000

St. Louis (City of), MN Park Economic

 

 

 

 

 

Development Authority (Hoigaard Village);

 

 

 

 

 

Series 2010, RB

 

5.000

02/01/2023

150,194

375,000

St. Paul (City of), MN Housing & Redevelopment

 

 

 

 

 

Authority (Nova Classical Academy); Series

 

 

 

 

 

2011 A, RB

 

6.375

09/01/2031

400,418

500,000

St. Paul (City of), MN Housing & Redevelopment

 

 

 

 

 

Authority (University Westgate Station); Series

 

 

 

 

 

2015 B, RB

 

5.250

04/01/2043

519,825

300,000

St. Paul (City of), MN Housing & Redevelopment

 

 

 

 

 

Authority; Series 2004, RB

6.250

03/01/2029

291,183

1,375,000

St. Paul (City of), MN Port Authority; Series

 

 

 

 

 

2007 1, RB

 

5.000

08/01/2036

1,378,108

900,000

Stillwater (City of), MN (Orleans Homes); Series

 

 

 

 

 

2007, RB

 

5.375

02/01/2032

901,161

510,000

Stillwater (City of), MN (Orleans Homes); Series

 

 

 

 

 

2007, RB

 

5.500

02/01/2042

510,581

 

 

 

 

 

 

17,007,210

 

 

 

 

 

 

 

Missouri—3.0%

 

 

 

 

 

 

900,000

Boone (County of), MO (Boone Hospital

 

 

 

 

 

Center); Series 2016, Ref. RB

5.000

08/01/2031

985,689

100,000

I-470 Western Gateway Transportation

 

 

 

 

 

Development District; Series 2019 A, RB

5.250

12/01/2048

107,625

500,000

Missouri (State of) Health & Educational

 

 

 

 

 

Facilities Authority (Maryville University St.

 

 

 

 

 

Louis); Series 2019 A, RB

5.000

06/15/2045

603,580

2,395,000

St. Louis (City of), MO Land Clearance for

 

 

 

 

 

Redevelopment Authority; Series 2018 A, RB

5.000

04/01/2048

2,876,706

 

 

 

 

 

 

4,573,600

 

 

 

 

 

 

New Jersey—1.8%

 

 

 

 

 

95,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority (Newark Downtown District

 

 

 

 

 

Management Corp.); Series 2019, Ref. RB

5.125

06/15/2037

118,662

100,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2018 A, RB

6.500

11/01/2052

117,981

2,000,000

New Jersey (State of) Educational Facilities

 

 

 

 

 

Authority (Stevens Institute of Technology);

 

 

 

 

 

Series 2020 A, RB4

 

5.000

07/01/2045

2,605,300

 

 

 

 

 

 

2,841,943

 

 

 

 

 

 

New York—11.0%

 

 

 

 

 

2,150,000

Hudson Yards Infrastructure Corp.; Series 2017

 

 

 

 

 

A, Ref. RB

 

5.000

02/15/2045

2,648,499

 

17

INVESCO OPPENHEIMER MUNICIPAL FUND

 

 

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

 

$2,000,000

Long Island (City of), NY Power Authority; Series

 

 

 

 

 

2017, RB

5.000%

09/01/2042 $

2,474,780

2,000,000

Metropolitan Transportation Authority; Series

 

 

 

 

 

2014 B, RB

5.000

11/15/2044

2,277,580

1,000,000

New York (State of) Housing Finance Agency

 

 

 

 

 

(Climate Bond Certified/Sustainability Bonds);

 

 

 

 

 

Series 2019 P, RB

3.050

11/01/2049

1,042,910

1,395,000

New York (State of) Thruway Authority; Series

 

 

 

 

 

2016 A, RB

5.250

01/01/2056

1,676,832

1,000,000

New York City (City of), NY Water & Sewer

 

 

 

 

 

System; Series 2019 BB-1, RB

5.000

06/15/2049

1,297,680

2,335,000

New York Liberty Development Corp. (Goldman

 

 

 

 

 

Sachs Headquarters); Series 2005, Ref. RB

5.250

10/01/2035

3,376,433

2,000,000

Syracuse (City of), NY Industrial Development

 

 

 

 

 

Agency (Carousel Center); Series 2016, Ref. RB

5.000

01/01/2034

2,244,140

 

 

 

 

 

17,038,854

 

 

 

 

 

North Carolina—4.0%

 

 

 

 

5,000,000

Charlotte-Mecklenburg Hospital Authority (The)

 

 

 

 

 

(Atrium Health); Series 2018 H, VRD RB

1.190 3

01/15/2048

 

5,000,000

10,000

Nash Health Care Systems; Series 2003, RB

5.000

11/01/2030

 

10,027

1,000,000

North (State of) Carolina Turnpike Authority;

 

 

 

 

 

Series 2017 A, Ref. RB

5.000

07/01/2047

 

1,172,010

 

 

 

 

 

6,182,037

 

 

 

 

 

 

Ohio—2.7%

 

 

 

 

 

1,000,000

Buckeye Tobacco Settlement Financing

 

 

 

 

 

Authority; Series 2007 A-2, RB

5.750

06/01/2034

1,001,210

150,000

Buckeye Tobacco Settlement Financing

 

 

 

 

 

Authority; Series 2020 A-2, Class 1, Ref. RB4

4.000

06/01/2039

178,113

500,000

Gallia (County of), OH (Holzer Health System

 

 

 

 

 

Obligated Group); Series 2012, Ref. RB

8.000

07/01/2042

561,925

2,000,000

Ohio (State of) Higher Educational Facility

 

 

 

 

 

Commission (University Findlay); Series 2019,

 

 

 

 

 

Ref. RB

5.000

03/01/2039

2,364,600

 

 

 

 

 

4,105,848

 

 

 

 

 

 

Oregon—0.9%

 

 

 

 

 

1,250,000

Multnomah & Clackamas Counties School

 

 

 

 

 

District No. 10JT Gresham-Barlow; Series 2019

 

 

 

 

 

A, GO Bonds

3.606 1

06/15/2038

 

759,850

1,000,000

Multnomah & Clackamas Counties School

 

 

 

 

 

District No. 10JT Gresham-Barlow; Series 2019

 

 

 

 

 

A, GO Bonds

3.646 1

06/15/2039

 

583,160

 

 

 

 

 

1,343,010

 

 

 

 

 

Pennsylvania—6.1%

 

 

 

 

1,500,000

Chester (County of), PA Industrial Development

 

 

 

 

 

Authority (Longwood Gardens); Series 2019, RB

4.000

12/01/2049

1,738,560

18 INVESCO OPPENHEIMER MUNICIPAL FUND

Principal Amount

 

Coupon

Maturity

Value

Pennsylvania (Continued)

 

 

 

 

$1,500,000

Chester (County of), PA Industrial Development

 

 

 

 

 

Authority (Longwood Gardens); Series 2019, RB

5.000%

12/01/2044 $

1,914,015

145,000

Dallas Area Municipal Authority; Series 2019,

 

 

 

 

 

Ref. RB

5.000

05/01/2039

171,407

560,000

Dallas Area Municipal Authority; Series 2019,

 

 

 

 

 

Ref. RB

5.000

05/01/2048

652,254

1,905,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

 

Series 2016 A-1, RB

5.000

12/01/2041

2,247,481

1,475,000

Philadelphia (State of) Authority for Industrial

 

 

 

 

 

Development (La Salle University); Series 2017,

 

 

 

 

 

Ref. RB

5.000

05/01/2037

1,746,017

750,000

State Public School Building Authority; Series

 

 

 

 

 

2016 A, Ref. RB

5.000

06/01/2031

921,360

 

 

 

 

 

9,391,094

 

 

 

 

 

Rhode Island—0.2%

 

 

 

 

2,080,000

Tobacco Settlement Financing Corp.; Series

 

 

 

 

 

2007 A, RB

7.212 1

06/01/2052

 

309,192

 

 

 

 

 

South Carolina—1.1%

 

 

 

 

1,500,000

South Carolina (State of) Public Service

 

 

 

 

 

Authority; Series 2015 A, Ref. RB

5.000

12/01/2050

1,749,615

 

 

 

 

 

Tennessee—0.1%

 

 

 

 

100,000

Metropolitan Development and Housing Agency

 

 

 

 

 

(Fifth + Broadway Development); Series 2018,

 

 

 

 

 

RB

5.125

06/01/2036

115,573

 

 

 

 

 

 

Texas—6.6%

 

 

 

 

 

100,000

Arlington Higher Education Finance Corp.

 

 

 

 

 

(Winfree Academy Charter School); Series 2019,

 

 

 

 

 

Ref. RB

5.750

08/15/2043

115,530

2,000,000

Austin Community College District Public

 

 

 

 

 

Facility Corp. (Highland Campus Building 3000);

 

 

 

 

 

Series 2018, RB

5.000

08/01/2042

2,468,560

500,000

Clifton Higher Education Finance Corp.

 

 

 

 

 

(International Leadership); Series 2018 D, RB

6.125

08/15/2048

582,585

5,000,000

Gulf Coast Industrial Development Authority

 

 

 

 

 

(ExxonMobil); Series 2012, VRD RB

1.200 3

11/01/2041

 

5,000,000

1,700,000

Texas Municipal Gas Acquisition & Supply Corp.

 

 

 

 

 

I; Series 2008 D, RB

6.250

12/15/2026

 

2,024,088

 

 

 

 

 

10,190,763

 

 

 

 

 

 

Utah—3.6%

 

 

 

 

 

1,000,000

Salt Lake City (City of), UT; Series 2018 A, RB

5.000

07/01/2043

1,239,780

2,000,000

Salt Lake City Corp.; Series 2017 A, RB

5.000

07/01/2047

2,421,600

19 INVESCO OPPENHEIMER MUNICIPAL FUND

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

Utah (Continued)

 

 

 

 

$1,500,000

Salt Lake City Corp.; Series 2017 B, RB

5.000%

07/01/2047 $

1,839,195

 

 

 

 

 

5,500,575

 

 

 

 

 

 

Virginia—0.8%

 

 

 

 

 

1,000,000

Farmville (Town of), VA Industrial Development

 

 

 

 

 

Authority (Longwood University Student); Series

 

 

 

 

 

2018 A, Ref. RB

5.000

01/01/2055

1,179,310

 

 

 

 

 

Washington—4.0%

 

 

 

 

2,000,000

Central Puget Sound Regional Transit Authority;

 

 

 

 

 

Series 2016 S-1, RB

5.000

11/01/2046

3,215,900

2,400,000

Washington (State of) Health Care Facilities

 

 

 

 

 

Authority (Virginia Mason Medical Center);

 

 

 

 

 

Series 2017, RB

5.000

08/15/2037

2,900,160

 

 

 

 

 

6,116,060

 

 

 

 

 

Wisconsin—5.5%

 

 

 

 

500,000

Public Finance Authority (Barton College); Series

 

 

 

 

 

2018 A, RB

5.000

03/01/2048

544,885

500,000

Public Finance Authority (Beyond Boone LLC);

 

 

 

 

 

Series 2019 A, RB

5.000

07/01/2035

625,620

1,000,000

Public Finance Authority (Evergreens Retirement

 

 

 

 

 

Community); Series 2019, Ref. RB

5.000

11/15/2049

1,167,830

1,500,000

Public Finance Authority (Wingate University);

 

 

 

 

 

Series 2018 A, Ref. RB

5.250

10/01/2048

1,789,560

1,235,000

Somers (Village of), WI; Series 2018 B, Ref. RB

4.850

06/01/2036

1,353,029

100,000

Wisconsin (State of) Public Finance Authority

 

 

 

 

 

(North Carolina Leadership Academy); Series

 

 

 

 

 

2019, RB

5.000

06/15/2039

109,869

2,100,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2018, RB

5.000

07/01/2058

2,514,351

100,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2019 A, RB

5.000

07/01/2058

120,065

100,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2019 A, RB

5.375

06/01/2044

107,074

100,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2019 A, RB

5.500

06/01/2054

106,882

 

 

 

 

 

8,439,165

 

 

 

 

 

Total Investments, at Value (Cost $137,040,495)—97.3%

 

 

 

150,076,383

Net Other Assets (Liabilities)—2.7

 

 

 

4,119,644

Net Assets—100.0%

 

$

154,196,027

 

 

 

 

 

 

Footnotes to Schedule of Investments

1.Zero coupon bond reflects effective yield on the original acquisition date.

2.Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

20 INVESCO OPPENHEIMER MUNICIPAL FUND

Footnotes to Schedule of Investments (continued)

3.This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

4.All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Notes.

To simplify the listings of securities, abbreviations are used per the table below:

COP

Certificates of Participation

GO

General Obligation

IDR

Industrial Development Revenue Bonds

PHS

Pinnacle Health System

RAC

Revenue Anticipation Certificates

RB

Revenue Bonds

Ref.

Refunding

VOA

Volunteers of America

VRD

Variable Rate Demand

See accompanying Notes to Financial Statements.

21 INVESCO OPPENHEIMER MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES February 29, 2020

Assets

 

 

Investments, at value (cost $137,040,495)—see accompanying schedule of investments

$

150,076,383

Cash

 

6,002,020

Receivables and other assets:

 

 

Interest

 

1,358,744

Shares of beneficial interest sold

 

106,495

Other

 

125,962

Total assets

 

157,669,604

 

 

 

Liabilities

 

 

Payables and other liabilities:

 

 

Investments purchased

 

2,703,923

Shares of beneficial interest redeemed

 

560,748

Dividends

 

52,976

Distribution and service plan fees

 

36,203

Shareholder communications

 

22,147

Transfer and shareholder servicing agent fees

 

18,144

Trustees' compensation

 

10,122

Advisory fees

 

3,269

Administration fees

 

104

Other

 

65,941

Total liabilities

 

3,473,577

 

 

 

Net Assets

$

154,196,027

 

 

 

 

 

 

Composition of Net Assets

 

 

Shares of beneficial interest

$

141,580,002

Total distributable earnings

 

12,616,025

Net Assets

$

154,196,027

 

 

 

22 INVESCO OPPENHEIMER MUNICIPAL FUND

Net Asset Value Per Share

Class A Shares:

 

Net asset value and redemption price per share (based on net assets of $81,164,962 and

 

5,852,501 shares of beneficial interest outstanding)

$13.87

Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)

$14.49

 

 

Class C Shares:

 

Net asset value, redemption price (excludes applicable contingent deferred sales charge)

 

and offering price per share (based on net assets of $26,381,197 and 1,902,947 shares of

 

beneficial interest outstanding)

$13.86

 

 

Class Y Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of

 

$46,639,435 and 3,363,841 shares of beneficial interest outstanding)

$13.86

 

 

Class R6 Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of $10,433

 

and 752 shares of beneficial interest outstanding)

$13.87

See accompanying Notes to Financial Statements.

23 INVESCO OPPENHEIMER MUNICIPAL FUND

STATEMENT

OF OPERATIONS

 

Eleven Months Ended

 

Year Ended March

 

 

February 29, 2020

 

31, 2019

Investment Income

 

 

 

 

Interest

$

4,009,097

$

5,018,869

Expenses

 

 

 

 

Advisory fees

 

455,002

 

515,323

Administration fees

 

14,414

 

—

Distribution and service plan fees:

 

 

 

 

Class A

 

153,941

 

133,880

Class B1

 

—

 

178

Class C

 

235,546

 

267,060

Transfer and shareholder servicing agent fees:

 

 

 

 

Class A

 

52,757

 

53,926

Class B1

 

—

 

18

Class C

 

20,220

 

26,708

Class Y

 

27,207

 

25,782

Class R6

 

3

 

—

Shareholder communications:

 

 

 

 

Class A

 

16,895

 

32,524

Class B1

 

—

 

37

Class C

 

6,489

 

17,380

Class Y

 

8,971

 

15,363

Class R6

 

3

 

—

Legal, auditing and other professional fees

 

68,112

 

96,958

Borrowing fees

 

64,472

 

94,539

Trustees' compensation

 

14,313

 

1,529

Interest expense on borrowings

 

3,653

 

45,182

Custodian fees and expenses

 

945

 

598

Interest expense and fees on short-term floating rate notes issued

 

—

 

69,676

Other

 

40,953

 

8,748

Total expenses

 

1,183,896

 

1,405,409

Less waivers and reimbursements of expenses

 

(244,722)

 

(247,351)

Net expenses

 

939,174

 

1,158,058

 

 

 

 

 

Net Investment Income

 

3,069,923

 

3,860,811

 

 

 

 

 

Realized and Unrealized Gain

 

 

 

 

Net realized gain/(loss) on investment transactions

 

1,153,639

 

(1,639,412)

Net change in unrealized appreciation/(depreciation) on investment

 

 

 

 

transactions

 

7,365,193

 

4,969,872

 

 

 

 

 

Net Increase in Net Assets Resulting from Operations

$

11,588,755

$

7,191,271

 

 

 

 

 

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements.

24 INVESCO OPPENHEIMER MUNICIPAL FUND

STATEMENT OF CHANGES IN NET ASSETS

 

 

Eleven Months

 

 

 

 

 

 

Ended

 

Year Ended

 

Year Ended

 

 

February 29, 2020

 

March 31, 2019

 

March 31, 2018

Operations

 

 

 

 

 

 

Net investment income

$

3,069,923

$

3,860,811

$

4,149,328

 

 

 

 

 

 

 

Net realized gain (loss)

 

1,153,639

 

(1,639,412)

 

1,066,358

 

 

 

 

 

 

 

Net change in unrealized appreciation/(depreciation)

 

7,365,193

 

4,969,872

 

(1,099,558)

Net increase in net assets resulting from operations

 

11,588,755

 

7,191,271

 

4,116,128

 

 

 

 

 

 

 

Dividends and/or Distributions to Shareholders

 

 

 

 

 

 

Distributions to shareholders from distributable

 

 

 

 

 

 

earnings:

 

 

 

 

 

 

Class A

 

(2,144,983)

 

(1,997,175)

 

(2,451,057)

Class B

 

—

 

(559)

 

(23,911)

Class C

 

(674,596)

 

(802,080)

 

(910,850)

Class Y

 

(1,191,838)

 

(987,797)

 

(1,007,288)

Class R6

 

(295)

 

—

 

—

Total distributions from distributable earnings

 

 

 

 

 

 

 

(4,011,712)

 

(3,787,611)

 

(4,393,106)

 

 

 

 

 

 

 

Beneficial Interest Transactions

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from

 

 

 

 

 

 

beneficial interest transactions:

 

 

 

 

 

 

Class A

 

22,395,949

 

(7,832,734)

 

(12,590,487)

Class B

 

—

 

(210,614)

 

(889,478)

Class C

 

(1,095,766)

 

(4,327,783)

 

(3,989,918)

Class Y

 

18,333,720

 

(2,214,502)

 

6,488,171

Class R6

 

10,000

 

—

 

—

Total beneficial interest transactions

 

 

 

 

 

 

 

39,643,903

 

(14,585,633)

 

(10,981,712)

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

Total increase (decrease)

 

47,220,946

 

(11,181,973)

 

(11,258,690)

 

 

 

 

 

 

 

Beginning of period

 

106,975,081

 

118,157,054

 

129,415,744

End of period

 

 

 

 

 

 

$

154,196,027

$

106,975,081

$

118,157,054

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

25 INVESCO OPPENHEIMER MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

 

Eleven Months

 

 

 

 

 

 

Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Class A

February 29,

March 31,

March 31,

March 31,

March 31,

March 31,

2020

2019

2018

2017

2016

2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$13.09

$12.68

$12.71

$13.12

$13.16

$12.64

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.33

0.48

0.45

0.49

0.44

0.56

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.88

0.40

(0.01)

(0.43)

0.01

0.51

Total from investment

 

 

 

 

 

 

operations

1.21

0.88

0.44

0.06

0.45

1.07

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.43)

(0.47)

(0.47)

(0.47)

(0.49)

(0.55)

Net asset value, end of period

$13.87

$13.09

$12.68

$12.71

$13.12

$13.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

9.36%

7.12%

3.49%

0.37%

3.51%

8.58%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$81,165

$54,800

$60,899

$73,607

$84,636

$81,518

Average net assets (in

 

 

 

 

 

 

thousands)

$67,639

$53,900

$66,638

$81,810

$82,128

$82,896

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

2.65%

3.76%

3.49%

3.73%

3.40%

4.28%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.86%

0.99%

0.98%

0.96%

0.97%

0.96%

Interest and fees from

 

 

 

 

 

 

borrowings

0.06%

0.13%

0.12%

0.14%

0.25%

0.26%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued

0.00%

0.07%4

0.03%4

0.06%4

0.04%4

0.03%4

Total expenses

0.92%

1.19%

1.13%

1.16%

1.26%

1.25%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.76%

0.95%

0.95%

1.00%

1.09%

1.09%

Portfolio turnover rate5

14%

79%

9%

12%

14%

13%

26 INVESCO OPPENHEIMER MUNICIPAL FUND

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

27 INVESCO OPPENHEIMER MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

 

Eleven Months

 

 

 

 

 

 

Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Class C

February 29,

March 31,

March 31,

March 31,

March 31,

March 31,

2020

2019

2018

2017

2016

2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$13.08

$12.66

$12.70

$13.11

$13.14

$12.63

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.26

0.39

0.35

0.39

0.35

0.46

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.87

0.41

(0.02)

(0.43)

0.01

0.50

Total from investment

 

 

 

 

 

 

operations

1.13

0.80

0.33

(0.04)

0.36

0.96

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.35)

(0.38)

(0.37)

(0.37)

(0.39)

(0.45)

Net asset value, end of period

$13.86

$13.08

$12.66

$12.70

$13.11

$13.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

8.77%

6.47%

2.65%

(0.38)%

2.83%

7.70%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$26,381

$25,961

$29,457

$33,510

$37,744

$32,303

Average net assets (in

 

 

 

 

 

 

thousands)

$25,739

$26,690

$31,061

$36,761

$34,412

$29,501

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

2.10%

3.10%

2.73%

2.99%

2.65%

3.51%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

1.62%

1.75%

1.73%

1.73%

1.72%

1.72%

Interest and fees from

 

 

 

 

 

 

borrowings

0.06%

0.13%

0.12%

0.14%

0.25%

0.26%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued

0.00%

0.07%4

0.03%4

0.06%4

0.04%4

0.03%4

Total expenses

1.68%

1.95%

1.88%

1.93%

2.01%

2.01%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

1.31%

1.62%

1.70%

1.75%

1.84%

1.84%

Portfolio turnover rate5

14%

79%

9%

12%

14%

13%

28 INVESCO OPPENHEIMER MUNICIPAL FUND

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

29 INVESCO OPPENHEIMER MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

 

Eleven Months

 

 

 

 

 

 

Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Class Y

February 29,

March 31,

March 31,

March 31,

March 31,

March 31,

2020

2019

2018

2017

2016

2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$13.09

$12.68

$12.71

$13.12

$13.16

$12.64

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.36

0.49

0.45

0.50

0.45

0.56

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.87

0.41

(0.00)2

(0.43)

0.01

0.52

Total from investment

 

 

 

 

 

 

operations

1.23

0.90

0.45

0.07

0.46

1.08

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.46)

(0.49)

(0.48)

(0.48)

(0.50)

(0.56)

Net asset value, end of period

$13.86

$13.09

$12.68

$12.71

$13.12

$13.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value3

9.54%

7.26%

3.57%

0.45%

3.60%

8.67%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$46,639

$26,214

$27,590

$21,199

$18,298

$15,169

Average net assets (in

 

 

 

 

 

 

thousands)

$35,032

$25,778

$26,900

$20,663

$16,327

$9,523

Ratios to average net assets:4

 

 

 

 

 

 

Net investment income

2.91%

3.89%

3.55%

3.81%

3.49%

4.29%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.62%

0.74%

0.72%

0.73%

0.72%

0.71%

Interest and fees from

 

 

 

 

 

 

borrowings

0.06%

0.13%

0.12%

0.14%

0.25%

0.26%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued

0.00%

0.07%5

0.03%5

0.06%5

0.04%5

0.03%5

Total expenses

0.68%

0.94%

0.87%

0.93%

1.01%

1.00%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.51%

0.82%

0.87%

0.93%

1.01%

1.00%

Portfolio turnover rate6

14%

79%

9%

12%

14%

13%

30 INVESCO OPPENHEIMER MUNICIPAL FUND

1.Calculated based on the average shares outstanding during the period.

2.Less than $0.005 per share.

3.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.

4.Annualized for periods less than one full year.

5.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

6.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.

31 INVESCO OPPENHEIMER MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

 

Period

 

Ended

Class R6

February 29,

20201

Per Share Operating Data

 

Net asset value, beginning of period

$13.29

Income (loss) from investment operations:

 

Net investment income2

0.31

Net realized and unrealized gain

0.66

Total from investment operations

0.97

Dividends and/or distributions to shareholders:

 

Dividends from net investment income

(0.39)

Net asset value, end of period

$13.87

 

 

 

 

Total Return, at Net Asset Value3

7.42%

 

 

Ratios/Supplemental Data

 

Net assets, end of period (in thousands)

$10

Average net assets (in thousands)

$10

Ratios to average net assets:4

 

Net investment income

3.00%

Expenses excluding specific expenses listed below

0.57%

Interest and fees from borrowings

0.06%

Interest and fees on short-term floating rate notes issued

0.00%

Total expenses

0.63%

Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses

0.41%

Portfolio turnover rate5

14%

1.For the period from after the close of business on May 24, 2019 (inception of offering) to February 29, 2020.

2.Calculated based on the average shares outstanding during the period.

3.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.

4.Annualized for periods less than one full year.

5.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.

32 INVESCO OPPENHEIMER MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS February 29, 2020

Note 1 - Significant Accounting Policies

Invesco Oppenheimer 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Municipal Fund (the "Acquired Fund" or "Predecessor Fund"). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the "Reorganization Date") through the transfer of all of its assets and liabilities to the Fund (the "Reorganization").

Upon closing of the Reorganization, holders of the Acquired Fund's Class A, Class C, and Class Y shares received the corresponding class of shares of the Fund. Class R6 shares commenced operations on the Reorganization Date.

Effective November 30, 2019, the Fund's fiscal year end changed from March 31 to the last day in February.

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 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 and Class R6 shares are sold at net asset value. Class C shares held for ten 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 tenth 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 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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

33 INVESCO OPPENHEIMER MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 transactions 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

34 INVESCO OPPENHEIMER MUNICIPAL FUND

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 income and realized and unrealized capital gains and losses to a class based on the relative net assets 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 and the country that has the primary market for the issuer's securities, 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.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America ("GAAP"), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

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 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund

35 INVESCO OPPENHEIMER MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

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 charge 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 relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with GAAP, which 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.

H. 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.

I. Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

J. Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent

36 INVESCO OPPENHEIMER MUNICIPAL FUND

foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. 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 could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund's transaction costs.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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:

Fee Schedule*

Up to $500 million

0.40%

Next $500 million

0.35

Next $500 million

0.30

Over $1.5 billion

0.28

*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 eleven months ended February 29, 2020, the effective advisory fee rate incurred by the Fund was 0.39%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $64,804 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund's average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (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.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the 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 0.70%, 1.25%, 0.45%, and 0.35%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive

37 INVESCO OPPENHEIMER MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the eleven months ended February 29, 2020, the Adviser reimbursed fund expenses of $103,685, $86,286, $54,734 and $17 for Class A, Class C, Class Y, and Class R6, respectively.

Prior to the Reorganization, the OFI Global Asset Management, Inc. had contractually agreed to waive fees and/or reimburse expenses of Class A, Class C, and Class Y shares to 0.70%, 1.25% and 0.45%, respectively, of the Acquired Fund's average daily net assets. 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 eleven months ended February 29, 2020, expenses incurred under the agreement are shown in the Statement of Operations

as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank N.A., serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the eleven months ended February 29, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing 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 "Plan"). The Fund, pursuant to the Class A Plan, reimbursed 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, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are

38 INVESCO OPPENHEIMER MUNICIPAL FUND

accrued daily and paid monthly. Of the Plan 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 Plan 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 plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the eleven months ended February 29, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan 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 period

ended February 29, 2020, IDI advised the Fund that IDI retained $7,313 in front-end sales commissions from the sale of Class A shares and $493 and $487 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. From the beginning of the fiscal period to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $3,176 in front–end sales commissions from the sale of Class A shares and $150 from Class A shares for CDSC imposed on redemption 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market

39 INVESCO OPPENHEIMER MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 29, 2020, 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 - Trustee and Officer Fees and Benefits

The Fund has adopted an unfunded retirement plan (the "Plan") for the Fund's Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the "Freeze Date") and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund's projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased

$

92

Payments Made to Retired Trustees

 

—

Accumulated Liability as of February 29, 2020

 

583

Certain trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees' fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 5 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Citibank, N.A., the custodian bank. Such balances, if any at period-end, are shown in

40 INVESCO OPPENHEIMER MUNICIPAL FUND

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

Note 6 - Tax Information

Tax Character of Distributions to Shareholders for the Eleven Months Ended February 29, 2020 and the Fiscal Years Ended March 31, 2019 and March 31, 2018:

 

 

Eleven Months

 

 

 

 

 

 

Ended February

 

Year Ended

 

Year Ended

 

 

29, 2020

 

March 31, 2019

 

March 31, 2018

Ordinary income

$

80,299

$

23,111

$

48,357

Ordinary income - tax-exempt

 

3,931,413

 

3,764,500

 

4,344,749

Total distributions

$

4,011,712

$

3,787,611

$

4,393,106

 

 

 

 

 

 

 

Tax Components of Net Assets at Period-End:

 

 

2020

Undistributed tax-exempt income

$

90,116

Net unrealized appreciation - investments

 

13,245,433

Temporary book/tax differences

 

(5,836)

Capital Loss Carryforward

 

(721,517)

Shares of beneficial interest

 

141,587,831

Total net assets

$

154,196,027

 

 

 

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 bond market discounts.

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 carryforwards 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 29, 2020, as follows:

41 INVESCO OPPENHEIMER MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

Capital Loss Carryforward*

Expiration

Short-Term

 

Long-Term

 

Total

Not subject to expiration $

—

$

721,517

$

721,517

*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 7 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the period ended February 29, 2020 was $50,678,686 and $16,541,282, respectively. Cost of investments, including any derivatives, on a tax basis 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

Aggregate unrealized appreciation of investments

$

13,463,796

Aggregate unrealized (depreciation) of investments

 

(218,363)

Net unrealized appreciation of investments

$

13,245,433

 

 

 

Cost of investments for tax purposes is $136,830,950.

Note 8 - Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of defaulted bonds, on February 29, 2020, undistributed net investment income was increased by $7,829 and undistributed net realized gain (loss) was decreased by $7,829. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

Note 9 - Share Information

Transactions in shares of beneficial interest were as follows:

 

Eleven Months Ended

Year Ended March 31, 2019

Year Ended March 31, 2018

 

February 29, 20201

 

 

 

 

 

 

 

 

Shares

Amount

Shares

 

Amount

Shares

 

Amount

Class A

 

 

 

 

 

 

 

 

Sold

1,899,512

$ 25,519,851

726,167

$

9,223,717

322,578

$

4,113,590

Automatic

 

 

 

 

 

 

 

 

Conversion

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

to Class A

 

 

 

 

 

 

 

 

Shares

179,911

2,425,101

—

 

—

—

 

—

Dividends

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

reinvested

152,451

2,056,568

149,349

 

1,894,492

180,636

 

2,308,252

Redeemed

(565,574)

(7,605,571)

(1,492,917)

 

(18,950,943)

(1,489,014)

 

(19,012,329)

42 INVESCO OPPENHEIMER MUNICIPAL FUND

 

Eleven Months Ended

Year Ended March 31, 2019

Year Ended March 31, 2018

 

February 29, 20201

 

 

 

 

 

 

 

 

Shares

 

Amount

Shares

 

Amount

Shares

 

Amount

Net increase

1,666,300

$

22,395,949

(617,401)

$

(7,832,734)

(985,800)

$

(12,590,487)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

 

 

 

 

 

 

 

 

Sold

—

$

—

—

$

—

38

$

676

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

—

 

—

45

 

559

1,885

 

23,911

Redeemed2

—

 

—

(16,688)

 

(211,173)

(71,907)

 

(914,065)

Net increase

— $

—

(16,643)

$

(210,614)

(69,984)

$

(889,478)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

Sold

333,673

$

4,487,095

146,550

$

1,854,845

76,456

$

974,125

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

48,411

 

651,816

60,702

 

768,925

68,147

 

869,757

Automatic

 

 

 

 

 

 

 

 

 

Conversion

(180,028)

 

(2,425,101)

—

 

—

—

 

—

Class C

 

 

 

to Class A

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

Redeemed

(283,987)

 

(3,809,576)

(548,716)

 

(6,951,553)

(456,990)

 

(5,833,800)

Net increase

(81,931)

$

(1,095,766)

(341,464)

$

(4,327,783)

(312,387)

$

(3,989,918)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Y

 

 

 

 

 

 

 

 

 

Sold

1,782,338

$

23,991,014

786,739

$

9,966,222

1,023,248

$

13,044,253

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

87,834

 

1,185,612

76,949

 

976,084

75,765

 

967,941

Redeemed

(509,167)

 

(6,842,906)

(1,037,368)

 

(13,156,808)

(589,905)

 

(7,524,023)

Net increase

1,361,005

$

18,333,720

(173,680)

$

(2,214,502)

509,108

$

6,488,171

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R63

 

 

 

 

 

 

 

 

 

Sold

752

$

10,000

—

$

—

—

$

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

—

 

—

—

 

—

—

 

—

Redeemed

—

 

—

—

 

—

—

 

—

Net increase

752

$

10,000

—

$

—

—

$

—

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and 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

43 INVESCO OPPENHEIMER MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

all or any portion of the shares owned of record by these entities are also owned beneficially.

2.All outstanding Class B shares converted to Class A shares on June 1, 2018.

3.Commencement date after the close of business on May 24, 2019.

Note 10 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, which provides that a fund generally may not borrow money greater than 331/3 of the Fund's total assets.

The Acquired Fund had entered into a Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enabled the Fund to participate with certain other Funds in a committed secured borrowing facility that permitted borrowing up to $2.5 billion, collectively, by certain Funds. This revolving credit agreement was secured by the assets of the Fund and terminated on May 24, 2019. In connection with this agreement, for the period April 1, 2019 to May 24, 2019, the Fund incurred fees of $11,903. The average daily balance of borrowings under this agreement was $933,333 with an average interest rate of 2.52%.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period May 24, 2019 to February 29, 2020, the Fund incurred fees of $49,578. The average daily balance of borrowings under this agreement is $6,406 with an average interest rate of 2.42%. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

At February 29, 2020, the Fund had no borrowings outstanding under this agreement.

Note 11 - Reverse Repurchase Agreements

Prior to the reorganization, the Acquired Fund engaged in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement.

The Acquired Fund entered into a Committed Repurchase Transaction Facility (the "Facility") with J.P. Morgan Securities LLC (the "counterparty") which enabled it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permitted aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest was charged to the Acquired Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Acquired Fund was also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Acquired Fund retained the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions

44 INVESCO OPPENHEIMER MUNICIPAL FUND

were considered secured borrowings for financial reporting purposes. The Acquired Fund also received the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Acquired Fund's participation in the Facility during the reporting period are included in expenses on the Fund's Statement of Operations and equal 0.01% of the Acquired Fund's average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility were valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund had the right to declare each Wednesday as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility's terms.

The Fund executed no transactions under the Facility during the reporting period. This Facility terminated on May 24, 2019.

Note 12 - Subsequent Event

During the first quarter of 2020, the World Health Organization declared the Coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund's ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Act is a $2 trillion stimulus package to help individuals, businesses and hospitals in response to the economic distress caused by the COVID-19 crisis. The Adviser is assessing the components of the Act and the impacts to the Fund should be immaterial.

45 INVESCO OPPENHEIMER 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 Oppenheimer Municipal Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer Municipal Fund (one of the funds constituting AIM Tax- Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 29, 2020, the related statements of operations and of changes in net assets for the period from April 1, 2019 through February 29, 2020, including the related notes, and the financial highlights for each of the periods ended February 29, 2020 (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 29, 2020, the results of its operations and changes in its net assets for the period from April 1, 2019 through February 29, 2020 and the financial highlights for each of the periods ended February 29, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer Municipal Fund (formerly known as Oppenheimer Municipal Fund) as of and for the year ended March 31, 2019 and the financial highlights for each of the periods ended on or prior to March 31, 2019 (not presented herein, other than the statement of operations, the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated May 15, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

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 audit. 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 audit 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 audit 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 audit 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 29, 2020 by correspondence with the custodian and brokers; when replies

46 INVESCO OPPENHEIMER MUNICIPAL FUND

were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP Houston, Texas

April 28, 2020

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.

47 INVESCO OPPENHEIMER 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 advisors.

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 eleven months ended February 29, 2020:

Federal and State Income Tax

 

Qualified Dividend Income*

0.00 %

Corporate Dividends Received Deduction*

0.00 %

U.S. Treasury Obligations*

0.00 %

Tax-Exempt Interest Dividends*

98.00 %

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

48 INVESCO OPPENHEIMER MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

49 INVESCO OPPENHEIMER MUNICIPAL FUND

TRUSTEES AND OFFICERS

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INTERESTED TRUSTEE

 

 

 

 

 

 

 

 

 

Martin L. Flanagan 1 — 1960

2007

Executive Director, Chief Executive Officer and

229

None

Trustee and Vice Chair

 

President, Invesco Ltd. (ultimate parent of

 

 

 

 

Invesco and a global investment management

 

 

 

 

firm); Trustee and Vice Chair, The Invesco

 

 

 

 

Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board,

 

 

 

 

SMU Cox School of Business

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

50 INVESCO OPPENHEIMER MUNICIPAL FUND

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES

Bruce L. Crockett – 1944

2003 Chairman, Crockett Technologies Associates

Trustee and Chair

(technology consulting company)

 

Formerly: Director, Captaris (unified

 

messaging provider); Director, President and

 

Chief Executive Officer, COMSAT Corporation;

 

Chairman, Board of Governors of INTELSAT

 

(international communications company); ACE

 

Limited (insurance company); Independent

 

Directors Council and Investment Company

 

Institute: Member of the Audit Committee,

 

Investment Company Institute; Member of

 

the Executive Committee and Chair of the

 

Governance Committee, Independent Directors

 

Council

229Director and

Chairman of the

Audit Committee,

ALPS (Attorneys

Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation

Committee, Ferroglobe

PLC (metallurgical

company)

David C. Arch – 1945

2010 Chairman of Blistex Inc. (consumer health

229

Board member of the

Trustee

care products manufacturer); Member, World

 

Illinois Manufacturers'

 

Presidents' Organization

 

Association

 

 

 

 

Beth Ann Brown – 1968

2019 Independent Consultant

229

Director, Board of

Trustee

Formerly: Head of Intermediary Distribution,

 

Directors of Caron

 

 

Engineering Inc.;

 

Managing Director, Strategic Relations,

 

Advisor, Board of

 

Managing Director, Head of National

 

Advisors of Caron

 

Accounts, Senior Vice President, National

 

Engineering Inc.;

 

Account Manager and Senior Vice President,

 

President and

 

Key Account Manager, Columbia Management

 

Director, of Acton

 

Investment Advisers LLC; Vice President, Key

 

Shapleigh Youth

 

Account Manager, Liberty Funds Distributor,

 

Conservation Corps

 

Inc.; and Trustee of certain Oppenheimer

 

(non -profit); and

 

Funds

 

President and Director

 

 

 

of Grahamtastic

 

 

 

Connection (non-

 

 

 

profit)

Jack M. Fields – 1952

2003 Chief Executive Officer, Twenty First Century

Trustee

Group, Inc. (government affairs company);

 

and Chairman, Discovery Learning Alliance

 

(non-profit)

 

Formerly: Owner and Chief Executive Officer,

 

Dos Angeles Ranch L.P. (cattle, hunting,

 

corporate entertainment); Director, Insperity,

 

Inc. (formerly known as Administaff) (human

 

resources provider); Chief Executive Officer,

 

Texana Timber LP (sustainable forestry

 

company); Director of Cross Timbers Quail

 

Research Ranch (non-profit); and member of

 

the U.S. House of Representatives

229Member, Board of Directors of Baylor

College of Medicine

51 INVESCO OPPENHEIMER MUNICIPAL FUND

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Cynthia Hostetler —1962

2017 Non-Executive Director and Trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Director, Aberdeen Investment

 

Funds (4 portfolios); Head of Investment

 

Funds and Private Equity, Overseas Private

 

Investment Corporation; President, First

 

Manhattan Bancorporation, Inc.; Attorney,

 

Simpson Thacher & Bartlett LLP

229Vulcan Materials

Company

(construction materials

company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual

fund complex);

Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

Eli Jones – 1961

2016 Professor and Dean, Mays Business School -

229

Insperity, Inc. (formerly

Trustee

Texas A&M University

 

known as Administaff)

 

Formerly: Professor and Dean, Walton College

 

(human resources

 

 

provider)

 

of Business, University of Arkansas and E.J.

 

 

 

Ourso College of Business, Louisiana State

 

 

 

University; Director, Arvest Bank

 

 

Elizabeth Krentzman – 1959

2019 Formerly: Principal and Chief Regulatory

Trustee

Advisor for Asset Management Services and

 

U.S. Mutual Fund Leader of Deloitte & Touche

 

LLP; General Counsel of the Investment

 

Company Institute (trade association);

 

National Director of the Investment

 

Management Regulatory Consulting Practice,

 

Principal, Director and Senior Manager of

 

Deloitte & Touche LLP; Assistant Director of

 

the Division of Investment Management -

 

Office of Disclosure and Investment Adviser

 

Regulation of the U.S. Securities and Exchange

 

Commission and various positions with the

 

Division of Investment Management – Office

 

of Regulatory Policy of the U.S. Securities and

 

Exchange Commission; Associate at Ropes &

 

Gray LLP.; and Trustee of certain Oppenheimer

 

Funds

229Trustee of the

University of Florida

National Board

Foundation; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center

Association, Inc. Board

of Trustees and Audit

Committee Member

52 INVESCO OPPENHEIMER MUNICIPAL FUND

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Anthony J. LaCava, Jr. – 1956 2019

Formerly: Director and Member of the Audit

Trustee

Committee, Blue Hills Bank (publicly traded

 

financial institution) and Managing Partner,

 

KPMG LLP

229Blue Hills Bank;

Chairman of Bentley University; Member, Business School Advisory Council; and Nominating

Committee, KPMG LLP

Prema Mathai-Davis – 1950 2003 Retired229None Trustee

Formerly; Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self- Directed Investor)

Joel W. Motley – 1952

2019 Director of Office of Finance, Federal Home

Trustee

Loan Bank System; Member of the Vestry

 

of Trinity Wall Street; Managing Director of

 

Carmona Motley Hoffman, Inc. (privately held

 

financial advisor); Member of the Council

 

on Foreign Relations and its Finance and

 

Budget Committee; Chairman Emeritus of

 

Board of Human Rights Watch and Member

 

of its Investment Committee; and Member

 

of Investment Committee and Board of

 

Historic Hudson Valley (non-profit cultural

 

organization).

 

Formerly: Managing Director of Public Capital

 

Advisors, LLC (privately held financial advisor);

 

Managing Director of Carmona Motley

 

Hoffman, Inc. (privately held financial advisor);

 

Trustee of certain Oppenheimer Funds; and

 

Director of Columbia Equity Financial Corp.

 

(privately held financial advisor)

229Member of Board of Greenwall Foundation (bioethics research foundation) and

its Investment

Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis

Reporting (non-profit

journalism)

Teresa M. Ressel — 1962

2017 Non-executive director and trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Chief Financial Officer, Olayan

 

America, The Olayan Group (international

 

investor/commercial/industrial); Chief

 

Executive Officer, UBS Securities LLC; Group

 

Chief Operating Officer, Americas, UBS AG;

 

Assistant Secretary for Management & Budget

 

and CFO, US Department of the Treasury

229Atlantic Power

Corporation (power

generation company); ON Semiconductor Corp. (semiconductor supplier)

53 INVESCO OPPENHEIMER MUNICIPAL FUND

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston

229

Federal Reserve Bank

Trustee

 

Endowment Inc. (private philanthropic

 

of Dallas

 

 

institution)

 

 

 

 

Formerly: Executive Vice President and

 

 

 

 

General Counsel, Texas Children's Hospital;

 

 

 

 

Attorney, Beck, Redden and Secrest, LLP;

 

 

 

 

Business Law Instructor, University of St.

 

 

 

 

Thomas; Attorney, Andrews & Kurth LLP

 

 

 

 

 

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of

 

 

 

 

 

 

 

 

Denver – Daniels College of Business, Senior

 

 

 

 

Partner, KPMG LLP

 

 

Daniel S. Vandivort –1954

2019 Treasurer, Chairman of the Audit and Finance

Trustee

Committee, and Trustee, Board of Trustees,

 

Huntington Disease Foundation of America;

 

and President, Flyway Advisory Services LLC

 

(consulting and property management).

 

Formerly: Trustee and Governance Chair, of

 

certain Oppenheimer Funds

229Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds

James D. Vaughn – 1945

2019 Retired

Trustee

Formerly: Managing Partner, Deloitte & Touche

 

 

LLP; Trustee and Chairman of the Audit

 

Committee, Schroder Funds; Board Member,

 

Mile High United Way, Boys and Girls Clubs,

 

Boy Scouts, Colorado Business Committee

 

for the Arts, Economic Club of Colorado

 

and Metro Denver Network (economic

 

development corporation); and Trustee of

 

certain Oppenheimer Funds

229Board member

and Chairman of Audit Committee

of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson –

2017 Retired

1957

Formerly: Director, TD Asset Management USA

Trustee, Vice Chair and Chair

Designate

Inc. (mutual fund complex) (22 portfolios);

 

Managing Partner, CT2, LLC (investing and

 

consulting firm); President/Chief Executive

 

Officer, Columbia Funds, Bank of America

 

Corporation; President/Chief Executive Officer,

 

CDC IXIS Asset Management Services, Inc.;

229ISO New England,

Inc. (non-profit

organization

managing regional electricity market)

54 INVESCO OPPENHEIMER MUNICIPAL FUND

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

 

 

 

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Christopher L. Wilson

 

Principal & Director of Operations, Scudder

 

 

Continued

 

Funds, Scudder, Stevens & Clark, Inc.; Assistant

 

 

 

 

Vice President, Fidelity Investments

 

 

 

 

 

 

 

55 INVESCO OPPENHEIMER MUNICIPAL FUND

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS

 

 

 

 

 

 

 

 

 

Sheri Morris — 1964

2003

Head of Global Fund Services, Invesco Ltd.;

N/A

N/A

President, Principal Executive

 

President, Principal Executive Officer and

 

 

Officer and Treasurer

 

Treasurer, The Invesco Funds; Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust, and Vice

 

 

 

 

President, OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal

 

 

 

 

Financial Officer, The Invesco Funds; Vice

 

 

 

 

President, Invesco AIM Advisers, Inc., Invesco

 

 

 

 

AIM Capital Management, Inc. and Invesco

 

 

 

 

AIM Private Asset Management, Inc.; Assistant

 

 

 

 

Vice President and Assistant Treasurer, The

 

 

 

 

Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital

 

 

 

 

Management, Inc. and Invesco AIM Private

 

 

 

 

Asset Management, Inc.; and Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund Trust

 

 

 

 

 

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The

N/A

N/A

Senior Vice President and

 

Invesco Funds

 

 

Senior Officer

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco

N/A

N/A

Senior Vice President, Chief

 

Ltd.; Senior Vice President and Secretary,

 

 

Legal Officer and Secretary

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Vice President and Secretary, Invesco

 

 

 

 

Investment Services, Inc. (formerly known

 

 

 

 

as Invesco AIM Investment Services, Inc.)

 

 

 

 

Senior Vice President, Chief Legal Officer and

 

 

 

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

 

 

 

56 INVESCO OPPENHEIMER MUNICIPAL FUND

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor (Continued)

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L.

 

 

 

 

Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President,

 

 

 

 

Jemstep, Inc.; Head of Legal, Worldwide

 

 

 

 

Institutional, Invesco Ltd.; Secretary and

 

 

 

 

General Counsel, INVESCO Private Capital

 

 

 

 

Investments, Inc.; Senior Vice President,

 

 

 

 

Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group,

 

 

 

 

Inc.); Assistant Secretary, INVESCO Asset

 

 

 

 

Management (Bermuda) Ltd.; Secretary and

 

 

 

 

General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel,

 

 

 

 

INVESCO Realty, Inc.; Secretary and General

 

 

 

 

Counsel, Invesco Senior Secured Management,

 

 

 

 

Inc.; and Secretary, Sovereign G./P. Holdings

 

 

 

 

Inc.

 

 

 

 

 

 

 

Andrew R. Schlossberg –

2019

Head of the Americas and Senior Managing

N/A

N/A

1974

 

Director, Invesco Ltd.; Director and Senior

 

 

Senior Vice President

 

Vice President, Invesco Advisers, Inc. (formerly

 

 

 

 

known as Invesco Institutional (N.A.), Inc.)

 

 

 

 

(registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) (registered transfer agent);

 

 

 

 

Senior Vice President, The Invesco Funds;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Director, President and

 

 

 

 

Chairman, Invesco Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited;

 

 

 

 

Director and Chief Executive, Invesco Asset

 

 

 

 

Management Limited and Invesco Fund

 

 

 

 

Managers Limited; Assistant Vice President,

 

 

 

 

The Invesco Funds; Senior Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Director and Chief

 

 

 

 

Executive, Invesco Administration Services

 

 

 

 

 

 

 

57 INVESCO OPPENHEIMER MUNICIPAL FUND

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Andrew R. Schlossberg

 

Limited and Invesco Global Investment

 

 

(Continued)

 

Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco

 

 

 

 

India Exchange-Traded Fund Trust; Managing

 

 

 

 

Director and Principal Executive Officer,

 

 

 

 

Invesco Capital Management LLC

 

 

 

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas;

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Senior Vice President, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as

 

 

 

 

Invesco AIM Investment Services, Inc.) Senior

 

 

 

 

Vice President, The Invesco Funds; Managing

 

 

 

 

Director, Invesco Capital Management LLC;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Senior Vice President, Invesco

 

 

 

 

Capital Markets, Inc. (formerly known as

 

 

 

 

Van Kampen Funds Inc.); Manager, Invesco

 

 

 

 

Indexing LLC; Manager, Invesco Specialized

 

 

 

 

Products, LLC; Director and Senior Vice

 

 

 

 

President, Invesco Insurance Agency, Inc.;

 

 

 

 

Member, Invesco Canada Funds Advisory

 

 

 

 

Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate

 

 

 

 

mutual fund company); and Director,

 

 

 

 

Chairman, President and Chief Executive

 

 

 

 

Officer, Invesco Canada Ltd. (formerly known

 

 

 

 

as Invesco Trimark Ltd./Invesco Trimark Ltèe)

 

 

 

 

(registered investment adviser and registered

 

 

 

 

transfer agent)

 

 

 

 

Formerly: Director and Senior Vice President,

 

 

 

 

Invesco Management Group, Inc. (formerly

 

 

 

 

known as Invesco AIM Management Group,

 

 

 

 

Inc.); Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group, Inc.);

 

 

 

 

Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.); Chief Legal Officer and

 

 

 

 

 

 

 

58 INVESCO OPPENHEIMER MUNICIPAL FUND

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

John M. Zerr (Continued)

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Director,

 

 

 

 

Secretary, General Counsel and Senior Vice

 

 

 

 

President, Van Kampen Exchange Corp.;

 

 

 

 

Director, Vice President and Secretary, IVZ

 

 

 

 

Distributors, Inc. (formerly known as INVESCO

 

 

 

 

Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice

 

 

 

 

President, Van Kampen Advisors Inc.; Director,

 

 

 

 

Vice President, Secretary and General Counsel,

 

 

 

 

Van Kampen Investor Services Inc.; Director

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director, Senior Vice President, General

 

 

 

 

Counsel and Secretary, Invesco AIM Advisers,

 

 

 

 

Inc. and Van Kampen Investments Inc.;

 

 

 

 

Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice

 

 

 

 

President, Secretary, General Counsel and Vice

 

 

 

 

President, Invesco AIM Capital Management,

 

 

 

 

Inc.; Chief Operating Officer and General

 

 

 

 

Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

 

 

 

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.;

N/A

N/A

Senior Vice President

 

Director, Chairman, President, and Chief

 

 

 

 

Executive Officer, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Director, Invesco Mortgage Capital, Inc. and

 

 

 

 

Invesco Senior Secured Management, Inc.;

 

 

 

 

and Senior Vice President, The Invesco Funds;

 

 

 

 

and President, SNW Asset Management

 

 

 

 

Corporation and Invesco Managed Accounts,

 

 

 

 

LLC

 

 

 

 

Formerly: Senior Vice President, Invesco

 

 

 

 

 

 

 

59 INVESCO OPPENHEIMER MUNICIPAL FUND

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Gregory G. McGreevey

 

Management Group, Inc. and Invesco Advisers,

 

 

(Continued)

 

Inc.; Assistant Vice President, The Invesco

 

 

 

 

Funds

 

 

 

 

 

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer

N/A

N/A

Vice President, Principal

 

– Investments Pool, Invesco Specialized

 

 

Financial Officer and Assistant

 

Products, LLC; Vice President, Principal

 

 

Treasurer

 

Financial Officer and Assistant Treasurer,

 

 

 

 

The Invesco Funds; Principal Financial and

 

 

 

 

Accounting Officer – Pooled Investments,

 

 

 

 

Invesco Capital Management LLC; Vice

 

 

 

 

President and Treasurer, Invesco Exchange-

 

 

 

 

Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund

 

 

 

 

Trust and Invesco Exchange-Traded Self-

 

 

 

 

Indexed Fund Trust; Vice President, Invesco

 

 

 

 

Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco

 

 

 

 

Specialized Products, LLC; Assistant Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust; Assistant

 

 

 

 

Treasurer, Invesco Capital Management LLC;

 

 

 

 

Assistant Vice President, The Invesco Funds

 

 

 

 

 

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance

N/A

N/A

Anti-Money Laundering

 

Officer for Invesco U.S. entities including;

 

 

Compliance Officer

 

Invesco Advisers, Inc. and its affiliates, Invesco

 

 

 

 

Capital Markets, Inc., Invesco Distributors, Inc.,

 

 

 

 

Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC,

 

 

 

 

Invesco Trust Company; and Fraud Prevention

 

 

 

 

Manager for Invesco Investment Services, Inc.

 

 

 

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers,

N/A

N/A

Chief Compliance Officer

 

Inc. (registered investment adviser); and Chief

 

 

 

 

Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam

 

 

 

 

Investments and the Putnam Funds

 

 

 

 

 

 

 

60 INVESCO OPPENHEIMER MUNICIPAL FUND

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza,

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers

Suite 1000

1555 Peachtree Street, N.E.

11 Greenway Plaza,

LLP

Houston, TX 77046-1173

Atlanta, GA 30309

Suite 1000

1000 Louisiana Street,

 

 

Houston, TX

Suite 5800

 

 

77046-1173

Houston, TX 77002-5021

Counsel to the Fund

Counsel to the

Transfer Agent

Custodian

Stradley Ronon Stevens & Young,

Independent Trustees

Invesco Investment

Citibank, N.A.

LLP

Goodwin Procter LLP

Services, Inc.

111 Wall Street

2005 Market Street,

901 New York Avenue, N.W.

11 Greenway Plaza,

New York, NY 10005

Suite 2600

Washington, D.C. 20001

Suite 1000

 

Philadelphia, PA 19103-7018

 

Houston, TX

 

 

 

77046-1173

 

61 INVESCO OPPENHEIMER MUNICIPAL FUND

INVESCO'S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the "Website"). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as "we" or "Invesco" in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

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This Privacy Policy was last updated on May 6, 2018.

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We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

1NTD

62 INVESCO OPPENHEIMER MUNICIPAL FUND

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63 INVESCO OPPENHEIMER MUNICIPAL FUND

INVESCO'S PRIVACY NOTICE Continued

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

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We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE Atlanta, GA 30309 By phone:

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64 INVESCO OPPENHEIMER MUNICIPAL FUND

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Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

65 INVESCO OPPENHEIMER MUNICIPAL FUND

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Explore High-Conviction Investing with Invesco

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Distributors, Inc.

O-MUNI-AR-1 04272020

Shareholder Report for the

Seven Months Ended 2/29/2020

Invesco

Oppenheimer

Rochester® AMT-financi

Free Municipal

Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

*Prior to the close of business on May 24, 2019, the Fund's name was Oppenheimer Rochester AMT-Free Municipal Fund. See Important Update on the following page for more information.

 

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, "OppenheimerFunds"). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco's Client Services team at 800-959-4246.

 

Table of Contents

 

Fund Performance Discussion

4

Top Holdings and Allocations

7

Fund Expenses

11

Schedule of Investments

13

Statement of Assets and Liabilities

48

Statement of Operations

50

Statement of Changes in Net Assets

51

Financial Highlights

52

Notes to Financial Statements

59

Report of Independent Registered Public Accounting Firm

77

Tax Information

79

Portfolio Proxy Voting Policies and Guidelines; Updates to

 

Schedule of Investments

80

Trustees and Officers

81

Invesco's Privacy Notice

93

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 2/29/20

 

 

 

 

 

 

Class A Shares of the Fund

 

 

Without Sales Charge

With Sales Charge

Bloomberg Barclays

 

Municipal Bond Index

 

 

 

1-Year

16.51%

11.52%

9.46%

5-Year

7.63

6.71

4.01

10-Year

7.91

7.43

4.51

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where "without sales charge" is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business 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 those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual's investment. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

3 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Fund Performance Discussion

Performance summary

The Fund's Class A shares (without sales charge) returned 16.51% during the reporting period. In comparison, the Fund's Class A shares outperformed the Bloomberg Barclays Municipal Bond Index, the Fund's benchmark (the "Index"), which returned 9.46%.

During the 7-month period ended February 29, 2020, the Fund's Class A shares (without sales charge) returned 9.44%, outperforming the Index which returned 4.66%.

Please note that the fiscal year end for the Fund has changed to February 29, 2020.

Market conditions and your Fund

The broad municipal bond market experienced positive returns for the sixth consecutive year at the close of 2019, and performance remained strong throughout the fiscal year. Investment grade municipal bonds returned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.1 Investment grade and high yield municipals were among the best performing asset classes over the fiscal year.

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key driver of strong municipal demand in 2019.

We believe that these tax changes have yet to be fully realized and should continue to drive performance into 2020. During the fiscal year, municipal bonds withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as

2.79% and as low as 1.13% where it ended the fiscal year.2 The municipal bond market performed positively as technical conditions

(favorable demand and supply balances) continued to provide tailwinds.

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September and October 2019, citing uncertainty about the global economic outlook.3 On October 30, 2019, after the third cut, the Fed indicated that any further changes would be based on economic data.

Throughout 2019 we saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led investors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" that eliminated the risk of a government shutdown and the

4 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

UK election results set the stage for an orderly exit from the European Union on January 31, 2020.

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of 25% from the previous fiscal year.4 Flows into the municipal bond asset class were positive for the fiscal year.5 Fund flows totaled $97.2 billion from February 2019 through February 2020.5

The end of the fiscal year brought a major market shift as macroeconomic concerns regarding the global outbreak of the Coronavirus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to quality assets, such as municipal bonds. This resulted in a strong rally in February 2020. At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020.

Over the fiscal year, security selection in many sectors – including tobacco, General Obligation bonds, and sales tax revenue, the Fund's second largest, largest, and fifth largest sectors, respectively - significantly contributed to the Fund's performance. Highways/commuter facilities, among other sectors, were also strong contributors to the Fund's performance. Sector allocations in Ohio, Puerto Rico, and California, significantly

contributed to the Fund's performance. Sector allocation in Montana was a detractor.

During the fiscal year, leverage contributed to the Fund's performance. The Fund achieved a leveraged position through the use of inverse floating rate securities and tender option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation in municipal holdings when interest rates declined. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use

of leverage also can expose shareholders to additional volatility. For more information about the Fund's use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum,

5 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Thank you for investing in Invesco Oppenheimer Rochester AMT-Free Municipal Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg Barclays

2 Source: US Department of the Treasury

3 Source: US Federal Reserve

4 Source: The Bond Buyer

5 Source: Strategic Insight

Portfolio Managers: Troy Willis, Mark Paris,

Joshua Cooney, Elizabeth S. Mossow, Timothy

O'Rielly, Julius Williams

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation

or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

6 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Top Holdings and Allocations

TOP TEN CATEGORIES

Dedicated Tax

11.4%

Tobacco Settlement

11.0

State GO

9.2

Local GO

8.3

Hospital

6.6

Other Revenue

6.1

Other Transportation

5.0

Tollroad

4.9

Higher Education

4.5

Water / Sewer

3.4

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of February 29, 2020 and are based on total market value of investments.

For more current Fund holdings, please visit invesco.com.

CREDIT ALLOCATION

 

 

 

 

 

 

 

NRSRO-

Adviser-

 

 

Rated

Rated

Total

AAA

7.3%

0.4%

7.7%

AA

30.2

0.0

30.2

A

25.4

0.0

25.4

BBB

11.1

2.7

13.8

BB or lower

9.2

13.7

22.9

Total

83.2%

16.8%

100.0%

The percentages above are based on the market value of the securities as of February 29, 2020 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund's assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security's rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser's credit analysis process is consistent or comparable with any NRSRO's process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs' four highest categories—AAA, AA, A, and BBB—are investment-grade securities. For further details, please consult the Fund's prospectus or Statement of Additional Information.

7 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

Date

1-Year

5-Year

10-Year

Inception

Class A (OPTAX)

10/27/76

16.51%

7.63%

7.91%

6.03%

Class C (OMFCX)

8/29/95

15.63

6.83

7.10

4.65

Class Y (OMFYX)

11/29/10

16.84

7.91

N/A

8.68

Class R6 (IORAX)*

5/24/19

16.70

7.67

7.93

N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

Date

1-Year

5-Year

10-Year

Inception

Class A (OPTAX)

10/27/76

11.52%

6.71%

7.43%

5.92%

Class C (OMFCX)

8/29/95

14.63

6.83

7.10

4.65

Class Y (OMFYX)

11/29/10

16.84

7.91

N/A

8.68

Class R6 (IORAX)*

5/24/19

16.70

7.67

7.93

N/A

*Class R6 shares' performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund's Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class

A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements.

8 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Invesco Oppenheimer Rochester AMT-Free Municipal Fund (Class A shares with sales charge) Bloomberg Barclays Municipal Bond Index

U.S. Consumer Price Index

$25,000

20,000

 

 

 

 

 

 

 

 

 

 

$20,480

15,000

 

 

 

 

 

 

 

 

 

 

$15,538

 

 

 

 

 

 

 

 

 

 

 

$11,935

10,000

 

 

 

 

 

 

 

 

 

 

 

5,000

 

 

 

 

 

 

 

 

 

 

 

0

|

|

|

|

|

|

|

|

|

|

|

 

2/28/10

2/28/11

2/29/12

2/28/13

2/28/14

2/28/15

2/29/16

2/28/17

2/28/18

2/28/19

2/29/20

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class Y and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C and Class Y shares of the predecessor fund were reorganized into Class A, Class C and Class Y respectively, of the Fund. Class R6 shares' performance shown prior to the inception date is that of the predecessor fund's Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown

for Class A, Class C, Class Y and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund's performance is compared to the performance of the Bloomberg Barclays Municipal Bond Index, an index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. The index is unmanaged and cannot be purchased by investors. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments comprising the index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses, or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund's performance and does not predict or depict performance of the Fund. The Fund's performance reflects the effects of the Fund's business and operating expenses.

9 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

10 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended February 29, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During 6 Months Ended February 29, 2020" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the "hypothetical" section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

11 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

 

Beginning

Ending

Expenses

 

Account

Account

Paid During

 

Value

Value

6 Months Ended

Actual

September 1, 2019

February 29, 2020

February 29, 2020

Class A

$ 1,000.00

$ 1,070.00

$

4.49

Class C

1,000.00

1,066.60

 

8.41

Class Y

1,000.00

1,072.90

 

3.25

Class R6

1,000.00

1,071.40

 

3.04

Hypothetical

 

 

 

 

(5% return before expenses)

 

 

 

 

Class A

1,000.00

1,020.54

 

4.38

Class C

1,000.00

1,016.76

 

8.21

Class Y

1,000.00

1,021.73

 

3.17

Class R6

1,000.00

1,021.93

 

2.97

Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended February 29, 2020 are as follows:

Class

Expense Ratios

 

 

Class A

0.87%

 

 

Class C

1.63

Class Y

0.63

Class R6

0.59

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund's Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund's prospectus. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

12 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS February 29, 2020

Principal

 

 

 

 

 

 

Amount

 

 

Coupon

Maturity

Value

Municipal Bonds and Notes—103.3%

 

 

 

 

Alabama—5.4%

 

 

 

 

 

$2,500,000

Birmingham (City of) & Jefferson (County of), AL

 

 

 

 

 

Civic Center Authority; Series 2018 A, RB

5.000%

07/01/2048 $

3,085,975

20,000,000

Birmingham (City of), AL Commercial

 

 

 

 

 

Development Authority; Series 2011 A, RB

5.500

04/01/2041

 

20,528,800

385,000

Birmingham (City of), AL Private Educational

 

 

 

 

 

Building Authority (Birmingham-Southern

 

 

 

 

 

College); Series 1996, RB

6.125

12/01/2025

 

379,140

16,150,000

Birmingham (City of), AL Water Works Board;

 

 

 

 

 

Series 2016 B, Ref. RB

5.000

01/01/2043

 

19,639,046

15,000

Coosa Valley Water Supply District Inc.; Series

 

 

 

 

 

2009, RB

 

4.500

10/01/2039

 

15,028

25,000

Etowah (County of) & Gadsden (City of), AL

 

 

 

 

 

Health Care Authority (Etowah County Health

 

 

 

 

 

Department); Series 2007, RB

4.375

01/01/2032

 

25,053

190,000

Fort Deposit (Town of), AL Cooperative District;

 

 

 

 

 

Series 2003, RB

6.000

02/01/2036

 

179,318

4,500,000

Homewood (City of), AL Educational Building

 

 

 

 

 

Authority (Samford University); Series 2017 A,

 

 

 

 

 

Ref. RB

 

5.000

12/01/2047

 

5,376,105

8,750,000

Jefferson (County of), AL; Series 2013 C, Wts.

0.000 1

10/01/2050

 

8,693,650

8,000,000

Jefferson (County of), AL; Series 2013 D, Wts.

6.000

10/01/2042

 

9,601,600

7,500,000

Jefferson (County of), AL; Series 2013 D, Wts.

6.500

10/01/2053

 

9,100,200

4,000,000

Jefferson (County of), AL; Series 2013 D, Wts.

7.000

10/01/2051

 

4,927,400

20,185,000

Jefferson (County of), AL; Series 2013 F, Revenue

 

 

 

 

 

Wts.

 

0.000 1

10/01/2046

 

20,045,925

20,000,000

Jefferson (County of), AL; Series 2013 F, Revenue

 

 

 

 

 

Wts.

 

0.000 1

10/01/2050

 

19,814,800

4,500,000

Jefferson (County of), AL; Series 2017, Ref. Wts.

5.000

09/15/2035

 

5,526,810

200,000

Mobile (City of), AL Improvement District

 

 

 

 

 

(McGowin Park); Series 2016 A, RB

5.250

08/01/2030

 

216,948

 

 

 

 

 

 

127,155,798

 

 

 

 

 

 

 

Alaska—0.0%

 

 

 

 

 

 

600,000

Alaska (State of) Industrial Development & Export

 

 

 

 

 

Authority (Boys & Girls Home & Family Services,

 

 

 

 

 

Inc.); Series 2007 C, RB2

5.875

12/01/2027

 

30,000

90,000

Northern Tobacco Securitization Corp.; Series

 

 

 

 

 

2006 A, RB

 

5.000

06/01/2032

 

90,500

 

 

 

 

 

 

120,500

 

 

 

 

 

 

Arizona—2.8%

 

 

 

 

 

675,000

Arizona (State of) Industrial Development

 

 

 

 

 

Authority (Academies of Math & Science); Series

 

 

 

 

 

2017 A, Ref. RB

5.000

07/01/2042

 

804,830

925,000

Arizona (State of) Industrial Development

 

 

 

 

 

Authority (Academies of Math & Science); Series

 

 

 

 

 

2017 A, Ref. RB

5.000

07/01/2047

 

1,100,482

 

13

INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Arizona (Continued)

 

 

 

$1,000,000

Arizona (State of) Industrial Development

 

 

 

 

Authority (Academies of Math & Science); Series

 

 

 

 

2017 A, Ref. RB

5.000%

07/01/2051 $

1,181,250

500,000

Arizona (State of) Industrial Development

 

 

 

 

Authority (Academies of Math & Science); Series

 

 

 

 

2018 A, Ref. RB

5.000

07/01/2038

607,215

1,800,000

Arizona (State of) Industrial Development

 

 

 

 

Authority (Academies of Math & Science); Series

 

 

 

 

2018 A, Ref. RB

5.000

07/01/2048

2,153,664

2,125,000

Arizona (State of) Industrial Development

 

 

 

 

Authority (Academies of Math & Science); Series

 

 

 

 

2018 A, Ref. RB

5.000

07/01/2052

2,524,118

1,100,000

Arizona (State of) Industrial Development

 

 

 

 

Authority (Provident Group - Eastern Michigan

 

 

 

 

University Parking); Series 2018, RB

5.000

05/01/2048

1,296,900

1,000,000

Arizona (State of) Industrial Development

 

 

 

 

Authority (Provident Group - Eastern Michigan

 

 

 

 

University Parking); Series 2018, RB

5.000

05/01/2051

1,174,930

570,000

Arizona (State of) Industrial Development

 

 

 

 

Authority (Provident Group - NCCU Properties

 

 

 

 

LLC); Series 2019 A, RB

5.000

06/01/2058

691,963

11,845,000

City of Phoenix Civic Improvement Corp.; Series

 

 

 

 

2019, RB

5.000

07/01/2049

15,194,529

323,000

Festival Ranch Community Facilities District

 

 

 

 

(Assessment Districts Nos. 4 & 5); Series 2007,

 

 

 

 

RB

5.750

07/01/2032

323,300

800,000

Maricopa (County of), AZ Industrial Development

 

 

 

 

Authority (Legacy Traditional Schools); Series

 

 

 

 

2019, Ref. RB

5.000

07/01/2049

918,432

600,000

Maricopa (County of), AZ Industrial Development

 

 

 

 

Authority (Legacy Traditional Schools); Series

 

 

 

 

2019, Ref. RB

5.000

07/01/2054

683,622

80,000

Maricopa County Industrial Development

 

 

 

 

Authority (GreatHearts Arizona); Series 2017 C,

 

 

 

 

RB

5.000

07/01/2037

97,735

145,000

Maricopa County Industrial Development

 

 

 

 

Authority (GreatHearts Arizona); Series 2017 C,

 

 

 

 

RB

5.000

07/01/2048

173,983

495,000

Maricopa County Industrial Development

 

 

 

 

Authority (Immanuel Campus of Care); Series

 

 

 

 

2006 B, Ref. RB2,3

8.500

04/20/2041

341,550

130,000

Maricopa County School District No. 24; Series

 

 

 

 

2007 B, GO Bonds

5.500

07/01/2022

130,191

184,000

Merrill Ranch Community Facilities District No. 1

 

 

 

 

(Assessment Area One); Series 2006, RB

5.300

07/01/2030

184,328

750,000

Phoenix (City of), AZ Industrial Development

 

 

 

 

Authority (Career Success Schools); Series 2009,

 

 

 

 

RB

7.000

01/01/2029

752,183

14 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Arizona (Continued)

 

 

 

 

$450,000

Phoenix (City of), AZ Industrial Development

 

 

 

 

 

Authority (Espiritu Community Development

 

 

 

 

 

Corp. Charter School); Series 2006 A, RB

6.250%

07/01/2036 $

450,450

8,500,000

Phoenix (City of), AZ Industrial Development

 

 

 

 

 

Authority (Rowan University); Series 2012, RB

5.250

06/01/2034

 

9,246,300

2,765,000

Phoenix Civic Improvement Corp.; Series 2019

 

 

 

 

 

A, RB

4.000

07/01/2045

 

3,219,704

2,895,000

Pima (County of), AZ Industrial Development

 

 

 

 

 

Authority (Arizona Charter Schools Refunding);

 

 

 

 

 

Series 2013 Q, Ref. RB

5.375

07/01/2031

 

3,013,724

550,000

Pima (County of), AZ Industrial Development

 

 

 

 

 

Authority (Christian Care Tuscon, Inc.); Series

 

 

 

 

 

2017 A, Ref. RB

5.000

06/15/2037

 

645,887

1,010,000

Pima (County of), AZ Industrial Development

 

 

 

 

 

Authority (Christian Care Tuscon, Inc.); Series

 

 

 

 

 

2017 C, RB

5.000

12/15/2047

 

1,172,701

900,000

Pima (County of), AZ Industrial Development

 

 

 

 

 

Authority (Excalibur Charter School (The)); Series

 

 

 

 

 

2016, Ref. RB

5.500

09/01/2046

 

965,898

1,405,000

Pima (County of), AZ Industrial Development

 

 

 

 

 

Authority (New Plan Learning, Inc.); Series 2011

 

 

 

 

 

A, RB

8.125

07/01/2041

 

1,406,827

195,000

Pima (County of), AZ Industrial Development

 

 

 

 

 

Authority (Paideia Academies (The)); Series 2019,

 

 

 

 

 

RB

5.125

07/01/2039

 

201,170

240,000

Pima (County of), AZ Industrial Development

 

 

 

 

 

Authority (Paideia Academies (The)); Series 2019,

 

 

 

 

 

RB

5.250

07/01/2049

 

247,853

760,000

Pima (County of), AZ Industrial Development

 

 

 

 

 

Authority (Tucson Country Day School); Series

 

 

 

 

 

2007, Ref. RB

5.000

06/01/2037

 

760,213

3,000,000

Salt Verde Financial Corp.; Series 2007, RB

5.000

12/01/2032

 

4,066,200

6,500,000

Salt Verde Financial Corp.; Series 2007, RB

5.000

12/01/2037

 

9,313,720

100,000

Salt Verde Financial Corp.; Series 2007, RB

5.500

12/01/2029

 

133,839

930,000

Arizona - Santa Cruz AZ Fire District; Series 2011

 

 

 

 

 

B, GO Bonds

7.000

07/01/2030

 

1,004,949

70,000

Arizona - Santa Cruz AZ Fire District; Series 2011

 

 

 

 

 

B, GO Bonds

7.000

07/01/2030

 

75,263

 

 

 

 

 

66,259,903

 

 

 

 

 

Arkansas—0.0%

 

 

 

 

1,675,000

Cave Springs Municipal Property Owners'

 

 

 

 

 

Improvement District No. 3; Series 2007, GO

 

 

 

 

 

Bonds2,3

6.250

02/01/2038

 

1,222,750

 

 

 

 

 

California—9.2%

 

 

 

 

5,000

California (County of), CA Tobacco Securitization

 

 

 

 

 

Agency (Gold Country Settlement Funding Corp.);

 

 

 

 

 

Series 2006, RB

7.230 4

06/01/2033

 

2,357

15 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$160,000

California (County of), CA Tobacco Securitization

 

 

 

 

Agency (Los Angeles County Securitization Corp.);

 

 

 

 

Series 2006, RB

5.700%1

06/01/2046 $

162,202

4,905,000

California (State of) County Tobacco

 

 

 

 

Securitization Agency (Stanislaus County Tobacco

 

 

 

 

Funding Corp.); Series 2002 A, RB

5.875

06/01/2043

4,973,425

129,820,000

California (State of) County Tobacco

 

 

 

 

Securitization Agency; Series 2006 B, RB

6.698 4

06/01/2050

17,689,273

3,375,000

California (State of) Enterprise Development

 

 

 

 

Authority (Sunpower Corp. - Headquarters);

 

 

 

 

Series 2010, RB

8.500

04/01/2031

3,502,643

10,000,000

California (State of) Health Facilities Financing

 

 

 

 

Authority (Sutter Health); Series 2016 B, Ref. RB

5.000

11/15/2046

12,162,500

1,995,058

California (State of) Housing Finance Agency;

 

 

 

 

Series 2019 2, Class A, Revenue Ctfs.

4.000

03/20/2033

2,413,002

173,792

California (State of) Housing Finance Agency;

 

 

 

 

Series 2019 A-1, RB

4.250

01/15/2035

218,144

4,250,000

California (State of) Municipal Finance Authority

 

 

 

 

(CHF-Davis I, LLC - West Village Student

 

 

 

 

Housing); Series 2018, RB

5.000

05/15/2043

5,312,458

3,500,000

California (State of) Municipal Finance Authority

 

 

 

 

(CHF-Riverside II, LLC - UCR North District Phase

 

 

 

 

I Student Housing); Series 2019, RB

5.000

05/15/2049

4,434,185

1,000,000

California (State of) School Finance Authority

 

 

 

 

(Coastal Academy); Series 2013 A, RB

5.000

10/01/2033

1,079,980

2,005,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Community Facilities

 

 

 

 

District No. 2007-01); Series 2015, Ref. RB

5.000

09/01/2030

2,358,842

5,000,000

California (State of); Series 2016, GO Bonds

5.000

09/01/2045

6,181,550

10,085,000

California (State of); Series 2016, Ref. GO Bonds

5.000

09/01/2037

12,551,085

8,500,000

California (State of); Series 2017, GO Bonds

5.000

08/01/2046

10,463,500

50,000

California County Tobacco Securitization Agency

 

 

 

 

(Alameda County Tobacco Asset Securitization

 

 

 

 

Corp.); Series 2002, RB

5.875

06/01/2035

50,509

7,000,000

California County Tobacco Securitization Agency

 

 

 

 

(Fresno County Tobacco Funding Corp.); Series

 

 

 

 

2006 A, RB

5.310 4

06/01/2046

1,306,690

6,000,000

California County Tobacco Securitization Agency

 

 

 

 

(Fresno County Tobacco Funding Corp.); Series

 

 

 

 

2006 B, RB

6.647 4

06/01/2046

1,077,840

1,450,000

Cathedral City (City of), CA Redevelopment

 

 

 

 

Agency Successor Agency; Series 2014 A, Ref. RB

5.000

08/01/2032

1,691,817

885,000

Cathedral City (City of), CA Redevelopment

 

 

 

 

Agency Successor Agency; Series 2014 A, Ref. RB

5.000

08/01/2033

1,031,335

9,985,000

Chula Vista (City of), CA (San Diego Gas &

 

 

 

 

Electric Co.); Series 2004 C, IDR

5.875

02/15/2034

10,024,840

170,000

Golden State Tobacco Securitization Corp.; Series

 

 

 

 

2017 A-1, Ref. RB

5.000

06/01/2029

215,159

16 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$345,750,000

Inland Empire Tobacco Securitization Corp.; Series

 

 

 

 

2007 F, RB

7.996%4

06/01/2057 $

12,626,790

2,750,000

Lammersville Joint Unified School District

 

 

 

 

(Lammersville School District Community Facilities

 

 

 

 

District No. 2007-1 - Improvement Area No. 1 -

 

 

 

 

Mountain House - Shea Homes); Series 2013, RB

6.000

09/01/2043

3,160,520

415,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB

5.000 1

09/01/2025

441,519

375,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB

5.100 1

09/01/2026

399,881

885,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB

5.150 1

09/01/2027

944,543

1,000,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB

5.200 1

09/01/2028

1,066,520

500,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB

5.250 1

09/01/2029

533,450

500,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB

5.300 1

09/01/2030

533,665

1,000,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB

5.375 1

09/01/2032

1,067,420

3,500,000

Local Public Schools Funding Authority (School

 

 

 

 

Facilities Improvement District No. 2016-1 -

 

 

 

 

Election of 2016); Series 2017 A, GO Bonds

4.000

08/01/2042

3,990,035

2,000,000

Long Beach (City of), CA Bond Finance Authority;

 

 

 

 

Series 2007 A, RB

5.500

11/15/2037

3,031,400

180,000

Los Angeles (City of), CA (Community Facilities

 

 

 

 

District No. 8); Series 2010, RB

5.750

09/01/2040

183,341

20,000,000

Los Angeles, CA Unified School District5

5.250

07/01/2042

25,675,200

1,250,000

Lynwood (City of), CA Redevelopment Agency

 

 

 

 

(Project Area A); Series 2011 A, RB

7.000

09/01/2031

1,361,575

3,350,000

M-S-R Energy Authority; Series 2009 B, RB

6.500

11/01/2039

5,643,879

10,000,000

M-S-R Energy Authority; Series 2009 B, RB

7.000

11/01/2034

16,160,500

4,500,000

Oak Grove School District (Election of 2008);

 

 

 

 

Series 2018 E, Ref. GO Bonds

0.000 1

08/01/2042

2,797,560

1,250,000

Oxnard (City of), CA Financing Authority; Series

 

 

 

 

2014, Ref. RB

5.000

06/01/2032

1,455,413

17 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

 

$1,500,000

Oxnard (City of), CA Financing Authority; Series

 

 

 

 

 

2014, Ref. RB

5.000%

06/01/2033 $

1,743,780

850,000

Oxnard (City of), CA Financing Authority; Series

 

 

 

 

 

2014, Ref. RB

5.000

06/01/2034

 

986,230

2,575,000

Paramount Unified School District (Election of

 

 

 

 

 

2016); Series 2017 A, GO Bonds

5.250

08/01/2046

 

3,249,779

1,745,000

Poway Unified School District Public Financing

 

 

 

 

 

Authority; Series 2015 B, Ref. RB

5.000

09/01/2033

 

2,113,370

3,110,000

Poway Unified School District Public Financing

 

 

 

 

 

Authority; Series 2015 B, Ref. RB

5.000

09/01/2034

 

3,759,119

5,000,000

San Diego (County of), CA Regional Airport

 

 

 

 

 

Authority; Series 2019 A, Ref. RB

5.000

07/01/2044

 

6,567,100

250,000

San Francisco (City & County of), CA

 

 

 

 

 

Redevelopment Financing Authority (Mission Bay

 

 

 

 

 

North Redevelopment); Series 2011 C, RB

6.750

08/01/2041

 

263,853

350,000

San Francisco (City & County of), CA

 

 

 

 

 

Redevelopment Financing Authority (Mission Bay

 

 

 

 

 

South Redevelopment); Series 2011 D, RB

7.000

08/01/2041

 

370,055

10,000,000

San Francisco, CA City & County COP5

5.000

10/01/2033

 

10,237,919

350,000

San Jose (City of), CA Financing Authority; Series

 

 

 

 

 

2011, RB

5.500

05/01/2031

 

369,348

1,880,000

Santa Cruz (County of), CA Redevelopment

 

 

 

 

 

Agency; Series 2015 A, Ref. RB

5.000

09/01/2035

 

2,277,658

5,000,000

University of California; Series 2018 AZ, Ref. RB

5.000

05/15/2038

 

6,493,050

 

 

 

 

 

218,407,808

 

 

 

 

 

Colorado—3.4%

 

 

 

 

2,000,000

Berthoud-Heritage Metropolitan District No. 1;

 

 

 

 

 

Series 2019, RB

5.625

12/01/2048

 

2,170,540

550,000

BNC Metropolitan District No. 1; Series 2017 A,

 

 

 

 

 

Ref. GO Bonds

5.000

12/01/2037

 

675,257

3,330,000

Broomfield Village Metropolitan District No. 2;

 

 

 

 

 

Series 2003, GO Bonds3,6

6.250

12/01/2032

 

2,697,300

40,000

Colorado (State of) Educational & Cultural

 

 

 

 

 

Facilities Authority; Series 2007 A, RB

4.500

08/01/2037

 

40,085

1,180,000

Colorado (State of) Educational & Cultural

 

 

 

 

 

Facilities Authority; Series 2010, Ref. RB

6.450

11/01/2040

 

1,226,551

1,000,000

Colorado (State of) Educational & Cultural

 

 

 

 

 

Facilities Authority; Series 2018 A, Ref. RB

5.000

12/01/2038

 

1,245,370

2,000,000

Colorado (State of) Health Facilities Authority

 

 

 

 

 

(Adventhealth Obligated); Series 2019, Ref. VRD

 

 

 

 

 

RB

4.000

11/15/2043

 

2,367,080

6,515,000

Colorado (State of) Health Facilities Authority

 

 

 

 

 

(CommonSpirit Health); Series 2019 A-2, RB

5.000

08/01/2044

 

8,111,175

1,400,000

Colorado (State of) Health Facilities Authority;

 

 

 

 

 

Series 2016, Ref. RB

5.000

01/01/2037

 

1,554,602

900,000

Cottonwood Highlands Metropolitan District No.

 

 

 

 

 

1; Series 2019 A, GO Bonds

5.000

12/01/2049

 

977,949

18 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Colorado (Continued)

 

 

 

$12,500,000

Denver (City & County of), CO; Series 2018 B,

 

 

 

 

Ref. RB

5.000%

12/01/2048 $

15,832,750

125,000

E-470 Public Highway Authority; Series 1997

 

 

 

 

B, RB

6.812 4

09/01/2025

115,793

7,000,000

Ebert Metropolitan District; Series 2018 A-1, GO

 

 

 

 

Bonds

5.000

12/01/2043

8,896,510

1,605,000

Ebert Metropolitan District; Series 2018 A-2, GO

 

 

 

 

Bonds

5.000

12/01/2043

2,038,350

720,000

Fossil Ridge Metropolitan District No. 1; Series

 

 

 

 

2010, Ref. GO Bonds

7.250

12/01/2040

737,806

900,000

Hunters Overlook Metropolitan District No. 5;

 

 

 

 

Series 2019 A, GO Bonds

5.000

12/01/2039

985,932

1,360,000

Hunters Overlook Metropolitan District No. 5;

 

 

 

 

Series 2019 A, GO Bonds

5.000

12/01/2049

1,476,688

1,575,000

Hunting Hill Metropolitan District; Series 2018,

 

 

 

 

Ref. GO Bonds

5.625

12/01/2048

1,697,204

6,822,893

Potomac Farms Metropolitan District; Series 2007

 

 

 

 

A, Ref. GO Bonds

7.250

12/01/2037

750,398

66,000

Potomac Farms Metropolitan District; Series 2007

 

 

 

 

B, Ref. GO Bonds

7.625 1

12/01/2023

66,053

710,000

Powhaton Road Metropolitan District No. 2;

 

 

 

 

Series 2019 A, GO Bonds

5.625

12/01/2048

761,482

1,495,000

Public Authority for Colorado Energy; Series

 

 

 

 

2008, RB

6.250

11/15/2028

1,955,804

5,000,000

Public Authority for Colorado Energy; Series

 

 

 

 

2008, RB

6.500

11/15/2038

8,140,900

4,665,000

Rampart Range Metropolitan District No. 1;

 

 

 

 

Series 2017, Ref. RB

5.000

12/01/2042

5,777,649

1,500,000

Rampart Range Metropolitan District No. 1;

 

 

 

 

Series 2017, Ref. RB

5.000

12/01/2047

1,845,555

1,000,000

Sorrel Ranch Metropolitan District; Series 2006,

 

 

 

 

GO Bonds2,3

6.750

12/15/2036

280,000

500,000

Tabernash Meadows Water & Sanitation District;

 

 

 

 

Series 2010, Ref. GO Bonds

7.125

12/01/2034

511,675

110,000

Tallyn's Reach Metropolitan District No. 3; Series

 

 

 

 

2013, Ref. GO Bonds

5.000

12/01/2033

118,989

250,000

Tallyn's Reach Metropolitan District No. 3; Series

 

 

 

 

2013, Ref. GO Bonds

5.125

11/01/2038

270,515

1,500,000

Vauxmont Metropolitan District; Series 2020, GO

 

 

 

 

Bonds7

5.000

12/01/2050

1,813,080

967,237

Woodmen Heights Metropolitan District No. 1;

 

 

 

 

Series 2012 A, Ref. GO Bonds

6.000

12/01/2041

990,257

19 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Colorado (Continued)

 

 

 

 

$5,070,406

Woodmen Heights Metropolitan District No. 1;

 

 

 

 

 

Series 2012 B, Ref. GO Bonds

7.300%1

12/15/2041 $

4,468,600

 

 

 

 

 

80,597,899

 

 

 

 

 

Connecticut—0.5%

 

 

 

 

6,125,000

Connecticut (State of) Health & Educational

 

 

 

 

 

Facilities Authority (Fairfield University); Series

 

 

 

 

 

2017 R, Ref. RB

4.000

07/01/2042

 

6,925,415

1,500,000

Connecticut (State of) Health & Educational

 

 

 

 

 

Facilities Authority (Nuvance Health); Series 2019

 

 

 

 

 

A, Ref. RB

4.000

07/01/2049

 

1,711,935

1,100,000

Connecticut (State of) Health & Educational

 

 

 

 

 

Facilities Authority (The Griffin Hospital); Series

 

 

 

 

 

2020, G-1, RB

5.000

07/01/2044

 

1,324,125

1,130,000

Connecticut (State of) Health and Education

 

 

 

 

 

Facilities Authority (Nuvance Health); Series 2019

 

 

 

 

 

A, RB

4.000

07/01/2041

 

1,306,122

500,000

Georgetown (City of), CT Special Taxing District;

 

 

 

 

 

Series 2006 A, GO Bonds2,3

5.125

10/01/2036

 

60,000

625,000

Hamden (Town of), CT; Series 2018 A, Ref. GO

 

 

 

 

 

Bonds

5.000

08/15/2030

 

783,538

11,088,986

Mashantucket Western Pequot Tribe; Series 2013,

 

 

 

 

 

RB2,8

6.050

07/01/2031

 

415,837

 

 

 

 

 

12,526,972

 

 

 

 

 

Delaware—0.1%

 

 

 

 

2,696,000

Bridgeville (Town of), DE (Heritage Shores Special

 

 

 

 

 

Development District); Series 2005 A, RB

5.450

07/01/2035

 

2,698,022

 

 

 

 

 

District of Columbia—1.3%

 

 

 

 

1,810,000

District of Columbia (Center for Strategic &

 

 

 

 

 

International Studies, Inc.); Series 2011, RB

6.375

03/01/2031

 

1,906,129

400,000

District of Columbia (Gallaudet University); Series

 

 

 

 

 

2011, RB

5.500

04/01/2034

 

419,112

1,565,000

District of Columbia Tobacco Settlement

 

 

 

 

 

Financing Corp.; Series 2001, RB

6.500

05/15/2033

 

1,858,344

4,385,000

District of Columbia Tobacco Settlement

 

 

 

 

 

Financing Corp.; Series 2001, RB

6.750

05/15/2040

 

4,530,231

72,125,000

District of Columbia Tobacco Settlement

 

 

 

 

 

Financing Corp; Series 2006 B, RB

6.369 4

06/15/2046

 

8,786,989

15,000

District of Columbia; Series 2006 B-1, RB

5.000

02/01/2031

 

15,044

4,335,000

District of Columbia; Series 2019 A, RB

4.000

03/01/2044

 

5,194,977

20 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

District of Columbia (Continued)

 

 

 

 

$7,815,000

Metropolitan Washington Airports Authority

 

 

 

 

 

(Dulles Metrorail & Capital Improvement); Series

 

 

 

 

 

2019 B, RB

4.000%

10/01/2049 $

9,160,821

 

 

 

 

 

31,871,647

 

 

 

 

 

 

Florida—4.8%

 

 

 

 

 

1,815,000

Amelia Concourse Community Development

 

 

 

 

 

District; Series 2007, RB2,3

5.750

05/01/2038

 

1,651,650

250,000

Arlington Ridge Community Development

 

 

 

 

 

District; Series 2006 A, RB

5.500

05/01/2036

 

250,003

16,295,000

Broward (County of), FL; Series 2019 A, RB

4.000

10/01/2044

 

19,374,429

5,000,000

Canaveral Port Authority; Series 2018 B, RB

5.000

06/01/2048

 

6,183,150

455,000

Capital Trust Agency Inc. (Advantage Academy of

 

 

 

 

 

Hillsborough); Series 2019 A, RB

5.000

12/15/2049

 

505,660

320,000

Capital Trust Agency Inc. (Advantage Academy of

 

 

 

 

 

Hillsborough); Series 2019 A, RB

5.000

12/15/2054

 

353,642

255,000

Capital Trust Agency Inc. (Florida Charter

 

 

 

 

 

Educational Foundation Inc.); Series 2018 A, RB

5.375

06/15/2038

 

294,262

480,000

Capital Trust Agency Inc. (Florida Charter

 

 

 

 

 

Educational Foundation Inc.); Series 2018 A, RB

5.375

06/15/2048

 

544,944

845,000

Cascades at Groveland Community Development

 

 

 

 

 

District; Series 2006, RB

5.300

05/01/2036

 

845,828

1,990,000

Chapel Creek Community Development District;

 

 

 

 

 

Series 2006 A, RB2,3

5.500

05/01/2038

 

1,791,000

825,942

Clearwater Cay Community Development District;

 

 

 

 

 

Series 2006 A, RB2,3

5.500

05/01/2037

 

470,787

2,280,000

Creekside Community Development District;

 

 

 

 

 

Series 2006, RB2,3

5.200

05/01/2038

 

1,026,000

5,000

CrossCreek Community Development District;

 

 

 

 

 

Series 2007 A, RB2

5.600

05/01/2039

 

4,862

5,000

East Homestead Community Development

 

 

 

 

 

District; Series 2011 B, RB

7.250

05/01/2021

 

5,173

350,000

East Homestead Community Development

 

 

 

 

 

District; Series 2013, RB

5.000

11/01/2033

 

371,711

65,000

Escambia (County of), FL Health Facilities

 

 

 

 

 

Authority (Florida Health Care Facility Loan

 

 

 

 

 

Veterans Health Administration Program); Series

 

 

 

 

 

2000, RB

5.950

07/01/2020

 

66,088

805,000

Greater Lakes/Sawgrass Bay Community

 

 

 

 

 

Development District; Series 2006 A, RB

5.500

05/01/2038

 

770,200

16,000,000

Greater Orlando, FL Aviation Authority5

5.000

10/01/2032

 

16,373,560

195,000

Heritage Isles Community Development District;

 

 

 

 

 

Series 1999, RB2

7.100

10/01/2023

 

29,250

100,000

Highland Meadows Community Development

 

 

 

 

 

District; Series 2006 A, RB

5.500

05/01/2036

 

100,018

375,000

Indigo Community Development District; Series

 

 

 

 

 

2005, RB2,3

5.750

05/01/2036

 

262,500

35,000

Jacksonville (City of), FL Health Facilities

 

 

 

 

 

Authority; Series 1997 B, RB

5.250

08/15/2027

 

37,475

21 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Florida (Continued)

 

 

 

$190,000

Lake (County of), FL (Imagine South Lake Charter

 

 

 

 

School Program); Series 2019, RB

5.000%

01/15/2054 $

211,784

772,795

Lake Ashton II Community Development District;

 

 

 

 

Series 2005 A, RB

5.375

05/01/2036

758,429

565,000

Lake Helen (City of), FL (Ivy Hawn Charter School

 

 

 

 

of the Arts); Series 2018 A, RB

5.500

07/15/2048

617,381

600,000

Lake Helen (City of), FL (Ivy Hawn Charter School

 

 

 

 

of the Arts); Series 2018 A, RB

5.750

07/15/2053

660,558

1,255,000

Lakeland (City of), FL (Florida Southern College);

 

 

 

 

Series 2012 A, Ref. RB

5.000

09/01/2029

1,361,888

1,000,000

Lakeland (City of), FL (Florida Southern College);

 

 

 

 

Series 2012 A, Ref. RB

5.000

09/01/2037

1,075,180

3,000,000

Lakeland (City of), FL (Lakeland Regional Health);

 

 

 

 

Series 2015, RB

5.000

11/15/2040

3,466,410

4,000,000

Lee Memorial Health System; Series 2019 A-1,

 

 

 

 

Ref. RB

4.000

04/01/2037

4,719,480

1,380,000

Lucaya Community Development District; Series

 

 

 

 

2005, RB

5.375

05/01/2035

1,381,518

1,775,000

Magnolia Creek Community Development

 

 

 

 

District; Series 2007 A, RB2,3

5.900

05/01/2039

319,500

95,000

Magnolia West Community Development District;

 

 

 

 

Series 2017, RB

5.350

05/01/2037

95,723

740,000

Miromar Lakes Community Development District;

 

 

 

 

Series 2012, Ref. RB

5.375

05/01/2032

773,307

1,480,000

Miromar Lakes Community Development District;

 

 

 

 

Series 2015, Ref. RB

5.000

05/01/2035

1,595,869

2,950,000

Monterey/Congress Community Development

 

 

 

 

District; Series 2005 A, RB

5.375

05/01/2036

2,954,278

335,000

Naturewalk Community Development District;

 

 

 

 

Series 2007 A, RB2,3

5.500

05/01/2038

264,650

3,000,000

Orlando (City of), FL Utilities Commission; Series

 

 

 

 

2018 A, RB

5.000

10/01/2038

3,773,640

180,000

Orlando (City of), FL; Series 2008, RB

5.500

11/01/2038

180,590

2,250,000

Osceola (County of), FL; Series 2019 A-1, RB

5.000

10/01/2044

2,844,878

450,000

Palace Coral Gables Community Development

 

 

 

 

District; Series 2011, RB

5.000

05/01/2032

489,915

1,000,000

Palace Coral Gables Community Development

 

 

 

 

District; Series 2011, RB

5.625

05/01/2042

1,100,690

510,000

Palm River Community Development District;

 

 

 

 

Series 2007 A, RB2,3

5.375

05/01/2036

255,000

1,136,889

Pine Ridge Plantation Community Development

 

 

 

 

District; Series 2006 A, RB

5.400

05/01/2037

1,060,865

750,000

Polk (County of), FL Industrial Development

 

 

 

 

Authority (Carpenter's Home Estates); Series

 

 

 

 

2019, Ref. IDR

5.000

01/01/2049

846,960

125,000

Portico Community Development District; Series

 

 

 

 

2006, RB

5.450

05/01/2037

125,673

860,000

Reunion East Community Development District;

 

 

 

 

Series 2002 A-2, RB2,3

7.375

05/01/2033

9

22 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Florida (Continued)

 

 

 

$810,000

Reunion East Community Development District;

 

 

 

 

Series 2005, RB2,3

5.800%

05/01/2036 $

8

15,000

Ridgewood Trails Community Development

 

 

 

 

District; Series 2007 A, RB

5.650

05/01/2038

14,748

2,400,000

River Glen Community Development District;

 

 

 

 

Series 2006 A, RB2,3

5.450

05/01/2038

1,320,000

273,748

Santa Rosa (City of), FL Bay Bridge Authority;

 

 

 

 

Series 1996 C, RB

6.250

07/01/2028

274,487

4,535,000

Sarasota (County of), FL (School of Arts and

 

 

 

 

Sciences); Series 2010, RB

6.500

07/01/2040

4,575,316

3,085,000

Sarasota (County of), FL (School of Arts and

 

 

 

 

Sciences); Series 2010, RB

6.750

07/01/2030

3,116,282

1,645,000

South Bay Community Development District;

 

 

 

 

Series 2005 A, RB2,3

5.950

05/01/2036

16

1,965,000

South Bay Community Development District;

 

 

 

 

Series 2005 A-1, Ref. RB

5.950

05/01/2036

1,948,730

2,530,000

South Bay Community Development District;

 

 

 

 

Series 2005 A-2, Ref. RB2,3

6.600 1

05/01/2036

1,275,297

2,035,000

South Bay Community Development District;

 

 

 

 

Series 2005 B-1, Ref. RB

5.125

05/01/2020

2,034,695

935,000

South Bay Community Development District;

 

 

 

 

Series 2005 B-2, Ref. RB2,3

6.600 1

05/01/2025

470,829

400,000

St. Johns (County of), FL Industrial Development

 

 

 

 

Authority (Bayview); Series 2007 A, Ref. RB

5.250

10/01/2041

343,228

1,500,000

St. Johns (County of), FL Industrial Development

 

 

 

 

Authority (Presbyterian Retirement Communities);

 

 

 

 

Series 2010 A, RB

6.000

08/01/2045

1,531,425

5,000

Tern Bay Community Development District; Series

 

 

 

 

2005 A, RB

5.375

05/01/2037

5,004

250,000

Villages of Avignon Community Development

 

 

 

 

District; Series 2007 A, RB2,3

5.400

05/01/2037

17,500

3,990,000

Vista Community Development District; Series

 

 

 

 

2006 A, RB

5.375

05/01/2037

3,992,474

2,030,747

Waterford Estates Community Development

 

 

 

 

District; Series 2006 A, RB2,3

5.500

05/01/2037

1,421,523

16,000

Water's Edge Community Development District;

 

 

 

 

Series 2012 A-1, Ref. RB

5.350

05/01/2039

16,012

275,000

Water's Edge Community Development District;

 

 

 

 

Series 2012 A-2, Ref. RB

6.600 1

05/01/2039

277,239

146,452

Waterstone Community Development District;

 

 

 

 

Series 2007 A, RB3

0.000 1

05/01/2037

118,324

992,838

Waterstone Community Development District;

 

 

 

 

Series 2007 B, RB3

5.020 4

11/01/2028

605,532

3,460,000

West Villages Improvement District; Series 2005

 

 

 

 

A-1, RB

5.750

05/01/2036

3,460,346

2,925,000

West Villages Improvement District; Series 2005

 

 

 

 

A-2, RB

5.750

05/01/2036

1,725,750

530,000

Westridge Community Development District;

 

 

 

 

Series 2005, RB2,3

5.800

05/01/2037

530,005

23 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Florida (Continued)

 

 

 

 

$250,000

Westside Community Development District; Series

 

 

 

 

 

2005, RB2,3

5.650%

05/01/2037 $

117,500

770,000

Westside Community Development District; Series

 

 

 

 

 

2019 2, RB2,3

5.650

05/01/2037

 

699,114

1,445,000

Wild Palms Community Development District;

 

 

 

 

 

Series 2007 A, RB2,3

5.500

05/01/2038

 

346,800

978,661

Zephyr Ridge Community Development District;

 

 

 

 

 

Series 2006 A, RB2,3

5.625

05/01/2037

 

587,196

 

 

 

 

 

113,071,747

 

 

 

 

 

Georgia—1.9%

 

 

 

 

565,000

Atlanta (City of), GA Urban Residential Finance

 

 

 

 

 

Authority (Trestletree Village Apartments); Series

 

 

 

 

 

2013 A, RB

5.000

11/01/2048

 

596,776

9,895,000

Atlanta (City of), GA; Series 2019 A, RB

4.000

07/01/2049

 

11,628,703

1,055,000

Floyd (County of), GA Development Authority;

 

 

 

 

 

Series 2018 A, RB

5.750

12/01/2033

 

1,107,476

2,145,000

Floyd (County of), GA Development Authority;

 

 

 

 

 

Series 2018 A, RB

6.000

12/01/2038

 

2,255,661

5,280,000

Floyd (County of), GA Development Authority;

 

 

 

 

 

Series 2018 A, RB

6.250

12/01/2048

 

5,582,544

3,040,000

Floyd (County of), GA Development Authority;

 

 

 

 

 

Series 2018 A, RB

6.500

12/01/2053

 

3,239,424

3,000,000

Fulton (County of), GA Development Authority;

 

 

 

 

 

Series 2016 A, Ref. RB

5.000

07/01/2046

 

3,569,850

460,000

Georgia State Environmental Loan Acquisition

 

 

 

 

 

Corp.; Series 2011, RB

5.125

03/15/2031

 

461,513

10,770,000

Macon (City of), GA Water Authority; Series 2018

 

 

 

 

 

B, Ref. RB

1.190 9

10/01/2038

 

10,770,000

1,040,000

Main Street Natural Gas, Inc.; Series 2019 A, RB

5.000

05/15/2043

 

1,294,790

880,000

Oconee (County of), GA Industrial Development

 

 

 

 

 

Authority; Series 2018 A-1, RB

6.125

12/01/2038

 

966,856

1,230,000

Oconee (County of), GA Industrial Development

 

 

 

 

 

Authority; Series 2018 A-1, RB

6.250

12/01/2048

 

1,347,256

1,030,000

Oconee (County of), GA Industrial Development

 

 

 

 

 

Authority; Series 2018 A-1, RB

6.375

12/01/2053

 

1,129,117

700,000

Oconee (County of), GA Industrial Development

 

 

 

 

 

Authority; Series 2018 A-2, RB

5.500 9

12/01/2053

 

734,391

520,000

Randolph (County of), GA; Series 2012 A, GO

 

 

 

 

 

Bonds

5.000

04/01/2030

 

557,549

 

 

 

 

 

45,241,906

 

 

 

 

 

 

Illinois—5.5%

 

 

 

 

 

2,500,000

Chicago (City of), IL (Chicago O'Hare

 

 

 

 

 

International Airport); Series 2015 B, Ref. RB

5.000

01/01/2034

 

2,954,275

3,000,000

Chicago (City of), IL (Chicago O'Hare

 

 

 

 

 

International Airport); Series 2016 B, Ref. RB

5.000

01/01/2041

 

3,585,570

915,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

1998 B-1, GO Bonds

5.063 4

12/01/2024

 

851,874

24 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Illinois (Continued)

 

 

 

$1,405,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

1999 A, GO Bonds

5.063%4

12/01/2024 $

1,308,069

4,300,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

2016, RB

6.000

04/01/2046

5,288,441

1,000,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

2018 A, GO Bonds

5.000

12/01/2031

1,251,800

775,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

2018 A, Ref. GO Bonds

5.000

12/01/2026

941,858

2,250,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

2018 A, Ref. GO Bonds

5.000

12/01/2028

2,847,668

1,205,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

2018 A, Ref. GO Bonds

5.000

12/01/2034

1,502,527

6,000,000

Chicago (City of), IL; Series 2012, RB

4.000

01/01/2042

6,235,740

2,400,000

Cook County Community School District No. 147;

 

 

 

 

Series 2004 A, Ref. GO Bonds

7.125

06/01/2024

2,690,688

320,000

Du Page (County of), IL Special Service Area No.

 

 

 

 

31; Series 2006, RB

5.625

03/01/2036

322,534

689,781

Gilberts (Village of), IL Special Service Area No.

 

 

 

 

24 (The Conservancy); Series 2014 A, RB

5.375

03/01/2034

690,008

2,000,000

Gilberts (Village of), IL; Series 2014, Ref. RB

5.000

03/01/2035

2,259,220

2,225,000

Harvey (City of), IL; Series 2007 A, Ref. GO Bonds2

5.500

12/01/2027

1,524,125

1,000,000

Harvey (City of), IL; Series 2007 A, Ref. GO Bonds2

5.625

12/01/2032

685,000

3,680,000

Harvey (City of), IL; Series 2008, RB

6.875

08/01/2028

3,682,429

18,000,000

IL Regional Transportation Authority5

4.000

06/01/2043

20,353,950

500,000

Illinois (State of) Finance Authority; Series 2012

 

 

 

 

A, RB

5.750

10/01/2032

541,745

450,000

Illinois (State of) Finance Authority; Series 2012

 

 

 

 

A, RB

6.000

10/01/2048

486,000

250,000

Illinois (State of) Metropolitan Pier & Exposition

 

 

 

 

Authority (McCormick Place Expansion); Series

 

 

 

 

2010, RB

5.500

06/15/2050

253,300

1,365,000

Illinois (State of) Regional Transportation

 

 

 

 

Authority; Series 2018 B, RB

4.000

06/01/2043

1,545,590

2,000,000

Illinois (State of) Sports Facilities Authority; Series

 

 

 

 

2014, Ref. RB

5.250

06/15/2032

2,313,500

405,000

Illinois (State of) Sports Facilities Authority; Series

 

 

 

 

2019, RB

5.000

06/15/2028

500,908

455,000

Illinois (State of) Sports Facilities Authority; Series

 

 

 

 

2019, RB

5.000

06/15/2029

572,545

245,000

Illinois (State of) Sports Facilities Authority; Series

 

 

 

 

2019, RB

5.000

06/15/2030

306,821

2,000,000

Illinois (State of); Series 2014, GO Bonds

5.000

04/01/2025

2,290,940

1,525,000

Illinois (State of); Series 2014, GO Bonds

5.000

02/01/2039

1,707,817

5,000,000

Illinois (State of); Series 2016, GO Bonds

4.000

06/01/2041

5,564,200

6,500,000

Illinois (State of); Series 2018 A, Ref. GO Bonds

5.000

10/01/2029

8,232,900

3,360,000

Illinois (State of); Series 2018 A, Ref. GO Bonds

5.000

10/01/2033

4,208,098

3,000,000

Illinois (State of); Series 2018 B, Ref. GO Bonds

5.000

10/01/2028

3,814,830

5,000,000

Illinois (State of); Series 2018 B, Ref. GO Bonds

5.000

10/01/2029

6,333,000

3,000,000

Illinois (State of); Series 2018 B, Ref. GO Bonds

5.000

10/01/2030

3,783,270

25 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Illinois (Continued)

 

 

 

 

$895,000

Jefferson County Township High School District

 

 

 

 

 

No. 201; Series 2012 A, GO Bonds

6.500%

12/30/2027 $

1,183,414

955,000

Jefferson County Township High School District

 

 

 

 

 

No. 201; Series 2012 A, GO Bonds

6.500

12/30/2028

 

1,294,713

1,160,000

Jefferson County Township High School District

 

 

 

 

 

No. 201; Series 2012 A, GO Bonds

6.500

12/30/2031

 

1,674,216

3,565,000

Lakemoor (Village of), IL; Series 2006, Ref. RB

5.000

03/01/2027

 

3,571,774

2,301,000

Lincolnshire (Village of), IL; Series 2004, RB

6.250

03/01/2034

 

2,305,303

480,000

Markham (City of), IL; Series 2008 B, GO Bonds

5.750

02/01/2028

 

474,566

895,000

Metropolitan Pier & Exposition Authority; Series

 

 

 

 

 

1998 A, RB

5.500

12/15/2023

 

966,869

1,050,000

Northern Illinois Municipal Power Agency; Series

 

 

 

 

 

2016 A, Ref. RB

4.000

12/01/2041

 

1,158,738

554,000

Plano (City of), IL Special Service Area No. 5;

 

 

 

 

 

Series 2006, RB2,3

6.000

03/01/2036

 

393,340

5,000,000

Sales Tax Securitization Corp.; Series 2018 C,

 

 

 

 

 

Ref. RB

5.250

01/01/2048

 

6,335,750

500,000

Southwestern Illinois Development Authority

 

 

 

 

 

(Eden Retirement Center, Inc.); Series 2006, RB

5.850

12/01/2036

 

499,995

890,000

Southwestern Illinois Development Authority;

 

 

 

 

 

Series 2006, RB

5.625

11/01/2026

 

814,421

3,140,000

Southwestern Illinois Development Authority;

 

 

 

 

 

Series 2008 A, Ref. RB3

7.000

10/01/2022

 

1,821,200

1,155,000

Stephenson County School District No. 145;

 

 

 

 

 

Series 2018 A, Ref. GO Bonds

5.000

02/01/2032

 

1,464,413

850,000

Stephenson County School District No. 145;

 

 

 

 

 

Series 2018 A, Ref. GO Bonds

5.000

02/01/2033

 

1,073,244

750,000

Stephenson County School District No. 145;

 

 

 

 

 

Series 2018 A, Ref. GO Bonds

5.000

02/01/2034

 

946,463

1,848,000

Yorkville (United City of), IL; Series 2013, Ref. RB

5.000

03/01/2033

 

1,897,563

 

 

 

 

 

129,307,222

 

 

 

 

 

 

Indiana—1.5%

 

 

 

 

 

3,575,000

Columbus (City of), IN; Series 2019, RB

5.625

05/01/2039

 

3,818,636

2,885,000

Indiana (State of) Finance Authority; Series 2011,

 

 

 

 

 

RB

5.250

09/15/2025

 

3,077,054

4,250,000

Indiana (State of) Finance Authority; Series 2011,

 

 

 

 

 

RB

6.375

09/15/2041

 

4,604,875

4,750,000

Indiana (State of) Finance Authority; Series 2011,

 

 

 

 

 

RB

6.500

09/15/2030

 

5,154,890

1,620,000

Indiana (State of) Finance Authority; Series 2016

 

 

 

 

 

A, RB

5.500

04/01/2026

 

1,925,937

7,500,000

Indiana (State of) Municipal Power Agency; Series

 

 

 

 

 

2016 A, Ref. RB

5.000

01/01/2037

 

9,154,725

2,025,000

Indianapolis (City of), IN; Series 2009 A, RB

7.000

02/01/2039

 

2,032,007

875,000

Indianapolis (City of), IN; Series 2010 A, RB

5.750

07/01/2030

 

889,079

26 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Indiana (Continued)

 

 

 

 

$3,825,000

Indianapolis (City of), IN; Series 2010 A, RB

6.000%

07/01/2040 $

3,889,528

 

 

 

 

 

34,546,731

 

 

 

 

 

 

Iowa—0.2%

 

 

 

 

 

235,000

Iowa (State of) Finance Authority; Series 2007

 

 

 

 

 

B, RB

5.375

06/01/2025

 

235,019

400,000

Iowa (State of) Finance Authority; Series 2007,

 

 

 

 

 

RB2

5.900

12/01/2028

 

20,000

1,685,000

Iowa (State of) Finance Authority; Series 2012,

 

 

 

 

 

RB

5.000

08/15/2028

 

1,817,475

1,300,000

Iowa (State of) Finance Authority; Series 2018

 

 

 

 

 

B, Ref. RB

5.000

02/15/2048

 

1,596,322

1,000,000

Xenia (City of), IA Rural Water District; Series

 

 

 

 

 

2016, Ref. RB

5.000

12/01/2036

 

1,182,300

 

 

 

 

 

4,851,116

 

 

 

 

 

 

Kansas—0.1%

 

 

 

 

 

273,748

Pittsburg (City of), KS; Series 2006, RB

4.900

04/01/2024

 

1,266,586

 

 

 

 

 

Kentucky—2.3%

 

 

 

 

5,480,000

Kentucky (State of) Municipal Power Agency;

 

 

 

 

 

Series 2016 A, Ref. RB

5.000

09/01/2032

 

6,735,961

11,525,000

Kentucky (State of) Municipal Power Agency;

 

 

 

 

 

Series 2016 A, Ref. RB

5.000

09/01/2033

 

14,118,240

5,000,000

Kentucky (State of) Municipal Power Agency;

 

 

 

 

 

Series 2016 A, Ref. RB

5.000

09/01/2034

 

6,105,700

2,500,000

Kentucky (State of) Property & Building

 

 

 

 

 

Commission (Project No. 115); Series 2017, RB

5.000

04/01/2037

 

3,044,325

2,500,000

Kentucky (State of) Property & Building

 

 

 

 

 

Commission (Project No. 115); Series 2017, RB

5.000

04/01/2038

 

3,031,875

1,500,000

Kentucky (State of) Property & Building

 

 

 

 

 

Commission (Project No. 119); Series 2018, RB

5.000

05/01/2035

 

1,878,270

1,170,000

Kentucky (State of) Property & Building

 

 

 

 

 

Commission (Project No. 119); Series 2018, RB

5.000

05/01/2036

 

1,457,925

4,605,000

Kentucky (State of) Property & Building

 

 

 

 

 

Commission (Project No. 119); Series 2018, RB

5.000

05/01/2037

 

5,713,424

10,000,000

Louisville (City of) & Jefferson (County of), KY

 

 

 

 

 

Metropolitan Government (Norton Healthcare,

 

 

 

 

 

Inc.); Series 2013 A, RB

5.750

10/01/2042

 

11,463,100

15,000

Springfield (City of), KY; Series 2004, Ref. RB2,3

5.750

10/01/2035

 

150

 

 

 

 

 

53,548,970

 

 

 

 

 

Louisiana—1.6%

 

 

 

 

6,691

Denham Springs (City of) & Livingston (Parish of),

 

 

 

 

 

LA Housing & Mortgage Finance Authority; Series

 

 

 

 

 

2007, RB

5.000

11/01/2040

 

6,781

2,500,000

Louisiana (State of) Public Facilities Authority;

 

 

 

 

 

Series 2015, Ref. RB

5.000

06/01/2042

 

2,923,650

27 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Louisiana (Continued)

 

 

 

 

$1,300,000

Louisiana (State of) Public Facilities Authority;

 

 

 

 

 

Series 2017, RB

5.000%

07/01/2057 $

1,536,925

395,000

Louisiana (State of) Public Facilities Authority;

 

 

 

 

 

Series 2017, Ref. RB

5.000

07/01/2032

 

469,102

300,000

Louisiana (State of) Public Facilities Authority;

 

 

 

 

 

Series 2017, Ref. RB

5.000

07/01/2033

 

355,377

345,000

Louisiana (State of) Public Facilities Authority;

 

 

 

 

 

Series 2017, Ref. RB

5.000

07/01/2037

 

404,644

7,500,000

Louisiana (State of) Public Facilities Authority;

 

 

 

 

 

Series 2017, Ref. RB

5.000

05/15/2042

 

9,150,375

50,000

Louisiana (State of) Stadium & Exposition District;

 

 

 

 

 

Series 2013 A, Ref. RB

5.000

07/01/2028

 

56,444

8,280,000

Louisiana Housing Corp.; Series 2009 A, RB

6.875

09/01/2029

 

8,279,255

5,000,000

Louisiana Housing Corp.; Series 2009 A, RB

7.250

09/01/2039

 

4,999,500

950,000

Louisiana State Citizens Property Insurance Corp.;

 

 

 

 

 

Series 2012, Ref. RB

5.000

06/01/2024

 

1,039,015

635,000

Louisiana State Citizens Property Insurance Corp.;

 

 

 

 

 

Series 2012, Ref. RB

5.000

06/01/2024

 

694,500

4,035,000

Louisiana State University & Agricultural &

 

 

 

 

 

Mechanical College; Series 2016 A, Ref. RB

5.000

07/01/2040

 

4,832,074

700,000

New Orleans (City of), LA Aviation Board (Parking

 

 

 

 

 

Facilities Corp. Consolidated Garage System);

 

 

 

 

 

Series 2018 A, RB

5.000

10/01/2043

 

866,411

1,280,000

New Orleans (City of), LA Aviation Board (Parking

 

 

 

 

 

Facilities Corp. Consolidated Garage System);

 

 

 

 

 

Series 2018 A, RB

5.000

10/01/2048

 

1,575,373

 

 

 

 

 

37,189,426

 

 

 

 

 

 

Maine—0.3%

 

 

 

 

 

2,000,000

Maine (State of) Health & Higher Educational

 

 

 

 

 

Facilities Authority (Maine General Medical

 

 

 

 

 

Center); Series 2011, RB

6.750

07/01/2036

 

2,135,120

5,000,000

Maine (State of) Health & Higher Educational

 

 

 

 

 

Facilities Authority (Maine General Medical

 

 

 

 

 

Center); Series 2011, RB

7.500

07/01/2032

 

5,403,000

 

 

 

 

 

7,538,120

 

 

 

 

 

Maryland—1.0%

 

 

 

 

5,250,000

Baltimore (County of), MD (Riderwood Village,

 

 

 

 

 

Inc.); Series 2020, Ref. RB

4.000

01/01/2045

 

6,001,695

6,000,000

Baltimore (County of), MD (Riderwood Village,

 

 

 

 

 

Inc.); Series 2020, Ref. RB

4.000

01/01/2050

 

6,840,120

1,500,000

Gaithersburg (City of), MD; Series 2018 A, Ref. RB

5.000

01/01/2036

 

1,730,895

10,000

Maryland (State of) Health & Higher Educational

 

 

 

 

 

Facilities Authority; Series 1996, RB

5.375

07/01/2020

 

10,031

5,000

Maryland (State of) Health & Higher Educational

 

 

 

 

 

Facilities Authority; Series 2001, RB

5.000

07/01/2034

 

5,052

15,000

Maryland (State of) Health & Higher Educational

 

 

 

 

 

Facilities Authority; Series 2004, RB

5.000

07/01/2034

 

15,156

28 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Maryland (Continued)

 

 

 

 

$10,000

Maryland (State of) Health & Higher Educational

 

 

 

 

 

Facilities Authority; Series 2007, Ref. RB

4.750%

07/01/2034 $

10,017

400,000

Maryland (State of) Health & Higher Educational

 

 

 

 

 

Facilities Authority; Series 2016, Ref. RB

5.000

06/01/2036

 

478,320

1,000,000

Maryland Economic Development Corp.; Series

 

 

 

 

 

2012, Ref. RB

5.000

07/01/2034

 

1,076,670

4,530,000

Maryland Economic Development Corp.; Series

 

 

 

 

 

2016, Ref. RB

5.000

06/01/2035

 

5,494,935

1,653,000

Prince George's (County of), MD; Series 2005, RB

5.250

07/01/2035

 

1,670,952

 

 

 

 

 

23,333,843

 

 

 

 

 

Massachusetts—1.2%

 

 

 

 

461,488

Massachusetts (State of) Development Finance

 

 

 

 

 

Agency; Series 2011 B, RB

0.655 4

11/15/2056

 

141,418

750,000

Massachusetts (State of) Development Finance

 

 

 

 

 

Agency; Series 2011, RB

5.500

07/01/2026

 

784,103

25,000

Massachusetts (State of) Development Finance

 

 

 

 

 

Agency; Series 2011, RB

6.000

07/01/2031

 

26,205

2,000,000

Massachusetts (State of) Development Finance

 

 

 

 

 

Agency; Series 2016 I, Ref. RB

5.000

07/01/2036

 

2,418,940

20,000,000

Massachusetts GO5

5.000

12/01/2035

 

25,151,800

 

 

 

 

 

28,522,466

 

 

 

 

 

Michigan—3.9%

 

 

 

 

150,000

Detroit (City of), MI Downtown Development

 

 

 

 

 

Authority; Series 2018 A, Ref. RB

5.000

07/01/2043

 

169,386

1,350,000

Detroit (City of), MI Downtown Development

 

 

 

 

 

Authority; Series 2018 A, Ref. RB

5.000

07/01/2048

 

1,521,356

2,155,000

Detroit (City of), MI Water and Sewerage

 

 

 

 

 

Department; Series 2012 A, Ref. RB

5.000

07/01/2032

 

2,358,454

60,000

Detroit (City of), MI; Series 2003 B, RB

7.500

07/01/2033

 

60,282

1,000,000

Detroit (City of), MI; Series 2011 A, RB

5.000

07/01/2036

 

1,053,770

1,100,000

Detroit City School District; Series 2012 A, Ref.

 

 

 

 

 

GO Bonds

5.000

05/01/2028

 

1,196,998

680,000

Detroit City School District; Series 2012 A, Ref.

 

 

 

 

 

GO Bonds

5.000

05/01/2031

 

739,201

315,000

Grand Traverse Academy; Series 2007, Ref. RB

5.000

11/01/2022

 

315,214

1,000,000

Michigan (State of) Finance Authority (Detroit

 

 

 

 

 

Water & Sewerage Department); Series 2014

 

 

 

 

 

C-6, Ref. RB

5.000

07/01/2033

 

1,157,820

2,450,000

Michigan (State of) Finance Authority (Detroit

 

 

 

 

 

Water & Sewerage Department); Series 2014

 

 

 

 

 

D-4, Ref. RB

5.000

07/01/2032

 

2,840,089

1,000,000

Michigan (State of) Finance Authority (Detroit

 

 

 

 

 

Water & Sewerage Department); Series 2014

 

 

 

 

 

D-4, Ref. RB

5.000

07/01/2034

 

1,156,150

6,300,000

Michigan (State of) Finance Authority (Henry Ford

 

 

 

 

 

Health System); Series 2016, Ref. RB

5.000

11/15/2041

 

7,651,224

29 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Michigan (Continued)

 

 

 

 

 

$5,000,000

Michigan (State of) Finance Authority (Trinity

 

 

 

 

 

 

Health Credit Group); Series 2019 A, RB

5.000%

12/01/2041 $

6,548,500

1,155,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

 

2005 A, RB

6.000

 

12/01/2035

 

1,155,878

623,000,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

 

2008 C, RB

10.197

4

06/01/2058

 

24,359,300

600,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

 

2010 A, RB

5.900

 

12/01/2030

 

605,376

1,000,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

 

2014 D-6, Ref. RB

5.000

 

07/01/2025

 

1,169,180

895,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

 

2014 D-6, Ref. RB

5.000

 

07/01/2026

 

1,045,503

930,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

 

2014 D-6, Ref. RB

5.000

 

07/01/2027

 

1,084,259

6,000,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

 

2014, Ref. RB

6.750

 

07/01/2044

 

6,405,960

2,200,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

 

2015 C, RB

5.000

 

07/01/2034

 

2,599,102

635,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

 

2018, Ref. RB

5.750

 

11/01/2040

 

709,136

6,822,893

Michigan (State of) Strategic Fund; Series 2007,

 

 

 

 

 

 

RB

5.850

 

08/31/2027

 

6,841,493

1,611,250

Michigan (State of) Strategic Fund; Series 2008,

 

 

 

 

 

 

RB

7.875

 

08/31/2028

 

1,611,250

1,180,000

Michigan State University Board of Trustees;

 

 

 

 

 

 

Series 2019 B, RB

5.000

 

02/15/2044

 

1,503,757

1,650,000

Michigan State University; Series 2019 B, RB

5.000

 

02/15/2048

 

2,092,085

5,871,414

Plymouth Educational Center Charter School;

 

 

 

 

 

 

Series 2005, Ref. RB

5.375

 

11/01/2030

 

286,128

10,353,585

Plymouth Educational Center Charter School;

 

 

 

 

 

 

Series 2005, Ref. RB

5.625

 

11/01/2035

 

864,271

500,000

Renaissance Public School Academy; Series 2012

 

 

 

 

 

 

A, RB

6.000

 

05/01/2037

 

516,180

600,000

Walled Lake Consolidated School District; Series

 

 

 

 

 

 

2019, GO Bonds

4.000

 

05/01/2039

 

708,330

1,220,000

Walled Lake Consolidated School District; Series

 

 

 

 

 

 

2019, GO Bonds

4.000

 

05/01/2040

 

1,432,341

2,485,000

Walled Lake Consolidated School District; Series

 

 

 

 

 

 

2019, GO Bonds

4.000

 

05/01/2041

 

2,905,586

3,270,000

Walled Lake Consolidated School District; Series

 

 

 

 

 

 

2019, GO Bonds

5.000

 

05/01/2044

 

4,172,389

3,270,000

Walled Lake Consolidated School District; Series

 

 

 

 

 

 

2019, GO Bonds

5.000

 

05/01/2049

 

4,145,870

 

 

 

 

 

 

92,981,818

 

 

 

 

 

 

Minnesota—0.3%

 

 

 

 

 

1,050,000

Bethel (City of), MN; Series 2018 A, Ref. RB

5.500

 

12/01/2048

 

1,129,349

2,300,000

Duluth (City of), MN Economic Development

 

 

 

 

 

 

Authority; Series 2018 A, Ref. RB

5.000

 

02/15/2043

 

2,859,199

30 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Minnesota (Continued)

 

 

 

 

$900,000

Minnesota (State of) Higher Education Facilities

 

 

 

 

 

Authority; Series 2017, Ref. RB

5.000%

10/01/2047 $

1,041,156

721,000

Mound (City of), MN Housing & Redevelopment

 

 

 

 

 

Authority; Series 2006, Ref. RB

5.000

02/15/2027

 

724,381

680,000

St. Paul (City of), MN (Presbyterian Homes

 

 

 

 

 

Bloomington); Series 2017, Ref. RB

5.000

09/01/2042

 

756,126

 

 

 

 

 

6,510,211

 

 

 

 

 

Mississippi—0.5%

 

 

 

 

10,000,000

Mississippi (State of) Development Bank; Series

 

 

 

 

 

2016, RB

5.000

12/01/2046

 

12,076,100

 

 

 

 

 

Missouri—1.1%

 

 

 

 

14,360,000

370/Missouri Bottom Road/Taussig Road

 

 

 

 

 

Transportation Development District (Hazelwood);

 

 

 

 

 

Series 2002, RB2,3

7.200

05/01/2033

 

4,882,400

160,000

Branson (City of), MO Industrial Development

 

 

 

 

 

Authority; Series 2005 A, RB3

7.050

05/01/2027

 

118,430

830,000

Branson (City of), MO Industrial Development

 

 

 

 

 

Authority; Series 2007 A, RB3

5.750

05/01/2026

 

619,462

675,000

Broadway-Fairview Transportation Development

 

 

 

 

 

District; Series 2006 A, RB3,6

5.875

12/01/2031

 

438,750

180,000

Chillicothe (City of), MO (South U.S. 65); Series

 

 

 

 

 

2006, RB3

5.500

04/01/2021

 

168,664

400,000

Chillicothe (City of), MO; Series 2006, RB3

5.625

04/01/2027

 

346,740

580,000

Columbia (City of), MO Housing Authority; Series

 

 

 

 

 

2015, RB

5.000

12/15/2040

 

616,111

1,330,000

Columbia (City of), MO Housing Authority; Series

 

 

 

 

 

2015, RB

5.125

12/15/2050

 

1,407,898

355,000

Grindstone Plaza Transportation Development

 

 

 

 

 

District; Series 2006 A, RB

5.500

10/01/2031

 

352,323

5,525,000

Hollister (City of), MO; Series 2019, RB

5.625

10/01/2039

 

6,083,136

295,000

Kansas City (City of), MO Industrial Development

 

 

 

 

 

Authority (Ward Parkway Center Community

 

 

 

 

 

Improvement District); Series 2016 A, Ref. RB

5.000

04/01/2046

 

312,892

140,000

Lee's Summit (City of), MO Industrial

 

 

 

 

 

Development Authority; Series 2007, RB2,3

5.500

03/01/2021

 

89,600

250,000

Lee's Summit (City of), MO Industrial

 

 

 

 

 

Development Authority; Series 2007, RB2

5.750

03/01/2029

 

160,000

2,100,000

Maplewood (City of), MO (Maplewood South

 

 

 

 

 

Redevelopment Area); Series 2005, Ref. RB

5.750

11/01/2026

 

2,100,882

54,000

Northwoods Transportation Development District;

 

 

 

 

 

Series 2006 A, RB

5.850

02/01/2031

 

53,910

1,025,000

St. Charles (County of), MO Industrial

 

 

 

 

 

Development Authority; Series 2016, RB

5.000

10/01/2046

 

1,076,804

3,250,000

St. Louis (City of), MO Land Clearance for

 

 

 

 

 

Redevelopment Authority; Series 2018 A, RB

5.000

04/01/2048

 

3,903,673

481,000

St. Louis (City of), MO; Series 2006 A, RB6

6.000

08/04/2025

 

96,200

661,018

St. Louis (City of), MO; Series 2007, RB3

5.500

05/29/2028

 

277,799

31 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Missouri (Continued)

 

 

 

 

$1,879,000

St. Louis (County of), MO; Series 2006, RB3

5.500%

03/09/2027 $

770,390

545,000

Missouri - St. Louis (County of), MO; Series 2006,

 

 

 

 

 

RB3,6

6.000

08/21/2026

 

136,250

846,000

Missouri - St. Louis (County of), MO; Series 2006,

 

 

 

 

 

RB3,6

6.000

08/21/2026

 

279,180

758,000

St. Louis (County of), MO; Series 2007 A, RB3

5.500

01/20/2028

 

379,000

373,000

St. Louis (County of), MO; Series 2007 A, RB3

5.500

09/02/2028

 

167,850

466,000

St. Louis (County of), MO; Series 2007 B, RB3,6

5.500

01/20/2028

 

111,840

3,255,000

St. Louis (County of), MO; Series 2008 A, RB3

6.600

01/21/2028

 

1,464,750

1,080,000

St. Louis (County of), MO; Series 2008, RB3,6

6.690

04/21/2029

 

183,600

620,000

Stone Canyon Community Improvement District;

 

 

 

 

 

Series 2007, RB2,3

5.700

04/01/2022

 

161,200

320,000

Stone Canyon Community Improvement District;

 

 

 

 

 

Series 2007, RB2,3

5.750

04/01/2027

 

83,200

 

 

 

 

 

26,842,934

 

 

 

 

 

Montana—0.0%

 

 

 

 

11,710,000

Hardin (City of), MT; Series 2006, RB3,6

6.250 1

09/01/2031

 

819,700

 

 

 

 

 

Nebraska—0.7%

 

 

 

 

9,510,000

Central Plains Energy Project (No. 3); Series

 

 

 

 

 

2012, RB

5.250

09/01/2037

 

10,456,150

4,000,000

Central Plains Energy Project (No. 3); Series 2017

 

 

 

 

 

A, Ref. RB

5.000

09/01/2037

 

5,691,200

 

 

 

 

 

16,147,350

 

 

 

 

 

 

Nevada—0.4%

 

 

 

 

 

2,500,000

Clark (County of), NV (Stadium Improvement

 

 

 

 

 

Bonds); Series 2018 A, GO Bonds

5.000

05/01/2048

 

3,128,700

320,000

Clark (County of), NV; Series 2007 A, RB

5.000

02/01/2026

 

323,418

255,000

Clark (County of), NV; Series 2007 A, RB

5.050

02/01/2031

 

257,609

5,280,000

Clark County School District; Series 2018 B, GO

 

 

 

 

 

Bonds

5.000

06/15/2036

 

6,714,523

 

 

 

 

 

10,424,250

 

 

 

 

 

New Hampshire—0.3%

 

 

 

 

305,000

Manchester Housing & Redevelopment Authority

 

 

 

 

 

Inc.; Series 2000 B, RB

5.647 4

01/01/2029

 

221,619

3,995,681

National Finance Authority; Series 2020-1, Class

 

 

 

 

 

A

4.125

01/20/2034

 

4,931,869

410,000

New Hampshire (State of) Business Finance

 

 

 

 

 

Authority; Series 2019 A, RB

5.250

07/01/2039

 

454,165

230,000

New Hampshire (State of) Business Finance

 

 

 

 

 

Authority; Series 2019 A, RB

5.625

07/01/2046

 

257,133

570,000

New Hampshire (State of) Business Finance

 

 

 

 

 

Authority; Series 2019 A, RB

5.750

07/01/2054

 

638,292

32 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

New Hampshire (Continued)

 

 

 

 

$1,500,000

New Hampshire (State of) Health and Education

 

 

 

 

 

Facilities Authority (Southern New Hampshire

 

 

 

 

 

University); Series 2012, RB

5.000%

01/01/2027 $

1,606,440

 

 

 

 

 

8,109,518

 

 

 

 

 

New Jersey—7.4%

 

 

 

 

250,000

Atlantic City (City of), NJ; Series 2017 A, Ref. GO

 

 

 

 

 

Bonds

5.000

03/01/2032

 

305,453

500,000

Atlantic City (City of), NJ; Series 2017 A, Ref. GO

 

 

 

 

 

Bonds

5.000

03/01/2037

 

604,885

3,510,000

Atlantic City (City of), NJ; Series 2017 B, GO

 

 

 

 

 

Bonds

4.000

03/01/2042

 

3,924,812

2,000,000

Casino Reinvestment Development Authority;

 

 

 

 

 

Series 2014, Ref. RB

5.000

11/01/2030

 

2,271,560

2,000,000

Casino Reinvestment Development Authority;

 

 

 

 

 

Series 2014, Ref. RB

5.000

11/01/2032

 

2,268,300

1,015,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority (Newark Downtown District

 

 

 

 

 

Management Corp.); Series 2019, Ref. RB

5.125

06/15/2037

 

1,267,806

3,000,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2016 AAA, RB

5.000

06/15/2041

 

3,544,020

500,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2017 A, RB

5.000

07/01/2032

 

581,330

200,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2017 A, RB

5.000

07/01/2047

 

226,848

1,930,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2017 DDD, RB

5.000

06/15/2028

 

2,381,369

3,500,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2017 DDD, RB

5.000

06/15/2029

 

4,300,205

1,000,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2017, Ref. RB

5.000

06/01/2037

 

1,215,840

3,500,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2018 A, RB

5.000

06/15/2042

 

4,211,970

735,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2018 A, RB

5.000

06/15/2047

 

878,362

220,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2018 A, RB

6.500

11/01/2052

 

259,558

4,855,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2018 C, RB

5.000

06/15/2031

 

5,988,594

3,000,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2019, RB

4.000

06/15/2044

 

3,438,120

2,100,000

New Jersey (State of) Health Care Facilities

 

 

 

 

 

Financing Authority; Series 2015 A, RB

5.000

07/01/2029

 

2,471,742

11,570,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

 

Authority; Series 2004 A, RB

5.750

06/15/2024

 

13,733,359

5,975,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

 

Authority; Series 2005 B, RB

5.500

12/15/2021

 

6,434,597

5,015,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

 

Authority; Series 2009 D, RB

5.000

06/15/2032

 

5,794,331

33 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

New Jersey (Continued)

 

 

 

 

$4,555,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

 

Authority; Series 2011 A, RB

6.000%

06/15/2035 $

4,857,953

6,000,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

 

Authority; Series 2016, RN

5.000

06/15/2030

 

7,200,060

6,660,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

 

Authority; Series 2018 A, Ref. RN

5.000

06/15/2029

 

8,019,506

945,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

 

Authority; Series 2018 A, Ref. RN

5.000

06/15/2030

 

1,134,009

880,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

 

Authority; Series 2018 A, Ref. RN

5.000

06/15/2031

 

1,053,246

7,000,000

New Jersey (State of) Turnpike Authority; Series

 

 

 

 

 

2015 E, RB

5.000

01/01/2034

 

8,313,970

3,000,000

New Jersey (State of) Turnpike Authority; Series

 

 

 

 

 

2019 A, RB

5.000

01/01/2048

 

3,791,250

3,500,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

 

A, Ref. RB

5.000

06/01/2028

 

4,512,725

4,500,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

 

A, Ref. RB

5.000

06/01/2029

 

5,763,060

5,000,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

 

A, Ref. RB

5.000

06/01/2030

 

6,362,300

7,100,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

 

A, Ref. RB

5.000

06/01/2031

 

8,978,731

13,000,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

 

A, Ref. RB

5.000

06/01/2034

 

16,345,030

4,000,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

 

A, Ref. RB

5.000

06/01/2035

 

5,020,360

3,000,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

 

A, Ref. RB

5.000

06/01/2037

 

3,748,260

6,000,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

 

A, Ref. RB

5.000

06/01/2046

 

7,310,700

13,700,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

 

B, Ref. RB

5.000

06/01/2046

 

16,147,505

 

 

 

 

 

174,661,726

 

 

 

 

 

New Mexico—0.1%

 

 

 

 

230,000

Boulders Public Improvement District; Series

 

 

 

 

 

2015, RB

5.750

10/01/2044

 

243,917

1,925,000

Trails Public Improvement District; Series 2008,

 

 

 

 

 

RB

7.750

10/01/2038

 

1,927,079

 

 

 

 

 

2,170,996

 

 

 

 

 

New York—10.1%

 

 

 

 

3,250,000

Brooklyn Arena Local Development Corp.

 

 

 

 

 

(Barclays Center); Series 2016 A, Ref. RB

5.000

07/15/2042

 

3,793,108

8,500,000

Hudson Yards, NY Infrastructure Corp.5

5.000

02/15/2037

 

10,625,170

7,500,000

Hudson Yards, NY Infrastructure Corp.5

5.000

02/15/2039

 

9,325,425

3,500,000

Metropolitan Transportation Authority (Climate

 

 

 

 

 

Bond Certified); Series 2017 A-1, RB

5.250

11/15/2057

 

4,302,795

34 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

$10,500,000

Metropolitan Transportation Authority; Series

 

 

 

 

2015 C-1, Ref. RB

5.000%

11/15/2035 $

12,629,610

14,375,000

Metropolitan Transportation Authority; Series

 

 

 

 

2016 A1, RB

5.250

11/15/2056

17,370,750

5,000,000

Metropolitan Transportation Authority; Series

 

 

 

 

2016 C-1, RB

5.250

11/15/2056

6,121,400

3,060,000

MTA Hudson Rail Yards Trust Obligations; Series

 

 

 

 

2016 A, RB

5.000

11/15/2046

3,065,936

13,150,000

MTA Hudson Rail Yards Trust Obligations; Series

 

 

 

 

2016 A, RB

5.000

11/15/2056

14,777,839

10,000,000

New York & New Jersey (States of) Port Authority;

 

 

 

 

Series 2016 198, Ref. RB

5.250

11/15/2056

12,306,900

10,000,000

New York & New Jersey (States of) Port Authority;

 

 

 

 

Series 2019 217, RB

4.000

11/01/2049

11,966,200

10,000,000

New York (City of), NY Municipal Water Finance

 

 

 

 

Authority; Series 2015 GG, Ref. RB

5.000

06/15/2039

12,000,800

7,500,000

New York (City of), NY Municipal Water Finance

 

 

 

 

Authority; Series 2020 DD-1, RB

4.000

06/15/2050

8,990,025

14,000,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2018 S-3, RB

5.000

07/15/2043

17,741,780

4,000,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2019 B-1, RB

4.000

11/01/2045

4,777,600

10,065,000

New York (City of), NY; Series 2018 E-1, GO

 

 

 

 

Bonds

5.000

03/01/2040

12,715,115

10,000,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2015 B, RB

5.000

03/15/2033

12,139,200

2,650,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2015 B, Ref. RB

5.000

07/01/2028

3,208,011

5,000,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2016 A, RB

5.000

03/15/2035

6,241,700

10,000,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2019 A, Ref. RB

5.000

03/15/2047

12,800,700

7,000,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2020 D, Ref. RB

4.000

02/15/2047

8,390,900

5,880,000

New York (State of) Thruway Authority; Series

 

 

 

 

2019 B, RB

4.000

01/01/2045

6,991,085

65,000

New York Counties Tobacco Trust II; Series 2001,

 

 

 

 

RB

5.750

06/01/2043

65,968

285,000

New York Counties Tobacco Trust VI; Series 2016

 

 

 

 

A-1, Ref. RB

5.750

06/01/2043

364,575

6,075,000

New York Liberty Development Corp. (Goldman

 

 

 

 

Sachs Headquarters); Series 2005, Ref. RB

5.250

10/01/2035

8,784,511

6,460,000

New York State Environmental Facilities Corp.;

 

 

 

 

Series 2019 A, Ref. RB

4.000

03/15/2042

7,762,013

1,950,000

TSASC, Inc.; Series 2016 B, Ref. RB

5.000

06/01/2045

2,043,971

5,000,000

TSASC, Inc.; Series 2016 B, Ref. RB

5.000

06/01/2048

5,234,600

35 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

 

$2,455,000

TSASC, Inc.; Series 2017 A, Ref. RB

5.000%

06/01/2036 $

2,949,903

 

 

 

 

 

239,487,590

 

 

 

 

 

North Carolina—0.3%

 

 

 

 

5,000,000

North Carolina (State of) Turnpike Authority;

 

 

 

 

 

Series 2018, Ref. RB

5.000

01/01/2038

 

6,391,450

 

 

 

 

 

 

Ohio—8.4%

 

 

 

 

 

2,410,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB

5.375

06/01/2024

 

2,412,699

3,820,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB

5.750

06/01/2034

 

3,824,622

5,360,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB

5.875

06/01/2030

 

5,366,646

5,550,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB

5.875

06/01/2047

 

5,556,882

10,100,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB

6.500

06/01/2047

 

10,114,140

538,100,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 B, RB

7.247 4

06/01/2047

 

77,427,209

230,500,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 C, RB

7.575 4

06/01/2052

 

21,494,125

28,330,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2020 B-2, Class 2, Ref. RB7

5.000

06/01/2055

 

32,037,830

49,575,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2020 B-3, Class 2, Ref. RB7

5.622 4

06/01/2057

 

6,979,169

3,445,000

Cleveland (City of) & Cuyahoga (County of), OH

 

 

 

 

 

Port Authority; Series 2010, RB

6.000

11/15/2035

 

3,567,263

2,475,000

Cuyahoga (County of), OH (Metrohealth System);

 

 

 

 

 

Series 2017, Ref. RB

5.500

02/15/2052

 

2,976,757

1,050,000

Cuyahoga (County of), OH (Metrohealth System);

 

 

 

 

 

Series 2017, Ref. RB

5.500

02/15/2057

 

1,259,853

1,015,000

Greater Cincinnati (Port of), OH Development

 

 

 

 

 

Authority; Series 2004, RB

6.300

02/15/2024

 

1,011,813

5,860,000

Greater Cincinnati (Port of), OH Development

 

 

 

 

 

Authority; Series 2004, RB

6.400

02/15/2034

 

5,811,831

1,000,000

Greene (County of), OH; Series 2002 A, RB

5.500

09/01/2027

 

1,000,690

255,000

Greene (County of), OH; Series 2002 A, RB

5.625

09/01/2032

 

255,173

285,000

Jeffrey Place New Community Authority; Series

 

 

 

 

 

2007 A, RB

5.000

12/01/2022

 

285,430

1,350,000

Ohio (State of) Higher Educational Facility

 

 

 

 

 

Commission; Series 2018, Ref. RB

5.250

01/01/2038

 

1,458,702

5,000,000

Ohio (State of); Series 2017 A, GO Bonds

5.000

03/15/2036

 

5,763,600

3,905,000

Ohio (State of); Series 2020 A, Ref. RB

5.000

01/15/2050

 

4,968,683

4,065,000

Portage (County of), OH Port Authority; Series

 

 

 

 

 

2012, RB

5.000

12/01/2037

 

4,295,201

36 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Ohio (Continued)

 

 

 

 

$319,955

Toledo (City of) & Lucas (County of), OH Port

 

 

 

 

 

Authority; Series 2007 A, RB

5.400%

11/01/2036 $

320,000

 

 

 

 

 

198,188,318

 

 

 

 

 

Oklahoma—0.2%

 

 

 

 

3,070,000

Carter (County of), OK Public Facilities Authority;

 

 

 

 

 

Series 2018, RB

5.000

09/01/2032

 

3,907,834

 

 

 

 

 

 

Oregon—0.0%

 

 

 

 

 

240,000

Oregon (State of) Facilities Authority; Series 2010

 

 

 

 

 

A, RB

6.125

09/01/2030

 

246,197

500,000

Oregon (State of) Facilities Authority; Series 2010

 

 

 

 

 

A, RB

6.375

09/01/2040

 

513,525

 

 

 

 

 

759,722

 

 

 

 

 

Pennsylvania—6.3%

 

 

 

 

2,825,000

Allegheny (County of), PA Hospital Development

 

 

 

 

 

Authority (Allegheny Health Obligated Group);

 

 

 

 

 

Series 2018 A, Ref. RB

5.000

04/01/2036

 

3,533,510

1,600,000

Berks (County of), PA Industrial Development

 

 

 

 

 

Authority; Series 2017, Ref. RB

5.000

11/01/2047

 

1,910,688

5,000,000

Bethlehem Area School District; Series 2015 A,

 

 

 

 

 

GO Bonds

5.000

08/01/2033

 

6,005,550

1,250,000

Commonwealth Financing Authority; Series 2018,

 

 

 

 

 

RB

5.000

06/01/2030

 

1,588,675

3,000,000

Commonwealth Financing Authority; Series 2018,

 

 

 

 

 

RB

5.000

06/01/2032

 

3,792,900

2,000,000

Commonwealth Financing Authority; Series 2018,

 

 

 

 

 

RB

5.000

06/01/2033

 

2,523,140

1,760,000

Commonwealth Financing Authority; Series 2018,

 

 

 

 

 

RB

5.000

06/01/2034

 

2,214,678

3,000,000

Commonwealth Financing Authority; Series 2018,

 

 

 

 

 

RB

5.000

06/01/2035

 

3,763,050

1,425,000

Delaware (County of), PA Authority; Series 2016,

 

 

 

 

 

Ref. RB

5.000

10/01/2031

 

1,632,423

2,305,000

Delaware (County of), PA Authority; Series 2016,

 

 

 

 

 

Ref. RB

5.000

10/01/2035

 

2,620,854

2,605,000

Pennsylvania (State of) Public School Building

 

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

 

2012, RB

5.000

04/01/2025

 

2,828,301

3,000,000

Pennsylvania (State of) Public School Building

 

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

 

2012, RB

5.000

04/01/2030

 

3,257,160

5,000,000

Pennsylvania (State of) Public School Building

 

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

 

2012, RB

5.000

04/01/2031

 

5,428,600

5,000,000

Pennsylvania (State of) Public School Building

 

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

 

2016 A, Ref. RB

5.000

06/01/2032

 

6,133,000

37 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Pennsylvania (Continued)

 

 

 

 

$5,000,000

Pennsylvania (State of) Public School Building

 

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

 

2016 A, Ref. RB

5.000%

06/01/2033 $

6,121,900

1,500,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

 

Series 2009 E, RB

6.375 1

12/01/2038

 

2,030,655

5,000,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

 

Series 2016, Ref. RB

5.000

06/01/2030

 

6,010,100

5,125,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

 

Series 2017 3, Ref. RB

5.000

12/01/2040

 

6,289,810

7,750,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

 

Series 2017 B-1, RB

5.000

06/01/2042

 

9,376,570

7,000,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

 

Series 2018 A-2, RB

5.000

12/01/2048

 

8,775,830

3,000,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

 

Series 2019 A, RB

4.000

12/01/2049

 

3,509,040

5,000,000

Pennsylvania (State of); Series 2013 1, GO Bonds

4.000

04/01/2032

 

5,460,800

12,500,000

Pennsylvania (State of); Series 2018 1, GO Bonds

4.000

03/01/2035

 

14,934,375

4,175,000

Pennsylvania (State of); Series 2018 1, GO Bonds

4.000

03/01/2036

 

5,001,734

10,000,000

Pennsylvania (State of); Series 2018 1, GO Bonds

5.000

03/01/2032

 

12,843,300

685,000

Philadelphia (City of), PA Industrial Development

 

 

 

 

 

Authority (Architecture & Design Charter High

 

 

 

 

 

School); Series 2013, RB3

6.125

03/15/2043

 

685,000

7,155,000

Philadelphia (City of), PA; Series 2019 B, RB

5.000

11/01/2049

 

9,128,778

1,000,000

Philadelphia Gas Works Co.; Series 2017 15,

 

 

 

 

 

Ref. RB

5.000

08/01/2036

 

1,233,720

1,000,000

Philadelphia School District; Series 2016 F, Ref.

 

 

 

 

 

GO Bonds

5.000

09/01/2032

 

1,218,750

4,000,000

Pottsville (City of), PA Hospital Authority; Series

 

 

 

 

 

2016 B, Ref. RB

5.000

07/01/2041

 

4,794,080

280,000

Reading School District; Series 2017, Ref. GO

 

 

 

 

 

Bonds

5.000

03/01/2035

 

343,697

255,000

Reading School District; Series 2017, Ref. GO

 

 

 

 

 

Bonds

5.000

03/01/2036

 

311,105

1,000,000

Scranton School District; Series 2017 E, Ref. GO

 

 

 

 

 

Bonds

5.000

12/01/2029

 

1,247,190

1,305,000

Scranton School District; Series 2017 E, Ref. GO

 

 

 

 

 

Bonds

5.000

12/01/2030

 

1,621,202

890,000

Scranton School District; Series 2017 E, Ref. GO

 

 

 

 

 

Bonds

5.000

12/01/2032

 

1,104,766

710,000

Scranton School District; Series 2017 E, Ref. GO

 

 

 

 

 

Bonds

5.000

12/01/2033

 

881,401

 

 

 

 

 

150,156,332

 

 

 

 

 

Rhode Island—0.3%

 

 

 

 

4,915,000

Central Falls Detention Facility Corp.; Series 2005,

 

 

 

 

 

Ref. RB2

7.250

07/15/2035

 

884,700

20,000

Rhode Island Housing & Mortgage Finance Corp.;

 

 

 

 

 

Series 1992 10-A, RB

6.500

04/01/2027

 

20,072

38 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Rhode Island (Continued)

 

 

 

 

$4,695,000

Tobacco Settlement Financing Corp.; Series 2015

 

 

 

 

 

A, Ref. RB

5.000%

06/01/2040 $

5,350,375

 

 

 

 

 

6,255,147

 

 

 

 

 

South Carolina—0.7%

 

 

 

 

5,871,414

Connector 2000 Association, Inc.; Series 1998

 

 

 

 

 

B, RB

3.158 4

01/01/2021

 

5,595,094

10,353,585

Connector 2000 Association, Inc.; Series 1998

 

 

 

 

 

B, RB

3.747 4

01/01/2026

 

7,292,844

4,325,000

Richland (County of), SC; Series 2004, RB3

6.200

11/01/2036

 

3,916,417

 

 

 

 

 

16,804,355

 

 

 

 

 

South Dakota—0.1%

 

 

 

 

1,500,000

Educational Enhancement Funding Corp.; Series

 

 

 

 

 

2013 B, RB

5.000

06/01/2027

 

1,664,970

 

 

 

 

 

Tennessee—1.6%

 

 

 

 

455,000

Chattanooga (City of), TN Health, Educational &

 

 

 

 

 

Housing Facility Board (CommonSpirit Health);

 

 

 

 

 

Series 2019 A-1, RB

4.000

08/01/2044

 

525,311

225,000

Chattanooga (City of), TN Health, Educational &

 

 

 

 

 

Housing Facility Board (CommonSpirit Health);

 

 

 

 

 

Series 2019 A-1, Ref. RB

4.000

08/01/2038

 

263,507

340,000

Chattanooga (City of), TN Health, Educational &

 

 

 

 

 

Housing Facility Board (CommonSpirit Health);

 

 

 

 

 

Series 2019 A-2, Ref. RB

5.000

08/01/2044

 

423,300

455,000

Chattanooga (City of), TN Health, Educational &

 

 

 

 

 

Housing Facility Board (CommonSpirit Health);

 

 

 

 

 

Series 2019 A-2, Ref. RB

5.000

08/01/2049

 

562,776

2,000,000

Greeneville (Town of), TN Health & Educational

 

 

 

 

 

Facilities Board (Ballad Health); Series 2018 A,

 

 

 

 

 

Ref. RB

5.000

07/01/2035

 

2,481,460

3,000,000

Greeneville (Town of), TN Health & Educational

 

 

 

 

 

Facilities Board (Ballad Health); Series 2018 A,

 

 

 

 

 

Ref. RB

5.000

07/01/2036

 

3,706,470

3,000,000

Greeneville (Town of), TN Health & Educational

 

 

 

 

 

Facilities Board (Ballad Health); Series 2018 A,

 

 

 

 

 

Ref. RB

5.000

07/01/2037

 

3,689,370

200,000

Metropolitan Development and Housing Agency

 

 

 

 

 

(Fifth + Broadway Development); Series 2018, RB

5.125

06/01/2036

 

231,146

7,000,000

Nashville (City of) & Davidson (County of), TN

 

 

 

 

 

Metropolitan Government Health & Educational

 

 

 

 

 

Facilities Board (The) (Vanderbilt University

 

 

 

 

 

Medical Center); Series 2016 A, RB

5.000

07/01/2046

 

8,297,450

500,000

Nashville (City of) & Davidson (County of), TN

 

 

 

 

 

Metropolitan Government Health & Educational

 

 

 

 

 

Facilities Board; Series 2012, RB

5.000

11/01/2027

 

532,610

2,500,000

Tennessee (State of) Metropolitan Nashville

 

 

 

 

 

Airport Authority; Series 2019 A, RB

4.000

07/01/2049

 

2,977,925

39 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Tennessee (Continued)

 

 

 

 

$4,750,000

Tennessee (State of) Metropolitan Nashville

 

 

 

 

 

Airport Authority; Series 2019 A, RB

5.000%

07/01/2049 $

6,198,798

5,665,000

Tennessee Energy Acquisition Corp.; Series 2006

 

 

 

 

 

C, RB

5.000

02/01/2027

 

6,901,839

 

 

 

 

 

36,791,962

 

 

 

 

 

 

Texas—5.1%

 

 

 

 

 

5,000

Alamo Community College District; Series 2007,

 

 

 

 

 

GO Bonds

4.500

08/15/2033

 

5,014

3,870,000

Arlington (City of), TX Independent School

 

 

 

 

 

District; Series 2020, GO Bonds7

4.000

02/15/2045

 

4,571,786

885,000

Arlington Higher Education Finance Corp. (UME

 

 

 

 

 

Preparatory Academy); Series 2017 A, RB

5.000

08/15/2038

 

963,508

1,300,000

Arlington Higher Education Finance Corp.

 

 

 

 

 

(Winfree Academy Charter School); Series 2019,

 

 

 

 

 

Ref. RB

5.750

08/15/2043

 

1,501,890

125,000

Dallas (City of), TX (Civic Center Convention

 

 

 

 

 

Complex); Series 2009, RB

5.250

08/15/2034

 

125,396

1,100,000

Dallas (County of), TX Flood Control District No.

 

 

 

 

 

1; Series 2015, Ref. GO Bonds

5.000

04/01/2032

 

1,182,852

8,000,000

El Paso Independent School District; Series 2020,

 

 

 

 

 

GO Bonds

4.000

08/15/2045

 

9,511,280

4,113,000

Escondido Public Improvement District; Series

 

 

 

 

 

2008, RB

7.250

10/01/2033

 

4,117,812

3,870,000

Houston (City of), TX; Series 2019 A, Ref. GO

 

 

 

 

 

Bonds

4.000

03/01/2049

 

4,490,825

160,000

Texas - Houston Higher Education Finance Corp.;

 

 

 

 

 

Series 2011, RB

6.500

05/15/2031

 

170,787

140,000

Texas - Houston Higher Education Finance Corp.;

 

 

 

 

 

Series 2011, RB

6.500

05/15/2031

 

149,439

250,000

Houston Higher Education Finance Corp.; Series

 

 

 

 

 

2012 A, RB

6.000

08/15/2036

 

254,090

250,000

Houston Higher Education Finance Corp.; Series

 

 

 

 

 

2012 A, RB

6.000

08/15/2041

 

253,863

10,000,000

Houston Independent School District; Series

 

 

 

 

 

2017, Ref. GO Bonds

5.000

02/15/2042

 

12,362,400

30,000

Huntsville (City of), TX; Series 2001, GO Ctfs.

5.000

08/15/2032

 

30,099

10,535,000

Keller Independent School District; Series 2020,

 

 

 

 

 

GO Bonds

4.000

02/15/2044

 

12,486,293

40,000

Lancaster Independent School District; Series

 

 

 

 

 

2015 A, GO Bonds

4.000

02/15/2045

 

40,062

2,000,000

Montgomery (County of), TX Toll Road Authority;

 

 

 

 

 

Series 2018, RB

5.000

09/15/2043

 

2,311,400

2,500,000

Montgomery (County of), TX Toll Road Authority;

 

 

 

 

 

Series 2018, RB

5.000

09/15/2048

 

2,876,650

750,000

New Hope Cultural Education Facilities Finance

 

 

 

 

 

Corp. (Cardinal Bay, Inc.); Series 2016, RB

5.000

07/01/2046

 

829,005

750,000

New Hope Cultural Education Facilities Finance

 

 

 

 

 

Corp. (Cardinal Bay, Inc.); Series 2016, RB

5.000

07/01/2051

 

824,490

40 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Texas (Continued)

 

 

 

 

$555,000

New Hope Cultural Education Facilities Finance

 

 

 

 

 

Corp.; Series 2013 A, RB

5.875%

04/01/2036 $

615,745

780,000

New Hope Cultural Education Facilities Finance

 

 

 

 

 

Corp.; Series 2013 A, RB

6.000

04/01/2045

 

861,362

1,000,000

New Hope Cultural Education Facilities Finance

 

 

 

 

 

Corp.; Series 2016 A, RB

5.000

04/01/2036

 

1,098,200

355,000

New Hope Cultural Education Facilities Finance

 

 

 

 

 

Corp.; Series 2016 A, RB

5.000

04/01/2036

 

371,245

150,000

New Hope Cultural Education Facilities Finance

 

 

 

 

 

Corp.; Series 2016 A-1, RB

5.000

07/01/2031

 

170,033

250,000

New Hope Cultural Education Facilities Finance

 

 

 

 

 

Corp.; Series 2018 A-1, RB

5.000

07/01/2048

 

294,568

850,000

New Hope Cultural Education Facilities Finance

 

 

 

 

 

Corp.; Series 2018 A-1, RB

5.000

07/01/2058

 

994,900

425,000

New Hope Cultural Education Facilities Finance

 

 

 

 

 

Corp.; Series 2019, RB

5.000

08/15/2039

 

457,950

150,000

New Hope Cultural Education Facilities Finance

 

 

 

 

 

Corp.; Series 2019, RB

5.000

08/15/2049

 

160,407

10,000,000

North Texas Tollway Authority; Series 2017 B,

 

 

 

 

 

Ref. RB

5.000

01/01/2043

 

12,160,400

10,000,000

Northwest Independent School District; Series

 

 

 

 

 

2015, GO Bonds

5.000

02/15/2045

 

11,827,500

19,400,000

Texas (State of); Series 2012 A, VRD GO Bonds

1.160 9

12/01/2042

 

19,400,000

110,000

Texas Dormitory Finance Authority Inc.; Series

 

 

 

 

 

2001 A, RB

5.750

09/01/2027

 

110,022

485,000

Texas Dormitory Finance Authority Inc.; Series

 

 

 

 

 

2001 A, RB

6.000

09/01/2033

 

485,073

3,825,000

Texas Municipal Gas Acquisition & Supply Corp. I;

 

 

 

 

 

Series 2008 D, RB

6.250

12/15/2026

 

4,554,198

5,000,000

Texas Private Activity Bond Surface Transportation

 

 

 

 

 

Corp. (NTE Mobility Partners LLC North Tarrant

 

 

 

 

 

Express Management Lanes); Series 2019 A, RB

4.000

12/31/2039

 

5,967,550

1,085,000

Texas State Public Finance Authority Charter

 

 

 

 

 

School Finance Corp. (New Frontiers Charter

 

 

 

 

 

School); Series 2010 A, RB

5.800

08/15/2040

 

1,100,895

170,000

Texas State Public Finance Authority Charter

 

 

 

 

 

School Finance Corp.; Series 2006 A, RB

6.250

09/01/2036

 

170,294

 

 

 

 

 

119,859,283

 

 

 

 

 

 

Utah—0.1%

 

 

 

 

 

275,000

Utah (County of), UT (Renaissance Academy);

 

 

 

 

 

Series 2007 A, RB

5.625

07/15/2037

 

275,426

720,000

Utah (State of) Charter School Finance Authority;

 

 

 

 

 

Series 2018, RB

5.000

10/15/2038

 

891,252

41 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Utah (Continued)

 

 

 

 

$1,110,000

Utah (State of) Charter School Finance Authority;

 

 

 

 

 

Series 2019 A, RB

5.375%

06/15/2049 $

1,153,512

 

 

 

 

 

2,320,190

 

 

 

 

 

Vermont—0.0%

 

 

 

 

350,000

Burlington (City of), VT; Series 2012 A, GO Bonds

5.000

11/01/2027

 

388,332

445,000

Burlington (City of), VT; Series 2012 A, GO Bonds

5.000

11/01/2032

 

493,736

 

 

 

 

 

882,068

 

 

 

 

 

Virginia—0.6%

 

 

 

 

338,000

Celebrate North Community Development

 

 

 

 

 

Authority; Series 2003 B, RB2

6.750

03/01/2034

 

202,800

8,950,000

Chesapeake Bay Bridge & Tunnel District; Series

 

 

 

 

 

2016, RB

5.000

07/01/2041

 

10,920,522

950,000

Virginia (State of) College Building Authority;

 

 

 

 

 

Series 2006, RB

5.000

06/01/2026

 

949,934

990,000

Virginia (State of) College Building Authority;

 

 

 

 

 

Series 2006, RB

5.000

06/01/2029

 

989,970

585,000

Virginia (State of) College Building Authority;

 

 

 

 

 

Series 2006, RB

5.000

06/01/2036

 

585,035

715,000

Virginia Beach (City of), VA Development

 

 

 

 

 

Authority; Series 2018, Ref. RB

5.000

09/01/2036

 

851,937

 

 

 

 

 

14,500,198

 

 

 

 

 

Washington—0.4%

 

 

 

 

5,000

Chelan (County of), WA Public Utility District No.

 

 

 

 

 

1; Series 2009 A, RB

5.000

07/01/2034

 

5,015

1,680,000

Cowlitz County School District No. 458; Series

 

 

 

 

 

2019, GO Bonds

4.000

12/01/2038

 

2,020,536

70,000

Kelso (City of), WA Housing Authority; Series

 

 

 

 

 

1998, RB

5.600

03/01/2028

 

70,083

1,655,642

Tacoma (City of), WA Consolidated Local

 

 

 

 

 

Improvement Districts; Series 2013, RB

5.750

04/01/2043

 

1,657,447

2,250,000

Washington (State of) Health Care Facilities

 

 

 

 

 

Authority; Series 2017, Ref. RB

5.000

08/15/2031

 

2,758,928

2,750,000

Washington (State of); Series 2021 A, Ref. GO

 

 

 

 

 

Bonds7

5.000

06/01/2039

 

3,522,998

 

 

 

 

 

10,035,007

 

 

 

 

 

West Virginia—0.2%

 

 

 

 

1,960,000

Brooke (County of), WV; Series 2011 A, RB

6.500

10/01/2031

 

1,973,406

1,885,000

Brooke (County of), WV; Series 2011 A, RB

6.750

10/01/2037

 

1,897,856

 

 

 

 

 

3,871,262

 

 

 

 

 

Wisconsin—1.4%

 

 

 

 

20,000,000

WI H&EFA (Ascension Health Credit Group)5

4.000

11/15/2034

 

23,009,000

420,000

Wisconsin (State of) Public Finance Authority

 

 

 

 

 

(Explore Knowledge Foundation); Series 2012

 

 

 

 

 

A, RB

5.750

07/15/2032

 

453,852

42 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Wisconsin (Continued)

 

 

 

 

 

$350,000

Wisconsin (State of) Public Finance Authority

 

 

 

 

 

 

(Explore Knowledge Foundation); Series 2012

 

 

 

 

 

 

A, RB

6.000%

07/15/2042 $

377,300

310,000

Wisconsin (State of) Public Finance Authority

 

 

 

 

 

 

(North Carolina Leadership Academy); Series

 

 

 

 

 

 

2019, RB

5.000

 

06/15/2039

 

340,594

650,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

 

Series 2011, RB

7.125

 

07/01/2042

 

650,897

465,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

 

Series 2012 A-1, RB

7.000

 

10/01/2042

 

471,203

100,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

 

Series 2012 B-1, RB

0.181

4

10/01/2042

 

52,500

200,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

 

Series 2012 C-1, RB

36.060

4

10/01/2042

 

4,120

900,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

 

Series 2019 A, RB

5.000

 

07/01/2036

 

1,123,713

1,275,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

 

Series 2019 A, RB

5.000

 

07/01/2054

 

1,547,672

1,400,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

 

Series 2019 A, RB

5.000

 

07/01/2058

 

1,680,910

435,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

 

Series 2019 A, RB

5.375

 

06/01/2044

 

465,772

540,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

 

Series 2019 A, RB

5.500

 

06/01/2054

 

577,157

1,475,000

Wisconsin Center District; Series 2013 A, Ref. RB

5.000

 

12/15/2029

 

1,633,238

 

 

 

 

 

 

32,387,928

 

 

 

 

 

 

U.S. Possessions—9.7%

 

 

 

 

 

1,885,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

 

Sewer Authority; Series 2012 A, RB

5.250

 

07/01/2029

 

2,049,938

5,880,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

 

Sewer Authority; Series 2012 A, RB

5.250

 

07/01/2042

 

6,365,100

5,400,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

 

Sewer Authority; Series 2012 A, RB

5.750

 

07/01/2037

 

5,926,500

10,090,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

 

Sewer Authority; Series 2012 A, RB

6.000

 

07/01/2047

 

11,099,000

295,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

 

Authority; Series 2003 NN, RB2

5.500

 

07/01/2020

 

237,106

30,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

 

Authority; Series 2005 RR, RB, NPFGC

5.000

 

07/01/2023

 

30,585

260,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

 

Authority; Series 2005 RR, RB, NPFGC

5.000

 

07/01/2024

 

265,720

4,000,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

 

Authority; Series 2005 SS, Ref. RB, NPFGC

5.000

 

07/01/2025

 

4,096,520

1,690,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

 

Authority; Series 2007 VV, Ref. RB, NPFGC

5.250

 

07/01/2025

 

1,828,208

1,500,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

 

Authority; Series 2007 VV, Ref. RB2

5.500

 

07/01/2020

 

1,205,625

43 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

 

$1,985,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2008 WW-RSA-1, RB2

5.250%

07/01/2025 $

1,590,481

2,750,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2008 WW-RSA-1, RB2

5.375

 

07/01/2023

2,206,875

2,830,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2010 AAA-RSA-1, RB2

5.250

 

07/01/2028

2,267,538

1,850,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2010 CCC-RSA-1, RB2

5.000

 

07/01/2022

1,477,688

2,500,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2010 CCC-RSA-1, RB2

5.000

 

07/01/2028

1,996,875

1,670,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2010 XX, RB2

5.250

 

07/01/2040

1,338,088

410,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2010 ZZ-RSA-1, Ref. RB2

5.250

 

07/01/2022

328,513

405,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2010 ZZ-RSA-1, Ref. RB2

5.250

 

07/01/2025

324,506

500,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2016 E-1, RB2

10.000

 

1/1/2021

450,625

500,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2016 E-2, RB2

10.000

 

07/01/2021

450,625

10,000,000

Puerto Rico (Commonwealth of) Government

 

 

 

 

 

Employees Retirement System; Series 2008 A, RB2

6.450

 

07/01/2055

2,058,800

10,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

 

Transportation Authority; Series 2003 A-A, RB,

 

 

 

 

 

AGC

5.000

 

07/01/2035

10,207

20,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

 

Transportation Authority; Series 2003 G, RB,

 

 

 

 

 

NPFGC

5.000

 

07/01/2033

20,474

40,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

 

Transportation Authority; Series 2004 I, RB6

5.000

 

07/01/2022

36,300

3,500,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

 

Transportation Authority; Series 2007 M, RB2

5.000

 

07/01/2046

1,618,750

1,520,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

 

Facilities Financing Authority; Series 1995 A, RB

5.625

 

07/01/2022

1,453,120

1,230,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

 

Facilities Financing Authority; Series 2002 A, Ref.

 

 

 

 

 

RB, ACA

5.000

 

08/01/2032

1,232,706

190,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

 

Facilities Financing Authority; Series 2012, Ref. RB

5.000

 

10/01/2022

192,331

850,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

 

Financing Authority; Series 2005 A, RB6

5.500

 

07/01/2024

771,375

750,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

 

Financing Authority; Series 2005 A, RB6

5.500

 

07/01/2028

680,625

8,695,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

 

Financing Authority; Series 2005 A, RB

6.065

4

07/01/2031

3,695,810

44 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

 

$8,000,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

 

Financing Authority; Series 2005 A, RB

7.072%4

07/01/2030 $

3,566,000

65,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

 

Financing Authority; Series 2005 B, RB2

5.000

 

07/01/2041

16,250

4,940,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2002 D, RB2

5.375

 

07/01/2033

4,538,625

1,910,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2007 M-2, Ref. RB, AMBAC

10.000

9

07/01/2035

2,062,876

10,000,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2007 M-3, Ref. RB, NPFGC

6.000

 

07/01/2028

10,306,200

3,300,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2007 N, RB2

5.000

 

07/01/2032

2,998,875

8,575,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2009 P, Ref. RB2

6.250

 

7/1/2026

8,060,500

240,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2012 U, Ref. RB2

5.250

 

07/01/2042

204,000

500,000

Puerto Rico (Commonwealth of); Series 2001 A,

 

 

 

 

 

Ref. GO Bonds, NPFGC

5.500

 

07/01/2021

518,650

1,365,000

Puerto Rico (Commonwealth of); Series 2003

 

 

 

 

 

C-7, Ref. GO Bonds, NPFGC

6.000

 

07/01/2027

1,406,237

5,000

Puerto Rico (Commonwealth of); Series 2004 A,

 

 

 

 

 

GO Bonds, AGC

5.000

 

07/01/2034

5,108

4,020,000

Puerto Rico (Commonwealth of); Series 2006 A,

 

 

 

 

 

GO Bonds2

5.250

 

07/01/2030

3,341,625

2,610,000

Puerto Rico (Commonwealth of); Series 2008 A,

 

 

 

 

 

GO Bonds2

5.000

 

07/01/2023

2,140,200

3,000,000

Puerto Rico (Commonwealth of); Series 2008 A,

 

 

 

 

 

GO Bonds2

5.125

 

07/01/2028

2,448,750

4,515,000

Puerto Rico (Commonwealth of); Series 2008 A,

 

 

 

 

 

Ref. GO Bonds2

5.000

 

07/01/2020

3,691,013

6,200,000

Puerto Rico (Commonwealth of); Series 2009 B,

 

 

 

 

 

Ref. GO Bonds2

6.000

 

07/01/2039

5,208,000

5,000,000

Puerto Rico (Commonwealth of); Series 2009 B,

 

 

 

 

 

Ref. RB2

6.500

 

07/01/2037

4,225,000

2,000,000

Puerto Rico (Commonwealth of); Series 2009 C,

 

 

 

 

 

Ref. GO Bonds2

6.000

 

07/01/2039

1,642,500

3,335,000

Puerto Rico (Commonwealth of); Series 2011 A,

 

 

 

 

 

GO Bonds2

5.750

 

07/01/2041

2,759,713

3,000,000

Puerto Rico (Commonwealth of); Series 2011 A,

 

 

 

 

 

Ref. GO Bonds2

6.000

 

07/01/2040

2,433,750

9,000,000

Puerto Rico (Commonwealth of); Series 2011 C,

 

 

 

 

 

Ref. GO Bonds2

5.750

 

07/01/2036

7,233,750

4,895,000

Puerto Rico (Commonwealth of); Series 2011 E,

 

 

 

 

 

GO Bonds2

6.000

 

07/01/2029

4,160,750

1,250,000

Puerto Rico (Commonwealth of); Series 2011 E,

 

 

 

 

 

Ref. GO Bonds2

5.375

 

07/01/2030

1,032,813

4,000,000

Puerto Rico (Commonwealth of); Series 2011 E,

 

 

 

 

 

Ref. GO Bonds2

5.625

 

07/01/2033

3,325,000

45 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

 

$3,000,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

 

Ref. GO Bonds2

5.250%

07/01/2023 $

2,366,250

6,645,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

 

Ref. GO Bonds2

5.500

07/01/2026

 

5,257,856

5,000,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

 

Ref. GO Bonds2

5.750

07/01/2028

 

3,968,750

8,225,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

 

Ref. RB2

5.500

07/01/2039

 

6,508,031

5,615,000

Puerto Rico Public Finance Corp.; Series 2011

 

 

 

 

 

B, RB2

5.500

08/01/2031

 

231,619

2,423,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.259 4

07/01/2027

 

2,072,683

2,362,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.560 4

07/01/2029

 

1,916,267

9,853,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.750

07/01/2053

 

11,154,778

3,043,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.839 4

07/01/2031

 

2,296,856

4,400,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.000

07/01/2058

 

5,046,228

3,425,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.090 4

07/01/2033

 

2,410,378

34,472,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.845 4

07/01/2046

 

10,256,109

28,082,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.910 4

07/01/2051

 

6,070,486

20,898,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB

4.329

07/01/2040

 

23,226,037

387,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB

4.536

07/01/2053

 

432,043

5,172,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB

4.784

07/01/2058

 

5,845,653

1,305,000

University of Puerto Rico; Series 2006 P, Ref. RB

5.000

06/01/2026

 

1,298,475

900,000

University of Puerto Rico; Series 2006 P, Ref. RB

5.000

06/01/2030

 

894,375

150,000

University of Puerto Rico; Series 2006 Q, RB

5.000

06/01/2036

 

149,115

1,080,000

Virgin Islands (Government of) Public Finance

 

 

 

 

 

Authority; Series 2012 A, RB

5.000

10/01/2032

 

1,183,561

1,480,000

Virgin Islands (Government of) Public Finance

 

 

 

 

 

Authority; Series 2012 A, Ref. RB

5.000

10/01/2032

 

1,621,917

 

 

 

 

 

228,840,266

 

 

 

 

 

Total Investments, at Value (Cost $2,292,093,973)—103.3%

 

 

 

2,443,127,917

Floating Rate Note Obligations—(3.0)

 

 

 

 

Notes with interest and fee rates ranging from 1.11% to 1.20% at 2/29/2020 and contractual

 

maturities of collateral ranging from 5/15/2024 to 6/1/2043. See Note 1J of the accompanying

 

Notes10

 

 

 

 

(70,665,000)

Net Other Assets (Liabilities)—(0.3)

 

 

 

(6,512,752)

Net Assets—100.0%

 

$

2,365,950,165

 

 

 

 

 

 

46 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Footnotes to Schedule of Investments

1.Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

2.This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

3.The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying

Notes.

4.Zero coupon bond reflects effective yield on the original acquisition date.

5.Security represents the underlying municipal bond with respect to an inverse floating rate security held by the

Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.

6.This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

7.All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end.

8.Interest or dividend is paid-in-kind, when applicable.

9.This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

10.Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 29, 2020. At February 29, 2020, the Fund's investments with a value of $140,752,024 are held by TOB

Trusts and serve as collateral for the $70,665,000 in the floating rate note obligations outstanding at that date.

To simplify the listings of securities, abbreviations are used per the table below:

ACA

American Capital Access

AGC

Assured Guaranty Corp.

AMBAC

AMBAC Indemnity Corp.

CHF

City Hospital Foundation

COP

Certificates of Participation

Corp.

Corporation

Ctfs.

Certificates

GO

General Obligation

H&EFA

Health and Educational Facilities Authority

KS

Kishhealth System

M-S-R

Modesto Irrigation District of the City of Santa Clara and the City of Redding

MTA

Metropolitan Transportation Authority

NCCU

North Carolina Central University

NPFGC

National Public Finance Guarantee Corp.

NTE

North Tarrant Express

NY

New York

NJ

New Jersey

RB

Revenue Bonds

Ref.

Refunding

RN

Revenue Notes

RSA

Rocketship Spark Academy

VRD

Variable Rate Demand

VV

Vista Village

WA

Westlake Affordable

Wts.

Warrants

See accompanying Notes to Financial Statements.

47 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

STATEMENT OF ASSETS AND LIABILITIES February 29, 2020

Assets

 

 

Investments, at value (cost $2,292,093,973) —see accompanying schedule of investments:

$

2,443,127,917

Cash

 

9,909,614

Receivables and other assets:

 

 

Interest

 

23,496,710

Shares of beneficial interest sold

 

7,118,239

Investments matured, at value (cost $7,914,436)

 

3,438,666

Other

 

1,177,158

Total assets

 

2,488,268,304

 

 

 

Liabilities

 

 

Payables and other liabilities:

 

 

Payable for short-term floating rate notes issued

 

70,665,000

Investments purchased

 

46,949,175

Shares of beneficial interest redeemed

 

2,651,468

Dividends

 

962,292

Distribution and service plan fees

 

465,869

Trustees' compensation

 

242,163

Transfer and shareholder servicing agent fees

 

144,783

Advisory fees

 

50,774

Shareholder communications

 

37,445

Interest expense on borrowings

 

8,860

Administration fees

 

1,841

Other

 

138,469

Total liabilities

 

122,318,139

 

 

 

Net Assets

$

2,365,950,165

 

 

 

 

 

 

Composition of Net Assets

 

 

Shares of beneficial interest

$

2,389,802,861

Total accumulated loss

 

(23,852,696)

Net Assets

$

2,365,950,165

 

 

 

48 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

 

Net Asset Value Per Share

Class A Shares:

 

Net asset value and redemption price per share (based on net assets of $1,551,474,233 and

 

192,890,803 shares of beneficial interest outstanding)

$8.04

Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)

$8.40

 

 

Class C Shares:

 

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and

 

offering price per share (based on net assets of $230,719,180 and 28,936,449 shares of

 

beneficial interest outstanding)

$7.97

 

 

Class Y Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of

 

$578,081,720 and 72,116,789 shares of beneficial interest outstanding)

$8.02

 

 

Class R6 Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of

 

$5,675,032 and 705,382 shares of beneficial interest outstanding)

$8.05

See accompanying Notes to Financial Statements.

49 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

STATEMENT OF

OPERATIONS

 

Seven Months Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

Investment Income

 

 

 

 

Interest

$

53,548,665

$

95,682,541

Expenses

 

 

 

 

Advisory fees

 

5,084,431

 

8,215,835

Administration fees

 

184,315

 

25,145

Distribution and service plan fees:

 

 

 

 

Class A

 

2,007,331

 

2,814,755

Class C

 

1,376,371

 

3,275,436

Transfer and shareholder servicing agent fees:

 

 

 

 

Class A

 

572,557

 

1,100,295

Class C

 

94,270

 

310,183

Class Y

 

208,126

 

427,344

Class R6

 

536

 

1

Shareholder communications:

 

 

 

 

Class A

 

37,970

 

28,085

Class C

 

6,154

 

9,836

Class Y

 

13,798

 

12,420

Class R6

 

78

 

—

Interest expense and fees on short-term floating rate notes issued

 

786,450

 

2,059,305

Borrowing fees

 

742,994

 

1,824,380

Interest expense on borrowings

 

57,572

 

571,725

Trustees' compensation

 

32,679

 

28,393

Custodian fees and expenses

 

6,934

 

16,777

Other

 

147,523

 

613,808

Total expenses

 

11,360,089

 

21,333,723

Net Investment Income

 

42,188,576

 

74,348,818

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

Net realized gain (loss) on investment transactions

 

3,533,133

 

(41,164,578)

Net change in unrealized appreciation/(depreciation) on investment

 

 

 

 

transactions

 

157,904,726

 

142,356,195

 

 

 

 

 

Net Increase in Net Assets Resulting from Operations

$

203,626,435

$

175,540,435

 

 

 

 

 

See accompanying Notes to Financial Statements.

50 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

STATEMENT OF CHANGES IN NET ASSETS

 

 

Seven Months

 

 

 

 

 

 

Ended

 

Year Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

 

July 31, 2018

Operations

 

 

 

 

 

 

Net investment income

$

42,188,576

$

74,348,818

$

77,696,450

 

 

 

 

 

 

 

Net realized gain (loss)

 

3,533,133

 

(41,164,578)

 

(40,312,223)

 

 

 

 

 

 

 

Net change in unrealized appreciation/(depreciation)

 

157,904,726

 

142,356,195

 

53,567,470

Net increase in net assets resulting from operations

 

203,626,435

 

175,540,435

 

90,951,697

 

 

 

 

 

 

 

Dividends and/or Distributions to Shareholders

 

 

 

 

 

 

Distributions to shareholders from distributable

 

 

 

 

 

 

earnings:

 

 

 

 

 

 

Class A

 

(29,897,275)

 

(42,820,041)

 

(47,432,728)

Class B

 

—

 

—

 

(49,785)

Class C

 

(3,915,384)

 

(9,512,120)

 

(12,118,825)

Class Y

 

(11,633,670)

 

(17,750,977)

 

(18,051,346)

Class R6

 

(58,238)

 

(72)

 

—

Total distributions from distributable earnings

 

 

 

 

 

 

 

(45,504,567)

 

(70,083,210)

 

(77,652,684)

 

 

 

 

 

 

 

Beneficial Interest Transactions

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from

 

 

 

 

 

 

beneficial interest transactions:

 

 

 

 

 

 

Class A

 

69,799,804

 

170,266,969

 

(112,310,772)

Class B

 

—

 

—

 

(2,790,015)

Class C

 

(44,237,501)

 

(104,038,611)

 

(37,057,510)

Class Y

 

37,668,131

 

49,562,422

 

(14,108,372)

Class R6

 

5,311,986

 

10,000

 

—

Total beneficial interest transactions

 

 

 

 

 

 

 

68,542,420

 

115,800,780

 

(166,266,669)

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

Total increase (decrease)

 

226,664,288

 

221,258,005

 

(152,967,656)

 

 

 

 

 

 

 

Beginning of period

 

2,139,285,877

 

1,918,027,872

 

2,070,995,528

End of period

 

 

 

 

 

 

$

2,365,950,165

$

2,139,285,877

$

1,918,027,872

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

51 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS

Class A

Seven Months Ended

February 29,  Year Ended     Year Ended      Year Ended      Year Ended     Year Ended

           2020 July 31, 2019    July 31, 2018     July 31, 2017   July 31, 2016    July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$7.50

$7.12

$7.05

$7.12

$6.76

$6.84

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.15

0.28

0.29

0.31

0.37

0.42

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.55

0.36

0.07

(0.03)

0.40

(0.08)

Total from investment

 

 

 

 

 

 

operations

0.70

0.64

0.36

0.28

0.77

0.34

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.16)

(0.26)

(0.29)

(0.35)

(0.41)

(0.42)

Net asset value, end of period

$8.04

$7.50

$7.12

$7.05

$7.12

$6.76

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

9.44%

9.22%

5.24%

4.08%

11.70%

4.88%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$1,551,474

$1,378,279

$1,144,325

$1,248,082

$1,325,385

$1,237,668

Average net assets (in

 

 

 

 

 

 

thousands)

$1,434,899

$1,178,409

$1,148,172

$1,254,247

$1,282,545

$1,306,597

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

3.33%

3.86%

4.15%

4.48%

5.30%

6.04%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.74%

0.80%

0.87%

0.83%

0.82%

0.87%

Interest and fees from

 

 

 

 

 

 

borrowings

0.06%

0.12%

0.13%

0.10%

0.06%

0.09%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.06%

0.10%

0.03%

0.09%

0.06%

0.08%

Total expenses

0.86%

1.02%

1.03%

1.02%

0.94%

1.04%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.86%

1.02%

1.03%

1.02%

0.94%

1.04%

Portfolio turnover rate5

8%

27%

20%

25%

16%

9%

52 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

53 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

Class C

Seven Months Ended

February 29, Year Ended     Year Ended     Year Ended       Year Ended      Year Ended

         2020   July 31, 2019    July 31, 2018    July 31, 2017    July 31, 2016   July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$7.43

$7.06

$6.99

$7.07

$6.71

$6.80

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.11

0.22

0.23

0.26

0.31

0.37

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.56

0.36

0.07

(0.04)

0.41

(0.10)

Total from investment

 

 

 

 

 

 

operations

0.67

0.58

0.30

0.22

0.72

0.27

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.13)

(0.21)

(0.23)

(0.30)

(0.36)

(0.36)

Net asset value, end of period

$7.97

$7.43

$7.06

$6.99

$7.07

$6.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

9.05%

8.34%

4.49%

3.19%

10.96%

3.98%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$230,719

$258,540

$345,676

$380,460

$427,045

$373,089

Average net assets (in

 

 

 

 

 

 

thousands)

$236,173

$327,344

$355,591

$398,492

$401,140

$379,042

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

2.57%

3.10%

3.38%

3.73%

4.54%

5.30%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

1.51%

1.56%

1.64%

1.59%

1.57%

1.63%

Interest and fees from

 

 

 

 

 

 

borrowings

0.06%

0.12%

0.13%

0.10%

0.06%

0.09%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.06%

0.10%

0.03%

0.09%

0.06%

0.08%

Total expenses

1.63%

1.78%

1.80%

1.78%

1.69%

1.80%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

1.63%

1.78%

1.80%

1.78%

1.69%

1.80%

Portfolio turnover rate5

8%

27%

20%

25%

16%

9%

54 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

55 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

Class Y

Seven Months Ended

February 29, Year Ended     Year Ended       Year Ended       Year Ended       Year Ended

      2020      July 31, 2019   July 31, 2018     July 31, 2017     July 31, 2016   July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$7.47

$7.09

$7.03

$7.10

$6.74

$6.82

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.16

0.29

0.30

0.32

0.38

0.44

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.56

0.37

0.06

(0.03)

0.41

(0.09)

Total from investment

 

 

 

 

 

 

operations

0.72

0.66

0.36

0.29

0.79

0.35

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.17)

(0.28)

(0.30)

(0.36)

(0.43)

(0.43)

Net asset value, end of period

$8.02

$7.47

$7.09

$7.03

$7.10

$6.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

9.77%

9.52%

5.36%

4.34%

12.00%

5.16%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$578,082

$502,457

$428,027

$439,608

$438,950

$276,260

Average net assets (in

 

 

 

 

 

 

thousands)

$521,446

$456,813

$412,019

$398,935

$394,361

$294,301

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

3.57%

4.10%

4.39%

4.65%

5.51%

6.30%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.50%

0.56%

0.63%

0.59%

0.58%

0.63%

Interest and fees from

 

 

 

 

 

 

borrowings

0.06%

0.12%

0.13%

0.10%

0.06%

0.09%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.06%

0.10%

0.03%

0.09%

0.06%

0.08%

Total expenses

0.62%

0.78%

0.79%

0.78%

0.70%

0.80%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.62%

0.78%

0.79%

0.78%

0.70%

0.80%

Portfolio turnover rate5

8%

27%

20%

25%

16%

9%

56 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

57 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

 

Seven Months

 

 

Ended

Period

Class R6

February 29,

Ended

2020 July 31, 20191

Per Share Operating Data

 

 

Net asset value, beginning of period

$7.50

$7.42

Income (loss) from investment operations:

 

 

Net investment income2

0.16

0.06

Net realized and unrealized gain

0.56

0.07

Total from investment operations

0.72

0.13

Dividends and/or distributions to shareholders:

 

 

Dividends from net investment income

(0.17)

(0.05)

Net asset value, end of period

$8.05

$7.50

 

 

 

 

 

 

Total Return, at Net Asset Value3

9.74%

1.80%

 

 

 

Ratios/Supplemental Data

 

 

Net assets, end of period (in thousands)

$5,675

$10

Average net assets (in thousands)

$2,600

$10

Ratios to average net assets:4

 

 

Net investment income

3.60%

4.16%

Expenses excluding specific expenses listed below

0.47%

0.50%

Interest and fees from borrowings

0.06%

0.12%

Interest and fees on short-term floating rate notes issued5

0.06%

0.10%

Total expenses

0.59%

0.72%

Expenses after payments, waivers and/or reimbursements and reduction to custodian

 

 

expenses

0.59%

0.72%

Portfolio turnover rate6

8%

27%

1.For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019.

2.Calculated based on the average shares outstanding during the period.

3.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.

4.Annualized for periods less than one full year.

5.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

6.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.

58 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS February 29, 2020

Note 1 - Significant Accounting Policies

Invesco Oppenheimer Rochester AMT-Free 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Rochester AMT-Free Municipal Fund (the "Acquired Fund" or "Predecessor Fund"). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the "Reorganization Date") through the transfer of all of its assets and liabilities to the Fund (the "Reorganization").

Effective August 31, 2019, the Fund changed its fiscal year end from July 31 to the last day in February.

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 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 and Class R6 shares are sold at net asset value.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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. 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 either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision

59 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 transactions 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.

60 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets 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 and the country that has the primary market for the issuer's securities, 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 - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America ("GAAP"), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

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 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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.

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 allocated to each share class based on relative net assets. 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

61 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

the classes based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with GAAP, which 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.

H. 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.

I. Securities Purchased on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

J. 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.

62 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund's net asset value to be more volatile than if it had

not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB 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 "Payable for short-term floating rate notes issued" 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 expense and fees on short-term floating rate notes issued" 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 from engaging in proprietary trading of certain instruments and limit such entities' investments in, and relationships with, "covered funds", as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the

63 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

residuals, will perform certain duties previously performed by banking entities as "sponsors" of TOB Trusts. These duties may be performed by a third-party service provider. The Fund's expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust's municipal bonds. 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 Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and 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.

K. Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

64 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining the credit agreement. The current low interest rate environment was created in part by the Federal Reserve

Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. 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 could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund's transaction costs.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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:

Fee Schedule*

Up to $200 million

0.60%

Next $100 million

0.55

Next $200 million

0.50

Next $250 million

0.45

Next $250 million

0.40

Next $4 billion

0.35

Over $5 billion

0.33

*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 seven months ended February 29, 2020, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (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.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May

65 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the 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 0.84%, 1.59%, 0.59% and 0.49%, respectively, of the Fund's average daily net assets (the "expense 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

During the reporting period, the Adviser and OFI Global Asset Management, Inc. did not waive fees and/or reimburse the Fund or Acquired Fund, respectively in relation to this arrangement.

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 seven months ended February 29, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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 seven months ended February 29, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing 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, Class C (collectively the "Plan"). The Fund, pursuant to the Class A Plan, reimbursed 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, 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 Plan 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

66 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

fee under the Plan 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 plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the seven months ended February 29, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan 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 seven months ended February 29, 2020, IDI advised the Fund that IDI retained $40,683 in front-end sales commissions from the sale of Class A shares and $3,659 and $3,659 from Class A and Class C shares, respectively, for CDSC imposed on 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own 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 29, 2020. 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

67 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

 

 

 

 

 

Level 3—

 

 

 

Level 1—

 

Level 2—

 

Significant

 

 

 

Unadjusted

 

Other Significant

 

Unobservable

 

 

 

Quoted Prices

Observable Inputs

 

Inputs

Value

Assets Table

 

 

 

 

 

 

 

Investments, at Value:

 

 

 

 

 

 

 

Municipal Bonds and Notes

 

 

 

 

 

 

 

Alabama

$

— $

127,155,798

$

— $

127,155,798

Alaska

 

—

 

120,500

 

—

120,500

Arizona

 

—

 

65,918,353

 

341,550

66,259,903

Arkansas

 

—

 

—

 

1,222,750

1,222,750

California

 

—

 

218,407,808

 

—

218,407,808

Colorado

 

—

 

77,620,599

 

2,977,300

80,597,899

Connecticut

 

—

 

12,466,972

 

60,000

12,526,972

Delaware

 

—

 

2,698,022

 

—

2,698,022

District of Columbia

 

—

 

31,871,647

 

—

31,871,647

Florida

 

—

 

98,325,262

 

14,746,485

113,071,747

Georgia

 

—

 

45,241,906

 

—

45,241,906

Illinois

 

—

 

127,092,682

 

2,214,540

129,307,222

Indiana

 

—

 

34,546,731

 

—

34,546,731

Iowa

 

—

 

4,851,116

 

—

4,851,116

Kansas

 

—

 

1,266,586

 

—

1,266,586

Kentucky

 

—

 

53,548,820

 

150

53,548,970

Louisiana

 

—

 

37,189,426

 

—

37,189,426

Maine

 

—

 

7,538,120

 

—

7,538,120

Maryland

 

—

 

23,333,843

 

—

23,333,843

Massachusetts

 

—

 

28,522,466

 

—

28,522,466

Michigan

 

—

 

92,981,818

 

—

92,981,818

Minnesota

 

—

 

6,510,211

 

—

6,510,211

Mississippi

 

—

 

12,076,100

 

—

12,076,100

Missouri

 

—

 

16,163,829

 

10,679,105

26,842,934

Montana

 

—

 

—

 

819,700

819,700

Nebraska

 

—

 

16,147,350

 

—

16,147,350

Nevada

 

—

 

10,424,250

 

—

10,424,250

New Hampshire

 

—

 

8,109,518

 

—

8,109,518

New Jersey

 

—

 

174,661,726

 

—

174,661,726

New Mexico

 

—

 

2,170,996

 

—

2,170,996

New York

 

—

 

239,487,590

 

—

239,487,590

North Carolina

 

—

 

6,391,450

 

—

6,391,450

Ohio

 

—

 

198,188,318

 

—

198,188,318

Oklahoma

 

—

 

3,907,834

 

—

3,907,834

Oregon

 

—

 

759,722

 

—

759,722

Pennsylvania

 

—

 

149,471,332

 

685,000

150,156,332

Rhode Island

 

—

 

6,255,147

 

—

6,255,147

South Carolina

 

—

 

12,887,938

 

3,916,417

16,804,355

South Dakota

 

—

 

1,664,970

 

—

1,664,970

Tennessee

 

—

 

36,791,962

 

—

36,791,962

Texas

 

—

 

119,859,283

 

—

119,859,283

Utah

 

—

 

2,320,190

 

—

2,320,190

68 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

 

 

 

 

 

Level 3—

 

 

 

 

Level 1—

Level 2—

 

Significant

 

 

 

 

Unadjusted

Other Significant

 

Unobservable

 

 

 

 

Quoted Prices Observable Inputs

 

Inputs

 

Value

Municipal Bonds and Notes (Continued)

 

 

 

 

 

 

Vermont

$

— $

882,068

$

— $

882,068

Virginia

 

—

14,500,198

 

—

 

14,500,198

Washington

 

—

10,035,007

 

—

 

10,035,007

West Virginia

 

—

3,871,262

 

—

 

3,871,262

Wisconsin

 

—

32,387,928

 

—

 

32,387,928

U.S. Possessions

 

—

228,840,266

 

—

 

228,840,266

Total Investments, at Value

 

—

2,405,464,920

 

37,662,997

 

2,443,127,917

Other Financial Instruments:

 

 

 

 

 

 

 

Investments Matured

 

—

887,500

 

2,551,166

 

3,438,666

Total Assets

$

— $

2,406,352,420

$

40,214,163

$

2,446,566,583

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:

 

 

 

 

 

 

Change in

Accretion/

 

 

 

 

 

 

unrealized

(amortization)

 

 

Value as of July

Realized gain

appreciation/

of premium/

 

 

 

31, 2019

(loss)

(depreciation)

discounta

Assets Table

 

 

 

 

 

 

 

Investments, at Value:

 

 

 

 

 

 

 

Municipal Bonds and

 

 

 

 

 

 

 

Notes

 

 

 

 

 

 

 

Alaska

$

30,000

$

— $

— $

—

Arizona

 

 

341,550

 

—

—

—

Arkansas

 

 

1,222,750

 

—

—

—

Colorado

 

 

2,997,550

 

1,626

(3,590)

6,714

Connecticut

 

 

160,000

 

—

(100,000)

—

Florida

 

 

22,209,531

 

(560,579)

360,221

10,904

Illinois

 

 

3,523,950

 

(1,060,540)

1,120,590

—

Iowa

 

 

20,000

 

—

—

—

Kentucky

 

 

169

 

—

(19)

—

Missouri

 

 

9,112,310

 

—

65,469

23,547

Montana

 

 

1,697,950

 

—

(959,400)

81,150

Pennsylvania

 

 

685,000

 

—

—

—

South Carolina

 

 

3,972,726

 

16,365

65,527

3,799

Virginia

 

 

225,600

 

—

—

—

Wisconsin

 

 

4,120

 

—

—

—

Investments matured

 

 

3,100,962

 

—

(569,415)

—

Total Assets

 

$

49,304,168

$

(1,603,128) $

(20,617) $

126,114

a. Included in net investment income.

69 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

 

 

 

 

 

 

 

 

 

 

Value as of

 

 

 

 

 

 

Transfers intoTransfers out of

 

February 29,

 

 

Purchases

 

Sales

 

Level 3

 

Level 3

 

2020

Assets Table

 

 

 

 

 

 

 

 

 

 

Investments, at Value:

 

 

 

 

 

 

 

 

 

 

Municipal Bonds and

 

 

 

 

 

 

 

 

 

 

Notes

 

 

 

 

 

 

 

 

 

 

Alaska

$

—

$

—

$

—

$

(30,000)

$

—

Arizona

 

—

 

—

 

—

 

—

 

341,550

Arkansas

 

—

 

—

 

—

 

—

 

1,222,750

Colorado

 

—

 

(25,000)

 

—

 

—

 

2,977,300

Connecticut

 

—

 

—

 

—

 

—

 

60,000

Florida

 

2,769,507

 

(7,747,003)

 

1,397,654

 

(3,693,750)

 

14,746,485

Illinois

 

—

 

(1,369,460)

 

—

 

—

 

2,214,540

Iowa

 

—

 

—

 

—

 

(20,000)

 

—

Kentucky

 

—

 

—

 

—

 

—

 

150

Missouri

 

—

 

—

 

1,573,979

 

(96,200)

 

10,679,105

Montana

 

—

 

—

 

—

 

—

 

819,700

Pennsylvania

 

—

 

—

 

—

 

—

 

685,000

South Carolina

 

—

 

(142,000)

 

—

 

—

 

3,916,417

Virginia

 

—

 

—

 

—

 

(225,600)

 

—

Wisconsin

 

—

 

—

 

—

 

(4,120)

 

—

Investments matured

 

19,619

 

—

 

—

 

—

 

2,551,166

Total Assets

$

2,789,126

$

(9,283,463)

$

2,971,633

$

(4,069,670)

$

40,214,163

The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to Level 3 investments still held at period end:

 

 

Change in

 

 

unrealized

 

 

appreciation/

 

 

(depreciation)

Assets Table

 

 

Investments, at Value:

 

 

Municipal Bonds and Notes

 

 

Colorado

$

(3,590)

Connecticut

 

(100,000)

Florida

 

(1,153,782)

Illinois

 

221,890

Kentucky

 

(19)

Missouri

 

65,469

Montana

 

(959,400)

South Carolina

 

65,527

Investments Matured

 

(569,415)

Total Assets

$

(2,433,320)

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 at period end:

70 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

 

 

Value as of

 

 

Range of

 

 

 

February 29,

Valuation

Unobservable

Unobservable

Unobservable

 

 

2020

Technique

Input

Inputs

Input Used

Assets Table

 

 

 

 

 

 

 

Investments, at Value:

 

 

 

 

 

 

 

Municipal Bonds and Notes

 

 

 

 

 

 

 

Arizona

$

341,550

Pricing service

N/A

N/A

N/A

(a)

Arkansas

 

1,222,750

Pricing service

N/A

N/A

N/A

(a)

Colorado

 

2,977,300

Pricing service

N/A

N/A

N/A

(a)

Connecticut

 

60,000

Pricing service

N/A

N/A

N/A

(a)

Florida

 

14,746,485

Pricing service

N/A

N/A

N/A

(a)

Illinois

 

2,214,540

Pricing service

N/A

N/A

N/A

(a)

Kentucky

 

150

Pricing service

N/A

N/A

N/A

(a)

Missouri

 

10,679,105

Pricing service

N/A

N/A

N/A

(a)

Montana

 

819,700

Pricing service

N/A

N/A

N/A

(a)

Pennsylvania

 

685,000

Pricing service

N/A

N/A

N/A

(a)

South Carolina

 

3,916,417

Pricing service

N/A

N/A

N/A

(a)

Investments

 

 

 

 

 

 

 

matured

 

2,551,166

Pricing service

N/A

N/A

N/A

(a)

Total

$ 40,214,163

 

 

 

 

 

(a)Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities' fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

Note 4 – Trustee and Officer Fees and Benefits

The Fund has adopted an unfunded retirement plan (the "Plan") for the Fund's Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the "Freeze Date") and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund's projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased

$

15,600

Payments Made to Retired Trustees

 

—

Accumulated Liability as of February 29, 2020

 

98,401

Certain trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the

71 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees' fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 5 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Citibank, N.A., 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 6 – Tax Information

Tax Character of Distributions to Shareholders for the Seven Months Ended February 29, 2020 and the Fiscal Years Ended July 31, 2019 and July 31, 2018:

 

 

Seven Months

 

 

 

 

 

 

Ended

 

 

 

 

 

 

February 29,

 

Year Ended

 

Year Ended

 

 

2020

 

July 31, 2019

 

July 31, 2018

Ordinary income

$

1,621,497

$

1,304,758

$

1,815,896

Ordinary income - Tax-Exempt

 

43,883,070

 

68,778,452

 

75,836,788

Total distributions

$

45,504,567

$

70,083,210

$

77,652,684

 

 

 

 

 

 

 

Tax Components of Net Assets at Period-End:

 

 

2020

Undistributed tax-exempt incomee

$

62,746,709

Net unrealized appreciation - investments

 

126,341,048

Temporary book/tax differences

 

(1,196,914)

Capital loss carryforward

 

(211,743,539)

Shares of beneficial interest

 

2,389,802,861

Total net assets

$

2,365,950,165

 

 

 

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 bond premium amortization, defaulted bonds and PIK securities.

The temporary book/tax differences are a result of timing differences between book and

72 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

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 carryforwards 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 29, 2020, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

 

Long-Term

 

Total

Not subject to expiration $

13,153,980

$

198,589,559

$

211,743,539

*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 7 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the seven months February 29, 2020 was $318,067,281 and $183,111,397, respectively. Cost of investments, including any derivatives, on a tax basis 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

Aggregate unrealized appreciation of investments

$

220,935,313

Aggregate unrealized (depreciation) of investments

 

(94,594,265)

Net unrealized appreciation of investments

$

126,341,048

 

 

 

Cost of investments for tax purposes is $2,320,225,534.

Note 8 – Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of TOBS and defaulted bonds, on February 29, 2020, undistributed net investment income was increased by $3,305,893, undistributed net realized gain (loss) was decreased by $3,292,602, and shares of beneficial interest was decreased by $13,291. This reclassification had no effect on the net assets of the Fund.

Note 9 - Share Information

Transactions in shares of beneficial interest were as follows:

73 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

 

Seven Months Ended

Year Ended July 31, 20192

Year Ended July 31, 2018

 

February 29, 20201

 

 

 

 

 

 

 

 

Shares

 

Amount

Shares

 

Amount

Shares

 

Amount

Class A

 

 

 

 

 

 

 

 

 

Sold

18,246,658

$

139,874,692

50,178,815

$

364,955,299

28,614,262

$

197,436,443

Automatic

 

 

 

 

 

 

 

 

 

Conversion

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

to Class A

 

 

 

 

 

 

 

 

 

Shares

5,360,877

 

40,964,301

—

 

—

—

 

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

3,378,316

 

25,910,666

5,040,556

 

36,388,723

5,865,036

 

40,598,446

Redeemed

(17,909,321)

 

(136,949,855)

(32,194,363)

 

(231,077,053)

(50,725,907)

 

(350,345,661)

Net increase

9,076,530

$

69,799,804

23,025,008

$

170,266,969

(16,246,609)

$

(112,310,772)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

 

 

 

 

 

 

 

 

Sold

—

$

—

—

$

—

4,087

$

27,927

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

—

 

—

—

 

—

7,194

 

49,217

Redeemed3

—

 

—

—

 

—

(418,049)

 

(2,867,159)

Net increase

— $

—

— $

—

(406,768)

$

(2,790,015)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

Sold

1,851,867

$

14,037,060

4,487,667

$

32,043,254

6,385,881

$

43,627,744

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

420,443

 

3,195,660

1,106,864

 

7,903,014

1,458,898

 

10,011,281

Automatic

 

 

 

 

 

 

 

 

 

Conversion

 

 

 

 

 

 

 

 

 

Class C

(5,403,995)

 

(40,964,301)

—

 

—

—

 

—

to Class A

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

Redeemed

(2,707,809)

 

(20,505,920)

(19,794,957)

 

(143,984,879)

(13,266,158)

 

(90,696,535)

Net increase

(5,839,494)

$

(44,237,501)

(14,200,426)

$

(104,038,611)

(5,421,379)

$

(37,057,510)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Y

 

 

 

 

 

 

 

 

 

Sold

12,532,149

$

95,781,433

20,301,881

$

145,423,152

20,243,125

$

139,712,619

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

1,295,804

 

9,907,542

2,048,456

 

14,735,837

2,131,822

 

14,709,224

Redeemed

(8,945,093)

 

(68,020,844)

(15,452,038)

 

(110,596,567)

(24,589,872)

 

(168,530,215)

Net increase

4,882,860

$

37,668,131

6,898,299

$

49,562,422

(2,214,925)

$

(14,108,372)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

 

Seven Months Ended

Year Ended July 31, 20192

Year Ended July 31, 2018

 

February 29, 20201

 

 

 

 

 

 

 

 

Shares

 

Amount

Shares

 

Amount

Shares

 

Amount

Class R64

 

 

 

 

 

 

 

 

 

Sold

717,794

$

5,423,876

1,348

$

10,000

—

$

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

7,135

 

55,427

—

 

—

—

 

—

Redeemed

(20,895)

 

(167,317)

—

 

—

—

 

—

Net increase

704,034

$

5,311,986

1,348

$

10,000

—

$

—

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 48% 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.

2.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 48% 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.

3.All outstanding Class B shares converted to Class A shares on June 1, 2018.

4.Commencement date after the close of business on May 24, 2019.

Note 10 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, which provides that a fund generally may not borrow money greater than 331/3 of the Fund's total assets.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period August 1, 2019 to February 29, 2020, the Fund incurred fees of $800,566. The average daily balance of borrowings under this agreement is $5,453,521 with an average interest rate of 1.78%. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

At February 29, 2020, the Fund had no borrowings outstanding under this agreement. 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 seven months ended February 29, 2020 were $78,487,500 and 1.72%, respectively.

75 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Note 11 - Subsequent Event

During the first quarter of 2020, the World Health Organization declared the Coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds' ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Act is a $2 trillion stimulus package to help individuals, businesses and hospitals in response to the economic distress caused by the COVID-19 crisis. The Adviser is assessing the components of the Act and the impacts to the Fund should be immaterial.

76 INVESCO OPPENHEIMER ROCHESTER AMT-FREE 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 Oppenheimer Rochester® AMT-Free Municipal Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer Rochester® AMT-Free Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 29, 2020, the related statements of operations and of changes in net assets, including the related notes, and the financial highlights for each of the periods indicated in the table below (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 29, 2020, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Statement of Operations and Statement of

 

Changes in Net Assets

Financial Highlights

 

 

For the period from August 1, 2019 through

For the period from August 1, 2019 through

February 29, 2020 and the year ended July 31,

February 29, 2020 and the year ended July 31,

2019

2019 for Class A, Class C and Class Y

 

For the period from August 1, 2019 through

 

February 29, 2020 and the period from May 24,

 

2019 (inception of offering) through July 31,

 

2019 for Class R6

The financial statements of Invesco Oppenheimer Rochester® AMT-Free Municipal Fund (formerly known as Oppenheimer Rochester® AMT-Free Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

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

77 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP Houston, Texas

April 28, 2020

We have served as the auditor of one or more 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.

78 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

TAX INFORMATION Unaudited

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 seven months ended February 29, 2020:

Federal and State Income Tax

 

Qualified Dividend Income*

0.00 %

Corporate Dividends Received Deduction*

0.00 %

U.S. Treasury Obligations*

0.00 %

Tax-Exempt Interest Dividends*

96.44 %

*The above percentages are based on ordinary income dividends paid to shareholders during the Fund's reporting period.

79 OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

•Fund reports and prospectuses

•Quarterly statements

•Daily confirmations

•Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

80 INVESCO OPPENHEIMER ROCHESTER-AMT FREE MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INTERESTED TRUSTEE

 

 

 

 

 

 

 

 

 

Martin L. Flanagan 1 — 1960

2007

Executive Director, Chief Executive Officer and

229

None

Trustee and Vice Chair

 

President, Invesco Ltd. (ultimate parent of

 

 

 

 

Invesco and a global investment management

 

 

 

 

firm); Trustee and Vice Chair, The Invesco

 

 

 

 

Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board,

 

 

 

 

SMU Cox School of Business

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

81 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES

Bruce L. Crockett – 1944

2003 Chairman, Crockett Technologies Associates

Trustee and Chair

(technology consulting company)

 

Formerly: Director, Captaris (unified

 

messaging provider); Director, President and

 

Chief Executive Officer, COMSAT Corporation;

 

Chairman, Board of Governors of INTELSAT

 

(international communications company); ACE

 

Limited (insurance company); Independent

 

Directors Council and Investment Company

 

Institute: Member of the Audit Committee,

 

Investment Company Institute; Member of

 

the Executive Committee and Chair of the

 

Governance Committee, Independent Directors

 

Council

229Director and

Chairman of the

Audit Committee,

ALPS (Attorneys

Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation

Committee, Ferroglobe

PLC (metallurgical

company)

David C. Arch – 1945

2010 Chairman of Blistex Inc. (consumer health

229

Board member of the

Trustee

care products manufacturer); Member, World

 

Illinois Manufacturers'

 

Presidents' Organization

 

Association

 

 

 

 

Beth Ann Brown – 1968

2019 Independent Consultant

229

Director, Board of

Trustee

Formerly: Head of Intermediary Distribution,

 

Directors of Caron

 

 

Engineering Inc.;

 

Managing Director, Strategic Relations,

 

Advisor, Board of

 

Managing Director, Head of National

 

Advisors of Caron

 

Accounts, Senior Vice President, National

 

Engineering Inc.;

 

Account Manager and Senior Vice President,

 

President and

 

Key Account Manager, Columbia Management

 

Director, of Acton

 

Investment Advisers LLC; Vice President, Key

 

Shapleigh Youth

 

Account Manager, Liberty Funds Distributor,

 

Conservation Corps

 

Inc.; and Trustee of certain Oppenheimer

 

(non -profit); and

 

Funds

 

President and Director

 

 

 

of Grahamtastic

 

 

 

Connection (non-

 

 

 

profit)

Jack M. Fields – 1952

2003 Chief Executive Officer, Twenty First Century

Trustee

Group, Inc. (government affairs company);

 

and Chairman, Discovery Learning Alliance

 

(non-profit)

 

Formerly: Owner and Chief Executive Officer,

 

Dos Angeles Ranch L.P. (cattle, hunting,

 

corporate entertainment); Director, Insperity,

 

Inc. (formerly known as Administaff) (human

 

resources provider); Chief Executive Officer,

 

Texana Timber LP (sustainable forestry

 

company); Director of Cross Timbers Quail

 

Research Ranch (non-profit); and member of

 

the U.S. House of Representatives

229Member, Board of Directors of Baylor

College of Medicine

82 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Cynthia Hostetler —1962

2017 Non-Executive Director and Trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Director, Aberdeen Investment

 

Funds (4 portfolios); Head of Investment

 

Funds and Private Equity, Overseas Private

 

Investment Corporation; President, First

 

Manhattan Bancorporation, Inc.; Attorney,

 

Simpson Thacher & Bartlett LLP

229Vulcan Materials

Company

(construction materials

company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual

fund complex);

Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

Eli Jones – 1961

2016 Professor and Dean, Mays Business School -

229

Insperity, Inc. (formerly

Trustee

Texas A&M University

 

known as Administaff)

 

Formerly: Professor and Dean, Walton College

 

(human resources

 

 

provider)

 

of Business, University of Arkansas and E.J.

 

 

 

Ourso College of Business, Louisiana State

 

 

 

University; Director, Arvest Bank

 

 

Elizabeth Krentzman – 1959

2019 Formerly: Principal and Chief Regulatory

Trustee

Advisor for Asset Management Services and

 

U.S. Mutual Fund Leader of Deloitte & Touche

 

LLP; General Counsel of the Investment

 

Company Institute (trade association);

 

National Director of the Investment

 

Management Regulatory Consulting Practice,

 

Principal, Director and Senior Manager of

 

Deloitte & Touche LLP; Assistant Director of

 

the Division of Investment Management -

 

Office of Disclosure and Investment Adviser

 

Regulation of the U.S. Securities and Exchange

 

Commission and various positions with the

 

Division of Investment Management – Office

 

of Regulatory Policy of the U.S. Securities and

 

Exchange Commission; Associate at Ropes &

 

Gray LLP.; and Trustee of certain Oppenheimer

 

Funds

229Trustee of the

University of Florida

National Board

Foundation; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center

Association, Inc. Board

of Trustees and Audit

Committee Member

83 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Anthony J. LaCava, Jr. – 1956 2019

Formerly: Director and Member of the Audit

Trustee

Committee, Blue Hills Bank (publicly traded

 

financial institution) and Managing Partner,

 

KPMG LLP

229Blue Hills Bank;

Chairman of Bentley University; Member, Business School Advisory Council; and Nominating

Committee, KPMG LLP

Prema Mathai-Davis – 1950 2003 Retired229None Trustee

Formerly; Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self- Directed Investor)

Joel W. Motley – 1952

2019 Director of Office of Finance, Federal Home

Trustee

Loan Bank System; Member of the Vestry

 

of Trinity Wall Street; Managing Director of

 

Carmona Motley Hoffman, Inc. (privately held

 

financial advisor); Member of the Council

 

on Foreign Relations and its Finance and

 

Budget Committee; Chairman Emeritus of

 

Board of Human Rights Watch and Member

 

of its Investment Committee; and Member

 

of Investment Committee and Board of

 

Historic Hudson Valley (non-profit cultural

 

organization).

 

Formerly: Managing Director of Public Capital

 

Advisors, LLC (privately held financial advisor);

 

Managing Director of Carmona Motley

 

Hoffman, Inc. (privately held financial advisor);

 

Trustee of certain Oppenheimer Funds; and

 

Director of Columbia Equity Financial Corp.

 

(privately held financial advisor)

229Member of Board of Greenwall Foundation (bioethics research foundation) and

its Investment

Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis

Reporting (non-profit

journalism)

Teresa M. Ressel — 1962

2017 Non-executive director and trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Chief Financial Officer, Olayan

 

America, The Olayan Group (international

 

investor/commercial/industrial); Chief

 

Executive Officer, UBS Securities LLC; Group

 

Chief Operating Officer, Americas, UBS AG;

 

Assistant Secretary for Management & Budget

 

and CFO, US Department of the Treasury

229Atlantic Power

Corporation (power

generation company); ON Semiconductor Corp. (semiconductor supplier)

84 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston

229

Federal Reserve Bank

Trustee

 

Endowment Inc. (private philanthropic

 

of Dallas

 

 

institution)

 

 

 

 

Formerly: Executive Vice President and

 

 

 

 

General Counsel, Texas Children's Hospital;

 

 

 

 

Attorney, Beck, Redden and Secrest, LLP;

 

 

 

 

Business Law Instructor, University of St.

 

 

 

 

Thomas; Attorney, Andrews & Kurth LLP

 

 

 

 

 

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of

 

 

 

 

 

 

 

 

Denver – Daniels College of Business, Senior

 

 

 

 

Partner, KPMG LLP

 

 

Daniel S. Vandivort –1954

2019 Treasurer, Chairman of the Audit and Finance

Trustee

Committee, and Trustee, Board of Trustees,

 

Huntington Disease Foundation of America;

 

and President, Flyway Advisory Services LLC

 

(consulting and property management).

 

Formerly: Trustee and Governance Chair, of

 

certain Oppenheimer Funds

229Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds

James D. Vaughn – 1945

2019 Retired

Trustee

Formerly: Managing Partner, Deloitte & Touche

 

 

LLP; Trustee and Chairman of the Audit

 

Committee, Schroder Funds; Board Member,

 

Mile High United Way, Boys and Girls Clubs,

 

Boy Scouts, Colorado Business Committee

 

for the Arts, Economic Club of Colorado

 

and Metro Denver Network (economic

 

development corporation); and Trustee of

 

certain Oppenheimer Funds

229Board member

and Chairman of Audit Committee

of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson –

2017 Retired

1957

Formerly: Director, TD Asset Management USA

Trustee, Vice Chair and Chair

Designate

Inc. (mutual fund complex) (22 portfolios);

 

Managing Partner, CT2, LLC (investing and

 

consulting firm); President/Chief Executive

 

Officer, Columbia Funds, Bank of America

 

Corporation; President/Chief Executive Officer,

 

CDC IXIS Asset Management Services, Inc.;

229ISO New England,

Inc. (non-profit

organization

managing regional electricity market)

85 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

 

 

 

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Christopher L. Wilson

 

Principal & Director of Operations, Scudder

 

 

Continued

 

Funds, Scudder, Stevens & Clark, Inc.; Assistant

 

 

 

 

Vice President, Fidelity Investments

 

 

 

 

 

 

 

86 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS

 

 

 

 

 

 

 

 

 

Sheri Morris — 1964

2003

Head of Global Fund Services, Invesco Ltd.;

N/A

N/A

President, Principal Executive

 

President, Principal Executive Officer and

 

 

Officer and Treasurer

 

Treasurer, The Invesco Funds; Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust, and Vice

 

 

 

 

President, OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal

 

 

 

 

Financial Officer, The Invesco Funds; Vice

 

 

 

 

President, Invesco AIM Advisers, Inc., Invesco

 

 

 

 

AIM Capital Management, Inc. and Invesco

 

 

 

 

AIM Private Asset Management, Inc.; Assistant

 

 

 

 

Vice President and Assistant Treasurer, The

 

 

 

 

Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital

 

 

 

 

Management, Inc. and Invesco AIM Private

 

 

 

 

Asset Management, Inc.; and Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund Trust

 

 

 

 

 

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The

N/A

N/A

Senior Vice President and

 

Invesco Funds

 

 

Senior Officer

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco

N/A

N/A

Senior Vice President, Chief

 

Ltd.; Senior Vice President and Secretary,

 

 

Legal Officer and Secretary

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Vice President and Secretary, Invesco

 

 

 

 

Investment Services, Inc. (formerly known

 

 

 

 

as Invesco AIM Investment Services, Inc.)

 

 

 

 

Senior Vice President, Chief Legal Officer and

 

 

 

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

 

 

 

87 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor (Continued)

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L.

 

 

 

 

Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President,

 

 

 

 

Jemstep, Inc.; Head of Legal, Worldwide

 

 

 

 

Institutional, Invesco Ltd.; Secretary and

 

 

 

 

General Counsel, INVESCO Private Capital

 

 

 

 

Investments, Inc.; Senior Vice President,

 

 

 

 

Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group,

 

 

 

 

Inc.); Assistant Secretary, INVESCO Asset

 

 

 

 

Management (Bermuda) Ltd.; Secretary and

 

 

 

 

General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel,

 

 

 

 

INVESCO Realty, Inc.; Secretary and General

 

 

 

 

Counsel, Invesco Senior Secured Management,

 

 

 

 

Inc.; and Secretary, Sovereign G./P. Holdings

 

 

 

 

Inc.

 

 

 

 

 

 

 

Andrew R. Schlossberg –

2019

Head of the Americas and Senior Managing

N/A

N/A

1974

 

Director, Invesco Ltd.; Director and Senior

 

 

Senior Vice President

 

Vice President, Invesco Advisers, Inc. (formerly

 

 

 

 

known as Invesco Institutional (N.A.), Inc.)

 

 

 

 

(registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) (registered transfer agent);

 

 

 

 

Senior Vice President, The Invesco Funds;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Director, President and

 

 

 

 

Chairman, Invesco Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited;

 

 

 

 

Director and Chief Executive, Invesco Asset

 

 

 

 

Management Limited and Invesco Fund

 

 

 

 

Managers Limited; Assistant Vice President,

 

 

 

 

The Invesco Funds; Senior Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Director and Chief

 

 

 

 

Executive, Invesco Administration Services

 

 

 

 

 

 

 

88 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Andrew R. Schlossberg

 

Limited and Invesco Global Investment

 

 

(Continued)

 

Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco

 

 

 

 

India Exchange-Traded Fund Trust; Managing

 

 

 

 

Director and Principal Executive Officer,

 

 

 

 

Invesco Capital Management LLC

 

 

 

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas;

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Senior Vice President, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as

 

 

 

 

Invesco AIM Investment Services, Inc.) Senior

 

 

 

 

Vice President, The Invesco Funds; Managing

 

 

 

 

Director, Invesco Capital Management LLC;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Senior Vice President, Invesco

 

 

 

 

Capital Markets, Inc. (formerly known as

 

 

 

 

Van Kampen Funds Inc.); Manager, Invesco

 

 

 

 

Indexing LLC; Manager, Invesco Specialized

 

 

 

 

Products, LLC; Director and Senior Vice

 

 

 

 

President, Invesco Insurance Agency, Inc.;

 

 

 

 

Member, Invesco Canada Funds Advisory

 

 

 

 

Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate

 

 

 

 

mutual fund company); and Director,

 

 

 

 

Chairman, President and Chief Executive

 

 

 

 

Officer, Invesco Canada Ltd. (formerly known

 

 

 

 

as Invesco Trimark Ltd./Invesco Trimark Ltèe)

 

 

 

 

(registered investment adviser and registered

 

 

 

 

transfer agent)

 

 

 

 

Formerly: Director and Senior Vice President,

 

 

 

 

Invesco Management Group, Inc. (formerly

 

 

 

 

known as Invesco AIM Management Group,

 

 

 

 

Inc.); Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group, Inc.);

 

 

 

 

Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.); Chief Legal Officer and

 

 

 

 

 

 

 

89 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

John M. Zerr (Continued)

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Director,

 

 

 

 

Secretary, General Counsel and Senior Vice

 

 

 

 

President, Van Kampen Exchange Corp.;

 

 

 

 

Director, Vice President and Secretary, IVZ

 

 

 

 

Distributors, Inc. (formerly known as INVESCO

 

 

 

 

Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice

 

 

 

 

President, Van Kampen Advisors Inc.; Director,

 

 

 

 

Vice President, Secretary and General Counsel,

 

 

 

 

Van Kampen Investor Services Inc.; Director

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director, Senior Vice President, General

 

 

 

 

Counsel and Secretary, Invesco AIM Advisers,

 

 

 

 

Inc. and Van Kampen Investments Inc.;

 

 

 

 

Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice

 

 

 

 

President, Secretary, General Counsel and Vice

 

 

 

 

President, Invesco AIM Capital Management,

 

 

 

 

Inc.; Chief Operating Officer and General

 

 

 

 

Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

 

 

 

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.;

N/A

N/A

Senior Vice President

 

Director, Chairman, President, and Chief

 

 

 

 

Executive Officer, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Director, Invesco Mortgage Capital, Inc. and

 

 

 

 

Invesco Senior Secured Management, Inc.;

 

 

 

 

and Senior Vice President, The Invesco Funds;

 

 

 

 

and President, SNW Asset Management

 

 

 

 

Corporation and Invesco Managed Accounts,

 

 

 

 

LLC

 

 

 

 

Formerly: Senior Vice President, Invesco

 

 

 

 

 

 

 

90 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Gregory G. McGreevey

 

Management Group, Inc. and Invesco Advisers,

 

 

(Continued)

 

Inc.; Assistant Vice President, The Invesco

 

 

 

 

Funds

 

 

 

 

 

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer

N/A

N/A

Vice President, Principal

 

– Investments Pool, Invesco Specialized

 

 

Financial Officer and Assistant

 

Products, LLC; Vice President, Principal

 

 

Treasurer

 

Financial Officer and Assistant Treasurer,

 

 

 

 

The Invesco Funds; Principal Financial and

 

 

 

 

Accounting Officer – Pooled Investments,

 

 

 

 

Invesco Capital Management LLC; Vice

 

 

 

 

President and Treasurer, Invesco Exchange-

 

 

 

 

Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund

 

 

 

 

Trust and Invesco Exchange-Traded Self-

 

 

 

 

Indexed Fund Trust; Vice President, Invesco

 

 

 

 

Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco

 

 

 

 

Specialized Products, LLC; Assistant Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust; Assistant

 

 

 

 

Treasurer, Invesco Capital Management LLC;

 

 

 

 

Assistant Vice President, The Invesco Funds

 

 

 

 

 

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance

N/A

N/A

Anti-Money Laundering

 

Officer for Invesco U.S. entities including;

 

 

Compliance Officer

 

Invesco Advisers, Inc. and its affiliates, Invesco

 

 

 

 

Capital Markets, Inc., Invesco Distributors, Inc.,

 

 

 

 

Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC,

 

 

 

 

Invesco Trust Company; and Fraud Prevention

 

 

 

 

Manager for Invesco Investment Services, Inc.

 

 

 

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers,

N/A

N/A

Chief Compliance Officer

 

Inc. (registered investment adviser); and Chief

 

 

 

 

Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam

 

 

 

 

Investments and the Putnam Funds

 

 

 

 

 

 

 

91 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza,

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers

Suite 1000

1555 Peachtree Street, N.E.

11 Greenway Plaza,

LLP

Houston, TX 77046-1173

Atlanta, GA 30309

Suite 1000

1000 Louisiana Street,

 

 

Houston, TX

Suite 5800

 

 

77046-1173

Houston, TX 77002-5021

Counsel to the Fund

Counsel to the

Transfer Agent

Custodian

Stradley Ronon Stevens & Young,

Independent Trustees

Invesco Investment

Citibank, N.A.

LLP

Goodwin Procter LLP

Services, Inc.

111 Wall Street

2005 Market Street,

901 New York Avenue, N.W.

11 Greenway Plaza,

New York, NY 10005

Suite 2600

Washington, D.C. 20001

Suite 1000

 

Philadelphia, PA 19103-7018

 

Houston, TX

 

 

 

77046-1173

 

92 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the "Website"). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as "we" or "Invesco" in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review

the Terms of Use1 to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

1NTD

93 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE Continued

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services ("Providers"). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

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Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The "Help" section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

94 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

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96 INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

 

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Invesco Distributors, Inc.

O-ROAFM-AR-1 04272020

Shareholder Report for the

Five Months Ended 2/29/20

Invesco

Oppenheimer

Rochester® AMT-

Free New York

Municipal Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

*Prior to the close of business on May 24, 2019, the Fund's name was Oppenheimer Rochester AMT-Free New York Municipal Fund. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, "OppenheimerFunds"). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco's Client Services team at 800-959-4246.

Table of Contents

 

Fund Performance Discussion

4

Top Holdings and Allocations

8

Fund Expenses

12

Schedule of Investments

14

Statement of Assets and Liabilities

34

Statement of Operations

36

Statement of Changes in Net Assets

37

Financial Highlights

38

Notes to Financial Statements

45

Report of Independent Registered Public Accounting Firm

60

Tax Information

62

Portfolio Proxy Voting Policies and Guidelines; Updates to

 

Schedule of Investments

63

Trustees and Officers

64

Invesco's Privacy Notice

76

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 2/29/20

 

 

 

 

 

 

Class A Shares of the Fund

 

 

Without Sales Charge

With Sales Charge

Bloomberg Barclays

 

Municipal Index

 

 

 

1-Year

12.25

7.43

9.46

5-Year

5.77

4.86

4.01

10-Year

5.83

5.37

4.51

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where "without sales charge" is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business 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 those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual's investment. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

3 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Fund Performance Discussion

PERFORMANCE SUMMARY

The Fund's Class A shares (without sales charge) returned 12.25% during the reporting period, outperforming the Bloomberg Barclays Municipal Bond Index, the Fund's benchmark (the "Index"), which returned 9.46%.

During the 5-month period ended February 29, 2020, the Funds Class A shares (without sales charge) returned 5.77%, outperforming the Index which returned 4.01%.

Pleas note that the fiscal year end for the Fund has changed to February 29, 2020.

MARKET CONDITIONS AND YOUR FUND

New York benefits from a broad-based and well-diversified economy, with a median household income higher than the US national median. New York's economy is subject to volatility due to the significance of the financial services industry to its economic base. New York's gross domestic product, the value of all goods and services produced in the state, rose to $1.74 trillion in the third quarter of 2019, which makes New York the third-largest economy in the US.1 As of December 2019, the state's unemployment rate was 3.9%, which is higher than the national unemployment rate of 3.5%.2 New York has improved its financial management practices in recent years by enacting on-time budgets, developing a consensus revenue forecasting mechanism and addressing longstanding growth in spending. Although New York's financial performance was strained during the 2007-2009 recession, its approach to budgeting has become more sustainable and more focused on structural

solutions than in the past. However, New York continues to face potential headwinds stemming from federal tax reform, increasing health care expenditures, public school funding and growing transportation needs. Favorably, New York's pension liabilities remain well funded compared to other states.

The broad municipal bond market experienced positive returns for the sixth consecutive year at the close of 2019, and performance remained strong throughout the fiscal year. Investment grade municipal bonds returned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.3 Investment grade and high yield municipals were among the best performing asset classes over the fiscal year.

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key driver of strong municipal demand in 2019. We believe that these tax changes have yet

4 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

to be fully realized and should continue to drive performance into 2020. During the fiscal year, municipal bonds withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as

2.79% and as low as 1.13% where it ended the fiscal year.4 The municipal bond market performed positively as technical conditions (favorable demand and supply balances) continued to provide tailwinds.

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September and October 2019, citing uncertainty about the global economic outlook.5 On October 30, 2019, after the third cut, the Fed indicated that any further changes would be based on economic data.

Throughout 2019 we saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led investors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" that eliminated the risk of a government shutdown and the UK election results set the stage for an orderly exit from the European Union on January 31, 2020.

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of 25% from the previous fiscal year.6 Flows into

the municipal bond asset class were positive for the fiscal year.7 Fund flows totaled $97.2 billion from February 2019 through February 2020.5

The end of the fiscal year brought a major market shift as macroeconomic concerns regarding the global outbreak of the Coronavirus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to quality assets, such as municipal bonds. This resulted in a strong rally in February 2020.

At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020.

Over the fiscal year, security selection in many sectors – including tobacco, highways/ commuter facilities, and higher education, the Fund's second largest, third largest, and largest sectors, respectively - significantly contributed to the Fund's performance. Electric utilities and special tax, among other sectors, were also strong contributors to the Fund's performance. The security selection in real estate management and development and sales tax revenue were detractors.

During the fiscal year, leverage contributed to the Fund's performance. The Fund achieved a leveraged position through the use of inverse floating rate securities and tender

5 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation in municipal holdings when interest rates declined. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to additional volatility. For more information about the Fund's use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's

investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.5

Thank you for investing in Invesco Oppenheimer Rochester® AMT-Free New York Municipal Fund and for sharing our long-term investment horizon.

1 Source: Bureau of Economic Analysis

2 Source: Bureau of Labor Statistics

3 Source: Bloomberg Barclays

4 Source: US Department of the Treasury

5 Source: US Federal Reserve

6 Source: The Bond Buyer

7 Source: Strategic Insight

Portfolio Managers: Michael Camarella, Scott Cottier, Mark DeMitry, Timothy O'Reilly, Mark Paris, Troy Willis, Julius Williams

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation

or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights

6 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

may help you understand our investment management philosophy.

7 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Top Holdings and Allocations

TOP FIVE DEBT HOLDINGS/ISSUERS

New York Liberty Development

 

Corp. (Goldman Sachs

2.4%

Headquarters); Series 2005, Ref.

 

RB

 

Utility Debt Securitization

2.0

Authority; Series 2017, RB

 

MTA Hudson Rail Yards Trust

2.0

Obligations; Series 2016 A, RB

 

New York Counties Tobacco Trust

1.8

VI; Series 2016 A, Ref. RB

 

New York Liberty Development

1.8

Corp. (3 World Trade Center);

Series 2014 1, Ref. RB

 

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of February 29, 2020, and are based on net assets.

For more current Fund holdings, please visit invesco.com.

CREDIT ALLOCATION

 

 

 

NRSRO-

Adviser-

 

 

Rated

Rated

Total

AAA

3.8%

0.2%

4.0%

AA

34.6

0.0

34.6

A

23.3

0.0

23.3

BBB

9.1

5.2

14.3

BB or lower

12.3

11.5

23.8

Total

83.1%

16.9%

100.0%

The percentages above are based on the market value of the securities as of February 29, 2020 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund's assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security's rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser's credit analysis process is consistent or comparable with any NRSRO's process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs' four highest categories – AAA, AA, A and BBB – are investment-grade securities. For further details, please consult the Fund's prospectus or Statement of Additional Information.

8 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

Date

1-Year

5-Year

10-Year

Inception

Class A (OPNYX)

8/16/84

12.25%

5.77%

5.83%

6.60%

Class C (ONYCX)

8/29/95

11.48

4.99

5.02

4.95

Class Y (ONYYX)

1/31/11

12.59

6.03

N/A

7.09

Class R6 (IORNX)

5/24/19

12.47

5.82

5.85

N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

Date

1-Year

5-Year

10-Year

Inception

Class A (OPNYX)

8/16/84

7.43%

4.86%

5.37%

6.47%

Class C (ONYCX)

8/29/95

10.48

4.99

5.02

4.95

Class Y (ONYYX)

1/31/11

12.59

6.03

N/A

7.09

Class R6 (IORNX)

5/24/19

12.47

5.82

5.85

N/A

*Class R6 shares' performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund's Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class

A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements.

9 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Invesco Oppenheimer Rochester AMT-Free New York Municipal Fund (Class A shares with salesch Bloomberg Barclays Municipal Index

Consumer Price Index

$20,000

 

 

 

 

 

 

 

 

 

 

 

$16,873

15,000

 

 

 

 

 

 

 

 

 

 

$15,538

 

 

 

 

 

 

 

 

 

 

 

$11,935

10,000

 

 

 

 

 

 

 

 

 

 

 

5,000

 

 

 

 

 

 

 

 

 

 

 

0

|

|

|

|

|

|

|

|

|

|

|

 

2/28/10

2/28/11

2/29/12

2/28/13

2/28/14

2/28/15

2/29/16

2/28/17

2/28/18

2/28/19

2/29/20

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class Y and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C and Class Y shares of the predecessor fund were reorganized into Class A, Class C and Class Y respectively, of the Fund. Class R6 shares' performance shown prior to the inception date is that of the predecessor fund's Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown

for Class A, Class C, Class Y and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund's performance is compared to the performance of the Bloomberg Barclays Municipal Index, an index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. The Fund's performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must

be noted that the Fund's investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund's performance, and does not predict or depict performance of

10 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

the Fund. The Fund's performance reflects the effects of the Fund's business and operating expenses.

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

11 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended February 29, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During 6 Months Ended February 29, 2020" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the "hypothetical" section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

12 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

 

Beginning

Ending

Expenses

 

Account

Account

Paid During

 

Value

Value

6 Months Ended

Actual

September 1, 2019

February 29, 2020

February 29, 2020

Class A

$ 1,000.00

$ 1,039.30

$

5.18

Class C

1,000.00

1,036.20

 

9.05

Class Y

1,000.00

1,041.30

 

3.97

Class R6

1,000.00

1,040.90

 

3.46

Hypothetical

 

 

 

 

(5% return before expenses)

 

 

 

 

Class A

1,000.00

1,019.79

 

5.14

Class C

1,000.00

1,016.01

 

8.96

Class Y

1,000.00

1,020.98

 

3.93

Class R6

1,000.00

1,021.48

 

3.42

Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended February 29, 2020 are as follows:

Class

Expense Ratios

 

 

Class A

1.02%

 

 

Class C

1.78

Class Y

0.78

Class R6

0.68

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund's Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund's prospectus. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

13 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

SCHEDULE OF INVESTMENTS Februrary 29, 2020

Principal Amount

 

 

Coupon

Maturity

Value

Municipal Bonds and Notes—105.1%

 

 

 

New York—96.1%

 

 

 

 

$3,765,000

Albany (County of), NY Industrial Development

 

 

 

 

Agency (Sage Colleges (The)); Series 1999 A, RB

5.300%

04/01/2029 $

3,744,707

200,000

Albany Capital Resource Corp. (Empire

 

 

 

 

Commons Student Housing, Inc.); Series 2016

 

 

 

 

A, Ref. RB1

5.000

05/01/2027

248,926

200,000

Albany Capital Resource Corp. (Empire

 

 

 

 

Commons Student Housing, Inc.); Series 2016

 

 

 

 

A, Ref. RB1

5.000

05/01/2032

245,444

570,000

Amherst Development Corp. (Daemen College);

 

 

 

 

Series 2018, Ref. RB1

5.000

10/01/2024

644,641

8,755,000

Brookhaven (Town of), NY Industrial

 

 

 

 

Development Agency (Dowling College Civic

 

 

 

 

Facility); Series 2002, RB2,3

6.750

11/01/2032

88

215,000

Brookhaven Local Development Corp.

 

 

 

 

(Jefferson's Ferry); Series 2016, Ref. RB1

5.250

11/01/2036

257,548

4,000,000

Brooklyn Arena Local Development Corp.

 

 

 

 

(Barclays Center); Series 2016 A, Ref. RB1

5.000

07/15/2042

4,668,440

270,000

Buffalo & Erie County Industrial Land

 

 

 

 

Development Corp. (Buffalo State College

 

 

 

 

Foundation Housing Corp.); Series 2011, RB1

5.375

10/01/2041

283,557

130,000

Buffalo & Erie County Industrial Land

 

 

 

 

Development Corp. (Buffalo State College

 

 

 

 

Foundation Housing Corp.); Series 2011, RB1

6.000

10/01/2031

137,384

160,000

Buffalo & Erie County Industrial Land

 

 

 

 

Development Corp. (Charter School for Applied

 

 

 

 

Technology); Series 2017 A, Ref. RB1

5.000

06/01/2035

183,755

530,000

Buffalo & Erie County Industrial Land

 

 

 

 

Development Corp. (Medaille College); Series

 

 

 

 

2013, Ref. RB1

5.000

04/01/2022

541,596

4,555,000

Buffalo & Erie County Industrial Land

 

 

 

 

Development Corp. (Medaille College); Series

 

 

 

 

2013, Ref. RB1

5.250

04/01/2035

4,767,627

1,200,000

Buffalo & Erie County Industrial Land

 

 

 

 

Development Corp. (Medaille College); Series

 

 

 

 

2018, Ref. RB1

5.000

10/01/2038

1,323,936

450,000

Build NYC Resource Corp. (Children's Aid

 

 

 

 

Society (The)); Series 2019, RB1

4.000

07/01/2044

535,788

1,360,000

Build NYC Resource Corp. (Consortium for

 

 

 

 

Worker Education, Inc.); Series 2020, RB1

5.000

12/01/2049

1,510,525

170,000

Build NYC Resource Corp. (Manhattan College);

 

 

 

 

Series 2017, Ref. RB1

5.000

08/01/2032

213,008

290,000

Build NYC Resource Corp. (Manhattan College);

 

 

 

 

Series 2017, Ref. RB1

5.000

08/01/2036

357,550

600,000

Build NYC Resource Corp. (Manhattan College);

 

 

 

 

Series 2017, Ref. RB1

5.000

08/01/2047

727,776

190,000

Build NYC Resource Corp. (New Dawn Charter

 

 

 

 

Schools); Series 2019, RB1

5.625

02/01/2039

207,252

230,000

Build NYC Resource Corp. (New Dawn Charter

 

 

 

 

Schools); Series 2019, RB1

5.750

02/01/2049

249,985

 

14

INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

 

Principal Amount

 

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

 

$650,000

Build NYC Resource Corp. (New York Law

 

 

 

 

School); Series 2016, Ref. RB1

5.000%

07/01/2041 $

743,015

925,000

Build NYC Resource Corp. (Special Needs

 

 

 

 

Facilities Pooled Program); Series 2013 A-1, RB1

5.250

07/01/2023

946,885

1,490,000

Build NYC Resource Corp. (Special Needs

 

 

 

 

Facilities Pooled Program); Series 2013 A-1, RB1

5.375

07/01/2028

1,537,859

790,000

Build NYC Resource Corp. (Special Needs

 

 

 

 

Facilities Pooled Program); Series 2013 A-1, RB1

5.750

07/01/2033

819,901

140,000

Build NYC Resource Corp. (YMCA of Greater

 

 

 

 

New York); Series 2012, RB1

5.000

08/01/2032

154,013

240,000

Bushnell's Basin Fire Association Inc.; Series

 

 

 

 

2005 B, RB1

5.750

11/01/2030

240,103

25,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2027

25,202

30,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2028

30,239

30,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2029

30,234

30,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2030

30,229

35,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2031

35,264

35,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2032

35,261

35,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2033

35,258

40,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2034

40,296

40,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2035

40,297

45,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2036

45,334

45,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2037

45,331

50,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2038

50,362

50,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2039

50,359

55,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2040

55,390

55,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2041

55,386

60,000

Canandaigua & Bristol (Towns of), NY; Series

 

 

 

 

2007, GO Bonds1

5.000

12/15/2042

60,414

100,000

Cattaraugus (County of), NY (St. Bonaventure

 

 

 

 

University); Series 2014, RB1

5.000

05/01/2034

114,217

100,000

Cattaraugus (County of), NY (St. Bonaventure

 

 

 

 

University); Series 2014, RB1

5.000

05/01/2039

113,424

500,000

City of Albany Capital Resource Corp. (College

 

 

 

 

of St. Rose (The)); Series 2011 A, RB1

5.375

07/01/2026

517,440

 

15

INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

$500,000

City of Albany Capital Resource Corp. (College

 

 

 

 

of St. Rose (The)); Series 2011 A, RB1

5.625%

07/01/2031 $

517,400

1,000,000

City of Albany Capital Resource Corp. (College

 

 

 

 

of St. Rose (The)); Series 2011 A, RB1

5.875

07/01/2041

1,033,530

15,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.500

06/15/2021

15,151

15,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.500

06/15/2022

15,135

15,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.500

06/15/2023

15,130

15,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.500

06/15/2024

15,131

20,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.500

06/15/2025

20,167

20,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.600

06/15/2026

20,160

20,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.600

06/15/2027

20,158

20,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.600

06/15/2028

20,154

25,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.600

06/15/2029

25,192

25,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.600

06/15/2030

25,192

25,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.600

06/15/2031

25,193

25,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.600

06/15/2032

25,195

30,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.600

06/15/2033

30,230

30,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.600

06/15/2034

30,231

30,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.600

06/15/2035

30,229

35,000

Deerfield (Town of), NY; Series 2006, GO Bonds1

5.600

06/15/2036

35,268

435,000

Dutchess County Local Development Corp.

 

 

 

 

(Anderson Center Services, Inc.); Series 2010,

 

 

 

 

RB1

6.000

10/01/2030

444,531

250,000

Dutchess County Local Development Corp.

 

 

 

 

(Health Quest Systems, Inc.); Series 2010 A, RB1

5.250

07/01/2025

253,590

450,000

Dutchess County Local Development Corp.

 

 

 

 

(Health Quest Systems, Inc.); Series 2010 A, RB1

5.750

07/01/2030

457,195

100,000

Dutchess County Local Development Corp.

 

 

 

 

(Health Quest Systems, Inc.); Series 2010 A, RB1

5.750

07/01/2040

101,599

12,200,000

Dutchess County Local Development Corp.

 

 

 

 

(Health Quest Systems, Inc.); Series 2016 B, RB1

5.000

07/01/2046

14,485,304

120,000

Dutchess County Local Development Corp.

 

 

 

 

(Nuvance Health); Series 2019 B, RB1

4.000

07/01/2044

139,626

300,000

Dutchess County Local Development Corp.

 

 

 

 

(Nuvance Health); Series 2019 B, RB1

4.000

07/01/2049

346,746

160,000

Dutchess County Local Development Corp.

 

 

 

 

(Vassar College); Series 2017, Ref. RB1

5.000

07/01/2034

200,878

160,000

Dutchess County Local Development Corp.

 

 

 

 

(Vassar College); Series 2017, Ref. RB1

5.000

07/01/2036

199,531

235,000

Dutchess County Local Development Corp.

 

 

 

 

(Vassar College); Series 2017, Ref. RB1

5.000

07/01/2037

292,211

500,000

Dutchess County Local Development Corp.

 

 

 

 

(Vassar College); Series 2017, Ref. RB1

5.000

07/01/2042

616,760

265,000

Erie County Industrial Development Agency

 

 

 

 

(The) (School District Buffalo); Series 2011 A,

 

 

 

 

RB1

5.250

05/01/2030

278,314

225,000

Erie County Industrial Development Agency

 

 

 

 

(The) (School District Buffalo); Series 2011 A,

 

 

 

 

RB1

5.250

05/01/2031

236,198

16 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Principal Amount

 

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

 

$135,000

Erie County Industrial Development Agency

 

 

 

 

(The) (School District Buffalo); Series 2011 A,

 

 

 

 

RB1

 

5.250%

05/01/2032 $

141,687

75,000

Erie Tobacco Asset Securitization Corp.; Series

 

 

 

 

2005 A, RB1

5.000

06/01/2031

75,058

5,000,000

Erie Tobacco Asset Securitization Corp.; Series

 

 

 

 

2005 A, RB1

5.000

06/01/2038

5,002,650

74,000,000

Erie Tobacco Asset Securitization Corp.; Series

 

 

 

 

2005 D, RB

8.223 4

06/01/2055

5,524,100

545,000

Genesee (County of), NY Industrial Development

 

 

 

 

Agency (United Memorial Medical Center);

 

 

 

 

Series 2007, RB1

5.000

12/01/2027

546,417

18,750,000

Glen Cove Local Economic Assistance Corp.

 

 

 

 

(Garvies Point Public Improvement); Series 2016

 

 

 

 

B, RB

 

5.982 4

01/01/2045

7,884,187

965,000

Glen Cove Local Economic Assistance Corp.

 

 

 

 

(Tiegerman School); Series 2018 A, RB1

5.500

07/01/2044

1,047,479

5,000,000

Guilderland (Town of), NY Industrial

 

 

 

 

Development Agency; Series 2017 A, RB

5.875

01/01/2052

5,223,600

1,640,000

Hempstead Town Local Development Corp.

 

 

 

 

(Evergreen Charter School); Series 2019, Ref.

 

 

 

 

RB1

 

6.800

12/01/2044

1,742,566

300,000

Hempstead Town Local Development Corp.

 

 

 

 

(Molloy College); Series 2014, RB1

5.000

07/01/2029

347,832

300,000

Hempstead Town Local Development Corp.

 

 

 

 

(Molloy College); Series 2014, RB1

5.000

07/01/2034

345,477

250,000

Hempstead Town Local Development Corp.

 

 

 

 

(Molloy College); Series 2014, RB1

5.000

07/01/2039

285,812

200,000

Hempstead Town Local Development Corp.

 

 

 

 

(Molloy College); Series 2014, RB1

5.000

07/01/2044

227,392

100,000

Hempstead Town Local Development Corp.

 

 

 

 

(Molloy College); Series 2017, Ref. RB1

5.000

07/01/2029

124,614

80,000

Hempstead Town Local Development Corp.

 

 

 

 

(Molloy College); Series 2017, Ref. RB1

5.000

07/01/2030

98,989

75,000

Hempstead Town Local Development Corp.

 

 

 

 

(Molloy College); Series 2017, Ref. RB1

5.000

07/01/2031

92,125

135,000

Hempstead Town Local Development Corp.

 

 

 

 

(Molloy College); Series 2017, Ref. RB1

5.000

07/01/2032

165,442

135,000

Hempstead Town Local Development Corp.

 

 

 

 

(Molloy College); Series 2017, Ref. RB1

5.000

07/01/2035

164,476

110,000

Hempstead Town Local Development Corp.

 

 

 

 

(Molloy College); Series 2017, Ref. RB1

5.000

07/01/2036

133,846

80,000

Hempstead Town Local Development Corp.

 

 

 

 

(Molloy College); Series 2017, Ref. RB1

5.000

07/01/2038

96,865

25,765,000

Hudson Yards, NY Infrastructure Corp.5

5.000

02/15/2042

31,809,911

5,000,000

Hudson Yards, NY Infrastructure Corp.5

5.000

02/15/2045

6,152,050

2,250,000

Huntington Local Development Corp.; Series

 

 

 

 

2016, RB1

6.500

12/01/2046

2,517,007

4,000,000

Long Island (City of), NY Power Authority; Series

 

 

 

 

2017, RB1

5.000

09/01/2042

4,949,560

 

17

INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

$1,185,000

Long Island Power Authority; Series 2014 A,

 

 

 

 

Ref. RB1

5.000%

09/01/2039 $

1,378,155

2,970,000

Long Island Power Authority; Series 2014 A,

 

 

 

 

Ref. RB1

5.000

09/01/2044

3,423,370

2,500,000

Long Island Power Authority; Series 2016 B,

 

 

 

 

Ref. RB1

5.000

09/01/2035

3,070,725

1,250,000

Long Island Power Authority; Series 2016 B,

 

 

 

 

Ref. RB1

5.000

09/01/2036

1,531,875

1,680,000

Long Island Power Authority; Series 2016 B,

 

 

 

 

Ref. RB1

5.000

09/01/2041

2,038,781

5,000,000

Long Island Power Authority; Series 2018, RB1

5.000

09/01/2034

6,407,800

1,000,000

Long Island Power Authority; Series 2018, RB1

5.000

09/01/2039

1,265,550

2,565,000

Metropolitan Transportation Authority (Climate

 

 

 

 

Bond Certified); Series 2017 A-1, RB1

5.250

11/15/2057

3,153,334

350,000

Metropolitan Transportation Authority; Series

 

 

 

 

2012 D, Ref. RB1

5.000

11/15/2032

388,346

215,000

Metropolitan Transportation Authority; Series

 

 

 

 

2012 H, RB1

5.000

11/15/2033

239,989

185,000

Metropolitan Transportation Authority; Series

 

 

 

 

2012 H, RB1

5.000

11/15/2033

205,169

2,000,000

Metropolitan Transportation Authority; Series

 

 

 

 

2014 B, RB1

5.000

11/15/2044

2,277,580

900,000

Metropolitan Transportation Authority; Series

 

 

 

 

2014 B, RB1

5.250

11/15/2039

1,051,065

5,000,000

Metropolitan Transportation Authority; Series

 

 

 

 

2016 A1, RB1

5.250

11/15/2056

6,042,000

10,000,000

Metropolitan Transportation Authority; Series

 

 

 

 

2016 B, Ref. RB1

5.000

11/15/2037

12,280,200

2,000,000

Metropolitan Transportation Authority; Series

 

 

 

 

2016 C-1, RB1

5.250

11/15/2056

2,448,560

2,000,000

Metropolitan Transportation Authority; Series

 

 

 

 

2016, Ref. RB1

5.000

11/15/2035

2,465,120

5,000,000

Metropolitan Transportation Authority; Series

 

 

 

 

2017 A1, RB1

5.000

11/15/2051

5,996,750

350,000

Monroe County Industrial Development Corp.

 

 

 

 

(Monroe Community College); Series 2014,

 

 

 

 

Ref. RB1

5.000

01/15/2028

400,988

500,000

Monroe County Industrial Development Corp.

 

 

 

 

(Monroe Community College); Series 2014,

 

 

 

 

Ref. RB1

5.000

01/15/2029

572,580

150,000

Monroe County Industrial Development Corp.

 

 

 

 

(Monroe Community College); Series 2014,

 

 

 

 

Ref. RB1

5.000

01/15/2038

170,266

150,000

Monroe County Industrial Development Corp.

 

 

 

 

(Nazareth College of Rochester); Series 2011,

 

 

 

 

RB1

5.000

10/01/2026

160,126

75,000

Monroe County Industrial Development Corp.

 

 

 

 

(Nazareth College of Rochester); Series 2011,

 

 

 

 

RB1

5.250

10/01/2031

80,357

18 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Principal Amount

 

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

 

$540,000

Monroe County Industrial Development Corp.

 

 

 

 

(Nazareth College of Rochester); Series 2011,

 

 

 

 

RB1

 

5.500%

10/01/2041 $

580,684

1,450,000

Monroe County Industrial Development Corp.

 

 

 

 

(Rochester General Hospital(The)); Series 2013

 

 

 

 

A, Ref. RB1

5.000

12/01/2032

1,587,982

1,400,000

Monroe County Industrial Development Corp.

 

 

 

 

(Rochester General Hospital); Series 2017, RB1

5.000

12/01/2036

1,709,372

3,200,000

Monroe County Industrial Development Corp.

 

 

 

 

(Rochester General Hospital); Series 2017, RB1

5.000

12/01/2046

3,864,352

3,000,000

Monroe County Industrial Development Corp.

 

 

 

 

(St. Ann's Community); Series 2019, Ref. RB1

5.000

01/01/2050

3,363,120

150,000

Monroe County Industrial Development Corp.

 

 

 

 

(St. John Fisher College); Series 2011, RB1

5.625

06/01/2026

158,644

250,000

Monroe County Industrial Development Corp.

 

 

 

 

(St. John Fisher College); Series 2011, RB1

6.000

06/01/2034

265,942

100,000

Monroe County Industrial Development Corp.

 

 

 

 

(St. John Fisher College); Series 2014 A, RB1

5.000

06/01/2029

115,939

285,000

Monroe County Industrial Development Corp.

 

 

 

 

(St. John Fisher College); Series 2014 A, RB1

5.000

06/01/2044

324,461

180,000

Monroe County Industrial Development Corp.

 

 

 

 

(St. John Fisher College); Series 2014 A, RB1

5.500

06/01/2034

212,776

2,165,000

MTA Hudson Rail Yards Trust Obligations; Series

 

 

 

 

2016 A, RB1

5.000

11/15/2046

2,169,200

17,000,000

MTA Hudson Rail Yards Trust Obligations; Series

 

 

 

 

2016 A, RB1

5.000

11/15/2056

19,104,430

135,000

Nassau (County of), NY Industrial Development

 

 

 

 

Agency (Amsterdam at Harborside); Series 2014

 

 

 

 

A, RB

 

6.500

01/01/2032

137,334

3,307,500

Nassau (County of), NY Industrial Development

 

 

 

 

Agency (Amsterdam at Harborside); Series 2014

 

 

 

 

A, RB

 

6.700

01/01/2049

3,321,590

1,220,557

Nassau (County of), NY Industrial Development

 

 

 

 

Agency (Amsterdam at Harborside); Series 2014

 

 

 

 

C, RB2

 

2.000

01/01/2049

183,084

1,210,000

Nassau (County of), NY Industrial Development

 

 

 

 

Agency; Series 2003 A-C, RB1

7.000

09/01/2028

1,214,816

1,060,000

Nassau (County of), NY; Series 2018 B, GO

 

 

 

 

Bonds1

5.000

07/01/2040

1,330,130

1,490,000

Nassau (County of), NY; Series 2018 B, GO

 

 

 

 

Bonds1

5.000

07/01/2045

1,851,519

2,235,000

Nassau (County of), NY; Series 2018 B, GO

 

 

 

 

Bonds1

5.000

07/01/2049

2,764,829

290,000

Nassau County Local Economic Assistance Corp.

 

 

 

 

(Hispanic Counseling Center Inc.); Series 2018

 

 

 

 

A2, Ref. RB1

5.200

12/01/2037

312,701

2,000,000

Nassau County Local Economic Assistance Corp.

 

 

 

 

(South Nassau Communities Hospital); Series

 

 

 

 

2012, Ref. RB1

5.000

07/01/2031

2,151,440

 

19

INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

$3,240,000

Nassau County Tobacco Settlement Corp.; Series

 

 

 

 

2006 A-2, RB1

5.250%6

06/01/2026 $

3,240,324

60,000,000

Nassau County Tobacco Settlement Corp.; Series

 

 

 

 

2006 D, RB

6.761 4

06/01/2060

2,181,000

3,095,000

New Rochelle (City of), NY (70 Nardozzi/City

 

 

 

 

DPW); Series 2018 A-2, RB1

5.125

08/01/2050

3,359,932

350,000

New Rochelle (City of), NY (Iona College); Series

 

 

 

 

2015 A, Ref. RB1

5.000

07/01/2032

406,994

565,000

New Rochelle (City of), NY (Iona College); Series

 

 

 

 

2015 A, Ref. RB1

5.000

07/01/2033

655,423

450,000

New Rochelle (City of), NY (Iona College); Series

 

 

 

 

2015 A, Ref. RB1

5.000

07/01/2034

521,118

200,000

New Rochelle (City of), NY (Iona College); Series

 

 

 

 

2015 A, Ref. RB1

5.000

07/01/2040

229,364

225,000

New Rochelle (City of), NY (Iona College); Series

 

 

 

 

2015 A, Ref. RB1

5.000

07/01/2045

256,826

2,300,000

New York & New Jersey (States of) Port

 

 

 

 

Authority (JFK International Air Terminal LLC);

 

 

 

 

Series 2010 8, RB1

6.500

12/01/2028

2,402,235

5,000,000

New York & New Jersey (States of) Port

 

 

 

 

Authority; Series 2011, RB1

5.250

07/15/2036

5,198,100

9,475,000

New York & New Jersey (States of) Port

 

 

 

 

Authority; Series 2016, Ref. RB1

5.000

11/15/2041

11,758,665

6,000,000

New York & New Jersey (States of) Port

 

 

 

 

Authority; Series 2017 200, Ref. RB1

5.000

10/15/2047

7,386,060

10,240,000

New York & New Jersey (States of) Port

 

 

 

 

Authority; Series 2019 217, RB1

4.000

11/01/2049

12,253,389

3,870,000

New York (City of), NY Industrial Development

 

 

 

 

Agency (Child School (The)); Series 2003, RB1

7.550

06/01/2033

3,905,875

95,000

New York (City of), NY Industrial Development

 

 

 

 

Agency (Comprehensive Care Management);

 

 

 

 

Series 2005 C-2, RB1

6.000

05/01/2026

95,037

285,000

New York (City of), NY Industrial Development

 

 

 

 

Agency (Comprehensive Care Management);

 

 

 

 

Series 2005 E-2, RB1

6.125

11/01/2035

285,054

1,305,000

New York (City of), NY Industrial Development

 

 

 

 

Agency (Guttmacher Institute, Inc.); Series 2007

 

 

 

 

B, RB1

5.750

12/01/2036

1,307,558

35,000

New York (City of), NY Industrial Development

 

 

 

 

Agency (Independent Living Association, Inc.);

 

 

 

 

Series 2005 A, RB1

6.200

07/01/2020

35,033

2,000,000

New York (City of), NY Industrial Development

 

 

 

 

Agency (Queens Baseball Stadium); Series 2009,

 

 

 

 

RB1

6.500

01/01/2046

2,008,200

4,600,000

New York (City of), NY Industrial Development

 

 

 

 

Agency (United Jewish Appeal); Series 2004,

 

 

 

 

RB1

5.000

07/01/2034

4,949,002

1,200,000

New York (City of), NY Industrial Development

 

 

 

 

Agency (Yankee Stadium); Series 2006, RB1,7

3.125

03/01/2022

1,223,736

20 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Principal Amount

 

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

 

$120,000

New York (City of), NY Industrial Development

 

 

 

 

Agency (Yankee Stadium); Series 2006, RB1

5.000%

03/01/2036 $

121,120

7,715,000

New York (City of), NY Industrial Development

 

 

 

 

Agency (Yankee Stadium); Series 2009 A, RB1

7.000

03/01/2049

7,791,070

2,500,000

New York (City of), NY Industrial Development

 

 

 

 

Agency (Yeled Yalda Early Childhood); Series

 

 

 

 

2007 B, RB1

5.725

11/01/2037

2,501,825

10,000

New York (City of), NY Industrial Development

 

 

 

 

Agency; Series 2007 A1, RB1

4.500

07/01/2021

10,006

1,050,000

New York (City of), NY Municipal Water Finance

 

 

 

 

Authority; Series 2019 CC-1, RB1

4.000

06/15/2049

1,252,566

5,500,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2011 S-1, RB1

5.250

07/15/2037

5,835,885

9,245,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2015 E-1, RB1

5.000

02/01/2041

10,899,578

1,395,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2015 S, RB1

5.000

07/15/2034

1,668,936

2,000,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2015 S, RB1

5.000

07/15/2034

2,425,140

10,000,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2015 S, RB1

5.000

07/15/2035

11,939,200

1,500,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2015 S, RB1

5.000

07/15/2036

1,812,150

1,500,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2015 S-2, RB1

5.000

07/15/2035

1,816,545

5,000,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2016 E-1, RB1

5.000

02/01/2037

6,092,950

2,387,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2016 E-1, RB1

5.000

02/01/2040

2,892,304

835,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2016 S-1, RB1

5.000

07/15/2043

1,009,097

920,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2017 C, Ref. RB1

5.000

11/01/2030

1,171,602

1,470,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2017 C, Ref. RB1

5.000

11/01/2032

1,868,047

5,800,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2019 S1B, RB1

4.000

07/15/2041

6,934,770

5,620,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2019 S1B, RB1

4.000

07/15/2042

6,702,805

1,100,000

New York (City of), NY Trust for Cultural

 

 

 

 

Resources (Juilliard School (The)); Series 2018

 

 

 

 

A, Ref. RB1

4.000

01/01/2039

1,311,695

290,000

New York (City of), NY Trust for Cultural

 

 

 

 

Resources (Juilliard School (The)); Series 2018

 

 

 

 

A, Ref. RB1

5.000

01/01/2033

383,229

300,000

New York (City of), NY Trust for Cultural

 

 

 

 

Resources (Juilliard School (The)); Series 2018

 

 

 

 

A, Ref. RB1

5.000

01/01/2034

395,607

 

21

INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

$400,000

New York (City of), NY Trust for Cultural

 

 

 

 

Resources (Juilliard School (The)); Series 2018

 

 

 

 

A, Ref. RB1

5.000%

01/01/2037 $

524,208

300,000

New York (City of), NY Trust for Cultural

 

 

 

 

Resources (Juilliard School (The)); Series 2018

 

 

 

 

A, Ref. RB1

5.000

01/01/2038

391,821

1,000,000

New York (City of), NY Trust for Cultural

 

 

 

 

Resources (Wildlife Conservation Society); Series

 

 

 

 

2013 A, RB1

5.000

08/01/2033

1,132,540

6,065,000

New York (City of), NY Water Finance Authority;

 

 

 

 

Series 2016 CC1, Ref. RB1

5.000

06/15/2038

7,587,800

45,000

New York (City of), NY; Series 1993 F, GO

 

 

 

 

Bonds1

6.000

05/15/2022

45,175

15,000

New York (City of), NY; Series 1997 C, GO

 

 

 

 

Bonds1

5.500

11/15/2037

15,053

700,000

New York (City of), NY; Series 2011 A-1, GO

 

 

 

 

Bonds1

5.000

08/01/2035

742,798

7,360,000

New York (City of), NY; Series 2016 B-1, GO

 

 

 

 

Bonds1

5.000

12/01/2037

9,181,821

10,000,000

New York (City of), NY; Series 2018 F-1, GO

 

 

 

 

Bonds1

5.000

04/01/2039

12,683,000

5,000,000

New York (City of), NY; Series 2019 A-1, GO

 

 

 

 

Bonds1

4.000

08/01/2044

5,960,200

3,000,000

New York (City of), NY; Series 2019 B-1, GO

 

 

 

 

Bonds1

5.000

10/01/2042

3,900,750

5,000,000

New York (City of), NY; Series 2019 B-1, GO

 

 

 

 

Bonds1

5.000

10/01/2043

6,486,700

5,985,000

New York (State of) Dormitory Authority

 

 

 

 

(Alliance Long Island AGYS, Inc.); Series 2015

 

 

 

 

A2, Ref. RB1

5.350

12/01/2035

6,369,297

2,040,000

New York (State of) Dormitory Authority

 

 

 

 

(Alliance Long Island AGYS, Inc.); Series 2015

 

 

 

 

B1, Ref. RB1

6.175

12/01/2031

2,082,554

150,000

New York (State of) Dormitory Authority

 

 

 

 

(Brooklyn Law School); Series 2012 A, RB1

5.000

07/01/2027

164,865

150,000

New York (State of) Dormitory Authority

 

 

 

 

(Brooklyn Law School); Series 2012 A, RB1

5.000

07/01/2028

164,865

70,000

New York (State of) Dormitory Authority

 

 

 

 

(Brooklyn Law School); Series 2012 A, RB1

5.000

07/01/2029

76,937

70,000

New York (State of) Dormitory Authority

 

 

 

 

(Brooklyn Law School); Series 2012 A, RB1

5.000

07/01/2030

76,937

1,250,000

New York (State of) Dormitory Authority

 

 

 

 

(Catholic Health System Obligated Group);

 

 

 

 

Series 2012 A, RB1

4.750

07/01/2039

1,331,200

300,000

New York (State of) Dormitory Authority

 

 

 

 

(Catholic Health System Obligated Group);

 

 

 

 

Series 2012 B, RB1

4.750

07/01/2039

319,488

125,000

New York (State of) Dormitory Authority

 

 

 

 

(Catholic Health System Obligated Group);

 

 

 

 

Series 2012 B, RB1

5.000

07/01/2032

135,533

22 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Principal Amount

 

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

 

$2,255,000

New York (State of) Dormitory Authority (Cornell

 

 

 

 

University); Series 2019, RB1

5.000%

07/01/2035 $

3,361,393

2,750,000

New York (State of) Dormitory Authority (Cornell

 

 

 

 

University); Series 2019, RB1

5.000

07/01/2036

4,146,615

50,000

New York (State of) Dormitory Authority

 

 

 

 

(Culinary Institute of America); Series 2012, RB1

5.000

07/01/2034

54,458

6,425,000

New York (State of) Dormitory Authority (FIT

 

 

 

 

Student Housing Corp.); Series 2007, RB1

5.250

07/01/2027

7,921,575

3,765,000

New York (State of) Dormitory Authority (FIT

 

 

 

 

Student Housing Corp.); Series 2007, RB1

5.250

07/01/2028

4,729,329

100,000

New York (State of) Dormitory Authority

 

 

 

 

(Fordham University); Series 2014, RB1

5.000

07/01/2030

116,671

765,000

New York (State of) Dormitory Authority

 

 

 

 

(Fordham University); Series 2016 A, Ref. RB1

5.000

07/01/2041

936,544

750,000

New York (State of) Dormitory Authority

 

 

 

 

(Highland Hospital); Series 2010, RB1

5.000

07/01/2026

759,082

750,000

New York (State of) Dormitory Authority

 

 

 

 

(Highland Hospital); Series 2010, RB1

5.200

07/01/2032

759,067

250,000

New York (State of) Dormitory Authority (Iona

 

 

 

 

College); Series 2012 A, RB1

5.000

07/01/2032

269,568

3,200,000

New York (State of) Dormitory Authority (Long

 

 

 

 

Island University); Series 2012, RB1

5.000

09/01/2025

3,518,112

415,000

New York (State of) Dormitory Authority

 

 

 

 

(Montefiore Obligated Group); Series 2018 A,

 

 

 

 

Ref. RB1

5.000

08/01/2034

530,461

480,000

New York (State of) Dormitory Authority

 

 

 

 

(Montefiore Obligated Group); Series 2018 A,

 

 

 

 

Ref. RB1

5.000

08/01/2035

611,510

700,000

New York (State of) Dormitory Authority

 

 

 

 

(Montefiore Obligated Group); Series 2020 A,

 

 

 

 

Ref. RB1

4.000

09/01/2050

811,853

1,000,000

New York (State of) Dormitory Authority (New

 

 

 

 

School (The)); Series 2011, Ref. RB1

5.000

07/01/2031

1,054,180

400,000

New York (State of) Dormitory Authority (New

 

 

 

 

School (The)); Series 2015 A, Ref. RB1

5.000

07/01/2040

475,840

1,855,000

New York (State of) Dormitory Authority (New

 

 

 

 

School (The)); Series 2016 A, Ref. RB1

5.000

07/01/2035

2,268,721

1,915,000

New York (State of) Dormitory Authority (New

 

 

 

 

School (The)); Series 2016 A, Ref. RB1

5.000

07/01/2036

2,336,511

1,265,000

New York (State of) Dormitory Authority (New

 

 

 

 

School (The)); Series 2016 A, Ref. RB1

5.000

07/01/2037

1,539,239

595,000

New York (State of) Dormitory Authority (New

 

 

 

 

School (The)); Series 2016 A, Ref. RB1

5.000

07/01/2041

717,778

6,650,000

New York (State of) Dormitory Authority (New

 

 

 

 

School (The)); Series 2016 A, Ref. RB1

5.000

07/01/2046

7,964,439

1,110,000

New York (State of) Dormitory Authority (New

 

 

 

 

York University); Series 2015 A, Ref. RB1

5.000

07/01/2045

1,326,195

5,000,000

New York (State of) Dormitory Authority (New

 

 

 

 

York University); Series 2016 A, Ref. RB1

5.000

07/01/2035

6,228,450

 

23

INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

$740,000

New York (State of) Dormitory Authority (New

 

 

 

 

York University); Series 2019 A, RB1

5.000%

07/01/2042 $

973,796

4,460,000

New York (State of) Dormitory Authority (New

 

 

 

 

York University); Series 2019 A, RB1

5.000

07/01/2049

5,806,117

1,000,000

New York (State of) Dormitory Authority (North

 

 

 

 

Shore - Long Island Jewish Obligated Group);

 

 

 

 

Series 2009, RB1

5.000

05/01/2039

1,072,390

645,000

New York (State of) Dormitory Authority (NYU

 

 

 

 

Hospitals Center); Series 2014, Ref. RB1

5.000

07/01/2028

755,243

1,500,000

New York (State of) Dormitory Authority (NYU);

 

 

 

 

Series 2012 A, RB1

5.000

07/01/2037

1,648,230

600,000

New York (State of) Dormitory Authority (Orange

 

 

 

 

Regional Medical Center); Series 2017, Ref. RB1

5.000

12/01/2029

741,588

400,000

New York (State of) Dormitory Authority (Orange

 

 

 

 

Regional Medical Center); Series 2017, Ref. RB1

5.000

12/01/2030

491,952

300,000

New York (State of) Dormitory Authority (Orange

 

 

 

 

Regional Medical Center); Series 2017, Ref. RB1

5.000

12/01/2032

366,621

300,000

New York (State of) Dormitory Authority (Orange

 

 

 

 

Regional Medical Center); Series 2017, Ref. RB1

5.000

12/01/2033

365,505

300,000

New York (State of) Dormitory Authority (Orange

 

 

 

 

Regional Medical Center); Series 2017, Ref. RB1

5.000

12/01/2035

363,378

200,000

New York (State of) Dormitory Authority (Orange

 

 

 

 

Regional Medical Center); Series 2017, Ref. RB1

5.000

12/01/2036

241,504

200,000

New York (State of) Dormitory Authority (Orange

 

 

 

 

Regional Medical Center); Series 2017, Ref. RB1

5.000

12/01/2037

240,842

325,000

New York (State of) Dormitory Authority

 

 

 

 

(Ozanam Hall of Queens Nursing Home, Inc.);

 

 

 

 

Series 2006, RB1

5.000

11/01/2026

325,822

500,000

New York (State of) Dormitory Authority (Pratt

 

 

 

 

Institute); Series 2016, Ref. RB1

5.000

07/01/2046

593,985

830,000

New York (State of) Dormitory Authority

 

 

 

 

(Rochester Institute of Technology); Series 2019

 

 

 

 

A, RB1

4.000

07/01/2044

978,852

800,000

New York (State of) Dormitory Authority

 

 

 

 

(Rochester Institute of Technology); Series 2019

 

 

 

 

A, RB1

5.000

07/01/2049

1,015,168

300,000

New York (State of) Dormitory Authority

 

 

 

 

(Rochester Institute Technology); Series 2010,

 

 

 

 

RB1

5.000

07/01/2040

304,212

3,150,000

New York (State of) Dormitory Authority

 

 

 

 

(Rockefeller University); Series 2019 C, Ref. RB1

4.000

07/01/2049

3,761,226

1,800,000

New York (State of) Dormitory Authority

 

 

 

 

(Rockefeller University); Series 2019, RB1

5.000

07/01/2050

2,332,332

200,000

New York (State of) Dormitory Authority (St.

 

 

 

 

John's University); Series 2012 A, RB1

5.000

07/01/2027

219,820

50,000

New York (State of) Dormitory Authority (St.

 

 

 

 

John's University); Series 2012 A, RB1

5.000

07/01/2028

54,955

935,000

New York (State of) Dormitory Authority (St.

 

 

 

 

John's University); Series 2012 B, RB1

5.000

07/01/2030

1,028,809

24 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Principal Amount

 

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

 

$5,000

New York (State of) Dormitory Authority (St.

 

 

 

 

John's University); Series 2012 B, RB1

5.000%

07/01/2030 $

5,496

1,015,000

New York (State of) Dormitory Authority (St.

 

 

 

 

John's University); Series 2012 B, RB1

5.000

07/01/2030

1,110,897

100,000

New York (State of) Dormitory Authority (St.

 

 

 

 

John's University); Series 2015 A, Ref. RB1

5.000

07/01/2034

118,989

500,000

New York (State of) Dormitory Authority (St.

 

 

 

 

Joseph's College); Series 2010, RB1

5.250

07/01/2035

503,655

1,350,000

New York (State of) Dormitory Authority (State

 

 

 

 

University Dormitory Facilities); Series 2015 B,

 

 

 

 

Ref. RB1

5.000

07/01/2030

1,624,860

1,300,000

New York (State of) Dormitory Authority (State

 

 

 

 

University Dormitory Facilities); Series 2015 B,

 

 

 

 

Ref. RB1

5.000

07/01/2031

1,562,717

1,400,000

New York (State of) Dormitory Authority (State

 

 

 

 

University Dormitory Facilities); Series 2015 B,

 

 

 

 

Ref. RB1

5.000

07/01/2032

1,679,986

1,750,000

New York (State of) Dormitory Authority (State

 

 

 

 

University Dormitory Facilities); Series 2015 B,

 

 

 

 

Ref. RB1

5.000

07/01/2033

2,096,920

1,750,000

New York (State of) Dormitory Authority (State

 

 

 

 

University Dormitory Facilities); Series 2015 B,

 

 

 

 

Ref. RB1

5.000

07/01/2040

2,075,850

1,000,000

New York (State of) Dormitory Authority (State

 

 

 

 

University Educational Facilities); Series 2012,

 

 

 

 

RB1

 

5.000

05/15/2030

1,091,430

850,000

New York (State of) Dormitory Authority (State

 

 

 

 

University of New York); Series 2019, RB1

4.000

07/01/2049

997,348

3,030,000

New York (State of) Dormitory Authority (United

 

 

 

 

Cerebral Palsy Association); Series 2017 A, RB1

5.500

12/01/2047

3,216,194

4,800,000

New York (State of) Dormitory Authority (United

 

 

 

 

Cerebral Palsy Association); Series 2017 A2, RB1

5.375

09/01/2050

5,125,920

1,425,000

New York (State of) Dormitory Authority (United

 

 

 

 

Cerebral Palsy Association); Series 2017 A2,

 

 

 

 

Ref. RB1

5.375

10/01/2042

1,553,934

4,330,000

New York (State of) Dormitory Authority (Yeshiva

 

 

 

 

University); Series 2009, RB1

5.000

09/01/2038

4,339,743

1,110,000

New York (State of) Dormitory Authority (Yeshiva

 

 

 

 

University); Series 2011 A, RB1

5.000

11/01/2031

1,164,301

375,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2010 B-1, RB1

7.000

07/01/2035

382,639

10,000,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2014 C, RB1

5.000

03/15/2035

11,630,700

2,005,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2015 A-1, Ref. RB1

4.800

12/01/2023

2,058,513

5,000,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2016, Ref. RB1

5.000

02/15/2041

6,160,350

10,000,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2020 D, Ref. RB1

4.000

02/15/2047

11,987,000

 

25

INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

$190,000

New York (State of) Thruway Authority; Series

 

 

 

 

2018 L, Ref. RB1

5.000%

01/01/2033 $

243,652

340,000

New York (State of) Thruway Authority; Series

 

 

 

 

2018 L, Ref. RB1

5.000

01/01/2034

434,887

385,000

New York (State of) Thruway Authority; Series

 

 

 

 

2018 L, Ref. RB1

5.000

01/01/2035

491,645

10,000,000

New York (State of) Thruway Authority; Series

 

 

 

 

2019 B, RB1

4.000

01/01/2045

11,889,600

12,000,000

New York (State of) Thruway Authority; Series

 

 

 

 

2019 B, RB1

4.000

01/01/2050

14,142,840

5,000,000

New York City Health & Hospitals Corp.; Series

 

 

 

 

2010 A, RB1

5.000

02/15/2030

5,014,700

5,000

New York City Housing Development Corp.;

 

 

 

 

Series 1999 E, RB1

6.250

05/01/2036

5,016

1,560,000

New York Counties Tobacco Trust I; Series 2000

 

 

 

 

A, RB1

6.500

06/01/2035

1,561,544

2,085,000

New York Counties Tobacco Trust II; Series 2001,

 

 

 

 

RB1

5.625

06/01/2035

2,093,403

15,000

New York Counties Tobacco Trust II; Series 2001,

 

 

 

 

RB1

5.750

06/01/2043

15,223

270,000

New York Counties Tobacco Trust III; Series

 

 

 

 

2003, RB1

6.000

06/01/2043

270,472

850,000

New York Counties Tobacco Trust IV; Series 2005

 

 

 

 

A, RB1

5.000

06/01/2038

850,212

84,200,000

New York Counties Tobacco Trust V; Series 2005

 

 

 

 

S-3, RB

6.845 4

06/01/2055

5,995,040

155,400,000

New York Counties Tobacco Trust V; Series 2005

 

 

 

 

S4B, RB

7.845 4

06/01/2060

6,041,952

15,615,000

New York Counties Tobacco Trust VI; Series 2016

 

 

 

 

A, Ref. RB1

5.625

06/01/2035

17,059,856

2,740,000

New York Counties Tobacco Trust VI; Series 2016

 

 

 

 

A, Ref. RB1

6.000

06/01/2043

3,118,860

2,085,000

New York Counties Tobacco Trust VI; Series 2016

 

 

 

 

A-1, Ref. RB1

5.750

06/01/2043

2,667,153

1,125,000

New York Counties Tobacco Trust VI; Series 2016

 

 

 

 

A2, Ref. RB1

5.000

06/01/2051

1,200,645

14,875,000

New York Liberty Development Corp. (3 World

 

 

 

 

Trade Center); Series 2014 1, Ref. RB1

5.000

11/15/2044

16,760,109

2,000,000

New York Liberty Development Corp. (4 World

 

 

 

 

Trade Center); Series 2011, Ref. RB1

5.000

11/15/2031

2,142,440

15,580,000

New York Liberty Development Corp. (Goldman

 

 

 

 

Sachs Headquarters); Series 2005, Ref. RB1

5.250

10/01/2035

22,528,836

5,025,000

New York Liberty Development Corp. (Goldman

 

 

 

 

Sachs Headquarters); Series 2007, RB1

5.500

10/01/2037

7,655,537

10,000,000

New York Liberty Development Corp.; Series

 

 

 

 

2011, Ref. RB1

5.750

11/15/2051

10,832,000

1,000,000

New York State Dormitory Authority; Series

 

 

 

 

2016 A, Ref. RB1

5.000

07/01/2036

1,229,120

2,000,000

New York State Urban Development Corp.;

 

 

 

 

Series 2019 A, Ref. RB1

4.000

03/15/2043

2,397,900

26 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Principal Amount

 

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

 

$5,000,000

New York State Urban Development Corp.;

 

 

 

 

Series 2019 A, Ref. RB1

4.000%

03/15/2046 $

5,962,250

100,000

Niagara Area Development Corp. (Niagara

 

 

 

 

University); Series 2012 A, RB1

5.000

05/01/2035

108,980

150,000

Niagara Area Development Corp. (Niagara

 

 

 

 

University); Series 2012 A, RB1

5.000

05/01/2042

163,470

15,475,000

NY MTA5

5.250

11/15/2056

18,663,880

10,000,000

NY MTA (Green Bond)5

5.250

11/15/2057

12,463,050

9,340,000

NYC Transitional Finance Authority (Future Tax)5

5.000

05/01/2040

11,784,768

180,000

Oneida County Local Development Corp.

 

 

 

 

(Mohawk Valley Health System); Series 2019,

 

 

 

 

Ref. RB1

4.000

12/01/2038

213,725

580,000

Oneida County Local Development Corp.

 

 

 

 

(Mohawk Valley Health System); Series 2019,

 

 

 

 

Ref. RB1

4.000

12/01/2049

674,523

55,000

Onondaga (County of), NY Industrial

 

 

 

 

Development Agency (Salina Free Library); Series

 

 

 

 

2002 A, RB1

5.500

12/01/2022

55,111

280,000

Onondaga (County of), NY Trust for Cultural

 

 

 

 

Resources (Abby Lane Housing Corp.); Series

 

 

 

 

2017, Ref. RB1

5.000

05/01/2033

347,200

200,000

Onondaga (County of), NY Trust for Cultural

 

 

 

 

Resources (Abby Lane Housing Corp.); Series

 

 

 

 

2017, Ref. RB1

5.000

05/01/2034

247,584

250,000

Onondaga (County of), NY Trust for Cultural

 

 

 

 

Resources (Abby Lane Housing Corp.); Series

 

 

 

 

2017, Ref. RB1

5.000

05/01/2037

307,795

150,000

Onondaga (County of), NY Trust for Cultural

 

 

 

 

Resources (Abby Lane Housing Corp.); Series

 

 

 

 

2017, Ref. RB1

5.000

05/01/2040

183,363

2,250,000

Onondaga (County of), NY Trust for Cultural

 

 

 

 

Resources (Syracuse University); Series 2011,

 

 

 

 

RB1

 

5.000

12/01/2036

2,416,703

900,000

Onondaga (County of), NY Trust for Cultural

 

 

 

 

Resources (Syracuse University); Series 2019,

 

 

 

 

Ref. RB1

4.000

12/01/2041

1,087,731

1,500,000

Onondaga (County of), NY Trust for Cultural

 

 

 

 

Resources (Syracuse University); Series 2019,

 

 

 

 

Ref. RB1

4.000

12/01/2047

1,795,260

1,675,000

Onondaga (County of), NY Trust for Cultural

 

 

 

 

Resources (Syracuse University); Series 2019,

 

 

 

 

Ref. RB1

4.000

12/01/2049

1,998,024

1,850,000

Onondaga (County of), NY Trust for Cultural

 

 

 

 

Resources (Syracuse University); Series 2019,

 

 

 

 

Ref. RB1

5.000

12/01/2043

2,425,443

2,650,000

Onondaga (County of), NY Trust for Cultural

 

 

 

 

Resources (Syracuse University); Series 2019,

 

 

 

 

Ref. RB1

5.000

12/01/2045

3,462,676

1,615,000

Onondaga Civic Development Corp. (Le Moyne

 

 

 

 

College); Series 2010, RB1

5.200

07/01/2029

1,639,241

 

27

INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

$1,810,000

Onondaga Civic Development Corp. (Le Moyne

 

 

 

 

College); Series 2010, RB1

5.375%

07/01/2040 $

1,836,100

535,000

Onondaga Civic Development Corp. (Upstate

 

 

 

 

Properties Development, Inc.); Series 2011, RB1

5.250

12/01/2041

576,142

1,060,000

Onondaga Civic Development Corp.; Series

 

 

 

 

2015, Ref. RB1

5.000

10/01/2030

1,257,552

2,345,000

Onondaga Civic Development Corp.; Series

 

 

 

 

2015, Ref. RB1

5.000

10/01/2040

2,720,927

750,000

Orange County Funding Corp.; Series 2013, RB1

6.500

01/01/2046

776,078

11,300,000

Port Authority NY/NJ, 205th Series5

5.250

11/15/2057

14,171,782

1,735,000

Rockland Tobacco Asset Securitization Corp.;

 

 

 

 

Series 2001, RB1

5.625

08/15/2035

1,780,231

3,160,000

Rockland Tobacco Asset Securitization Corp.;

 

 

 

 

Series 2001, RB1

5.750

08/15/2043

3,242,413

1,000,000

Schenectady Metroplex Development Authority;

 

 

 

 

Series 2014 A, RB1

5.500

08/01/2033

1,152,900

100,000

St. Lawrence (County of), NY Industrial

 

 

 

 

Development Agency (Clarkson University);

 

 

 

 

Series 2011, RB1

6.000

09/01/2034

106,673

240,000

St. Lawrence (County of), NY Industrial

 

 

 

 

Development Agency (Clarkson University);

 

 

 

 

Series 2012 A, RB1

5.000

09/01/2041

254,647

225,000

St. Lawrence (County of), NY Industrial

 

 

 

 

Development Agency (St. Lawrence University);

 

 

 

 

Series 2012, RB1

5.000

07/01/2030

249,766

230,000

St. Lawrence (County of), NY Industrial

 

 

 

 

Development Agency (St. Lawrence University);

 

 

 

 

Series 2012, RB1

5.000

07/01/2031

255,344

815,000

St. Lawrence (County of), NY Industrial

 

 

 

 

Development Agency (St. Lawrence University);

 

 

 

 

Series 2012, RB1

5.000

07/01/2032

904,397

110,000

Suffolk (County of), NY Industrial Development

 

 

 

 

Agency; Series 1996, Ref. RB2,3

6.700

12/01/2020

1

1,000,000

Suffolk County Economic Development Corp.

 

 

 

 

(Peconic Landing); Series 2010, Ref. RB1

6.000

12/01/2040

1,038,810

270,000

Suffolk County Economic Development Corp.;

 

 

 

 

Series 2010 A, RB1

7.375

12/01/2040

280,128

1,390,000

Suffolk Tobacco Asset Securitization Corp.;

 

 

 

 

Series 2008 B, RB1

6.000

06/01/2048

1,392,141

1,075,000

Suffolk Tobacco Asset Securitization Corp.;

 

 

 

 

Series 2008 B-1, RB

5.375

06/01/2028

1,077,483

15,750,000

Suffolk Tobacco Asset Securitization Corp.;

 

 

 

 

Series 2008 D, RB

7.996 4

06/01/2048

1,718,325

750,000

Suffolk Tobacco Asset Securitization Corp.;

 

 

 

 

Series 2012 B, RB1

5.000

06/01/2032

794,025

700,000

Suffolk Tobacco Asset Securitization Corp.;

 

 

 

 

Series 2012 B, RB1

5.250

06/01/2037

743,470

8,220,000

Sullivan (County of), NY (Adelia Infrastructure);

 

 

 

 

Series 2016 A2, RB1

5.350

11/01/2049

8,564,911

28 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Principal Amount

 

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

 

$1,175,000

Sullivan (County of), NY (Adelia Infrastructure);

 

 

 

 

Series 2016 B2, RB1

5.350%

11/01/2049 $

1,224,303

1,160,000

Sullivan (County of), NY (Adelia Infrastructure);

 

 

 

 

Series 2016 C2, RB1

5.350

11/01/2049

1,208,674

760,000

Sullivan (County of), NY (Adelia Infrastructure);

 

 

 

 

Series 2016 D2, RB1

5.350

11/01/2049

791,890

2,790,000

Sullivan (County of), NY (Adelia Infrastructure);

 

 

 

 

Series 2016 E2, RB1

5.350

11/01/2049

2,907,068

330,000

Tompkins County Development Corp. (Tompkins

 

 

 

 

Cortland Community College Foundation, Inc.);

 

 

 

 

Series 2013 A, RB

5.000

07/01/2032

214,500

2,785,000

Tompkins County Development Corp. (Tompkins

 

 

 

 

Cortland Community College); Series 2013, RB

5.000

07/01/2038

1,810,250

300,000

Triborough Bridge & Tunnel Authority (MTA

 

 

 

 

Bridges & Tunnels); Series 2013 A, Ref. RB1

5.000

11/15/2029

338,397

2,000,000

Triborough Bridge & Tunnel Authority (MTA

 

 

 

 

Bridges & Tunnels); Series 2016 A, Ref. RB1

5.000

11/15/2041

2,447,420

1,260,000

Triborough Bridge & Tunnel Authority (MTA

 

 

 

 

Bridges & Tunnels); Series 2016 A, Ref. RB1

5.000

11/15/2046

1,532,210

900,000

Triborough Bridge & Tunnel Authority (MTA

 

 

 

 

Bridges & Tunnels); Series 2017 A, RB1

5.000

11/15/2037

1,132,389

300,000

Triborough Bridge & Tunnel Authority (MTA

 

 

 

 

Bridges & Tunnels); Series 2017 A, RB1

5.000

11/15/2038

376,410

1,000,000

Triborough Bridge & Tunnel Authority (MTA

 

 

 

 

Bridges & Tunnels); Series 2017 A, RB1

5.000

11/15/2047

1,238,080

575,000

Triborough Bridge & Tunnel Authority (MTA

 

 

 

 

Bridges & Tunnels); Series 2017 B, Ref. RB1

5.000

11/15/2034

729,451

2,550,000

Triborough Bridge & Tunnel Authority (MTA

 

 

 

 

Bridges & Tunnels); Series 2017 B, Ref. RB1

5.000

11/15/2036

3,219,146

1,900,000

Triborough Bridge & Tunnel Authority (MTA

 

 

 

 

Bridges & Tunnels); Series 2017 B, Ref. RB1

5.000

11/15/2038

2,383,930

3,500,000

Triborough Bridge & Tunnel Authority (MTA

 

 

 

 

Bridges & Tunnels); Series 2019 C, RB1

4.000

11/15/2042

4,227,930

3,500,000

Triborough Bridge & Tunnel Authority (MTA

 

 

 

 

Bridges & Tunnels); Series 2019 C, RB1

4.000

11/15/2043

4,217,955

400,000

Triborough Bridge & Tunnel Authority; Series

 

 

 

 

2012 B, Ref. RB1

5.000

11/15/2030

444,784

875,000

Triborough Bridge & Tunnel Authority; Series

 

 

 

 

2017 B, Ref. RB1

5.000

11/15/2032

1,115,161

900,000

Triborough Bridge & Tunnel Authority; Series

 

 

 

 

2017 B, Ref. RB1

5.000

11/15/2033

1,144,233

2,500,000

Triborough Bridge & Tunnel Authority; Series

 

 

 

 

2017 B, Ref. RB1

5.000

11/15/2037

3,145,525

8,000,000

TSASC, Inc.; Series 2016 B, Ref. RB

5.000

06/01/2045

8,385,520

3,275,000

TSASC, Inc.; Series 2017 A, Ref. RB1

5.000

06/01/2030

4,008,567

5,000,000

TSASC, Inc.; Series 2017 A, Ref. RB1

5.000

06/01/2034

6,042,550

3,000,000

TSASC, Inc.; Series 2017 A, Ref. RB1

5.000

06/01/2035

3,613,350

3,000,000

TSASC, Inc.; Series 2017 A, Ref. RB1

5.000

06/01/2036

3,604,770

8,460,000

Utility Debt Securitization Authority; Series

 

 

 

 

2017, RB1

5.000

12/15/2038

10,873,046

 

29

INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

 

$15,000,000

Utility Debt Securitization Authority; Series

 

 

 

 

 

2017, RB1

5.000%

12/15/2040 $

19,224,600

7,410,000

Westchester County Healthcare Corp.; Series

 

 

 

 

 

2000 A, RB1

5.000

11/01/2030

 

7,831,407

325,000

Westchester County Healthcare Corp.; Series

 

 

 

 

 

2010 B, RB1

6.125

11/01/2037

 

336,213

80,000

Westchester County Healthcare Corp.; Series

 

 

 

 

 

2010 C, RB1

6.125

11/01/2037

 

82,851

10,000

Westchester County Healthcare Corp.; Series

 

 

 

 

 

2010 C-2, RB1

6.125

11/01/2037

 

10,344

2,406,000

Westchester County Healthcare Corp.; Series

 

 

 

 

 

2014 A, RB1

5.000

11/01/2044

 

2,693,276

500,000

Westchester County Local Development Corp.

 

 

 

 

 

(Wartburg Senior Housing); Series 2015 A, Ref.

 

 

 

 

 

RB1

5.000

06/01/2030

 

545,130

1,000,000

Westchester Tobacco Asset Securitization Corp.

 

 

 

 

 

(Westchester Medical Center); Series 2016,

 

 

 

 

 

Ref. RB1

5.000

11/01/2029

 

1,192,330

1,500,000

Westchester Tobacco Asset Securitization Corp.

 

 

 

 

 

(Westchester Medical Center); Series 2016,

 

 

 

 

 

Ref. RB1

5.000

11/01/2032

 

1,772,025

7,050,000

Westchester Tobacco Asset Securitization Corp.;

 

 

 

 

 

Series 2016 C, Ref. RB1

5.000

06/01/2045

 

7,294,635

420,000

Yonkers Economic Development Corp. (Charter

 

 

 

 

 

School Education Excellence); Series 2019 A,

 

 

 

 

 

RB1

5.000

10/15/2039

 

495,865

640,000

Yonkers Economic Development Corp. (Charter

 

 

 

 

 

School Education Excellence); Series 2019 A,

 

 

 

 

 

RB1

5.000

10/15/2049

 

743,322

 

 

 

 

 

923,757,894

 

 

 

 

 

U.S. Possessions—9.0%

 

 

 

 

460,000

Children's Trust Fund; Series 2002, RB1

5.375

05/15/2033

 

472,659

3,455,000

Children's Trust Fund; Series 2002, RB1

5.500

05/15/2039

 

3,558,719

9,700,000

Children's Trust Fund; Series 2002, RB1

5.625

05/15/2043

 

10,039,694

6,300,000

Children's Trust Fund; Series 2005 A, RB

7.591 4

05/15/2050

 

913,878

210,000

Guam (Territory of) Power Authority; Series 2012

 

 

 

 

 

A, Ref. RB1

5.000

10/01/2023

 

231,426

260,000

Guam (Territory of) Power Authority; Series 2012

 

 

 

 

 

A, Ref. RB1

5.000

10/01/2024

 

286,593

470,000

Guam (Territory of) Power Authority; Series 2012

 

 

 

 

 

A, Ref. RB1

5.000

10/01/2030

 

516,408

710,000

Northern Mariana Islands (Commonwealth of);

 

 

 

 

 

Series 2007 B, Ref. GO Bonds1

5.000

10/01/2022

 

711,171

6,280,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

Sewer Authority; Series 2008 A, RB

6.000

07/01/2038

 

6,531,200

7,140,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

Sewer Authority; Series 2008 A, RB

6.125 6

07/01/2024

 

7,871,850

1,000,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2005 RR, RB, SGI

5.000

07/01/2027

 

1,005,820

30 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Principal Amount

 

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

$5,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 1998 A, RB2

5.000%

07/01/2038 $

2,312

1,000,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2003 AA-2,

 

 

 

 

Ref. RB2

5.300

07/01/2035

930,000

355,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2003, RB2

5.000

7/1/2028

53,250

7,405,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2005 K, RB2

5.000

07/01/2030

3,424,812

2,150,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2007 CC, Ref.

 

 

 

 

RB2

 

5.500

07/01/2030

1,999,500

410,000

Puerto Rico (Commonwealth of) Industrial

 

 

 

 

Tourist Educational Medical & Environmental

 

 

 

 

Control Facilities Financing Authority; Series

 

 

 

 

1995 A, RB1

5.625

07/01/2022

391,960

1,100,000

Puerto Rico (Commonwealth of) Industrial

 

 

 

 

Tourist Educational Medical & Environmental

 

 

 

 

Control Facilities Financing Authority; Series

 

 

 

 

2006, RB1

5.000

03/01/2036

1,101,408

130,000

Puerto Rico (Commonwealth of) Industrial

 

 

 

 

Tourist Educational Medical & Environmental

 

 

 

 

Control Facilities Financing Authority; Series

 

 

 

 

2012, Ref. RB1

5.125

04/01/2032

133,965

190,000

Puerto Rico (Commonwealth of) Industrial

 

 

 

 

Tourist Educational Medical & Environmental

 

 

 

 

Control Facilities Financing Authority; Series

 

 

 

 

2012, Ref. RB1

5.375

04/01/2042

195,700

100,000

Puerto Rico (Commonwealth of) Industrial,

 

 

 

 

Tourist, Educational, Medical & Environmental

 

 

 

 

Pollution Control Facilities Financing Authority;

 

 

 

 

Series 2012, Ref. RB1

5.000

10/01/2031

105,505

150,000

Puerto Rico (Commonwealth of) Industrial,

 

 

 

 

Tourist, Educational, Medical & Environmental

 

 

 

 

Pollution Control Facilities Financing Authority;

 

 

 

 

Series 2012, Ref. RB1

5.000

10/01/2042

152,475

725,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2005 A, RB8

5.500

07/01/2024

657,938

4,600,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2005 A, RB2

7.458 4

07/01/2030

2,050,450

4,000,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2005 B, RB2

5.000

07/01/2041

1,000,000

2,500,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2007 A, RB2

6.500

10/01/2037

506,250

810,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2004 I, RB2

5.250

7/1/2029

740,138

3,500,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2009 P, Ref. RB2

6.750

07/01/2036

3,316,250

4,795,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2009 Q, RB2

5.625

07/01/2039

4,411,400

 

31

INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

 

$235,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2011 S, RB2

6.000%

07/01/2041 $

220,313

75,000

Puerto Rico (Commonwealth of); Series 2007 A,

 

 

 

 

 

GO Bonds, AGC1

5.000

07/01/2024

 

76,916

3,120,000

Puerto Rico (Commonwealth of); Series 2008 A,

 

 

 

 

 

GO Bonds2

5.125

07/01/2028

 

2,546,700

2,500,000

Puerto Rico (Commonwealth of); Series 2008 A,

 

 

 

 

 

GO Bonds2

5.375

07/01/2033

 

2,056,250

8,000,000

Puerto Rico (Commonwealth of); Series 2011 C,

 

 

 

 

 

Ref. GO Bonds2

5.750

07/01/2036

 

6,430,000

1,500,000

Puerto Rico (Commonwealth of); Series 2011 E,

 

 

 

 

 

Ref. GO Bonds2

5.625

07/01/2033

 

1,246,875

4,055,000

Puerto Rico Public Finance Corp.; Series 2011

 

 

 

 

 

B, RB2

5.500

08/01/2031

 

167,269

2,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.259 4

07/01/2027

 

1,711

475,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

4.500

07/01/2034

 

522,780

199,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

4.550

07/01/2040

 

224,406

2,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.560 4

07/01/2029

 

1,623

1,455,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

4.750

07/01/2053

 

1,647,235

1,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.839 4

07/01/2031

 

755

6,182,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

5.000

07/01/2058

 

7,089,950

4,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.090 4

07/01/2033

 

2,815

12,897,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

6.015 4

07/01/2046

 

3,837,115

2,377,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB1

4.329

07/01/2040

 

2,641,798

71,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB1

4.536

07/01/2053

 

79,264

953,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB1

4.784

07/01/2058

 

1,077,128

1,000,000

University of Puerto Rico; Series 2006 Q, RB

5.000

06/01/2025

 

996,250

3,000,000

University of Puerto Rico; Series 2006 Q, RB

5.000

06/01/2030

 

2,981,250

 

 

 

 

 

87,161,134

Total Municipal Bonds and Notes (Cost $953,841,121)

 

 

 

1,010,919,028

Shares

 

 

 

 

 

Common Stock—0.8%

 

 

 

 

3,100

CMS Liquidating Trust3,9,10 (Cost $9,920,000)

 

 

 

7,750,000

 

 

 

 

 

Total Investments, at Value (Cost $963,761,121)—105.9%

 

 

 

1,018,669,028

32 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Shares

 

Value

Common Stock (Continued)

 

 

Floating Rate Note Obligations—(5.5)

 

 

Notes with interest and fee rates ranging from 1.17% to 1.23% at 2/29/2020 and contractual

 

 

maturities of collateral ranging from 05/15/2024 to 02/15/204511

$

(53,030,000)

Borrowings-(1.5)

 

(14,200,000)

Net Other Assets (Liabilities)—1.1

 

10,147,627

Net Assets—100.0%

$

961,586,655

 

 

 

Footnotes to Schedule of Investments

1.All or a portion of the security position has been pledged for collateral to cover borrowings. See Note 11 of the accompanying Notes.

2.This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

3.The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying

Notes.

4.Zero coupon bond reflects effective yield on the original acquisition date.

5.Security represents the underlying municipal bond with respect to an inverse floating rate security held by the

Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.

6.Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

7.Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

8.This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

9.Received as a result of a corporate action.

10.Non-income producing security.

11.Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 29, 2020. At February 29, 2020, the Fund's investments with a value of $95,045,441 are held by TOB

Trusts and serve as collateral for the $53,030,000 in the floating rate note obligations outstanding at that date.

To simplify the listings of securities, abbreviations are used per the table below:

AGC

Assured Guaranty Corp.

FIT

Fashion Institute of Technology

GO

General Obligation

JFK

John Fitzgerald Kennedy

MTA

Metropolitan Transportation Authority

NY/NJ

New York/New Jersey

NYC

New York City

NYU

New York University

RB

Revenue Bonds

Ref.

Refunding

SGI

Syncora Guarantee, Inc.

YMCA

Young Men's Christian Assoc.

See accompanying Notes to Financial Statements.

33 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES February 29, 2020

Assets

 

 

Investments, at value (cost $963,761,121) —see accompanying schedule of investments

$

1,018,669,028

Cash

 

207,358

Receivables and other assets:

 

 

Interest

 

10,105,308

Investments matured, at value (cost $1,017,676)

 

401,944

Shares of beneficial interest sold

 

205,647

Other

 

519,683

Total assets

 

1,030,108,968

 

 

 

Liabilities

 

 

Payables and other liabilities:

 

 

Payable for short-term floating rate notes issued

 

53,030,000

Payable for borrowings

 

14,200,000

Shares of beneficial interest redeemed

 

359,734

Dividends

 

330,118

Distribution and service plan fees

 

192,113

Trustees' compensation

 

150,565

Transfer and shareholder servicing agent fees

 

80,004

Shareholder communications

 

61,614

Advisory fees

 

25,021

Interest expense on borrowings

 

15,271

Administration fees

 

755

Other

 

77,118

Total liabilities

 

68,522,313

 

 

 

Net Assets

$

961,586,655

 

 

 

 

 

 

Composition of Net Assets

 

 

Shares of beneficial interest

$

1,006,520,660

Total accumulated loss

 

(44,934,005)

Net Assets

$

961,586,655

 

 

 

34 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Net Asset Value Per Share

Class A Shares:

 

Net asset value and redemption price per share (based on net assets of $827,596,447 and

 

66,694,207 shares of beneficial interest outstanding)

$12.41

Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)

$12.96

 

 

Class C Shares:

 

Net asset value, redemption price (excludes applicable contingent deferred sales charge)

 

and offering price per share (based on net assets of $50,010,624 and 4,027,890 shares of

 

beneficial interest outstanding)

$12.42

 

 

Class Y Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of

 

$83,905,309 and 6,752,526 shares of beneficial interest outstanding)

$12.43

 

 

Class R6 Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of $74,275

 

and 5,985 shares of beneficial interest outstanding)

$12.41

See accompanying Notes to Financial Statements.

35 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

STATEMENT OF

OPERATIONS

 

 

Five Months Ended

 

Year Ended

 

 

February 29, 2020 September 30, 2019

Investment Income

 

 

 

 

Interest

$

15,484,226

$

44,979,981

Expenses

 

 

 

 

Advisory fees

 

1,855,498

 

4,409,730

Administration fees

 

56,007

 

45,117

Distribution and service plan fees:

 

 

 

 

Class A

 

787,786

 

1,775,695

Class C

 

208,248

 

758,981

Transfer and shareholder servicing agent fees:

 

 

 

 

Class A

 

197,769

 

639,856

Class C

 

12,323

 

66,945

Class Y

 

19,035

 

54,372

Class R6

 

13

 

2

Shareholder communications:

 

 

 

 

Class A

 

21,298

 

39,675

Class C

 

1,332

 

4,886

Class Y

 

2,036

 

4,210

Class R6

 

1

 

—

Interest expense and fees on short-term floating rate notes issued

 

396,667

 

1,742,105

Borrowing fees

 

271,804

 

885,835

Interest expense on borrowings

 

94,102

 

211,964

Trustees' compensation

 

17,415

 

15,768

Custodian fees and expenses

 

3,473

 

5,482

Other

 

85,180

 

223,793

Total expenses

 

4,029,987

 

10,884,416

Less waivers and reimbursements of expenses

 

(2,584)

 

(2)

Net expenses

 

4,027,403

 

10,884,414

 

 

 

 

 

Net Investment Income

 

11,456,823

 

34,095,567

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

Net realized gain (loss) on investment transactions

 

(340,477)

 

4,476,699

Net change in unrealized appreciation/(depreciation) on investment

 

 

 

 

transactions

 

29,343,353

 

48,110,716

 

 

 

 

 

Net Increase in Net Assets Resulting from Operations

$

40,459,699

$

86,682,982

 

 

 

 

 

See accompanying Notes to Financial Statements.

36 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

STATEMENT OF CHANGES IN NET ASSETS

 

 

Five Months Ended

 

Year Ended

 

Year Ended

 

 

February 29, 2020 September 30, 2019 September 30, 2018

Operations

 

 

 

 

 

 

Net investment income

$

11,456,823

$

34,095,567

$

32,572,618

 

 

 

 

 

 

 

Net realized gain (loss)

 

(340,477)

 

4,476,699

 

(54,078,399)

 

 

 

 

 

 

 

Net change in unrealized appreciation/(depreciation)

 

29,343,353

 

48,110,716

 

56,765,254

Net increase in net assets resulting from operations

 

40,459,699

 

86,682,982

 

35,259,473

 

 

 

 

 

 

 

Dividends and/or Distributions to Shareholders

 

 

 

 

 

 

Distributions to shareholders from distributable

 

 

 

 

 

 

earnings:

 

 

 

 

 

 

Class A

 

(9,886,427)

 

(22,866,222)

 

(23,460,020)

Class B

 

—

 

—

 

(5,530)

Class C

 

(455,985)

 

(1,714,245)

 

(2,065,389)

Class Y

 

(1,027,135)

 

(2,104,295)

 

(1,999,995)

Class R6

 

(718)

 

(118)

 

—

Total distributions from distributable earnings

 

 

 

 

 

 

 

(11,370,265)

 

(26,684,880)

 

(27,530,934)

 

 

 

 

 

 

 

Beneficial Interest Transactions

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from

 

 

 

 

 

 

beneficial interest transactions:

 

 

 

 

 

 

Class A

 

(5,183,718)

 

18,026,354

 

(139,393,293)

Class B

 

—

 

—

 

(558,263)

Class C

 

(3,099,647)

 

(38,402,384)

 

(19,845,307)

Class Y

 

8,651,424

 

9,278,929

 

(10,738,295)

Class R6

 

61,075

 

10,000

 

—

Total beneficial interest transactions

 

 

 

 

 

 

 

429,134

 

(11,087,101)

 

(170,535,158)

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

Total increase (decrease)

 

29,518,568

 

48,911,001

 

(162,806,619)

 

 

 

 

 

 

 

Beginning of period

 

932,068,087

 

883,157,086

 

1,045,963,705

End of period

 

 

 

 

 

 

$

961,586,655

$

932,068,087

$

883,157,086

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

37 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

 

Five Months

 

 

 

 

 

 

Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Class A

February 29,

September

September

September

September

September

2020

30, 2019

30, 2018

30, 2017

30, 2016

30, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$12.03

$11.26

$11.11

$11.52

$11.08

$11.24

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.15

0.45

0.39

0.39

0.47

0.59

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.38

0.67

0.09

(0.38)

0.53

(0.14)

Total from investment

 

 

 

 

 

 

operations

0.53

1.12

0.48

0.01

1.00

0.45

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.15)

(0.35)

(0.33)

(0.42)

(0.56)

(0.61)

Net asset value, end of period

$12.41

$12.03

$11.26

$11.11

$11.52

$11.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

4.43%

10.11%

4.46%

0.08%

9.24%

4.07%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$827,596

$807,767

$739,216

$872,008

$995,737

$930,256

Average net assets (in

 

 

 

 

 

 

thousands)

$804,614

$754,793

$772,493

$924,142

$955,376

$975,212

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

2.98%

3.86%

3.58%

3.52%

4.20%

5.26%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.83%

0.85%

0.92%

0.82%

1.00%

0.83%

Interest and fees from

 

 

 

 

 

 

borrowings

0.09%

0.12%

0.15%

0.13%

0.06%

0.05%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.10%

0.20%

0.21%

0.06%

0.07%

0.07%

Total expenses

1.02%

1.17%

1.28%

1.01%

1.13%

0.95%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

1.02%5

1.17%

1.28%

1.01%

1.13%

0.95%

Portfolio turnover rate6

11%

15%

15%

47%

34%

7%

38 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.Waiver was less than 0.005%.

6.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.

39 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

 

Five Months

 

 

 

 

 

 

Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Class C

February 29,

September

September

September

September

September

2020

30, 2019

30, 2018

30, 2017

30, 2016

30, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$12.04

$11.26

$11.12

$11.53

$11.09

$11.25

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.11

0.36

0.31

0.31

0.39

0.50

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.38

0.68

0.08

(0.39)

0.53

(0.14)

Total from investment

 

 

 

 

 

 

operations

0.49

1.04

0.39

(0.08)

0.92

0.36

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.11)

(0.26)

(0.25)

(0.33)

(0.48)

(0.52)

Net asset value, end of period

$12.42

$12.04

$11.26

$11.12

$11.53

$11.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

4.09%

9.36%

3.57%

(0.68)%

8.41%

3.28%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$50,011

$51,593

$84,896

$104,010

$125,732

$116,022

Average net assets (in

 

 

 

 

 

 

thousands)

$50,129

$75,829

$90,961

$115,022

$120,211

$123,420

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

2.22%

3.09%

2.81%

2.78%

3.44%

4.50%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

1.59%

1.62%

1.69%

1.59%

1.76%

1.59%

Interest and fees from

 

 

 

 

 

 

borrowings

0.09%

0.12%

0.15%

0.13%

0.06%

0.05%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.10%

0.20%

0.21%

0.06%

0.07%

0.07%

Total expenses

1.78%

1.94%

2.05%

1.78%

1.89%

1.71%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

1.78%5

1.94%

2.05%

1.78%

1.89%

1.71%

Portfolio turnover rate6

11%

15%

15%

47%

34%

7%

40 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.Waiver was less than 0.005%.

6.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.

41 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

 

Five Months

 

 

 

 

 

 

Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Class Y

February 29,

September

September

September

September

September

2020

30, 2019

30, 2018

30, 2017

30, 2016

30, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$12.05

$11.27

$11.13

$11.54

$11.09

$11.25

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.16

0.47

0.42

0.41

0.49

0.62

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.38

0.68

0.08

(0.38)

0.55

(0.15)

Total from investment

 

 

 

 

 

 

operations

0.54

1.15

0.50

0.03

1.04

0.47

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.16)

(0.37)

(0.36)

(0.44)

(0.59)

(0.63)

Net asset value, end of period

$12.43

$12.05

$11.27

$11.13

$11.54

$11.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

4.52%

10.45%

4.61%

0.32%

9.58%

4.22%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$83,905

$72,698

$59,045

$69,378

$59,503

$45,449

Average net assets (in

 

 

 

 

 

 

thousands)

$77,455

$64,514

$61,247

$68,096

$51,694

$49,242

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

3.22%

4.09%

3.82%

3.69%

4.40%

5.50%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.59%

0.61%

0.69%

0.59%

0.76%

0.59%

Interest and fees from

 

 

 

 

 

 

borrowings

0.09%

0.12%

0.15%

0.13%

0.06%

0.05%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.10%

0.20%

0.21%

0.06%

0.07%

0.07%

Total expenses

0.78%

0.93%

1.05%

0.78%

0.89%

0.71%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.78%5

0.93%

1.05%

0.78%

0.89%

0.71%

Portfolio turnover rate6

11%

15%

15%

47%

34%

7%

42 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.Waiver was less than 0.005%.

6.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.

43 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

 

Five Months

Period

 

Ended

Ended

Class R6

February 29,September 30,

2020

20191

Per Share Operating Data

 

 

Net asset value, beginning of period

$12.03

$11.78

Income (loss) from investment operations:

 

 

Net investment income2

0.17

0.18

Net realized and unrealized gain

0.38

0.20

Total from investment operations

0.55

0.38

Dividends and/or distributions to shareholders:

 

 

Dividends from net investment income

(0.17)

(0.13)

Net asset value, end of period

$12.41

$12.03

 

 

 

 

 

 

Total Return, at Net Asset Value3

4.56%

3.25%

 

 

 

Ratios/Supplemental Data

 

 

Net assets, end of period (in thousands)

$74

$10

Average net assets (in thousands)

$52

$10

Ratios to average net assets:4

 

 

Net investment income

3.32%

4.20%

Expenses excluding specific expenses listed below

0.59%

0.55%

Interest and fees from borrowings

0.09%

0.12%

Interest and fees on short-term floating rate notes issued5

0.10%

0.20%

Total expenses

0.78%

0.87%

Expenses after payments, waivers and/or reimbursements and reduction to custodian

 

 

expenses

0.68%

0.81%

Portfolio turnover rate6

11%

15%

1.For the period from after the close of business on May 24, 2019 (inception of offering) to September 30, 2019.

2.Calculated based on the average shares outstanding during the period.

3.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.

4.Annualized for periods less than one full year.

5.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

6.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.

44 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS February 29, 2020

Note 1 - Significant Accounting Policies

Invesco Oppenheimer Rochester 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Rochester AMT-Free New York Municipal Fund (the "Acquired Fund" or "Predecessor Fund"). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the "Reorganization Date") through the transfer of all of its assets and liabilities to the Fund (the "Reorganization").

Upon closing of the Reorganization, holders of the Acquired Fund's Class A, Class C, and Class Y shares received the corresponding class of shares of the Fund. Class R6 shares commenced operations on the Reorganization Date.

Effective February 29, 2020 the Fund's fiscal year end changed from September 30 to the last day in February.

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 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 and Class R6 shares are sold at net asset value. Class C shares held for ten 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 tenth 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 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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

45 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

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. 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 either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 transactions 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

46 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

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 income and realized and unrealized capital gains and losses to a class based on the relative net assets 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 and the country that has the primary market for the issuer's securities, 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.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America ("GAAP"), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

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 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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.

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 allocated to

47 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

each share class based on relative net assets. 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 relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with GAAP, which 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.

H. 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.

I. 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 generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund's net asset value to be more volatile than if it had

48 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB 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 "Payable for short-term floating rate notes issued" 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 expense and fees on short-term floating rate notes issued" 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 from engaging in proprietary trading of certain instruments and limit such entities' investments in, and relationships with, "covered funds", as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as "sponsors" of TOB Trusts. These duties may be performed by a third-party service provider. The Fund's expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing,

49 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust's municipal bonds. 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 Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and 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.

J. Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

K. 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.

50 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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:

Fee Schedule*

Up to $200 million

0.60%

Next $100 million

0.55

Next $200 million

0.50

Next $250 million

0.45

Next $250 million

0.40

Next $4 billion

0.35

Over $5 billion

0.33

*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 period ended February 29, 2020, the effective advisory fee rate incurred by the Fund was 0.49%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (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.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the 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 0.83%, 1.59%, 0.59% and 0.49, respectively, of the Fund's average daily net assets (the "expense 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

51 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the period ended February 29, 2020, the Adviser reimbursed fund expenses of $1,056, $471, $1,035, and $22 for Class A, Class C, Class Y, and Class R6, respectively.

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 period ended February 29, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the period ended February 29, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing 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 "Plan"). The Fund, pursuant to the Class A Plan, reimbursed 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, 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 Plan 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 Plan 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 plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the period ended February 29, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan 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

52 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

from redemption proceeds prior to remittance to the shareholder. During the period ended February 29, 2020, IDI advised the Fund that IDI retained $15,417 in front-end sales commissions from the sale of Class A shares and $4,302 from Class C shares for CDSC imposed on 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own 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 29, 2020. 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.

53 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

 

 

 

 

 

Level 3—

 

 

 

 

Level 1—

Level 2—

 

Significant

 

 

 

 

Unadjusted

Other Significant

 

Unobservable

 

 

 

 

Quoted Prices Observable Inputs

 

Inputs

 

Value

Assets Table

 

 

 

 

 

 

 

Investments, at Value:

 

 

 

 

 

 

 

Municipal Bonds and Notes

 

 

 

 

 

 

 

New York

$

— $

923,757,805

$

89

$

923,757,894

U.S. Possessions

 

—

87,161,134

 

—

 

87,161,134

Common Stock

 

—

—

 

7,750,000

 

7,750,000

Total Investments, at Value

 

—

1,010,918,939

 

7,750,089

 

1,018,669,028

Other Financial Instruments:

 

 

 

 

 

 

 

Investments Matured

 

—

401,944

 

—

 

401,944

Total Assets

$

— $

1,011,320,883

$

7,750,089

$

1,019,070,972

Note 4 - Trustee and Officer Fees and Benefits

The Fund has adopted an unfunded retirement plan (the "Plan") for the Fund's Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the "Freeze Date") and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund's projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased

$

7,171

Payments Made to Retired Trustees

 

—

Accumulated Liability as of February 29, 2020

 

65,122

Certain trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees' fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

54 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Note 5 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Citibank, N.A., 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 6 – Tax Information

Tax Character of Distributions to Shareholders for the Five Months Ended February 29, 2020 and the Fiscal Years Ended September 30, 2019 and September 30, 2018:

 

 

February 29,

 

September 30,

 

September 30,

 

 

2020

 

2019

 

2018

Ordinary income

$

669,965

$

333,912

$

1,125,321

Ordinary income – tax-exempt

 

10,700,299

 

26,350,968

 

26,405,613

Total distributions

$

11,370,264

$

26,684,880

$

27,530,934

 

 

 

 

 

 

 

Tax Components of Net Assets at Period-End:

2020

Undistributed tax-exempt income Undistributed appreciation Temporary book/tax differences Capital loss carryforward Late-year ordinary loss deferral Shares of beneficial interest Total net assets

$18,795,925 48,090,042 (476,839) (111,197,735) (145,397) 1,006,520,660

$961,586,656

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 interest accrual on defaulted bonds, partnership adjustments, amortization adjustments and dirty bond maintenance.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas

55 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards 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 29, 2020, which expires as follows:

Capital Loss Carryforward*

Expiration

Short-Term

 

Long-Term

 

Total

Not subject to expiration $

24,915,606

$

86,282,129

$

111,197,735

*Capital loss carryforward as of the date listed above 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 7 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the period ended February 29, 2020 was $120,332,779 and $111,176,435, respectively. Cost of investments, including any derivatives, on a tax basis 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

Aggregate unrealized appreciation of investments

$

79,347,520

Aggregate unrealized (depreciation) of investments

 

(31,257,478)

Net unrealized appreciation of investments

$

48,090,042

 

 

 

Cost of investments for tax purposes is $970,980,930.

Note 8 - Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of TOBs, on February 29,

2020, undistributed net investment income was decreased by $238,532, undistributed net realized gain was decreased by $238,525 and shares of beneficial interest was increased by $7. This reclassification had no effect on the net assets of the Fund.

Note 9 - Share Information

Transactions in shares of beneficial interest were as follows:

56 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

 

Five Months Ended

 

Year Ended

 

Year Ended

 

February 29, 20201

September 30, 20192

September 30, 2018

 

Shares

 

Amount

Shares

 

Amount

Shares

 

Amount

Class A

 

 

 

 

 

 

 

 

 

Sold

1,504,288

$

18,114,050

7,459,586

$

86,731,891

4,400,572

$

47,937,722

Automatic

 

 

 

 

 

 

 

 

 

Conversion

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

to Class A

 

 

 

 

 

 

 

 

 

Shares

152,805

 

1,848,449

—

 

—

—

 

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

728,712

 

8,796,173

1,717,541

 

19,862,074

1,855,128

 

20,360,184

Redeemed

(2,818,905)

 

(33,942,390)

(7,716,348)

 

(88,567,611)

(19,049,863)

 

(207,691,199)

Net increase

(433,100)

$

(5,183,718)

1,460,779

$

18,026,354

(12,794,163)

$

(139,393,293)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

 

 

 

 

 

 

 

 

Sold

—

$

—

—

$

—

68

$

731

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

—

 

—

—

 

—

457

 

4,961

Redeemed3

—

 

—

—

 

—

(51,639)

 

(563,955)

Net increase

— $

—

— $

—

(51,114)

$

(558,263)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

Sold

102,996

$

1,240,997

536,696

$

6,207,340

814,924

$

8,878,559

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

32,158

 

388,466

131,975

 

1,518,598

168,780

 

1,852,048

Automatic

 

 

 

 

 

 

 

 

 

Conversion

(152,693)

 

(1,848,449)

—

 

—

—

 

—

Class C

 

 

 

to Class A

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

Redeemed

(239,629)

 

(2,880,661)

(3,920,946)

 

(46,128,322)

(2,799,802)

 

(30,575,914)

Net increase

(257,168)

$

(3,099,647)

(3,252,275)

$

(38,402,384)

(1,816,098)

$

(19,845,307)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Y

 

 

 

 

 

 

 

 

 

Sold

993,567

$

11,947,910

1,970,388

$

22,705,210

2,440,080

$

26,660,908

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

71,152

 

860,384

149,614

 

1,733,754

150,998

 

1,659,222

Redeemed

(345,343)

 

(4,156,870)

(1,325,207)

 

(15,160,035)

(3,587,217)

 

(39,058,425)

Net increase

719,376

$

8,651,424

794,795

$

9,278,929

(996,139)

$

(10,738,295)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

 

Five Months Ended

 

Year Ended

 

Year Ended

 

February 29, 20201

September 30, 20192

September 30, 2018

 

Shares

 

Amount

Shares

 

Amount

Shares

 

Amount

Class R64

 

 

 

 

 

 

 

 

 

Sold

5,090

$

60,521

849

$

10,000

—

$

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

46

 

554

—

 

—

—

 

—

Redeemed

—

 

—

—

 

—

—

 

—

Net increase

5,136

$

61,075

849

$

10,000

—

$

—

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 48% 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.

2.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 49% 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.

3.All outstanding Class B shares converted to Class A shares on June 1, 2018.

4.Commencement date after the close of business on May 24, 2019.

Note 10 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, which provides that a fund generally may not borrow money greater than 331/3 of the Fund's total assets.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period October 1, 2019 to February 29, 2020, the Fund incurred fees of $365,906. The average daily balance of borrowings under this agreement is $12,328,947 with a weighted average interest rate of 1.85%. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

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 five months ended February 29, 2020 were $56,363,333 and 1.69%, respectively.

58 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Note 11 - Subsequent Event

During the first quarter of 2020, the World Health Organization declared the Coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds' ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Act is a $2 trillion stimulus package to help individuals, businesses and hospitals in response to the economic distress caused by the COVID-19 crisis. The Adviser is assessing the components of the Act and the impacts to the Fund should be immaterial.

59 INVESCO OPPENHEIMER ROCHESTER 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 Oppenheimer 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 Oppenheimer 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 29, 2020, the related statements of operations and of changes in net assets, including the related notes, and the financial highlights for each of the periods indicated in the table below (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 29, 2020, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Statement of Operations and Statement of

 

Changes in Net Assets

Financial Highlights

 

 

For the period from October 1, 2019 through

For the period from October 1, 2019 through

February 29, 2020 and the year ended

February 29, 2020 and the year ended

September 30, 2019

September 30, 2019 for Class A, Class C and

 

Class Y

 

For the period from October 1, 2019 through

 

February 29, 2020 and the period from May 24,

 

2019 (inception of offering) through September

 

30, 2019 for Class R6

 

 

The financial statements of Invesco Oppenheimer Rochester® AMT-Free New York Municipal Fund (formerly known as Oppenheimer Rochester® AMT-Free New York Municipal Fund) as of and for the year ended September 30 2018 and the financial highlights for each of the periods ended on or prior to September 30, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated November 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

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

60 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

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 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP Houston, Texas

April 28, 2020

We have served as the auditor of one or more 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.

61 INVESCO OPPENHEIMER ROCHESTER 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 five months ended February 29, 2020:

Federal and State Income Tax

Tax-Exempt Interest Dividends*94.11 %

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

62 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

•Fund reports and prospectuses

•Quarterly statements

•Daily confirmations

•Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

63 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

TRUSTEES AND OFFICERS

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INTERESTED TRUSTEE

 

 

 

 

 

 

 

 

 

Martin L. Flanagan 1 — 1960

2007

Executive Director, Chief Executive Officer and

229

None

Trustee and Vice Chair

 

President, Invesco Ltd. (ultimate parent of

 

 

 

 

Invesco and a global investment management

 

 

 

 

firm); Trustee and Vice Chair, The Invesco

 

 

 

 

Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board,

 

 

 

 

SMU Cox School of Business

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

64 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES

Bruce L. Crockett – 1944

2003 Chairman, Crockett Technologies Associates

Trustee and Chair

(technology consulting company)

 

Formerly: Director, Captaris (unified

 

messaging provider); Director, President and

 

Chief Executive Officer, COMSAT Corporation;

 

Chairman, Board of Governors of INTELSAT

 

(international communications company); ACE

 

Limited (insurance company); Independent

 

Directors Council and Investment Company

 

Institute: Member of the Audit Committee,

 

Investment Company Institute; Member of

 

the Executive Committee and Chair of the

 

Governance Committee, Independent Directors

 

Council

229Director and

Chairman of the

Audit Committee,

ALPS (Attorneys

Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation

Committee, Ferroglobe

PLC (metallurgical

company)

David C. Arch – 1945

2010 Chairman of Blistex Inc. (consumer health

229

Board member of the

Trustee

care products manufacturer); Member, World

 

Illinois Manufacturers'

 

Presidents' Organization

 

Association

 

 

 

 

Beth Ann Brown – 1968

2019 Independent Consultant

229

Director, Board of

Trustee

Formerly: Head of Intermediary Distribution,

 

Directors of Caron

 

 

Engineering Inc.;

 

Managing Director, Strategic Relations,

 

Advisor, Board of

 

Managing Director, Head of National

 

Advisors of Caron

 

Accounts, Senior Vice President, National

 

Engineering Inc.;

 

Account Manager and Senior Vice President,

 

President and

 

Key Account Manager, Columbia Management

 

Director, of Acton

 

Investment Advisers LLC; Vice President, Key

 

Shapleigh Youth

 

Account Manager, Liberty Funds Distributor,

 

Conservation Corps

 

Inc.; and Trustee of certain Oppenheimer

 

(non -profit); and

 

Funds

 

President and Director

 

 

 

of Grahamtastic

 

 

 

Connection (non-

 

 

 

profit)

Jack M. Fields – 1952

2003 Chief Executive Officer, Twenty First Century

Trustee

Group, Inc. (government affairs company);

 

and Chairman, Discovery Learning Alliance

 

(non-profit)

 

Formerly: Owner and Chief Executive Officer,

 

Dos Angeles Ranch L.P. (cattle, hunting,

 

corporate entertainment); Director, Insperity,

 

Inc. (formerly known as Administaff) (human

 

resources provider); Chief Executive Officer,

 

Texana Timber LP (sustainable forestry

 

company); Director of Cross Timbers Quail

 

Research Ranch (non-profit); and member of

 

the U.S. House of Representatives

229Member, Board of Directors of Baylor

College of Medicine

65 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Cynthia Hostetler —1962

2017 Non-Executive Director and Trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Director, Aberdeen Investment

 

Funds (4 portfolios); Head of Investment

 

Funds and Private Equity, Overseas Private

 

Investment Corporation; President, First

 

Manhattan Bancorporation, Inc.; Attorney,

 

Simpson Thacher & Bartlett LLP

229Vulcan Materials

Company

(construction materials

company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual

fund complex);

Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

Eli Jones – 1961

2016 Professor and Dean, Mays Business School -

229

Insperity, Inc. (formerly

Trustee

Texas A&M University

 

known as Administaff)

 

Formerly: Professor and Dean, Walton College

 

(human resources

 

 

provider)

 

of Business, University of Arkansas and E.J.

 

 

 

Ourso College of Business, Louisiana State

 

 

 

University; Director, Arvest Bank

 

 

Elizabeth Krentzman – 1959

2019 Formerly: Principal and Chief Regulatory

Trustee

Advisor for Asset Management Services and

 

U.S. Mutual Fund Leader of Deloitte & Touche

 

LLP; General Counsel of the Investment

 

Company Institute (trade association);

 

National Director of the Investment

 

Management Regulatory Consulting Practice,

 

Principal, Director and Senior Manager of

 

Deloitte & Touche LLP; Assistant Director of

 

the Division of Investment Management -

 

Office of Disclosure and Investment Adviser

 

Regulation of the U.S. Securities and Exchange

 

Commission and various positions with the

 

Division of Investment Management – Office

 

of Regulatory Policy of the U.S. Securities and

 

Exchange Commission; Associate at Ropes &

 

Gray LLP.; and Trustee of certain Oppenheimer

 

Funds

229Trustee of the

University of Florida

National Board

Foundation; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center

Association, Inc. Board

of Trustees and Audit

Committee Member

66 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Anthony J. LaCava, Jr. – 1956 2019

Formerly: Director and Member of the Audit

Trustee

Committee, Blue Hills Bank (publicly traded

 

financial institution) and Managing Partner,

 

KPMG LLP

229Blue Hills Bank;

Chairman of Bentley University; Member, Business School Advisory Council; and Nominating

Committee, KPMG LLP

Prema Mathai-Davis – 1950 2003 Retired229None Trustee

Formerly; Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self- Directed Investor)

Joel W. Motley – 1952

2019 Director of Office of Finance, Federal Home

Trustee

Loan Bank System; Member of the Vestry

 

of Trinity Wall Street; Managing Director of

 

Carmona Motley Hoffman, Inc. (privately held

 

financial advisor); Member of the Council

 

on Foreign Relations and its Finance and

 

Budget Committee; Chairman Emeritus of

 

Board of Human Rights Watch and Member

 

of its Investment Committee; and Member

 

of Investment Committee and Board of

 

Historic Hudson Valley (non-profit cultural

 

organization).

 

Formerly: Managing Director of Public Capital

 

Advisors, LLC (privately held financial advisor);

 

Managing Director of Carmona Motley

 

Hoffman, Inc. (privately held financial advisor);

 

Trustee of certain Oppenheimer Funds; and

 

Director of Columbia Equity Financial Corp.

 

(privately held financial advisor)

229Member of Board of Greenwall Foundation (bioethics research foundation) and

its Investment

Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis

Reporting (non-profit

journalism)

Teresa M. Ressel — 1962

2017 Non-executive director and trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Chief Financial Officer, Olayan

 

America, The Olayan Group (international

 

investor/commercial/industrial); Chief

 

Executive Officer, UBS Securities LLC; Group

 

Chief Operating Officer, Americas, UBS AG;

 

Assistant Secretary for Management & Budget

 

and CFO, US Department of the Treasury

229Atlantic Power

Corporation (power

generation company); ON Semiconductor Corp. (semiconductor supplier)

67 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston

229

Federal Reserve Bank

Trustee

 

Endowment Inc. (private philanthropic

 

of Dallas

 

 

institution)

 

 

 

 

Formerly: Executive Vice President and

 

 

 

 

General Counsel, Texas Children's Hospital;

 

 

 

 

Attorney, Beck, Redden and Secrest, LLP;

 

 

 

 

Business Law Instructor, University of St.

 

 

 

 

Thomas; Attorney, Andrews & Kurth LLP

 

 

 

 

 

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of

 

 

 

 

 

 

 

 

Denver – Daniels College of Business, Senior

 

 

 

 

Partner, KPMG LLP

 

 

Daniel S. Vandivort –1954

2019 Treasurer, Chairman of the Audit and Finance

Trustee

Committee, and Trustee, Board of Trustees,

 

Huntington Disease Foundation of America;

 

and President, Flyway Advisory Services LLC

 

(consulting and property management).

 

Formerly: Trustee and Governance Chair, of

 

certain Oppenheimer Funds

229Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds

James D. Vaughn – 1945

2019 Retired

Trustee

Formerly: Managing Partner, Deloitte & Touche

 

 

LLP; Trustee and Chairman of the Audit

 

Committee, Schroder Funds; Board Member,

 

Mile High United Way, Boys and Girls Clubs,

 

Boy Scouts, Colorado Business Committee

 

for the Arts, Economic Club of Colorado

 

and Metro Denver Network (economic

 

development corporation); and Trustee of

 

certain Oppenheimer Funds

229Board member

and Chairman of Audit Committee

of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson –

2017 Retired

1957

Formerly: Director, TD Asset Management USA

Trustee, Vice Chair and Chair

Designate

Inc. (mutual fund complex) (22 portfolios);

 

Managing Partner, CT2, LLC (investing and

 

consulting firm); President/Chief Executive

 

Officer, Columbia Funds, Bank of America

 

Corporation; President/Chief Executive Officer,

 

CDC IXIS Asset Management Services, Inc.;

229ISO New England,

Inc. (non-profit

organization

managing regional electricity market)

68 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

 

 

 

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Christopher L. Wilson

 

Principal & Director of Operations, Scudder

 

 

Continued

 

Funds, Scudder, Stevens & Clark, Inc.; Assistant

 

 

 

 

Vice President, Fidelity Investments

 

 

 

 

 

 

 

69 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS

 

 

 

 

 

 

 

 

 

Sheri Morris — 1964

2003

Head of Global Fund Services, Invesco Ltd.;

N/A

N/A

President, Principal Executive

 

President, Principal Executive Officer and

 

 

Officer and Treasurer

 

Treasurer, The Invesco Funds; Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust, and Vice

 

 

 

 

President, OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal

 

 

 

 

Financial Officer, The Invesco Funds; Vice

 

 

 

 

President, Invesco AIM Advisers, Inc., Invesco

 

 

 

 

AIM Capital Management, Inc. and Invesco

 

 

 

 

AIM Private Asset Management, Inc.; Assistant

 

 

 

 

Vice President and Assistant Treasurer, The

 

 

 

 

Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital

 

 

 

 

Management, Inc. and Invesco AIM Private

 

 

 

 

Asset Management, Inc.; and Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund Trust

 

 

 

 

 

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The

N/A

N/A

Senior Vice President and

 

Invesco Funds

 

 

Senior Officer

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco

N/A

N/A

Senior Vice President, Chief

 

Ltd.; Senior Vice President and Secretary,

 

 

Legal Officer and Secretary

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Vice President and Secretary, Invesco

 

 

 

 

Investment Services, Inc. (formerly known

 

 

 

 

as Invesco AIM Investment Services, Inc.)

 

 

 

 

Senior Vice President, Chief Legal Officer and

 

 

 

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

 

 

 

70 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor (Continued)

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L.

 

 

 

 

Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President,

 

 

 

 

Jemstep, Inc.; Head of Legal, Worldwide

 

 

 

 

Institutional, Invesco Ltd.; Secretary and

 

 

 

 

General Counsel, INVESCO Private Capital

 

 

 

 

Investments, Inc.; Senior Vice President,

 

 

 

 

Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group,

 

 

 

 

Inc.); Assistant Secretary, INVESCO Asset

 

 

 

 

Management (Bermuda) Ltd.; Secretary and

 

 

 

 

General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel,

 

 

 

 

INVESCO Realty, Inc.; Secretary and General

 

 

 

 

Counsel, Invesco Senior Secured Management,

 

 

 

 

Inc.; and Secretary, Sovereign G./P. Holdings

 

 

 

 

Inc.

 

 

 

 

 

 

 

Andrew R. Schlossberg –

2019

Head of the Americas and Senior Managing

N/A

N/A

1974

 

Director, Invesco Ltd.; Director and Senior

 

 

Senior Vice President

 

Vice President, Invesco Advisers, Inc. (formerly

 

 

 

 

known as Invesco Institutional (N.A.), Inc.)

 

 

 

 

(registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) (registered transfer agent);

 

 

 

 

Senior Vice President, The Invesco Funds;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Director, President and

 

 

 

 

Chairman, Invesco Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited;

 

 

 

 

Director and Chief Executive, Invesco Asset

 

 

 

 

Management Limited and Invesco Fund

 

 

 

 

Managers Limited; Assistant Vice President,

 

 

 

 

The Invesco Funds; Senior Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Director and Chief

 

 

 

 

Executive, Invesco Administration Services

 

 

 

 

 

 

 

71 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Andrew R. Schlossberg

 

Limited and Invesco Global Investment

 

 

(Continued)

 

Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco

 

 

 

 

India Exchange-Traded Fund Trust; Managing

 

 

 

 

Director and Principal Executive Officer,

 

 

 

 

Invesco Capital Management LLC

 

 

 

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas;

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Senior Vice President, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as

 

 

 

 

Invesco AIM Investment Services, Inc.) Senior

 

 

 

 

Vice President, The Invesco Funds; Managing

 

 

 

 

Director, Invesco Capital Management LLC;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Senior Vice President, Invesco

 

 

 

 

Capital Markets, Inc. (formerly known as

 

 

 

 

Van Kampen Funds Inc.); Manager, Invesco

 

 

 

 

Indexing LLC; Manager, Invesco Specialized

 

 

 

 

Products, LLC; Director and Senior Vice

 

 

 

 

President, Invesco Insurance Agency, Inc.;

 

 

 

 

Member, Invesco Canada Funds Advisory

 

 

 

 

Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate

 

 

 

 

mutual fund company); and Director,

 

 

 

 

Chairman, President and Chief Executive

 

 

 

 

Officer, Invesco Canada Ltd. (formerly known

 

 

 

 

as Invesco Trimark Ltd./Invesco Trimark Ltèe)

 

 

 

 

(registered investment adviser and registered

 

 

 

 

transfer agent)

 

 

 

 

Formerly: Director and Senior Vice President,

 

 

 

 

Invesco Management Group, Inc. (formerly

 

 

 

 

known as Invesco AIM Management Group,

 

 

 

 

Inc.); Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group, Inc.);

 

 

 

 

Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.); Chief Legal Officer and

 

 

 

 

 

 

 

72 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

John M. Zerr (Continued)

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Director,

 

 

 

 

Secretary, General Counsel and Senior Vice

 

 

 

 

President, Van Kampen Exchange Corp.;

 

 

 

 

Director, Vice President and Secretary, IVZ

 

 

 

 

Distributors, Inc. (formerly known as INVESCO

 

 

 

 

Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice

 

 

 

 

President, Van Kampen Advisors Inc.; Director,

 

 

 

 

Vice President, Secretary and General Counsel,

 

 

 

 

Van Kampen Investor Services Inc.; Director

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director, Senior Vice President, General

 

 

 

 

Counsel and Secretary, Invesco AIM Advisers,

 

 

 

 

Inc. and Van Kampen Investments Inc.;

 

 

 

 

Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice

 

 

 

 

President, Secretary, General Counsel and Vice

 

 

 

 

President, Invesco AIM Capital Management,

 

 

 

 

Inc.; Chief Operating Officer and General

 

 

 

 

Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

 

 

 

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.;

N/A

N/A

Senior Vice President

 

Director, Chairman, President, and Chief

 

 

 

 

Executive Officer, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Director, Invesco Mortgage Capital, Inc. and

 

 

 

 

Invesco Senior Secured Management, Inc.;

 

 

 

 

and Senior Vice President, The Invesco Funds;

 

 

 

 

and President, SNW Asset Management

 

 

 

 

Corporation and Invesco Managed Accounts,

 

 

 

 

LLC

 

 

 

 

Formerly: Senior Vice President, Invesco

 

 

 

 

 

 

 

73 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Gregory G. McGreevey

 

Management Group, Inc. and Invesco Advisers,

 

 

(Continued)

 

Inc.; Assistant Vice President, The Invesco

 

 

 

 

Funds

 

 

 

 

 

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer

N/A

N/A

Vice President, Principal

 

– Investments Pool, Invesco Specialized

 

 

Financial Officer and Assistant

 

Products, LLC; Vice President, Principal

 

 

Treasurer

 

Financial Officer and Assistant Treasurer,

 

 

 

 

The Invesco Funds; Principal Financial and

 

 

 

 

Accounting Officer – Pooled Investments,

 

 

 

 

Invesco Capital Management LLC; Vice

 

 

 

 

President and Treasurer, Invesco Exchange-

 

 

 

 

Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund

 

 

 

 

Trust and Invesco Exchange-Traded Self-

 

 

 

 

Indexed Fund Trust; Vice President, Invesco

 

 

 

 

Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco

 

 

 

 

Specialized Products, LLC; Assistant Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust; Assistant

 

 

 

 

Treasurer, Invesco Capital Management LLC;

 

 

 

 

Assistant Vice President, The Invesco Funds

 

 

 

 

 

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance

N/A

N/A

Anti-Money Laundering

 

Officer for Invesco U.S. entities including;

 

 

Compliance Officer

 

Invesco Advisers, Inc. and its affiliates, Invesco

 

 

 

 

Capital Markets, Inc., Invesco Distributors, Inc.,

 

 

 

 

Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC,

 

 

 

 

Invesco Trust Company; and Fraud Prevention

 

 

 

 

Manager for Invesco Investment Services, Inc.

 

 

 

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers,

N/A

N/A

Chief Compliance Officer

 

Inc. (registered investment adviser); and Chief

 

 

 

 

Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam

 

 

 

 

Investments and the Putnam Funds

 

 

 

 

 

 

 

74 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza,

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers

Suite 1000

1555 Peachtree Street, N.E.

11 Greenway Plaza,

LLP

Houston, TX 77046-1173

Atlanta, GA 30309

Suite 1000

1000 Louisiana Street,

 

 

Houston, TX

Suite 5800

 

 

77046-1173

Houston, TX 77002-5021

Counsel to the Fund

Counsel to the

Transfer Agent

Custodian

Stradley Ronon Stevens & Young,

Independent Trustees

Invesco Investment

Citibank, N.A.

LLP

Goodwin Procter LLP

Services, Inc.

111 Wall Street

2005 Market Street,

901 New York Avenue, N.W.

11 Greenway Plaza,

New York, NY 10005

Suite 2600

Washington, D.C. 20001

Suite 1000

 

Philadelphia, PA 19103-7018

 

Houston, TX

 

 

 

77046-1173

 

75 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

INVESCO'S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the "Website"). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as "we" or "Invesco" in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

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This Privacy Policy was last updated on May 6, 2018.

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How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

1NTD

76 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

you will find the most relevant and to provide customer service and support.

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77 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

INVESCO'S PRIVACY NOTICE Continued

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

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We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

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Invesco Ltd.

1555 Peachtree St. NE Atlanta, GA 30309 By phone:

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78 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

•Request that we amend, rectify, delete or update the personal data we hold about you;

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Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

79 INVESCO OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

￿Fund reports and prospectuses

￿Quarterly statements

￿Daily confirmations

￿Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Distributors, Inc.

O-ROAFNYM-AR-1 04272020

Shareholder Report for the

Seven Months Ended 2/29/2020

Invesco

Oppenheimer

Rochester®

California Municipal

Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

*Prior to the close of business on May 24, 2019, the Fund's name was Oppenheimer Rochester California Municipal Fund. See Important Update on the following page for more information.

 

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, "OppenheimerFunds"). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco's Client Services team at 800-959-4246.

 

Table of Contents

 

Fund Performance Discussion

4

Top Holdings and Allocations

7

Fund Expenses

11

Schedule of Investments

13

Statement of Assets and Liabilities

36

Statement of Operations

38

Statement of Changes in Net Assets

39

Financial Highlights

40

Notes to Financial Statements

48

Report of Independent Registered Public Accounting Firm

63

Tax Information

65

Portfolio Proxy Voting Policies and Guidelines; Updates to

 

Schedule of Investments

66

Trustees and Officers

67

Invesco's Privacy Notice

79

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 2/29/20

 

 

 

 

 

 

Class A Shares of the Fund

 

 

Without Sales Charge

With Sales Charge

Bloomberg Barclays

 

Municipal Bond Index

 

 

 

1-Year

12.78%

7.96%

9.46%

5-Year

6.21

5.29

4.01

10-Year

7.11

6.64

4.51

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where "without sales charge" is indicated. As the result of a reorganization after the close of business 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 those of the predecessor fund as they have different expenses. Returns for periods of less than one year are not annualized. Returns do not consider capital gains or income taxes on an individual's investment. See Fund prospectus and summary prospectus for more information on share classes and sales charges. Fund literature is available at invesco.com.

3 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Fund Performance Discussion

Performance Summary

The Fund's Class A shares (without sales charge) returned 12.78% during the 1-year reporting period. In comparison, the Fund's Class A shares outperformed the Bloomberg Barclays Municipal Bond Index, the Fund's benchmark (the "Index"), which returned 9.46%. During the 7-month period ended February 29, 2020, the Fund's Class A shares (without sales charge) returned 6.63%,

outperforming the Index which returned 4.66%. Please note that the fiscal year end for the Fund

has changed to February 29, 2020.

Market conditions and your Fund

California's financial condition continued to improve through the 2017-2018 fiscal year, with total revenue rising 6.3% year-over-year to $284.74 billion.1 This improvement was driven by a 10.6% year-over-year increase in income tax revenues to $107.08 billion.1 The state continues to maintain a large and diverse economy, low unemployment, and high median household income. California's $3.15 trillion economy accounted for 14.6% of the nation's economy in the third quarter of 2019.2 California's financial condition

is volatile relative to most states because the state's income tax revenue is sensitive to both national economic conditions and equity market valuations. California's highest income earners account for a large and disproportionate share of the state's income tax revenue. In 2012, California voters approved a temporary tax originally designed to expire in 2018. However, voters extended the tax through 2030. While this temporary tax improved the state's financial standing, it also increased the sensitivity of tax revenues to the economic cycle. California maintains

a rainy-day fund, which the state can tap if certain spending criteria are met, or in the event of a natural disaster. Going forward, the rainy-day fund may assist the state's budget process during periods of weak economic and revenue growth.

The broad municipal bond market experienced positive returns for the sixth consecutive year at the close of 2019, and performance remained strong throughout the fiscal year. Investment grade municipal bonds returned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.3 Investment grade and high yield municipals were among the best performing asset classes over the fiscal year.

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key driver of strong municipal demand in 2019. We believe that these tax changes have yet to be fully realized and should continue to drive municipal bond performance into 2020. During the fiscal year, municipal bonds

4 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as 2.79% and as low as 1.13% where it ended the fiscal year.4 The municipal bond market performed positively as technical conditions (favorable demand and supply balances) continued to provide tailwinds.

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September and October 2019, citing uncertainty about the global economic outlook.5 On October 30, 2019, after the third cut, the Fed indicated that any further changes would be based on economic data.

Throughout 2019 we saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led investors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" eliminating the risk of a government shutdown and the UK election results set the stage for an orderly exit from the European Union on January 31, 2020.

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of 25% from the previous fiscal year.6 Flows into the municipal bond asset class were positive for the fiscal year.7 Municipal fund flows totaled $97.2 billion from February 2019

through February 2020.7

The end of the fiscal year brought a major market shift as macroeconomic concerns regarding the global outbreak of the Coronavirus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to quality assets, such as municipal bonds. This resulted in a strong rally in February 2020.

At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020.

Over the fiscal year, security selection in many sectors – including General Obligation bonds, tobacco, and airport facilities – significantly contributed to the Fund's performance. Municipal leases and water utilities, among other sectors, were also strong contributors to the Fund's absolute performance. Sector allocations in resource recovery and higher education provided minimal return.

During the fiscal year, leverage contributed to the Fund's absolute performance. The Fund achieved a leveraged position through the use of inverse floating rate securities and tender option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation

in municipal holdings when interest rates declined. The Fund uses leverage because we believe that, over time, leveraging provides

5 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to additional volatility. For more information about the Fund's use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Thank you for investing in Invesco Oppenheimer Rochester California Municipal

Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg

2 Source: Bureau of Economic Analysis

3 Source: Bloomberg Barclays

4 Source: US Department of the Treasury

5 Source: US Federal Reserve

6 Source: The Bond Buyer

7 Source: Strategic Insight

Portfolio Managers: Mark DeMitry, Mark Paris, Michael Camarella, Scott Cottier, Timothy O'Reilly, Julius Williams, Troy Willis

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation

or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

6 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Top Holdings and Allocations

TOP TEN CATEGORIES

Local General Obligation

19.5%

Tobacco Settlement

11.8

Airport

9.7

Dedicated Tax

7.8

Appropriation

7.3

Industrial Development Revenue/

5.7

Pollution Control Revenue

 

Water / Sewer

5.5

Higher Education

5.3

State General Obligation

4.6

Multi-Family

4.1

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of February 29, 2020 and are based on total market value of investments.

For more current Fund holdings, please visit invesco.com.

CREDIT ALLOCATION

 

 

 

 

 

 

 

NRSRO-

Adviser-

 

 

Rated

Rated

Total

AAA

10.0%

0.6%

10.6%

AA

44.5

0.0

44.5

A

11.7

0.6

12.3

BBB

7.8

7.0

14.8

BB or lower

7.8

10.0

17.8

Total

81.8%

18.2%

100.0%

The percentages above are based on the market value of the securities as of February 29, 2020 and are subject to change. Invesco Advisers, Inc. (the Adviser) determines the credit allocation of the Fund's assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security's rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the Adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the Adviser's credit analysis process is consistent or comparable with any NRSRO's process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs' four highest categories – AAA, AA, A and BBB – are investment-grade securities. For further details, please consult the Fund's prospectus or Statement of Additional Information.

7 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

Date

1-Year

5-Year

10-Year

Inception

Class A (OPCAX)

11/3/88

12.78%

6.21%

7.11%

5.81%

Class C (OCACX)

11/1/95

11.88

5.40

6.29

4.77

Class Y (OCAYX)

11/29/10

13.06

6.44

N/A

7.64

Class R6 (IORCX)*

5/24/19

13.15

6.28

7.14

N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

Date

1-Year

5-Year

10-Year

Inception

Class A (OPCAX)

11/3/88

7.96%

5.29%

6.64%

5.66%

Class C (OCACX)

11/1/95

10.88

5.40

6.29

4.77

Class Y (OCAYX)

11/29/10

13.06

6.44

N/A

7.64

Class R6 (IORCX)*

5/24/19

13.15

6.28

7.14

N/A

*Class R6 shares' performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund's Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class

A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements.

8 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Invesco Oppenheimer Rochester California Municipal Fund (Class A shares with sales charge) Bloomberg Barclays Municipal Bond Index

U.S. Consumer Price Index

$20,000

$19,028

15,000

$15,538

 

$11,935

10,000

5,000

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

|

|

|

|

|

|

|

|

|

|

 

 

|

 

2/28/10

2/28/11

2/29/12

2/28/13

2/28/14

2/28/15

2/29/16

2/28/17

2/28/18

2/28/19

2/29/20

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front- end sales charge or contingent deferred sales charge, which would have reduced the performance of certain shares. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class Y and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, and Class Y shares of the predecessor fund were reorganized into Class A, Class C, and Class Y shares, respectively, of the Fund. Class R6 shares' performance shown prior to the inception date is that of the predecessor fund's Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class Y, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns of the Fund will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund's performance is compared to the performance of the Bloomberg Barclays Municipal Bond Index, which is an unmanaged index considered representative of the tax-exempt bond market. The Fund's performance is also compared to the U.S. Consumer Price Index,

a nonsecurities index that measures changes in the inflation rate. Indices are unmanaged, and an investment cannot be made into an index. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund's performance and does not predict or depict performance of the Fund. The Fund's performance reflects the effects of the Fund's business and operating expenses.

9 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

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.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

10 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended February 29, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During 6 Months Ended February 29, 2020" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the "hypothetical" section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

11 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

 

Beginning

Ending

Expenses

 

Account

Account

Paid During

 

Value

Value

6 Months Ended

Actual

September 1, 2019

February 29, 2020

February 29, 2020

Class A

$ 1,000.00

$ 1,043.50

$

4.74

Class C

1,000.00

1,038.60

 

8.60

Class Y

1,000.00

1,044.70

 

3.51

Class R6

1,000.00

1,045.20

 

3.62

Hypothetical

 

 

 

 

(5% return before expenses)

 

 

 

 

Class A

1,000.00

1,020.24

 

4.68

Class C

1,000.00

1,016.46

 

8.51

Class Y

1,000.00

1,021.43

 

3.47

Class R6

1,000.00

1,021.33

 

3.57

Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended February 29, 2020 are as follows:

Class

Expense Ratios

 

 

Class A

0.93%

 

 

Class C

1.69

Class Y

0.69

Class R6

0.71

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund's Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund's prospectus. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

12 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS February 29, 2020

Principal

 

 

 

 

 

Amount

 

 

Coupon

Maturity

Value

Municipal Bonds and Notes—104.0%

 

 

 

California—97.2%

 

 

 

 

$3,000,000

ABAG Finance Authority for Nonprofit Corps.

 

 

 

 

(Casa de las Campanas, Inc.); Series 2010, RB1

6.000%

09/01/2037 $

3,076,530

25,000

ABAG Finance Authority for Nonprofit Corps.

 

 

 

 

(Palo Alto Garden Apartments); Series 1999 A,

 

 

 

 

RB1

 

5.350

10/01/2029

25,058

1,000,000

Adelanto (City of), CA Community Facilities

 

 

 

 

District; Series 2015 A, RB1

5.000

09/01/2045

1,149,970

20,000

Adelanto (City of), CA Improvement Agency;

 

 

 

 

Series 1993 B, Ref. RB1

5.500

12/01/2023

20,069

1,115,000

Adelanto (City of), CA Public Utility Authority;

 

 

 

 

Series 2014 A, RB1

5.000

07/01/2024

1,117,899

5,710,000

Adelanto (City of), CA Public Utility Authority;

 

 

 

 

Series 2014 A, RB1

5.000

07/01/2039

6,128,429

2,000,000

Adelanto (City of), CA Public Utility Authority;

 

 

 

 

Series 2017 A, Ref. RB1

5.000

07/01/2039

2,502,380

2,675,000

Adelanto Elementary School District (Community

 

 

 

 

Facilities District No. 1); Series 2006, RB1

5.250

09/01/2026

2,675,000

1,570,000

Adelanto Elementary School District (Community

 

 

 

 

Facilities District No. 1); Series 2006, RB1

5.400

09/01/2036

1,570,000

3,375,000

Alta Loma School District; Series 2019 B, GO

 

 

 

 

Bonds1

 

5.000

08/01/2044

4,185,844

1,350,000

Anaheim (City of), CA Public Financing Authority

 

 

 

 

(Anaheim Convention Center Expansion); Series

 

 

 

 

2014 A, Ref. RB1

5.000

05/01/2034

1,576,003

25,000

Apple Valley (Town of), CA Redevelopment

 

 

 

 

Agency (Project Area No. 2); Series 2007, RB1

5.000

06/01/2032

25,041

1,250,000

Atwater (City of), CA; Series 2017 A, Ref. RB1

5.000

05/01/2040

1,539,400

1,300,000

Atwater (City of), CA; Series 2017 A, Ref. RB1

5.000

05/01/2043

1,594,827

415,000

Bakersfield (City of), CA (Assessment District No.

 

 

 

 

05-1); Series 2005, RB

5.350

09/02/2022

302,950

1,130,000

Bakersfield (City of), CA (Assessment District No.

 

 

 

 

05-1); Series 2005, RB

5.400

09/02/2025

824,900

1,085,000

Bakersfield (City of), CA (Assessment District No.

 

 

 

 

07-2); Series 2008, RB1

7.375

09/02/2028

1,095,872

125,000

Beaumont (City of), CA (Community Facilities

 

 

 

 

District No. 2016-1); Series 2019, RB1

5.000

09/01/2030

150,491

140,000

Beaumont (City of), CA (Community Facilities

 

 

 

 

District No. 2016-1); Series 2019, RB1

5.000

09/01/2031

168,050

775,000

Beaumont (City of), CA (Community Facilities

 

 

 

 

District No. 2016-1); Series 2019, RB1

5.000

09/01/2049

909,486

635,000

Beaumont (City of), CA Financing Authority

 

 

 

 

(Improvement Area No. 17A); Series 2013 B, RB1

5.000

09/01/2034

703,910

1,500,000

Beaumont (City of), CA Financing Authority

 

 

 

 

(Improvement Area No. 17B); Series 2011 A, RB1

6.375

09/01/2042

1,612,230

1,560,000

Beaumont (City of), CA Financing Authority

 

 

 

 

(Improvement Area No. 19A); Series 2015 B,

 

 

 

 

Ref. RB1

 

5.000

09/01/2025

1,799,803

 

13

INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$745,000

Beaumont (City of), CA Financing Authority

 

 

 

 

(Improvement Area No. 19C); Series 2013 A, RB1

5.000%

09/01/2036 $

822,450

115,000

Beaumont (City of), CA Financing Authority

 

 

 

 

(Improvement Area No. 8C); Series 2012 A, RB1

5.125

09/01/2028

125,123

120,000

Beaumont (City of), CA Financing Authority

 

 

 

 

(Improvement Area No. 8C); Series 2012 A, RB1

5.250

09/01/2029

130,705

250,000

Beaumont (City of), CA Financing Authority

 

 

 

 

(Improvement Area No. 8C); Series 2012 A, RB1

5.625

09/01/2032

273,687

4,405,000

Beaumont (City of), CA Financing Authority

 

 

 

 

(Improvement Area No. 8C); Series 2012 A, RB1

5.875

09/01/2042

4,816,867

5,000

Beaumont (City of), CA Financing Authority;

 

 

 

 

Series 1994 A, RB1

7.000

09/01/2023

5,011

500,000

Blythe (City of), CA Community Facilities District

 

 

 

 

No. 2004-1; Series 2005, RB1

5.300

09/01/2035

508,550

2,095,000

Blythe (City of), CA Redevelopment Agency

 

 

 

 

Successor Agency (Project No. 1); Series 2011

 

 

 

 

A, RB1

9.750

05/01/2038

2,274,500

1,000,000

Blythe (City of), CA Redevelopment Agency

 

 

 

 

Successor Agency (Project No. 1); Series 2015,

 

 

 

 

Ref. RB1

5.000

05/01/2038

1,159,860

1,010,000

Brea (City of), CA Redevelopment Agency; Series

 

 

 

 

2011 A, RB

6.591 2

08/01/2031

470,306

2,930,000

Brea (City of), CA Redevelopment Agency; Series

 

 

 

 

2011 A, RB

6.675 2

08/01/2032

1,259,959

2,300,000

Brea (City of), CA Redevelopment Agency; Series

 

 

 

 

2011 A, RB

6.830 2

08/01/2033

907,419

5,000,000

Brea (City of), CA Redevelopment Agency; Series

 

 

 

 

2011 A, RB

6.869 2

08/01/2034

1,811,200

9,710,000

CA Dept. of Water Resources (Center Valley)3

5.250

12/01/2035

10,042,179

290,000

CA Dept. of Water Resources (Center Valley)3

5.250

12/01/2035

299,921

25,150,000

CA GO3

5.000

09/01/2034

30,496,528

13,500,000

CA Health Facilities Financing Authority (SHlth/

 

 

 

 

EMC/MPHS/PAMFHCR&E/SCHosp/SCVH/SEBH/

 

 

 

 

SGMF/SHSSR/SMF/SMCCV Obligated Group)3

5.250

08/15/2031

14,383,710

2,500,000

Calexico (City of), CA Community Facilities

 

 

 

 

District No. 2005-1; Series 2006, RB4

5.500

09/01/2036

700,000

2,325,000

Calexico (City of), CA Community Facilities

 

 

 

 

District No. 2005-1; Series 2006, RB4

5.550

09/01/2036

999,750

35,000

Calexico (City of), CA Community Redevelopment

 

 

 

 

Agency Successor Agency (Merged Central

 

 

 

 

Business District & Residential Redevelopment

 

 

 

 

Project Area); Series 2011, RB1

7.250

08/01/2033

38,198

320,360,000

California (County of), CA Tobacco Securitization

 

 

 

 

Agency (Alameda County Tobacco Asset

 

 

 

 

Securitization Corp.); Series 2006 C, RB

7.548 2

06/01/2055

23,037,088

3,185,000

California (County of), CA Tobacco Securitization

 

 

 

 

Agency (Gold Country Settlement Funding Corp.);

 

 

 

 

Series 2006, RB

4.461 2

06/01/2033

1,501,090

14 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$2,500,000

California (State of) Community College

 

 

 

 

Financing Authority (NCCD - Orange Coast

 

 

 

 

Properties LLC - Orange Coast College); Series

 

 

 

 

2018, RB1

5.250%

05/01/2053 $

3,021,825

2,500,000

California (State of) Community Housing Agency

 

 

 

 

(Annadel Apartments); Series 2019 A, RB1

5.000

04/01/2049

3,009,225

675,000

California (State of) County Tobacco

 

 

 

 

Securitization Agency (Alameda County Tobacco

 

 

 

 

Asset Securitization Corp.); Series 2002, RB1

5.750

06/01/2029

682,229

18,425,000

California (State of) County Tobacco

 

 

 

 

Securitization Agency (Alameda County Tobacco

 

 

 

 

Asset Securitization Corp.); Series 2002, RB1

6.000

06/01/2042

18,603,170

2,085,000

California (State of) County Tobacco

 

 

 

 

Securitization Agency (Stanislaus County Tobacco

 

 

 

 

Funding Corp.); Series 2002 A, RB1

5.875

06/01/2043

2,114,086

700,000

California (State of) County Tobacco

 

 

 

 

Securitization Agency; Series 2007 B, RB1

5.100 5

06/01/2028

700,385

45,600,000

California (State of) County Tobacco

 

 

 

 

Securitization Agency; Series 2007 D, RB

5.368 2

06/01/2057

2,335,632

51,500,000

California (State of) County Tobacco

 

 

 

 

Securitization Agency; Series 2007 E, RB

6.695 2

06/01/2057

2,206,260

55,250,000

California (State of) County Tobacco

 

 

 

 

Securitization Agency; Series 2007 F, RB

6.045 2

06/01/2057

1,980,160

5,290,000

California (State of) County Tobacco

 

 

 

 

Securitization Agency; Series 2014, Ref. RB1

4.000

06/01/2029

5,384,003

5,000,000

California (State of) Educational Facilities

 

 

 

 

Authority (Pepperdine University); Series 2016,

 

 

 

 

Ref. RB1

5.000

10/01/2049

5,995,550

615,000

California (State of) Educational Facilities

 

 

 

 

Authority (University of San Francisco); Series

 

 

 

 

2011, RB1

6.125

10/01/2036

667,970

635,000

California (State of) Educational Facilities

 

 

 

 

Authority (University of San Francisco); Series

 

 

 

 

2011, Ref. RB1

6.125

10/01/2036

690,220

2,730,000

California (State of) Educational Facilities

 

 

 

 

Authority (University of San Francisco); Series

 

 

 

 

2018 A, RB1

5.000

10/01/2043

3,460,275

2,500,000

California (State of) Enterprise Development

 

 

 

 

Authority (Sunpower Corp. - Headquarters);

 

 

 

 

Series 2010, RB1

8.500

04/01/2031

2,594,550

2,030,000

California (State of) Health Facilities Financing

 

 

 

 

Authority (Community Program for Persons with

 

 

 

 

Developmental Disabilities); Series 2011 A, RB1

6.250

02/01/2026

2,132,515

10,000,000

California (State of) Health Facilities Financing

 

 

 

 

Authority (Sutter Health); Series 2017 A, Ref. RB1

5.000

11/15/2048

12,336,200

4,000,000

California (State of) Housing Finance Agency

 

 

 

 

(Verdant at Green Valley); Series 2019 A, RB1

5.000

08/01/2049

4,841,360

6,997,665

California (State of) Housing Finance Agency;

 

 

 

 

Series 2019 2, Class A, Revenue Ctfs.

4.000

03/20/2033

8,463,605

15 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$4,965,486

California (State of) Housing Finance Agency;

 

 

 

 

Series 2019 A-1, RB

4.250%

01/15/2035 $

6,232,677

2,000,000

California (State of) Infrastructure & Economic

 

 

 

 

Development Bank (Academy Motion Picture

 

 

 

 

Arts & Sciences Obligated Group); Series 2015

 

 

 

 

A, Ref. RB1

5.000

11/01/2041

2,289,060

1,200,000

California (State of) Municipal Finance Authority

 

 

 

 

(Caritas Affordable Housing, Inc.); Series 2014

 

 

 

 

A, RB1

5.250

08/15/2039

1,370,748

5,000,000

California (State of) Municipal Finance Authority

 

 

 

 

(Caritas Projects); Series 2012 A, RB1

5.500

08/15/2047

5,364,200

505,000

California (State of) Municipal Finance Authority

 

 

 

 

(Caritas); Series 2010 A, RB1

6.400

08/15/2045

517,908

250,000

California (State of) Municipal Finance Authority

 

 

 

 

(Casa Griffin Apartments); Series 2011 A-1, RB1

5.750

10/01/2034

257,327

4,250,000

California (State of) Municipal Finance Authority

 

 

 

 

(CHF-Davis I, LLC - West Village Student Housing

 

 

 

 

Project); Series 2018, RB1

5.000

05/15/2043

5,235,702

3,000,000

California (State of) Municipal Finance Authority

 

 

 

 

(CHF-Riverside I, LLC - UCR Dundee-Glasgow

 

 

 

 

Student Housing); Series 2018, RB1

5.000

05/15/2043

3,695,790

3,750,000

California (State of) Municipal Finance Authority

 

 

 

 

(Community Medical Centers); Series 2017 A,

 

 

 

 

Ref. RB1

5.000

02/01/2034

4,639,350

4,000,000

California (State of) Municipal Finance Authority

 

 

 

 

(Community Medical Centers); Series 2017 A,

 

 

 

 

Ref. RB1

5.000

02/01/2035

4,941,560

2,000,000

California (State of) Municipal Finance Authority

 

 

 

 

(Community Medical Centers); Series 2017 A,

 

 

 

 

Ref. RB1

5.000

02/01/2036

2,466,280

1,000,000

California (State of) Municipal Finance Authority

 

 

 

 

(Community Medical Centers); Series 2017 A,

 

 

 

 

Ref. RB1

5.000

02/01/2037

1,230,960

1,000,000

California (State of) Municipal Finance Authority

 

 

 

 

(Emerson College); Series 2011, RB1

5.750

01/01/2033

1,092,890

1,000,000

California (State of) Municipal Finance Authority

 

 

 

 

(Emerson College); Series 2011, RB1

6.000

01/01/2042

1,097,230

1,070,000

California (State of) Municipal Finance Authority

 

 

 

 

(Goodwill Industries of Sacramento & Nevada);

 

 

 

 

Series 2012, RB1

6.625

01/01/2032

1,126,303

2,135,000

California (State of) Municipal Finance Authority

 

 

 

 

(Goodwill Industries of Sacramento & Nevada);

 

 

 

 

Series 2012, RB1

6.875

01/01/2042

2,254,368

280,000

California (State of) Municipal Finance Authority

 

 

 

 

(Goodwill Industries of Sacramento Valley &

 

 

 

 

Northern Nevada); Series 2012 A, RB1

5.750

01/01/2022

290,604

8,000,000

California (State of) Municipal Finance Authority

 

 

 

 

(LINXS APM); Series 2018 A, RB1

5.000

12/31/2036

9,977,680

18,200,000

California (State of) Municipal Finance Authority

 

 

 

 

(LINXS APM); Series 2018 A, RB1

5.000

12/31/2043

22,334,858

16 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$1,500,000

California (State of) Municipal Finance Authority

 

 

 

 

(OCEAA); Series 2008 A, RB1

7.000%

10/01/2039 $

1,502,145

7,500,000

California (State of) Municipal Finance Authority

 

 

 

 

(Orange County Civic Center Infrastructure

 

 

 

 

Improvement Program - Phase II); Series 2018

 

 

 

 

A, RB1

5.000

06/01/2043

9,439,800

26,360,000

California (State of) Municipal Finance Authority

 

 

 

 

(Orange County Civic Center Infrastructure

 

 

 

 

Improvement Program - Phase II); Series 2018

 

 

 

 

A, RB1

5.000

06/01/2048

32,962,916

1,000,000

California (State of) Municipal Finance Authority

 

 

 

 

(River Springs Charter School); Series 2019, RN

4.000

08/15/2020

1,009,000

600,000

California (State of) Municipal Finance Authority

 

 

 

 

(Southwestern Law School); Series 2011, RB1

6.500

11/01/2031

659,964

1,250,000

California (State of) Municipal Finance Authority

 

 

 

 

(Southwestern Law School); Series 2011, RB1

6.500

11/01/2041

1,368,225

2,620,000

California (State of) Municipal Finance Authority

 

 

 

 

(Town and Country Manor); Series 2019, Ref. RB1

5.000

07/01/2049

3,334,972

2,900,000

California (State of) Municipal Finance Authority

 

 

 

 

(United Airlines, Inc.); Series 2019, Ref. RB1

4.000

07/15/2029

3,483,625

8,000,000

California (State of) Municipal Finance Authority

 

 

 

 

(Waste Management Inc.); Series 2019 A, RB1

2.400 6

10/01/2044

8,640,160

650,000

California (State of) Municipal Finance Authority;

 

 

 

 

Series 2019 A, Ref. RB1

5.000

11/01/2029

791,882

975,000

California (State of) Municipal Finance Authority;

 

 

 

 

Series 2019 A, Ref. RB1

5.000

11/01/2039

1,169,737

1,100,000

California (State of) Municipal Finance Authority;

 

 

 

 

Series 2019 A, Ref. RB1

5.000

11/01/2049

1,292,775

3,500,000

California (State of) Pollution Control Financing

 

 

 

 

Authority (Aemerge Redpack Services Southern

 

 

 

 

California, LLC); Series 2016, RB (Cost

 

 

 

 

$3,500,000, Acquisition Date 1/21/16)7

7.000

12/01/2027

1,750,000

2,000,000

California (State of) Pollution Control Financing

 

 

 

 

Authority (Aemerge Redpak Services Southern

 

 

 

 

California, LLC); Series 2017, RB7

8.000

12/01/2027

600,000

1,425,000

California (State of) Pollution Control Financing

 

 

 

 

Authority (CalPlant I); Series 2017, RB

7.500

07/01/2032

1,388,833

1,900,000

California (State of) Pollution Control Financing

 

 

 

 

Authority (CalPlant I); Series 2017, RB

8.000

07/01/2039

1,896,485

1,500,000

California (State of) Pollution Control Financing

 

 

 

 

Authority (San Diego County Water Authority),

 

 

 

 

Ref. RB1

5.000

11/21/2045

1,827,210

1,400,000

California (State of) Public Finance Authority

 

 

 

 

(LaVerne Elementary Preparatory Academy);

 

 

 

 

Series 2019 A, RB1

5.000

06/15/2049

1,456,588

255,000

California (State of) Public Finance Authority

 

 

 

 

(Trinity Classical Academy); Series 2019 A, RB1

5.000

07/01/2044

278,083

600,000

California (State of) Public Finance Authority

 

 

 

 

(Trinity Classical Academy); Series 2019 A, RB1

5.000

07/01/2054

650,760

17 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$2,000,000

California (State of) Public Works Board

 

 

 

 

(Department of Corrections & Rehabilitation);

 

 

 

 

Series 2011 C, RB1

5.750%

10/01/2031 $

2,155,260

900,000

California (State of) Public Works Board

 

 

 

 

(Department of Mental Health); Series 2006 I,

 

 

 

 

RB1

5.000

11/01/2031

902,763

2,795,000

California (State of) Public Works Board; Series

 

 

 

 

2010 A-1, RB1

5.750

03/01/2030

2,795,000

2,500,000

California (State of) Public Works Board; Series

 

 

 

 

2010 A-1, RB1

6.000

03/01/2035

2,500,000

1,250,000

California (State of) Public Works Board; Series

 

 

 

 

2011 D, RB1

5.000

12/01/2031

1,341,012

11,905,000

California (State of) Public Works Board; Series

 

 

 

 

2016 D, Ref. RB1

4.000

04/01/2033

13,895,754

1,250,000

California (State of) School Finance Authority

 

 

 

 

(Escuela Popular); Series 2017, RB1

6.250

07/01/2037

1,341,612

3,485,000

California (State of) School Finance Authority

 

 

 

 

(Inspire Charter Schools); Series 2019 B, RN

3.000

07/15/2020

3,491,203

870,000

California (State of) School Finance Authority

 

 

 

 

(KIPP LA); Series 2017 A, RB1

5.000

07/01/2047

1,038,945

2,000,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Alliance for College-

 

 

 

 

Ready Public Schools); Series 2012 A, RB1

6.375

07/01/2047

2,121,800

2,625,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Bentley School); Series

 

 

 

 

2010 A, Ref. RB1

7.000

07/01/2040

2,694,379

50,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Community Facilities

 

 

 

 

District No. 2002-1); Series 2002 1, RB1

6.750

09/01/2037

50,074

2,570,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Community Facilities

 

 

 

 

District No. 2007-01); Series 2015, Ref. RB1

5.000

09/01/2037

2,986,751

45,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Community Facilities

 

 

 

 

District No. 97-1); Series 1997, RB

3.872 2

09/01/2022

39,655

1,375,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Front Porch Communities

 

 

 

 

& Services); Series 2017, Ref. RB1

5.000

04/01/2047

1,651,925

1,400,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Guidance Charter

 

 

 

 

School); Series 2017 A, RB7,8

6.500

07/01/2037

546,000

5,100,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Guidance Charter

 

 

 

 

School); Series 2017 A, RB7,8

6.750

07/01/2052

1,989,000

2,655,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Heritage Park at

 

 

 

 

Cathedral City Apartments); Series 2002 NN-1,

 

 

 

 

RB1

5.200

06/01/2036

2,661,133

18 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$5,000,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Loma Linda University

 

 

 

 

Medical Center); Series 2018 A, RB1

5.500%

12/01/2058 $

6,051,250

1,000,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Methodist Hospital of

 

 

 

 

Southern California); Series 2018, RB1

5.000

01/01/2043

1,213,770

3,375,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (NCCD—Hooper Street

 

 

 

 

LLC—California College of the Arts); Series 2019,

 

 

 

 

RB1

5.250

07/01/2049

4,022,021

650,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Pacific Highlands Ranch);

 

 

 

 

Series 2019, RB1

5.000

09/02/2049

806,364

2,845,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Total Road Improvement

 

 

 

 

Program); Series 2012 A, COP1

6.000

06/01/2042

3,153,910

1,200,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (University of California,

 

 

 

 

Irvine East Campus Apartments, CHF-Irvine, LLC);

 

 

 

 

Series 2016, Ref. RB1

5.000

05/15/2040

1,423,500

2,865,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Yucaipa Valley Water

 

 

 

 

Reservoir); Series 2014, RB1

6.000

09/02/2044

3,023,062

5,000

California (State of) Statewide Communities

 

 

 

 

Development Authority; Series 1993 B, Ref. RB1

7.000

07/01/2022

5,009

100,000

California (State of) Statewide Communities

 

 

 

 

Development Authority; Series 2003, RB

4.446 2

09/01/2028

54,012

100,000

California (State of) Statewide Communities

 

 

 

 

Development Authority; Series 2003, RB

5.078 2

09/01/2034

34,428

1,500,000

California (State of) Statewide Communities

 

 

 

 

Development Authority; Series 2019 B, RB1

5.000

09/02/2049

1,832,040

45,000

California (State of) Statewide Finance Authority

 

 

 

 

(Pooled Tobacco Securitization); Series 2002, RB1

6.000

05/01/2043

45,275

8,570,000

California (State of) Statewide Financing

 

 

 

 

Authority; Series 2002 A, RB1

6.000

05/01/2037

8,631,104

1,045,000

California (State of) Statewide Financing

 

 

 

 

Authority; Series 2002 B, RB1

6.000

05/01/2037

1,052,451

665,000

California (State of) Statewide Financing

 

 

 

 

Authority; Series 2002 B, RB1

6.000

05/01/2043

669,063

5,000

California (State of); Series 1992, GO Bonds1

5.500

10/01/2022

5,019

20,000

California (State of); Series 1996, GO Bonds1

5.250

06/01/2021

20,220

5,000

California (State of); Series 2000, GO Bonds1

5.750

05/01/2030

5,019

1,500,000

California (State of); Series 2010, GO Bonds1

6.000

03/01/2033

1,505,880

3,550,000

California (State of); Series 2012, Ref. GO Bonds1

5.000

02/01/2038

3,830,201

13,000,000

California (State of); Series 2017, Ref. GO Bonds1

5.000

08/01/2035

16,675,750

10,000,000

California (State of); Series 2017, Ref. GO Bonds1

5.000

08/01/2036

12,423,100

15,000,000

California (State of); Series 2019, GO Bonds1

4.000

10/01/2044

18,231,150

4,500,000

California Community Housing Agency; Series

 

 

 

 

2020 A, RB

5.000

02/01/2050

5,486,535

19 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$12,275,000

California County Tobacco Securitization Agency

 

 

 

 

(Alameda County Tobacco Asset Securitization

 

 

 

 

Corp.); Series 2002, RB1

5.875%

06/01/2035 $

12,399,837

10,835,000

California County Tobacco Securitization Agency

 

 

 

 

(Fresno County Tobacco Funding Corp.); Series

 

 

 

 

2002, RB1

6.000

06/01/2035

10,846,160

9,700,000

California County Tobacco Securitization Agency

 

 

 

 

(Fresno County Tobacco Funding Corp.); Series

 

 

 

 

2002, RB1

6.125

06/01/2038

9,706,014

62,110,000

California County Tobacco Securitization Agency

 

 

 

 

(Fresno County Tobacco Funding Corp.); Series

 

 

 

 

2006 A, RB

5.305 2

06/01/2046

11,594,074

71,700,000

California County Tobacco Securitization Agency

 

 

 

 

(Fresno County Tobacco Funding Corp.); Series

 

 

 

 

2006 C, RB

6.998 2

06/01/2055

5,926,722

309,500,000

California County Tobacco Securitization Agency

 

 

 

 

(Fresno County Tobacco Funding Corp.); Series

 

 

 

 

2006 D, RB

8.248 2

06/01/2055

21,222,415

41,800,000

California County Tobacco Securitization Agency

 

 

 

 

(Los Angeles County Securitization Corp.); Series

 

 

 

 

2006 C, RB

7.070 2

06/01/2046

7,508,534

3,725,000

California County Tobacco Securitization Agency

 

 

 

 

(Merced County Tobacco Funding Corp.); Series

 

 

 

 

2005 A, Ref. RB1

5.125

06/01/2038

3,764,671

110,000

California County Tobacco Securitization Agency

 

 

 

 

(The) (Sonoma County Securitization Corp.);

 

 

 

 

Series 2005, Ref. RB1

5.125

06/01/2038

111,171

9,705,000

California State University; Series 2018 A, Ref.

 

 

 

 

RB1

5.000

11/01/2048

12,496,352

550,000

California Statewide Communities Development

 

 

 

 

Authority (Statewide Community Infrastructure

 

 

 

 

Program); Series 2019 C, RB1

5.000

09/02/2049

656,271

25,000

Carlsbad (City of), CA (Assessment District No.

 

 

 

 

96-1); Series 1998, RB1

5.500

09/02/2028

25,469

545,000

Carson (City of), CA Public Financing Authority;

 

 

 

 

Series 2019, RB1

5.000

09/02/2030

720,354

95,000

Carson (City of), CA Redevelopment Agency

 

 

 

 

Successor Agency; Series 2007 A, RB1

4.500

01/01/2032

95,250

3,035,000

Central Basin Municipal Water District; Series

 

 

 

 

2018 A, Ref. RB1

5.000

08/01/2044

3,633,957

1,100,000

Chino (City of), CA Public Financing Authority;

 

 

 

 

Series 2015 A, Ref. RB1

5.000

09/01/2034

1,327,920

865,000

Chino (City of), CA Public Financing Authority;

 

 

 

 

Series 2015 A, Ref. RB1

5.000

09/01/2035

1,042,835

5,000,000

Chula Vista (City of), CA (San Diego Gas &

 

 

 

 

Electric Co.); Series 2004 B, IDR1

5.875

02/15/2034

5,019,950

2,000,000

Chula Vista (City of), CA (San Diego Gas &

 

 

 

 

Electric Co.); Series 2004 D, IDR1

5.875

01/01/2034

2,007,980

12,480,000

Chula Vista (City of), CA (San Diego Gas &

 

 

 

 

Electric Co.); Series 2004 F, Ref. IDR1

4.000

05/01/2039

12,492,730

20 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$35,000

Clovis (City of), CA Public Financing Authority;

 

 

 

 

Series 2008 A, RB1

4.625%

08/01/2029 $

35,101

1,060,000

Clovis (City of), CA; Series 2015, Ref. RB1

5.250

08/01/2030

1,298,171

500,000

Clovis (City of), CA; Series 2015, Ref. RB1

5.250

08/01/2031

610,575

650,000

Coachella (City of), CA (Community Facilities

 

 

 

 

District No. 2018-1); Series 2018, RB1

5.000

09/01/2030

759,921

1,090,000

Coachella (City of), CA (Community Facilities

 

 

 

 

District No. 2018-1); Series 2018, RB1

5.000

09/01/2038

1,260,149

2,015,000

Coachella (City of), CA (Community Facilities

 

 

 

 

District No. 2018-1); Series 2018, RB1

5.000

09/01/2048

2,324,766

1,525,000

Coachella (City of), CA (Community Facilities

 

 

 

 

District No. 2018-1); Series 2018, RB1

5.000

09/01/2053

1,739,979

1,000,000

Compton (City of), CA Public Finance Authority;

 

 

 

 

Series 2008, Ref. RB1

5.250

09/01/2027

1,002,590

1,300,000

Compton Unified School District; Series 2019 B,

 

 

 

 

GO Bonds

3.020 2

06/01/2035

894,738

6,250,000

Compton Unified School District; Series 2019 B,

 

 

 

 

GO Bonds

3.199 2

06/01/2041

3,428,312

4,335,000

Compton Unified School District; Series 2019 B,

 

 

 

 

GO Bonds

3.229 2

06/01/2042

2,283,678

11,450,000

Compton Unified School District; Series 2019 B,

 

 

 

 

GO Bonds1

4.000

06/01/2049

13,283,946

105,000

Corona (City of), CA (Community Facilities District

 

 

 

 

No. 2000-1); Series 2002 A, RB1

6.000

09/01/2031

105,000

970,000

Corona (City of), CA (Community Facilities District

 

 

 

 

No. 2004-1); Series 2006, RB1

5.150

09/01/2036

970,000

5,000,000

Corona-Norco Unified School District; Series

 

 

 

 

2019 C, GO Bonds1

4.000

08/01/2049

5,859,400

50,000

Daly City (City of), CA Housing Development

 

 

 

 

Finance Agency (Franciscan Mobile Home Park

 

 

 

 

Acquisition); Series 2007 A, Ref. RB1

5.000

12/15/2037

50,143

905,000

Daly City (City of), CA Housing Development

 

 

 

 

Finance Agency (Franciscan Mobile Home Park

 

 

 

 

Acquisition); Series 2007 C, Ref. RB1

6.500

12/15/2047

906,910

1,220,000

Dehesa School District; Series 2014 A, GO Bonds1

5.500

06/01/2044

1,400,938

1,855,000

Desert Hot Springs (City of), CA (Community

 

 

 

 

Facilities District No. 2006-1 - Improvement Area

 

 

 

 

1); Series 2010, Ref. RB1

6.375

09/01/2038

1,855,000

1,725,000

East Bay Municipal Utility District; Series 2015

 

 

 

 

A, Ref. RB1

5.000

06/01/2036

2,074,209

15,000,000

East Bay, CA Municipal Utility District (Water

 

 

 

 

System)3

5.000

06/01/2036

15,160,425

865,000

Fairfield (City of), CA Community Facilities District

 

 

 

 

No. 2007-1 (Fairfield Commons); Series 2008,

 

 

 

 

RB1

6.875

09/01/2038

890,137

1,000,000

Fontana (City of), CA (Community Facilities

 

 

 

 

District No. 80); Series 2017, RB1

5.000

09/01/2046

1,200,770

2,500,000

Golden State Tobacco Securitization Corp.; Series

 

 

 

 

2015 A, Ref. RB1

5.000

06/01/2040

2,981,200

21 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$3,000,000

Golden State Tobacco Securitization Corp.; Series

 

 

 

 

2018 A-2, Ref. RB1

5.000%

06/01/2047 $

3,185,610

7,765,000

Grossmont Union High School District; Series

 

 

 

 

2019 C-2, Ref. GO Bonds1

4.000

08/01/2044

9,285,853

1,600,000

Hollister (City of), CA Redevelopment Agency

 

 

 

 

Successor Agency; Series 2014, Ref. RB1

5.000

10/01/2030

1,893,248

1,305,000

Hollister (City of), CA Redevelopment Agency

 

 

 

 

Successor Agency; Series 2014, Ref. RB1

5.000

10/01/2032

1,539,913

3,675,000

Hollister School District (Election of 2016); Series

 

 

 

 

2019 B, GO Bonds1

4.000

09/01/2046

4,216,585

1,430,000

Imperial (County of), CA (Community Facilities

 

 

 

 

District No. 2004-2 - Improvement Area No. 1);

 

 

 

 

Series 2007, RB1

5.900

09/01/2037

1,458,157

885,000

Independent Cities Finance Authority (Hacienda

 

 

 

 

Valley Estates); Series 2014, Ref. RB1

5.000

11/15/2034

1,013,440

1,000,000

Independent Cities Finance Authority

 

 

 

 

(Lamplighter Salinas Mobilehome Park); Series

 

 

 

 

2010 A, RB1

6.250

07/15/2045

1,017,900

1,000,000

Independent Cities Finance Authority (Rancho del

 

 

 

 

Sol and Grandview East); Series 2012, Ref. RB1

5.500

05/15/2047

1,078,250

1,000,000

Independent Cities Finance Authority (Union City

 

 

 

 

Tropics); Series 2019, Ref. RB1

5.000

05/15/2048

1,233,320

550,000

Inglewood Unified School District; Series 2019 C,

 

 

 

 

GO Bonds1

4.000

08/01/2038

633,336

690,000

Inglewood Unified School District; Series 2019 C,

 

 

 

 

GO Bonds1

4.000

08/01/2039

793,017

4,495,000

Inland Empire Tobacco Securitization Corp.; Series

 

 

 

 

2019, Ref. RB1

3.678

06/01/2038

4,777,466

630,000

Lake Elsinore (City of), CA Public Financing

 

 

 

 

Authority (Canyon Hills IA C); Series 2012 C, RB1

5.000

09/01/2032

680,280

335,000

Lake Elsinore (City of), CA Public Financing

 

 

 

 

Authority (Canyon Hills IA C); Series 2012 C, RB1

5.000

09/01/2037

360,272

1,175,000

Lake Elsinore (City of), CA Public Financing

 

 

 

 

Authority (Villages at Wasson Canyon); Series

 

 

 

 

2012 A, RB1

5.250

09/01/2038

1,263,043

420,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB1

5.000 5

09/01/2025

446,838

375,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB1

5.100 5

09/01/2026

399,881

885,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB1

5.150 5

09/01/2027

944,543

22 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$1,000,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB1

5.200%5

09/01/2028 $

1,066,520

500,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB1

5.250 5

09/01/2029

533,450

500,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB1

5.300 5

09/01/2030

533,665

1,000,000

Lammersville Unified School District

 

 

 

 

(Lammersville School District Community

 

 

 

 

Facilities District No. 2002 - Mountain House);

 

 

 

 

Series 2012, Ref. RB1

5.375 5

09/01/2032

1,067,420

3,685,000

Lathrop (City of), CA (Community Facilities

 

 

 

 

District No. 03-2); Series 2003, RB1

7.000

09/01/2033

3,698,487

1,000,000

Lennox School District; Series 2014, COP1

5.000

10/01/2034

1,097,100

50,000

Long Beach (City of), CA Bond Finance Authority;

 

 

 

 

Series 2007 A, RB1

5.500

11/15/2028

65,949

1,000,000

Long Beach (City of), CA Bond Finance Authority;

 

 

 

 

Series 2007 A, RB1

5.500

11/15/2037

1,515,700

1,300,000

Long Beach (City of), CA; Series 2017 A, RB1

5.000

05/15/2037

1,608,867

14,670,000

Long Beach (City of), CA; Series 2017 A, RB1

5.000

05/15/2040

18,015,200

8,210,000

Long Beach (City of), CA; Series 2017 B, RB1

5.000

05/15/2043

10,024,574

2,000,000

Long Beach Community College District; Series

 

 

 

 

2019 C, GO Bonds1

4.000

08/01/2045

2,351,400

4,400,000

Long Beach Community College District; Series

 

 

 

 

2019 C, GO Bonds1

4.000

08/01/2049

5,148,792

8,175,000

Long Beach Unified School District; Series 2017

 

 

 

 

A, GO Bonds1

5.000

08/01/2036

10,196,105

1,200,000

Los Alamitos Unified School District; Series 2012,

 

 

 

 

COP1

0.000 5

08/01/2034

1,350,132

4,365,000

Los Angeles (City of), CA Department of Airports;

 

 

 

 

Series 2015 A, RB1

5.000

05/15/2033

5,192,691

5,795,000

Los Angeles (City of), CA Department of Airports;

 

 

 

 

Series 2015 A, RB1

5.000

05/15/2034

6,884,228

22,350,000

Los Angeles (City of), CA Department of Airports;

 

 

 

 

Series 2017 A, RB1

5.000

05/15/2047

27,307,230

3,500,000

Los Angeles (City of), CA Department of Airports;

 

 

 

 

Series 2018 B, Ref. RB1

5.000

05/15/2032

4,514,125

2,500,000

Los Angeles (City of), CA Department of Airports;

 

 

 

 

Series 2018 C, RB1

5.000

05/15/2038

3,138,125

8,250,000

Los Angeles (City of), CA Department of Water &

 

 

 

 

Power; Series 2017 A, Ref. RB1

5.000

07/01/2041

10,319,347

15,525,000

Los Angeles (City of), CA Department of Water

 

 

 

 

and Power; Series 2017 C, RB1

5.000

07/01/2042

19,628,257

23 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$2,000,000

Los Angeles (City of), CA Housing Authority

 

 

 

 

(Property Acquisition Refundings); Series 2009

 

 

 

 

A, Ref. RB1

6.000%

06/01/2029 $

2,006,580

2,000,000

Los Angeles (City of), CA Housing Authority

 

 

 

 

(Property Acquisition Refundings); Series 2009

 

 

 

 

A, Ref. RB1

6.250

06/01/2034

2,007,140

500,000

Los Angeles (City of), CA Housing Authority

 

 

 

 

(Property Acquisition Refundings); Series 2009

 

 

 

 

A, Ref. RB1

6.375

06/01/2039

501,855

7,000,000

Los Angeles (County of), CA Metropolitan

 

 

 

 

Transportation Authority; Series 2019 A, RB1

5.000

07/01/2044

9,054,990

10,000,000

Los Angeles Community College District (Election

 

 

 

 

of 2008); Series 2013 F, GO Bonds1

4.000

08/01/2037

11,022,800

2,560,000

Los Angeles County Facilities, Inc. (Vermont

 

 

 

 

Corridor County Administration Building); Series

 

 

 

 

2018 A, RB1

5.000

12/01/2037

3,315,507

15,145,000

Los Angeles, CA Dept. of Airports3

5.000

05/15/2033

19,443,055

12,000,000

Los Angeles, CA Dept. of Airports3

5.000

05/15/2034

15,376,200

16,500,000

Los Angeles, CA Dept. of Water & Power3

5.000

07/01/2047

20,676,480

3,185,000

Lynwood (City of), CA Public Financing Authority

 

 

 

 

(Measure M); Series 2019 A, RB1

5.250

06/01/2048

4,035,363

85,000

Madera (County of), CA (Valley Children's

 

 

 

 

Hospital); Series 1995, COP1

5.750

03/15/2028

85,332

8,945,000

Madera Unified School District; Series 2019, GO

 

 

 

 

Bonds1

4.000

08/01/2044

10,463,324

10,325,000

Manteca Unified School District; Series 2017 B,

 

 

 

 

GO Bonds1

4.000

08/01/2042

12,120,414

250,000

Marina (City of), CA Redevelopment Agency

 

 

 

 

Successor Agency; Series 2018 B, RB1

5.000

09/01/2038

290,720

50,000

Maywood (City of), CA Public Financing Authority

 

 

 

 

(Infrastructure Refinancing); Series 2008 A, Ref.

 

 

 

 

RB1

7.000

09/01/2038

50,097

1,750,000

McFarland Unified School District (Election of

 

 

 

 

2012); Series 2014 A, GO Bonds1

5.500

11/01/2038

2,098,583

1,375,000

Mendota (City of), CA Joint Powers Financing

 

 

 

 

Authority; Series 2005, RB1

5.150

07/01/2035

1,377,049

1,000,000

Menifee Union School District (Community

 

 

 

 

Facilities District No. 2011-1 - Improvement Area

 

 

 

 

No. 3); Series 2018, RB1

5.000

09/01/2043

1,179,890

1,500,000

Menifee Union School District (Community

 

 

 

 

Facilities District No. 2011-1 - Improvement Area

 

 

 

 

No. 3); Series 2018, RB1

5.000

09/01/2048

1,762,080

1,000,000

Menifee Union School District Public Financing

 

 

 

 

Authority; Series 2017 A, RB1

5.000

09/01/2033

1,225,710

3,020,000

Merced City School District (Election of 2014);

 

 

 

 

Series 2018, GO Bonds1

5.000

08/01/2048

3,803,479

435,000

Moreno Valley Unified School District (Community

 

 

 

 

Facilities District No. 2015-2); Series 2019, RB1

5.000

09/01/2044

509,359

24 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$485,000

Moreno Valley Unified School District (Community

 

 

 

 

Facilities District No. 2015-2); Series 2019, RB1

5.000%

09/01/2048 $

566,970

2,050,000

Moreno Valley Unified School District (Community

 

 

 

 

Facilities District); Series 2015, RB1

5.000

09/01/2045

2,364,327

13,460,000

Mount San Antonio Community College District;

 

 

 

 

Series 2019 A, GO Bonds1

4.000

08/01/2049

16,181,208

55,000

M-S-R Public Power Agency; Series 1991 E, RB1

6.000

07/01/2022

59,099

655,000

Murrieta (City of), CA (Community Facilities

 

 

 

 

District No. 2005-5); Series 2017, RB1

5.000

09/01/2042

788,450

2,000,000

Norco (City of), CA Community Redevelopment

 

 

 

 

Agency Successor Agency (Project Area No. 1);

 

 

 

 

Series 2010, Ref. RB1

6.000

03/01/2036

2,000,000

1,500,000

Norco (City of), CA Community Redevelopment

 

 

 

 

Agency Successor Agency (Project Area No. 1);

 

 

 

 

Series 2014, Ref. RB1

5.000

03/01/2030

1,742,685

10,000,000

Northern California Energy Authority; Series 2018

 

 

 

 

A, RB1

4.000 6

07/01/2049

11,203,200

1,250,000

Northern Humboldt Union High School District

 

 

 

 

(Election of 2010); Series 2011 A, GO Bonds1

6.500

08/01/2034

1,353,650

4,115,000

Northern Humboldt Union High School District

 

 

 

 

(Election of 2010); Series 2015 C, GO Bonds1

5.000

08/01/2043

4,884,670

2,000,000

Northern Inyo County Local Hospital District;

 

 

 

 

Series 2010, RB1

6.375

12/01/2025

2,047,260

8,680,000

Oak Grove School District (Election of 2008);

 

 

 

 

Series 2018 E, Ref. GO Bonds1

0.000 5

08/01/2038

5,505,637

5,755,000

Oak Grove School District (Election of 2008);

 

 

 

 

Series 2018 E, Ref. GO Bonds1

0.000 5

08/01/2042

3,577,768

1,000,000

Oak Valley Hospital District; Series 2010, RB1

7.000

11/01/2035

1,020,330

5,000,000

Oceanside Unified School District (Election of

 

 

 

 

2008); Series 2019 E, GO Bonds1

4.000

08/01/2048

5,824,200

585,000

Ontario (City of), CA (Assessment District No.

 

 

 

 

108); Series 1995, RB1

7.500

09/02/2020

604,469

1,000,000

Ontario (City of), CA (Community Facilities

 

 

 

 

District No. 25 - Park Place Facilities Phase II);

 

 

 

 

Series 2019, RB1

5.000

09/01/2049

1,171,810

1,350,000

Orange (County of), CA (Community Facilities

 

 

 

 

District No. 2016-1); Series 2016 A, RB1

5.000

08/15/2031

1,623,942

14,055,000

Orange (County of), CA Local Transportation

 

 

 

 

Authority; Series 2019, RB1

5.000

02/15/2041

18,498,629

1,250,000

Oxnard (City of), CA Financing Authority; Series

 

 

 

 

2014, Ref. RB1

5.000

06/01/2032

1,455,413

1,500,000

Oxnard (City of), CA Financing Authority; Series

 

 

 

 

2014, Ref. RB1

5.000

06/01/2033

1,743,780

850,000

Oxnard (City of), CA Financing Authority; Series

 

 

 

 

2014, Ref. RB1

5.000

06/01/2034

986,230

40,000

Palm Desert (City of), CA Financing Authority

 

 

 

 

(Project Area No. 2); Series 2003, RB1

5.000

08/01/2033

40,742

25 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$445,000

Palm Springs (City of), CA Community

 

 

 

 

Redevelopment Agency Successor Agency; Series

 

 

 

 

2014, Ref. RB1

5.000%

09/01/2032 $

521,918

4,325,000

Palmdale (City of), CA (Community Facilities

 

 

 

 

District No. 05-1); Series 2005, Ref. RB1

6.250

09/01/2035

4,373,613

5,315,000

Palmdale (City of), CA (Community Facilities

 

 

 

 

District No. 05-1); Series 2007 A, Ref. RB1

6.125

09/01/2037

5,370,542

4,835,000

Palomar Health; Series 2017, Ref. RB1

5.000

11/01/2042

5,777,970

235,000

Perris Elementary School District (Election of

 

 

 

 

2014); Series 2014 A, GO Bonds1

6.000

08/01/2029

285,433

290,000

Perris Elementary School District (Election of

 

 

 

 

2014); Series 2014 A, GO Bonds1

6.000

08/01/2030

351,518

10,225,000

Perris Union High School District; Series 2019 A,

 

 

 

 

GO Bonds1

4.000

09/01/2043

12,228,384

12,930,000

Perris Union High School District; Series 2019 A,

 

 

 

 

GO Bonds1

4.000

09/01/2048

15,326,963

3,000,000

Perris Union High School District; Series 2019,

 

 

 

 

COP1

5.000

10/01/2048

3,822,240

2,000,000

Piedmont Unified School District (Election of

 

 

 

 

2016); Series 2019, GO Bonds1

3.000

08/01/2045

2,173,500

1,000,000

Pixley Union School District (Election of 2014);

 

 

 

 

Series 2014 A, GO Bonds1

5.250

08/01/2044

1,177,490

50,000

Pomona Unified School District; Series 2001 A,

 

 

 

 

Ref. GO Bonds1

6.150

08/01/2030

55,222

1,975,000

Poway Unified School District Public Financing

 

 

 

 

Authority; Series 2015 B, Ref. RB1

5.000

09/01/2035

2,382,541

500,000

Ravenswood School District; Series 2018, GO

 

 

 

 

Bonds1

5.000

08/01/2031

629,645

500,000

Ravenswood School District; Series 2018, GO

 

 

 

 

Bonds1

5.000

08/01/2033

626,540

750,000

Ravenswood School District; Series 2018, GO

 

 

 

 

Bonds1

5.000

08/01/2035

933,848

5,300,000

Ravenswood School District; Series 2018, GO

 

 

 

 

Bonds1

5.000

08/01/2043

6,473,738

6,360,000

Rialto Unified School District; Series 2019 A, GO

 

 

 

 

Bonds

3.299 2

08/01/2042

3,263,698

3,525,000

Rialto Unified School District; Series 2019 A, GO

 

 

 

 

Bonds

3.329 2

08/01/2043

1,737,120

2,500,000

Ridgecrest (City of), CA Redevelopment Agency;

 

 

 

 

Series 2010, Ref. RB1

6.250

06/30/2037

2,545,350

10,530,000

Rio Hondo Community College District (Election

 

 

 

 

of 2004); Series 2010 C, GO Bonds1

0.000 5

08/01/2042

13,786,087

435,980

Riverbank (City of), CA Redevelopment Agency;

 

 

 

 

Series 2007 B, RB1,7

5.000

08/01/2032

383,591

1,050,000

Riverside (City of), CA (Community Facilities

 

 

 

 

District No. 92-1); Series 2005 A, RB1

5.300

09/01/2034

1,059,324

535,000

Riverside (County of), CA (Community Facilities

 

 

 

 

District No. 07-2); Series 2017, RB1

5.000

09/01/2045

642,642

26 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$3,000,000

Riverside (County of), CA Redevelopment

 

 

 

 

Successor Agency (Desert Communities

 

 

 

 

Redevelopment); Series 2010 D, RB1

6.000%

10/01/2037 $

3,092,400

1,325,000

Riverside (County of), CA Redevelopment

 

 

 

 

Successor Agency (Jurupa Valley Redevelopment);

 

 

 

 

Series 2011 B, RB1

6.500

10/01/2025

1,445,588

1,200,000

Riverside (County of), CA Redevelopment

 

 

 

 

Successor Agency (Jurupa Valley Redevelopment);

 

 

 

 

Series 2011 B, RB1

6.750

10/01/2030

1,313,904

1,000,000

Riverside (County of), CA Redevelopment

 

 

 

 

Successor Agency (Jurupa Valley Redevelopment);

 

 

 

 

Series 2011, RB1

7.750 5

10/01/2027

1,314,420

1,000,000

Riverside (County of), CA Redevelopment

 

 

 

 

Successor Agency (Jurupa Valley Redevelopment);

 

 

 

 

Series 2011, RB1

8.000 5

10/01/2031

1,322,990

2,810,000

Roseville Joint Union High School District

 

 

 

 

(Election of 2016); Series 2020 C, GO Bonds1

3.000

08/01/2040

3,039,493

1,000,000

Ross Valley School District; Series 2011 A, GO

 

 

 

 

Bonds1

5.500

08/01/2041

1,069,920

1,290,000

Sacramento (City of), CA (North Natomas

 

 

 

 

Community Facilities District No. 4); Series 2015,

 

 

 

 

Ref. RB1

5.000

09/01/2032

1,515,557

1,200,000

Sacramento (City of), CA (North Natomas

 

 

 

 

Community Facilities District No. 4); Series 2015,

 

 

 

 

Ref. RB1

5.000

09/01/2033

1,407,756

1,095,000

Sacramento (City of), CA Financing Authority;

 

 

 

 

Series 1999 A, RB1

6.250

09/01/2023

1,123,831

960,000

Sacramento (County of), CA Housing Authority;

 

 

 

 

Series 2002 C, RB1

5.250

06/01/2027

961,296

2,200,000

Sacramento (County of), CA; Series 2018 C, Ref.

 

 

 

 

RB1

5.000

07/01/2038

2,776,334

7,810,000

Sacramento (County of), CA; Series 2018 C, Ref.

 

 

 

 

RB1

5.000

07/01/2039

9,835,445

1,375,000

San Bernardino (City of), CA Joint Powers

 

 

 

 

Financing Authority; Series 1998 A, Ref. RB1

5.750

07/01/2020

1,390,056

100,000

San Bernardino (City of), CA Joint Powers

 

 

 

 

Financing Authority; Series 1999, COP1

5.500

09/01/2020

100,360

10,000

San Bernardino (City of), CA Joint Powers

 

 

 

 

Financing Authority; Series 1999, COP1

5.500

09/01/2024

10,035

1,600,000

San Bernardino (County of), CA (Community

 

 

 

 

Facilities District No. 2006-1); Series 2015, Ref.

 

 

 

 

RB1

5.000

09/01/2045

1,843,536

3,915,000

San Bernardino Community College District;

 

 

 

 

Series 2019 A, GO Bonds1

4.000

08/01/2044

4,603,492

21,720,000

San Bernardino Community College District;

 

 

 

 

Series 2019 A, GO Bonds1

4.000

08/01/2049

25,399,368

1,055,000

San Bernardino Mountains Community Hospital

 

 

 

 

District; Series 2007 A, COP1

5.000

02/01/2027

1,056,561

3,235,000

San Bernardino Mountains Community Hospital

 

 

 

 

District; Series 2007 A, COP1

5.000

02/01/2037

3,239,141

27 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$3,000,000

San Buenaventura (City of), CA (Community

 

 

 

 

Memorial Health System); Series 2011, RB1

8.000%

12/01/2031 $

3,320,340

3,000,000

San Diego (City of), CA Housing Authority; Series

 

 

 

 

2011 B, RB1

5.000

05/01/2029

3,124,740

5,415,000

San Diego (County of), CA Redevelopment

 

 

 

 

Agency; Series 2005 A, Ref. RB1

5.750

12/01/2032

5,430,324

1,560,000

San Diego (County of), CA Regional Airport

 

 

 

 

Authority; Series 2010 A, RB1

5.000

07/01/2040

1,582,480

780,000

San Diego (County of), CA Regional Airport

 

 

 

 

Authority; Series 2019 B, Ref. RB1

4.000

07/01/2044

910,447

3,130,000

San Diego (County of), CA Regional Airport

 

 

 

 

Authority; Series 2019 B, Ref. RB1

5.000

07/01/2049

3,965,710

10,000,000

San Diego (County of), CA Water Authority; Series

 

 

 

 

2016 A, Ref. RB1

5.000

05/01/2033

12,459,900

10,000,000

San Diego (County of), CA Water Authority; Series

 

 

 

 

2016 B, Ref. RB1

5.000

05/01/2034

12,428,000

10,125,000

San Diego (County of), CA Water Authority; Series

 

 

 

 

2016 B, Ref. RB1

5.000

05/01/2037

12,523,005

14,155,000

San Diego Unified School District (Election of

 

 

 

 

2012); Series 2017 I, GO Bonds1

4.000

07/01/2047

16,608,345

1,000,000

San Francisco (City & County of), CA Airport

 

 

 

 

Commission (San Francisco International Airport);

 

 

 

 

Series 2012 A, Ref. RB1

5.000

05/01/2031

1,085,550

15,540,000

San Francisco (City & County of), CA Airport

 

 

 

 

Commission (San Francisco International Airport);

 

 

 

 

Series 2016 B, RB1

5.000

05/01/2046

18,651,574

1,930,000

San Francisco (City & County of), CA Airport

 

 

 

 

Commission (San Francisco International Airport);

 

 

 

 

Series 2017 A, RB1

5.000

05/01/2042

2,371,681

5,275,000

San Francisco (City & County of), CA Airport

 

 

 

 

Commission (San Francisco International Airport);

 

 

 

 

Series 2017 A, RB1

5.000

05/01/2047

6,439,245

12,020,000

San Francisco (City & County of), CA Airport

 

 

 

 

Commission (San Francisco International Airport);

 

 

 

 

Series 2018 D, RB1

5.000

05/01/2043

15,029,207

13,250,000

San Francisco (City & County of), CA Airport

 

 

 

 

Commission (San Francisco International Airport);

 

 

 

 

Series 2018 D, RB1

5.000

05/01/2048

16,459,548

6,825,000

San Francisco (City & County of), CA Airport

 

 

 

 

Commission (San Francisco International Airport);

 

 

 

 

Series 2019 E, RB1

4.000

05/01/2050

7,890,519

7,250,000

San Francisco (City & County of), CA Public

 

 

 

 

Utilities Commission; Series 2018 B, RB1

5.000

10/01/2043

9,266,370

500,000

San Francisco (City & County of), CA

 

 

 

 

Redevelopment Agency Successor Agency; Series

 

 

 

 

2013 B, RB1

5.000

08/01/2031

541,810

400,000

San Francisco (City & County of), CA

 

 

 

 

Redevelopment Financing Authority (Mission Bay

 

 

 

 

North Redevelopment); Series 2011 C, RB1

6.750

08/01/2033

422,164

28 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$500,000

San Francisco (City & County of), CA

 

 

 

 

Redevelopment Financing Authority (Mission Bay

 

 

 

 

South Redevelopment); Series 2011 D, RB1

7.000%

08/01/2033 $

528,650

1,000,000

San Francisco (City of), CA Bay Area Rapid Transit

 

 

 

 

District; Series 2015 A, Ref. RB1

5.000

07/01/2031

1,218,290

15,000,000

San Francisco Bay Area Rapid Transit District;

 

 

 

 

Series 2019 B-1, GO Bonds1

4.000

08/01/2044

18,390,300

500,000

San Gorgonio Memorial Health Care District;

 

 

 

 

Series 2014, Ref. GO Bonds1

5.000

08/01/2032

570,860

250,000

San Jacinto Unified School District Financing

 

 

 

 

Authority; Series 2017, Ref. RB1

5.000

09/01/2043

288,343

3,150,000

San Jose (City of), CA (El Parador Apartments);

 

 

 

 

Series 2000 A, RB1

6.200

01/01/2041

3,153,371

4,025,000

San Jose (City of), CA (Fallen Leaves Apartments);

 

 

 

 

Series 2002 J-1, RB1

5.100

12/01/2032

4,030,394

35,000

San Jose (City of), CA (Improvement District No.

 

 

 

 

99-218SJ); Series 2001 24-Q, RB1

5.875

09/02/2023

36,402

5,245,000

San Jose (City of), CA (Orvieto Family

 

 

 

 

Apartments); Series 2010 B-1, RB1

4.750

08/01/2029

5,317,486

1,000,000

San Jose (City of), CA; Series 2011 A-1, RB1

5.000

03/01/2025

1,041,110

5,000,000

San Leandro Unified School District; Series 2019

 

 

 

 

B, GO Bonds1

4.000

08/01/2043

5,766,950

750,000

San Marcos Unified School District; Series 2019,

 

 

 

 

RB1

5.000

09/01/2048

880,613

10,000,000

San Marcos, CA Unified School District3

5.250

08/01/2031

10,662,300

18,075,000

San Mateo (County of), CA Joint Powers

 

 

 

 

Financing Authority; Series 2018 A, RB1

5.000

07/15/2043

22,889,638

10,000,000

San Mateo County Community College District;

 

 

 

 

Series 2018 B, GO Bonds1

5.000

09/01/2045

12,923,600

5,000,000

San Mateo Foster (City of), CA Public Financing

 

 

 

 

Authority (Clean Water Program); Series 2019,

 

 

 

 

RB1

4.000

08/01/2044

6,085,850

2,950,000

San Rafael Elementary School District; Series

 

 

 

 

2019 C, GO Bonds1

4.000

08/01/2047

3,441,765

12,695,000

Santa Barbara (County of), CA; Series 2018 B,

 

 

 

 

COP1

5.000

12/01/2037

16,154,134

5,000,000

Santa Barbara (County of), CA; Series 2018 B,

 

 

 

 

COP1

5.000

12/01/2038

6,337,200

3,000,000

Santa Clara (City of), CA Redevelopment Agency;

 

 

 

 

Series 2011, RB1

5.750

06/01/2026

3,194,340

1,000,000

Santa Clara (County of), CA Housing Authority;

 

 

 

 

Series 2001 A, RB1

5.850

08/01/2031

1,003,190

2,070,000

Santa Clara (County of), CA Housing Authority;

 

 

 

 

Series 2001 A, RB1

6.000

08/01/2041

2,124,752

4,010,000

Santa Clara (County of), CA Housing Authority;

 

 

 

 

Series 2010 A-1, RB1

4.750

11/01/2027

4,106,200

1,750,000

Santa Monica (City of), CA Redevelopment

 

 

 

 

Agency; Series 2011, RB1

5.875

07/01/2036

1,866,340

29 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

 

$2,600,000

Santa Monica (City of), CA Redevelopment

 

 

 

 

 

Agency; Series 2011, RB1

5.875%

07/01/2042 $

2,771,054

2,800,000

Santa Monica-Malibu Unified School District;

 

 

 

 

 

Series 2019, GO Bonds1

4.000

 

08/01/2044

3,309,656

9,360,000

Santa Monica-Malibu Unified School District;

 

 

 

 

 

Series 2019, GO Bonds1

4.000

 

08/01/2044

11,056,500

5,000,000

Sequoia Union High School District; Series 2011

 

 

 

 

 

C-1, GO Bonds1

6.000

 

07/01/2043

5,357,900

1,720,000

Signal Hill (City of), CA Redevelopment Agency

 

 

 

 

 

Successor Agency; Series 2011, RB1

7.000

 

10/01/2026

1,821,704

18,420,000

Silicon Valley Tobacco Securitization Authority

 

 

 

 

 

(Santa Clara); Series 2007 A, RB

8.818

2

06/01/2036

7,482,020

10,000,000

Silicon Valley Tobacco Securitization Authority

 

 

 

 

 

(Santa Clara); Series 2007 A, RB

10.496

2

06/01/2041

3,043,100

12,650,000

Silicon Valley Tobacco Securitization Authority;

 

 

 

 

 

Series 2007 B, RB

5.845

2

06/01/2047

2,629,556

50,000,000

Silicon Valley Tobacco Securitization Authority;

 

 

 

 

 

Series 2007 C, RB

7.108

2

06/01/2056

5,280,000

4,150,000

South El Monte (City of), CA Improvement District

 

 

 

 

 

Successor Agency; Series 2015 A, Ref. RB1

5.000

 

08/01/2035

4,955,100

205,000

Southern California Public Power Authority; Series

 

 

 

 

 

2007 A, RB1

5.000

 

11/01/2028

261,119

165,000

Southern California Public Power Authority; Series

 

 

 

 

 

2007 A, RB1

5.000

 

11/01/2029

214,023

2,085,000

Southern California Public Power Authority; Series

 

 

 

 

 

2007 A, RB1

5.000

 

11/01/2033

2,864,873

470,000

Southern California Public Power Authority; Series

 

 

 

 

 

2007 A, RB1

5.250

 

11/01/2022

521,667

50,000

Southern California Public Power Authority; Series

 

 

 

 

 

2007 A, RB1

5.250

 

11/01/2023

57,364

250,000

Southern California Public Power Authority; Series

 

 

 

 

 

2007 A, RB1

5.250

 

11/01/2026

310,408

2,255,000

Southern California Public Power Authority; Series

 

 

 

 

 

2007 A, RB1

5.250

 

11/01/2027

2,858,032

13,000,000

Southern California Public Power Authority; Series

 

 

 

 

 

2014 A, RB1

5.000

 

07/01/2035

15,207,530

5,000,000

Southern California Tobacco Securitization

 

 

 

 

 

Authority (San Diego County Asset Securitization

 

 

 

 

 

Corp.); Series 2019, Ref. RB1

5.000

 

06/01/2048

6,236,650

20,000,000

Southern California Tobacco Securitization

 

 

 

 

 

Authority (San Diego County Asset Securitization

 

 

 

 

 

Corp.); Series 2019, Ref. RB

5.622

2

06/01/2054

3,247,000

790,000

Southern Mono Health Care District; Series 2012,

 

 

 

 

 

Ref. GO Bonds1

5.000

 

08/01/2021

833,016

225,000

Stockton (City of), CA Public Financing Authority;

 

 

 

 

 

Series 2004, RB1

5.125

 

09/01/2030

225,392

1,000,000

Stockton (City of), CA Redevelopment Agency

 

 

 

 

 

Successor Agency; Series 2016 A, Ref. RB1

5.000

 

09/01/2034

1,222,530

30 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$3,325,000

Susanville (City of), CA (Natural Gas Enterprise

 

 

 

 

Refunding); Series 2019, Ref. RB1

4.000%

06/01/2045 $

3,899,926

3,000,000

Tahoe-Truckee Unified School District; Series

 

 

 

 

2016 B, GO Bonds1

5.000

08/01/2039

3,687,690

950,000

Tahoe-Truckee Unified School District; Series

 

 

 

 

2016 B, GO Bonds1

5.000

08/01/2041

1,160,311

25,000

Tracy (City of), CA Operating Partnership Joint

 

 

 

 

Powers Authority (Fire Station); Series 2007 A,

 

 

 

 

RB1

4.500

03/01/2037

25,016

500,000

Tulare (County of), CA Local Health Care District;

 

 

 

 

Series 2009 B, GO Bonds1

6.500

08/01/2026

501,050

375,000

Twentynine Palms (City of), CA Redevelopment

 

 

 

 

Agency Successor Agency; Series 2011 A-4, RB1

7.125

09/01/2026

410,876

500,000

Twentynine Palms (City of), CA Redevelopment

 

 

 

 

Agency Successor Agency; Series 2011 A-4, RB1

7.400

09/01/2032

549,875

415,000

Twentynine Palms (City of), CA Redevelopment

 

 

 

 

Agency Successor Agency; Series 2011 B, RB1

7.400

09/01/2032

456,396

425,000

Twentynine Palms (City of), CA Redevelopment

 

 

 

 

Agency Successor Agency; Series 2011 B, RB1

7.650

09/01/2042

468,971

12,840,000

University of California3

5.000

05/15/2037

15,851,151

15,000,000

University of California3

5.000

05/15/2038

16,868,950

5,000,000

University of California; Series 2017 AV, RB1

5.000

05/15/2042

6,277,200

16,000,000

University of California; Series 2018 AZ, Ref. RB1

5.000

05/15/2043

20,500,800

4,000,000

University of California; Series 2018 AZ, Ref. RB1

5.000

05/15/2048

5,098,920

1,030,000

Upland (City of), CA Community Facilities District

 

 

 

 

No. 2003-2 (Improvement Area No. 2); Series

 

 

 

 

2015, Ref. RB1

5.000

09/01/2029

1,174,179

1,080,000

Upland (City of), CA Community Facilities District

 

 

 

 

No. 2003-2 (Improvement Area No. 2); Series

 

 

 

 

2015, Ref. RB1

5.000

09/01/2030

1,230,120

750,000

Upland (City of), CA Community Facilities District

 

 

 

 

No. 2015-1 (Improvement Area No. 1); Series

 

 

 

 

2019 A, RB1

4.000

09/01/2049

841,440

1,320,000

Valley (City of), CA Sanitary District; Series 2005,

 

 

 

 

RB1

5.200

09/02/2030

1,343,245

65,000

Vernon (City of), CA Redevelopment Agency;

 

 

 

 

Series 2005, RB1

5.000

09/01/2035

66,275

1,000,000

Vernon (City of), CA; Series 2012 A, RB1

5.125

08/01/2033

1,081,670

4,000,000

Vernon (City of), CA; Series 2012 A, RB1

5.500

08/01/2041

4,342,680

485,000

Victorville (City of), CA (Community Facilities

 

 

 

 

District No. 07-01); Series 2012 A, RB1

5.350

09/01/2042

502,111

1,000,000

Vista Unified School District; Series 2019 A, GO

 

 

 

 

Bonds1

4.000

08/01/2044

1,186,320

445,000

West Covina Public Financing Authority; Series

 

 

 

 

2018 A, Ref. RB1

5.000

05/01/2031

556,010

1,500,000

West Hollywood (City of), CA Community

 

 

 

 

Development Department (East Side

 

 

 

 

Redevelopment); Series 2011 A, RB1

7.500

09/01/2042

1,656,060

31 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

 

 

$610,000

West Patterson Financing Authority (Community

 

 

 

 

 

 

Facilities District No. 2015-1); Series 2015, RB1

5.250%

09/01/2035 $

679,363

1,550,000

West Patterson Financing Authority (Community

 

 

 

 

 

 

Facilities District No. 2015-1); Series 2015, RB1

5.250

 

09/01/2045

 

1,714,192

1,065,000

West Sacramento (City of), CA (Community

 

 

 

 

 

 

Facilities District No. 29); Series 2019, RB1

5.000

 

09/01/2044

 

1,276,083

1,150,000

Woodland (City of), CA Community Facilities

 

 

 

 

 

 

District 1; Series 2019, RB1

5.000

 

09/01/2044

 

1,353,826

2,300,000

Woodland (City of), CA Finance Authority; Series

 

 

 

 

 

 

2011, RB1

6.000

 

03/01/2036

 

2,413,045

1,500,000

Woodland (City of), CA Finance Authority; Series

 

 

 

 

 

 

2011, RB1

6.000

 

03/01/2041

 

1,573,725

4,285,000

Yuba Community College District; Series 2017,

 

 

 

 

 

 

Ref. GO Bonds1

4.000

 

08/01/2047

 

4,996,053

 

 

 

 

 

 

1,684,285,193

 

 

 

 

 

 

U.S. Possessions—6.8%

 

 

 

 

 

2,500,000

A.B. Won Pat International Airport Authority;

 

 

 

 

 

 

Series 2013 C, RB1

6.125

 

10/01/2043

 

2,928,600

2,920,000

Children's Trust Fund; Series 2002, RB1

5.375

 

05/15/2033

 

3,000,358

8,455,000

Children's Trust Fund; Series 2002, RB1

5.500

 

05/15/2039

 

8,708,819

1,000,000

Guam (Territory of) International Airport

 

 

 

 

 

 

Authority; Series 2013 C, RB1

6.000

 

10/01/2034

 

1,174,710

250,000

Guam (Territory of) Power Authority; Series 2012

 

 

 

 

 

 

A, Ref. RB1

5.000

 

10/01/2023

 

275,507

320,000

Guam (Territory of) Power Authority; Series 2012

 

 

 

 

 

 

A, Ref. RB1

5.000

 

10/01/2024

 

352,730

570,000

Guam (Territory of) Power Authority; Series 2012

 

 

 

 

 

 

A, Ref. RB1

5.000

 

10/01/2030

 

626,282

1,915,000

Northern Mariana Island Ports Authority; Series

 

 

 

 

 

 

2005 A, RB1

5.500

 

03/15/2031

 

1,881,487

1,080,000

Northern Mariana Islands (Commonwealth of)

 

 

 

 

 

 

Ports Authority; Series 1998 A, RB1

6.250

 

03/15/2028

 

1,080,000

12,000,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

 

Sewer Authority; Series 2008 A, RB

6.000

 

07/01/2044

 

12,480,000

2,515,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

 

Sewer Authority; Series 2008 A, RB

6.125

5

07/01/2024

 

2,772,787

4,000,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

 

Authority; Series 2012 A, RB7

5.000

 

07/01/2042

 

3,195,000

1,000,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

 

Authority; Series 2012 A, RB7

5.050

 

07/01/2042

 

798,750

7,350,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

 

Authority; Series 2013 A, RB7

6.750

 

07/01/2036

 

6,017,812

453,432

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

 

Authority; Series 2016 E-1, RB7

10.000

 

01/01/2021

 

408,656

453,432

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

 

Authority; Series 2016 E-2, RB7

10.000

 

07/01/2021

 

408,656

151,144

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

 

Authority; Series 2016 E-2, RB7

10.000

 

01/01/2022

 

136,219

32 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

$151,143

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2016 E-4, RB7

10.000%

07/01/2022 $

136,218

2,500,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2007 CC, Ref. RB7

5.500

07/01/2030

2,325,000

930,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 1995 A, RB1

5.625

07/01/2022

889,080

6,055,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2000, RB

6.625

06/01/2026

6,266,925

170,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2012, Ref.

 

 

 

 

RB1

5.125

04/01/2032

175,185

225,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2012, Ref.

 

 

 

 

RB1

5.375

04/01/2042

231,750

100,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2005 C, Ref. RB4

5.500

07/01/2020

90,750

1,220,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2007 A, RB7

6.500

10/01/2037

247,050

5,000,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2009 P, Ref. RB7

6.750

07/01/2036

4,737,500

1,480,000

Puerto Rico (Commonwealth of); Series 2001 A,

 

 

 

 

Ref. GO Bonds, NPFGC

5.500

07/01/2020

1,495,200

500,000

Puerto Rico (Commonwealth of); Series 2006 A,

 

 

 

 

GO Bonds7

5.250

07/01/2030

415,625

1,000,000

Puerto Rico (Commonwealth of); Series 2007 A,

 

 

 

 

Ref. GO Bonds4

5.500

07/01/2021

963,750

1,020,000

Puerto Rico (Commonwealth of); Series 2009 B,

 

 

 

 

Ref. GO Bonds7

5.750

07/01/2038

830,025

2,500,000

Puerto Rico (Commonwealth of); Series 2009 B,

 

 

 

 

Ref. GO Bonds7

6.000

07/01/2039

2,100,000

3,000,000

Puerto Rico (Commonwealth of); Series 2009 B,

 

 

 

 

Ref. RB7

6.500

07/01/2037

2,535,000

80,000

Puerto Rico (Commonwealth of); Series 2011 C,

 

 

 

 

Ref. GO Bonds, AGC

6.000

07/01/2036

83,649

1,000,000

Puerto Rico (Commonwealth of); Series 2011 C,

 

 

 

 

Ref. GO Bonds7

6.500

07/01/2040

851,250

1,450,000

Puerto Rico (Commonwealth of); Series 2011 E,

 

 

 

 

Ref. GO Bonds7

5.375

07/01/2030

1,198,062

5,000,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

Ref. GO Bonds7

5.500

07/01/2026

3,956,250

1,615,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

Ref. GO Bonds7

5.500

07/01/2027

1,277,869

4,525,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

Ref. GO Bonds7

5.750

07/01/2028

3,591,719

33 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

 

$213,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

3.973%2

07/01/2024 $

194,899

404,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.259 2

07/01/2027

 

345,590

419,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

4.500

07/01/2034

 

461,147

342,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

4.550

07/01/2040

 

385,663

395,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.560 2

07/01/2029

 

320,460

2,510,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

4.750

07/01/2053

 

2,841,621

1,616,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.825 2

07/01/2031

 

1,219,757

11,974,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.859 2

07/01/2033

 

8,426,822

10,595,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

5.000

07/01/2058

 

12,151,088

8,788,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.553 2

07/01/2046

 

2,614,606

7,159,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.665 2

07/01/2051

 

1,547,561

2,154,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB1

4.329

07/01/2040

 

2,393,956

65,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB1

4.536

07/01/2053

 

72,565

865,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB1

4.784

07/01/2058

 

977,666

2,190,000

University of Puerto Rico; Series 2006 P, Ref. RB

5.000

06/01/2030

 

2,176,312

840,000

Virgin Islands (Government of) Public Finance

 

 

 

 

 

Authority (Matching Fund Loan Note); Series

 

 

 

 

 

2012 A, RB

5.000

10/01/2032

 

843,150

 

 

 

 

 

117,617,093

 

 

 

 

 

Total Investments, at Value (Cost $1,660,814,467)—104.0%

 

 

 

1,801,902,286

Floating Rate Note Obligations—(5.3)

 

 

 

 

Notes with interest and fee rates ranging from 1.11% to 1.18% at 2/29/2020 and contractual

 

maturities of collateral ranging from 09/01/2023 to 05/15/20389

 

 

 

(92,045,000)

Borrowings—

 

 

 

 

 

(1.1)

 

 

 

 

(18,400,000)

Net Other Assets (Liabilities)—2.4

 

 

 

40,693,496

Net Assets—100.0%

 

$

1,732,150,782

 

 

 

 

 

 

Footnotes to Schedule of Investments

1.All or a portion of the security position has been pledged for collateral to cover borrowings. See Note 10 of the accompanying Notes.

2.Zero coupon bond reflects effective yield on the original acquisition date.

34 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Footnotes to Schedule of Investments (continued)

3.Security represents the underlying municipal bond with respect to an inverse floating rate security held by the

Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.

4.This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

5.Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

6.This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

7.This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

8.The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying

Notes.

9.Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 29, 2020. At February 29, 2020, the Fund's investments with a value of $169,260,899 are held by TOB

Trusts and serve as collateral for the $92,045,000 in the floating rate note obligations outstanding at that date.

To simplify the listings of securities, abbreviations are used per the table below:

ABAG

Association of Bay Area Governments

CHF

City Hospital Foundation

COP

Certificates of Participation

Ctfs.

Certificates

EMC

Eden Medical Center

GO

General Obligation

IDR

Industrial Development Revenue Bonds

MPHS

Mills-Peninsula Health Services

M-S-R

Modesto Irrigation District of the City of Santa Clara and the City of Redding

NCCD

National Campus and Community Development

NPFGC

National Public Finance Guarantee Corp.

OCEAA

Orange County Educational Arts Academy

PAMFHCR&E

Palo Alto Medical Foundation for Health Care Research & Education

RB

Revenue Bonds

Ref.

Refunding

RN

Revenue Notes

SCHosp

Sutter Coast Hospital

SCVH

Sutter Central Valley Hospitals

SEBH

Sutter East Bay Hospitals

SGMF

Sutter Gould Medical Foundation

SHlth

Sutter Health

SHSSR

Sutter Health Sacramento Sierra Regional

SMCCV

Sutter Medical Center of Castro Valley

SMF

Sutter Medical Foundation

UCR

University of California Riverside

See accompanying Notes to Financial Statements.

35 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

STATEMENT OF ASSETS AND LIABILITIES February 29, 2020

Assets

 

 

Investments, at value (cost $1,660,814,467) —see accompanying schedule of investments

$

1,801,902,286

Cash

 

2,088,845

Receivables and other assets:

 

 

Shares of beneficial interest sold

 

22,725,462

Interest

 

17,667,118

Investments matured, at value (cost $952,494)

 

845,338

Other

 

839,734

Total assets

 

1,846,068,783

 

 

 

Liabilities

 

 

Payables and other liabilities:

 

 

Payable for short-term floating rate notes issued

 

92,045,000

Payable for borrowings

 

18,400,000

Shares of beneficial interest redeemed

 

2,008,970

Dividends

 

628,639

Distribution and service plan fees

 

353,189

Trustees' compensation

 

184,736

Transfer and shareholder servicing agent fees

 

64,593

Advisory fees

 

38,874

Shareholder communications

 

33,044

Interest expense on borrowings

 

21,547

Administration fees

 

1,335

Other

 

138,074

Total liabilities

 

113,918,001

 

 

 

Net Assets

$

1,732,150,782

 

 

 

 

 

 

Composition of Net Assets

 

 

Shares of beneficial interest

$

1,825,165,477

Total accumulated loss

 

(93,014,695)

Net Assets

$

1,732,150,782

 

 

 

36 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

 

Net Asset Value Per Share

Class A Shares:

 

Net asset value and redemption price per share (based on net assets of $1,061,154,150 and

 

114,390,235 shares of beneficial interest outstanding)

$9.28

Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)

$9.69

 

 

Class C Shares:

 

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and

 

offering price per share (based on net assets of $193,921,765 and 21,003,409 shares of

 

beneficial interest outstanding)

$9.23

 

 

Class Y Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of

 

$476,141,905 and 51,311,363 shares of beneficial interest outstanding)

$9.28

 

 

Class R6 Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of $932,962

 

and 100,440 shares of beneficial interest outstanding)

$9.29

See accompanying Notes to Financial Statements.

37 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

STATEMENT OF

OPERATIONS

 

Seven Months Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

Investment Income

 

 

 

 

Interest

$

38,784,604

$

72,415,592

Expenses

 

 

 

 

Advisory fees

 

3,965,453

 

5,973,033

Administration fees

 

136,189

 

17,854

Distribution and service plan fees:

 

 

 

 

Class A

 

1,426,481

 

2,014,604

Class C

 

1,077,120

 

2,033,908

Transfer and shareholder servicing agent fees:

 

 

 

 

Class A

 

355,098

 

759,522

Class C

 

65,109

 

188,816

Class Y

 

150,059

 

261,938

Class R6

 

25

 

1

Shareholder communications:

 

 

 

 

Class A

 

25,535

 

20,587

Class C

 

4,666

 

7,719

Class Y

 

10,798

 

9,811

Class R6

 

1

 

—

Interest expense and fees on short-term floating rate notes issued

 

1,017,461

 

2,634,789

Borrowing fees

 

539,134

 

1,302,611

Interest expense on borrowings

 

62,325

 

258,972

Trustees' compensation

 

25,943

 

19,780

Custodian fees and expenses

 

8,453

 

9,197

Other

 

108,215

 

216,158

Total expenses

 

8,978,065

 

15,729,300

Net Investment Income

 

29,806,539

 

56,686,292

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

Net realized gain (loss) on investment transactions

 

(1,010,755)

 

(29,187,470)

Net change in unrealized appreciation/(depreciation) on investment

 

 

 

 

transactions

 

75,128,977

 

82,004,332

 

 

 

 

 

Net Increase in Net Assets Resulting from Operations

$

103,924,761

$

109,503,154

 

 

 

 

 

See accompanying Notes to Financial Statements.

38 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

STATEMENT OF CHANGES IN NET ASSETS

 

 

Seven Months

 

 

 

 

 

 

Ended

 

Year Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

 

July 31, 2018

Operations

 

 

 

 

 

 

Net investment income

$

29,806,539

$

56,686,292

$

51,700,031

 

 

 

 

 

 

 

Net realized gain (loss)

 

(1,010,755)

 

(29,187,470)

 

(31,304,782)

 

 

 

 

 

 

 

Net change in unrealized appreciation/(depreciation)

 

75,128,977

 

82,004,332

 

21,327,205

Net increase in net assets resulting from operations

 

103,924,761

 

109,503,154

 

41,722,454

 

 

 

 

 

 

 

Dividends and/or Distributions to Shareholders

 

 

 

 

 

 

Distributions to shareholders from distributable

 

 

 

 

 

 

earnings:

 

 

 

 

 

 

Class A

 

(19,251,432)

 

(30,155,500)

 

(31,699,955)

Class B

 

—

 

—

 

(8,446)

Class C

 

(2,730,345)

 

(5,911,816)

 

(6,763,442)

Class Y

 

(8,743,592)

 

(11,261,499)

 

(8,566,145)

Class R6

 

(1,023)

 

(71)

 

—

Total distributions from distributable earnings

 

 

 

 

 

 

 

(30,726,392)

 

(47,328,886)

 

(47,037,988)

 

 

 

 

 

 

 

Beneficial Interest Transactions

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from

 

 

 

 

 

 

beneficial interest transactions:

 

 

 

 

 

 

Class A

 

54,639,224

 

133,380,488

 

(106,993,962)

Class B

 

—

 

—

 

(621,705)

Class C

 

7,393,994

 

(37,309,597)

 

(28,507,591)

Class Y

 

60,028,560

 

154,328,324

 

(6,402,040)

Class R6

 

908,651

 

10,000

 

—

Total beneficial interest transactions

 

 

 

 

 

 

 

122,970,429

 

250,409,215

 

(142,525,298)

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

Total increase (decrease)

 

196,168,798

 

312,583,483

 

(147,840,832)

 

 

 

 

 

 

 

Beginning of period

 

1,535,981,984

 

1,223,398,501

 

1,371,239,333

End of period

 

 

 

 

 

 

$

1,732,150,782

$

1,535,981,984

$

1,223,398,501

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

39 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS

Class A

Seven Months Ended

February 29, Year Ended      Year Ended      Year Ended      Year Ended      Year Ended

        2020    July 31, 2019     July 31, 2018    July 31, 2017    July 31, 2016    July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$8.87

$8.49

$8.49

$8.61

$8.21

$8.37

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.17

0.37

0.36

0.38

0.43

0.47

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.41

0.32

(0.04)

(0.09)

0.42

(0.16)

Total from investment

 

 

 

 

 

 

operations

0.58

0.69

0.32

0.29

0.85

0.31

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.17)

(0.31)

(0.32)

(0.41)

(0.45)

(0.47)

Net asset value, end of period

$9.28

$8.87

$8.49

$8.49

$8.61

$8.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

6.63%

8.35%

3.95%

3.55%

10.67%

3.61%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$1,061,154

$960,939

$789,596

$899,847

$925,807

$879,253

Average net assets (in

 

 

 

 

 

 

thousands)

$1,010,023

$827,087

$815,901

$893,655

$886,704

$926,912

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

3.18%

4.36%

4.26%

4.46%

5.10%

5.50%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.76%

0.81%

0.85%

0.95%

1.06%

0.95%

Interest and fees from

 

 

 

 

 

 

borrowings

0.06%

0.12%

0.16%

0.10%

0.05%

0.04%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.11%

0.20%

0.05%

0.14%

0.09%

0.08%

Total expenses

0.93%

1.13%

1.06%

1.19%

1.20%

1.07%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.93%

1.13%

1.06%

1.19%

1.20%

1.07%

Portfolio turnover rate5

11%

37%

22%

30%

15%

21%

40 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

41 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

Class C

Seven Months Ended

February 29,  Year Ended     Year Ended       Year Ended        Year Ended    Year Ended

      2020      July 31, 2019     July 31, 2018    July 31, 2017    July 31, 2016   July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$8.83

$8.45

$8.45

$8.57

$8.18

$8.34

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.13

0.31

0.29

0.31

0.36

0.40

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.40

0.32

(0.03)

(0.08)

0.42

(0.16)

Total from investment

 

 

 

 

 

 

operations

0.53

0.63

0.26

0.23

0.78

0.24

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.13)

(0.25)

(0.26)

(0.35)

(0.39)

(0.40)

Net asset value, end of period

$9.23

$8.83

$8.45

$8.45

$8.57

$8.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

6.08%

7.58%

3.18%

2.67%

9.89%

2.84%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$193,922

$178,207

$206,268

$235,727

$259,836

$253,773

Average net assets (in

 

 

 

 

 

 

thousands)

$185,105

$203,412

$215,082

$247,604

$257,015

$269,613

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

2.42%

3.60%

3.50%

3.72%

4.35%

4.74%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

1.52%

1.57%

1.61%

1.71%

1.81%

1.71%

Interest and fees from

 

 

 

 

 

 

borrowings

0.06%

0.12%

0.16%

0.10%

0.05%

0.04%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.11%

0.20%

0.05%

0.14%

0.09%

0.08%

Total expenses

1.69%

1.89%

1.82%

1.95%

1.95%

1.83%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

1.69%

1.89%

1.82%

1.95%

1.95%

1.83%

Portfolio turnover rate5

11%

37%

22%

30%

15%

21%

42 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

43 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

Class Y

Seven Months Ended

February 29,  Year Ended      Year Ended      Year Ended      Year Ended     Year Ended

        2020    July 31, 2019    July 31, 2018     July 31, 2017   July 31, 2016    July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$8.87

$8.49

$8.49

$8.61

$8.21

$8.37

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.18

0.40

0.38

0.39

0.45

0.49

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.41

0.31

(0.04)

(0.08)

0.42

(0.16)

Total from investment

 

 

 

 

 

 

operations

0.59

0.71

0.34

0.31

0.87

0.33

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.18)

(0.33)

(0.34)

(0.43)

(0.47)

(0.49)

Net asset value, end of period

$9.28

$8.87

$8.49

$8.49

$8.61

$8.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

6.78%

8.61%

4.20%

3.80%

10.93%

3.86%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$476,142

$396,826

$227,535

$235,031

$173,862

$123,831

Average net assets (in

 

 

 

 

 

 

thousands)

$426,814

$289,690

$208,026

$196,735

$146,478

$127,028

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

3.42%

4.60%

4.50%

4.63%

5.33%

5.74%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.52%

0.56%

0.61%

0.70%

0.81%

0.71%

Interest and fees from

 

 

 

 

 

 

borrowings

0.06%

0.12%

0.16%

0.10%

0.05%

0.04%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.11%

0.20%

0.05%

0.14%

0.09%

0.08%

Total expenses

0.69%

0.88%

0.82%

0.94%

0.95%

0.83%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.69%

0.88%

0.82%

0.94%

0.95%

0.83%

Portfolio turnover rate5

11%

37%

22%

30%

15%

21%

44 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

45 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

Class R6

Seven Months

Ended               Period

February 29,    Ended

2020              July 31, 20191

Per Share Operating Data

 

 

Net asset value, beginning of

 

 

period

$8.88

$8.80

Income (loss) from investment

 

 

operations:

 

 

Net investment income2

0.18

0.08

Net realized and unrealized

 

 

gain

0.42

0.06

Total from investment

 

 

operations

0.60

0.14

Dividends and/or distributions

 

 

to shareholders:

 

 

Dividends from net investment

 

 

income

(0.19)

(0.06)

Net asset value, end of period

$9.29

$8.88

 

 

 

 

 

 

Total Return, at Net Asset

 

 

Value3

6.83%

1.62%

 

 

 

Ratios/Supplemental Data

 

 

Net assets, end of period (in

 

 

thousands)

$933

$10

Average net assets (in

 

 

thousands)

$53

$10

Ratios to average net assets:4

 

 

Net investment income

3.40%

4.64%

Expenses excluding specific

 

 

expenses listed below

0.54%

0.52%

Interest and fees from

 

 

borrowings

0.06%

0.12%

Interest and fees on short-term

 

 

floating rate notes issued5

0.11%

0.20%

Total expenses

0.71%

0.84%

Expenses after payments,

 

 

waivers and/or

 

 

reimbursements and reduction

 

 

to custodian expenses

0.71%

0.84%

Portfolio turnover rate6

11%

37%

46 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

1.For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019.

2.Calculated based on the average shares outstanding during the period.

3.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.

4.Annualized for periods less than one full year.

5.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

6.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.

47 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS February 29, 2020

Note 1 -Significant Accounting Policies

Invesco Oppenheimer Rochester 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Rochester California Municipal Fund (the "Acquired Fund" or "Predecessor Fund"). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the "Reorganization Date") through the transfer of all of its assets and liabilities to the Fund (the "Reorganization").

Upon closing of the Reorganization, holders of the Acquired Fund's Class A, Class C, and Class Y shares received the corresponding class of shares of the Fund. Class R6 shares commenced operations on the Reorganization Date.

Effective August 31, 2019, the Fund's fiscal year end changed from July 31 to the last day in February.

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 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 and Class R6 shares are sold at net asset value. Class C shares held for ten 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 tenth 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 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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

48 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

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. 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 either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 transactions 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

49 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

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 income and realized and unrealized capital gains and losses to a class based on the relative net assets 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 and the country that has the primary market for the issuer's securities, 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.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America ("GAAP"), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

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 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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.

50 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

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 allocated to each share class based on relative net assets. 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 relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with GAAP, which 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.

H. 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.

I. 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 generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and

51 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund's net asset value to be more volatile than if it had

not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB 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 "Payable for short-term floating rate notes issued" 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 expense and fees on short-term floating rate notes issued" 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 from engaging in proprietary trading of certain instruments and limit such entities' investments in, and relationships with, "covered funds", as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as "sponsors" of TOB Trusts. These duties may be performed by a third-party service provider. The Fund's expanded role under the new TOB structure may increase its operational and regulatory

52 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust's municipal bonds. 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 Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and 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.

J. Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

53 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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:

Fee Schedule*

Up to $200 million

0.60%

Next $100 million

0.55

Next $200 million

0.50

Next $250 million

0.45

Next $250 million

0.40

Next $4 billion

0.35

Over $5 billion

0.33

*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 seven months ended February 29, 2020, the effective advisory fee rate incurred by the Fund was 0.42%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $4,766,913 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund's average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (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.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the 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 0.96%, 1.71%, 0.70%, and 0.60%, respectively, of the Fund's average daily net assets (the "expense 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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. Unless Invesco continues the fee waiver agreement, it will terminate on

54 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

During the reporting period, the Adviser and OFI Global Asset Management, Inc. did not waive fees and/or reimburse the Fund or Acquired Fund, respectively in relation to this arrangement.

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 seven months ended February 29, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A., serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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 seven months ended February 29, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing 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 (collectively the "Plan"). The Fund, pursuant to the Class A Plan, reimbursed 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, 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 Plan 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 Plan 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 plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the seven months ended February 29, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

55 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

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 seven months ended February 29, 2020, IDI advised the Fund that IDI retained $41,190 in front-end sales commissions from the sale of Class A shares and $37,424 and $14,123 from Class A and Class C shares, respectively, for CDSC imposed on 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own 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 29, 2020. 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.

56 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

 

Level 3—

 

 

 

 

Level 1—

Level 2—

 

Significant

 

 

 

 

Unadjusted

Other Significant

 

Unobservable

 

 

 

 

Quoted Prices Observable Inputs

 

Inputs

 

Value

Assets Table

 

 

 

 

 

 

 

Investments, at Value:

 

 

 

 

 

 

 

Municipal Bonds and Notes

 

 

 

 

 

 

 

California

$

— $

1,681,750,193

$

2,535,000

$

1,684,285,193

U.S. Possessions

 

—

117,617,093

 

—

 

117,617,093

Total Investments, at Value

 

—

1,799,367,286

 

2,535,000

 

1,801,902,286

Other Financial Instruments:

 

 

 

 

 

 

 

Investments Matured

 

—

845,338

 

—

 

845,338

Total Assets

$

— $

1,800,212,624

$

2,535,000

$

1,802,747,624

Note 4 - Trustee and Officer Fees and Benefits

The Fund has adopted an unfunded retirement plan (the "Plan") for the Fund's Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the "Freeze Date") and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund's projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased

$

12,871

Payments Made to Retired Trustees

 

—

Accumulated Liability as of February 29, 2020

 

81,187

Certain trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees' fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

57 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Note 5 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Citibank, N.A., 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 6 - Tax Information

Tax Character of Distributions to Shareholders for the Seven Months Ended February 29, 2020 and the Fiscal Years Ended July 31, 2019 and July 31, 2018:

 

 

2020

 

2019

 

2018

Ordinary income

$

499,507

$

839,163

$

1,050,538

Ordinary Income - Tax-Exempt

 

30,226,885

 

46,489,723

 

45,987,450

Total distributions

$

30,726,392

$

47,328,886

$

47,037,988

 

 

 

 

 

 

 

Tax Components of Net Assets at Period-End:

 

 

2020

Undistributed Tax-Exempt Income

$

16,178,740

Undistributed Appreciation/(Depreciation)

 

138,752,258

Temporary book/tax differences

 

(808,634)

Capital loss carryforward

 

(247,137,059)

Shares of beneficial interest

 

1,825,165,477

Total net assets

$

1,732,150,782

 

 

 

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 tax treatment of interest on defaulted bonds, TOBs, book to tax accretion and amortization differences, and wash sales.

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 carryforwards 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 29, 2020, which expires as follows:

58 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Capital Loss Carryforward*

Expiration

Short-Term

 

Long-Term

 

Total

Not subject to expiration $

40,171,406

$

206,965,653

$

247,137,059

*Capital loss carryforward as of the date listed above 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 7 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the seven months ended February 29, 2020 was $305,055,450 and $183,380,085, respectively. Cost of investments, including any derivatives, on a tax basis 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

Aggregate unrealized appreciation of investments

$

168,902,500

Aggregate unrealized (depreciation) of investments

 

(30,150,242)

Net unrealized appreciation of investments

$

138,752,258

 

 

 

Cost of investments for tax purposes is $1,663,995,366.

Note 8 - Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of TOBS, paydowns and capital maintenance fees on February 29, 2020, undistributed net investment income was decreased by $8,536, undistributed net realized gain (loss) was increased by $8,536. This reclassification had no effect on the net assets of the Fund.

Note 9 - Share Information

Transactions in shares of beneficial interest were as follows:

 

Seven Months Ended

Year Ended July 31, 20192

Year Ended July 31, 2018

 

February 29, 20201

 

 

 

 

 

 

Shares

Amount

Shares

Amount

Shares

Amount

Class A

 

 

 

 

 

 

Sold

12,206,873

$109,812,597

28,923,618

$249,959,488

14,081,915

$117,032,960

Automatic

 

 

 

 

 

 

Conversion

 

 

 

 

 

 

Class C

 

 

 

 

 

 

to Class A

 

 

 

 

 

 

Shares

1,771,376

15,906,779

—

—

—

—

Dividends

 

 

 

 

 

 

and/or

 

 

 

 

 

 

distributions

 

 

 

 

 

 

reinvested

1,770,304

15,971,603

2,796,750

23,999,964

3,057,431

25,407,590

Redeemed

(9,684,094)

(87,051,755)

(16,436,313)

(140,578,964)

(30,100,599)

(249,434,512)

59 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

 

Seven Months Ended

Year Ended July 31, 20192

Year Ended July 31, 2018

 

February 29, 20201

 

 

 

 

 

 

 

 

Shares

 

Amount

Shares

 

Amount

Shares

 

Amount

Net increase

6,064,459

$

54,639,224

15,284,055

$

133,380,488

(12,961,253)

$

(106,993,962)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

 

 

 

 

 

 

 

 

Sold

—

$

—

—

$

—

78

$

766

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

—

 

—

—

 

—

1,031

 

8,446

Redeemed3

—

 

—

—

 

—

(75,734)

 

(630,917)

Net increase

— $

—

— $

—

(74,625)

$

(621,705)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

Sold

4,032,115

$

36,117,284

5,872,239

$

50,511,948

2,960,862

$

24,515,748

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

246,177

 

2,210,072

554,096

 

4,728,073

648,151

 

5,361,514

Automatic

 

 

 

 

 

 

 

 

 

Conversion

(1,779,313)

 

(15,906,779)

—

 

—

—

 

—

Class C

 

 

 

to Class A

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

Redeemed

(1,677,703)

 

(15,026,583)

(10,658,531)

 

(92,549,618)

(7,082,601)

 

(58,384,853)

Net increase

821,276

$

7,393,994

(4,232,196)

$

(37,309,597)

(3,473,588)

$

(28,507,591)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Y

 

 

 

 

 

 

 

 

 

Sold

15,727,912

$

142,355,048

27,955,569

$

239,928,995

12,201,182

$

101,578,829

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

747,168

 

6,741,872

944,182

 

8,122,319

715,927

 

5,955,431

Redeemed

(9,883,638)

 

(89,068,360)

(10,983,254)

 

(93,722,990)

(13,792,849)

 

(113,936,300)

Net increase

6,591,442

$

60,028,560

17,916,497

$

154,328,324

(875,740)

$

(6,402,040)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R64

 

 

 

 

 

 

 

 

 

Sold

99,265

$

908,289

1,136

$

10,000

—

$

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

48

 

446

—

 

—

—

 

—

Redeemed

(9)

 

(84)

—

 

—

—

 

—

Net increase

99,304

$

908,651

1,136

$

10,000

—

$

—

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 53% 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.

60 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

2.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 53% 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.

3.All outstanding Class B shares converted to Class A shares on June 1, 2018.

4.Commencement date after the close of business on May 24, 2019.

Note 10 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, which provides that a fund generally may not borrow money greater than 331/3 of the Fund's total assets.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period August 1, 2019 to February 29, 2020, the Fund incurred fees of $601,495. The average daily balance of borrowings under this agreement is $5,953,521 with an average interest rate of 1.78%. The carrying amount of the Trust's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

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 seven months ended February 29, 2020 were $97,478,750 and 1.79%, respectively.

Note 11 - Significant Event

The Board of Trustees unanimously approved an Agreement and Plan of Reorganization (the "Agreement") pursuant to which Invesco Oppenheimer Rochester California Municipal Fund (the "Fund") would acquire all of the assets and liabilities of Invesco California Tax-Free Income Fund (the "Target Fund") in exchange for shares of the Fund.

The reorganizations are expected to be consummated on May 15, 2020. Upon closing of the reorganization, shareholders of the Target Fund will receive a corresponding class of shares of the Fund in exchange for their shares of the Target Fund and the Target Fund will liquidate and cease operations.

Note 12 - Subsequent Event

During the first quarter of 2020, the World Health Organization declared the Coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies

61 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

and markets in general. COVID-19 may adversely impact the Funds' ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Act is a $2 trillion stimulus package to help individuals, businesses and hospitals in response to the economic distress caused by the COVID-19 crisis. The Adviser is assessing the components of the Act and the impacts to the Fund should be immaterial.

62 INVESCO OPPENHEIMER ROCHESTER 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 Oppenheimer Rochester® 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 Oppenheimer Rochester® 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 29, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (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 29, 2020, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Statement of Operations and Statement of

 

Changes in Net Assets

Financial Highlights

 

 

For the period from August 1, 2019 through

For the period from August 1, 2019 through

February 29, 2020 and the year ended July 31,

February 29, 2020 and the year ended July 31,

2019

2019 for Class A, Class C and Class Y

 

For the period from August 1, 2019 through

 

February 29, 2020 and the period from May 24,

 

2019 (inception of offering) through July 31,

 

2019 for Class R6

 

 

The financial statements of Invesco Oppenheimer Rochester® California Municipal Fund (formerly known as Oppenheimer Rochester® California Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

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

63 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP Houston, Texas

April 28, 2020

We have served as the auditor of one or more 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.

64 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

TAX INFORMATION Unaudited

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 seven months ended February 29, 2020:

Federal and State Income Tax

 

Qualified Dividend Income*

0.00 %

Corporate Dividends Received Deduction*

0.00 %

U.S. Treasury Obligations*

0.00 %

Tax-Exempt Interest Dividends*

98.37 %

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

65 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

•Fund reports and prospectuses

•Quarterly statements

•Daily confirmations

•Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

66 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INTERESTED TRUSTEE

 

 

 

 

 

 

 

 

 

Martin L. Flanagan 1 — 1960

2007

Executive Director, Chief Executive Officer and

229

None

Trustee and Vice Chair

 

President, Invesco Ltd. (ultimate parent of

 

 

 

 

Invesco and a global investment management

 

 

 

 

firm); Trustee and Vice Chair, The Invesco

 

 

 

 

Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board,

 

 

 

 

SMU Cox School of Business

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

67 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES

Bruce L. Crockett – 1944

2003 Chairman, Crockett Technologies Associates

Trustee and Chair

(technology consulting company)

 

Formerly: Director, Captaris (unified

 

messaging provider); Director, President and

 

Chief Executive Officer, COMSAT Corporation;

 

Chairman, Board of Governors of INTELSAT

 

(international communications company); ACE

 

Limited (insurance company); Independent

 

Directors Council and Investment Company

 

Institute: Member of the Audit Committee,

 

Investment Company Institute; Member of

 

the Executive Committee and Chair of the

 

Governance Committee, Independent Directors

 

Council

229Director and

Chairman of the

Audit Committee,

ALPS (Attorneys

Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation

Committee, Ferroglobe

PLC (metallurgical

company)

David C. Arch – 1945

2010 Chairman of Blistex Inc. (consumer health

229

Board member of the

Trustee

care products manufacturer); Member, World

 

Illinois Manufacturers'

 

Presidents' Organization

 

Association

 

 

 

 

Beth Ann Brown – 1968

2019 Independent Consultant

229

Director, Board of

Trustee

Formerly: Head of Intermediary Distribution,

 

Directors of Caron

 

 

Engineering Inc.;

 

Managing Director, Strategic Relations,

 

Advisor, Board of

 

Managing Director, Head of National

 

Advisors of Caron

 

Accounts, Senior Vice President, National

 

Engineering Inc.;

 

Account Manager and Senior Vice President,

 

President and

 

Key Account Manager, Columbia Management

 

Director, of Acton

 

Investment Advisers LLC; Vice President, Key

 

Shapleigh Youth

 

Account Manager, Liberty Funds Distributor,

 

Conservation Corps

 

Inc.; and Trustee of certain Oppenheimer

 

(non -profit); and

 

Funds

 

President and Director

 

 

 

of Grahamtastic

 

 

 

Connection (non-

 

 

 

profit)

Jack M. Fields – 1952

2003 Chief Executive Officer, Twenty First Century

Trustee

Group, Inc. (government affairs company);

 

and Chairman, Discovery Learning Alliance

 

(non-profit)

 

Formerly: Owner and Chief Executive Officer,

 

Dos Angeles Ranch L.P. (cattle, hunting,

 

corporate entertainment); Director, Insperity,

 

Inc. (formerly known as Administaff) (human

 

resources provider); Chief Executive Officer,

 

Texana Timber LP (sustainable forestry

 

company); Director of Cross Timbers Quail

 

Research Ranch (non-profit); and member of

 

the U.S. House of Representatives

229Member, Board of Directors of Baylor

College of Medicine

68 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Cynthia Hostetler —1962

2017 Non-Executive Director and Trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Director, Aberdeen Investment

 

Funds (4 portfolios); Head of Investment

 

Funds and Private Equity, Overseas Private

 

Investment Corporation; President, First

 

Manhattan Bancorporation, Inc.; Attorney,

 

Simpson Thacher & Bartlett LLP

229Vulcan Materials

Company

(construction materials

company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual

fund complex);

Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

Eli Jones – 1961

2016 Professor and Dean, Mays Business School -

229

Insperity, Inc. (formerly

Trustee

Texas A&M University

 

known as Administaff)

 

Formerly: Professor and Dean, Walton College

 

(human resources

 

 

provider)

 

of Business, University of Arkansas and E.J.

 

 

 

Ourso College of Business, Louisiana State

 

 

 

University; Director, Arvest Bank

 

 

Elizabeth Krentzman – 1959

2019 Formerly: Principal and Chief Regulatory

Trustee

Advisor for Asset Management Services and

 

U.S. Mutual Fund Leader of Deloitte & Touche

 

LLP; General Counsel of the Investment

 

Company Institute (trade association);

 

National Director of the Investment

 

Management Regulatory Consulting Practice,

 

Principal, Director and Senior Manager of

 

Deloitte & Touche LLP; Assistant Director of

 

the Division of Investment Management -

 

Office of Disclosure and Investment Adviser

 

Regulation of the U.S. Securities and Exchange

 

Commission and various positions with the

 

Division of Investment Management – Office

 

of Regulatory Policy of the U.S. Securities and

 

Exchange Commission; Associate at Ropes &

 

Gray LLP.; and Trustee of certain Oppenheimer

 

Funds

229Trustee of the

University of Florida

National Board

Foundation; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center

Association, Inc. Board

of Trustees and Audit

Committee Member

69 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Anthony J. LaCava, Jr. – 1956 2019

Formerly: Director and Member of the Audit

Trustee

Committee, Blue Hills Bank (publicly traded

 

financial institution) and Managing Partner,

 

KPMG LLP

229Blue Hills Bank;

Chairman of Bentley University; Member, Business School Advisory Council; and Nominating

Committee, KPMG LLP

Prema Mathai-Davis – 1950 2003 Retired229None Trustee

Formerly; Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self- Directed Investor)

Joel W. Motley – 1952

2019 Director of Office of Finance, Federal Home

Trustee

Loan Bank System; Member of the Vestry

 

of Trinity Wall Street; Managing Director of

 

Carmona Motley Hoffman, Inc. (privately held

 

financial advisor); Member of the Council

 

on Foreign Relations and its Finance and

 

Budget Committee; Chairman Emeritus of

 

Board of Human Rights Watch and Member

 

of its Investment Committee; and Member

 

of Investment Committee and Board of

 

Historic Hudson Valley (non-profit cultural

 

organization).

 

Formerly: Managing Director of Public Capital

 

Advisors, LLC (privately held financial advisor);

 

Managing Director of Carmona Motley

 

Hoffman, Inc. (privately held financial advisor);

 

Trustee of certain Oppenheimer Funds; and

 

Director of Columbia Equity Financial Corp.

 

(privately held financial advisor)

229Member of Board of Greenwall Foundation (bioethics research foundation) and

its Investment

Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis

Reporting (non-profit

journalism)

Teresa M. Ressel — 1962

2017 Non-executive director and trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Chief Financial Officer, Olayan

 

America, The Olayan Group (international

 

investor/commercial/industrial); Chief

 

Executive Officer, UBS Securities LLC; Group

 

Chief Operating Officer, Americas, UBS AG;

 

Assistant Secretary for Management & Budget

 

and CFO, US Department of the Treasury

229Atlantic Power

Corporation (power

generation company); ON Semiconductor Corp. (semiconductor supplier)

70 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston

229

Federal Reserve Bank

Trustee

 

Endowment Inc. (private philanthropic

 

of Dallas

 

 

institution)

 

 

 

 

Formerly: Executive Vice President and

 

 

 

 

General Counsel, Texas Children's Hospital;

 

 

 

 

Attorney, Beck, Redden and Secrest, LLP;

 

 

 

 

Business Law Instructor, University of St.

 

 

 

 

Thomas; Attorney, Andrews & Kurth LLP

 

 

 

 

 

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of

 

 

 

 

 

 

 

 

Denver – Daniels College of Business, Senior

 

 

 

 

Partner, KPMG LLP

 

 

Daniel S. Vandivort –1954

2019 Treasurer, Chairman of the Audit and Finance

Trustee

Committee, and Trustee, Board of Trustees,

 

Huntington Disease Foundation of America;

 

and President, Flyway Advisory Services LLC

 

(consulting and property management).

 

Formerly: Trustee and Governance Chair, of

 

certain Oppenheimer Funds

229Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds

James D. Vaughn – 1945

2019 Retired

Trustee

Formerly: Managing Partner, Deloitte & Touche

 

 

LLP; Trustee and Chairman of the Audit

 

Committee, Schroder Funds; Board Member,

 

Mile High United Way, Boys and Girls Clubs,

 

Boy Scouts, Colorado Business Committee

 

for the Arts, Economic Club of Colorado

 

and Metro Denver Network (economic

 

development corporation); and Trustee of

 

certain Oppenheimer Funds

229Board member

and Chairman of Audit Committee

of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson –

2017 Retired

1957

Formerly: Director, TD Asset Management USA

Trustee, Vice Chair and Chair

Designate

Inc. (mutual fund complex) (22 portfolios);

 

Managing Partner, CT2, LLC (investing and

 

consulting firm); President/Chief Executive

 

Officer, Columbia Funds, Bank of America

 

Corporation; President/Chief Executive Officer,

 

CDC IXIS Asset Management Services, Inc.;

229ISO New England,

Inc. (non-profit

organization

managing regional electricity market)

71 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

 

 

 

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Christopher L. Wilson

 

Principal & Director of Operations, Scudder

 

 

Continued

 

Funds, Scudder, Stevens & Clark, Inc.; Assistant

 

 

 

 

Vice President, Fidelity Investments

 

 

 

 

 

 

 

72 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS

 

 

 

 

 

 

 

 

 

Sheri Morris — 1964

2003

Head of Global Fund Services, Invesco Ltd.;

N/A

N/A

President, Principal Executive

 

President, Principal Executive Officer and

 

 

Officer and Treasurer

 

Treasurer, The Invesco Funds; Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust, and Vice

 

 

 

 

President, OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal

 

 

 

 

Financial Officer, The Invesco Funds; Vice

 

 

 

 

President, Invesco AIM Advisers, Inc., Invesco

 

 

 

 

AIM Capital Management, Inc. and Invesco

 

 

 

 

AIM Private Asset Management, Inc.; Assistant

 

 

 

 

Vice President and Assistant Treasurer, The

 

 

 

 

Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital

 

 

 

 

Management, Inc. and Invesco AIM Private

 

 

 

 

Asset Management, Inc.; and Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund Trust

 

 

 

 

 

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The

N/A

N/A

Senior Vice President and

 

Invesco Funds

 

 

Senior Officer

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco

N/A

N/A

Senior Vice President, Chief

 

Ltd.; Senior Vice President and Secretary,

 

 

Legal Officer and Secretary

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Vice President and Secretary, Invesco

 

 

 

 

Investment Services, Inc. (formerly known

 

 

 

 

as Invesco AIM Investment Services, Inc.)

 

 

 

 

Senior Vice President, Chief Legal Officer and

 

 

 

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

 

 

 

73 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor (Continued)

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L.

 

 

 

 

Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President,

 

 

 

 

Jemstep, Inc.; Head of Legal, Worldwide

 

 

 

 

Institutional, Invesco Ltd.; Secretary and

 

 

 

 

General Counsel, INVESCO Private Capital

 

 

 

 

Investments, Inc.; Senior Vice President,

 

 

 

 

Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group,

 

 

 

 

Inc.); Assistant Secretary, INVESCO Asset

 

 

 

 

Management (Bermuda) Ltd.; Secretary and

 

 

 

 

General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel,

 

 

 

 

INVESCO Realty, Inc.; Secretary and General

 

 

 

 

Counsel, Invesco Senior Secured Management,

 

 

 

 

Inc.; and Secretary, Sovereign G./P. Holdings

 

 

 

 

Inc.

 

 

 

 

 

 

 

Andrew R. Schlossberg –

2019

Head of the Americas and Senior Managing

N/A

N/A

1974

 

Director, Invesco Ltd.; Director and Senior

 

 

Senior Vice President

 

Vice President, Invesco Advisers, Inc. (formerly

 

 

 

 

known as Invesco Institutional (N.A.), Inc.)

 

 

 

 

(registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) (registered transfer agent);

 

 

 

 

Senior Vice President, The Invesco Funds;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Director, President and

 

 

 

 

Chairman, Invesco Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited;

 

 

 

 

Director and Chief Executive, Invesco Asset

 

 

 

 

Management Limited and Invesco Fund

 

 

 

 

Managers Limited; Assistant Vice President,

 

 

 

 

The Invesco Funds; Senior Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Director and Chief

 

 

 

 

Executive, Invesco Administration Services

 

 

 

 

 

 

 

74 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Andrew R. Schlossberg

 

Limited and Invesco Global Investment

 

 

(Continued)

 

Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco

 

 

 

 

India Exchange-Traded Fund Trust; Managing

 

 

 

 

Director and Principal Executive Officer,

 

 

 

 

Invesco Capital Management LLC

 

 

 

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas;

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Senior Vice President, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as

 

 

 

 

Invesco AIM Investment Services, Inc.) Senior

 

 

 

 

Vice President, The Invesco Funds; Managing

 

 

 

 

Director, Invesco Capital Management LLC;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Senior Vice President, Invesco

 

 

 

 

Capital Markets, Inc. (formerly known as

 

 

 

 

Van Kampen Funds Inc.); Manager, Invesco

 

 

 

 

Indexing LLC; Manager, Invesco Specialized

 

 

 

 

Products, LLC; Director and Senior Vice

 

 

 

 

President, Invesco Insurance Agency, Inc.;

 

 

 

 

Member, Invesco Canada Funds Advisory

 

 

 

 

Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate

 

 

 

 

mutual fund company); and Director,

 

 

 

 

Chairman, President and Chief Executive

 

 

 

 

Officer, Invesco Canada Ltd. (formerly known

 

 

 

 

as Invesco Trimark Ltd./Invesco Trimark Ltèe)

 

 

 

 

(registered investment adviser and registered

 

 

 

 

transfer agent)

 

 

 

 

Formerly: Director and Senior Vice President,

 

 

 

 

Invesco Management Group, Inc. (formerly

 

 

 

 

known as Invesco AIM Management Group,

 

 

 

 

Inc.); Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group, Inc.);

 

 

 

 

Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.); Chief Legal Officer and

 

 

 

 

 

 

 

75 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

John M. Zerr (Continued)

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Director,

 

 

 

 

Secretary, General Counsel and Senior Vice

 

 

 

 

President, Van Kampen Exchange Corp.;

 

 

 

 

Director, Vice President and Secretary, IVZ

 

 

 

 

Distributors, Inc. (formerly known as INVESCO

 

 

 

 

Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice

 

 

 

 

President, Van Kampen Advisors Inc.; Director,

 

 

 

 

Vice President, Secretary and General Counsel,

 

 

 

 

Van Kampen Investor Services Inc.; Director

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director, Senior Vice President, General

 

 

 

 

Counsel and Secretary, Invesco AIM Advisers,

 

 

 

 

Inc. and Van Kampen Investments Inc.;

 

 

 

 

Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice

 

 

 

 

President, Secretary, General Counsel and Vice

 

 

 

 

President, Invesco AIM Capital Management,

 

 

 

 

Inc.; Chief Operating Officer and General

 

 

 

 

Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

 

 

 

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.;

N/A

N/A

Senior Vice President

 

Director, Chairman, President, and Chief

 

 

 

 

Executive Officer, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Director, Invesco Mortgage Capital, Inc. and

 

 

 

 

Invesco Senior Secured Management, Inc.;

 

 

 

 

and Senior Vice President, The Invesco Funds;

 

 

 

 

and President, SNW Asset Management

 

 

 

 

Corporation and Invesco Managed Accounts,

 

 

 

 

LLC

 

 

 

 

Formerly: Senior Vice President, Invesco

 

 

 

 

 

 

 

76 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Gregory G. McGreevey

 

Management Group, Inc. and Invesco Advisers,

 

 

(Continued)

 

Inc.; Assistant Vice President, The Invesco

 

 

 

 

Funds

 

 

 

 

 

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer

N/A

N/A

Vice President, Principal

 

– Investments Pool, Invesco Specialized

 

 

Financial Officer and Assistant

 

Products, LLC; Vice President, Principal

 

 

Treasurer

 

Financial Officer and Assistant Treasurer,

 

 

 

 

The Invesco Funds; Principal Financial and

 

 

 

 

Accounting Officer – Pooled Investments,

 

 

 

 

Invesco Capital Management LLC; Vice

 

 

 

 

President and Treasurer, Invesco Exchange-

 

 

 

 

Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund

 

 

 

 

Trust and Invesco Exchange-Traded Self-

 

 

 

 

Indexed Fund Trust; Vice President, Invesco

 

 

 

 

Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco

 

 

 

 

Specialized Products, LLC; Assistant Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust; Assistant

 

 

 

 

Treasurer, Invesco Capital Management LLC;

 

 

 

 

Assistant Vice President, The Invesco Funds

 

 

 

 

 

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance

N/A

N/A

Anti-Money Laundering

 

Officer for Invesco U.S. entities including;

 

 

Compliance Officer

 

Invesco Advisers, Inc. and its affiliates, Invesco

 

 

 

 

Capital Markets, Inc., Invesco Distributors, Inc.,

 

 

 

 

Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC,

 

 

 

 

Invesco Trust Company; and Fraud Prevention

 

 

 

 

Manager for Invesco Investment Services, Inc.

 

 

 

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers,

N/A

N/A

Chief Compliance Officer

 

Inc. (registered investment adviser); and Chief

 

 

 

 

Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam

 

 

 

 

Investments and the Putnam Funds

 

 

 

 

 

 

 

77 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza,

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers

Suite 1000

1555 Peachtree Street, N.E.

11 Greenway Plaza,

LLP

Houston, TX 77046-1173

Atlanta, GA 30309

Suite 1000

1000 Louisiana Street,

 

 

Houston, TX

Suite 5800

 

 

77046-1173

Houston, TX 77002-5021

Counsel to the Fund

Counsel to the

Transfer Agent

Custodian

Stradley Ronon Stevens & Young,

Independent Trustees

Invesco Investment

Citibank, N.A.

LLP

Goodwin Procter LLP

Services, Inc.

111 Wall Street

2005 Market Street,

901 New York Avenue, N.W.

11 Greenway Plaza,

New York, NY 10005

Suite 2600

Washington, D.C. 20001

Suite 1000

 

Philadelphia, PA 19103-7018

 

Houston, TX

 

 

 

77046-1173

 

78 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the "Website"). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as "we" or "Invesco" in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

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We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

1NTD

79 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE Continued

you will find the most relevant and to provide customer service and support.

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80 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

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Contact Us

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Invesco Ltd.

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81 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE Continued

•Request that we amend, rectify, delete or update the personal data we hold about you;

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82 INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

 

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Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Distributors, Inc.

O-ROCAM-AR-1 04272020

Shareholder Report for the

Seven Months Ended 2/29/2020

Invesco

Oppenheimer

Rochester® High

Yield Municipal

Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

*Prior to the close of business on May 24, 2019, the Fund's name was Oppenheimer Rochester High Yield Municipal Fund. See Important Update on the following page for more information.

 

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, "OppenheimerFunds"). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco's Client Services team at 800-959-4246.

 

Table of Contents

 

Fund Performance Discussion

4

Top Holdings and Allocations

7

Fund Expenses

11

Schedule of Investments

13

Statement of Assets and Liabilities

78

Statement of Operations

80

Statement of Changes in Net Assets

81

Financial Highlights

82

Notes to Financial Statements

90

Report of Independent Registered Public Accounting Firm

109

Tax Information

111

Portfolio Proxy Voting Policies and Guidelines; Updates to

 

Schedule of Investments

112

Trustees and Officers

113

Invesco's Privacy Notice

125

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 2/29/20

 

 

 

 

 

 

Class A Shares of the Fund

 

 

Without Sales Charge

With Sales Charge

Bloomberg Barclays

 

Municipal Bond Index

 

 

 

1-Year

17.17%

12.16%

9.46%

5-Year

8.72

7.78

4.01

10-Year

8.15

7.68

4.51

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where "without sales charge" is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business 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 those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual's investment. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

3 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Fund Performance Discussion

PERFORMANCE SUMMARY

The Fund's Class A shares (without sales charge) returned 17.17% during the 1-year reporting period, outperforming the Bloomberg Barclays Municipal Bond Index, the Fund's benchmark (the "Index"), which returned 9.46%.

During the 7-month period ended February 29, 2020, the Fund's Class A shares (without sales charge) returned 8.74%, outperforming the Index which returned 4.66%.

Please note that the fiscal year end for the Fund has changed to February 29, 2020.

MARKET CONDITIONS AND YOUR FUND

The broad municipal bond market experienced positive returns for the sixth consecutive year at the close of 2019, and performance remained strong throughout the fiscal year. Investment grade municipal bonds returned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.1 Investment grade municipal bonds and high yield municipal bonds were among the best performing asset classes over the fiscal year.

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key driver of strong municipal demand in 2019.

We believe that these tax changes have yet to be fully realized and should continue to drive municipal bond performance into 2020. During the fiscal year, municipal bonds withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as 2.79% and as low as 1.13% where it ended the fiscal year.2 The municipal bond market performed positively as technical

conditions (favorable demand and supply balances) continued to provide tailwinds.

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September and October 2019, citing uncertainty about the global economic outlook.3 On October 30, 2019, after the third cut, the Fed indicated that any further changes would be based on economic data.

Throughout 2019 we saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led investors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" that eliminated the risk of a government shutdown and the

4 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

UK election results set the stage for an orderly exit from the European Union on January 31, 2020.

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of 25% from the previous fiscal year.4 Flows into the municipal bond asset class were positive for the fiscal year.5 Fund flows totaled $97.2 billion from February 2019 through February 2020.5

The end of the fiscal year brought a major market shift as macroeconomic concerns regarding the global outbreak of the Coronavirus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to quality assets, such as municipal bonds. This resulted in a strong rally in February 2020.

At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020.

Over the fiscal year, security selection in many sectors – including tobacco, General Obligation bonds, and sales tax revenue, the Fund's largest, second largest, and fifth largest sectors, respectively - significantly contributed to the Fund's performance. Marine/aviation facilities, among other sectors, were also strong contributors to the Fund's performance. Sector allocations

in Puerto Rico, California, and New York significantly contributed to the Fund's performance. Sector allocation in paper, containers, and packaging was a detractor.

During the fiscal year, leverage contributed to the Fund's performance. The Fund achieved a leveraged position through the use of inverse floating rate securities and tender option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation in municipal holdings when interest rates declined. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use

of leverage also can expose shareholders to additional volatility. For more information about the Fund's use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the

5 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Thank you for investing in Invesco Oppenheimer Rochester High Yield Municipal Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg Barclays

2 Source: US Department of the Treasury

3 Source: US Federal Reserve

4 Source: The Bond Buyer

5 Source: Strategic Insight

Portfolio Managers: Scott Cottier, Mark Paris, Michael Camarella, Mark DeMitry, Timothy O'Reilly, Julius Williams, Troy Willis

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are

from sources considered reliable, but Invesco Advisers, Inc. makes no representation

or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

6 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Top Holdings and Allocations

TOP TEN CATEGORIES

Tobacco Settlement

17.4%

Dedicated Tax

13.7

Local General Obligation

9.3

Industrial Development Revenue/

6.9

Pollution Control Revenue

 

Airport

6.9

Life Care

5.7

State General Obligation

5.1

Other Revenue

4.8

Charter School

3.9

Port

3.8

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of February 29, 2020 and are based on total assets.

For more current Fund holdings, please visit invesco.com.

CREDIT ALLOCATION

 

 

 

 

 

 

 

NRSRO-

Adviser-

 

 

Rated

Rated

Total

AAA

1.3%

1.4%

2.7%

AA

23.5

0.0

23.5

A

7.9

0.0

7.9

BBB

8.5

2.4

10.9

BB or lower

14.5

40.5

55.0

Total

55.7%

44.3%

100.0%

The percentages above are based on the market value of the securities as of February 29, 2020 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund's assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security's rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser's credit analysis process is consistent or comparable with any NRSRO's process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs' four highest categories – AAA, AA, A and BBB – are investment-grade securities. For further details, please consult the Fund's prospectus or Statement of Additional Information.

7 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

 

Date

1-Year

5-Year

10-Year

Inception

Class A (ORNAX)

10/1/93

17.17%

8.72%

8.15%

5.22%

Class C (ORNCX)

8/29/95

16.35

7.96

7.35

5.02

Class Y (ORNYX)

11/29/10

17.49

8.96

N/A

8.77

Class R5

(IORHX)*

5/24/19

17.84

8.84

8.21

N/A

Class R6

(IORYX)*

5/24/19

17.37

8.76

8.17

N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

 

Date

1-Year

5-Year

10-Year

Inception

Class A (ORNAX)

10/1/93

12.16%

7.78%

7.68%

5.05%

Class C (ORNCX)

8/29/95

15.35

7.96

7.35

5.02

Class Y (ORNYX)

11/29/10

17.49

8.96

N/A

8.77

Class R5

(IORHX)*

5/24/19

17.84

8.84

8.21

N/A

Class R6

(IORYX)*

5/24/19

17.37

8.76

8.17

N/A

*Class R5 and R6 shares' performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund's Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements.

8 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Invesco Oppenheimer Rochester High Yield Municipal Fund (Class A shares with sales charge) Bloomberg Barclays Municipal Bond Index

U.S. Consumer Price Index

$25,000

20,000

 

 

 

 

 

 

 

 

 

 

$20,953

 

 

 

 

 

 

 

 

 

 

 

15,000

 

 

 

 

 

 

 

 

 

 

$15,538

 

 

 

 

 

 

 

 

 

 

 

$11,935

10,000

 

 

 

 

 

 

 

 

 

 

 

5,000

 

 

 

 

 

 

 

 

 

 

 

0

|

|

|

|

|

|

|

|

|

|

|

 

2/28/10

2/28/11

2/29/12

2/28/13

2/28/14

2/28/15

2/29/16

2/28/17

2/28/18

2/28/19

2/29/20

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class Y, Class R5 and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class

A, Class C and Class Y shares of the predecessor fund were reorganized into Class A, Class C and Class Y respectively, of the Fund. Class R5 and R6 shares' performance shown prior to the inception date is that of the predecessor fund's Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/ or expense reimbursements. Returns shown for Class A, Class C, Class Y, Class R5 and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund's performance is compared to the performance of the Bloomberg Barclays Municipal Bond Index, which is an index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. The Fund's performance

is also compared to the U.S. Consumer Price Index, a non-securities index that measures changes in the inflation rate. Indices are unmanaged, and an investment cannot be made into an index. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund's performance and does not predict or depict

9 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

performance of the Fund. The Fund's performance reflects the effects of the Fund's business and operating expenses.

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

10 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended February 29, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During 6 Months Ended February 29, 2020" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the "hypothetical" section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

11 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

 

Beginning

Ending

Expenses

 

Account

Account

Paid During

 

Value

Value

6 Months Ended

Actual

September 1, 2019

February 29, 2020

February 29, 2020

Class A

$ 1,000.00

$ 1,059.50

$

4.88

Class C

1,000.00

1,056.40

 

8.26

Class Y

1,000.00

1,060.90

 

3.64

Class R5

1,000.00

1,065.20

 

3.29

Class R6

1,000.00

1,060.90

 

3.44

Hypothetical

 

 

 

 

(5% return before expenses)

 

 

 

 

Class A

1,000.00

1,020.14

 

4.78

Class C

1,000.00

1,016.86

 

8.11

Class Y

1,000.00

1,021.33

 

3.57

Class R5

1,000.00

1,021.68

 

3.22

Class R6

1,000.00

1,021.53

 

3.37

Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended February 29, 2020 are as follows:

Class

Expense Ratios

 

 

Class A

0.95%

Class C

1.61

 

 

Class Y

0.71

Class R5

0.64

Class R6

0.67

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund's Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund's prospectus. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

12 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS February 29, 2020

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Municipal Bonds and Notes—113.0%

 

 

 

Alabama—4.3%

 

 

 

$2,710,000

Alabama (State of) Port Authority; Series 2017

 

 

 

 

A, Ref. RB1

5.000%

10/01/2028 $

3,369,722

2,380,000

Alabama (State of) Port Authority; Series 2017

 

 

 

 

A, Ref. RB1

5.000

10/01/2029

2,949,117

7,040,000

Birmingham (City of) & Jefferson (County of), AL

 

 

 

 

Civic Center Authority; Series 2018 A, RB1

4.000

07/01/2043

8,111,418

10,500,000

Birmingham (City of) & Jefferson (County of), AL

 

 

 

 

Civic Center Authority; Series 2018 A, RB1

5.000

07/01/2048

12,961,095

1,365,000

Birmingham (City of) & Jefferson (County of), AL

 

 

 

 

Civic Center Authority; Series 2018 D, RB1

5.000

05/01/2035

1,719,900

1,170,000

Birmingham (City of) & Jefferson (County of), AL

 

 

 

 

Civic Center Authority; Series 2018 D, RB1

5.000

05/01/2036

1,471,088

1,700,000

Birmingham (City of), AL; Series 2018 B, GO Wts.1

5.000

12/01/2036

2,158,592

1,535,000

Birmingham (City of), AL; Series 2018 B, GO Wts.1

5.000

12/01/2037

1,941,729

1,575,000

Birmingham (City of), AL; Series 2018 B, GO Wts.1

5.000

12/01/2038

1,986,217

5,190,000

Birmingham (City of), AL; Series 2018 B, GO Wts.1

5.000

12/01/2043

6,466,792

12,870,000

Birmingham-Jefferson, AL Civic Center Authority2

5.000

05/01/2048

15,775,986

18,120,000

Birmingham-Jefferson, AL Civic Center Authority2

5.000

07/01/2048

22,299,514

4,500,000

Homewood (City of), AL Educational Building

 

 

 

 

Authority (Samford University); Series 2017 A,

 

 

 

 

Ref. RB1

5.000

12/01/2047

5,376,105

7,500,000

Hoover (City of), AL Industrial Development

 

 

 

 

Board (United States Steel Corp.); Series 2019,

 

 

 

 

RB1

5.750

10/01/2049

9,094,350

5,000,000

Jefferson (County of), AL; Series 2013 A, RB1

5.500

10/01/2053

5,825,250

20,045,000

Jefferson (County of), AL; Series 2013 C, Wts.1

0.000 3

10/01/2046

19,963,617

17,500,000

Jefferson (County of), AL; Series 2013 C, Wts.1

0.000 3

10/01/2050

17,387,300

51,500,000

Jefferson (County of), AL; Series 2013 D, Wts.1

6.500

10/01/2053

62,488,040

25,000,000

Jefferson (County of), AL; Series 2013 D, Wts.1

7.000

10/01/2051

30,796,250

21,895,000

Jefferson (County of), AL; Series 2013 F, Revenue

 

 

 

 

Wts.1

0.000 3

10/01/2039

21,846,393

30,000,000

Jefferson (County of), AL; Series 2013 F, Revenue

 

 

 

 

Wts.1

0.000 3

10/01/2046

29,793,300

44,050,000

Jefferson (County of), AL; Series 2013 F, Revenue

 

 

 

 

Wts.1

0.000 3

10/01/2050

43,642,097

8,000,000

Lower Alabama Gas District (The); Series 2016

 

 

 

 

A, RB1

5.000

09/01/2046

12,118,560

500,000

Mobile (City of), AL Improvement District

 

 

 

 

(McGowin Park); Series 2016 A, RB1

5.250

08/01/2030

542,370

1,300,000

Mobile (City of), AL Improvement District

 

 

 

 

(McGowin Park); Series 2016 A, RB1

5.500

08/01/2035

1,410,487

13 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Alabama (Continued)

 

 

 

 

$13,365,000

Tuscaloosa (County of), AL Industrial

 

 

 

 

 

Development Authority (Hunt Refining); Series

 

 

 

 

 

2019 A, Ref. IDR

5.250%

05/01/2044 $

15,970,373

 

 

 

 

 

357,465,662

 

 

 

 

 

 

Alaska—0.1%

 

 

 

 

 

1,650,000

Alaska (State of) Industrial Development & Export

 

 

 

 

 

Authority (Boys & Girls Home & Family Services,

 

 

 

 

 

Inc.); Series 2007 C, RB4

5.875

12/01/2027

 

82,500

500,000

Alaska (State of) Industrial Development & Export

 

 

 

 

 

Authority (Boys & Girls Home & Family Services,

 

 

 

 

 

Inc.); Series 2007 C, RB4

6.000

12/01/2036

 

25,000

1,755,000

Alaska (State of) Municipal Bond Bank Authority;

 

 

 

 

 

Series 2016 4, Ref. RB1

5.000

12/01/2030

 

2,127,078

1,365,000

Alaska (State of) Municipal Bond Bank Authority;

 

 

 

 

 

Series 2016 4, Ref. RB1

5.000

12/01/2031

 

1,651,295

1,960,000

Alaska (State of) Municipal Bond Bank Authority;

 

 

 

 

 

Series 2016 4, Ref. RB1

5.000

12/01/2032

 

2,366,916

2,055,000

Alaska (State of) Municipal Bond Bank Authority;

 

 

 

 

 

Series 2016 4, Ref. RB1

5.000

12/01/2033

 

2,477,446

 

 

 

 

 

8,730,235

 

 

 

 

 

Arizona—2.1%

 

 

 

 

1,165,000

Arizona (State of) Industrial Development

 

 

 

 

 

Authority (Academies of Math & Science); Series

 

 

 

 

 

2018 B, RB1

5.500

07/01/2038

 

1,363,947

2,250,000

Arizona (State of) Industrial Development

 

 

 

 

 

Authority (Academies of Math & Science); Series

 

 

 

 

 

2018 B, RB1

5.625

07/01/2048

 

2,621,160

3,500,000

Arizona (State of) Industrial Development

 

 

 

 

 

Authority (Academies of Math & Science); Series

 

 

 

 

 

2018 B, RB1

5.750

07/01/2053

 

4,080,685

2,515,000

Arizona (State of) Industrial Development

 

 

 

 

 

Authority (ACCEL Schools); Series 2018 A, RB1

5.125

08/01/2038

 

2,783,426

3,945,000

Arizona (State of) Industrial Development

 

 

 

 

 

Authority (ACCEL Schools); Series 2018 A, RB1

5.250

08/01/2048

 

4,347,429

580,000

Arizona (State of) Industrial Development

 

 

 

 

 

Authority (Franklin Phonetic Charter School);

 

 

 

 

 

Series 2017, Ref. RB1

5.500

07/01/2037

 

621,806

680,000

Arizona (State of) Industrial Development

 

 

 

 

 

Authority (Franklin Phonetic Charter School);

 

 

 

 

 

Series 2017, Ref. RB1

5.750

07/01/2047

 

732,510

645,000

Arizona (State of) Industrial Development

 

 

 

 

 

Authority (Franklin Phonetic Charter School);

 

 

 

 

 

Series 2017, Ref. RB1

5.875

07/01/2052

 

695,620

3,000,000

Arizona (State of) Industrial Development

 

 

 

 

 

Authority (Leman Academy of Excellence - Parker

 

 

 

 

 

Colorado Campus); Series 2019, RB

5.000

07/01/2054

 

3,138,360

14 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Arizona (Continued)

 

 

 

$1,415,000

Arizona (State of) Industrial Development

 

 

 

 

Authority (Mater Academy of Nevada Mountain

 

 

 

 

Vista Campus Project); Series 2018 A, RB1

5.250%

12/15/2038 $

1,608,105

2,260,000

Arizona (State of) Industrial Development

 

 

 

 

Authority (Mater Academy of Nevada Mountain

 

 

 

 

Vista Campus Project); Series 2018 A, RB1

5.500

12/15/2048

2,573,100

2,250,000

Arizona (State of) Industrial Development

 

 

 

 

Authority (Provident Group - NCCU Properties

 

 

 

 

LLC); Series 2019 A, RB1

5.000

06/01/2049

2,764,755

1,930,000

Arizona (State of) Industrial Development

 

 

 

 

Authority (Provident Group - NCCU Properties

 

 

 

 

LLC); Series 2019 A, RB1

5.000

06/01/2058

2,342,962

445,000

Cadence Community Facilities District

 

 

 

 

(Assessment District No. 1); Series 2019, RB1

4.500

07/01/2043

472,848

10,000,000

City of Phoenix Civic Improvement Corp.; Series

 

 

 

 

2018, RB1

5.000

07/01/2048

12,300,700

8,000,000

City of Phoenix Civic Improvement Corp.; Series

 

 

 

 

2019 B, RB1

5.000

07/01/2049

9,996,160

1,030,000

East San Luis (City of), AZ Community Facilities

 

 

 

 

District (Assessment Area One); Series 2007, RB4,5

6.375

01/01/2028

1,030,124

140,000

East San Luis (City of), AZ Community Facilities

 

 

 

 

District (Assessment Area One); Series 2009, Ref.

 

 

 

 

RB4,5

8.500

01/01/2028

91,000

1,000,000

Glendale (City of), AZ Industrial Development

 

 

 

 

Authority (Midwestern University); Series 2010,

 

 

 

 

RB1

5.125

05/15/2040

1,008,670

3,100,000

Glendale (City of), AZ Industrial Development

 

 

 

 

Authority (The Beatitudes Campus); Series 2017,

 

 

 

 

Ref. RB

5.000

11/15/2045

3,366,011

500,000

La Paz (County of), AZ Industrial Development

 

 

 

 

Authority (Charter School Solutions- Harmony

 

 

 

 

Public Schools); Series 2018 A, RB1

5.000

02/15/2038

593,490

1,200,000

La Paz (County of), AZ Industrial Development

 

 

 

 

Authority (Charter School Solutions- Harmony

 

 

 

 

Public Schools); Series 2018 A, RB1

5.000

02/15/2048

1,400,712

11,475,000

Maricopa County Industrial Development

 

 

 

 

Authority (Christian Care Surprise, Inc.); Series

 

 

 

 

2016, RB

6.000

01/01/2048

12,414,343

220,000

Maricopa County Industrial Development

 

 

 

 

Authority (GreatHearts Arizona); Series 2017 C,

 

 

 

 

RB1

5.000

07/01/2037

268,772

405,000

Maricopa County Industrial Development

 

 

 

 

Authority (GreatHearts Arizona); Series 2017 C,

 

 

 

 

RB1

5.000

07/01/2048

485,951

1,870,000

Maricopa County Industrial Development

 

 

 

 

Authority (Immanuel Campus of Care); Series

 

 

 

 

2006 B, Ref. RB4,5

8.500

04/20/2041

1,290,300

187,000

Merrill Ranch Community Facilities District No. 1

 

 

 

 

(Assessment Area One); Series 2006, RB1

5.250

07/01/2024

187,359

15 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Arizona (Continued)

 

 

 

$166,000

Merrill Ranch Community Facilities District No. 2

 

 

 

 

(Assessment Area One); Series 2006, RB1

5.250%

07/01/2024 $

166,319

409,000

Merrill Ranch Community Facilities District No. 2

 

 

 

 

(Assessment Area One); Series 2006, RB1

5.300

07/01/2030

409,728

810,000

Merrill Ranch Community Facilities District No. 2;

 

 

 

 

Series 2016, GO Bonds1

5.250

07/15/2040

948,883

420,000

Parkway Community Facilities District; Series

 

 

 

 

2006, GO Bonds

5.300

07/15/2025

409,458

350,000

Parkway Community Facilities District; Series

 

 

 

 

2006, GO Bonds

5.350

07/15/2031

332,510

1,000,000

Phoenix (City of), AZ Industrial Development

 

 

 

 

Authority (Downtown Phoenix Student Housing,

 

 

 

 

LLC- Arizona State University); Series 2018 A,

 

 

 

 

Ref. RB1

5.000

07/01/2042

1,212,940

1,725,000

Phoenix (City of), AZ Industrial Development

 

 

 

 

Authority (Espiritu Community Development

 

 

 

 

Corp. Charter School); Series 2006 A, RB

6.250

07/01/2036

1,726,725

4,135,000

Phoenix (City of), AZ Industrial Development

 

 

 

 

Authority (Freedom Academy, Inc.); Series 2016,

 

 

 

 

RB1

5.500

07/01/2046

4,703,604

2,770,000

Phoenix (City of), AZ Industrial Development

 

 

 

 

Authority (Gourmet Boutique West LLC); Series

 

 

 

 

2007 B, IDR

5.875

11/01/2037

2,434,636

595,000

Phoenix (City of), AZ Industrial Development

 

 

 

 

Authority (Leman Academy of Excellence - Oro

 

 

 

 

Valley); Series 2019 A, RB

5.000

07/01/2049

615,646

530,000

Phoenix (City of), AZ Industrial Development

 

 

 

 

Authority (Leman Academy of Excellence - Oro

 

 

 

 

Valley); Series 2019 A, RB

5.000

07/01/2054

547,787

1,185,000

Phoenix (City of), AZ Industrial Development

 

 

 

 

Authority (Vista College Preparatory); Series 2018

 

 

 

 

A, RB1

5.000

07/01/2048

1,440,391

2,250,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (American Leadership Academy); Series

 

 

 

 

2015, Ref. RB1

5.625

06/15/2045

2,523,623

2,970,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (American Leadership Academy); Series

 

 

 

 

2017, RB1

5.000

06/15/2052

3,087,345

4,335,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (Arizona Charter Schools Refunding);

 

 

 

 

Series 2013 Q, Ref. RB1

5.375

07/01/2031

4,512,778

1,550,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (Christian Care Tuscon, Inc.); Series

 

 

 

 

2017 A, Ref. RB1

5.000

06/15/2037

1,820,227

2,830,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (Christian Care Tuscon, Inc.); Series

 

 

 

 

2017 C, RB1

5.000

12/15/2047

3,285,885

2,400,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (Excalibur Charter School (The)); Series

 

 

 

 

2016, Ref. RB

5.500

09/01/2046

2,575,728

16 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Arizona (Continued)

 

 

 

$5,530,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (Milestones Charter School Refunding);

 

 

 

 

Series 2017 A, Ref. RB

6.500%

11/01/2047 $

5,836,086

2,955,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (New Plan Learning, Inc.); Series 2011

 

 

 

 

A, RB

8.125

07/01/2041

2,958,842

5,730,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (P.L.C. Charter Schools); Series 2012,

 

 

 

 

RB1

7.500

04/01/2041

6,507,962

3,315,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (P.L.C. Charter Schools); Series 2016,

 

 

 

 

Ref. RB1

6.000

12/01/2036

3,643,682

6,310,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (P.L.C. Charter Schools); Series 2016,

 

 

 

 

Ref. RB1

6.000

12/01/2046

6,828,177

1,025,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (Paideia Academies (The)); Series 2015,

 

 

 

 

RB1

6.000

07/01/2035

1,108,127

3,310,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (Paideia Academies (The)); Series 2015,

 

 

 

 

RB1

6.125

07/01/2045

3,575,065

650,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (Paideia Academies (The)); Series 2019,

 

 

 

 

RB1

5.125

07/01/2039

670,566

810,000

Pima (County of), AZ Industrial Development

 

 

 

 

Authority (Paideia Academies (The)); Series 2019,

 

 

 

 

RB1

5.250

07/01/2049

836,503

500,000

Pinal (County of), AZ Industrial Development

 

 

 

 

Authority (San Manuel Facility); Series 2006, RB1

6.250

06/01/2026

530,655

20,000,000

Pinal (County of), AZ Industrial Development

 

 

 

 

Authority (WOF SW GGP 1 LLC); Series 2018, RB

7.250

10/01/2033

20,265,400

220,000

Show Low Bluff Community Facilities District

 

 

 

 

(Assessment Area One); Series 2007, RB

5.600

07/01/2031

217,622

1,022,000

Southside Community Facilities District No. 1;

 

 

 

 

Series 2008, RB

7.250

07/01/2032

634,590

695,000

Tempe (City of), AZ Industrial Development

 

 

 

 

Authority (Friendship Village of Tempe); Series

 

 

 

 

2012 A, Ref. RB1

6.000

12/01/2032

740,418

1,550,000

Tempe (City of), AZ Industrial Development

 

 

 

 

Authority (Friendship Village); Series 2012 A,

 

 

 

 

Ref. RB1

6.250

12/01/2042

1,650,735

1,010,000

Tempe (City of), AZ Industrial Development

 

 

 

 

Authority (Mirabella at ASU); Series 2017 A, RB

6.000

10/01/2037

1,207,940

2,360,000

Tempe (City of), AZ Industrial Development

 

 

 

 

Authority (Mirabella at ASU); Series 2017 A, RB

6.125

10/01/2052

2,795,019

1,800,000

Verrado Community Facilities District No. 1; Series

 

 

 

 

2013 A, Ref. GO Bonds1

6.000

07/15/2027

1,961,370

675,000

Verrado Community Facilities District No. 1; Series

 

 

 

 

2013 B, GO Bonds1

5.700

07/15/2029

727,083

17 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Arizona (Continued)

 

 

 

 

$610,000

Verrado Community Facilities District No. 1; Series

 

 

 

 

 

2013 B, GO Bonds1

6.000%

07/15/2033 $

658,410

3,398,000

Watson Road Community Facilities District; Series

 

 

 

 

 

2005, RB

6.000

07/01/2030

 

3,397,966

 

 

 

 

 

174,086,736

 

 

 

 

 

Arkansas—0.0%

 

 

 

 

5,045,000

Cave Springs Municipal Property Owners'

 

 

 

 

 

Improvement District No. 3; Series 2007, GO

 

 

 

 

 

Bonds4,5

6.250

02/01/2038

 

3,682,850

 

 

 

 

 

California—11.9%

 

 

 

 

7,300,000

Alameda (County of), CA Corridor Transportation

 

 

 

 

 

Authority; Series 2016 B, Ref. RB1

5.000

10/01/2034

 

8,984,548

175,000

Blythe (City of), CA Redevelopment Agency

 

 

 

 

 

Successor Agency (Project No. 1); Series 2000

 

 

 

 

 

A, RB1

6.200

05/01/2031

 

175,283

10,000,000

CA Infrastructure and Economic Devel. (Sanford

 

 

 

 

 

Consortium)2

5.000

05/15/2040

 

10,088,950

31,530,000

CA Infrastructure and Economic Devel. (University

 

 

 

 

 

of California)2

5.000

05/15/2052

 

39,747,422

2,500,000

Calexico (City of), CA Community Redevelopment

 

 

 

 

 

Agency Successor Agency (Merged Central

 

 

 

 

 

Business District & Residential Redevelopment

 

 

 

 

 

Project Area); Series 2011, RB1

7.250

08/01/2033

 

2,728,400

212,950,000

California (County of), CA Tobacco Securitization

 

 

 

 

 

Agency (Alameda County Tobacco Asset

 

 

 

 

 

Securitization Corp.); Series 2006 C, RB

6.341 6

06/01/2055

 

15,313,234

6,620,000

California (County of), CA Tobacco Securitization

 

 

 

 

 

Agency (Gold Country Settlement Funding Corp.);

 

 

 

 

 

Series 2006, RB

8.145 6

06/01/2033

 

3,120,006

18,030,000

California (County of), CA Tobacco Securitization

 

 

 

 

 

Agency (Los Angeles County Securitization Corp.);

 

 

 

 

 

Series 2006, RB1

5.700 3

06/01/2046

 

18,278,093

19,120,000

California (State of) County Tobacco

 

 

 

 

 

Securitization Agency (Alameda County Tobacco

 

 

 

 

 

Asset Securitization Corp.); Series 2002, RB1

6.000

06/01/2042

 

19,304,890

7,145,000

California (State of) County Tobacco

 

 

 

 

 

Securitization Agency (Stanislaus County Tobacco

 

 

 

 

 

Funding Corp.); Series 2002 A, RB1

5.875

06/01/2043

 

7,244,673

520,920,000

California (State of) County Tobacco

 

 

 

 

 

Securitization Agency; Series 2006 A, RB

5.559 6

06/01/2050

 

82,195,967

107,400,000

California (State of) County Tobacco

 

 

 

 

 

Securitization Agency; Series 2006 B, RB

5.502 6

06/01/2050

 

14,634,324

9,125,000

California (State of) Enterprise Development

 

 

 

 

 

Authority (Sunpower Corp. - Headquarters);

 

 

 

 

 

Series 2010, RB

8.500

04/01/2031

 

9,470,107

602,872

California (State of) Housing Finance Agency;

 

 

 

 

 

Series 2019 A-1, RB

4.250

01/15/2035

 

756,724

18 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$10,800,000

California (State of) Municipal Finance Authority

 

 

 

 

(LINXS APM); Series 2018 A, RB1

5.000%

12/31/2043 $

13,253,652

2,750,000

California (State of) Municipal Finance Authority

 

 

 

 

(LINXS APM); Series 2018 A, RB1

5.000

12/31/2047

3,358,327

2,575,000

California (State of) Municipal Finance Authority

 

 

 

 

(LINXS APM); Series 2018 B, RB1

5.000

06/01/2048

3,138,204

3,000,000

California (State of) Pollution Control Financing

 

 

 

 

Authority (Aemerge Redpak Services Southern

 

 

 

 

California, LLC); Series 2017, RB4

8.000

12/01/2027

900,000

6,075,000

California (State of) Pollution Control Financing

 

 

 

 

Authority (CalPlant I); Series 2017, RB

7.500

07/01/2032

5,920,816

14,995,000

California (State of) Pollution Control Financing

 

 

 

 

Authority (CalPlant I); Series 2017, RB

8.000

07/01/2039

14,967,259

4,330,000

California (State of) School Finance Authority

 

 

 

 

(Escuela Popular); Series 2017, RB

6.500

07/01/2050

4,641,760

5,945,000

California (State of) School Finance Authority

 

 

 

 

(Grimmway Schools); Series 2016 A, RB1

5.250

07/01/2051

6,780,332

385,000

California (State of) School Finance Authority

 

 

 

 

(Kepler Neighborhood School); Series 2017 A, RB

5.000

05/01/2027

407,122

900,000

California (State of) School Finance Authority

 

 

 

 

(Kepler Neighborhood School); Series 2017 A, RB

5.750

05/01/2037

980,802

1,230,000

California (State of) School Finance Authority

 

 

 

 

(Kepler Neighborhood School); Series 2017 A, RB

5.875

05/01/2047

1,328,572

595,000

California (State of) School Finance Authority

 

 

 

 

(Rocketship Education); Series 2017 A, RB

5.125

06/01/2047

655,797

665,000

California (State of) School Finance Authority

 

 

 

 

(Rocketship Education); Series 2017 A, RB

5.250

06/01/2052

733,655

4,020,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Guidance Charter

 

 

 

 

School); Series 2017 A, RB4,5

6.500

07/01/2037

1,567,800

14,690,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Guidance Charter

 

 

 

 

School); Series 2017 A, RB4,5

6.750

07/01/2052

5,729,100

1,450,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (NCCD—Hooper Street

 

 

 

 

LLC—California College of the Arts); Series 2019,

 

 

 

 

RB1

5.250

07/01/2052

1,721,469

7,645,000

California (State of) Statewide Communities

 

 

 

 

Development Authority (Yucaipa Valley Water

 

 

 

 

Reservoir); Series 2014, RB

6.000

09/02/2044

8,066,775

10,000

California (State of) Statewide Communities

 

 

 

 

Development Authority; Series 2003, RB1

6.750

09/01/2037

10,015

100,000

California (State of) Statewide Finance Authority

 

 

 

 

(Pooled Tobacco Securitization); Series 2002, RB1

6.000

05/01/2043

100,611

4,515,000

California (State of) Statewide Financing

 

 

 

 

Authority; Series 2002 A, RB1

6.000

05/01/2037

4,547,192

1,120,000

California (State of) Statewide Financing

 

 

 

 

Authority; Series 2002 B, RB1

6.000

05/01/2043

1,126,843

2,160,000

California (State of); Series 2016, Ref. GO Bonds1

5.000

09/01/2031

2,714,429

19 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$16,780,000

California (State of); Series 2017, Ref. GO Bonds1

4.000%

11/01/2033 $

20,274,435

24,160,000

California (State of); Series 2017, Ref. GO Bonds1

4.000

11/01/2034

29,142,275

20,000,000

California (State of); Series 2017, Ref. GO Bonds1

4.000

11/01/2035

24,078,000

3,740,000

California (State of); Series 2017, Ref. GO Bonds1

5.000

08/01/2030

4,832,529

15,000,000

California (State of); Series 2019, GO Bonds1

4.000

10/01/2044

18,231,150

3,200,000

California (State of); Series 2019, GO Bonds1

5.000

04/01/2049

4,159,488

2,775,000

California County Tobacco Securitization Agency

 

 

 

 

(Alameda County Tobacco Asset Securitization

 

 

 

 

Corp.); Series 2002, RB1

5.875

06/01/2035

2,803,222

5,000,000

California County Tobacco Securitization Agency

 

 

 

 

(Fresno County Tobacco Funding Corp.); Series

 

 

 

 

2002, RB1

6.125

06/01/2038

5,003,100

127,310,000

California County Tobacco Securitization Agency

 

 

 

 

(Fresno County Tobacco Funding Corp.); Series

 

 

 

 

2006 A, RB

5.307 6

06/01/2046

23,764,958

33,920,000

California County Tobacco Securitization Agency

 

 

 

 

(Fresno County Tobacco Funding Corp.); Series

 

 

 

 

2006 B, RB

6.647 6

06/01/2046

6,093,389

215,100,000

California County Tobacco Securitization Agency

 

 

 

 

(Fresno County Tobacco Funding Corp.); Series

 

 

 

 

2006 C, RB

6.998 6

06/01/2055

17,780,166

7,000,000

California County Tobacco Securitization Agency

 

 

 

 

(Gold Country Funding Corp.); Series 2006, RB

5.250

06/01/2046

7,003,290

18,500,000

California County Tobacco Securitization Agency

 

 

 

 

(Los Angeles County Securitization Corp.); Series

 

 

 

 

2006 A, RB1

5.650 3

06/01/2041

18,754,560

25,920,000

California State University; Series 2017 A, Ref.

 

 

 

 

RB1

5.000

11/01/2047

32,460,394

1,215,000

Desert Hot Springs (City of), CA Redevelopment

 

 

 

 

Agency Successor Agency; Series 2017, Ref. RB1

5.000

09/01/2030

1,537,109

18,275,000

Fremont, CA Union High School District2

4.000

08/01/2043

20,036,369

7,780,000

Fresno Unified School District; Series 2016 B, Ref.

 

 

 

 

GO Bonds

4.319 6

08/01/2042

3,773,144

4,320,000

Garden Grove Unified School District (Election of

 

 

 

 

2016); Series 2019, GO Bonds1

4.000

08/01/2045

5,046,797

9,625,000

Garden Grove Unified School District (Election of

 

 

 

 

2016); Series 2019, GO Bonds1

4.000

08/01/2048

11,211,585

25,350,000

Golden State Tobacco Securitization Corp.; Series

 

 

 

 

2007 A-2, RB1

5.300 3

06/01/2037

27,106,502

555,000

Golden State Tobacco Securitization Corp.; Series

 

 

 

 

2017 A-1, Ref. RB1

5.000

06/01/2029

702,430

1,835,000

Independent Cities Finance Authority

 

 

 

 

(Lamplighter Salinas Mobilehome Park); Series

 

 

 

 

2010 A, RB1

6.250

07/15/2050

1,865,278

1,140,000

Lathrop (City of), CA (Community Facilities

 

 

 

 

District No. 03-2); Series 2003, RB1

7.000

09/01/2033

1,144,172

4,000,000

Long Beach (City of), CA; Series 2017 B, RB1

5.000

05/15/2043

4,884,080

1,625,000

Los Angeles (City of), CA (Community Facilities

 

 

 

 

District No. 8); Series 2010, RB1

5.750

09/01/2040

1,655,160

20 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

$1,000,000

Los Angeles (City of), CA Department of Airports

 

 

 

 

(Los Angeles International Airport); Series 2018

 

 

 

 

A, RB1

5.000%

05/15/2035 $

1,276,940

1,385,000

Los Angeles (City of), CA Department of Airports

 

 

 

 

(Los Angeles International Airport); Series 2018

 

 

 

 

A, RB1

5.000

05/15/2036

1,764,809

1,500,000

Los Angeles (City of), CA Department of Airports;

 

 

 

 

Series 2016 A, RB1

5.000

05/15/2033

1,832,610

10,000,000

Los Angeles (City of), CA Department of Water &

 

 

 

 

Power; Series 2017 A, RB1

5.000

07/01/2047

12,392,100

20,000,000

Los Angeles (City of), CA Department of Water &

 

 

 

 

Power; Series 2019 A, RB1

5.250

07/01/2049

26,280,800

13,345,000

Los Angeles County Facilities, Inc. (Vermont

 

 

 

 

Corridor County Administration Building); Series

 

 

 

 

2018 A, RB1

5.000

12/01/2043

16,973,105

7,875,000

Los Angeles County Facilities, Inc. (Vermont

 

 

 

 

Corridor County Administration Building); Series

 

 

 

 

2018 A, RB1

5.000

12/01/2051

9,889,425

25,000,000

Los Angeles, CA Dept. of Airports (Los Angeles

 

 

 

 

International Airport)2

5.000

05/15/2043

31,863,375

55,750,000

Los Angeles, CA Dept. of Airports (Los Angeles

 

 

 

 

International Airport)2

5.000

05/15/2044

68,925,809

255,000

Maywood (City of), CA Public Financing Authority

 

 

 

 

(Infrastructure Refinancing); Series 2008 A, Ref.

 

 

 

 

RB1

7.000

09/01/2038

255,492

4,500,000

Morongo Band of Mission Indians (The); Series

 

 

 

 

2018 A, RB1

5.000

10/01/2042

5,398,200

10,200,000

Northern California Tobacco Securitization

 

 

 

 

Authority; Series 2005 A-1, RB1

5.375

06/01/2038

10,312,506

45,000

Placer (County of), CA (Placer Corporate Center

 

 

 

 

Assessment District No. 1); Series 2000, RB1

6.500

09/02/2030

45,436

6,580,000

Regional Airports Improvement Corp. (Los

 

 

 

 

Angeles International Airport - Continental

 

 

 

 

Airlines, Inc. Cargo Facilities); Series 1994, RB1

9.250

08/01/2024

6,620,928

3,975,000

Rialto (City of), CA Redevelopment Agency

 

 

 

 

Successor Agency; Series 2018, Ref. RB1

5.000

09/01/2037

5,110,061

1,750,000

Riverside (County of), CA Redevelopment

 

 

 

 

Successor Agency; Series 2011 A, RB1

7.125

10/01/2042

1,925,228

27,015,000

Riverside County, CA Transportation Commission2

4.000

06/01/2036

32,368,473

10,000,000

Sacramento (City of), CA (Convention Center

 

 

 

 

Complex); Series 2018 A, RB1

5.000

06/01/2048

12,392,200

2,000,000

San Buenaventura (City of), CA (Community

 

 

 

 

Memorial Health System); Series 2011, RB1

8.000

12/01/2031

2,213,560

4,700,000

San Francisco (City & County of), CA Airport

 

 

 

 

Commission (San Francisco International Airport);

 

 

 

 

Series 2018 D, RB1

5.000

05/01/2048

5,838,481

10,000,000

San Francisco (City & County of), CA Airport

 

 

 

 

Commission (San Francisco International Airport);

 

 

 

 

Series 2019 A, RB1

5.000

05/01/2044

12,720,800

21 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

California (Continued)

 

 

 

 

$13,000,000

San Francisco (City & County of), CA Airport

 

 

 

 

 

Commission (San Francisco International Airport);

 

 

 

 

 

Series 2019 A, RB1

5.000%

05/01/2049 $

16,432,000

750,000

San Francisco (City & County of), CA

 

 

 

 

 

Redevelopment Financing Authority (Mission Bay

 

 

 

 

 

North Redevelopment); Series 2011 C, RB1

6.750

08/01/2041

 

791,558

1,000,000

San Francisco (City & County of), CA

 

 

 

 

 

Redevelopment Financing Authority (Mission Bay

 

 

 

 

 

South Redevelopment); Series 2011 D, RB1

7.000

08/01/2041

 

1,057,300

6,000,000

Santa Clara (City of), CA Redevelopment Agency;

 

 

 

 

 

Series 2011, RB1

5.750

06/01/2026

 

6,388,680

15,920,000

Santa Clara County, CA GO2

4.000

08/01/2040

 

17,031,972

58,990,000

Silicon Valley Tobacco Securitization Authority

 

 

 

 

 

(Santa Clara); Series 2007 A, RB

8.898 6

06/01/2047

 

12,759,537

60,785,000

Silicon Valley Tobacco Securitization Authority

 

 

 

 

 

(Santa Clara); Series 2007 A, RB

8.995 6

06/01/2036

 

24,690,259

13,505,000

Silicon Valley Tobacco Securitization Authority;

 

 

 

 

 

Series 2007 B, RB

8.998 6

06/01/2047

 

2,807,284

61,600,000

Silicon Valley Tobacco Securitization Authority;

 

 

 

 

 

Series 2007 C, RB

8.146 6

06/01/2056

 

6,504,960

12,115,000

Stockton Unified School District; Series 2011 D,

 

 

 

 

 

GO Bonds

5.918 6

08/01/2038

 

8,207,549

14,735,000

Stockton Unified School District; Series 2011 D,

 

 

 

 

 

GO Bonds

5.948 6

08/01/2041

 

9,088,106

17,145,000

Stockton Unified School District; Series 2011 D,

 

 

 

 

 

GO Bonds

5.948 6

08/01/2043

 

9,902,266

6,245,000

Stockton Unified School District; Series 2011 D,

 

 

 

 

 

GO Bonds

5.997 6

08/01/2037

 

4,359,072

3,500,000

West Hollywood (City of), CA Community

 

 

 

 

 

Development Department (East Side

 

 

 

 

 

Redevelopment); Series 2011 A, RB1

7.500

09/01/2042

 

3,864,140

 

 

 

 

 

998,321,756

 

 

 

 

 

Colorado—4.6%

 

 

 

 

1,075,000

Amber Creak Metropolitan District; Series 2017

 

 

 

 

 

A, Ref. GO Bonds

5.125

12/01/2047

 

1,138,769

515,000

Amber Creak Metropolitan District; Series 2017

 

 

 

 

 

B, GO Bonds

7.750

12/15/2047

 

542,516

1,240,000

Arista Metropolitan District; Series 2018 A, Ref.

 

 

 

 

 

GO Bonds

5.000

12/01/2038

 

1,363,244

3,500,000

Arista Metropolitan District; Series 2018 A, Ref.

 

 

 

 

 

GO Bonds

5.125

12/01/2048

 

3,826,410

3,260,000

Banning Lewis Ranch Metropolitan District No. 4;

 

 

 

 

 

Series 2018 A, GO Bonds

5.750

12/01/2048

 

3,512,128

2,195,000

Banning Lewis Ranch Metropolitan District No. 5;

 

 

 

 

 

Series 2018 A, GO Bonds

5.750

12/01/2048

 

2,364,761

500,000

Banning Lewis Ranch Metropolitan District No. 5;

 

 

 

 

 

Series 2018 B, GO Bonds

8.000

12/15/2048

 

536,240

22 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Colorado (Continued)

 

 

 

$3,100,000

Base Village Metropolitan District No. 2; Series

 

 

 

 

2016 A, Ref. GO Bonds1

5.750%

12/01/2046 $

3,301,655

3,000,000

Berthoud-Heritage Metropolitan District No. 1;

 

 

 

 

Series 2019, RB

5.625

12/01/2048

3,255,810

500,000

Blue Lake Metropolitan District No. 2; Series

 

 

 

 

2016 B, GO Bonds

8.000

12/15/2046

526,380

1,750,000

Blue Lake Metropolitan District No. 3; Series

 

 

 

 

2018 A, GO Bonds1

5.250

12/01/2048

1,812,107

551,000

BNC Metropolitan District No. 1; Series 2017 B,

 

 

 

 

GO Bonds

7.375

12/15/2047

583,327

670,000

Brighton Crossing Metropolitan District No. 4;

 

 

 

 

Series 2017 B, GO Bonds

7.000

12/15/2047

705,818

1,750,000

Broadway Station Metropolitan District No. 3;

 

 

 

 

Series 2019, GO Bonds

5.000

12/01/2049

1,882,002

1,000,000

Bromley Park Metropolitan District No. 2; Series

 

 

 

 

2018 B, Ref. GO Bonds

6.375

12/15/2047

1,066,760

1,919,000

Broomfield (City and County of), CO Midcities

 

 

 

 

Metropolitan District No. 2; Series 2016 B, Ref.

 

 

 

 

GO Bonds

7.750

12/15/2046

2,008,003

2,734,000

Buffalo Ridge Metropolitan District; Series 2018

 

 

 

 

B, GO Bonds

7.375

12/15/2047

2,918,955

4,500,000

Canyons Metropolitan District No. 5; Series 2017

 

 

 

 

A, Ref. GO Bonds

6.125

12/01/2047

4,831,470

2,000,000

Canyons Metropolitan District No. 6; Series 2017

 

 

 

 

A, Ref. GO Bonds

6.125

12/01/2047

2,111,900

1,345,000

Cherrylane Metropolitan District; Series 2018 A,

 

 

 

 

GO Bonds1

5.250

12/01/2047

1,443,010

574,000

Cherrylane Metropolitan District; Series 2018 B,

 

 

 

 

GO Bonds

7.375

12/15/2047

613,032

500,000

Clear Creek Station Metropolitan District No. 2;

 

 

 

 

Series 2017 B, GO Bonds

7.375

12/15/2047

530,385

14,350,000

CO Health Facilities Authority (Sisters of Charity

 

 

 

 

of Leavenworth Health System)2

5.000

01/01/2044

16,145,831

1,500,000

Colliers Hill Metropolitan District No. 1; Series

 

 

 

 

2019 B, Ref. GO Bonds

8.000

12/15/2048

1,548,480

6,000,000

Colorado (State of) Health Facilities Authority

 

 

 

 

(Adventhealth Obligated); Series 2019, Ref. VRD

 

 

 

 

RB1

4.000

11/15/2043

7,101,240

5,190,000

Colorado (State of) Health Facilities Authority

 

 

 

 

(CommonSpirit Health); Series 2019 A-2, RB1

5.000

08/01/2044

6,461,550

4,425,000

Colorado (State of) Health Facilities Authority

 

 

 

 

(Evangelical Lutheran Good Samaritan Society

 

 

 

 

(The)); Series 2017, Ref. RB1

5.000

06/01/2047

5,705,329

1,030,000

Colorado (State of) Health Facilities Authority

 

 

 

 

(Volunteers of America Care); Series 2007 A, RB

5.300

07/01/2037

1,030,144

6,050,000

Colorado (State of) Health Facilities Authority;

 

 

 

 

Series 2019 A, Ref. RB1

4.000

01/01/2037

7,273,915

23 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Colorado (Continued)

 

 

 

$1,040,000

Colorado (State of) International Center

 

 

 

 

Metropolitan District No. 3; Series 2018 B, GO

 

 

 

 

Bonds

7.500%

12/15/2038 $

1,107,038

4,250,000

Copper Ridge Metropolitan District; Series 2019,

 

 

 

 

RB

5.000

12/01/2039

4,608,955

1,750,000

Copper Ridge Metropolitan District; Series 2019,

 

 

 

 

RB

5.000

12/01/2043

1,887,392

500,000

Copperleaf Metropolitan District No. 3; Series

 

 

 

 

2017 A, GO Bonds

5.000

12/01/2037

536,780

700,000

Copperleaf Metropolitan District No. 3; Series

 

 

 

 

2017 A, GO Bonds

5.125

12/01/2047

750,106

506,000

Copperleaf Metropolitan District No. 3; Series

 

 

 

 

2017 B, GO Bonds

7.625

12/15/2047

539,103

1,025,000

Country Club Highlands Metropolitan District;

 

 

 

 

Series 2007, GO Bonds5,7

7.250

12/01/2037

871,250

1,260,000

Creekside Village Metropolitan District; Series

 

 

 

 

2019 A, GO Bonds

5.000

12/01/2039

1,339,670

2,165,000

Creekside Village Metropolitan District; Series

 

 

 

 

2019 A, GO Bonds

5.000

12/01/2049

2,263,789

616,000

Creekside Village Metropolitan District; Series

 

 

 

 

2019, GO Bonds

7.750

12/15/2049

636,371

750,000

Cundall Farms Metropolitan District; Series 2017

 

 

 

 

B, GO Bonds

7.375

12/15/2047

787,440

792,000

Cundall Farms Metropolitan District; Series 2017

 

 

 

 

C, GO Bonds

12.000

12/15/2049

825,478

34,120,000

Denver (City & County of), CO; Series 2018 A,

 

 

 

 

Ref. RB1

5.000

12/01/2048

42,588,584

26,450,000

Denver (City & County of), CO; Series 2018 A,

 

 

 

 

Ref. RB1

5.250

12/01/2048

33,545,212

1,250,000

Denver Connection West Metropolitan District;

 

 

 

 

Series 2017 A, GO Bonds

5.375

08/01/2047

1,329,500

1,360,000

Denver Gateway Center Metropolitan District;

 

 

 

 

Series 2018 A, GO Bonds

5.500

12/01/2038

1,474,335

2,130,000

Denver Gateway Center Metropolitan District;

 

 

 

 

Series 2018 A, GO Bonds

5.625

12/01/2048

2,310,454

2,290,000

Denver International Business Center

 

 

 

 

Metropolitan District No 1; Series 2019 B, GO

 

 

 

 

Bonds

6.000

12/01/2048

2,471,368

1,285,000

Dinosaur Ridge Metropolitan District; Series 2019

 

 

 

 

A, Ref. RB

5.000

06/01/2049

1,355,122

1,687,000

Dublin North Metropolitan District No. 2; Series

 

 

 

 

2018 A, GO Bonds1

5.125

12/01/2047

1,800,198

4,475,000

Elbert (County of), CO & Highway 86 Commercial

 

 

 

 

Metropolitan District; Series 2008 A, RB5

7.500

12/01/2032

3,356,250

2,600,000

Elbert (County of), CO & Highway 86

 

 

 

 

Metropolitan District; Series 2016, Ref. GO

 

 

 

 

Bonds1

5.750

12/01/2046

3,025,568

2,000,000

Erie (Town of), CO Farm Metropolitan District;

 

 

 

 

Series 2016 A, GO Bonds

5.500

12/01/2045

2,110,300

24 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Colorado (Continued)

 

 

 

$600,000

Erie (Town of), CO Farm Metropolitan District;

 

 

 

 

Series 2016 B, GO Bonds

7.750%

12/15/2045 $

629,376

3,100,000

Erie Commons Metropolitan District No. 2; Series

 

 

 

 

2019 B, Ref. GO Bonds

6.950

12/15/2054

3,190,365

515,000

First Creek Village Metropolitan District; Series

 

 

 

 

2019 B, GO Bonds

6.750

08/01/2049

534,735

2,965,000

Flying Horse Metropolitan District No. 3; Series

 

 

 

 

2019, Ref. GO Bonds

6.000

12/01/2049

3,111,767

933,000

Forest Trace Metropolitan District No. 3; Series

 

 

 

 

2020 B, GO Bonds

7.875

12/15/2049

957,081

1,780,000

Fossil Ridge Metropolitan District No. 1; Series

 

 

 

 

2010, Ref. GO Bonds1

7.250

12/01/2040

1,824,019

920,000

Godding Hollow Metropolitan District (In The

 

 

 

 

Town of Frederick); Series 2018, GO Bonds

6.500

12/01/2034

988,135

925,000

Haskins Station Metropolitan District; Series 2019

 

 

 

 

A, GO Bonds

5.000

12/01/2049

974,062

928,000

Hawthorn Metropolitan District No. 2; Series

 

 

 

 

2017 C, GO Bonds

10.000

12/15/2051

968,628

1,825,000

Hunters Overlook Metropolitan District No. 5;

 

 

 

 

Series 2019 B, GO Bonds

8.500

12/15/2049

1,883,729

5,015,000

Hunting Hill Metropolitan District; Series 2018,

 

 

 

 

Ref. GO Bonds

5.625

12/01/2048

5,404,114

772,000

Iliff Commons Metropolitan District No. 3; Series

 

 

 

 

2016 A, GO Bonds1

6.000

12/01/2046

812,545

2,235,000

Interpark Metropolitan District; Series 2018, GO

 

 

 

 

Bonds

5.500

12/01/2048

2,378,241

1,365,000

Interquest South Business Improvement District;

 

 

 

 

Series 2017, GO Bonds1

5.000

12/01/2047

1,440,471

1,619,000

Lewis Pointe Metropolitan District; Series 2017,

 

 

 

 

GO Bonds

7.750

12/15/2047

1,635,125

500,000

Leyden Ranch Metropolitan District; Series 2017

 

 

 

 

B, GO Bonds

7.000

12/15/2047

531,775

600,000

Leyden Ranch Metropolitan District; Series 2017

 

 

 

 

C, GO Bonds

11.000

12/15/2050

612,864

1,195,000

Leyden Rock Metropolitan District No. 10; Series

 

 

 

 

2016 B, GO Bonds

7.250

12/15/2045

1,254,881

1,025,000

Leyden Rock Metropolitan District No. 10; Series

 

 

 

 

2017 C, Ref. GO Bonds

10.750

12/15/2049

1,065,693

1,140,000

Littleton Village Metropolitan District No. 2;

 

 

 

 

Series 2018, Ref. GO Bonds

7.625

12/15/2028

1,212,242

8,065,000

Millers Landing Business Improvement District;

 

 

 

 

Series 2018 A, RB

6.000

12/01/2048

8,606,484

2,185,000

Millers Landing Business Improvement District;

 

 

 

 

Series 2018 B, RB

8.000

12/01/2048

2,293,354

1,473,000

Mirabelle Metropolitan District No. 2; Series 2020

 

 

 

 

B, GO Bonds

7.375

12/15/2049

1,510,414

1,000,000

Mountain Shadows Metropolitan District; Series

 

 

 

 

2016, Ref. GO Bonds1

5.000

12/01/2046

1,071,480

25 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Colorado (Continued)

 

 

 

$980,000

Mountain Sky Metropolitan District; Series 2020

 

 

 

 

A, GO Bonds

5.000%

12/01/2049 $

1,033,449

1,760,000

North Holly Metropolitan District; Series 2018 A,

 

 

 

 

GO Bonds

5.500

12/01/2048

1,874,699

17,000,000

Painted Prairie Public Improvement Authority;

 

 

 

 

Series 2019, RB

5.000

12/01/2049

17,959,140

1,705,000

Penrith Park Metropolitan District; Series 2019

 

 

 

 

A, GO Bonds

5.000

12/01/2049

1,790,830

900,000

Penrith Park Metropolitan District; Series 2019 B,

 

 

 

 

GO Bonds

8.750

12/15/2049

925,614

1,590,000

Potomac Farms Metropolitan District; Series 2007

 

 

 

 

A, Ref. GO Bonds

7.250

12/01/2037

1,590,843

165,000

Potomac Farms Metropolitan District; Series 2007

 

 

 

 

B, Ref. GO Bonds

7.625 3

12/01/2023

165,134

2,290,000

Powhaton Road Metropolitan District No. 2;

 

 

 

 

Series 2019 A, GO Bonds

5.625

12/01/2048

2,456,048

2,290,000

Prairie Farm Metropolitan District; Series 2018 A,

 

 

 

 

GO Bonds

5.250

12/01/2048

2,475,261

1,270,000

Prairie Farm Metropolitan District; Series 2018 B,

 

 

 

 

GO Bonds

7.375

12/15/2048

1,355,916

2,595,000

Prairiestar Metropolitan District No. 2; Series

 

 

 

 

2016, GO Bonds

5.750

12/01/2046

2,758,952

12,585,000

PV-ERU Holding Trust, CO

7.9576

2/14/2039

2,642,850

2,285,000

Raindance Metropolitan District No. 2; Series

 

 

 

 

2019 B, GO Bonds

7.500

12/15/2049

2,355,904

4,340,000

Rendezvous Metropolitan District No. 4; Series

 

 

 

 

2018 A, GO Bonds

5.625

12/01/2048

4,649,355

2,000,000

Ritoro Metropolitan District; Series 2019 A, GO

 

 

 

 

Bonds

5.000

12/01/2049

2,110,420

1,060,000

Sabell Metropolitan District; Series 2020 A, GO

 

 

 

 

Bonds8

5.000

12/01/2050

1,124,056

605,000

Sabell Metropolitan District; Series 2020 B-3, GO

 

 

 

 

Bonds8

8.250

12/15/2050

605,666

6,195,000

Second Creek Farm Metropolitan District No. 3;

 

 

 

 

Series 2019 A, GO Bonds

5.000

12/01/2049

6,586,710

1,696,000

Second Creek Farm Metropolitan District No. 3;

 

 

 

 

Series 2019 B, GO Bonds

7.625

12/15/2049

1,752,884

1,200,000

Sheridan Station West Metropolitan District;

 

 

 

 

Series 2017, GO Bonds

6.000

12/01/2047

1,266,204

880,000

Sky Ranch Community Authority Board; Series

 

 

 

 

2019 B, RB

7.625

12/15/2049

909,242

2,835,000

Sky Ranch Community Authority Board; Series

 

 

 

 

2019, RB

5.000

12/01/2049

3,014,654

1,720,000

Sorrel Ranch Metropolitan District; Series 2006,

 

 

 

 

GO Bonds4,5

6.750

12/15/2036

481,600

2,815,000

South Aurora Regional Improvement Authority;

 

 

 

 

Series 2018, RB

6.250

12/01/2057

3,023,000

1,000,000

South Timnath Metropolitan District No. 1; Series

 

 

 

 

2019 A, GO Bonds

5.500

12/01/2048

1,072,290

26 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Colorado (Continued)

 

 

 

$2,208,000

South Timnath Metropolitan District No. 1; Series

 

 

 

 

2019 B, GO Bonds

8.000%

12/15/2048 $

2,354,457

810,000

Southglenn Metropolitan District; Series 2016,

 

 

 

 

Ref. GO Bonds1

5.000

12/01/2036

860,390

1,360,000

Spring Valley Metropolitan District No. 3; Series

 

 

 

 

2020 A, GO Bonds

5.000

12/01/2049

1,443,667

1,330,000

Spring Valley Metropolitan District No. 3; Series

 

 

 

 

2020 B, GO Bonds

8.500

12/15/2049

1,361,189

3,954,000

STC Metropolitan District No. 2; Series 2019 B,

 

 

 

 

GO Bonds

8.000

12/15/2049

4,095,000

2,000,000

Stone Creek Metropolitan District; Series 2018

 

 

 

 

A, GO Bonds

5.625

12/01/2047

2,136,000

600,000

Stone Creek Metropolitan District; Series 2018,

 

 

 

 

GO Bonds

7.875

12/15/2047

638,160

650,000

Tabernash Meadows Water & Sanitation District;

 

 

 

 

Series 2010, Ref. GO Bonds1

7.125

12/01/2034

665,178

569,000

Table Mountain Metropolitan District; Series

 

 

 

 

2016 B, GO Bonds

7.750

12/15/2045

601,700

7,550,000

Tailholt Metropolitan District No. 3; Series 2018

 

 

 

 

A, GO Bonds

6.000

12/01/2048

8,186,314

294,000

Tallyn's Reach Metropolitan District No. 3; Series

 

 

 

 

2013, Ref. GO Bonds1

5.000

12/01/2033

318,026

716,000

Tallyns Reach Metropolitan District No. 3; Series

 

 

 

 

2016 A, GO Bonds

6.750

11/01/2038

750,712

2,150,000

Talon Pointe Metropolitan District; Series 2019 A,

 

 

 

 

Ref. GO Bonds

5.250

12/01/2051

2,274,915

745,000

Thompson Crossing Metropolitan District No. 6;

 

 

 

 

Series 2015 A, GO Bonds1

6.000

12/01/2044

775,076

1,500,000

Timnath Ranch Metropolitan District No. 4; Series

 

 

 

 

2018 A, GO Bonds1

5.250

12/01/2037

1,601,670

1,900,000

Timnath Ranch Metropolitan District No. 4; Series

 

 

 

 

2018 A, GO Bonds1

5.375

12/01/2047

2,029,390

953,000

Timnath Ranch Metropolitan District No. 4; Series

 

 

 

 

2018 B, GO Bonds

7.750

12/15/2047

1,014,030

2,000,000

Trails at Crowfoot Metropolitan District No. 3;

 

 

 

 

Series 2019 A, GO Bonds

5.000

12/01/2049

2,140,340

1,610,000

Two Bridges Metropolitan District; Series 2018

 

 

 

 

A, GO Bonds

5.625

08/01/2048

1,716,292

508,000

Two Bridges Metropolitan District; Series 2018

 

 

 

 

B, GO Bonds

7.875

08/01/2048

539,349

1,570,000

Village at Dry Creek Metropolitan District No. 2

 

 

 

 

(The); Series 2019, GO Bonds1

4.375

12/01/2044

1,669,444

1,375,000

Village at Southgate Metropolitan District; Series

 

 

 

 

2018 A, GO Bonds

5.625

12/01/2048

1,466,520

1,645,000

Villas Eastlake Reservoir Metropolitan District;

 

 

 

 

Series 2016 A, GO Bonds1

6.500

12/01/2046

1,748,865

1,300,000

West creek Metropolitan District No. 2; Series

 

 

 

 

2019 A, GO Bonds

5.375

12/01/2048

1,388,530

27 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Colorado (Continued)

 

 

 

 

$600,000

Wild Plum Metropolitan District; Series 2019 A,

 

 

 

 

 

GO Bonds

5.000%

12/01/2049 $

644,970

504,000

Wild Plum Metropolitan District; Series 2019 B,

 

 

 

 

 

GO Bonds

7.750

12/15/2049

 

520,093

755,000

Willow Bend Metropolitan District; Series 2019

 

 

 

 

 

B, GO Bonds

7.625

12/15/2049

 

789,957

650,000

Willow Springs Metropolitan District; Series 2019

 

 

 

 

 

B, GO Bonds

7.750

12/15/2049

 

669,955

5,107,763

Woodmen Heights Metropolitan District No. 1;

 

 

 

 

 

Series 2012 A, Ref. GO Bonds1

6.000

12/01/2041

 

5,229,328

26,763,594

Woodmen Heights Metropolitan District No. 1;

 

 

 

 

 

Series 2012 B, Ref. GO Bonds

7.300 3

12/15/2041

 

23,587,023

1,245,000

York Street Metropolitan District; Series 2017 A,

 

 

 

 

 

GO Bonds1

6.250

12/01/2047

 

1,398,421

 

 

 

 

 

383,148,696

 

 

 

 

 

Connecticut—0.6%

 

 

 

 

6,000,000

Connecticut (State of) (Transportation

 

 

 

 

 

Infrastructure); Series 2015 A, RB1

5.000

08/01/2032

 

7,185,840

7,965,000

Connecticut (State of) (Transportation

 

 

 

 

 

Infrastructure); Series 2015 A, RB1

5.000

08/01/2033

 

9,525,264

5,000,000

Connecticut (State of) Health & Educational

 

 

 

 

 

Facilities Authority (Nuvance Health); Series 2019

 

 

 

 

 

A, Ref. RB1

4.000

07/01/2049

 

5,706,450

3,870,000

Connecticut (State of) Health and Education

 

 

 

 

 

Facilities Authority (Nuvance Health); Series 2019

 

 

 

 

 

A, RB1

4.000

07/01/2041

 

4,473,178

5,295,000

Connecticut (State of); Series 2016 D, GO Bonds1

4.000

08/15/2031

 

6,145,271

4,500,000

Connecticut (State of); Series 2018 E, GO Bonds1

5.000

09/15/2033

 

5,803,515

2,000,000

Connecticut (State of); Series 2018 E, GO Bonds1

5.000

09/15/2034

 

2,572,760

2,500,000

Connecticut (State of); Series 2018 E, GO Bonds1

5.000

09/15/2035

 

3,209,550

2,000,000

Connecticut (State of); Series 2018 E, GO Bonds1

5.000

09/15/2037

 

2,554,720

470,000

Georgetown (City of), CT Special Taxing District;

 

 

 

 

 

Series 2006 A, GO Bonds4,5

5.125

10/01/2036

 

56,400

13,216,113

Mashantucket Western Pequot Tribe; Series 2013,

 

 

 

 

 

RB4,9

6.050

07/01/2031

 

495,604

 

 

 

 

 

47,728,552

 

 

 

 

 

Delaware—0.1%

 

 

 

 

1,100,000

Bridgeville (Town of), DE (Heritage Shores Special

 

 

 

 

 

Development District); Series 2005 A, RB1

5.450

07/01/2035

 

1,100,825

5,000,000

Delaware (State of) Economic Development

 

 

 

 

 

Authority (Delmarva Power & Light Co.); Series

 

 

 

 

 

2010, Ref. RB1

5.400

02/01/2031

 

5,090,950

 

 

 

 

 

6,191,775

 

 

 

 

 

District of Columbia—4.2%

 

 

 

 

2,900,000

District of Columbia (Center for Strategic &

 

 

 

 

 

International Studies, Inc.); Series 2011, RB1

6.375

03/01/2031

 

3,054,019

28 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

District of Columbia (Continued)

 

 

 

 

$2,000,000

District of Columbia (Center for Strategic &

 

 

 

 

 

International Studies, Inc.); Series 2011, RB1

6.625%

03/01/2041 $

2,114,340

4,745,000

District of Columbia (Howard University); Series

 

 

 

 

 

2011 A, RB1

6.250

10/01/2032

 

5,023,009

5,255,000

District of Columbia (Howard University); Series

 

 

 

 

 

2011 A, RB1

6.250

10/01/2032

 

5,510,498

315,000

District of Columbia (Howard University); Series

 

 

 

 

 

2011 A, RB1

6.500

10/01/2041

 

334,262

19,295,000

District of Columbia (Howard University); Series

 

 

 

 

 

2011 A, RB1

6.500

10/01/2041

 

20,213,635

310,000

District of Columbia (Rocketship DC Obligated

 

 

 

 

 

Group - Issue No. 1); Series 2019 B, RB

5.300

06/01/2023

 

315,716

32,955,000

District of Columbia Tobacco Settlement

 

 

 

 

 

Financing Corp.; Series 2001, RB1

6.750

05/15/2040

 

34,046,470

1,275,680,000

District of Columbia Tobacco Settlement

 

 

 

 

 

Financing Corp.; Series 2006 C, RB

5.912 6

06/15/2055

 

72,662,733

1,055,000,000

District of Columbia Tobacco Settlement

 

 

 

 

 

Financing Corp; Series 2006 D, RB

6.211 6

06/15/2055

 

54,258,650

11,045,000

District of Columbia Water & Sewer Authority;

 

 

 

 

 

Series 2018 B, RB1

5.000

10/01/2049

 

13,904,771

30,840,000

District of Columbia; Series 2019 A, GO Bonds1

5.000

10/15/2044

 

39,762,629

20,000,000

Metropolitan Washington Airports Authority

 

 

 

 

 

(Dulles Metrorail & Capital Improvement); Series

 

 

 

 

 

2019 B, RB1

4.000

10/01/2049

 

23,444,200

5,000,000

Metropolitan Washington Airports Authority

 

 

 

 

 

(Dulles Metrorail & Capital Improvement); Series

 

 

 

 

 

2019 B, RB1

4.000

10/01/2053

 

5,787,250

20,000,000

Metropolitan Washington Airports Authority;

 

 

 

 

 

Series 2019 A, Ref. RB1

5.000

10/01/2044

 

25,528,600

2,500,000

Metropolitan Washington Airports Authority;

 

 

 

 

 

Series 2020 A, Ref. RB1,8

4.000

10/01/2036

 

2,972,450

3,020,000

Metropolitan Washington Airports Authority;

 

 

 

 

 

Series 2020 A, Ref. RB1,8

4.000

10/01/2038

 

3,566,711

1,000,000

Metropolitan Washington Airports Authority;

 

 

 

 

 

Series 2020 A, Ref. RB1,8

4.000

10/01/2039

 

1,178,010

11,530,000

Metropolitan Washington D.C. Airport Authority2

4.000

10/01/2035

 

13,087,900

6,375,000

Washington (State of) Metropolitan Airports

 

 

 

 

 

Authority; Series 2018 A, Ref. RB1

5.000

10/01/2034

 

8,149,800

11,000,000

Washington (State of) Metropolitan Airports

 

 

 

 

 

Authority; Series 2018 A, Ref. RB1

5.000

10/01/2037

 

13,962,410

1,810,000

Washington (State of) Metropolitan Airports

 

 

 

 

 

Authority; Series 2018 A, Ref. RB1

5.000

10/01/2048

 

2,251,821

 

 

 

 

 

351,129,884

 

 

 

 

 

 

Florida—8.3%

 

 

 

 

 

750,000

Alachua (County of), FL Health Facilities Authority

 

 

 

 

 

(Oak Hammock at the University of Florida);

 

 

 

 

 

Series 2012 A, Ref. RB1

8.000

10/01/2032

 

865,177

29 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Florida (Continued)

 

 

 

$1,000,000

Alachua (County of), FL Health Facilities Authority

 

 

 

 

(Oak Hammock at the University of Florida);

 

 

 

 

Series 2012 A, Ref. RB1

8.000%

10/01/2042 $

1,145,950

1,000,000

Alachua (County of), FL Health Facilities Authority

 

 

 

 

(Oak Hammock at the University of Florida);

 

 

 

 

Series 2012 A, Ref. RB1

8.000

10/01/2046

1,143,520

4,655,000

Amelia Concourse Community Development

 

 

 

 

District; Series 2007, RB4,5

5.750

05/01/2038

4,236,050

2,390,000

Amelia Concourse Community Development

 

 

 

 

District; Series 2016, RB1

6.000

05/01/2047

2,558,638

3,035,000

Amelia Concourse Community Development

 

 

 

 

District; Series 2019 A, RB

5.650

05/01/2049

3,323,113

1,415,000

Amelia Concourse Community Development

 

 

 

 

District; Series 2019 B-2, RB

7.250

05/01/2029

1,524,677

2,975,000

Arlington Ridge Community Development

 

 

 

 

District; Series 2006 A, RB1

5.500

05/01/2036

2,975,030

7,555,000

Belle Isle (City of), FL (Cornerstone Charter

 

 

 

 

Academy and Cornerstone Charter High School);

 

 

 

 

Series 2012, RB1

6.000

10/01/2042

8,111,955

7,370,000

Broward (County of), FL; Series 2019 A, RB1

5.000

10/01/2044

9,370,218

5,845,000

Buckeye Park Community Development District;

 

 

 

 

Series 2008 A, RB4,5

7.875

05/01/2038

2,513,350

1,545,000

Capital Trust Agency Inc. (Advantage Academy of

 

 

 

 

Hillsborough); Series 2019 A, RB1

5.000

12/15/2049

1,717,020

1,085,000

Capital Trust Agency Inc. (Advantage Academy of

 

 

 

 

Hillsborough); Series 2019 A, RB1

5.000

12/15/2054

1,199,066

3,230,000

Capital Trust Agency Inc. (Atlantic Housing

 

 

 

 

Foundation Property); Series 2017 B, RB1

6.000

07/01/2042

3,398,380

1,025,000

Capital Trust Agency Inc. (Elim Senior Housing,

 

 

 

 

Inc.); Series 2017, RB

5.625

08/01/2037

1,096,750

3,850,000

Capital Trust Agency Inc. (Elim Senior Housing,

 

 

 

 

Inc.); Series 2017, RB

5.875

08/01/2052

4,107,834

850,000

Capital Trust Agency Inc. (Florida Charter

 

 

 

 

Educational Foundation Inc.); Series 2018 A, RB

5.375

06/15/2038

980,874

1,590,000

Capital Trust Agency Inc. (Florida Charter

 

 

 

 

Educational Foundation Inc.); Series 2018 A, RB

5.375

06/15/2048

1,805,127

3,735,000

Capital Trust Agency Inc. (Paragon Academy of

 

 

 

 

Technology and Sunshine Elementary Charter

 

 

 

 

School); Series 2019 A, RB

5.750

06/01/2054

4,014,415

390,000

Capital Trust Agency Inc. (Paragon Academy of

 

 

 

 

Technology and Sunshine Elementary Charter

 

 

 

 

School); Series 2019 B, RB

6.000

06/01/2028

409,933

1,100,000

Capital Trust Agency Inc. (Viera Charter Schools,

 

 

 

 

Inc.); Series 2017 A, RB1

5.000

10/15/2047

1,222,617

755,000

Capital Trust Agency Inc. (Viera Charter Schools,

 

 

 

 

Inc.); Series 2017 A, RB1

5.000

10/15/2052

835,951

3,955,000

Capital Trust Agency, Inc. (Franklin Academy);

 

 

 

 

Series 2020, RB

5.000

12/15/2050

4,282,988

30 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Florida (Continued)

 

 

 

 

$2,845,000

Capital Trust Agency, Inc. (Franklin Academy);

 

 

 

 

 

Series 2020, RB

5.000%

12/15/2055 $

3,071,377

760,000

Carlton Lakes Community Development District;

 

 

 

 

 

Series 2015, RB1

5.625

 

11/01/2036

840,507

1,860,000

Carlton Lakes Community Development District;

 

 

 

 

 

Series 2015, RB1

5.750

 

11/01/2047

2,067,725

1,987,173

CFM Community Development District; Series

 

 

 

 

 

2004 A, RB4,5

6.250

 

05/01/2035

317,948

7,612,827

CFM Community Development District; Series

 

 

 

 

 

2004 A-1, RB

0.000

3

05/01/2035

5,586,521

8,285,000

CFM Community Development District; Series

 

 

 

 

 

2004 A-2, RB1

6.250

 

05/01/2035

8,284,669

7,075,000

Chapel Creek Community Development District;

 

 

 

 

 

Series 2006 A, RB4,5

5.500

 

05/01/2038

6,367,500

13,074,058

Clearwater Cay Community Development District;

 

 

 

 

 

Series 2006 A, RB4,5

5.500

 

05/01/2037

7,452,213

1,150,000

Collier (County of), FL Industrial Development

 

 

 

 

 

Authority (Gulf Coast Academy South); Series

 

 

 

 

 

2017 A, RB1

5.000

 

12/01/2037

1,245,783

1,875,000

Collier (County of), FL Industrial Development

 

 

 

 

 

Authority (Gulf Coast Academy South); Series

 

 

 

 

 

2017 A, RB1

5.000

 

12/01/2047

2,006,437

1,690,000

Creekside Community Development District;

 

 

 

 

 

Series 2006, RB4,5

5.200

 

05/01/2038

760,500

20,000

CrossCreek Community Development District;

 

 

 

 

 

Series 2007 A, RB4

5.600

 

05/01/2039

19,449

815,000

CrossCreek Community Development District;

 

 

 

 

 

Series 2016 A, RB

5.600

 

05/01/2037

807,844

745,000

CrossCreek Community Development District;

 

 

 

 

 

Series 2016 B, RB

6.750

 

11/30/2021

746,743

7,000,000

Escambia (County of), FL Health Facilities

 

 

 

 

 

Authority; Series 2020, Ref. RB1

4.000

 

08/15/2045

8,082,900

3,725,000

FL Dept. of Transportation (Acquisition & Bridge

 

 

 

 

 

Construction)2

4.000

 

07/01/2037

4,419,546

4,030,000

FL Dept. of Transportation (Acquisition & Bridge

 

 

 

 

 

Construction)2

4.000

 

07/01/2038

4,767,048

4,195,000

FL Dept. of Transportation (Acquisition & Bridge

 

 

 

 

 

Construction)2

4.000

 

07/01/2039

4,951,683

4,360,000

FL Dept. of Transportation (Acquisition & Bridge

 

 

 

 

 

Construction)2

4.000

 

07/01/2040

5,134,979

6,045,000

Florida Development Finance Corp. (Florida

 

 

 

 

 

Charter Foundation Inc.); Series 2016 A, RB1

5.000

 

07/15/2046

6,357,224

300,000

Florida Development Finance Corp. (Learning

 

 

 

 

 

Gate Community School); Series 2018 A, Ref. RB1

5.000

 

02/15/2038

335,289

985,000

Florida Development Finance Corp. (Learning

 

 

 

 

 

Gate Community School); Series 2018 A, Ref. RB1

5.000

 

02/15/2048

1,096,000

13,000,000

Florida Development Finance Corp. (Virgin Trains

 

 

 

 

 

USA Passenger Rail); Series 2019 A, Ref. RB

6.375

10

01/01/2049

13,519,870

31 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Florida (Continued)

 

 

 

$17,000,000

Florida Development Finance Corp. (Virgin Trains

 

 

 

 

USA Passenger Rail); Series 2019 A, Ref. RB

6.500%10

01/01/2049 $

17,566,780

5,428,094

Glades Correctional Development Corp.; Series

 

 

 

 

2017 A, RB

7.000

03/01/2030

5,065,714

3,019,862

Glades Correctional Development Corp.; Series

 

 

 

 

2017 B, RB

0.000

03/01/2030

845,561

2,720,000

Greater Lakes/Sawgrass Bay Community

 

 

 

 

Development District; Series 2006 A, RB1

5.500

05/01/2038

2,602,414

26,545,000

Greater Orlando Aviation Authority, Series 2019

 

 

 

 

A, RB1

5.000

10/01/2044

33,695,958

18,755,000

Greater Orlando Aviation Authority; Series 2019

 

 

 

 

A, RB1

5.000

10/01/2049

23,648,367

320,000

Highland Meadows Community Development

 

 

 

 

District; Series 2006 A, RB1

5.500

05/01/2036

320,058

1,500,000

Hillsborough (County of), FL Aviation Authority

 

 

 

 

(Tampa International Airport); Series 2018 A, RB1

5.000

10/01/2048

1,852,770

13,120,000

Hillsborough (County of), FL Aviation Authority

 

 

 

 

(Tampa International Airport); Series 2018 E, RB1

5.000

10/01/2043

16,344,502

4,775,000

Indigo Community Development District; Series

 

 

 

 

2005, RB4,5

5.750

05/01/2036

3,342,500

820,000

Lake (County of), FL (Imagine South Lake Charter

 

 

 

 

School Program); Series 2019, RB1

5.000

01/15/2049

920,958

635,000

Lake (County of), FL (Imagine South Lake Charter

 

 

 

 

School Program); Series 2019, RB1

5.000

01/15/2054

707,803

15,300,000

Lake (County of), FL (Village Veranda at Lady

 

 

 

 

Lake); Series 2017 A-1, RB

7.125

01/01/2052

16,118,856

2,388,640

Lake Ashton II Community Development District;

 

 

 

 

Series 2005 A, RB1

5.375

05/01/2036

2,344,235

1,685,000

Lake Helen (City of), FL (Ivy Hawn Charter School

 

 

 

 

of the Arts); Series 2018 A, RB

5.500

07/15/2048

1,841,216

1,830,000

Lake Helen (City of), FL (Ivy Hawn Charter School

 

 

 

 

of the Arts); Series 2018 A, RB

5.750

07/15/2053

2,014,702

16,690,000

Lakewood Ranch Stewardship District (Country

 

 

 

 

Club East); Series 2006, RB1

5.400

05/01/2037

16,766,273

1,785,000

Lee (County of), FL Industrial Development

 

 

 

 

Authority; Series 2017 A, RB

5.750

12/01/2052

1,923,284

2,905,000

Legends Bay Community Development District;

 

 

 

 

Series 2007 A, RB1

5.875

05/01/2038

2,908,457

5,360,000

Magnolia Creek Community Development

 

 

 

 

District; Series 2007 A, RB4,5

5.900

05/01/2039

964,800

190,000

Magnolia West Community Development District;

 

 

 

 

Series 2017, RB1

5.350

05/01/2037

191,446

2,000,000

Martin (County of), FL Health Facilities Authority

 

 

 

 

(Cleveland Clinic Health System); Series 2019,

 

 

 

 

Ref. RB1

4.000

01/01/2046

2,328,980

10,000

Miami (City of) & Dade (County of), FL School

 

 

 

 

Board; Series 2015 A, COP1

5.000

05/01/2032

11,804

1,715,000

Miami World Center Community Development

 

 

 

 

District; Series 2017, RB1

5.125

11/01/2039

1,935,120

32 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Florida (Continued)

 

 

 

$2,570,000

Miami World Center Community Development

 

 

 

 

District; Series 2017, RB1

5.250%

11/01/2049 $

2,902,969

80,000,000

Miami-Dade (County of), FL2

4.000

10/01/2049

93,811,200

2,460,000

Miami-Dade (County of), FL; Series 2013 B, RB1

6.000

10/01/2042

2,845,556

18,645,000

Miami-Dade (County of), FL; Series 2017 B, Ref.

 

 

 

 

RB1

5.000

10/01/2040

23,013,524

40,790,000

Miami-Dade (County of), FL; Series 2019 A, RB1

5.000

10/01/2049

51,554,073

16,710,000

Miami-Dade (County of), FL; Series 2019 B, RB1

4.000

10/01/2049

19,619,378

11,000,000

Miami-Dade County, FL Transit System2

4.000

07/01/2045

12,635,810

5,210,000

Montecito Community Development District;

 

 

 

 

Series 2006 A, RB4,5

5.500

05/01/2037

4,272,200

9,400,000

Nassau (County of), FL (Nassau Care Centers

 

 

 

 

Inc.); Series 2008, RB

6.900

01/01/2038

9,412,032

4,345,000

Naturewalk Community Development District;

 

 

 

 

Series 2007 A, RB4,5

5.500

05/01/2038

3,432,550

3,000,000

Palm Beach (County of), FL Health Facilities

 

 

 

 

Authority (Sinai Residences of Boca Raton); Series

 

 

 

 

2014 A, RB

7.500

06/01/2049

3,404,040

11,270,000

Palm Coast Park Community Development

 

 

 

 

District; Series 2006, RB1

5.700

05/01/2037

11,278,114

1,565,000

Palm River Community Development District;

 

 

 

 

Series 2007 A, RB4,5

5.375

05/01/2036

782,500

5,080,911

Pine Ridge Plantation Community Development

 

 

 

 

District; Series 2006 A, RB1

5.400

05/01/2037

4,741,151

2,250,000

Pinellas (County of), FL Educational Facilities

 

 

 

 

Authority (Pinellas Preparatory Academy); Series

 

 

 

 

2011 A, RB1

7.125

09/15/2041

2,454,458

1,750,000

Pinellas (County of), FL Industrial Development

 

 

 

 

Authority (2017 Foundation for Global

 

 

 

 

Understanding); Series 2019, RB1

5.000

07/01/2039

2,115,173

800,000

Polk (County of), FL Industrial Development

 

 

 

 

Authority (Carpenter's Home Estates); Series

 

 

 

 

2019, Ref. IDR1

5.000

01/01/2055

901,080

5,000,000

Pompano Beach (City of), FL; Series 2018, GO

 

 

 

 

Bonds1

4.000

07/01/2048

5,810,050

9,000,000

Portico Community Development District; Series

 

 

 

 

2006, RB

5.450

05/01/2037

9,048,420

5,905,000

Portofino Isles Community Development District

 

 

 

 

(Portofino Court); Series 2005, RB4,5

5.600

05/01/2036

2,480,100

1,425,000

Reunion East Community Development District;

 

 

 

 

Series 2002 A-2, RB4,5

7.375

05/01/2033

14

3,420,000

Reunion East Community Development District;

 

 

 

 

Series 2005, RB4,5

5.800

05/01/2036

34

465,000

Reunion East Community Development District;

 

 

 

 

Series 2015 1, RB

6.600

05/01/2033

503,930

2,690,000

Reunion East Community Development District;

 

 

 

 

Series 2015 2, RB

6.600

05/01/2036

2,915,207

135,000

Ridgewood Trails Community Development

 

 

 

 

District; Series 2007 A, RB1

5.650

05/01/2038

132,733

33 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Florida (Continued)

 

 

 

$7,580,000

River Glen Community Development District;

 

 

 

 

Series 2006 A, RB4,5

5.450%

05/01/2038 $

4,169,000

136,874

Santa Rosa (City of), FL Bay Bridge Authority;

 

 

 

 

Series 1996 C, RB

6.250

07/01/2028

137,243

1,895,000

Sarasota (County of), FL (School of Arts and

 

 

 

 

Sciences); Series 2010, RB1

6.500

07/01/2040

1,911,847

3,670,000

Seminole (County of), FL Industrial Development

 

 

 

 

Authority (Progressive Healthcare Providers/Fern

 

 

 

 

Park, LLC Facility); Series 2005 A, RB1

7.500

03/01/2035

3,675,395

5,110,000

South Bay Community Development District;

 

 

 

 

Series 2005 A, RB4,5

5.950

05/01/2036

51

6,780,000

South Bay Community Development District;

 

 

 

 

Series 2005 A-1, Ref. RB1

5.950

05/01/2036

6,723,862

8,750,000

South Bay Community Development District;

 

 

 

 

Series 2005 A-2, Ref. RB4,5

6.600 3

05/01/2036

4,410,613

7,035,000

South Bay Community Development District;

 

 

 

 

Series 2005 B-1, Ref. RB1

5.125

05/01/2020

7,033,945

3,240,000

South Bay Community Development District;

 

 

 

 

Series 2005 B-2, Ref. RB4,5

6.600 3

05/01/2025

1,631,534

3,450,000

South Fork East Community Development District;

 

 

 

 

Series 2013 A, Ref. RB1

6.500 3

05/01/2038

3,462,248

14,000,000

South Miami, FL Health Facilities Authority

 

 

 

 

(BHSF/BHM/HHI/SMH/MarH/DrsH/WKBP/

 

 

 

 

BOS/FHlth/BHlth/BethH Obligated Group)2

4.000

08/15/2036

16,126,425

1,000,000

St. Johns (County of), FL Industrial Development

 

 

 

 

Authority (Bayview); Series 2007 A, Ref. RB

5.250

10/01/2041

858,070

3,500,000

St. Johns (County of), FL Industrial Development

 

 

 

 

Authority (Presbyterian Retirement Communities);

 

 

 

 

Series 2010 A, RB1

5.875

08/01/2040

3,571,680

3,500,000

St. Johns (County of), FL Industrial Development

 

 

 

 

Authority (Presbyterian Retirement Communities);

 

 

 

 

Series 2010 A, RB1

6.000

08/01/2045

3,573,325

7,495,000

St. Petersburg (City of), FL; Series 2019 A, RB1

5.000

10/01/2049

9,639,020

610,000

Tern Bay Community Development District; Series

 

 

 

 

2005 A, RB1

5.375

05/01/2037

610,488

11,880,000

Town Center at Palm Coast Community

 

 

 

 

Development District; Series 2005, RB1

6.000

05/01/2036

11,932,510

4,950,000

Treeline Preserve Community Development

 

 

 

 

District; Series 2007 A, RB4,5

6.800

05/01/2039

2,722,500

755,000

Villages of Avignon Community Development

 

 

 

 

District; Series 2007 A, RB4,5

5.400

05/01/2037

52,850

480,000

Villages of Glen Creek Community Development

 

 

 

 

District; Series 2016 A, RB

4.750

05/01/2026

489,830

1,080,000

Villages of Glen Creek Community Development

 

 

 

 

District; Series 2016 A, RB

5.250

05/01/2036

1,121,915

2,470,000

Villages of Glen Creek Community Development

 

 

 

 

District; Series 2016 A, RB

5.375

05/01/2046

2,564,823

1,815,000

Villages of Glen Creek Community Development

 

 

 

 

District; Series 2016 A, RB

5.375

05/01/2046

1,884,678

34 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Florida (Continued)

 

 

 

 

$2,754,253

Waterford Estates Community Development

 

 

 

 

 

District; Series 2006 A, RB4,5

5.500%

05/01/2037 $

1,927,977

122,000

Water's Edge Community Development District;

 

 

 

 

 

Series 2012 A-1, Ref. RB1

5.350

05/01/2039

 

122,089

2,455,000

Water's Edge Community Development District;

 

 

 

 

 

Series 2012 A-2, Ref. RB1

6.600 3

05/01/2039

 

2,474,984

1,214,282

Waterstone Community Development District;

 

 

 

 

 

Series 2007 A, RB5

0.000 3

05/01/2037

 

981,067

8,231,933

Waterstone Community Development District;

 

 

 

 

 

Series 2007 B, RB5

5.020 6

11/01/2028

 

5,020,656

9,015,000

West Villages Improvement District; Series 2005

 

 

 

 

 

A-1, RB1

5.750

05/01/2036

 

9,015,902

7,610,000

West Villages Improvement District; Series 2005

 

 

 

 

 

A-2, RB5

5.750

05/01/2036

 

4,489,900

1,615,000

Westridge Community Development District;

 

 

 

 

 

Series 2005, RB4

5.800

05/01/2037

 

1,615,016

250,000

Westside Community Development District; Series

 

 

 

 

 

2005, RB4,5

5.650

05/01/2037

 

117,500

500,000

Westside Community Development District; Series

 

 

 

 

 

2007, RB4,5

7.200

05/01/2038

 

75,000

1,475,000

Westside Community Development District; Series

 

 

 

 

 

2019 2, RB4,5

5.650

05/01/2037

 

1,339,212

705,000

Westside Community Development District; Series

 

 

 

 

 

2019 2, RB4,5

7.200

05/01/2038

 

639,449

4,340,000

Wild Palms Community Development District;

 

 

 

 

 

Series 2007 A, RB4,5

5.500

05/01/2038

 

1,041,600

2,634,476

Zephyr Ridge Community Development District;

 

 

 

 

 

Series 2006 A, RB4,5

5.625

05/01/2037

 

1,580,685

 

 

 

 

 

696,152,131

 

 

 

 

 

Georgia—1.8%

 

 

 

 

1,445,000

Cobb (County of), GA Development Authority;

 

 

 

 

 

Series 2016 A, Ref. RB

6.000

07/01/2036

 

1,442,587

5,440,000

Cobb (County of), GA Development Authority;

 

 

 

 

 

Series 2016 A, Ref. RB

6.000

07/01/2051

 

5,240,842

7,325,000

DeKalb (County of), GA Housing Authority

 

 

 

 

 

(Baptist Retirement Communities of Georgia, Inc.

 

 

 

 

 

& Clairmont Crest, Inc.); Series 2019 A, Ref. RB

5.000

01/01/2039

 

7,465,933

5,000,000

DeKalb (County of), GA Housing Authority

 

 

 

 

 

(Baptist Retirement Communities of Georgia, Inc.

 

 

 

 

 

& Clairmont Crest, Inc.); Series 2019 A, Ref. RB

5.125

01/01/2049

 

5,075,900

5,000,000

DeKalb (County of), GA Housing Authority

 

 

 

 

 

(Baptist Retirement Communities of Georgia, Inc.

 

 

 

 

 

& Clairmont Crest, Inc.); Series 2019 A, Ref. RB

5.250

01/01/2054

 

5,084,400

2,800,000

DeKalb (County of), GA Housing Authority; Series

 

 

 

 

 

2019 B, Ref. RB

6.125

01/01/2027

 

2,843,540

6,500,000

DeKalb (County of), GA; Series 2011 A, RB1

5.250

10/01/2041

 

6,937,775

3,100,000

Floyd (County of), GA Development Authority;

 

 

 

 

 

Series 2018 A, RB1

5.750

12/01/2033

 

3,254,194

35 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Georgia (Continued)

 

 

 

 

 

$6,850,000

Floyd (County of), GA Development Authority;

 

 

 

 

 

 

Series 2018 A, RB1

6.000%

12/01/2038 $

7,203,391

17,030,000

Floyd (County of), GA Development Authority;

 

 

 

 

 

 

Series 2018 A, RB1

6.250

 

12/01/2048

 

18,005,819

9,710,000

Floyd (County of), GA Development Authority;

 

 

 

 

 

 

Series 2018 A, RB1

6.500

 

12/01/2053

 

10,346,976

860,000

Gainesville (City of) & Hall (County of), GA

 

 

 

 

 

 

Development Authority; Series 2017, Ref. RB1

5.000

 

03/01/2047

 

955,787

225,000

Gainesville (City of) & Hall (County of), GA

 

 

 

 

 

 

Development Authority; Series 2017, Ref. RB1

5.125

 

03/01/2052

 

250,990

2,250,000

Georgia (State of) Road & Tollway Authority;

 

 

 

 

 

 

Series 2014 A, RB

6.246

6

06/01/2024

 

1,855,777

3,750,000

Georgia (State of) Road & Tollway Authority;

 

 

 

 

 

 

Series 2014 A, RB

6.748

6

06/01/2034

 

1,680,412

13,600,000

Georgia (State of) Road & Tollway Authority;

 

 

 

 

 

 

Series 2014 B, RB1

0.000

3

06/01/2049

 

11,562,856

1,105,000

Georgia State Environmental Loan Acquisition

 

 

 

 

 

 

Corp.; Series 2011, RB1

5.125

 

03/15/2031

 

1,108,635

8,500,000

Houston (County of), GA Hospital Authority

 

 

 

 

 

 

(Houston Hospitals, Inc.); Series 2016 A, Ref. RB1

5.000

 

10/01/2031

 

9,370,315

3,400,000

Main Street Natural Gas, Inc.; Series 2019 A, RB1

5.000

 

05/15/2043

 

4,232,966

17,330,000

Main Street Natural Gas, Inc.; Series 2019 A, RB1

5.000

 

05/15/2049

 

26,144,211

2,635,000

Oconee (County of), GA Industrial Development

 

 

 

 

 

 

Authority; Series 2018 A-1, RB

6.125

 

12/01/2038

 

2,895,075

3,675,000

Oconee (County of), GA Industrial Development

 

 

 

 

 

 

Authority; Series 2018 A-1, RB

6.250

 

12/01/2048

 

4,025,338

3,090,000

Oconee (County of), GA Industrial Development

 

 

 

 

 

 

Authority; Series 2018 A-1, RB

6.375

 

12/01/2053

 

3,387,351

2,090,000

Oconee (County of), GA Industrial Development

 

 

 

 

 

 

Authority; Series 2018 A-2, RB

5.500

10

12/01/2053

 

2,192,682

6,375,000

Oconee (County of), GA Industrial Development

 

 

 

 

 

 

Authority; Series 2018, RB

5.500

 

12/01/2028

 

6,503,966

 

 

 

 

 

 

149,067,718

 

 

 

 

 

 

 

Hawaii—0.4%

 

 

 

 

 

 

610,000

Hawaii (State of) Department of Transportation;

 

 

 

 

 

 

Series 1997, RB1

5.625

 

11/15/2027

 

616,015

9,355,000

Hawaii (State of); Series 2018 A, RB1

5.000

 

07/01/2043

 

11,679,811

15,450,000

Hawaii (State of); Series 2018 A, RB1

5.000

 

07/01/2048

 

19,165,261

1,105,000

Kuakini Health System; Series 2002 A, RB1

6.300

 

07/01/2022

 

1,108,801

 

 

 

 

 

 

32,569,888

 

 

 

 

 

 

 

Idaho—0.0%

 

 

 

 

 

 

960,000

Idaho (State of) Health Facilities Authority (Valley

 

 

 

 

 

 

Vista Care Corp.); Series 2017 A, Ref. RB

5.250

 

11/15/2047

 

1,029,590

370,000

Idaho (State of) Housing & Finance Association;

 

 

 

 

 

 

Series 2018 A, RB1

6.000

 

07/01/2039

 

443,697

1,135,000

Idaho (State of) Housing & Finance Association;

 

 

 

 

 

 

Series 2018 A, RB1

6.000

 

07/01/2054

 

1,334,794

36 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Idaho (Continued)

 

 

 

 

$100,000

Idaho (State of) Housing & Finance Association;

 

 

 

 

 

Series 2018 B, RB1

5.875%

07/01/2022 $

101,397

92,400

Nampa Local Improvement District No. 148;

 

 

 

 

 

Series 2010, RB

6.625

09/01/2030

 

95,252

 

 

 

 

 

3,004,730

 

 

 

 

 

 

Illinois—5.0%

 

 

 

 

 

3,000,000

Carol Stream Park District; Series 2016, Ref. GO

 

 

 

 

 

Bonds1

5.000

01/01/2037

 

3,591,150

30,685,000

Caseyville (Village of), IL; Series 2004, RB4,5

7.000

12/30/2022

 

306,850

3,000,000

Chicago (City of), IL (Chicago Midway

 

 

 

 

 

International Airport); Series 2014 A, Ref. RB1

5.000

01/01/2033

 

3,396,060

2,500,000

Chicago (City of), IL (Chicago O'Hare

 

 

 

 

 

International Airport); Series 2017 D, RB1

5.000

01/01/2047

 

2,980,450

5,000,000

Chicago (City of), IL (Chicago O'Hare

 

 

 

 

 

International Airport); Series 2017 D, RB1

5.000

01/01/2052

 

5,934,200

24,000,000

Chicago (City of), IL (Chicago O'Hare

 

 

 

 

 

International Airport); Series 2018 A, Ref. RB1

5.000

01/01/2048

 

29,514,240

16,890,000

Chicago (City of), IL (Chicago O'Hare

 

 

 

 

 

International Airport); Series 2018 B, RB1

5.000

01/01/2053

 

21,044,433

3,750,000

Chicago (City of), IL (Chicago O'Hare

 

 

 

 

 

International Airport); Series 2018, RB1

5.000

07/01/2048

 

4,513,837

30,000

Chicago (City of), IL (Cottage View Terrace

 

 

 

 

 

Apartments); Series 2000 A, RB1

6.125

02/20/2042

 

30,058

7,000,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

2016 A, Ref. GO Bonds1

7.000

12/01/2044

 

8,857,450

1,500,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

2016 B, GO Bonds1

6.500

12/01/2046

 

1,910,010

5,700,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

2016, RB1

6.000

04/01/2046

 

7,010,259

1,250,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

2018 A, GO Bonds1

5.000

12/01/2032

 

1,565,887

3,000,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

2018 A, GO Bonds1

5.000

12/01/2035

 

3,719,190

1,850,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

2018 A, Ref. GO Bonds1

5.000

12/01/2023

 

2,079,696

3,500,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

2018 A, Ref. GO Bonds1

5.000

12/01/2024

 

4,046,315

2,500,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

2018 A, Ref. GO Bonds1

5.000

12/01/2025

 

2,967,700

1,725,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

2018 A, Ref. GO Bonds1

5.000

12/01/2026

 

2,096,392

2,100,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

2018 A, Ref. GO Bonds1

5.000

12/01/2027

 

2,605,827

2,000,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

2018 A, Ref. GO Bonds1

5.000

12/01/2029

 

2,520,400

7,555,000

Chicago (City of), IL Board of Education; Series

 

 

 

 

 

2018, RB1

5.000

04/01/2046

 

8,895,635

37 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Illinois (Continued)

 

 

 

$6,870,000

Chicago (City of), IL Metropolitan Water

 

 

 

 

Reclamation District; Series 2015 A, GO Bonds1

5.000%

12/01/2044 $

7,904,897

2,755,000

Chicago (City of), IL; Series 2017, Ref. RB1

5.250

11/01/2030

3,514,058

2,900,000

Chicago (City of), IL; Series 2017, Ref. RB1

5.250

11/01/2031

3,690,627

2,135,000

Chicago (City of), IL; Series 2017, Ref. RB1

5.250

11/01/2032

2,711,856

2,000,000

Chicago (City of), IL; Series 2017, Ref. RB1

5.250

11/01/2033

2,535,540

2,885,000

Chicago (City of), IL; Series 2017, Ref. RB1

5.250

11/01/2035

3,644,794

1,190,000

Cook County School District No. 111; Series

 

 

 

 

2016, GO Bonds1

4.000

12/01/2033

1,359,254

1,000,000

Cook County School District No. 111; Series

 

 

 

 

2016, GO Bonds1

4.000

12/01/2035

1,138,570

900,000

Du Page (County of), IL Special Service Area No.

 

 

 

 

31; Series 2006, RB1

5.625

03/01/2036

907,128

1,585,000

Franklin Park (Village of), IL; Series 2011, GO

 

 

 

 

Bonds1

6.250

07/01/2030

1,689,451

2,069,343

Gilberts (Village of), IL Special Service Area No.

 

 

 

 

24 (The Conservancy); Series 2014 A, RB

5.375

03/01/2034

2,070,025

6,165,000

Harvey (City of), IL; Series 2007 A, Ref. GO Bonds4

5.500

12/01/2027

4,223,025

1,800,000

Harvey (City of), IL; Series 2007 A, Ref. GO Bonds4

5.625

12/01/2032

1,233,000

2,940,000

Illinois (State of) Finance Authority (CITGO

 

 

 

 

Petroleum Corp.); Series 2002, RB1

8.000

06/01/2032

2,956,435

1,100,000

Illinois (State of) Finance Authority (Lutheran

 

 

 

 

Communities Obligated Group); Series 2019 A,

 

 

 

 

Ref. RB

5.000

11/01/2040

1,222,023

1,250,000

Illinois (State of) Finance Authority (Lutheran

 

 

 

 

Communities Obligated Group); Series 2019 A,

 

 

 

 

Ref. RB

5.000

11/01/2049

1,372,913

575,000

Illinois (State of) Finance Authority (Rogers Park

 

 

 

 

Montessori School); Series 2014, Ref. RB1

6.000

02/01/2034

637,520

1,310,000

Illinois (State of) Finance Authority (Rogers Park

 

 

 

 

Montessori School); Series 2014, Ref. RB1

6.125

02/01/2045

1,441,668

700,000

Illinois (State of) Finance Authority (Rosalind

 

 

 

 

Franklin University); Series 2017, Ref. RB1

5.000

08/01/2047

822,101

3,795,000

Illinois (State of) Finance Authority (Villa St.

 

 

 

 

Benedict); Series 2015, Ref. RB1

6.125

11/15/2035

4,311,803

4,400,000

Illinois (State of) Finance Authority (Villa St.

 

 

 

 

Benedict); Series 2015, Ref. RB1

6.375

11/15/2043

5,021,412

9,375,000

Illinois (State of) Finance Authority; Series 2006,

 

 

 

 

RB1

6.500

12/01/2037

9,380,625

5,275,000

Illinois (State of) Finance Authority; Series 2007,

 

 

 

 

RB1

6.100

12/01/2041

5,277,268

100,000

Illinois (State of) Finance Authority; Series 2010

 

 

 

 

A, RB1

5.250

03/01/2040

100,196

1,500,000

Illinois (State of) Finance Authority; Series 2010

 

 

 

 

A, RB1

8.000

05/15/2040

1,521,165

5,775,000

Illinois (State of) Finance Authority; Series 2010

 

 

 

 

A, RB1

8.000

05/15/2046

5,856,485

1,000,000

Illinois (State of) Finance Authority; Series 2012

 

 

 

 

A, RB1

6.000

10/01/2048

1,080,000

38 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Illinois (Continued)

 

 

 

$11,625,000

Illinois (State of) Finance Authority; Series 2012,

 

 

 

 

RB

6.500%

12/01/2032 $

11,986,073

2,000,000

Illinois (State of) Finance Authority; Series 2017,

 

 

 

 

Ref. RB

5.000

02/15/2027

2,084,060

7,000,000

Illinois (State of) Finance Authority; Series 2017,

 

 

 

 

Ref. RB

5.000

02/15/2037

7,148,050

575,000

Illinois (State of) Finance Authority; Series 2017,

 

 

 

 

Ref. RB1

5.000

08/01/2042

678,897

1,000,000

Illinois (State of) Finance Authority; Series 2017,

 

 

 

 

Ref. RB

5.125

05/15/2038

1,072,080

3,120,000

Illinois (State of) Finance Authority; Series 2017,

 

 

 

 

Ref. RB

5.125

02/15/2045

3,153,509

3,220,000

Illinois (State of) Finance Authority; Series 2017,

 

 

 

 

Ref. RB

5.250

05/15/2042

3,451,904

2,825,000

Illinois (State of) Finance Authority; Series 2017,

 

 

 

 

Ref. RB

5.250

05/15/2054

3,012,524

1,640,000

Illinois (State of) Housing Development Authority

 

 

 

 

(Stonebridge of Gurnee); Series 2016 A, RB

5.450

01/01/2046

1,666,027

1,775,000

Illinois (State of) Housing Development Authority

 

 

 

 

(Stonebridge of Gurnee); Series 2016 A, RB

5.600

01/01/2056

1,810,163

15,000,000

Illinois (State of) Metropolitan Pier & Exposition

 

 

 

 

Authority (McCormick Place Expansion); Series

 

 

 

 

2010 B, Ref. RB

4.539 6

06/15/2046

7,769,700

22,000,000

Illinois (State of) Metropolitan Pier & Exposition

 

 

 

 

Authority (McCormick Place Expansion); Series

 

 

 

 

2017, Ref. RB

4.549 6

12/15/2056

8,493,100

5,000,000

Illinois (State of); Series 2006, GO Bonds1

5.500

01/01/2029

6,580,550

5,000,000

Illinois (State of); Series 2016 A, RB1

4.000

06/15/2032

5,580,050

5,000,000

Illinois (State of); Series 2016 C, Ref. RB1

4.000

06/15/2029

5,677,650

2,010,000

Illinois (State of); Series 2016 C, Ref. RB1

4.000

06/15/2031

2,266,054

5,820,000

Illinois (State of); Series 2016 C, Ref. RB1

4.000

06/15/2032

6,495,178

10,625,000

Illinois (State of); Series 2016 D, Ref. RB1

4.000

06/15/2030

11,919,125

4,625,000

Illinois (State of); Series 2018 A, Ref. GO Bonds1

5.000

10/01/2028

5,881,196

6,500,000

Illinois (State of); Series 2018 A, Ref. GO Bonds1

5.000

10/01/2029

8,232,900

10,000,000

Illinois (State of); Series 2018 A, Ref. GO Bonds1

5.000

10/01/2030

12,610,900

3,360,000

Illinois (State of); Series 2018 A, Ref. GO Bonds1

5.000

10/01/2033

4,208,098

3,000,000

Illinois (State of); Series 2018 B, Ref. GO Bonds1

5.000

10/01/2028

3,814,830

5,000,000

Illinois (State of); Series 2018 B, Ref. GO Bonds1

5.000

10/01/2029

6,333,000

3,000,000

Illinois (State of); Series 2018 B, Ref. GO Bonds1

5.000

10/01/2030

3,783,270

1,778,000

Manhattan (Village of), IL; Series 2007, RB4,5

5.750

03/01/2022

444,500

31,755,000

Metropolitan Pier & Exposition Authority; Series

 

 

 

 

2010 B-1, Ref. RB

4.418 6

06/15/2047

15,978,163

6,450,000

Metropolitan Pier & Exposition Authority; Series

 

 

 

 

2010 B-1, Ref. RB

4.509 6

06/15/2043

3,662,955

10,225,000

Metropolitan Pier & Exposition Authority; Series

 

 

 

 

2010 B-1, Ref. RB

4.609 6

06/15/2044

5,630,294

5,000,000

Metropolitan Pier & Exposition Authority; Series

 

 

 

 

2012 B, RB

4.628 6

12/15/2041

2,971,850

39 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Illinois (Continued)

 

 

 

 

$2,000,000

Morton Grove (Village of), IL (Sawmill Station

 

 

 

 

 

Redevelopment); Series 2019, RB

5.000%

01/01/2039 $

2,079,740

5,000,000

Mundelein (Village of), IL; Series 2019, GO

 

 

 

 

 

Bonds1

4.000

12/15/2044

 

5,713,600

1,781,000

Plano (City of), IL Special Service Area No. 5;

 

 

 

 

 

Series 2006, RB4,5

6.000

03/01/2036

 

1,264,510

5,280,000

Quad Cities Regional Economic Development

 

 

 

 

 

Authority Pheasant Ridge Apartments); Series

 

 

 

 

 

2005, RB

6.375

08/01/2040

 

3,998,966

162

Robbins (Village of), IL; Series 1999 C, RB1

7.250

10/15/2024

 

166

12,830,000

Sales Tax Securitization Corp.; Series 2018 A,

 

 

 

 

 

Ref. RB1

5.000

01/01/2038

 

15,921,773

4,000,000

Sales Tax Securitization Corp.; Series 2018 A,

 

 

 

 

 

Ref. RB1

5.000

01/01/2048

 

4,877,720

1,500,000

Southwestern Illinois Development Authority

 

 

 

 

 

(Eden Retirement Center, Inc.); Series 2006, RB

5.850

12/01/2036

 

1,499,985

2,795,000

Southwestern Illinois Development Authority;

 

 

 

 

 

Series 2006, RB1

5.625

11/01/2026

 

2,557,649

9,595,000

Southwestern Illinois Development Authority;

 

 

 

 

 

Series 2008 A, Ref. RB5

7.000

10/01/2022

 

5,565,100

12,530,000

Upper Illinois River Valley Development Authority;

 

 

 

 

 

Series 2012, RB

6.500

12/01/2032

 

12,808,667

4,000,000

Will (County of), IL; Series 2019, GO Bonds1

4.000

11/15/2047

 

4,667,960

 

 

 

 

 

422,562,364

 

 

 

 

 

 

Indiana—2.1%

 

 

 

 

 

10,000,000

Allen (County of), IN; Series 2019, RB

6.375

02/01/2039

 

11,072,900

4,300,000

Carmel (City of), IN Redevelopment District;

 

 

 

 

 

Series 2010 C, COP1

6.500

07/15/2035

 

4,507,733

11,925,000

Columbus (City of), IN; Series 2019, RB1

5.625

05/01/2039

 

12,737,689

3,430,000

Evansville (City of), IN; Series 2017, RB1

5.450

01/01/2038

 

3,692,566

595,000

Fort Wayne (City of), IN; Series 2017, RB1

5.125

01/01/2032

 

639,435

3,850,000

Fort Wayne (City of), IN; Series 2017, RB1

5.350

01/01/2038

 

4,113,417

7,000,000

Fort Wayne (City of), IN; Series 2018, RB1

5.625

01/01/2038

 

7,613,200

10,000,000

IN Finance Authority (Parkview Health System/

 

 

 

 

 

Parkview Hospital Obligated Group)2

4.000

11/01/2048

 

11,272,400

770,000

Indiana (State of) Finance Authority (Irvington

 

 

 

 

 

Community School); Series 2018 A, Ref. RB

5.900

07/01/2038

 

822,391

685,000

Indiana (State of) Finance Authority (Irvington

 

 

 

 

 

Community School); Series 2018 A, Ref. RB

6.000

07/01/2048

 

731,710

1,675,000

Indiana (State of) Finance Authority; Series 2011,

 

 

 

 

 

RB1

5.500

11/15/2031

 

1,781,044

2,850,000

Indiana (State of) Finance Authority; Series 2011,

 

 

 

 

 

RB1

5.750

11/15/2041

 

3,032,115

11,505,000

Indiana (State of) Finance Authority; Series 2011,

 

 

 

 

 

RB1

6.375

09/15/2041

 

12,465,667

2,050,000

Indiana (State of) Finance Authority; Series 2017,

 

 

 

 

 

Ref. RB1

5.375

07/01/2047

 

2,292,228

40 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Indiana (Continued)

 

 

 

 

$7,500,000

Indiana (State of) Finance Authority; Series 2019,

 

 

 

 

 

RB1

5.000%

02/01/2047 $

9,568,275

3,365,000

Indiana (State of) Housing & Community

 

 

 

 

 

Development Authority (Lake Meadows Assisted

 

 

 

 

 

Living); Series 2019 A, RB1

5.000

01/01/2039

 

3,546,878

6,225,000

Indiana (State of) Housing & Community

 

 

 

 

 

Development Authority; Series 2016 A, RB1

5.750

01/01/2036

 

6,465,845

3,950,000

Indiana (State of) Housing & Community

 

 

 

 

 

Development Authority; Series 2016, RB1

5.500

01/01/2037

 

4,193,676

1,095,000

Kokomo (City of), IN; Series 2017, RB

5.750

01/01/2034

 

1,184,724

4,570,000

Kokomo (City of), IN; Series 2017, RB

5.875

01/01/2037

 

4,938,753

1,060,000

Lafayette (City of), IN; Series 2017, RB1

5.600

01/01/2033

 

1,173,452

5,160,000

Lafayette (City of), IN; Series 2017, RB1

5.800

01/01/2037

 

5,739,055

4,965,000

Merrillville (Town of), IN; Series 2016, RB1

5.750

04/01/2036

 

5,118,518

14,565,000

Michigan City (City of), IN; Series 2016, RB1

5.150

01/01/2037

 

15,096,623

500,000

Mishawaka (City of), IN; Series 2017, RB1

5.100

01/01/2032

 

530,340

5,475,000

Mishawaka (City of), IN; Series 2017, RB1

5.375

01/01/2038

 

5,817,461

17,510,000

Mishawaka (City of), IN; Series 2018, RB1

5.750

10/01/2038

 

19,337,169

2,560,000

Muncie (City of), IN; Series 2016, RB1

5.250

01/01/2037

 

2,699,136

8,000,000

Plainfield (Town of), IN; Series 2018, RB1

5.375

09/01/2038

 

8,411,520

3,880,000

Terre Haute (City of), IN; Series 2017, RB1

5.350

01/01/2038

 

4,145,470

3,000,000

Vincennes (City of), IN; Series 2016, Ref. RB

6.250

01/01/2029

 

3,063,360

 

 

 

 

 

177,804,750

 

 

 

 

 

 

Iowa—0.2%

 

 

 

 

 

1,405,000

Clear Lake (City of), IA; Series 2018, RB1

6.000

10/01/2043

 

1,579,009

2,780,000

Clear Lake (City of), IA; Series 2018, RB1

6.000

10/01/2048

 

3,102,091

1,000,000

Iowa (State of) Finance Authority (Lifespace

 

 

 

 

 

Communities, Inc.); Series 2019, RB1

2.875

05/15/2049

 

1,014,450

595,000

Iowa (State of) Finance Authority; Series 2007

 

 

 

 

 

B, RB1

5.375

06/01/2025

 

595,048

1,160,000

Iowa (State of) Finance Authority; Series 2007,

 

 

 

 

 

RB4

5.900

12/01/2028

 

58,000

750,000

Iowa (State of) Finance Authority; Series 2018,

 

 

 

 

 

RB1

5.000

08/01/2038

 

801,937

1,750,000

Iowa (State of) Finance Authority; Series 2018,

 

 

 

 

 

RB1

5.125

08/01/2048

 

1,867,635

2,500,000

Iowa (State of) Finance Authority; Series 2018,

 

 

 

 

 

RB1

5.250

08/01/2055

 

2,672,150

2,725,000

Iowa (State of) Tobacco Settlement Authority;

 

 

 

 

 

Series 2005 A, RB1

6.500

06/01/2023

 

2,764,894

 

 

 

 

 

14,455,214

 

 

 

 

 

 

Kansas—0.0%

 

 

 

 

 

2,906,317

Olathe (City of), KS; Series 2006, RB5

5.000

03/01/2026

 

1,573,838

41 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Kansas (Continued)

 

 

 

 

$635,000

Pittsburg (City of), KS; Series 2006, RB

4.900%

04/01/2024 $

593,566

 

 

 

 

 

2,167,404

 

 

 

 

 

Kentucky—0.3%

 

 

 

 

1,250,000

Kentucky (State of) Economic Development

 

 

 

 

 

Finance Authority (Masonic Home Independent

 

 

 

 

 

Living II, Inc.); Series 2011, RB1

7.250

05/15/2041

 

1,344,813

1,000,000

Kentucky (State of) Economic Development

 

 

 

 

 

Finance Authority (Masonic Home Independent

 

 

 

 

 

Living II, Inc.); Series 2011, RB1

7.375

05/15/2046

 

1,077,340

1,000,000

Kentucky (State of) Economic Development

 

 

 

 

 

Finance Authority (Owensboro Health, Inc.);

 

 

 

 

 

Series 2017 A, Ref. RB1

5.000

06/01/2045

 

1,173,210

6,785,000

Kentucky (State of) Municipal Power Agency;

 

 

 

 

 

Series 2016 A, Ref. RB1

5.000

09/01/2034

 

8,285,435

5,000,000

Kentucky (State of) Municipal Power Agency;

 

 

 

 

 

Series 2016 A, Ref. RB1

5.000

09/01/2036

 

6,072,000

900,000

Kentucky (State of) Property & Building

 

 

 

 

 

Commission (Project No. 119); Series 2018, RB1

5.000

05/01/2033

 

1,142,037

900,000

Kentucky (State of) Property & Building

 

 

 

 

 

Commission (Project No. 119); Series 2018, RB1

5.000

05/01/2034

 

1,139,112

1,660,000

Kuttawa (City of), KY; Series 1999, RB1

6.750

03/01/2029

 

1,661,859

 

 

 

 

 

21,895,806

 

 

 

 

 

Louisiana—0.8%

 

 

 

 

16,535,000

Louisiana (State of) Local Government

 

 

 

 

 

Environmental Facilities & Community

 

 

 

 

 

Development Authority (Glen Retirement System);

 

 

 

 

 

Series 2019 A, Ref. RB1

5.000

01/01/2049

 

17,601,838

12,000,000

Louisiana (State of) Local Government

 

 

 

 

 

Environmental Facilities & Community

 

 

 

 

 

Development Authority (Glen Retirement System);

 

 

 

 

 

Series 2019 A, Ref. RB1

5.000

01/01/2055

 

12,674,160

6,250,000

Louisiana (State of) Local Government

 

 

 

 

 

Environmental Facilities & Community

 

 

 

 

 

Development Authority (Westlake Chemical

 

 

 

 

 

Corp.); Series 2010 A-2, RB

6.500

11/01/2035

 

6,462,437

1,220,000

Louisiana (State of) Local Government

 

 

 

 

 

Environmental Facilities & Community

 

 

 

 

 

Development Authority; Series 2018 A, RB1

5.250

05/01/2043

 

1,266,214

2,575,000

Louisiana (State of) Local Government

 

 

 

 

 

Environmental Facilities & Community

 

 

 

 

 

Development Authority; Series 2018, RB

5.375

11/01/2038

 

2,872,799

3,385,000

Louisiana (State of) Local Government

 

 

 

 

 

Environmental Facilities & Community

 

 

 

 

 

Development Authority; Series 2019, RB

4.400

11/01/2044

 

3,655,428

11,415,000

Louisiana Housing Corp.; Series 2009 A, RB1

7.250

09/01/2039

 

11,413,858

42 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Louisiana (Continued)

 

 

 

 

 

$2,300,000

New Orleans (City of), LA Aviation Board (Parking

 

 

 

 

 

 

Facilities Corp. Consolitdated Garage System),

 

 

 

 

 

 

Series 2018 A, RB1

5.000%

10/01/2043 $

2,846,779

4,220,000

New Orleans (City of), LA Aviation Board (Parking

 

 

 

 

 

 

Facilities Corp. Consolitdated Garage System),

 

 

 

 

 

 

Series 2018 A, RB1

5.000

 

10/01/2048

 

5,193,807

 

 

 

 

 

 

63,987,320

 

 

 

 

 

 

 

Maine—0.3%

 

 

 

 

 

 

2,000,000

Maine (State of) Finance Authority; Series 2015

 

 

 

 

 

 

R-2, RB1

4.375

10

08/01/2035

 

2,219,660

2,000,000

Maine (State of) Health & Higher Educational

 

 

 

 

 

 

Facilities Authority (Maine General Medical

 

 

 

 

 

 

Center); Series 2011, RB1

6.750

 

07/01/2041

 

2,130,420

4,800,000

Rumford (Town of), ME; Series 1995, Ref. PCR1

6.625

 

07/01/2020

 

4,858,320

12,265,000

Rumford (Town of), ME; Series 2001, Ref. RB1

6.875

 

10/01/2026

 

12,414,265

 

 

 

 

 

 

21,622,665

 

 

 

 

 

 

Maryland—0.9%

 

 

 

 

 

1,100,000

Baltimore (City of), MD; Series 2017 A, RB1

5.375

 

06/01/2036

 

1,196,074

1,360,000

Baltimore (City of), MD; Series 2017 A, RB1

5.500

 

06/01/2043

 

1,482,631

9,525,000

Baltimore County, MD GO2

4.000

 

03/01/2040

 

11,224,742

1,000,000

Maryland Economic Development Corp. (AFCO

 

 

 

 

 

 

Airport Real Estate Group); Series 2019, RB1

4.000

 

07/01/2039

 

1,166,310

500,000

Maryland Economic Development Corp. (AFCO

 

 

 

 

 

 

Airport Real Estate Group); Series 2019, RB

4.000

 

07/01/2044

 

576,275

45,950,000

Maryland Stadium Authority (Construction &

 

 

 

 

 

 

Revitalization Program)2

5.000

 

05/01/2047

 

56,961,828

 

 

 

 

 

 

72,607,860

 

 

 

 

 

 

Massachusetts—1.1%

 

 

 

 

 

25,000,000

Massachusetts (State of) (Rail Enhancement &

 

 

 

 

 

 

Accelerated Bridge Programs); Series 2019 A, RB1

5.000

 

06/01/2049

 

32,563,250

9,820,000

Massachusetts (State of) Development Finance

 

 

 

 

 

 

Agency; Series 2007 E, RB1

5.000

 

07/15/2032

 

9,914,763

1,600,702

Massachusetts (State of) Development Finance

 

 

 

 

 

 

Agency; Series 2011 B, RB

1.009

6

11/15/2056

 

490,519

6,905,000

Massachusetts (State of) Development Finance

 

 

 

 

 

 

Agency; Series 2011, RB1

6.000

 

07/01/2041

 

7,207,301

4,565,000

Massachusetts (State of) Development Finance

 

 

 

 

 

 

Agency; Series 2018, RB1

5.125

 

11/15/2046

 

5,327,309

5,000,000

Massachusetts (State of) Port Authority; Series

 

 

 

 

 

 

2019 A, Ref. RB1

5.000

 

07/01/2038

 

6,410,750

6,000,000

Massachusetts (State of) Port Authority; Series

 

 

 

 

 

 

2019 A, Ref. RB1

5.000

 

07/01/2039

 

7,675,260

4,000,000

Massachusetts (State of) Port Authority; Series

 

 

 

 

 

 

2019 A, Ref. RB1

5.000

 

07/01/2040

 

5,104,640

4,850,000

Massachusetts HFA, Series C2

5.350

 

12/01/2042

 

4,888,752

2,240,000

Saugus, MA GO2

4.000

 

03/01/2039

 

2,628,646

43 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Massachusetts (Continued)

 

 

 

 

$2,500,000

Saugus, MA GO2

4.000%

03/01/2040 $

2,927,663

2,670,000

Saugus, MA GO2

4.000

03/01/2041

 

3,119,925

2,750,000

Saugus, MA GO2

4.000

03/01/2042

 

3,205,931

 

 

 

 

 

91,464,709

 

 

 

 

 

Michigan—3.2%

 

 

 

 

400,000

Advanced Technology Academy; Series 2019,

 

 

 

 

 

Ref. RB1

5.000

11/01/2034

 

443,272

1,175,000

Advanced Technology Academy; Series 2019,

 

 

 

 

 

Ref. RB1

5.000

11/01/2044

 

1,276,485

1,580,000

American Montessori Academy; Series 2017, RB

7.000

12/01/2046

 

1,682,558

2,740,000

Charyl Stockwell Academy; Series 2015, Ref. RB1

5.500

10/01/2035

 

2,853,272

4,140,000

Charyl Stockwell Academy; Series 2015, Ref. RB1

5.750

10/01/2045

 

4,325,679

1,550,000

Detroit (City of), MI Downtown Development

 

 

 

 

 

Authority; Series 2018 A, Ref. RB1

5.000

07/01/2043

 

1,750,322

13,450,000

Detroit (City of), MI Downtown Development

 

 

 

 

 

Authority; Series 2018 A, Ref. RB1

5.000

07/01/2048

 

15,157,208

810,000

Detroit (City of), MI Local Development Finance

 

 

 

 

 

Authority; Series 1997 B, RB1

6.700

05/01/2021

 

812,795

365,000

Detroit (City of), MI Local Development Finance

 

 

 

 

 

Authority; Series 1997 C, RB1

6.850

05/01/2021

 

366,299

155,000

Detroit (City of), MI; Series 2003, GO Bonds

5.250

04/01/2020

 

155,042

342,550

Detroit (City of), MI; Series 2003, GO Bonds

5.250

04/01/2021

 

342,639

15,500

Detroit (City of), MI; Series 2003, GO Bonds

5.250

04/01/2023

 

15,502

906,750

Detroit (City of), MI; Series 2004, GO Bonds

5.000

04/01/2021

 

906,786

350,300

Detroit (City of), MI; Series 2004, GO Bonds

5.250

04/01/2020

 

350,395

206,150

Detroit (City of), MI; Series 2004, GO Bonds

5.250

04/01/2022

 

206,195

803,643

Detroit (City of), MI; Series 2005 B, Ref. GO

 

 

 

 

 

Bonds

5.000

04/01/2020

 

803,587

10,100,000

Detroit, MI City School District2

6.000

05/01/2029

 

12,893,761

4,365,000

Grand Rapids (City of), MI Economic

 

 

 

 

 

Development Corp. (Clark Retirement

 

 

 

 

 

Community, Inc.); Series 2019 A, RB

5.500

04/01/2039

 

4,477,661

20,310,000

Grand Rapids (City of), MI Economic

 

 

 

 

 

Development Corp. (Clark Retirement

 

 

 

 

 

Community, Inc.); Series 2019 A, RB

5.750

04/01/2049

 

20,828,514

12,000,000

Grand Rapids (City of), MI Economic

 

 

 

 

 

Development Corp. (Clark Retirement

 

 

 

 

 

Community, Inc.); Series 2019 A, RB

5.750

04/01/2054

 

12,194,400

5,695,000

Grand Rapids (City of), MI Economic

 

 

 

 

 

Development Corp. (Clark Retirement

 

 

 

 

 

Community, Inc.); Series 2019 B, RB

6.000

04/01/2027

 

5,804,287

3,340,000

Grand Rapids (City of), MI Economic

 

 

 

 

 

Development Corp. (Clark Retirement

 

 

 

 

 

Community, Inc.); Series 2019 C-2, RB

3.500

04/01/2023

 

3,360,374

3,150,000

Haslett Public Schools; Series 2018, GO Bonds1

5.000

05/01/2048

 

3,870,059

200,000

Michigan (State of) Finance Authority (Henry Ford

 

 

 

 

 

Health System); Series 2016, Ref. RB1

5.000

11/15/2041

 

242,896

44 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Michigan (Continued)

 

 

 

 

$1,400,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

2005 A, RB1

6.000%

12/01/2035 $

1,401,064

595,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

2007, RB

6.500

12/01/2037

 

595,607

1,600,000,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

2008 C, RB

7.965 6

06/01/2058

 

62,560,000

1,400,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

2010 A, RB1

5.900

12/01/2030

 

1,412,544

22,320,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

2014, Ref. RB1

6.750

07/01/2044

 

23,830,171

1,215,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

2015 B, Ref. RB1

5.000

05/15/2034

 

1,429,192

3,000,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

2017, Ref. RB1

5.250

02/01/2032

 

3,392,340

2,000,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

2018, Ref. RB1

5.750

11/01/2040

 

2,233,500

15,000,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

2019 A, RB1

4.000

11/15/2050

 

17,407,350

12,000,000

Michigan (State of) Finance Authority; Series

 

 

 

 

 

2019, RB1

4.000

02/15/2050

 

14,087,040

5,000,000

Michigan (State of) State Housing Development

 

 

 

 

 

Authority; Series 2019 A, RB1

4.000

12/01/2044

 

5,594,000

2,500,000

Michigan (State of) State Housing Development

 

 

 

 

 

Authority; Series 2019 A, RB1

4.000

06/01/2049

 

2,782,625

1,400,000

Michigan (State of) Strategic Fund (Genesee

 

 

 

 

 

Power Station); Series 1994, Ref. RB

7.500

01/01/2021

 

1,400,756

966,750

Michigan (State of) Strategic Fund; Series 2008,

 

 

 

 

 

RB1

7.875

08/31/2028

 

966,750

3,820,000

Michigan State University Board of Trustees;

 

 

 

 

 

Series 2019 B, RB1

5.000

02/15/2044

 

4,868,093

5,350,000

Michigan State University; Series 2019 B, RB1

5.000

02/15/2048

 

6,783,426

3,465,000

Pontiac (City of), MI Arts & Technology Academy;

 

 

 

 

 

Series 2016, Ref. RB

6.000

11/01/2046

 

3,564,965

3,500,000

Summit Academy North; Series 2016, Ref. RB1

5.000

11/01/2031

 

3,615,150

2,800,000

Summit Academy North; Series 2016, Ref. RB1

5.000

11/01/2035

 

2,885,708

13,445,000

Wayne (County of), MI; Series 1999, RB1

6.000

12/01/2029

 

13,489,234

 

 

 

 

 

269,419,503

 

 

 

 

 

Minnesota—0.6%

 

 

 

 

3,330,000

Bethel (City of), MN; Series 2018 A, Ref. RB1

5.500

12/01/2048

 

3,581,648

1,000,000

Bethel (City of), MN; Series 2018, RB1

5.000

06/01/2048

 

1,064,400

600,000

Bethel (City of), MN; Series 2018, RB1

5.000

06/01/2053

 

636,732

1,625,000

Bethel (City of), MN; Series 2018, RB1

5.250

06/01/2058

 

1,736,816

2,610,000

Bethel (City of), MN; Series 2019, RB1

5.000

05/01/2054

 

2,789,672

6,895,000

Brooklyn Center (City of), MN; Series 2016 A, RB1

5.500

11/01/2035

 

7,232,235

3,100,000

Brooklyn Center (City of), MN; Series 2016 B, RB1

6.500

11/01/2035

 

3,100,403

5,735,000

Dakota (County of), MN Community

 

 

 

 

 

Development Agency; Series 2015, RB

6.000

08/01/2035

 

5,984,817

45 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Minnesota (Continued)

 

 

 

 

$380,000

Duluth (City of), MN Economic Development

 

 

 

 

 

Authority; Series 2018, RB1

5.450%

12/01/2046 $

410,734

1,000,000

Duluth (City of), MN Economic Development

 

 

 

 

 

Authority; Series 2018, RB1

5.625

12/01/2055

 

1,083,620

6,570,000

International Falls (City of), MN; Series 1999,

 

 

 

 

 

Ref. RB1

6.850

12/01/2029

 

6,649,957

1,075,000

Minneapolis (City of), MN; Series 2017 A, RB

6.250

07/01/2037

 

1,153,787

4,740,000

Minneapolis (City of), MN; Series 2017 A, RB

6.500

07/01/2048

 

5,117,067

500,000

Minneapolis (City of), MN; Series 2018, RB1

5.000

08/01/2053

 

550,225

515,000

Red Wing (City of), MN; Series 2018 A, RB1

5.000

08/01/2053

 

547,723

2,305,000

St. Paul (City of), MN Housing & Redevelopment

 

 

 

 

 

Authority (Hmong Academy); Series 2012 A, RB1

5.500

09/01/2043

 

2,356,816

2,003,000

St. Paul (City of), MN Housing & Redevelopment

 

 

 

 

 

Authority; Series 2004, RB1

6.250

03/01/2029

 

1,944,132

1,426,706

St. Paul (City of), MN Housing & Redevelopment

 

 

 

 

 

Authority; Series 2006, RB1

5.630

10/01/2033

 

1,428,062

1,075,000

St. Paul (City of), MN Housing & Redevelopment

 

 

 

 

 

Authority; Series 2017 A, RB

5.500

07/01/2052

 

1,185,091

1,000,000

St. Paul (City of), MN Housing & Redevelopment

 

 

 

 

 

Authority; Series 2019, RB1

5.000

07/01/2049

 

1,136,080

1,000,000

St. Paul (City of), MN Housing & Redevelopment

 

 

 

 

 

Authority; Series 2019, RB

5.000

07/01/2055

 

1,129,040

1,000,000

Wayzata (City of), MN; Series 2019, Ref. RB1

5.000

08/01/2049

 

1,122,600

 

 

 

 

 

51,941,657

 

 

 

 

 

Mississippi—0.5%

 

 

 

 

10,000,000

Mississippi (State of) Development Bank (Jackson

 

 

 

 

 

Convention Center); Series 2013 A, Ref. RB1

5.000

03/01/2036

 

13,848,900

13,015,000

Mississippi State University Educational Building2

4.000

08/01/2043

 

14,816,219

1,395,000

Ridgeland (City of), MS; Series 2009, RB1

5.250

10/01/2027

 

1,399,241

1,755,000

Ridgeland (City of), MS; Series 2009, RB1

5.375

10/01/2028

 

1,760,493

16,410,000

Stonebridge Public Improvement District; Series

 

 

 

 

 

2007, RB4

7.500

10/01/2042

 

1,312,800

1,385,000

Tunica (County of), MS; Series 2019, RB

6.000

10/01/2040

 

1,441,189

4,000,000

Warren (County of), MS; Series 2010 A, RB1

5.800

05/01/2034

 

4,030,320

 

 

 

 

 

38,609,162

 

 

 

 

 

Missouri—0.9%

 

 

 

 

4,900,000

Branson (City of), MO Commerce Park

 

 

 

 

 

Community Improvement District; Series 2007

 

 

 

 

 

A, RB4

5.750

06/01/2026

 

1,078,000

12,200,000

Branson (City of), MO Industrial Development

 

 

 

 

 

Authority; Series 2005 A, RB5

7.050

05/01/2027

 

9,030,318

275,000

Branson (City of), MO Industrial Development

 

 

 

 

 

Authority; Series 2005, RB

5.250

06/01/2021

 

275,115

2,970,000

Branson (City of), MO Industrial Development

 

 

 

 

 

Authority; Series 2005, RB

5.500

06/01/2029

 

2,971,396

2,310,000

Branson (City of), MO Industrial Development

 

 

 

 

 

Authority; Series 2007 A, RB5

5.750

05/01/2026

 

1,724,045

46 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Missouri (Continued)

 

 

 

$570,000

Broadway-Fairview Transportation Development

 

 

 

 

District; Series 2006 A, RB5,7

6.125%

12/01/2036 $

370,500

5,000,000

Chesterfield Valley Transportation Development

 

 

 

 

District; Series 2018, RB1

0.000 3

05/15/2046

3,073,450

545,000

Chillicothe (City of), MO (South U.S. 65); Series

 

 

 

 

2006, RB5

5.500

04/01/2021

510,676

3,100,000

Chillicothe (City of), MO; Series 2006, RB5

5.625

04/01/2027

2,687,235

3,020,000

Dardenne Town Square Transportation

 

 

 

 

Development District; Series 2006 A, RB7

5.000

05/01/2026

1,359,000

3,825,000

Dardenne Town Square Transportation

 

 

 

 

Development District; Series 2006 A, RB5

5.000

05/01/2036

1,721,250

160,000

Grindstone Plaza Transportation Development

 

 

 

 

District; Series 2006 A, RB

5.250

10/01/2021

160,014

400,000

Grindstone Plaza Transportation Development

 

 

 

 

District; Series 2006 A, RB

5.400

10/01/2026

400,016

115,000

Grindstone Plaza Transportation Development

 

 

 

 

District; Series 2006 A, RB

5.550

10/01/2036

111,642

4,900,000

I-470 Western Gateway Transportation

 

 

 

 

Development District; Series 2019 A, RB

5.250

12/01/2048

5,273,625

5,000,000

Kansas City (City of), MO Industrial Development

 

 

 

 

Authority (Kansas City International Airport);

 

 

 

 

Series 2019 B, RB1

5.000

03/01/2049

6,225,050

1,000,000

Kansas City (City of), MO Industrial Development

 

 

 

 

Authority (Ward Parkway Center Community

 

 

 

 

Improvement District); Series 2016 A, Ref. RB1

5.000

04/01/2036

1,073,530

740,000

Kansas City (City of), MO Industrial Development

 

 

 

 

Authority (Ward Parkway Center Community

 

 

 

 

Improvement District); Series 2016 A, Ref. RB1

5.000

04/01/2046

784,881

1,078,000

Kansas City (City of), MO Industrial Development

 

 

 

 

Authority; Series 2004 A, RB1

6.750

07/01/2036

1,078,906

5,835,000

Kansas City (City of), MO Industrial Development

 

 

 

 

Authority; Series 2019, RB1

5.000

07/01/2040

6,113,330

1,200,000

Lee's Summit (City of), MO Industrial

 

 

 

 

Development Authority; Series 2007, RB4,5

5.500

03/01/2021

768,000

750,000

Lee's Summit (City of), MO Industrial

 

 

 

 

Development Authority; Series 2007, RB4

5.750

03/01/2029

480,000

2,800,000

Lee's Summit (City of), MO Industrial

 

 

 

 

Development Authority; Series 2012, RB1

6.000

05/01/2042

2,805,768

2,000,000

Move Rolla Transportation Development District;

 

 

 

 

Series 2017, RB1

4.625

06/01/2042

2,215,400

700,000

Northwoods Transportation Development District;

 

 

 

 

Series 2006 A, RB

5.850

02/01/2031

698,838

795,000

Rock Hill (City of), MO Industrial Development

 

 

 

 

Authority (Market at McKnight Redevelopment);

 

 

 

 

Series 2015 A, RB1

4.500

11/01/2028

808,666

2,750,000

St. Charles (County of), MO Industrial

 

 

 

 

Development Authority; Series 2016, RB1

5.000

10/01/2046

2,888,985

4,580,000

St. Louis (City of), MO Industrial Development

 

 

 

 

Authority; Series 2010 A, RB4,5

8.000

04/27/2033

137,400

47 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Missouri (Continued)

 

 

 

 

$4,000,000

St. Louis (City of), MO Land Clearance for

 

 

 

 

 

Redevelopment Authority; Series 2018 A, RB1

5.000%

04/01/2038 $

4,907,680

2,000,000

St. Louis (City of), MO Land Clearance for

 

 

 

 

 

Redevelopment Authority; Series 2018 B, RB

6.375

04/01/2043

 

2,135,980

2,030,982

St. Louis (City of), MO; Series 2007, RB5

5.500

05/29/2028

 

853,541

3,043,000

St. Louis (City of), MO; Series 2007, RB5,7

6.300

04/01/2027

 

699,890

3,100,000

St. Louis (County of), MO Industrial Development

 

 

 

 

 

Authority; Series 2019 A, Ref. RB1

5.875

03/01/2033

 

3,333,151

1,660,000

St. Louis (County of), MO (Printers Lofts); Series

 

 

 

 

 

2006, RB5,7

6.000

08/21/2026

 

415,000

2,442,000

St. Louis (County of), MO (1601 Washington);

 

 

 

 

 

Series 2006, RB5,7

6.000

08/21/2026

 

805,860

2,285,000

St. Louis (County of), MO; Series 2007 A, RB5

5.500

01/20/2028

 

1,142,500

1,108,000

St. Louis (County of), MO; Series 2007 A, RB5

5.500

09/02/2028

 

498,600

1,510,000

St. Louis (County of), MO; Series 2007 B, RB5,7

5.500

01/20/2028

 

362,400

1,865,000

Stone Canyon Community Improvement District;

 

 

 

 

 

Series 2007, RB4,5

5.700

04/01/2022

 

484,900

975,000

Stone Canyon Community Improvement District;

 

 

 

 

 

Series 2007, RB4,5

5.750

04/01/2027

 

253,500

 

 

 

 

 

72,718,038

 

 

 

 

 

Montana—0.0%

 

 

 

 

5,935,000

Hardin (City of), MT; Series 2006, RB5,7

6.250 3

09/01/2031

 

415,450

 

 

 

 

 

Nebraska—0.0%

 

 

 

 

2,500,000

Central Plains Energy Project (No. 3); Series 2017

 

 

 

 

 

A, Ref. RB1

5.000

09/01/2042

 

3,706,650

 

 

 

 

 

 

Nevada—1.1%

 

 

 

 

 

17,500,000

Clark (County of), NV (Stadium Improvement

 

 

 

 

 

Bonds); Series 2018 A, GO Bonds1

5.000

05/01/2048

 

21,900,900

975,000

Clark (County of), NV; Series 2007 A, RB1

5.000

02/01/2026

 

985,413

750,000

Clark (County of), NV; Series 2007 A, RB1

5.050

02/01/2031

 

757,673

26,160,000

Clark (County of), NV; Series 2018 A, GO Bonds1

5.000

06/01/2043

 

33,041,126

27,500,000

Clark County, NV GO2

5.000

05/01/2048

 

34,310,650

75,000

Mesquite (City of), NV; Series 2005, RB1

5.400

08/01/2020

 

75,801

260,000

Mesquite (City of), NV; Series 2005, RB1

5.500

08/01/2025

 

261,971

29,000,000

Reno (City of), NV (ReTRAC - Reno Transportation

 

 

 

 

 

Rail Access Corridor); Series 2018 C, Ref. RB

6.143 6

07/01/2058

 

4,866,490

 

 

 

 

 

96,200,024

 

 

 

 

 

New Hampshire—0.3%

 

 

 

 

7,491,902

National Finance Authority; Series 2020-1, Class

 

 

 

 

 

A1

4.125

01/20/2034

 

9,247,254

1,400,000

New Hampshire (State of) Business Finance

 

 

 

 

 

Authority; Series 2019 A, RB1

5.250

07/01/2039

 

1,550,808

770,000

New Hampshire (State of) Business Finance

 

 

 

 

 

Authority; Series 2019 A, RB1

5.625

07/01/2046

 

860,837

48 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

New Hampshire (Continued)

 

 

 

 

$1,930,000

New Hampshire (State of) Business Finance

 

 

 

 

 

Authority; Series 2019 A, RB1

5.750%

07/01/2054 $

2,161,233

1,100,000

New Hampshire (State of) Health and Education

 

 

 

 

 

Facilities Authority; Series 2017 A, RB

5.250

07/01/2027

 

1,195,359

1,725,000

New Hampshire (State of) Health and Education

 

 

 

 

 

Facilities Authority; Series 2017 A, RB

6.125

07/01/2037

 

1,950,440

3,875,000

New Hampshire (State of) Health and Education

 

 

 

 

 

Facilities Authority; Series 2017 A, RB

6.125

07/01/2052

 

4,328,298

865,000

New Hampshire (State of) Health and Education

 

 

 

 

 

Facilities Authority; Series 2017 A, RB

6.250

07/01/2042

 

976,049

 

 

 

 

 

22,270,278

 

 

 

 

 

New Jersey—1.7%

 

 

 

 

6,000,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority (Black Horse EHT Urban Renewal LLC);

 

 

 

 

 

Series 2019 A, RB

5.000

10/01/2039

 

6,212,220

3,750,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority (Continental Airlines, Inc.); Series 2000

 

 

 

 

 

B, RB1

5.625

11/15/2030

 

4,349,325

500,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority (Leap Academy); Series 2014 A, RB1

6.300

10/01/2049

 

548,090

3,320,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority (Newark Downtown District

 

 

 

 

 

Management Corp.); Series 2019, Ref. RB1

5.125

06/15/2037

 

4,146,912

1,000,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority (Paterson Charter School for Science

 

 

 

 

 

and Technology, Inc.); Series 2012 A, RB1

6.100

07/01/2044

 

1,061,500

565,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2014 A, RB1

6.000

10/01/2034

 

621,240

750,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2014 A, RB1

6.200

10/01/2044

 

820,665

5,000,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2016 AAA, RB1

5.000

06/15/2041

 

5,906,700

650,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2017 A, RB1

5.000

07/01/2047

 

737,256

1,865,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2017 A, RB

5.375

07/01/2047

 

2,021,455

2,055,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2017 A, Ref. RB1

5.125

09/01/2052

 

2,318,204

1,875,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2017, RB1

5.000

07/15/2047

 

2,189,306

5,000,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2018 A, RB

5.375

10/01/2050

 

5,533,150

2,630,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2018 A, RB

5.750

09/01/2050

 

2,754,531

690,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2018 A, RB1

6.500

11/01/2052

 

814,069

80,000

New Jersey (State of) Economic Development

 

 

 

 

 

Authority; Series 2018 B, RB

5.500

10/01/2020

 

80,671

49 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

New Jersey (Continued)

 

 

 

 

 

$765,000

New Jersey (State of) Economic Development

 

 

 

 

 

 

Authority; Series 2019 B, RB

5.750%

10/01/2026 $

770,913

5,000,000

New Jersey (State of) Educational Facilities

 

 

 

 

 

 

Authority; Series 2016 D, Ref. RB1

5.000

 

07/01/2046

 

5,472,650

5,000,000

New Jersey (State of) Health Care Facilities

 

 

 

 

 

 

Financing Authority; Series 2018, RB

5.750

 

10/01/2038

 

5,355,950

10,000,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

 

 

Authority; Series 2008 A, RB

4.497

6

12/15/2037

 

6,584,200

3,300,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

 

 

Authority; Series 2018 A, Ref. RN1

5.000

 

06/15/2031

 

3,949,671

3,583,000

Newark (City of), NJ; Series 2015 A, GO Bonds1

5.000

 

07/15/2029

 

4,007,263

18,650,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

 

 

A, Ref. RB1

5.000

 

06/01/2046

 

22,724,093

44,350,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

 

 

B, Ref. RB1

5.000

 

06/01/2046

 

52,273,128

210,000

Weehawken (Town of), NJ; Series 2010 A, GO

 

 

 

 

 

 

Bonds1

6.000

 

08/01/2021

 

214,242

210,000

Weehawken (Town of), NJ; Series 2010 A, GO

 

 

 

 

 

 

Bonds1

6.000

 

08/01/2022

 

214,225

 

 

 

 

 

 

141,681,629

 

 

 

 

 

 

New Mexico—0.0%

 

 

 

 

 

615,000

Boulders Public Improvement District; Series

 

 

 

 

 

 

2015, RB1

5.750

 

10/01/2044

 

652,214

65,000

Mariposa East Public Improvement District; Series

 

 

 

 

 

 

2015 A, RB1

5.900

 

09/01/2032

 

68,450

415,000

Mariposa East Public Improvement District; Series

 

 

 

 

 

 

2015 B, RB1

5.900

3

09/01/2032

 

437,024

510,000

Mariposa East Public Improvement District; Series

 

 

 

 

 

 

2015 C, RB

5.900

 

09/01/2032

 

530,823

410,000

Mariposa East Public Improvement District; Series

 

 

 

 

 

 

2015 D, RB

12.874

6

03/01/2032

 

188,600

1,925,000

Trails Public Improvement District; Series 2008,

 

 

 

 

 

 

RB

7.750

 

10/01/2038

 

1,927,079

 

 

 

 

 

 

3,804,190

 

 

 

 

 

 

New York—13.3%

 

 

 

 

 

9,655,000

Build NYC Resource Corp. (Brooklyn Navy Yard);

 

 

 

 

 

 

Series 2019, Ref. RB

5.500

 

12/31/2040

 

10,775,945

5,000,000

Erie Tobacco Asset Securitization Corp.; Series

 

 

 

 

 

 

2005 A, RB1

5.000

 

06/01/2038

 

5,002,650

17,700,000

Erie Tobacco Asset Securitization Corp.; Series

 

 

 

 

 

 

2005 D, RB

5.630

6

06/01/2055

 

1,321,305

4,220,000

Essex (County of), NY Industrial Development

 

 

 

 

 

 

Agency; Series 2017, RB

6.250

 

06/01/2047

 

4,586,591

5,400,000

Guilderland (Town of), NY Industrial

 

 

 

 

 

 

Development Agency; Series 2017 A, RB

5.875

 

01/01/2052

 

5,641,488

5,000,000

Long Island (City of), NY Power Authority; Series

 

 

 

 

 

 

2017, RB1

5.000

 

09/01/2042

 

6,186,950

50 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

$5,005,000

Metropolitan Transportation Authority, Series

 

 

 

 

2016 A1, RB1

5.250%

11/15/2056 $

6,048,042

4,680,000

Metropolitan Transportation Authority, Series

 

 

 

 

2017 D, Ref. RB1

4.000

11/15/2042

5,419,580

900,000

Metropolitan Transportation Authority; Series

 

 

 

 

2013 D, RB1

5.250

11/15/2029

1,052,541

900,000

Metropolitan Transportation Authority; Series

 

 

 

 

2013 D, RB1

5.250

11/15/2033

1,052,541

10,470,000

Metropolitan Transportation Authority; Series

 

 

 

 

2016 B-1, RB1

5.000

11/15/2051

12,781,253

3,000,000

Metropolitan Transportation Authority; Series

 

 

 

 

2017 B-1, RB1

5.000

11/15/2042

3,768,600

22,270,000

Metropolitan Transportation Authority; Series

 

 

 

 

2019 A-2, RB1

5.000

11/15/2045

27,884,044

25,000,000

Metropolitan Transportation Authority; Series

 

 

 

 

2020 A-1, RB1

4.000

11/15/2051

29,411,750

1,000,000

Monroe County Industrial Development Corp.;

 

 

 

 

Series 2011, RB1

6.000

06/01/2030

1,063,150

922,500

Nassau (County of), NY Industrial Development

 

 

 

 

Agency (Amsterdam at Harborside); Series 2014

 

 

 

 

A, RB

6.500

01/01/2032

938,450

1,741,877

Nassau (County of), NY Industrial Development

 

 

 

 

Agency (Amsterdam at Harborside); Series 2014

 

 

 

 

A, RB

6.700

01/01/2049

1,749,297

6,100,000

Nassau (County of), NY Industrial Development

 

 

 

 

Agency (Amsterdam at Harborside); Series 2014

 

 

 

 

A, RB

6.700

01/01/2049

6,125,986

378,066

Nassau (County of), NY Industrial Development

 

 

 

 

Agency (Amsterdam at Harborside); Series 2014

 

 

 

 

B, RB

5.500

07/01/2020

378,062

2,937,408

Nassau (County of), NY Industrial Development

 

 

 

 

Agency (Amsterdam at Harborside); Series 2014

 

 

 

 

C, RB4

2.000

01/01/2049

440,611

99,933

Nassau (County of), NY Industrial Development

 

 

 

 

Agency; Series 2014 A, RB

5.875

01/01/2023

100,225

50,045,000

New York & New Jersey (States of) Port Authority;

 

 

 

 

Series 2019, RB1

5.000

11/01/2049

64,003,051

200,000

New York & New Jersey (States of), NY Port

 

 

 

 

Authority (JFK International Air Terminal LLC);

 

 

 

 

Series 1997 6, RB1

5.750

12/01/2025

205,978

8,670,000

New York (City of), NY Industrial Development

 

 

 

 

Agency; Series 1997, RB1

6.200

10/01/2022

9,525,556

9,545,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2017 A-3, RB1

5.000

08/01/2040

12,027,082

2,450,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2018 A-1, RB1

5.000

08/01/2040

3,117,013

5,000,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2018 S-4A, Ref. RB1

4.000

07/15/2037

5,943,250

51 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

$19,515,000

New York (City of), NY Transitional Finance

 

 

 

 

Authority; Series 2019 A2, RB1

5.000%

05/01/2037 $

25,509,032

5,000,000

New York (City of), NY; Series 2017, Ref. RB1

5.000

06/15/2038

6,328,150

10,000,000

New York (City of), NY; Series 2018 D-1, GO

 

 

 

 

Bonds1

5.000

12/01/2040

12,841,400

9,850,000

New York (City of), NY; Series 2018 D-1, GO

 

 

 

 

Bonds1

5.000

12/01/2041

12,617,555

1,975,000

New York (City of), NY; Series 2018 F-1, GO

 

 

 

 

Bonds1

5.000

04/01/2039

2,504,893

15,290,000

New York (City of), NY; Series 2019 A-1, GO

 

 

 

 

Bonds1

5.000

08/01/2041

19,861,710

5,000,000

New York (City of), NY; Series 2019 B-1, GO

 

 

 

 

Bonds1

5.000

10/01/2042

6,501,250

14,510,000

New York (City of), NY; Series 2019 B-1, GO

 

 

 

 

Bonds1

5.000

10/01/2043

18,824,403

6,160,000

New York (State of) Dormitory Authority (General

 

 

 

 

Purpose); Series 2019 D, RB1

4.000

02/15/2049

7,365,820

21,665,000

New York (State of) Dormitory Authority (General

 

 

 

 

Purpose); Series 2020 D, Ref. RB1

5.000

02/15/2048

28,270,875

6,705,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2015 A, Ref. RB1

5.000

07/01/2048

8,001,479

6,500,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2016 A, RB1

5.000

02/15/2043

8,003,515

10,000,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2018 C, Ref. RB1

5.000

03/15/2040

12,730,700

6,500,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2018 E, Ref. RB1

5.000

03/15/2037

8,456,500

5,000,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2018 E, Ref. RB1

5.000

03/15/2042

6,414,850

10,000,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2019 A, Ref. RB1

5.000

03/15/2045

12,821,100

16,675,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2019 A, Ref. RB1

5.000

03/15/2046

21,369,846

74,800,000

New York (State of) Dormitory Authority; Series

 

 

 

 

2020 D, Ref. RB1

4.000

02/15/2047

89,662,760

20,000,000

New York (State of) Thruway Authority; Series

 

 

 

 

2019 B, RB1

4.000

01/01/2045

23,779,200

234,000,000

New York Counties Tobacco Trust V; Series 2005

 

 

 

 

S4B, RB

6.732 6

06/01/2060

9,097,920

21,750,000

New York Liberty Development Corp.; Series

 

 

 

 

2011, Ref. RB1

5.750

11/15/2051

23,559,600

8,320,000

New York State Environmental Facilities Corp.;

 

 

 

 

Series 2018 B, RB1

5.000

06/15/2048

10,559,744

5,750,000

New York State Urban Development Corp.; Series

 

 

 

 

2017 C-3, Ref. RB1

5.000

03/15/2041

7,212,455

13,000,000

New York Transportation Development Corp.

 

 

 

 

(American Airlines, Inc.); Series 2016, Ref. RB1

5.000

08/01/2026

13,645,580

52 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

New York (Continued)

 

 

 

 

$2,500,000

New York Transportation Development Corp.

 

 

 

 

 

(LaGuardia Airport Terminal B Redevelopment);

 

 

 

 

 

Series 2016 A, RB1

5.000%

07/01/2046 $

2,877,850

2,525,000

New York Transportation Development Corp.;

 

 

 

 

 

Series 2016 A, RB1

4.000

07/01/2031

 

2,794,620

2,500,000

New York Transportation Development Corp.;

 

 

 

 

 

Series 2016 A, RB1

5.000

07/01/2034

 

2,913,350

10,000,000

NY MTA (Green Bond)2

5.250

11/15/2057

 

12,457,475

16,810,000

NYC Transitional Finance Authority2

5.000

05/01/2041

 

21,146,196

25,000,000

NYC Transitional Finance Authority (Building Aid)2

5.000

07/15/2035

 

32,194,000

15,000,000

NYC Transitional Finance Authority (Future Tax)2

4.000

08/01/2041

 

17,156,175

53,425,000

NYC Transitional Finance Authority (Future Tax)2

5.000

08/01/2041

 

66,927,418

75,000,000

NYC Transitional Finance Authority (Future Tax)2

5.000

05/01/2042

 

93,252,563

13,000,000

NYC Transitional Finance Authority (Future Tax)2

5.000

08/01/2042

 

16,405,188

20,140,000

NYC Transitional Finance Authority (Future Tax)2

5.000

08/01/2045

 

25,080,292

25,000,000

NYS DA (Sales Tax)2

5.000

03/15/2037

 

31,998,125

13,270,000

NYS DA (Sales Tax)2

5.000

03/15/2039

 

16,873,262

15,000,000

NYS DA (Sales Tax)2

5.000

03/15/2040

 

19,033,650

31,720,000

NYS DA (Group 4) (Sales Tax)2

5.000

03/15/2041

 

40,162,992

10,000,000

NYS DA (Group 3) (Sales Tax)2

5.000

03/15/2041

 

12,810,325

15,000,000

NYS DA (Sales Tax)2

5.000

03/15/2044

 

18,543,975

11,050,000

Port Authority NY/NJ, 200th Series2

5.000

04/15/2057

 

13,432,680

13,000,000

Port Authority NY/NJ, 205th Series2

5.000

05/15/2057

 

16,018,925

2,000,000

Port Authority NY/NJ, 206th Series2

5.000

11/15/2042

 

2,473,400

19,725,000

Port Authority NY/NJ, 206th Series2

5.000

11/15/2047

 

24,257,132

8,385,000

Suffolk Tobacco Asset Securitization Corp.; Series

 

 

 

 

 

2008 B, RB

6.000

06/01/2048

 

8,397,913

600,000

Yonkers (City of), NY Industrial Development

 

 

 

 

 

Agency; Series 1998 C, RB

6.200

03/01/2020

 

600,000

465,000

Yonkers Economic Development Corp. (Charter

 

 

 

 

 

School Education Excellence); Series 2019 A, RB

5.000

10/15/2054

 

535,880

 

 

 

 

 

1,120,834,714

 

 

 

 

 

North Carolina—0.3%

 

 

 

 

1,000,000

Charlotte (City of), NC; Series 2019 B, COP1

4.000

06/01/2038

 

1,202,480

750,000

Charlotte (City of), NC; Series 2019 B, COP1

4.000

06/01/2039

 

899,752

13,905,000

North Carolina (State of) Medical Care

 

 

 

 

 

Commission (Novant Health Obligated Group);

 

 

 

 

 

Series 2019, RB1

4.000

11/01/2049

 

16,355,478

1,650,000

North Carolina (State of) Medical Care

 

 

 

 

 

Commission (WhiteStone); Series 2011 A, RB1

7.750

03/01/2031

 

1,760,270

5,415,000

North Carolina (State of) Turnpike Authority;

 

 

 

 

 

Series 2018, Ref. RB1

5.000

01/01/2038

 

6,921,940

 

 

 

 

 

27,139,920

 

 

 

 

 

North Dakota—0.2%

 

 

 

 

8,925,000

Grand Forks (County of), ND (Red River

 

 

 

 

 

Biorefinery LLC); Series 2020, Ref. RB

6.375

12/15/2043

 

8,972,035

53 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

North Dakota (Continued)

 

 

 

 

$3,900,000

McLean (County of), ND (Great River Energy);

 

 

 

 

 

Series 2010 B, RB1

5.150%

07/01/2040 $

3,949,764

 

 

 

 

 

12,921,799

 

 

 

 

 

 

Ohio—10.9%

 

 

 

 

 

9,950,000

Allen County, OH Hospital Facilities (Catholic

 

 

 

 

 

Healthcare)2

5.000

06/01/2038

 

10,047,683

7,385,000

Brecksville-Broadview Heights City School

 

 

 

 

 

District; Series 2018, GO Bonds1

5.250

12/01/2054

 

8,612,682

10,840,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB

5.125

06/01/2024

 

10,851,490

17,110,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB

5.375

06/01/2024

 

17,129,163

9,195,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB

5.750

06/01/2034

 

9,206,126

43,515,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB

5.875

06/01/2030

 

43,568,959

86,740,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB1

5.875

06/01/2047

 

86,847,558

13,227,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB1

6.000

06/01/2042

 

13,243,798

68,160,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-2, RB1

6.500

06/01/2047

 

68,255,424

62,055,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 A-3, RB

6.250 3

06/01/2037

 

69,355,150

433,800,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2007 C, RB

6.542 6

06/01/2052

 

40,451,850

12,000,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2020 A-2, Class 1, Ref. RB8

4.000

06/01/2048

 

13,769,040

225,000,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2020 B-2, Class 2, Ref. RB1,8

5.000

06/01/2055

 

254,448,000

484,895,000

Buckeye Tobacco Settlement Financing Authority;

 

 

 

 

 

Series 2020 B-3, Class 2, Ref. RB8

5.622 6

06/01/2057

 

68,263,518

5,645,000

Butler (County of), NY Port Authority; Series

 

 

 

 

 

2013, Ref. RB1

7.000

07/01/2043

 

6,282,716

815,000

Cleveland (City of) & Cuyahoga (County of), OH

 

 

 

 

 

Port Authority; Series 2018, Ref. RB1

5.250

12/01/2038

 

975,172

735,000

Cleveland (City of) & Cuyahoga (County of), OH

 

 

 

 

 

Port Authority; Series 2018, Ref. RB1

5.500

12/01/2043

 

884,154

2,900,000

Cleveland (City of) & Cuyahoga (County of), OH

 

 

 

 

 

Port Authority; Series 2018, Ref. RB1

5.500

12/01/2053

 

3,463,702

205,000

Columbus (City of) & Franklin (County of), OH

 

 

 

 

 

Finance Authority; Series 2007 A, RB1

6.000

05/15/2035

 

207,480

14,550,000

Cuyahoga (County of), OH (Metrohealth System);

 

 

 

 

 

Series 2017, Ref. RB1

5.500

02/15/2052

 

17,499,721

4,900,000

Cuyahoga (County of), OH (Metrohealth System);

 

 

 

 

 

Series 2017, Ref. RB1

5.500

02/15/2057

 

5,879,314

1,000,000

Darke (County of), OH (Wayne Healthcare); Series

 

 

 

 

 

2019 A, RB1

4.000

09/01/2040

 

1,098,600

54 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Ohio (Continued)

 

 

 

$1,750,000

Darke (County of), OH (Wayne Healthcare); Series

 

 

 

 

2019 A, RB1

4.000%

09/01/2045 $

1,901,777

35,450,000

Gallia (County of), OH (Holzer Health System

 

 

 

 

Obligated Group); Series 2012, Ref. RB1

8.000

07/01/2042

39,840,482

1,005,000

Greater Cincinnati (Port of), OH Development

 

 

 

 

Authority; Series 2004, RB

6.300

02/15/2024

1,001,844

2,500,000

Greater Cincinnati (Port of), OH Development

 

 

 

 

Authority; Series 2004, RB

6.400

02/15/2034

2,479,450

1,450,000

Hancock (County of), OH (Blanchard Valley

 

 

 

 

Regional Health Center); Series 2011 A, RB1

6.250

12/01/2034

1,547,078

1,880,000

Hickory Chase Community Authority; Series 2019,

 

 

 

 

Ref. RB1

5.000

12/01/2040

2,094,602

20,000

Lake (County of), OH; Series 2008 C, Ref. RB1

5.750

08/15/2038

20,071

280,000

Lorain (County of), OH Port Authority; Series

 

 

 

 

2005 A, RB1

6.000

11/15/2025

280,199

1,150,000

Marion (County of), OH (United Church Homes,

 

 

 

 

Inc.); Series 2019, Ref. RB

5.000

12/01/2039

1,189,376

3,000,000

Marion (County of), OH (United Church Homes,

 

 

 

 

Inc.); Series 2019, Ref. RB

5.125

12/01/2049

3,100,920

10,000,000

Montgomery County, OH (Miami Valley Hospital)2

5.750

11/15/2023

10,298,950

1,080,000

Norwood (City of), OH; Series 2017, RB1

6.000

12/01/2046

1,172,167

10,795,000

Ohio (State of) Air Quality Development Authority

 

 

 

 

(FirstEnergy Generation Corp.); Series 2009 D,

 

 

 

 

Ref. PCR4

4.250 10

08/01/2029

11,577,638

10,000,000

Ohio (State of) Air Quality Development

 

 

 

 

Authority; Series 2019, RB1

5.000

07/01/2049

11,589,900

23,700,000

Ohio (State of) Higher Educational Facility

 

 

 

 

Commission; Series 2015, Ref. RB1

6.000

10/01/2041

27,051,654

5,750,000

Ohio (State of) Higher Educational Facility

 

 

 

 

Commission; Series 2018, Ref. RB1

5.250

01/01/2048

6,182,918

10,960,000

Ohio (State of) Higher Educational Facility

 

 

 

 

Commission; Series 2019, RB1

5.000

11/01/2044

14,155,059

5,400,000

Ohio (State of) Housing Finance Agency; Series

 

 

 

 

2017, RB

5.450

01/01/2038

5,622,480

4,100,000

Southeastern Ohio Port Authority; Series 2012,

 

 

 

 

Ref. RB1

5.750

12/01/2032

4,502,046

5,400,000

South-Western City School District; Series 2019

 

 

 

 

A, GO Bonds1

4.000

12/01/2048

6,349,266

1,412,593

Toledo (City of) & Lucas (County of), OH Port

 

 

 

 

Authority; Series 2007 A, RB1

5.400

11/01/2036

1,412,791

2,305,000

Warren (County of), OH Port Authority; Series

 

 

 

 

2019 D, RB1

4.000

12/01/2039

2,435,279

3,670,000

Warren (County of), OH Port Authority; Series

 

 

 

 

2019 D, RB1

5.000

12/01/2052

4,152,789

55 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Ohio (Continued)

 

 

 

 

$6,105,000

Warren (County of), OH Port Authority; Series

 

 

 

 

 

2019, RB

5.250%

12/01/2052 $

6,303,840

 

 

 

 

 

916,603,876

 

 

 

 

 

Oklahoma—0.0%

 

 

 

 

4,800,000

Atoka (County of), OK Health Care Authority

 

 

 

 

 

(Atoka Memorial Hospital); Series 2007, RB

6.625

10/01/2037

 

3,840,000

100,000

Oklahoma (State of) Ordnance Works Authority

 

 

 

 

 

(Ralston Purina Co.); Series 1996, Ref. PCR1

6.500

09/01/2026

 

100,365

 

 

 

 

 

3,940,365

 

 

 

 

 

 

Oregon—0.3%

 

 

 

 

 

700,000

Oregon (State of) Facilities Authority; Series 2010

 

 

 

 

 

A, RB1

6.125

09/01/2030

 

718,074

1,740,000

Oregon (State of) Facilities Authority; Series 2015

 

 

 

 

 

A, RB1

5.750

06/15/2046

 

1,870,744

2,625,000

Oregon (State of) Facilities Authority; Series 2016

 

 

 

 

 

A, RB1

5.250

06/15/2051

 

2,747,876

17,045,000

Oregon City School District No. 62; Series 2018

 

 

 

 

 

B, GO Bonds1

5.000

06/15/2049

 

21,349,033

 

 

 

 

 

26,685,727

 

 

 

 

 

Pennsylvania—2.2%

 

 

 

 

17,800,000

Allegheny (County of), PA Hospital Development

 

 

 

 

 

Authority (Allegheny Health Network Obligated

 

 

 

 

 

Group Issue); Series 2018 A, Ref. RB1

5.000

04/01/2047

 

21,823,334

1,000,000

Allentown (City of), PA Neighborhood

 

 

 

 

 

Improvement Zone Development Authority (City

 

 

 

 

 

Center); Series 2018, RB1

5.000

05/01/2033

 

1,218,320

8,000,000

Allentown (City of), PA Neighborhood

 

 

 

 

 

Improvement Zone Development Authority (City

 

 

 

 

 

Center); Series 2018, RB

5.375

05/01/2042

 

9,492,480

2,700,000

Chester (County of), PA Health & Education

 

 

 

 

 

Facilities Authority; Series 2013 MM-2, RB1

7.000

11/01/2041

 

3,291,813

1,710,000

Chester (County of), PA Industrial Development

 

 

 

 

 

Authority; Series 2016, RB

5.250

01/01/2037

 

1,815,490

11,080,000

Chester (County of), PA Industrial Development

 

 

 

 

 

Authority; Series 2016, RB

5.500

01/01/2052

 

11,764,523

525,000

Chester (County of), PA Industrial Development

 

 

 

 

 

Authority; Series 2018, RB

5.000

03/01/2038

 

574,140

1,050,000

Chester (County of), PA Industrial Development

 

 

 

 

 

Authority; Series 2018, RB

5.125

03/01/2048

 

1,147,409

2,750,000

Crawford (County of), PA Hospital Authority;

 

 

 

 

 

Series 2016 A, Ref. RB

6.000

06/01/2046

 

3,223,660

3,215,000

Crawford (County of), PA Hospital Authority;

 

 

 

 

 

Series 2016 A, Ref. RB

6.000

06/01/2051

 

3,743,032

7,500,000

General Authority of Southcentral Pennsylvania

 

 

 

 

 

(WellSpan Health Obligated Group); Series 2019

 

 

 

 

 

A, Ref. RB1

5.000

06/01/2049

 

9,436,875

56 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Pennsylvania (Continued)

 

 

 

$5,000

Lancaster (City of), PA; Series 2018, GO Bonds1

4.000%

11/01/2040 $

5,755

4,775,000

Lancaster (City of), PA; Series 2018, GO Bonds1

4.000

11/01/2043

5,463,125

1,260,000

Montgomery (County of), PA Higher Education &

 

 

 

 

Health Authority; Series 2017, Ref. RB

5.000

12/01/2032

1,323,428

1,705,000

Montgomery (County of), PA Higher Education &

 

 

 

 

Health Authority; Series 2017, Ref. RB

5.250

12/01/2037

1,795,689

500,000

Montgomery (County of), PA Higher Education &

 

 

 

 

Health Authority; Series 2017, Ref. RB

5.300

12/01/2038

526,545

3,140,000

Montgomery (County of), PA Higher Education &

 

 

 

 

Health Authority; Series 2017, Ref. RB

5.375

12/01/2047

3,246,477

8,238,655

Northampton (County of), PA Industrial

 

 

 

 

Development Authority; Series 2013 A, RB5,7,9

5.000

12/31/2023

2,059,664

2,247,890

Northampton (County of), PA Industrial

 

 

 

 

Development Authority; Series 2013, RB5,7,9

5.000

12/31/2023

561,973

1,210,000

Pennsylvania (State of) Economic Development

 

 

 

 

Financing Authority; Series 2016, Ref. RB1

4.000

03/15/2036

1,394,573

5,000,000

Pennsylvania (State of) Economic Development

 

 

 

 

Financing Authority; Series 2019, RB

5.750

06/01/2036

5,461,700

10,000,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority (University of Pennsylvania

 

 

 

 

Health); Series 2019, RB1

4.000

08/15/2049

11,741,900

4,000,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2011, RB1

6.250

10/01/2043

4,339,080

1,370,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2012 A, RB1

5.000

01/01/2027

1,453,008

13,194

Pennsylvania (State of) Housing Finance Agency;

 

 

 

 

Series 2018, RB1

3.600

08/01/2035

15,507

3,000,000

Pennsylvania (State of) Public School Building

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

2012, RB1

5.000

04/01/2030

3,257,160

10,000,000

Pennsylvania (State of) Public School Building

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

2016 A, Ref. RB1

5.000

06/01/2032

12,266,000

12,500,000

Pennsylvania (State of); Series 2018 1, GO Bonds1

4.000

03/01/2035

14,934,375

560,000

Philadelphia (City of), PA Authority for Industrial

 

 

 

 

Development; Series 2012 A, RB1

5.500

06/15/2022

580,832

2,000,000

Philadelphia (City of), PA Authority for Industrial

 

 

 

 

Development; Series 2012 A, RB1

5.500

06/15/2032

2,115,820

3,350,000

Philadelphia (City of), PA Hospitals & Higher

 

 

 

 

Education Facilities Authority; Series 2012 A, RB1

5.625

07/01/2036

3,658,770

5,250,000

Philadelphia (City of), PA Hospitals & Higher

 

 

 

 

Education Facilities Authority; Series 2012 A, RB1

5.625

07/01/2042

5,710,845

1,500,000

Philadelphia (City of), PA Industrial Development

 

 

 

 

Authority (Architecture & Design Charter High

 

 

 

 

School); Series 2013, RB5

6.125

03/15/2043

1,500,000

8,430,000

Philadelphia (City of), PA Industrial Development

 

 

 

 

Authority (University of the Arts); Series 2017,

 

 

 

 

Ref. RB1

5.000

03/15/2045

9,377,363

6,000,000

Philadelphia (City of), PA; Series 2010 A, RB1

5.250

06/15/2030

6,070,800

57 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Pennsylvania (Continued)

 

 

 

 

$4,000,000

Philadelphia School District; Series 2011 E, Ref.

 

 

 

 

 

GO Bonds1

5.250%

09/01/2023 $

4,086,240

785,000

Reading School District; Series 2017, Ref. GO

 

 

 

 

 

Bonds1

5.000

03/01/2035

 

963,580

720,000

Reading School District; Series 2017, Ref. GO

 

 

 

 

 

Bonds1

5.000

03/01/2036

 

878,414

2,500,000

Wilkes-Barre Area School District; Series 2019,

 

 

 

 

 

GO Bonds1

4.000

04/15/2049

 

2,871,600

5,350,000

York (City of), PA; Series 2011, GO Bonds1

7.250

11/15/2041

 

5,936,253

 

 

 

 

 

181,127,552

 

 

 

 

 

Rhode Island—0.2%

 

 

 

 

44,240,000

Central Falls Detention Facility Corp.; Series 2005,

 

 

 

 

 

Ref. RB4

7.250

07/15/2035

 

7,963,200

5,000,000

Tobacco Settlement Financing Corp.; Series 2015

 

 

 

 

 

A, Ref. RB1

5.000

06/01/2040

 

5,697,950

 

 

 

 

 

13,661,150

 

 

 

 

 

South Carolina—0.9%

 

 

 

 

184,228

Connector 2000 Association, Inc.; Series 1998

 

 

 

 

 

B, RB

6.295 6

01/01/2026

 

129,767

7,745,055

Connector 2000 Association, Inc.; Series 1998

 

 

 

 

 

B, RB

6.620 6

01/01/2024

 

6,154,979

5,715,000

Hardeeville (City of), SC; Series 2008 A, RB

7.750

11/01/2039

 

5,724,430

12,555,000

Lancaster County, SC School District2

4.000

03/01/2036

 

14,705,303

12,383,000

Richland (County of), SC; Series 2004, RB5

6.200

11/01/2036

 

11,213,178

5,000,000

South Carolina (State of) Jobs-Economic

 

 

 

 

 

Development Authority; Series 2019 A, RB

7.000

05/01/2039

 

5,229,600

1,500,000

South Carolina (State of) Ports Authority; Series

 

 

 

 

 

2018, RB1

5.000

07/01/2043

 

1,853,160

3,750,000

South Carolina (State of) Ports Authority; Series

 

 

 

 

 

2018, RB1

5.000

07/01/2055

 

4,543,500

5,070,000

South Carolina (State of) Public Service Authority;

 

 

 

 

 

Series 2012 A, Ref. RB1

5.000

12/01/2029

 

5,433,113

6,465,000

South Carolina (State of) Public Service Authority;

 

 

 

 

 

Series 2013 A, RB1

5.500

12/01/2033

 

7,491,577

11,000,000

South Carolina (State of) Public Service Authority;

 

 

 

 

 

Series 2015 A, Ref. RB1

5.000

12/01/2055

 

12,805,100

 

 

 

 

 

75,283,707

 

 

 

 

 

Tennessee—1.3%

 

 

 

 

1,000,000

Bristol (City of), TN Industrial Development Board;

 

 

 

 

 

Series 2016 B, RB

5.022 6

12/01/2022

 

898,940

1,545,000

Chattanooga (City of), TN Health, Educational &

 

 

 

 

 

Housing Facility Board (CommonSpirit Health);

 

 

 

 

 

Series 2019 A-1, RB1

4.000

08/01/2044

 

1,783,749

775,000

Chattanooga (City of), TN Health, Educational &

 

 

 

 

 

Housing Facility Board (CommonSpirit Health);

 

 

 

 

 

Series 2019 A-1, Ref. RB1

4.000

08/01/2038

 

907,633

58 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Tennessee (Continued)

 

 

 

 

$1,160,000

Chattanooga (City of), TN Health, Educational &

 

 

 

 

 

Housing Facility Board (CommonSpirit Health);

 

 

 

 

 

Series 2019 A-2, Ref. RB1

5.000%

08/01/2044 $

1,444,200

1,545,000

Chattanooga (City of), TN Health, Educational &

 

 

 

 

 

Housing Facility Board (CommonSpirit Health);

 

 

 

 

 

Series 2019 A-2, Ref. RB1

5.000

08/01/2049

 

1,910,964

7,250,000

Memphis (City of) & Shelby (County of), TN

 

 

 

 

 

Airport Authority; Series 2018, RB1

5.000

07/01/2043

 

8,900,607

10,765,000

Memphis, TN GO2

4.000

06/01/2047

 

12,102,764

600,000

Metropolitan Development and Housing Agency

 

 

 

 

 

(Fifth + Broadway Development); Series 2018, RB

5.125

06/01/2036

 

693,438

41,250,000

Nashville (City of), TN Metropolitan Airport

 

 

 

 

 

Authority; Series 2019 B, RB1

5.000

07/01/2049

 

52,711,313

6,350,000

Shelby (County of), TN Health Educational &

 

 

 

 

 

Housing Facilities Board; Series 2013 B, Ref. RB4

8.000

09/01/2044

 

317,500

9,000,000

Shelby (County of), TN Health, Educational &

 

 

 

 

 

Housing Facilities Board (Trezevant Manor); Series

 

 

 

 

 

2013 A, Ref. RB

5.500

09/01/2047

 

9,053,820

16,500,000

Tennessee (State of) Metropolitan Nashville

 

 

 

 

 

Airport Authority; Series 2019 B, RB1

5.000

07/01/2054

 

20,978,100

 

 

 

 

 

111,703,028

 

 

 

 

 

 

Texas—7.6%

 

 

 

 

 

34,600,000

Angelina & Neches River Authority Industrial

 

 

 

 

 

Development Corp. (Aspen Power LLC); Series

 

 

 

 

 

2007 A, RB4,5

6.500

11/01/2029

 

346

890,000

Argyle (Town of), TX; Series 2017, RB

5.000

09/01/2037

 

950,707

1,475,000

Argyle (Town of), TX; Series 2017, RB

5.250

09/01/2047

 

1,576,627

1,325,000

Arlington Higher Education Finance Corp.

 

 

 

 

 

(Leadership Prep School); Series 2016 A, RB1

5.000

06/15/2046

 

1,352,838

785,000

Arlington Higher Education Finance Corp. (UME

 

 

 

 

 

Preparatory Academy); Series 2017 A, RB1

5.000

08/15/2053

 

841,920

4,115,000

Arlington Higher Education Finance Corp.

 

 

 

 

 

(Winfree Academy Charter School); Series 2019,

 

 

 

 

 

Ref. RB1

5.750

08/15/2043

 

4,754,059

675,000

Aubrey (City of), TX; Series 2015, RB1

7.250

09/01/2045

 

731,092

7,700,000

Brazoria County Industrial Development Corp.;

 

 

 

 

 

Series 2019, RB

7.000

03/01/2039

 

8,795,094

15,135,000

Cambridge Student Housing Financing Co., L.P.;

 

 

 

 

 

Series 2004 A, RB4,5

7.000

11/01/2039

 

6,054,000

5,000,000

Capital Area Cultural Education Facilities Finance

 

 

 

 

 

Corp. (The Roman Catholic Diocese of Austin);

 

 

 

 

 

Series 2005 B, RB1

6.125

04/01/2045

 

5,038,650

575,000

Celina (City of), TX; Series 2015, RB

5.375

09/01/2028

 

596,120

400,000

Celina (City of), TX; Series 2015, RB

5.500

09/01/2032

 

414,652

1,100,000

Celina (City of), TX; Series 2015, RB

5.875

09/01/2040

 

1,140,304

1,845,000

Celina (City of), TX; Series 2015, RB1

6.250

09/01/2045

 

1,983,596

1,000,000

Celina (City of), TX; Series 2015, RB1

7.250

09/01/2045

 

1,063,470

3,915,000

Celina (City of), TX; Series 2015, RB

7.500

09/01/2045

 

4,326,153

59 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Texas (Continued)

 

 

 

$750,000

Clifton Higher Education Finance Corp. (Idea

 

 

 

 

Public Schools); Series 2011, RB1

5.750%

08/15/2041 $

803,752

5,000,000

Clifton Higher Education Finance Corp.

 

 

 

 

(International Leadership of Texas); Series 2018

 

 

 

 

D, RB

6.000

08/15/2038

5,858,600

1,250,000

Crane Independent School District; Series 2015,

 

 

 

 

GO Bonds1

5.000

02/15/2030

1,254,112

5,000,000

Cypress-Fairbanks Independent School District;

 

 

 

 

Series 2018, GO Bonds1

4.000

02/15/2043

5,837,450

4,250,000

Denton Independent School District; Series 2018,

 

 

 

 

GO Bonds1

4.000

08/15/2048

4,950,825

34,970,000

Denton, TX Independent School District2

5.000

08/15/2045

41,349,215

20,000,000

Eagle Mountain-Saginaw Independent School

 

 

 

 

District; Series 2019, GO Bonds1

4.000

08/15/2050

23,232,200

1,645,000

Edinburg Economic Development Corp.; Series

 

 

 

 

2019, RB1

5.000

08/15/2044

1,787,737

1,200,000

Flower Mound (Town of), TX; Series 2014, RB1

6.125

09/01/2028

1,234,212

1,500,000

Flower Mound (Town of), TX; Series 2014, RB1

6.500

09/01/2036

1,542,720

2,000,000

Flower Mound (Town of), TX; Series 2014, RB1

6.750

09/01/2043

2,056,000

1,950,000

Galveston (City of), TX; Series 2014, RB

5.625

09/01/2028

1,692,034

3,700,000

Galveston (City of), TX; Series 2014, RB

6.000

09/01/2038

3,146,998

3,500,000

Galveston (City of), TX; Series 2014, RB

6.125

09/01/2044

2,963,310

5,000,000

Grand Parkway Transportation Corp.; Series 2018

 

 

 

 

A, RB1

5.000

10/01/2048

6,235,200

15,000,000

Grand Parkway, TX Transportation Corp.2

5.000

10/01/2043

18,762,975

32,525,000

Grand Parkway, TX Transportation Corp.2

5.000

10/01/2048

40,440,762

10,000,000

Grand Parkway, TX Transportation Corp.2

5.000

04/01/2053

11,420,250

20,000

Gulf Coast Industrial Development Authority;

 

 

 

 

Series 1998, RB1

8.000

04/01/2028

20,111

8,250,000

Houston (City of), TX; Series 2018, RB1

5.000

07/15/2028

10,233,877

435,000

Houston Higher Education Finance Corp. (Cosmos

 

 

 

 

Foundation, Inc.); Series 2011, RB1

6.500

05/15/2031

464,328

380,000

Houston Higher Education Finance Corp. (Cosmos

 

 

 

 

Foundation, Inc.); Series 2011, RB1

6.500

05/15/2031

405,620

700,000

Houston Higher Education Finance Corp.; Series

 

 

 

 

2012 A, RB1

6.000

08/15/2036

711,452

950,000

Houston Higher Education Finance Corp.; Series

 

 

 

 

2012 A, RB1

6.000

08/15/2041

964,677

7,500,000

Katy Independent School District; Series 2017,

 

 

 

 

GO Bonds1

4.000

02/15/2047

8,563,425

5,000,000

Katy Independent School District; Series 2018,

 

 

 

 

GO Bonds1

4.000

02/15/2048

5,794,400

375,000

Leander (City of), TX; Series 2014, RB1

5.375

09/01/2028

383,902

600,000

Leander (City of), TX; Series 2014, RB1

5.750

09/01/2038

615,372

575,000

Leander (City of), TX; Series 2014, RB1

5.875

09/01/2044

590,048

12,875,000

Little Elm Independent School District; Series

 

 

 

 

2018, GO Bonds1

5.000

08/15/2046

16,162,245

60 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Texas (Continued)

 

 

 

$450,000

Mclendon-Chisholm (City of), TX (Sonoma Public

 

 

 

 

Improvement Distribution Phase); Series 2015,

 

 

 

 

RB

5.375%

09/15/2035 $

467,127

400,000

Mclendon-Chisholm (City of), TX (Sonoma Public

 

 

 

 

Improvement Distribution Phase); Series 2015,

 

 

 

 

RB

5.500

09/15/2040

415,160

8,440,000

Mission Economic Development Corp.

 

 

 

 

(CarbonLite Recycling LLC); Series 2016, RB

6.500

12/01/2033

8,912,471

20,000,000

Mission Economic Development Corp.

 

 

 

 

(Natgasoline); Series 2018, Ref. RB1

4.625

10/01/2031

21,723,800

2,500,000

New Hope Cultural Education Facilities Corp.

 

 

 

 

(Presbyterian Village North); Series 2018, Ref. RB

5.250

10/01/2049

2,819,925

1,750,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp. (Cardinal Bay, Inc.); Series 2016, RB1

5.000

07/01/2046

1,934,345

1,750,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp. (Cardinal Bay, Inc.); Series 2016, RB1

5.000

07/01/2051

1,923,810

2,085,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp. (Jubilee Academic Center); Series 2017

 

 

 

 

A, RB1

5.125

08/15/2047

2,139,002

8,250,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp. (Legacy Midtown Park); Series 2018 A, RB

5.500

07/01/2054

8,842,515

400,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp. (MRC Senior Living-The Langford); Series

 

 

 

 

2016 A, RB

5.375

11/15/2036

438,420

650,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp. (MRC Senior Living-The Langford); Series

 

 

 

 

2016 A, RB

5.500

11/15/2046

707,168

1,000,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp. (MRC Senior Living-The Langford); Series

 

 

 

 

2016 A, RB

5.500

11/15/2052

1,083,060

1,300,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp. (Wesleyan Homes, Inc.); Series 2014, RB1

5.500

01/01/2049

1,429,662

785,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp.; Series 2013 A, RB1

5.875

04/01/2036

870,918

1,950,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp.; Series 2013 A, RB1

6.000

04/01/2045

2,153,405

1,080,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp. (Collegiate Housing Corpus Christi); Series

 

 

 

 

2016 A, RB1

5.000

04/01/2048

1,113,026

2,315,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp. (Collegiate Housing San Antonio); Series

 

 

 

 

2016 A, RB1

5.000

04/01/2048

2,501,705

700,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp.; Series 2016 A, RB1

5.500

08/15/2046

726,761

1,200,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp.; Series 2016 A, RB1

5.500

08/15/2051

1,245,012

350,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp.; Series 2016 A-1, RB1

5.000

07/01/2031

396,743

3,000,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp.; Series 2017 A, Ref. RB1

4.000

08/15/2033

3,523,050

61 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Texas (Continued)

 

 

 

$2,000,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp.; Series 2017 A, Ref. RB1

4.000%

08/15/2034 $

2,344,720

1,000,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp.; Series 2018 A, RB

6.000

08/15/2037

1,084,850

13,435,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp.; Series 2018 A, RB

6.000

08/15/2047

14,488,573

500,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp.; Series 2018 A-1, RB1

5.000

07/01/2038

598,980

1,750,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp.; Series 2018 A-1, RB1

5.000

07/01/2048

2,061,973

2,400,000

New Hope Cultural Education Facilities Finance

 

 

 

 

Corp.; Series 2018 A-1, RB1

5.000

07/01/2058

2,809,128

375,000

Newark High Education Finance Corp. (Austin

 

 

 

 

Achieve Public Schools, Inc.); Series 2018, RB

5.000

06/15/2038

395,498

750,000

Newark Higher Education Finance Corp.; Series

 

 

 

 

2018, RB

5.000

06/15/2048

786,900

1,550,000

North Central Texas Housing Finance Corp.;

 

 

 

 

Series 2012, RB1

6.150 10

01/01/2043

1,615,581

3,000,000

North Fort Bend Water Authority; Series 2019 A,

 

 

 

 

Ref. RB1

4.000

12/15/2044

3,547,170

655,000

Pottsboro Higher Education Finance Corp.

 

 

 

 

(Imagine International Academy of North Texas,

 

 

 

 

LLC); Series 2016 A, RB1

5.000

08/15/2036

722,806

1,000,000

Pottsboro Higher Education Finance Corp.

 

 

 

 

(Imagine International Academy of North Texas,

 

 

 

 

LLC); Series 2016 A, RB1

5.000

08/15/2046

1,087,120

5,975,000

Prosper Independent School District; Series 2018,

 

 

 

 

GO Bonds1

5.000

02/15/2044

7,483,508

6,300,000

Prosper Independent School District; Series 2018,

 

 

 

 

GO Bonds1

5.000

02/15/2048

7,838,586

5,370,000

Red River Education Finance Corp.; Series 2017,

 

 

 

 

Ref. RB1

5.500

10/01/2046

6,287,089

3,000,000

Red River Health Facilities Development Corp.

 

 

 

 

(MRC Crossing); Series 2014 A, RB

8.000

11/15/2049

3,607,560

455,000

Rowlett (City of), TX (Bayside Public Improvement

 

 

 

 

District North Improvement Area); Series 2016,

 

 

 

 

RB

6.000

09/15/2046

469,123

1,935,000

Sabine Neches Housing Finance Corp.; Series

 

 

 

 

2012, RB1

6.150

01/01/2043

2,008,530

26,820,000

Sanger Industrial Development Corp.; Series

 

 

 

 

2012 C, RB4,5

7.500

07/01/2038

6,705,000

11,000,000

Sherman Independent School District; Series

 

 

 

 

2018 A, GO Bonds1

5.000

02/15/2045

13,718,870

3,810,000

Tarrant County Cultural Education Facilities

 

 

 

 

Finance Corp. (Buckingham Senior Living

 

 

 

 

Community, Inc.); Series 2007, RB4

5.750

11/15/2037

2,667,000

3,500,000

Tarrant County Cultural Education Facilities

 

 

 

 

Finance Corp. (Buckner Senior Living - Ventana);

 

 

 

 

Series 2017, RB

6.750

11/15/2047

4,228,105

62 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Texas (Continued)

 

 

 

 

$2,000,000

Tarrant County Cultural Education Facilities

 

 

 

 

 

Finance Corp. (Buckner Senior Living - Ventana);

 

 

 

 

 

Series 2017, RB

6.750%

11/15/2052 $

2,408,980

13,500,000

Tarrant County, TX Health Facilities Devel. Corp.

 

 

 

 

 

(Cook Childrens Medical Center)2

5.000

12/01/2033

 

13,499,730

3,750,000

Texas (State of) Transportation Commission;

 

 

 

 

 

Series 2019, RB

4.785 6

08/01/2043

 

1,484,063

4,400,000

Texas (State of) Transportation Commission;

 

 

 

 

 

Series 2019, RB

4.815 6

08/01/2044

 

1,645,512

1,000,000

Texas (State of) Transportation Commission;

 

 

 

 

 

Series 2019, RB

4.848 6

08/01/2046

 

336,560

1,000,000

Texas (State of) Transportation Commission;

 

 

 

 

 

Series 2019, RB

4.862 6

08/01/2047

 

319,510

1,000,000

Texas (State of) Transportation Commission;

 

 

 

 

 

Series 2019, RB

4.875 6

08/01/2048

 

303,270

1,500,000

Texas (State of) Transportation Commission;

 

 

 

 

 

Series 2019, RB

4.916 6

08/01/2050

 

405,585

5,000,000

Texas (State of) Water Development Board; Series

 

 

 

 

 

2016, RB1

4.000

10/15/2041

 

5,771,900

41,015,000

Texas (State of) Water Development Board; Series

 

 

 

 

 

2018 B, RB1

5.000

04/15/2049

 

52,151,393

400,000

Texas State Public Finance Authority Charter

 

 

 

 

 

School Finance Corp.; Series 2006 A, RB1

6.250

09/01/2036

 

400,692

285,000

Texas State Student Housing Corp.; Series 2001,

 

 

 

 

 

RB1

6.750

07/01/2021

 

285,128

215,000

Texas State Student Housing Corp.; Series 2001,

 

 

 

 

 

RB1

6.850

07/01/2031

 

215,041

27,525,000

Travis County Health Facilities Development

 

 

 

 

 

Corp.; Series 2012 A, Ref. RB1

7.125

01/01/2046

 

28,951,070

1,000,000

Trinity River Authority; Series 2017, Ref. RB1

5.000

08/01/2037

 

1,255,330

33,660,000

TX Water Devel. Board2

5.000

04/15/2049

 

42,642,597

13,515,000

TX Water Devel. Board2

5.000

10/15/2053

 

17,050,074

2,007,000

Vintage Township Public Facilities Corp.; Series

 

 

 

 

 

2008 A, RB1

7.375

10/01/2038

 

2,009,288

6,375,000

Waxahachie (City of), TX; Series 2015, RB

6.000

08/15/2045

 

6,641,794

2,920,000

Wise (County of), TX; Series 2011, RB1

7.500

08/15/2025

 

3,115,786

4,615,000

Wise (County of), TX; Series 2011, RB1

7.750

08/15/2028

 

4,929,789

35,000,000

Ysleta Independent School District; Series 2020,

 

 

 

 

 

GO Bonds1

4.000

08/15/2050

 

41,234,200

 

 

 

 

 

638,078,484

 

 

 

 

 

 

Utah—0.8%

 

 

 

 

 

170,000

Hideout (Town of), UT Local District No. 1; Series

 

 

 

 

 

2014, RB1

7.750

08/01/2024

 

186,811

610,000

Hideout (Town of), UT Local District No. 1; Series

 

 

 

 

 

2014, RB1

8.250

08/01/2034

 

662,698

14,600,000

Salt Lake City (City of), UT; Series 2018 A, RB1

5.000

07/01/2043

 

18,100,788

4,000,000

Salt Lake City (City of), UT; Series 2018 A, RB1

5.000

07/01/2048

 

4,927,200

7,410,000

Salt Lake City (City of), UT; Series 2018 A, RB1

5.250

07/01/2048

 

9,301,625

63 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Utah (Continued)

 

 

 

 

$775,000

Utah (County of), UT (Renaissance Academy);

 

 

 

 

 

Series 2007 A, RB1

5.625%

07/15/2037 $

776,201

2,330,000

Utah (State of) Charter School Finance Authority

 

 

 

 

 

(Esperanza Elementary School); Series 2018 A, RB

5.000

10/15/2038

 

2,383,194

2,000,000

Utah (State of) Charter School Finance Authority

 

 

 

 

 

(Leadership Learning Academy); Series 2019 A,

 

 

 

 

 

RB

5.000

06/15/2050

 

2,169,060

750,000

Utah (State of) Charter School Finance Authority

 

 

 

 

 

(Vista Entrada School of Performing Arts); Series

 

 

 

 

 

2012, RB1

6.300

07/15/2032

 

806,580

1,640,000

Utah (State of) Charter School Finance Authority

 

 

 

 

 

(Vista Entrada School of Performing Arts); Series

 

 

 

 

 

2012, RB1

6.550

07/15/2042

 

1,766,526

385,000

Utah (State of) Charter School Finance Authority;

 

 

 

 

 

Series 2012, RB

5.500

07/15/2022

 

394,090

1,750,000

Utah (State of) Charter School Finance Authority;

 

 

 

 

 

Series 2012, RB

6.000

07/15/2032

 

1,792,175

3,870,000

Utah (State of) Charter School Finance Authority;

 

 

 

 

 

Series 2012, RB

6.250

07/15/2042

 

3,962,416

855,000

Utah (State of) Charter School Finance Authority;

 

 

 

 

 

Series 2016 A, Ref. RB1

5.000

02/15/2046

 

922,383

4,810,000

Utah (State of) Charter School Finance Authority;

 

 

 

 

 

Series 2017, Ref. RB

5.250

06/15/2037

 

5,202,111

7,415,000

Utah (State of) Charter School Finance Authority;

 

 

 

 

 

Series 2017, Ref. RB

5.375

06/15/2048

 

7,970,754

2,205,000

Utah (State of) Charter School Finance Authority;

 

 

 

 

 

Series 2018 A, RB

5.250

10/15/2048

 

2,258,780

3,645,000

Utah (State of) Charter School Finance Authority;

 

 

 

 

 

Series 2019 A, RB

5.375

06/15/2049

 

3,787,884

 

 

 

 

 

67,371,276

 

 

 

 

 

Vermont—0.1%

 

 

 

 

960,000

East Central Vermont Telecommunications

 

 

 

 

 

District; Series 2018 A, RB

5.600

12/01/2043

 

1,021,728

1,450,000

East Central Vermont Telecommunications

 

 

 

 

 

District; Series 2018 A, RB

5.750

12/01/2036

 

1,567,624

4,330,000

East Central Vermont Telecommunications

 

 

 

 

 

District; Series 2019 A, RB

5.000

12/01/2048

 

4,464,187

1,650,000

Vermont (State of) Economic Development

 

 

 

 

 

Authority; Series 2013, RB1

4.625 10

04/01/2036

 

1,914,313

 

 

 

 

 

8,967,852

 

 

 

 

 

Virginia—0.5%

 

 

 

 

1,447,000

Celebrate North Community Development

 

 

 

 

 

Authority; Series 2003 B, RB4

6.750

03/01/2034

 

868,200

1,238,000

Lewistown (City of), VA Commerce Center

 

 

 

 

 

Community Development Authority; Series 2014

 

 

 

 

 

A, RB

6.050

03/01/2044

 

1,202,271

64 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Virginia (Continued)

 

 

 

 

$2,825,000

Lewistown (City of), VA Commerce Center

 

 

 

 

 

Community Development Authority; Series 2014

 

 

 

 

 

B, RB

6.050%

03/01/2044 $

2,743,442

1,965,000

Lewistown Commerce Center Community

 

 

 

 

 

Development Authority; Series 2014 C, RB4

6.050

03/01/2054

 

358,612

3,300,000

Norfolk (City of), VA Redevelopment & Housing

 

 

 

 

 

Authority (Fort Norfolk Retirement Community,

 

 

 

 

 

Inc. - Harbor's Edge); Series 2019 A, RB

5.250

01/01/2054

 

3,647,193

1,750,000

Peninsula Town Center Community Development

 

 

 

 

 

Authority; Series 2018, Ref. RB

5.000

09/01/2037

 

2,030,403

2,350,000

Peninsula Town Center Community Development

 

 

 

 

 

Authority; Series 2018, Ref. RB

5.000

09/01/2045

 

2,685,298

2,160,000

Richmond (City of), VA Redevelopment & Housing

 

 

 

 

 

Authority; Series 2017, RB1

5.550

01/01/2037

 

2,332,735

1,960,000

Roanoke (City of), VA Economic Development

 

 

 

 

 

Authority (Richfield Living); Series 2020, RB

5.000

09/01/2050

 

2,011,528

1,210,000

Roanoke (City of), VA Economic Development

 

 

 

 

 

Authority (Richfield Living); Series 2020, RB

5.125

09/01/2055

 

1,242,126

14,735,000

Roanoke (County of), VA Economic Development

 

 

 

 

 

Authority; Series 2019 A, Ref. RB

5.250

09/01/2049

 

15,674,946

7,215,000

Roanoke (County of), VA Economic Development

 

 

 

 

 

Authority; Series 2019 A, Ref. RB

5.375

09/01/2054

 

7,675,461

1,515,000

Tobacco Settlement Financing Corp.; Series 2007

 

 

 

 

 

B-1, RB1

5.000

06/01/2047

 

1,549,133

1,690,000

Virginia (State of) Small Business Financing

 

 

 

 

 

Authority; Series 2018, RB1

5.000 10

01/01/2048

 

1,837,588

 

 

 

 

 

45,858,936

 

 

 

 

 

Washington—1.4%

 

 

 

 

750,000

Greater Wenatchee Regional Events Center Public

 

 

 

 

 

Facilities District; Series 2012 A, RB1

5.000

09/01/2027

 

777,922

2,200,000

Kalispel Tribe of Indians; Series 2018 A, RB1

5.000

01/01/2032

 

2,633,686

3,000,000

Kalispel Tribe of Indians; Series 2018 A, RB1

5.250

01/01/2038

 

3,580,770

500,000

Kalispel Tribe of Indians; Series 2018 B, RB1

5.000

01/01/2032

 

598,565

1,000,000

Kalispel Tribe of Indians; Series 2018 B, RB1

5.250

01/01/2038

 

1,193,590

185,000

Kelso (City of), WA Housing Authority; Series

 

 

 

 

 

1998, RB1

5.600

03/01/2028

 

185,220

50,000

Kitsap (County of), WA Consolidated Housing

 

 

 

 

 

Authority; Series 2001 A, RB1

6.100

10/01/2031

 

50,072

4,775,000

Seattle (City of), WA; Series 2019 A, RB1

5.000

04/01/2043

 

6,142,178

10,000,000

Seattle (City of), WA; Series 2019 A, RB1

5.000

04/01/2044

 

12,835,100

10,000,000

Seattle (City of), WA; Series 2019 A, RB1

5.000

04/01/2046

 

12,788,900

10,000,000

Seattle (City of), WA; Series 2019 A, RB1

5.000

04/01/2047

 

12,774,100

10,000,000

Seattle (City of), WA; Series 2019 A, RB1

5.000

04/01/2048

 

12,760,900

10,000,000

Seattle (City of), WA; Series 2019 A, RB1

5.000

04/01/2049

 

12,754,400

3,000,000

Seattle (Port of), Series 2018 A, RB1

5.000

05/01/2043

 

3,619,560

2,354,358

Tacoma (City of), WA Consolidated Local

 

 

 

 

 

Improvement Districts; Series 2013, RB

5.750

04/01/2043

 

2,356,924

65 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Washington (Continued)

 

 

 

 

$26,355,000

Washington (State of) Economic Development

 

 

 

 

 

Finance Authority; Series 2017 A, RB

7.500%

01/01/2032 $

27,480,359

1,000,000

Washington (State of) Housing Finance

 

 

 

 

 

Commission (Heron's Key Senior Living); Series

 

 

 

 

 

2015 A, RB

7.000

07/01/2045

 

1,150,880

1,700,000

Washington (State of) Housing Finance

 

 

 

 

 

Commission (Heron's Key Senior Living); Series

 

 

 

 

 

2015 A, RB

7.000

07/01/2050

 

1,952,076

2,425,000

Washington (State of); Series 2017 D, GO Bonds1

5.000

02/01/2030

 

3,068,425

 

 

 

 

 

118,703,627

 

 

 

 

 

West Virginia—0.7%

 

 

 

 

3,000,000

Brooke (County of), WV; Series 2011 A, RB1

6.500

10/01/2031

 

3,020,520

4,500,000

Brooke (County of), WV; Series 2011 A, RB1

6.750

10/01/2037

 

4,530,690

27,145,000

Harrison (County of), WV Commission (Charles

 

 

 

 

 

Pointe No. 2); Series 2013, Ref. RB4

7.000

06/01/2035

 

13,572,500

19,000,000

Harrison (County of), WV County Commission

 

 

 

 

 

(Charles Pointe Economic Opportunity

 

 

 

 

 

Development District); Series 2019 A, RB

5.750

06/01/2042

 

19,785,840

6,140,000

Harrison (County of), WV County Commission

 

 

 

 

 

(Charles Pointe Economic Opportunity

 

 

 

 

 

Development District); Series 2019 B, Tax

 

 

 

 

 

Improvement RB

7.500

06/01/2042

 

6,362,329

3,435,000

Monongalia (County of), WV Commission Special

 

 

 

 

 

District (University Town Centre Economic

 

 

 

 

 

Opportunity Development District); Series 2017

 

 

 

 

 

A, Ref. RB

5.750

06/01/2043

 

3,916,141

10,465,000

Ohio (County of), WV Development Authority;

 

 

 

 

 

Series 2018, RB

5.000

09/01/2048

 

11,057,947

 

 

 

 

 

62,245,967

 

 

 

 

 

Wisconsin—2.8%

 

 

 

 

63,000,000

Public Finance Authority (American Dream at

 

 

 

 

 

Meadowlands); Series 2017, RB

6.750

08/01/2031

 

83,827,800

250,000

Public Finance Authority (Capitol Encore Academy

 

 

 

 

 

(The)); Series 2019 A, RB

4.750

06/01/2029

 

258,877

750,000

Public Finance Authority (Capitol Encore Academy

 

 

 

 

 

(The)); Series 2019 A, RB

5.250

06/01/2039

 

778,305

1,940,000

Public Finance Authority (Capitol Encore Academy

 

 

 

 

 

(The)); Series 2019 A, RB

5.500

06/01/2049

 

2,012,401

1,950,000

Wisconsin (State of) Health & Educational

 

 

 

 

 

Facilities Authority (Camillus Health System);

 

 

 

 

 

Series 2019, Ref. RB1

5.000

11/01/2039

 

2,196,246

2,100,000

Wisconsin (State of) Health & Educational

 

 

 

 

 

Facilities Authority (Camillus Health System);

 

 

 

 

 

Series 2019, Ref. RB1

5.000

11/01/2046

 

2,343,642

3,500,000

Wisconsin (State of) Health & Educational

 

 

 

 

 

Facilities Authority (Camillus Health System);

 

 

 

 

 

Series 2019, Ref. RB1

5.000

11/01/2054

 

3,888,255

66 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

Wisconsin (Continued)

 

 

 

$750,000

Wisconsin (State of) Health & Educational

 

 

 

 

Facilities Authority; Series 2010 A, RB1

6.125%

06/01/2035 $

759,667

2,015,000

Wisconsin (State of) Health & Educational

 

 

 

 

Facilities Authority; Series 2010 A, RB1

6.125

06/01/2039

2,040,973

2,750,000

Wisconsin (State of) Health & Educational

 

 

 

 

Facilities Authority; Series 2019, Ref. RB

5.000

08/01/2049

2,873,778

760,000

Wisconsin (State of) Public Finance Authority

 

 

 

 

(21st Century Public Academy); Series 2020 A,

 

 

 

 

RB1

5.000

06/01/2040

840,849

1,340,000

Wisconsin (State of) Public Finance Authority

 

 

 

 

(21st Century Public Academy); Series 2020 A,

 

 

 

 

RB1

5.000

06/01/2049

1,457,518

33,850,000

Wisconsin (State of) Public Finance Authority

 

 

 

 

(American Dream at Meadowlands); Series 2017,

 

 

 

 

RB

7.000

12/01/2050

41,386,364

2,075,000

Wisconsin (State of) Public Finance Authority

 

 

 

 

(Bancroft Neurohealth); Series 2016 A, RB

5.125

06/01/2048

2,266,211

1,120,000

Wisconsin (State of) Public Finance Authority

 

 

 

 

(Explore Knowledge Foundation); Series 2012

 

 

 

 

A, RB1

5.750

07/15/2032

1,210,272

1,345,000

Wisconsin (State of) Public Finance Authority

 

 

 

 

(Explore Knowledge Foundation); Series 2012

 

 

 

 

A, RB1

6.000

07/15/2042

1,449,910

7,720,000

Wisconsin (State of) Public Finance Authority

 

 

 

 

(KU Campus Development Corp. Central District

 

 

 

 

Development); Series 2016, RB1

5.000

03/01/2046

9,159,317

520,000

Wisconsin (State of) Public Finance Authority

 

 

 

 

(North Carolina Leadership Academy); Series

 

 

 

 

2019, RB1

5.000

06/15/2049

565,770

1,821,047

Wisconsin (State of) Public Finance Authority;

 

 

 

 

Series 2005 A-1, RB

5.360 6

01/01/2067

53,502

151,210

Wisconsin (State of) Public Finance Authority;

 

 

 

 

Series 2005 A-1, RB

5.449 6

01/01/2066

4,706

7,586,304

Wisconsin (State of) Public Finance Authority;

 

 

 

 

Series 2005 A-1, RB9

5.500

07/01/2056

7,465,530

140,331

Wisconsin (State of) Public Finance Authority;

 

 

 

 

Series 2005 A-1, RB

5.542 6

01/01/2065

4,512

142,507

Wisconsin (State of) Public Finance Authority;

 

 

 

 

Series 2005 A-1, RB

5.638 6

01/01/2064

4,659

145,770

Wisconsin (State of) Public Finance Authority;

 

 

 

 

Series 2005 A-1, RB

5.738 6

01/01/2063

4,764

149,034

Wisconsin (State of) Public Finance Authority;

 

 

 

 

Series 2005 A-1, RB

5.841 6

01/01/2062

4,888

153,385

Wisconsin (State of) Public Finance Authority;

 

 

 

 

Series 2005 A-1, RB

5.948 6

01/01/2061

5,068

155,561

Wisconsin (State of) Public Finance Authority;

 

 

 

 

Series 2005 A-1, RB

6.059 6

01/01/2060

5,196

158,824

Wisconsin (State of) Public Finance Authority;

 

 

 

 

Series 2005 A-1, RB

6.175 6

01/01/2059

5,383

67 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Wisconsin (Continued)

 

 

 

 

$163,176

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2005 A-1, RB

6.294%6

01/01/2058 $

5,533

167,527

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2005 A-1, RB

6.418

6

01/01/2057

5,708

151,210

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2005 A-1, RB

6.548

6

01/01/2056

5,203

154,473

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2005 A-1, RB

6.682

6

01/01/2055

5,303

157,737

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2005 A-1, RB

6.823

6

01/01/2054

5,434

163,176

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2005 A-1, RB

6.969

6

01/01/2053

5,672

165,352

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2005 A-1, RB

7.122

6

01/01/2052

5,746

127,277

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2005 A-1, RB

7.282

6

01/01/2051

4,516

129,453

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2005 A-1, RB

7.449

6

01/01/2050

4,584

133,804

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2005 A-1, RB

7.624

6

01/01/2049

4,838

135,980

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2005 A-1, RB

7.807

6

01/01/2048

4,924

155,561

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2005 A-1, RB

8.000

6

01/01/2047

5,605

660,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2011, RB1

7.000

 

07/01/2031

660,891

6,882,500

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2012 A-1, RB

7.000

 

10/01/2042

6,974,313

1,055,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2012 B-1, RB

0.210

6

10/01/2042

553,875

2,000,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2012 C-1, RB

36.095

6

10/01/2042

41,200

5,875,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2012, RB1

6.000

 

09/01/2045

6,035,446

1,910,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2015 A, RB1

6.000

 

02/01/2045

2,032,297

2,570,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2015, RB1

5.000

 

12/01/2045

2,773,158

7,210,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2015, RB1

5.000

 

12/01/2045

7,441,801

1,600,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2015, RB1

5.150

 

12/01/2050

1,728,256

4,450,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2015, RB1

5.150

 

12/01/2050

4,615,184

1,790,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2015, RB1

5.350

 

12/01/2052

1,936,136

5,000,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2015, RB1

5.350

 

12/01/2052

5,230,700

68 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Wisconsin (Continued)

 

 

 

 

$2,500,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2016 A, RB

5.250%

05/01/2046 $

2,613,450

10,960,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2016 A, RB1

5.250

01/01/2052

 

11,857,405

865,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2017 A, RB1

5.000

12/01/2052

 

912,601

7,900,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2018, RB1

5.000

07/01/2058

 

9,458,749

1,480,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2019 A, RB

5.375

06/01/2044

 

1,584,695

1,840,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2019 A, RB

5.500

06/01/2054

 

1,966,610

455,000

Wisconsin (State of) Public Finance Authority;

 

 

 

 

 

Series 2019, RB1

5.000

06/15/2054

 

492,374

 

 

 

 

 

235,846,570

 

 

 

 

 

U.S. Possessions—12.1%

 

 

 

 

8,650,000

Children's Trust Fund; Series 2002, RB1

5.375

05/15/2033

 

8,888,048

33,540,000

Children's Trust Fund; Series 2002, RB1

5.500

05/15/2039

 

34,546,871

96,100,000

Children's Trust Fund; Series 2002, RB1

5.625

05/15/2043

 

99,465,422

28,000,000

Children's Trust Fund; Series 2005 A, RB

6.749 6

05/15/2050

 

4,061,680

127,450,000

Children's Trust Fund; Series 2005 B, RB

9.377 6

05/15/2055

 

10,393,547

25,025,000

Northern Mariana Islands (Commonwealth of);

 

 

 

 

 

Series 2007 B, Ref. GO Bonds

5.000

10/01/2033

 

24,899,875

3,325,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

Sewer Authority; Series 2008 A, RB

6.000

07/01/2038

 

3,458,000

13,645,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

Sewer Authority; Series 2008 A, RB

6.000

07/01/2044

 

14,190,800

19,468,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

Sewer Authority; Series 2012 A, RB

5.000

07/01/2033

 

20,976,770

8,130,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

Sewer Authority; Series 2012 A, RB

5.250

07/01/2029

 

8,841,375

10,000,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

Sewer Authority; Series 2012 A, RB

5.250

07/01/2042

 

10,825,000

250,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

Sewer Authority; Series 2012 A, RB

5.500

07/01/2028

 

273,125

25,035,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

Sewer Authority; Series 2012 A, RB

5.750

07/01/2037

 

27,475,912

37,380,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

 

Sewer Authority; Series 2012 A, RB

6.000

07/01/2047

 

41,118,000

10,000

Puerto Rico (Commonwealth of) Commonwealth

 

 

 

 

 

Aqueduct & Sewer Authority; Series 2008 A, RB,

 

 

 

 

 

AGC

5.000

07/01/2025

 

10,263

15,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2003 NN, RB4

5.500

07/01/2020

 

12,056

5,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2007 TT, RB4

5.000

07/01/2020

 

3,994

895,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2007 TT, RB4

5.000

07/01/2026

 

714,881

69 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

$1,990,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2007 TT, RB4

5.000%

07/01/2027 $

1,589,513

3,680,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2007 TT, RB4

5.000

07/01/2032

2,939,400

55,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2007 TT-RSA-1, RB4

5.000

07/01/2021

43,931

210,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2007 TT-RSA-1, RB4

5.000

07/01/2022

167,737

15,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2007 TT-RSA-1, RB4

5.000

07/01/2024

11,981

7,905,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2007 UU, Ref. RB, AGC

5.000

07/01/2026

8,107,131

22,000,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2007 VV, Ref. RB, NPFGC

5.250

07/01/2033

23,969,440

465,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2007 VV, Ref. RB, NPFGC

5.250

07/01/2035

505,511

605,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2008 WW, RB4

5.500

07/01/2038

486,269

415,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2008 WW-RSA-1, RB4

5.250

07/01/2033

332,519

85,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2008 WW-RSA-1, RB4

5.375

07/01/2022

68,213

390,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2008 WW-RSA-1, RB4

5.375

07/01/2024

312,975

60,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2008 WW-RSA-1, RB4

5.500

07/01/2021

48,225

40,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 AAA, RB4

5.250

07/01/2021

32,050

40,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 AAA-RSA-1, RB4

5.250

07/01/2022

32,050

10,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 AAA-RSA-1, RB4

5.250

07/01/2023

8,013

2,600,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 AAA-RSA-1, RB4

5.250

07/01/2028

2,083,250

445,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 AAA-RSA-1, RB4

5.250

07/01/2029

356,556

95,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 AAA-RSA-1, RB4

5.250

07/01/2030

76,119

4,570,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 AAA-RSA-1, Ref. RB4

5.250

07/01/2026

3,661,713

310,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 CCC-RSA-1, RB4

5.000

07/01/2022

247,613

35,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 CCC-RSA-1, RB4

5.000

07/01/2024

27,956

285,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 CCC-RSA-1, RB4

5.000

07/01/2027

227,644

540,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 CCC-RSA-1, RB4

5.000

07/01/2028

431,325

70 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

$2,570,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 CCC-RSA-1, RB4

5.250%

07/01/2027 $

2,059,213

185,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 DDD, Ref. RB4

5.000

07/01/2022

147,769

2,660,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 XX, RB4

5.250

07/01/2035

2,131,325

28,430,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 XX, RB4

5.250

07/01/2040

22,779,538

10,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 XX-RSA-1, RB4

5.250

07/01/2026

8,013

845,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 XX-RSA-1, RB4

5.250

07/01/2027

677,056

18,575,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 XX-RSA-1, RB4

5.750

07/01/2036

14,976,094

1,135,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 ZZ, Ref. RB4

5.250

07/01/2026

909,419

190,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 ZZ-RSA-1, Ref. RB4

4.625

07/01/2025

150,813

95,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 ZZ-RSA-1, Ref. RB4

5.000

07/01/2021

75,881

850,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 ZZ-RSA-1, Ref. RB4

5.000

07/01/2022

678,937

215,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 ZZ-RSA-1, Ref. RB4

5.000

07/01/2024

171,731

10,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 ZZ-RSA-1, Ref. RB4

5.000

07/01/2026

7,988

25,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 ZZ-RSA-1, Ref. RB4

5.250

07/01/2021

20,031

50,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 ZZ-RSA-1, Ref. RB4

5.250

07/01/2022

40,063

275,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 ZZ-RSA-1, Ref. RB4

5.250

07/01/2025

220,344

3,100,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2012 A, RB4

5.000

07/01/2029

2,476,125

11,925,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2012 A, RB4

5.050

07/01/2042

9,525,094

480,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2013 A, RB4

7.000

07/01/2040

394,200

9,080,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2013 A, RB4

7.000

07/01/2043

7,456,950

160,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2013 A-RSA, RB4

7.250

07/01/2030

131,800

1,629,052

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2016 E-1, RB4

10.000

1/1/2021

1,468,183

1,629,051

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2016 E-2, RB4

10.000

07/01/2021

1,468,182

543,017

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2016 E-2, RB4

10.000

1/1/2022

489,394

71 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

$543,018

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2016 E-4, RB4

10.000%

07/01/2022 $

489,395

45,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2002 D, RB, AGC1

5.000

07/01/2027

46,146

25,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2002 E, RB, AGC1

5.500

07/01/2023

27,363

1,360,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2003 AA, RB4

5.000

07/01/2028

1,264,800

1,035,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2003 AA, RB4

5.000

07/01/2035

962,550

7,895,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2003 AA-2, Ref.

 

 

 

 

RB4

5.300

07/01/2035

7,342,350

605,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2003 H, Ref. RB4

5.450

07/01/2035

279,812

215,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2003, RB, AGC1

5.000

07/01/2023

220,295

2,175,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2003, RB4

5.000

7/1/2028

326,250

9,000,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2003, RB, AGC1

5.750

07/01/2022

9,339,210

350,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2003, RB, FGIC11

5.750

07/01/2021

317,625

250,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2004 J, RB,

 

 

 

 

NPFGC1

5.000

07/01/2029

256,327

1,490,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2005 L, Ref. RB,

 

 

 

 

NPFGC1

5.250

07/01/2035

1,612,880

125,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2005 L, Ref. RB,

 

 

 

 

AMBAC

5.250

07/01/2038

135,574

80,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2007 CC, Ref.

 

 

 

 

RB, AGC1

5.250

07/01/2033

90,184

5,000,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2007 CC, Ref. RB4

5.500

07/01/2029

4,650,000

3,250,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2007 CC, Ref. RB4

5.500

07/01/2030

3,022,500

4,715,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2007 M, RB4

5.000

07/01/2046

2,180,687

165,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2007 N, Ref. RB,

 

 

 

 

NPFGC1

5.250

07/01/2033

179,771

60,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2007 N, Ref. RB,

 

 

 

 

Need abbrev name1

5.250

07/01/2034

67,916

5,600,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2000, RB

6.625

06/01/2026

5,796,000

72 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

$4,050,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2011 A, Ref.

 

 

 

 

RB1

6.000%

07/01/2033 $

4,226,621

300,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2012, Ref.

 

 

 

 

RB1

5.000

10/01/2020

300,921

100,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2012, Ref.

 

 

 

 

RB1

5.000

10/01/2021

100,777

25,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2005 B, RB, AGC1

5.000

07/01/2041

25,438

5,000,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2006 B, RB4

5.000

07/01/2031

1,250,000

3,000,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2006 B, RB4

5.000

07/01/2037

750,000

7,300,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2007 A, RB4

6.500

10/01/2037

1,478,250

383,024

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 1993 L, Ref. RB, AMBAC

5.500

07/01/2021

393,331

1,515,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2002 D, RB4

5.250

07/01/2036

1,367,287

400,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2007 M-3, Ref. RB, NPFGC1

6.000

07/01/2028

412,248

3,870,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2007 N, RB4

5.000

07/01/2032

3,516,862

150,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2007 N, RB4

5.000

07/01/2037

135,750

12,000,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2009 P, Ref. RB4

6.125

07/01/2023

11,250,000

5,100,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2009 P, Ref. RB4

6.250

7/1/2026

4,794,000

4,980,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2009 P, Ref. RB4

6.750

07/01/2036

4,718,550

200,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2009 Q, RB4

5.500

07/01/2037

182,750

5,860,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2009 Q, RB4

5.625

07/01/2039

5,391,200

260,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2011 S, RB4

5.500

07/01/2023

238,550

12,845,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2011 S, RB4

5.750

07/01/2022

11,961,906

7,000,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2011 S, RB4

5.875

07/01/2039

6,518,750

8,825,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2011 S, RB4

6.000

07/01/2041

8,273,437

73 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

$100,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2012 U, Ref. RB4

5.250%

07/01/2023 $

85,625

73,395,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2012 U, Ref. RB4

5.250

07/01/2042

62,385,750

450,000

Puerto Rico (Commonwealth of); Series 2001 A,

 

 

 

 

GO Bonds4

5.125

07/01/2031

370,125

1,500,000

Puerto Rico (Commonwealth of); Series 2004 A,

 

 

 

 

GO Bonds4

5.000

07/01/2024

1,243,125

1,660,000

Puerto Rico (Commonwealth of); Series 2004 A,

 

 

 

 

GO Bonds4

5.000

07/01/2034

1,375,725

10,000

Puerto Rico (Commonwealth of); Series 2004 A,

 

 

 

 

GO Bonds, AGC1

5.000

07/01/2034

10,215

285,000

Puerto Rico (Commonwealth of); Series 2006 A,

 

 

 

 

GO Bonds, AGC12

2.784

07/01/2020

285,000

2,165,000

Puerto Rico (Commonwealth of); Series 2007 A,

 

 

 

 

GO Bonds4

5.250

07/01/2037

1,799,656

1,920,000

Puerto Rico (Commonwealth of); Series 2008 A,

 

 

 

 

Ref. GO Bonds4

5.250

07/01/2026

1,569,600

3,000,000

Puerto Rico (Commonwealth of); Series 2009 B,

 

 

 

 

Ref. GO Bonds4

5.750

07/01/2038

2,441,250

12,250,000

Puerto Rico (Commonwealth of); Series 2009 B,

 

 

 

 

Ref. GO Bonds4

6.000

07/01/2039

10,290,000

14,550,000

Puerto Rico (Commonwealth of); Series 2009 B,

 

 

 

 

Ref. RB4

6.500

07/01/2037

12,294,750

9,265,000

Puerto Rico (Commonwealth of); Series 2009 C,

 

 

 

 

Ref. GO Bonds4

6.000

07/01/2039

7,608,881

65,250,000

Puerto Rico (Commonwealth of); Series 2011 A,

 

 

 

 

GO Bonds4

5.750

07/01/2041

53,994,375

5,000

Puerto Rico (Commonwealth of); Series 2011 A,

 

 

 

 

Ref. GO Bonds, AGC

5.250

07/01/2024

5,206

11,540,000

Puerto Rico (Commonwealth of); Series 2011 C,

 

 

 

 

Ref. GO Bonds4

5.750

07/01/2036

9,275,275

1,345,000

Puerto Rico (Commonwealth of); Series 2011 C,

 

 

 

 

Ref. GO Bonds, AGC

5.750

07/01/2037

1,398,006

2,625,000

Puerto Rico (Commonwealth of); Series 2011 C,

 

 

 

 

Ref. GO Bonds4

6.000

07/01/2035

2,185,312

13,000,000

Puerto Rico (Commonwealth of); Series 2011 C,

 

 

 

 

Ref. GO Bonds4

6.500

07/01/2040

11,066,250

2,550,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

Ref. GO Bonds4

5.000

07/01/2033

1,995,375

3,255,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

Ref. GO Bonds4

5.500

07/01/2026

2,575,519

14,695,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

Ref. GO Bonds4

5.500

07/01/2026

11,627,419

340,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

Ref. GO Bonds4

5.500

07/01/2027

269,025

6,765,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

Ref. RB4

5.000

07/01/2041

5,124,487

74 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

 

$2,000,000

Puerto Rico (Commonwealth of); Series 2012 A,

 

 

 

 

 

Ref. RB4

5.125%

07/01/2037 $

1,552,500

49,020,000

Puerto Rico Public Finance Corp.; Series 2011

 

 

 

 

 

B, RB4

5.500

08/01/2031

 

2,022,075

2,886,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

3.973 6

07/01/2024

 

2,640,748

5,519,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.259 6

07/01/2027

 

4,721,063

11,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

4.500

07/01/2034

 

12,106

3,337,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

4.550

07/01/2040

 

3,763,035

11,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.560 6

07/01/2029

 

8,924

34,576,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

4.750

07/01/2053

 

39,144,181

6,929,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.839 6

07/01/2031

 

5,230,009

64,948,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

5.000

07/01/2058

 

74,486,913

7,799,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.090 6

07/01/2033

 

5,488,624

161,579,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.706 6

07/01/2046

 

48,072,984

125,785,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.922 6

07/01/2051

 

27,190,943

41,599,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB1

4.329

07/01/2040

 

46,233,129

4,576,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB1

4.536

07/01/2053

 

5,108,601

14,781,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB1

4.784

07/01/2058

 

16,706,225

50,000

University of Puerto Rico; Series 2006 P, Ref. RB

5.000

06/01/2021

 

50,063

100,000

University of Puerto Rico; Series 2006 P, Ref. RB

5.000

06/01/2022

 

100,000

5,260,000

University of Puerto Rico; Series 2006 P, Ref. RB

5.000

06/01/2030

 

5,227,125

1,025,000

University of Puerto Rico; Series 2006 Q, RB

5.000

06/01/2036

 

1,018,594

 

 

 

 

 

1,020,334,952

Total Municipal Bonds and Notes (Cost $8,979,396,636)

 

 

 

9,487,924,788

 

 

 

 

 

Corporate Loans—0.0%

 

 

 

 

7,000,000

Aspen Power Senior Secured Bridge Promissory

 

 

 

 

 

Note4,5,13

9.000 10

11/15/2020

 

520,727

3,500,000

Aspen Power Senior Secured Bridge Promissory

 

 

 

 

 

Note4,5,13

9.000 10

11/15/2020

 

260,364

6,000,000

Aspen Power Senior Secured Bridge Promissory

 

 

 

 

 

Note4,5,13

9.000 10

11/15/2020

 

446,338

75 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

Corporate Loans (Continued)

 

 

 

 

2,750,000

Aspen Power Senior Secured Bridge Promissory

 

 

 

 

 

Note4,5,13

9.000%10

11/15/2020 $

204,571

Total Corporate Loans (Cost $19,250,000)

 

 

 

1,432,000

Shares

 

 

 

 

 

Common Stocks—0.2%

 

 

 

 

7,679

Delta Air Lines, Inc.13

 

 

 

354,232

361,240

FirstEnergy Solutions Corp.13

 

 

 

9,031,011

7,750,000

FirstEnergy Solutions Corp., Class A313

 

 

 

1,129,324

2,000,000

FirstEnergy Solutions Corp., Class B513

 

 

 

307,192

1,500,000

FirstEnergy Solutions Corp., Class C413

 

 

 

219,973

2,919

General Motors Co.13

 

 

 

89,030

Total Common Stocks (Cost $11,063,467)

 

 

 

11,130,762

 

 

 

 

 

Total Investments, at Value (Cost $9,009,710,103)—113.2%

 

 

 

9,500,487,550

Floating Rate Note Obligations—(9.4)

 

 

 

 

Notes with interest and fee rates ranging from 1.15% to 1.40% at 2/29/2020 and contractual

 

maturities of collateral ranging from 05/15/2020 to 11/15/205714

 

 

 

(791,790,000)

Borrowings—

 

 

 

 

 

(1.6)

 

 

 

 

(136,300,000)

Net Other Assets (Liabilities)—(2.1)

 

 

 

(176,635,539)

Net Assets—100.0%

 

$

8,395,762,011

 

 

 

 

 

 

Footnotes to Schedule of Investments

1.All or a portion of the security position has been pledged for collateral to cover borrowings. See Note 11 of the accompanying Notes.

2.Security represents the underlying municipal bond with respect to an inverse floating rate security held by the

Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.

3.Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

4.This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

5.The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying

Notes.

6.Zero coupon bond reflects effective yield on the original acquisition date.

7.This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

8.All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Notes.

9.Interest or dividend is paid-in-kind, when applicable.

10.This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

11.The issuer of this security has missed or is expected to miss interest and/or principal payments on this security. The security is insured and is accruing partial income at a rate anticipated to be recovered through the insurer. The rate shown is the contractual interest rate.

12.Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

13.Received as a result of a corporate action.

76 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

14.Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 29, 2020. At February 29, 2020, the Fund's investments with a value of $1,300,012,885 are held by TOB

Trusts and serve as collateral for the $791,790,000 in the floating rate note obligations outstanding at that date.

To simplify the listings of securities, abbreviations are used per the table below:

AGC

Assured Guaranty Corp.

AMBAC

AMBAC Indemnity Corp.

ASU

Arizona State University

BethH

Bethesda Hospital

BHlth

Bethesda Health

BHM

Baptist Hospital of Miami

BHSF

Baptist Health South Florida

BOS

Baptist Outpatient Services

CC

Caritas Christi

COP

Certificates of Participation

DA

Dormitory Authority

DrsH

Doctors Hospital

FGIC

Financial Guaranty Insurance Company

FHlth

Fishermen's Health

GO

General Obligation

HFA

Housing Finance Agency

HHI

Homestead Hospital

IDR

Industrial Development Revenue Bonds

JFK

John Fitzgerald Kennedy

MarH

Mariners Hospital

MRC

Methodist Retirement Communities

MTA

Metropolitan Transportation Authority

NCCD

National Campus and Community Development

NCCU

North Carolina Central University

NPFGC

National Public Finance Guarantee Corp.

NY/NJ

New York/New Jersey

NYC

New York City

NYS

New York State

PCR

Pollution Control Revenue Bonds

PV-ERU

Park Valley-Equivalent Residential Unit

RB

Revenue Bonds

Ref.

Refunding

RSA

Rocketship Spark Academy

SMH

South Miami Hospital

WKBP

West Kendall Baptist Hospital

Wts.

Warrants

See accompanying Notes to Financial Statements.

77 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

STATEMENT OF ASSETS AND LIABILITIES February 29, 2020

Assets

 

 

Investments at value (cost $9,009,710,103) —see accompanying schedule of investments

$

9,500,487,550

Cash

 

56,378,026

Receivables and other assets:

 

 

Interest and dividends

 

95,985,901

Shares of beneficial interest sold

 

28,963,948

Investments matured, at value (cost $45,063,538)

 

23,530,443

Other

 

3,907,585

Total assets

 

9,709,253,453

 

 

 

Liabilities

 

 

Payables and other liabilities:

 

 

Payable for short-term floating rate notes issued

 

791,790,000

Payable for borrowings

 

136,300,000

Investments purchased

 

359,267,316

Shares of beneficial interest redeemed

 

18,510,638

Dividends

 

4,053,340

Distribution and service plan fees

 

1,557,336

Transfer and shareholder servicing agent fees

 

692,151

Trustees' compensation

 

630,224

Advisory fees

 

161,008

Interest expense on borrowings

 

139,665

Shareholder communications

 

64,278

Administration fees

 

6,581

Other

 

318,905

Total liabilities

 

1,313,491,442

 

 

 

Net Assets

$

8,395,762,011

 

 

 

 

 

 

Composition of Net Assets

 

 

Shares of beneficial interest

$

9,270,001,607

Total accumulated loss

 

(874,239,596)

Net Assets

$

8,395,762,011

 

 

 

78 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

 

Net Asset Value Per Share

Class A Shares:

 

Net asset value and redemption price per share (based on net assets of $4,389,038,972 and

 

528,975,121 shares of beneficial interest outstanding)

$8.30

Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)

$8.67

 

 

Class C Shares:

 

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and

 

offering price per share (based on net assets of $1,020,424,053 and 123,559,857 shares of

 

beneficial interest outstanding)

$8.26

 

 

Class Y Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of

 

$2,968,455,806 and 358,179,106 shares of beneficial interest outstanding)

$8.29

 

 

Class R5 Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of

 

$4,697,474 and 566,877 shares of beneficial interest outstanding)

$8.29

 

 

Class R6 Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of

 

$13,145,706 and 1,584,970 shares of beneficial interest outstanding)

$8.29

See accompanying Notes to Financial Statements.

79 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

STATEMENT OF

OPERATIONS

 

Seven Months Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

Investment Income

 

 

 

 

Interest

$

234,337,850

$

376,495,560

Dividends

 

8,400

 

15,591

Total investment income

 

234,346,250

 

376,511,151

 

 

 

 

 

Expenses

 

 

 

 

Advisory fees

 

15,861,303

 

23,822,605

Administration fees

 

648,278

 

85,245

Distribution and service plan fees:

 

 

 

 

Class A

 

5,821,514

 

8,083,001

Class C

 

5,257,266

 

10,938,811

Transfer and shareholder servicing agent fees:

 

 

 

 

Class A

 

1,594,378

 

3,045,571

Class C

 

396,329

 

1,147,846

Class Y

 

1,052,725

 

1,825,055

Class R5

 

5

 

1

Class R6

 

1,990

 

1

Shareholder communications:

 

 

 

 

Class A

 

72,745

 

45,310

Class C

 

17,930

 

22,662

Class Y

 

48,124

 

31,961

Class R5

 

4

 

—

Class R6

 

197

 

—

Interest expense and fees on short-term floating rate notes issued

 

7,915,694

 

20,184,993

Borrowing fees

 

2,915,098

 

7,016,901

Interest expense on borrowings

 

778,483

 

1,466,338

Trustees' compensation

 

74,511

 

85,864

Custodian fees and expenses

 

30,286

 

96,459

Other

 

327,939

 

2,545,774

Total expenses

 

42,814,799

 

80,444,398

Net Investment Income

 

191,531,451

 

296,066,753

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

Net realized gain (loss) on investment transactions (includes net gains

 

 

 

 

from securities sold to affiliates of $0 and $3,142, respectively)

 

3,906,279

 

(194,746,898)

Net change in unrealized appreciation/(depreciation) on investment

 

 

 

 

transactions

 

473,319,492

 

595,643,647

Net Increase in Net Assets Resulting from Operations

$

668,757,222

$

696,963,502

 

 

 

 

 

See accompanying Notes to Financial Statements.

80 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

STATEMENT OF CHANGES IN NET ASSETS

 

 

Seven Months

 

 

 

 

 

 

Ended

 

Year Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

 

July 31, 2018

Operations

 

 

 

 

 

 

Net investment income

$

191,531,451

$

296,066,753

$

276,050,998

 

 

 

 

 

 

 

Net realized gain (loss)

 

3,906,279

 

(194,746,898)

 

(137,548,911)

 

 

 

 

 

 

 

Net change in unrealized appreciation/(depreciation)

 

473,319,492

 

595,643,647

 

210,391,735

Net increase in net assets resulting from operations

 

668,757,222

 

696,963,502

 

348,893,822

 

 

 

 

 

 

 

Dividends and/or Distributions to Shareholders

 

 

 

 

 

 

Distributions to shareholders from distributable

 

 

 

 

 

 

earnings:

 

 

 

 

 

 

Class A

 

(98,220,001)

 

(146,096,755)

 

(159,145,298)

Class B

 

—

 

—

 

(329,684)

Class C

 

(20,691,030)

 

(46,788,387)

 

(56,369,148)

Class Y

 

(68,785,001)

 

(93,038,150)

 

(74,938,103)

Class R5

 

(5,714)

 

(86)

 

—

Class R6

 

(252,655)

 

(86)

 

—

Total distributions from distributable earnings

 

 

 

 

 

 

 

(187,954,401)

 

(285,923,464)

 

(290,782,233)

 

 

 

 

 

 

 

Beneficial Interest Transactions

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from

 

 

 

 

 

 

beneficial interest transactions:

 

 

 

 

 

 

Class A

 

311,686,179

 

453,950,332

 

(46,720,186)

Class B

 

—

 

—

 

(14,915,107)

Class C

 

(60,132,134)

 

(287,744,063)

 

(79,703,206)

Class Y

 

371,352,632

 

477,395,184

 

470,600,102

Class R5

 

4,603,986

 

10,000

 

—

Class R6

 

12,072,001

 

10,000

 

—

Total beneficial interest transactions

 

639,582,664

 

643,621,453

 

329,261,603

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

Total increase

 

1,120,385,485

 

1,054,661,491

 

387,373,192

Beginning of period

 

7,275,376,526

 

6,220,715,035

 

5,833,341,843

End of period

 

 

 

 

 

 

$

8,395,762,011

$

7,275,376,526

$

6,220,715,035

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

81 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS

Class A

Seven Months Ended

February 29,   Year Ended     Year Ended      Year Ended      Year Ended     Year Ended

       2020      July 31, 2019      July 31, 2018    July 31, 2017    July 31, 2016   July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$7.81

$7.34

$7.27

$7.37

$6.86

$7.01

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.20

0.35

0.36

0.39

0.46

0.51

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.48

0.45

0.08

(0.07)

0.52

(0.18)

Total from investment

 

 

 

 

 

 

operations

0.68

0.80

0.44

0.32

0.98

0.33

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.19)

(0.33)

(0.37)

(0.42)

(0.47)

(0.48)

Net asset value, end of period

$8.30

$7.81

$7.34

$7.27

$7.37

$6.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

8.87%

11.26%

6.34%

4.47%

14.91%

4.59%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$4,389,039

$3,825,646

$3,164,888

$3,182,443

$3,245,013

$2,968,690

Average net assets (in

 

 

 

 

 

 

thousands)

$4,039,024

$3,260,474

$3,060,512

$3,159,138

$3,064,632

$3,258,788

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

4.26%

4.64%

4.94%

5.36%

6.54%

7.19%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.69%

0.76%

0.81%

0.75%

0.74%

0.74%

Interest and fees from

 

 

 

 

 

 

borrowings

0.08%

0.13%

0.15%

0.13%

0.09%

0.08%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.18%

0.31%

0.08%

0.18%

0.17%

0.17%

Total expenses

0.95%

1.20%

1.04%

1.06%

1.00%

0.99%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.95%

1.20%

1.04%

1.06%

1.00%

0.99%

Portfolio turnover rate5

9%

34%

34%

29%

20%

16%

82 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

83 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

Class C

Seven Months Ended

February 29,   Year Ended     Year Ended      Year Ended      Year Ended     Year Ended

        2020      July 31, 2019     July 31, 2018    July 31, 2017    July 31, 2016    July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$7.77

$7.31

$7.24

$7.35

$6.83

$6.99

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.17

0.30

0.31

0.33

0.41

0.46

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.48

0.45

0.09

(0.07)

0.53

(0.20)

Total from investment

 

 

 

 

 

 

operations

0.65

0.75

0.40

0.26

0.94

0.26

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.16)

(0.29)

(0.33)

(0.37)

(0.42)

(0.42)

Net asset value, end of period

$8.26

$7.77

$7.31

$7.24

$7.35

$6.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

8.51%

10.45%

5.68%

3.74%

14.13%

3.68%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$1,020,424

$1,019,084

$1,231,057

$1,301,304

$1,375,239

$1,234,906

Average net assets (in

 

 

 

 

 

 

thousands)

$1,003,441

$1,215,006

$1,231,693

$1,327,082

$1,289,508

$1,344,166

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

3.61%

3.99%

4.29%

4.66%

5.80%

6.43%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

1.35%

1.42%

1.46%

1.47%

1.49%

1.50%

Interest and fees from

 

 

 

 

 

 

borrowings

0.08%

0.13%

0.15%

0.13%

0.09%

0.08%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.18%

0.31%

0.08%

0.18%

0.17%

0.17%

Total expenses

1.61%

1.86%

1.69%

1.78%

1.75%

1.75%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

1.61%

1.86%

1.69%

1.78%

1.75%

1.75%

Portfolio turnover rate5

9%

34%

34%

29%

20%

16%

84 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

85 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

Class Y

Seven Months Ended

February 29,   Year Ended     Year Ended      Year Ended     Year Ended     Year Ended

        2020     July 31, 2019     July 31, 2018     July 31, 2017   July 31, 2016    July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$7.80

$7.33

$7.26

$7.37

$6.85

$7.00

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.21

0.37

0.38

0.39

0.47

0.52

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.49

0.45

0.08

(0.06)

0.53

(0.18)

Total from investment

 

 

 

 

 

 

operations

0.70

0.82

0.46

0.33

1.00

0.34

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.21)

(0.35)

(0.39)

(0.44)

(0.48)

(0.49)

Net asset value, end of period

$8.29

$7.80

$7.33

$7.26

$7.37

$6.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

9.04%

11.55%

6.61%

4.66%

15.10%

4.61%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$2,968,456

$2,430,627

$1,824,770

$1,334,351

$920,958

$692,717

Average net assets (in

 

 

 

 

 

 

thousands)

$2,667,309

$1,966,765

$1,381,976

$1,061,569

$804,978

$700,339

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

4.51%

4.89%

5.19%

5.40%

6.68%

7.33%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.45%

0.51%

0.56%

0.57%

0.59%

0.59%

Interest and fees from

 

 

 

 

 

 

borrowings

0.08%

0.13%

0.15%

0.13%

0.09%

0.08%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.18%

0.31%

0.08%

0.18%

0.17%

0.17%

Total expenses

0.71%

0.95%

0.79%

0.88%

0.85%

0.84%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.71%

0.95%

0.79%

0.88%

0.85%

0.84%

Portfolio turnover rate5

9%

34%

34%

29%

20%

16%

86 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

87 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

 

Seven Months

 

 

Ended

Period

Class R5

February 29,

Ended

2020 July 31, 20191

Per Share Operating Data

 

 

Net asset value, beginning of period

$7.80

$7.71

Income (loss) from investment operations:

 

 

Net investment income2

0.22

0.07

Net realized and unrealized gain

0.51

0.08

Total from investment operations

0.73

0.15

Dividends and/or distributions to shareholders:

 

 

Dividends from net investment income

(0.24)

(0.06)

Net asset value, end of period

$8.29

$7.80

 

 

 

 

 

 

Total Return, at Net Asset Value3

9.49%

2.03%

 

 

 

Ratios/Supplemental Data

 

 

Net assets, end of period (in thousands)

$4,697

$10

Average net assets (in thousands)

$228

$10

Ratios to average net assets:4

 

 

Net investment income

4.57%

4.93%

Expenses excluding specific expenses listed below

0.38%

0.47%

Interest and fees from borrowings

0.08%

0.13%

Interest and fees on short-term floating rate notes issued5

0.18%

0.31%

Total expenses

0.64%

0.91%

Expenses after payments, waivers and/or reimbursements and reduction to custodian

 

 

expenses

0.64%

0.91%

Portfolio turnover rate6

9%

34%

1.For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019.

2.Calculated based on the average shares outstanding during the period.

3.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.

4.Annualized for periods less than one full year.

5.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

6.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.

88 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

 

Seven Months

 

 

Ended

Period

Class R6

February 29,

Ended

2020 July 31, 20191

Per Share Operating Data

 

 

Net asset value, beginning of period

$7.80

$7.71

Income (loss) from investment operations:

 

 

Net investment income2

0.21

0.07

Net realized and unrealized gain

0.49

0.08

Total from investment operations

0.70

0.15

Dividends and/or distributions to shareholders:

 

 

Dividends from net investment income

(0.21)

(0.06)

Net asset value, end of period

$8.29

$7.80

 

 

 

 

 

 

Total Return, at Net Asset Value3

9.05%

2.04%

 

 

 

Ratios/Supplemental Data

 

 

Net assets, end of period (in thousands)

$13,146

$10

Average net assets (in thousands)

$9,728

$10

Ratios to average net assets:4

 

 

Net investment income

4.54%

4.93%

Expenses excluding specific expenses listed below

0.41%

0.47%

Interest and fees from borrowings

0.08%

0.13%

Interest and fees on short-term floating rate notes issued5

0.18%

0.31%

Total expenses

0.67%

0.91%

Expenses after payments, waivers and/or reimbursements and reduction to custodian

 

 

expenses

0.67%

0.91%

Portfolio turnover rate6

9%

34%

1.For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019.

2.Calculated based on the average shares outstanding during the period.

3.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.

4.Annualized for periods less than one full year.

5.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

6.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.

89 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS February 29, 2020

Note 1 - Significant Accounting Policies

Invesco Oppenheimer Rochester 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Rochester High Yield Municipal Fund (the "Acquired Fund" or "Predecessor Fund"). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the "Reorganization Date") through the transfer of all of its assets and liabilities to the Fund (the "Reorganization").

Upon closing of the Reorganization, holders of the Acquired Fund's Class A, Class C, and Class Y shares received the corresponding class of shares of the Fund. Class R5 and Class R6 shares commenced operations on the Reorganization Date.

Effective August 31, 2019, the Fund's fiscal year end changed from July 31 to the last day of February.

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 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 ten 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 tenth 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 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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

90 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

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. 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 either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 transactions 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

91 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

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 income and realized and unrealized capital gains and losses to a class based on the relative net assets 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 and the country that has the primary market for the issuer's securities, 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.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America ("GAAP"), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

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 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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.

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

92 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. 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 relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with GAAP, which 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.

H. 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.

I. Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

J. 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

93 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

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 generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund's net asset value to be more volatile than if it had

not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB 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 "Payable for short-term floating rate notes issued" 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 expense and fees on short-term floating rate notes issued" on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and

94 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Consumer Protection Act (the "Volcker Rule") prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities' investments in, and relationships with, "covered funds", as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as "sponsors" of TOB Trusts. These duties may be performed by a third-party service provider. The Fund's expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust's municipal bonds. 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 Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and 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.

K. Other Risks - The Fund may invest in lower-quality debt securities, i.e., "junk bonds". Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors' claim.

The value of, payment of interest on, repayment of principal for and the ability to sell a

95 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

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.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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:

Fee Schedule*

Up to $200 million

0.60%

Next $100 million

0.55

Next $200 million

0.50

Next $250 million

0.45

Next $250 million

0.40

Next $10 billion

0.35

Over $11 billion

0.34

*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 seven months ended February 29, 2020, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (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.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May

96 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the 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 0.82%, 1.47%, 0.57%, 0.52% and 0.47%, respectively, of the Fund's average daily net assets (the "expense 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 total annual fund operating expenses after fee waivers and/ or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

During the reporting period, the Adviser and OFI Global Asset Management, Inc. did not waive fees and/or reimburse the Fund or Acquired Fund, respectively in relation to this arrangement.

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 seven months ended February 29, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements Citibank, N.A. serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the seven months ended February 29, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing 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 (collectively the "Plan"). The Fund, pursuant to the Class A Plan, reimbursed 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 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 Plan payments, up to 0.25% of the average daily net

97 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

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 Plan 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 plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the six months ended February 29, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan 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 seven months ended February 29, 2020, IDI advised the Fund that IDI retained $236,429 in front-end sales commissions from the sale of Class A shares and $48,343 and $53,545 from Class A and Class C shares, respectively, for CDSC imposed on 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own 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 29, 2020. The

98 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

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 3—

 

Level 1—

Level 2—

Significant

 

Unadjusted

Other Significant

Unobservable

 

Quoted Prices

Observable Inputs

Inputs

Value

Assets Table

 

 

Investments, at Value:

 

 

Municipal Bonds and Notes

 

 

Alabama

$

— $

Alaska

 

—

Arizona

 

—

Arkansas

 

—

California

 

—

Colorado

 

—

Connecticut

 

—

Delaware

 

—

District of Columbia

 

—

Florida

 

—

Georgia

 

—

Hawaii

 

—

Idaho

 

—

Illinois

 

—

Indiana

 

—

Iowa

 

—

Kansas

 

—

Kentucky

 

—

Louisiana

 

—

Maine

 

—

Maryland

 

—

Massachusetts

 

—

Michigan

 

—

Minnesota

 

—

Mississippi

 

—

Missouri

 

—

Montana

 

—

Nebraska

 

—

Nevada

 

—

New Hampshire

 

—

New Jersey

 

—

New Mexico

 

—

New York

 

—

North Carolina

 

—

North Dakota

 

—

Ohio

 

—

Oklahoma

 

—

Oregon

 

—

Pennsylvania

 

—

Rhode Island

 

—

357,465,662

$

— $

357,465,662

8,730,235

 

—

8,730,235

171,675,312

 

2,411,424

174,086,736

—

 

3,682,850

3,682,850

991,024,856

 

7,296,900

998,321,756

378,439,596

 

4,709,100

383,148,696

47,672,152

 

56,400

47,728,552

6,191,775

 

—

6,191,775

351,129,884

 

—

351,129,884

629,030,278

 

67,121,853

696,152,131

149,067,718

 

—

149,067,718

32,569,888

 

—

32,569,888

3,004,730

 

—

3,004,730

414,981,404

 

7,580,960

422,562,364

177,804,750

 

—

177,804,750

14,455,214

 

—

14,455,214

593,566

 

1,573,838

2,167,404

21,895,806

 

—

21,895,806

63,987,320

 

—

63,987,320

21,622,665

 

—

21,622,665

72,607,860

 

—

72,607,860

91,464,709

 

—

91,464,709

269,419,503

 

—

269,419,503

51,941,657

 

—

51,941,657

38,609,162

 

—

38,609,162

50,252,423

 

22,465,615

72,718,038

—

 

415,450

415,450

3,706,650

 

—

3,706,650

96,200,024

 

—

96,200,024

22,270,278

 

—

22,270,278

141,681,629

 

—

141,681,629

3,804,190

 

—

3,804,190

1,120,834,714

 

—

1,120,834,714

27,139,920

 

—

27,139,920

12,921,799

 

—

12,921,799

927,291,376

 

—

927,291,376

3,940,365

 

—

3,940,365

26,685,727

 

—

26,685,727

177,005,915

 

4,121,637

181,127,552

13,661,150

 

—

13,661,150

99 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

 

 

 

 

 

 

Level 3—

 

 

 

 

Level 1—

 

Level 2—

 

Significant

 

 

 

 

Unadjusted

 

Other Significant

 

Unobservable

 

 

 

 

Quoted Prices

Observable Inputs

 

Inputs

 

Value

Municipal Bonds and Notes (Continued)

 

 

 

 

 

 

 

South Carolina

$

— $

64,070,529

$

11,213,178

$

75,283,707

Tennessee

 

—

 

111,703,028

 

—

 

111,703,028

Texas

 

—

 

625,319,138

 

12,759,346

 

638,078,484

Utah

 

—

 

67,371,276

 

—

 

67,371,276

Vermont

 

—

 

8,967,852

 

—

 

8,967,852

Virginia

 

—

 

45,858,936

 

—

 

45,858,936

Washington

 

—

 

118,703,627

 

—

 

118,703,627

West Virginia

 

—

 

62,245,967

 

—

 

62,245,967

Wisconsin

 

—

 

235,846,570

 

—

 

235,846,570

U.S. Possessions

 

—

 

1,020,334,952

 

—

 

1,020,334,952

Corporate Loans

 

—

 

—

 

1,432,000

 

1,432,000

Common Stocks

 

443,262

 

—

 

—

 

443,262

Total Investments, at Value

 

443,262

 

9,353,203,737

 

146,840,551

 

9,500,487,550

Other Financial Instruments:

 

 

 

 

 

 

 

 

Investments Matured

 

—

 

3,753,066

 

19,777,377

 

23,530,443

Total Assets

$

443,262

$

9,356,956,803

$

166,617,928

$

9,524,017,993

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:

 

 

 

 

 

 

Change in

Accretion/

 

 

 

 

 

 

unrealized

(amortization)

 

Value as of July

Realized gain

appreciation/

of premium/

 

 

31, 2019

(loss)

depreciation

discounta

Assets Table

 

 

 

 

 

 

 

 

Investments, at Value:

 

 

 

 

 

 

 

 

Municipal Bonds and

 

 

 

 

 

 

 

 

Notes

 

 

 

 

 

 

 

 

Alaska

$

107,500

$

—

$

—

$

—

Arizona

 

5,592,024

 

(136,414)

 

1,625,450

 

—

Arkansas

 

3,682,850

 

—

 

—

 

—

California

 

7,296,900

 

—

 

—

 

—

Colorado

 

5,669,100

 

—

 

7,040,000

 

—

Connecticut

 

150,400

 

—

 

(94,000)

 

—

Florida

 

93,481,108

 

(6,471,043)

 

6,847,768

 

225,509

Illinois

 

13,321,675

 

(1,704,000)

 

762,251

 

—

Iowa

$

58,000

$

—

$

—

$

—

Kansas

 

1,628,586

 

—

 

2,458

 

(57,206)

Louisiana

 

324,000

 

(888,300)

 

876,000

 

—

Missouri

 

5,048,450

 

—

 

385,724

 

26,789

Montana

 

860,575

 

—

 

(470,592)

 

25,467

100 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

 

 

 

 

 

 

 

 

 

Change in

Accretion/

 

 

 

 

 

 

 

 

 

unrealized

(amortization)

 

 

 

 

Value as of July

Realized gain

appreciation/

of premium/

 

 

 

 

 

31, 2019

(loss)

depreciation

discounta

Assets Table Continued

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds and

 

 

 

 

 

 

 

 

 

 

 

Notes (Continued)

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

 

 

 

 

4,569,232

 

—

 

(511,538)

 

—

South Carolina

 

 

 

 

11,375,676

 

47,021

 

187,566

 

10,915

Texas

 

 

 

 

12,759,346

 

—

 

—

 

—

Virginia

 

 

 

 

964,800

 

57,390

 

(4,753)

 

11,763

Wisconsin

 

 

 

 

1,541,200

 

(2,878,865)

 

1,500,000

 

—

Corporate Bonds and Notes

 

 

1,390,253

 

13

 

—

 

—

Corporate Loans

 

 

 

 

1,432,000

 

—

 

—

 

—

Investments Matured

 

 

 

 

23,285,925

 

96,989

 

(3,060,030)

 

—

Total Assets

 

 

 

$

194,539,600

$ (11,877,209)

$

15,086,304

$

243,237

a. Included in net investment income.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value as of

 

 

 

 

 

 

 

Transfers intoTransfers out of

 

February 29,

 

 

 

Purchases

 

Sales

 

Level 3

 

Level 3

 

2020

Assets Table

 

 

 

 

 

 

 

 

 

 

 

Investments, at Value:

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds and Notes

 

 

 

 

 

 

 

 

 

Alaska

$

—

$

—

$

—

$

(107,500)

$

—

Arizona

 

 

—

 

(2,235,000)

 

—

 

(2,434,636)

 

2,411,424

Arkansas

 

 

—

 

—

 

—

 

—

 

3,682,850

California

 

 

—

 

—

 

—

 

—

 

7,296,900

Colorado

 

 

—

 

(8,000,000)

 

—

 

—

 

4,709,100

Connecticut

 

 

—

 

—

 

—

 

—

 

56,400

Florida

 

 

7,319,955

 

(42,896,818)

 

10,230,390

 

(1,615,016)

 

67,121,853

Illinois

 

 

—

 

(800,000)

 

—

 

(3,998,966)

 

7,580,960

Iowa

 

 

—

 

—

 

—

 

(58,000)

 

—

Kansas

 

 

—

 

—

 

—

 

—

 

1,573,838

Louisiana

 

 

—

 

(311,700)

 

—

 

—

 

—

Missouri

 

 

—

 

—

 

17,004,652

 

—

 

22,465,615

Montana

 

 

—

 

—

 

—

 

—

 

415,450

Pennsylvania

 

 

63,943

 

—

 

—

 

—

 

4,121,637

South Carolina

 

 

—

 

(408,000)

 

—

 

—

 

11,213,178

Texas

 

 

—

 

—

 

—

 

—

 

12,759,346

Virginia

 

 

—

 

(161,000)

 

—

 

(868,200)

 

—

Wisconsin

 

 

—

 

(121,135)

 

—

 

(41,200)

 

—

Corporate Bonds and

 

 

 

 

 

 

 

 

 

 

 

Notes

$

—

 

(1,390,266)

$

—

$

—

$

—

Corporate Loans

 

 

—

 

—

 

—

 

—

 

1,432,000

Investments Matured

 

 

64,699

 

(609,966)

 

—

 

(240)

 

19,777,377

Total Assets

 

$

7,448,597

$

(56,933,885)

$

27,235,042

$

(9,123,758)

$ 166,617,928

The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to Level 3 investments still held at period end:

101 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

 

 

Change in

 

 

unrealized

 

 

appreciation/

 

 

depreciation

Assets Table

 

 

Investments, at Value:

 

 

Municipal Bonds and Notes

 

 

Arizona

$

1,625,450

Connecticut

 

(94,000)

Florida

 

2,875,325

Illinois

 

762,251

Kansas

 

2,458

Missouri

 

385,724

Montana

 

(470,592)

Pennsylvania

 

(511,538)

South Carolina

 

187,566

Virginia

 

(4,753)

Investments Matured

 

(3,060,030)

Total Assets

$

1,697,861

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 at period end:

 

Value as of

 

 

Range of

 

 

 

February 29,

Valuation

Unobservable

Unobservable

Unobservable

 

2020

Technique

Input

Inputs

Input Used

Assets Table

 

 

 

 

 

 

Investments, at Value:

 

 

 

 

 

 

Municipal Bonds and Notes

 

 

 

 

 

 

Arizona

$2,411,424

Pricing service

N/A

N/A

N/A

(a)

Arkansas

3,682,850

Pricing service

N/A

N/A

N/A

(a)

California

7,296,900

Pricing service

N/A

N/A

N/A

(a)

Colorado

4,709,100

Pricing service

N/A

N/A

N/A

(a)

Connecticut

56,400

Pricing service

N/A

N/A

N/A

(a)

Florida

67,121,853

Pricing service

N/A

N/A

N/A

(a)

Illinois

7,580,960

Pricing service

N/A

N/A

N/A

(a)

Kansas

1,573,838

Pricing service

N/A

N/A

N/A

(a)

Missouri

22,465,615

Pricing service

N/A

N/A

N/A

(a)

Montana

415,450

Pricing service

N/A

N/A

N/A

(a)

Pennsylvania

4,121,637

Pricing service

N/A

N/A

N/A

(a)

South Carolina

11,213,178

Pricing service

N/A

N/A

N/A

(a)

Texas

12,759,346

Pricing service

N/A

N/A

N/A

(a)

Investments Matured

19,777,377

Pricing service

N/A

N/A

N/A

(a)

 

 

Discount to

Discounted rate

N/A

20% (b)

 

 

Expected

Expected

 

 

 

 

 

recovery

recovery

 

$1.79

Corporate Loans

1,432,000

proceeds

proceeds

$1.79 Million

Million (b)

Total

$166,617,928

 

 

 

 

 

(a)Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities' fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

102 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

(b)The Fund fair values certain corporate loans at a discount to the expected recovery proceeds to reflect uncertainty and illiquidity. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security's fair valuation. A significant increase (decrease) to the discount rate or a significant decrease (increase) to the expected recovery value will result in a significant decrease (increase) to the fair value of the investment.

Note 4 - Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant

to these procedures for the seven months ended February 29, 2020, the Fund engaged in transactions with affiliates as listed: Securities purchases of $3,004,680, which did not result in any realized gain (loss).

Note 5 - Trustee and Officer Fees and Benefits

The Fund has adopted an unfunded retirement plan (the "Plan") for the Fund's Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the "Freeze Date") and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund's projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased

$

39,748

Payments Made to Retired Trustees

 

—

Accumulated Liability as of February 29, 2020

 

250,717

Certain trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other"

103 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees' fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 6 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Citibank, N.A., 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.

The Fund may not purchase additional securities when any borrowings from banks or broker- dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

Note 7 – Tax Information

Tax Character of Distributions to Shareholders for the Seven Months Ended February 29, 2020 and Fiscal Years Ended July 31, 2019 and 2018:

 

 

Seven Months

 

 

 

 

 

 

Ended

 

Year Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

 

July 31, 2018

Ordinary income

$

6,225,328

$

13,267,553

$

7,823,739

Ordinary income – tax-exempt

 

181,729,073

 

272,655,911

 

282,958,494

Total distributions

$

187,954,401

$

285,923,464

$

290,782,233

 

 

 

 

 

 

 

Tax Components of Net Assets at Period-End:

 

 

2020

Undistributed tax-exempt income

$

287,392,703

Net unrealized appreciation/(depreciation) - investments

 

370,158,240

Temporary book/tax differences

 

(4,670,071)

Capital loss carryforward

 

(1,527,120,468)

Shares of beneficial interest

 

9,270,001,607

Total net assets

$

8,395,762,011

 

 

 

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 primarily to bond premium amortization and defaulted bonds.

104 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

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 carryforwards 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 29, 2020, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

 

Long-Term

 

Total

Not subject to expiration $

131,051,152

$

1,396,069,316

$

1,527,120,468

*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 8 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the seven months ended February 29, 2020 was $1,849,679,453 and $781,138,749, respectively. Cost of investments, including any derivatives, on a tax basis 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

Aggregate unrealized appreciation of investments

$

871,024,813

Aggregate unrealized (depreciation) of investments

 

(500,866,573)

Net unrealized appreciation of investments

$

370,158,240

 

 

 

Cost of investments for tax purposes is $9,153,859,753.

Note 9 - Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of TOBs and defaulted bonds, on February 29, 2020, undistributed net investment income was increased by $28,920,514, undistributed net realized gain (loss) was increased by $28,920,519 and shares of beneficial interest was increased by $5. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

Note 10 - Share Information

Transactions in shares of beneficial interest were as follows:

105 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

 

Seven Months Ended

Year Ended July 31, 20192

Year Ended July 31, 2018

 

February 29, 20201

 

 

 

 

 

 

 

 

Shares

 

Amount

Shares

 

Amount

Shares

 

Amount

Class A

 

 

 

 

 

 

 

 

 

Sold

74,011,584

$

590,119,114

131,054,012

$

989,975,095

98,331,285

$

699,504,436

Automatic

 

 

 

 

 

 

 

 

 

Conversion

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

to Class A

 

 

 

 

 

 

 

 

 

Shares

10,634,641

 

84,788,564

—

 

—

—

 

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

10,551,731

 

84,351,905

16,454,954

 

122,957,474

19,048,153

 

135,863,268

Redeemed

(56,259,163)

 

(447,573,404)

(88,765,384)

 

(658,982,237)

(124,100,367)

 

(882,087,890)

Net increase

38,938,793

$

311,686,179

58,743,582

$

453,950,332

(6,720,929)

$

(46,720,186)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

 

 

 

 

 

 

 

 

Sold

—

$

—

—

$

—

15,892

$

112,381

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

—

 

—

—

 

—

44,586

 

317,880

Redeemed3

—

 

—

—

 

—

(2,148,003)

 

(15,345,368)

Net increase

— $

—

— $

—

(2,087,525)

$

(14,915,107)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

Sold

14,365,785

$

113,951,532

27,892,637

$

207,446,026

24,981,691

$

177,177,211

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

2,321,196

 

18,469,320

5,592,006

 

41,526,613

7,003,230

 

49,723,326

Automatic

 

 

 

 

 

 

 

 

 

Conversion

 

 

 

 

 

 

 

 

 

Class C

(10,685,888)

 

(84,788,564)

—

 

—

—

 

—

to Class A

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

Redeemed

(13,581,413)

 

(107,764,422)

(70,838,918)

 

(536,716,702)

(43,327,687)

 

(306,603,743)

Net increase

(7,580,320)

$

(60,132,134)

(37,354,275)

$

(287,744,063)

(11,342,766)

$

(79,703,206)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Y

 

 

 

 

 

 

 

 

 

Sold

89,913,451

$

716,659,553

160,665,832

$

1,198,634,680

144,887,702

$

1,035,490,313

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

7,822,661

 

62,472,815

10,851,809

 

81,178,318

9,090,124

 

64,858,937

Redeemed

(51,250,119)

 

(407,779,736)

(108,775,595)

 

(802,417,814)

(88,858,588)

 

(629,749,148)

Net increase

46,485,993

$

371,352,632

62,742,046

$

477,395,184

65,119,238

$

470,600,102

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R54

 

 

 

 

 

 

 

 

 

Sold

565,381

$

4,602,340

1,297

$

10,000

—

$

—

106 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Dividends and/or distributions

reinvested

361

 

2,978

—

 

—

—

 

—

Redeemed

(162)

 

(1,332)

—

 

—

—

 

—

Net increase

565,580

$

4,603,986

1,297

$

10,000

—

$

—

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R64

 

 

 

 

 

 

 

 

 

Sold

2,564,780

$

20,210,999

1,297

$

10,000

—

$

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

30,023

 

242,420

—

 

—

—

 

—

Redeemed

(1,011,130)

 

(8,381,418)

—

 

—

—

 

—

Net increase

1,583,673

$

12,072,001

1,297

$

10,000

—

$

—

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 54% 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.

2.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 48% 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.

3.All outstanding Class B shares converted to Class A shares on June 1, 2018.

4.Commencement date after the close of business on May 24, 2019.

Note 11 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, which provides that a fund generally may not borrow money greater than 331/3 of the Fund's total assets.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the seven months ended February 29, 2020, the Fund incurred fees of $3,693,581. The average daily balance of borrowings under this agreement is $72,414,554 with an average interest rate of 1.90%. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

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 seven months ended February 29, 2020 were $767,160,000 and 1.77%, respectively.

107 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Note 12 - Subsequent Event

During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds' ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Act is a $2 trillion stimulus package to help individuals, businesses and hospitals in response to the economic distress caused by the COVID-19 crisis. The Adviser is assessing the components of the Act and the impacts to the Fund should be immaterial.

108 INVESCO OPPENHEIMER ROCHESTER 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 Oppenheimer Rochester® 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 Oppenheimer Rochester® 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 29, 2020, the related statements of operations and of changes in net assets, including the related notes, and the financial highlights for each of the periods indicated in the table below (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 29, 2020, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Statement of Operations and Statement of

 

Changes in Net Assets

Financial Highlights

 

 

For the period from August 1, 2019 through

For the period from August 1, 2019 through

February 29, 2020 and the year ended July 31,

February 29, 2020 and the year ended July 31,

2019

2019 for Class A, Class C and Class Y

 

For the period from August 1, 2019 through

 

February 29, 2020 and the period from May 24,

 

2019 (inception of offering) through July 31,

 

2019 for Class R5 and Class R6

The financial statements of Invesco Oppenheimer Rochester® High Yield Municipal Fund (formerly known as Oppenheimer Rochester® High Yield Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

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

109 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP Houston, Texas

April 28, 2020

We have served as the auditor of one or more 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.

110 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

TAX INFORMATION Unaudited

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 seven months ended February 29, 2020:

Federal and State Income Tax

 

Qualified Dividend Income*

0.00 %

Corporate Dividends Received Deduction*

0.00 %

Qualified Business Income

0.00 %

U.S. Treasury Obligations*

0.00 %

Tax-Exempt Interest Dividends*

96.72 %

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

111 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

•Fund reports and prospectuses

•Quarterly statements

•Daily confirmations

•Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

112 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INTERESTED TRUSTEE

 

 

 

 

 

 

 

 

 

Martin L. Flanagan 1 — 1960

2007

Executive Director, Chief Executive Officer and

229

None

Trustee and Vice Chair

 

President, Invesco Ltd. (ultimate parent of

 

 

 

 

Invesco and a global investment management

 

 

 

 

firm); Trustee and Vice Chair, The Invesco

 

 

 

 

Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board,

 

 

 

 

SMU Cox School of Business

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

113 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES

Bruce L. Crockett – 1944

2003 Chairman, Crockett Technologies Associates

Trustee and Chair

(technology consulting company)

 

Formerly: Director, Captaris (unified

 

messaging provider); Director, President and

 

Chief Executive Officer, COMSAT Corporation;

 

Chairman, Board of Governors of INTELSAT

 

(international communications company); ACE

 

Limited (insurance company); Independent

 

Directors Council and Investment Company

 

Institute: Member of the Audit Committee,

 

Investment Company Institute; Member of

 

the Executive Committee and Chair of the

 

Governance Committee, Independent Directors

 

Council

229Director and

Chairman of the

Audit Committee,

ALPS (Attorneys

Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation

Committee, Ferroglobe

PLC (metallurgical

company)

David C. Arch – 1945

2010 Chairman of Blistex Inc. (consumer health

229

Board member of the

Trustee

care products manufacturer); Member, World

 

Illinois Manufacturers'

 

Presidents' Organization

 

Association

 

 

 

 

Beth Ann Brown – 1968

2019 Independent Consultant

229

Director, Board of

Trustee

Formerly: Head of Intermediary Distribution,

 

Directors of Caron

 

 

Engineering Inc.;

 

Managing Director, Strategic Relations,

 

Advisor, Board of

 

Managing Director, Head of National

 

Advisors of Caron

 

Accounts, Senior Vice President, National

 

Engineering Inc.;

 

Account Manager and Senior Vice President,

 

President and

 

Key Account Manager, Columbia Management

 

Director, of Acton

 

Investment Advisers LLC; Vice President, Key

 

Shapleigh Youth

 

Account Manager, Liberty Funds Distributor,

 

Conservation Corps

 

Inc.; and Trustee of certain Oppenheimer

 

(non -profit); and

 

Funds

 

President and Director

 

 

 

of Grahamtastic

 

 

 

Connection (non-

 

 

 

profit)

Jack M. Fields – 1952

2003 Chief Executive Officer, Twenty First Century

Trustee

Group, Inc. (government affairs company);

 

and Chairman, Discovery Learning Alliance

 

(non-profit)

 

Formerly: Owner and Chief Executive Officer,

 

Dos Angeles Ranch L.P. (cattle, hunting,

 

corporate entertainment); Director, Insperity,

 

Inc. (formerly known as Administaff) (human

 

resources provider); Chief Executive Officer,

 

Texana Timber LP (sustainable forestry

 

company); Director of Cross Timbers Quail

 

Research Ranch (non-profit); and member of

 

the U.S. House of Representatives

229Member, Board of Directors of Baylor

College of Medicine

114 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Cynthia Hostetler —1962

2017 Non-Executive Director and Trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Director, Aberdeen Investment

 

Funds (4 portfolios); Head of Investment

 

Funds and Private Equity, Overseas Private

 

Investment Corporation; President, First

 

Manhattan Bancorporation, Inc.; Attorney,

 

Simpson Thacher & Bartlett LLP

229Vulcan Materials

Company

(construction materials

company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual

fund complex);

Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

Eli Jones – 1961

2016 Professor and Dean, Mays Business School -

229

Insperity, Inc. (formerly

Trustee

Texas A&M University

 

known as Administaff)

 

Formerly: Professor and Dean, Walton College

 

(human resources

 

 

provider)

 

of Business, University of Arkansas and E.J.

 

 

 

Ourso College of Business, Louisiana State

 

 

 

University; Director, Arvest Bank

 

 

Elizabeth Krentzman – 1959

2019 Formerly: Principal and Chief Regulatory

Trustee

Advisor for Asset Management Services and

 

U.S. Mutual Fund Leader of Deloitte & Touche

 

LLP; General Counsel of the Investment

 

Company Institute (trade association);

 

National Director of the Investment

 

Management Regulatory Consulting Practice,

 

Principal, Director and Senior Manager of

 

Deloitte & Touche LLP; Assistant Director of

 

the Division of Investment Management -

 

Office of Disclosure and Investment Adviser

 

Regulation of the U.S. Securities and Exchange

 

Commission and various positions with the

 

Division of Investment Management – Office

 

of Regulatory Policy of the U.S. Securities and

 

Exchange Commission; Associate at Ropes &

 

Gray LLP.; and Trustee of certain Oppenheimer

 

Funds

229Trustee of the

University of Florida

National Board

Foundation; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center

Association, Inc. Board

of Trustees and Audit

Committee Member

115 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Anthony J. LaCava, Jr. – 1956 2019

Formerly: Director and Member of the Audit

Trustee

Committee, Blue Hills Bank (publicly traded

 

financial institution) and Managing Partner,

 

KPMG LLP

229Blue Hills Bank;

Chairman of Bentley University; Member, Business School Advisory Council; and Nominating

Committee, KPMG LLP

Prema Mathai-Davis – 1950 2003 Retired229None Trustee

Formerly; Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self- Directed Investor)

Joel W. Motley – 1952

2019 Director of Office of Finance, Federal Home

Trustee

Loan Bank System; Member of the Vestry

 

of Trinity Wall Street; Managing Director of

 

Carmona Motley Hoffman, Inc. (privately held

 

financial advisor); Member of the Council

 

on Foreign Relations and its Finance and

 

Budget Committee; Chairman Emeritus of

 

Board of Human Rights Watch and Member

 

of its Investment Committee; and Member

 

of Investment Committee and Board of

 

Historic Hudson Valley (non-profit cultural

 

organization).

 

Formerly: Managing Director of Public Capital

 

Advisors, LLC (privately held financial advisor);

 

Managing Director of Carmona Motley

 

Hoffman, Inc. (privately held financial advisor);

 

Trustee of certain Oppenheimer Funds; and

 

Director of Columbia Equity Financial Corp.

 

(privately held financial advisor)

229Member of Board of Greenwall Foundation (bioethics research foundation) and

its Investment

Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis

Reporting (non-profit

journalism)

Teresa M. Ressel — 1962

2017 Non-executive director and trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Chief Financial Officer, Olayan

 

America, The Olayan Group (international

 

investor/commercial/industrial); Chief

 

Executive Officer, UBS Securities LLC; Group

 

Chief Operating Officer, Americas, UBS AG;

 

Assistant Secretary for Management & Budget

 

and CFO, US Department of the Treasury

229Atlantic Power

Corporation (power

generation company); ON Semiconductor Corp. (semiconductor supplier)

116 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston

229

Federal Reserve Bank

Trustee

 

Endowment Inc. (private philanthropic

 

of Dallas

 

 

institution)

 

 

 

 

Formerly: Executive Vice President and

 

 

 

 

General Counsel, Texas Children's Hospital;

 

 

 

 

Attorney, Beck, Redden and Secrest, LLP;

 

 

 

 

Business Law Instructor, University of St.

 

 

 

 

Thomas; Attorney, Andrews & Kurth LLP

 

 

 

 

 

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of

 

 

 

 

 

 

 

 

Denver – Daniels College of Business, Senior

 

 

 

 

Partner, KPMG LLP

 

 

Daniel S. Vandivort –1954

2019 Treasurer, Chairman of the Audit and Finance

Trustee

Committee, and Trustee, Board of Trustees,

 

Huntington Disease Foundation of America;

 

and President, Flyway Advisory Services LLC

 

(consulting and property management).

 

Formerly: Trustee and Governance Chair, of

 

certain Oppenheimer Funds

229Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds

James D. Vaughn – 1945

2019 Retired

Trustee

Formerly: Managing Partner, Deloitte & Touche

 

 

LLP; Trustee and Chairman of the Audit

 

Committee, Schroder Funds; Board Member,

 

Mile High United Way, Boys and Girls Clubs,

 

Boy Scouts, Colorado Business Committee

 

for the Arts, Economic Club of Colorado

 

and Metro Denver Network (economic

 

development corporation); and Trustee of

 

certain Oppenheimer Funds

229Board member

and Chairman of Audit Committee

of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson –

2017 Retired

1957

Formerly: Director, TD Asset Management USA

Trustee, Vice Chair and Chair

Designate

Inc. (mutual fund complex) (22 portfolios);

 

Managing Partner, CT2, LLC (investing and

 

consulting firm); President/Chief Executive

 

Officer, Columbia Funds, Bank of America

 

Corporation; President/Chief Executive Officer,

 

CDC IXIS Asset Management Services, Inc.;

229ISO New England,

Inc. (non-profit

organization

managing regional electricity market)

117 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

 

 

 

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Christopher L. Wilson

 

Principal & Director of Operations, Scudder

 

 

Continued

 

Funds, Scudder, Stevens & Clark, Inc.; Assistant

 

 

 

 

Vice President, Fidelity Investments

 

 

 

 

 

 

 

118 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS

 

 

 

 

 

 

 

 

 

Sheri Morris — 1964

2003

Head of Global Fund Services, Invesco Ltd.;

N/A

N/A

President, Principal Executive

 

President, Principal Executive Officer and

 

 

Officer and Treasurer

 

Treasurer, The Invesco Funds; Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust, and Vice

 

 

 

 

President, OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal

 

 

 

 

Financial Officer, The Invesco Funds; Vice

 

 

 

 

President, Invesco AIM Advisers, Inc., Invesco

 

 

 

 

AIM Capital Management, Inc. and Invesco

 

 

 

 

AIM Private Asset Management, Inc.; Assistant

 

 

 

 

Vice President and Assistant Treasurer, The

 

 

 

 

Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital

 

 

 

 

Management, Inc. and Invesco AIM Private

 

 

 

 

Asset Management, Inc.; and Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund Trust

 

 

 

 

 

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The

N/A

N/A

Senior Vice President and

 

Invesco Funds

 

 

Senior Officer

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco

N/A

N/A

Senior Vice President, Chief

 

Ltd.; Senior Vice President and Secretary,

 

 

Legal Officer and Secretary

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Vice President and Secretary, Invesco

 

 

 

 

Investment Services, Inc. (formerly known

 

 

 

 

as Invesco AIM Investment Services, Inc.)

 

 

 

 

Senior Vice President, Chief Legal Officer and

 

 

 

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

 

 

 

119 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor (Continued)

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L.

 

 

 

 

Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President,

 

 

 

 

Jemstep, Inc.; Head of Legal, Worldwide

 

 

 

 

Institutional, Invesco Ltd.; Secretary and

 

 

 

 

General Counsel, INVESCO Private Capital

 

 

 

 

Investments, Inc.; Senior Vice President,

 

 

 

 

Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group,

 

 

 

 

Inc.); Assistant Secretary, INVESCO Asset

 

 

 

 

Management (Bermuda) Ltd.; Secretary and

 

 

 

 

General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel,

 

 

 

 

INVESCO Realty, Inc.; Secretary and General

 

 

 

 

Counsel, Invesco Senior Secured Management,

 

 

 

 

Inc.; and Secretary, Sovereign G./P. Holdings

 

 

 

 

Inc.

 

 

 

 

 

 

 

Andrew R. Schlossberg –

2019

Head of the Americas and Senior Managing

N/A

N/A

1974

 

Director, Invesco Ltd.; Director and Senior

 

 

Senior Vice President

 

Vice President, Invesco Advisers, Inc. (formerly

 

 

 

 

known as Invesco Institutional (N.A.), Inc.)

 

 

 

 

(registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) (registered transfer agent);

 

 

 

 

Senior Vice President, The Invesco Funds;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Director, President and

 

 

 

 

Chairman, Invesco Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited;

 

 

 

 

Director and Chief Executive, Invesco Asset

 

 

 

 

Management Limited and Invesco Fund

 

 

 

 

Managers Limited; Assistant Vice President,

 

 

 

 

The Invesco Funds; Senior Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Director and Chief

 

 

 

 

Executive, Invesco Administration Services

 

 

 

 

 

 

 

120 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Andrew R. Schlossberg

 

Limited and Invesco Global Investment

 

 

(Continued)

 

Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco

 

 

 

 

India Exchange-Traded Fund Trust; Managing

 

 

 

 

Director and Principal Executive Officer,

 

 

 

 

Invesco Capital Management LLC

 

 

 

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas;

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Senior Vice President, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as

 

 

 

 

Invesco AIM Investment Services, Inc.) Senior

 

 

 

 

Vice President, The Invesco Funds; Managing

 

 

 

 

Director, Invesco Capital Management LLC;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Senior Vice President, Invesco

 

 

 

 

Capital Markets, Inc. (formerly known as

 

 

 

 

Van Kampen Funds Inc.); Manager, Invesco

 

 

 

 

Indexing LLC; Manager, Invesco Specialized

 

 

 

 

Products, LLC; Director and Senior Vice

 

 

 

 

President, Invesco Insurance Agency, Inc.;

 

 

 

 

Member, Invesco Canada Funds Advisory

 

 

 

 

Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate

 

 

 

 

mutual fund company); and Director,

 

 

 

 

Chairman, President and Chief Executive

 

 

 

 

Officer, Invesco Canada Ltd. (formerly known

 

 

 

 

as Invesco Trimark Ltd./Invesco Trimark Ltèe)

 

 

 

 

(registered investment adviser and registered

 

 

 

 

transfer agent)

 

 

 

 

Formerly: Director and Senior Vice President,

 

 

 

 

Invesco Management Group, Inc. (formerly

 

 

 

 

known as Invesco AIM Management Group,

 

 

 

 

Inc.); Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group, Inc.);

 

 

 

 

Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.); Chief Legal Officer and

 

 

 

 

 

 

 

121 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

John M. Zerr (Continued)

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Director,

 

 

 

 

Secretary, General Counsel and Senior Vice

 

 

 

 

President, Van Kampen Exchange Corp.;

 

 

 

 

Director, Vice President and Secretary, IVZ

 

 

 

 

Distributors, Inc. (formerly known as INVESCO

 

 

 

 

Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice

 

 

 

 

President, Van Kampen Advisors Inc.; Director,

 

 

 

 

Vice President, Secretary and General Counsel,

 

 

 

 

Van Kampen Investor Services Inc.; Director

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director, Senior Vice President, General

 

 

 

 

Counsel and Secretary, Invesco AIM Advisers,

 

 

 

 

Inc. and Van Kampen Investments Inc.;

 

 

 

 

Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice

 

 

 

 

President, Secretary, General Counsel and Vice

 

 

 

 

President, Invesco AIM Capital Management,

 

 

 

 

Inc.; Chief Operating Officer and General

 

 

 

 

Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

 

 

 

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.;

N/A

N/A

Senior Vice President

 

Director, Chairman, President, and Chief

 

 

 

 

Executive Officer, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Director, Invesco Mortgage Capital, Inc. and

 

 

 

 

Invesco Senior Secured Management, Inc.;

 

 

 

 

and Senior Vice President, The Invesco Funds;

 

 

 

 

and President, SNW Asset Management

 

 

 

 

Corporation and Invesco Managed Accounts,

 

 

 

 

LLC

 

 

 

 

Formerly: Senior Vice President, Invesco

 

 

 

 

 

 

 

122 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Gregory G. McGreevey

 

Management Group, Inc. and Invesco Advisers,

 

 

(Continued)

 

Inc.; Assistant Vice President, The Invesco

 

 

 

 

Funds

 

 

 

 

 

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer

N/A

N/A

Vice President, Principal

 

– Investments Pool, Invesco Specialized

 

 

Financial Officer and Assistant

 

Products, LLC; Vice President, Principal

 

 

Treasurer

 

Financial Officer and Assistant Treasurer,

 

 

 

 

The Invesco Funds; Principal Financial and

 

 

 

 

Accounting Officer – Pooled Investments,

 

 

 

 

Invesco Capital Management LLC; Vice

 

 

 

 

President and Treasurer, Invesco Exchange-

 

 

 

 

Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund

 

 

 

 

Trust and Invesco Exchange-Traded Self-

 

 

 

 

Indexed Fund Trust; Vice President, Invesco

 

 

 

 

Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco

 

 

 

 

Specialized Products, LLC; Assistant Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust; Assistant

 

 

 

 

Treasurer, Invesco Capital Management LLC;

 

 

 

 

Assistant Vice President, The Invesco Funds

 

 

 

 

 

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance

N/A

N/A

Anti-Money Laundering

 

Officer for Invesco U.S. entities including;

 

 

Compliance Officer

 

Invesco Advisers, Inc. and its affiliates, Invesco

 

 

 

 

Capital Markets, Inc., Invesco Distributors, Inc.,

 

 

 

 

Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC,

 

 

 

 

Invesco Trust Company; and Fraud Prevention

 

 

 

 

Manager for Invesco Investment Services, Inc.

 

 

 

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers,

N/A

N/A

Chief Compliance Officer

 

Inc. (registered investment adviser); and Chief

 

 

 

 

Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam

 

 

 

 

Investments and the Putnam Funds

 

 

 

 

 

 

 

123 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza,

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers

Suite 1000

1555 Peachtree Street, N.E.

11 Greenway Plaza,

LLP

Houston, TX 77046-1173

Atlanta, GA 30309

Suite 1000

1000 Louisiana Street,

 

 

Houston, TX

Suite 5800

 

 

77046-1173

Houston, TX 77002-5021

Counsel to the Fund

Counsel to the

Transfer Agent

Custodian

Stradley Ronon Stevens & Young,

Independent Trustees

Invesco Investment

Citibank, N.A.

LLP

Goodwin Procter LLP

Services, Inc.

111 Wall Street

2005 Market Street,

901 New York Avenue, N.W.

11 Greenway Plaza,

New York, NY 10005

Suite 2600

Washington, D.C. 20001

Suite 1000

 

Philadelphia, PA 19103-7018

 

Houston, TX

 

 

 

77046-1173

 

124 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the "Website"). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as "we" or "Invesco" in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review

the Terms of Use1 to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

1NTD

125 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE Continued

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services ("Providers"). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The "Help" section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

126 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children's Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE Atlanta, GA 30309 By phone:

(404)439-3236 By fax:

(404)962-8288 By email: Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

127 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE Continued

•Request that we amend, rectify, delete or update the personal data we hold about you;

•Where possible (e.g. in relation to marketing) amend or update your choices around processing;

•Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

128 INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

 

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Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

￿Fund reports and prospectuses

￿Quarterly statements

￿Daily confirmations

￿Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Distributors, Inc.

O-ROHYM-AR-1 04272020

Shareholder Report for the

Seven Months Ended 2/29/20

Invesco

Oppenheimer

Rochester® Limited

Term California

Municipal Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

*Prior to the close of business on May 24, 2019, the Fund's name was Oppenheimer Rochester Limited Term California Municipal Fund. See Important Update on the following page for more information.

 

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, "OppenheimerFunds"). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco's Client Services team at 800-959-4246.

 

Table of Contents

 

Fund Performance Discussion

4

Top Holdings and Allocations

7

Fund Expenses

11

Schedule of Investments

13

Statement of Assets and Liabilities

48

Statement of Operations

50

Statement of Changes in Net Assets

51

Financial Highlights

52

Notes to Financial Statements

60

Report of Independent Registered Public Accounting Firm

72

Tax Information

74

Portfolio Proxy Voting Policies and Guidelines; Updates to

 

Schedule of Investments

75

Trustees and Officers

76

Invesco's Privacy Notice

88

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 2/29/20

 

 

 

 

 

 

Class A Shares of the Fund

 

 

 

 

Bloomberg Barclays

 

Without Sales Charge

With Sales Charge

5-Year (4-6) Municipal

 

 

 

Bond Index

1-Year

8.53%

5.91%

5.88%

5-Year

3.61

3.06

2.64

10-Year

3.92

3.64

2.96

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 2.50% maximum applicable sales charge except where "without sales charge" is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business 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 those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual's investment. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

3 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

Fund Performance Discussion

PERFORMANCE SUMMARY

The Fund's Class A shares (without sales charge) returned 8.53% during the 1-year reporting period. In comparison, the Fund's Class A shares outperformed the Bloomberg Barclays 5-Year Municipal Bond Index, the Fund's benchmark (the "Index"), which returned 5.88%.

During the 7-month period ended February 29, 2020, the Fund's Class A shares (without sales charge) returned 4.51%, outperforming the Index which returned 2.58%.

Please note that the fiscal year end for the Fund has changed to February 29, 2020.

MARKET CONDITIONS AND YOUR FUND

California's financial condition continued to improve through the 2017-2018 fiscal year, with total revenue rising 6.3% year-over-year to $284.74 billion.1 This improvement was driven by a 10.6% year-over-year increase in income tax revenues to $107.08 billion.1 The state continues to maintain a large and diverse economy, low unemployment, and high median household income. California's $3.15 trillion economy accounted for 14.6% of the nation's economy in the third quarter of 2019.2 California's financial condition

is volatile relative to most states because the state's income tax revenue is sensitive to both national economic conditions and equity market valuations. California's highest income earners account for a large and disproportionate share of the state's income tax revenue. In 2012, California voters approved a temporary tax originally designed to expire in 2018. However, voters extended the tax through 2030. While this temporary tax improved the state's financial standing, it

also increased the sensitivity of tax revenues to the economic cycle. California maintains a rainy-day fund, which the state can tap if certain spending criteria are met, or in the event of a natural disaster. Going forward, the rainy-day fund may assist the state's budget process during periods of weak economic and revenue growth.

The broad municipal bond market experienced positive returns for the sixth consecutive year at the close of 2019, and performance remained strong throughout the fiscal year. Investment grade municipal bonds returned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.3 Investment grade municipal bonds and high yield municipal bonds were among the Fund's best performing asset classes over the fiscal year.

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key

4 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

driver of strong municipal demand in 2019. We believe that these tax changes have yet to be fully realized and should continue to drive municipal bond performance into 2020. During the fiscal year, municipal bonds withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as 2.79% and as low as 1.13% where it ended the fiscal year.4 The municipal bond market performed positively as technical conditions (favorable demand and supply balances) continued to provide tailwinds.

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September and October 2019, citing uncertainty about the global economic outlook.5 On October 30, 2019, after the third cut, the Fed indicated that any further changes would be based on economic data.

Throughout 2019 we saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led investors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" that eliminated the risk of a government shutdown and the UK election results set the stage for an orderly exit from the European Union on January 31, 2020.

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of 25% from the previous fiscal year.6 Flows into the municipal bond asset class were positive for the fiscal year.7 Fund flows totaled $97.2 billion from February 2019 through February 2020.7

The end of the fiscal year brought a major market shift as macroeconomic concerns regarding the global outbreak of the Coronavirus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to quality assets, such as municipal bonds. This resulted in a strong rally in February 2020.

At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020.

Over the fiscal year, security selection in many sectors – including tobacco, marine/aviation facilities and hospital/healthcare, the Fund's largest, third largest, and second largest sectors, respectively - significantly contributed to the Fund's performance. Student housing and General Obligation bonds, among other sectors, were also strong contributors to the Fund's performance. Sector allocation in adult living facilities was a detractor.

During the fiscal year, leverage contributed to the Fund's performance. The Fund achieved

5 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

a leveraged position through the use of inverse floating rate securities and tender option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation in municipal holdings when interest rates declined. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to additional volatility. For more information about the Fund's use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the

value and/or liquidity of certain of the Fund's investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Thank you for investing in Invesco Oppenheimer Rochester Limited Term California Municipal Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg

2 Source: Bureau of Economic Analysis

3 Source: Bloomberg Barclays.

4 Source: US Department of the Treasury

5 Source: US Federal Reserve

6 Source: The Bond Buyer

7 Source: Strategic Insight

Portfolio Managers: Michael Camarella, Mark Paris, Scott Cottier, Mark DeMitry, Timothy O'Reilly, Julius Williams, Troy Willis

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation

or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

6 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

Top Holdings and Allocations

TOP TEN CATEGORIES

Tobacco Settlement

13.0%

Hospital

10.0

Airport

9.0

Industrial Development Revenue /

8.9

Pollution Control Revenue

 

Higher Education

8.1

Special Tax

7.1

Dedicated Tax

6.1

Appropriation

5.6

Municipals

5.2

State General Obligation

3.9

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of February 29, 2020 and are based on total market value of investments.

For more current Fund holdings, please visit invesco.com.

CREDIT ALLOCATION

 

 

 

 

 

 

 

NRSRO-

Adviser-

 

 

Rated

Rated

Total

AAA

3.1%

0.2%

3.3%

AA

35.3

0.0

35.3

A

29.4

2.1

31.5

BBB

14.3

5.7

20.0

BB or lower

6.0

3.9

9.9

Total

88.1%

11.9%

100.0%

The percentages above are based on the market value of the securities as of February 29, 2020 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund's assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security's rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser's credit analysis process is consistent or comparable with any NRSRO's process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs' four highest categories – AAA, AA, A and BBB – are investment-grade securities. For further details, please consult the Fund's prospectus or Statement of Additional Information.

7 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

 

 

Inception

 

 

 

 

Since

 

Date

6-Month

1-Year

5-Year

10-Year

Inception

Class A (OLCAX)

2/25/04

3.07%

8.53%

3.61%

3.92%

4.17%

Class C (OLCCX)

2/25/04

2.39

7.77

2.79

3.11

3.66

Class Y (OLCYX)

11/29/10

3.18

8.76

3.85

N/A

4.18

Class R6 (IORLX)*

5/24/19

2.93

8.43

3.59

3.91

N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

 

 

Inception

 

 

 

 

Since

 

Date

6-Month

1-Year

5-Year

10-Year

Inception

Class A (OLCAX)

2/25/04

0.38%

5.91%

3.06%

3.64%

4.00%

Class C (OLCCX)

2/25/04

1.39

6.77

2.79

3.11

3.66

Class Y (OLCYX)

11/29/10

3.18

8.76

3.85

N/A

4.18

Class R6 (IORLX)*

5/24/19

2.93

8.43

3.59

3.91

N/A

*Class R6 shares' performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund's Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class

A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements.

8 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Invesco Oppenheimer Rochester Ltd Term California Municipal Fund (Class A shares with saleschar Bloomberg Barclays 5-Year (4-6) Municipal Bond Index

U.S. Consumer Price Index

$15,000

$14,299

 

 

$13,393

 

$11,935

10,000

 

5,000

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

|

|

|

|

|

|

|

|

|

|

 

 

|

 

2/28/10

2/28/11

2/29/12

2/28/13

2/28/14

2/28/15

2/29/16

2/28/17

2/28/18

2/28/19

2/29/20

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 2.50%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class Y and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C and Class Y shares of the predecessor fund were reorganized into Class A, Class C and Class Y respectively, of the Fund. Class R6 shares' performance shown prior to the inception date is that of the predecessor fund's Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown

for Class A, Class C, Class Y and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund's performance is compared to the performance of the Bloomberg Barclays 5-Year Municipal Bond Index, which is an index of a broad range of investment-grade municipal bonds and the 4- to 6-year component of the Bloomberg Barclays Municipal Bond Index, itself a measure of the general municipal bond market. The Fund's performance is also compared to the U.S. Consumer Price Index, a non-securities index that measures changes in the inflation rate. Indices are unmanaged, and an investment cannot be made into an index. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as

a benchmark for the Fund's performance and does not predict or depict performance of

9 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

the Fund. The Fund's performance reflects the effects of the Fund's business and operating expenses.

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

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.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

10 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended February 29, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During 6 Months Ended February 29, 2020" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the "hypothetical" section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

11 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

Beginning

Ending

Expenses

 

Account

Account

Paid During

 

Value

Value

6 Months Ended

Actual

September 1, 2019

February 29, 2020

February 29, 2020

Class A

$ 1,000.00

$ 1,030.70

$

4.25

Class C

1,000.00

1,023.90

 

8.03

Class Y

1,000.00

1,031.80

 

2.98

Class R6

1,000.00

1,029.30

 

2.53

Hypothetical

 

 

 

 

(5% return before expenses)

 

 

 

 

Class A

1,000.00

1,020.69

 

4.23

Class C

1,000.00

1,016.96

 

8.00

Class Y

1,000.00

1,021.93

 

2.97

Class R6

1,000.00

1,022.38

 

2.52

Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended February 29, 2020 are as follows:

Class

Expense Ratios

 

 

Class A

0.84%

 

 

Class C

1.59

Class Y

0.59

Class R6

0.50

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund's Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund's prospectus. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

12 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS February 29, 2020

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

Municipal Bonds and Notes—99.9%

 

 

 

 

California—92.0%

 

 

 

 

$3,420,000

ABAG Finance Authority for

 

 

 

 

 

Nonprofit Corps. (Episcopal

 

 

 

 

 

Senior Communities); Series

 

 

 

 

 

2011, Ref. RB1

6.125%

07/01/2026

07/01/2021A $

3,670,515

250,000

ABAG Finance Authority for

 

 

 

 

 

Nonprofit Corps. (Episcopal

 

 

 

 

 

Senior Communities); Series

 

 

 

 

 

2012 B, Ref. RB1

5.000

07/01/2024

07/01/2022A

272,872

5,000

ABAG Finance Authority for

 

 

 

 

 

Nonprofit Corps. (Insured

 

 

 

 

 

Nonprofit Combined Financing

 

 

 

 

 

2); Series 1993, COP1

5.800

03/01/2023

04/15/2020A

5,019

215,000

ABAG Finance Authority for

 

 

 

 

 

Nonprofit Corps. (Palo Alto

 

 

 

 

 

Garden Apartments); Series 1999

 

 

 

 

 

A, RB1

5.350

10/01/2029

03/28/2020A

215,497

335,000

Adelanto (City of), CA

 

 

 

 

 

Improvement Agency; Series

 

 

 

 

 

1993 B, Ref. RB

5.500

12/01/2023

06/01/2020A

336,152

625,000

Adelanto (City of), CA Public

 

 

 

 

 

Financing Authority; Series 1996

 

 

 

 

 

B, RB1

6.300

09/01/2028

09/01/2020A

641,262

3,615,000

Adelanto (City of), CA Public

 

 

 

 

 

Utility Authority; Series 2014

 

 

 

 

 

A, RB

5.000

07/01/2024

03/28/2020A

3,624,399

1,750,000

Alameda (County of), CA

 

 

 

 

 

Corridor Transportation Authority;

 

 

 

 

 

Series 2013 A, Ref. RB1

5.000

10/01/2029

10/01/2023A

1,997,292

10,000

Alameda (County of), CA

 

 

 

 

 

Redevelopment Agency; Series

 

 

 

 

 

2006 A, RB1

4.375

08/01/2030

03/28/2020A

10,023

55,000

Apple Valley (Town of), CA

 

 

 

 

 

Redevelopment Agency (VVEDA

 

 

 

 

 

Project Area); Series 2007, RB1

4.750

06/01/2037

03/28/2020A

55,146

180,000

Arcadia (City of), CA

 

 

 

 

 

Redevelopment Agency (Central

 

 

 

 

 

Redevelopment); Series 2001

 

 

 

 

 

A, RB1

5.125

05/01/2023

03/28/2020A

180,596

160,000

Association of Bay Area

 

 

 

 

 

Governments (California

 

 

 

 

 

Redevelopment Agency Pool);

 

 

 

 

 

Series 1994 A, RB1

6.000

12/15/2024

06/15/2020A

162,413

200,000

Beaumont (City of), CA Financing

 

 

 

 

 

Authority (Improvement Area No.

 

 

 

 

 

17B); Series 2011 A, RB

6.375

09/01/2042

09/01/2021A

214,964

740,000

Beaumont (City of), CA Financing

 

 

 

 

 

Authority (Improvement Area No.

 

 

 

 

 

19A); Series 2015 B, Ref. RB

5.000

09/01/2025

09/12/2024B

853,753

13

INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$655,000

Beaumont (City of), CA Financing

 

 

 

 

 

Authority (Improvement Area No.

 

 

 

 

 

19C); Series 2013 A, RB

5.000%

09/01/2027

09/01/2023A $

730,705

80,000

Beaumont (City of), CA Financing

 

 

 

 

 

Authority; Series 1994 A, RB

7.000

09/01/2023

03/28/2020A

80,170

25,000

Bell (City of), CA Community

 

 

 

 

 

Redevelopment Agency; Series

 

 

 

 

 

2003, Ref. RB1

5.625

10/01/2033

03/28/2020A

25,087

80,000

Blythe (City of), CA Financing

 

 

 

 

 

Authority (City Hall & County

 

 

 

 

 

Courthouse); Series 1997, RB1

5.500

09/01/2027

09/01/2020A

81,332

25,000

California (State of) Community

 

 

 

 

 

College Financing Authority

 

 

 

 

 

(Grossmont-Cuyamaca

 

 

 

 

 

Community College District,

 

 

 

 

 

Palomar Community College

 

 

 

 

 

District & Shasta-Tehama-

 

 

 

 

 

Trinity Joint Community College

 

 

 

 

 

District); Series 2001 A, RB1

5.000

04/01/2021

04/01/2020A

25,084

680,000

California (State of) Community

 

 

 

 

 

College Financing Authority

 

 

 

 

 

(Grossmont-Cuyamaca

 

 

 

 

 

Community College District,

 

 

 

 

 

Palomar Community College

 

 

 

 

 

District & Shasta-Tehama-

 

 

 

 

 

Trinity Joint Community College

 

 

 

 

 

District); Series 2001 A, RB1

5.625

04/01/2026

04/01/2020A

682,564

600,000

California (State of) Community

 

 

 

 

 

College Financing Authority

 

 

 

 

 

(NCCD - Orange Coast

 

 

 

 

 

Properties LLC - Orange Coast

 

 

 

 

 

College); Series 2018, RB1

5.000

05/01/2033

05/01/2028A

738,552

1,650,000

California (State of) County

 

 

 

 

 

Tobacco Securitization Agency

 

 

 

 

 

(Alameda County Tobacco Asset

 

 

 

 

 

Securitization Corp.); Series

 

 

 

 

 

2002, RB1

5.750

06/01/2029

03/28/2020A

1,667,671

4,735,000

California (State of) County

 

 

 

 

 

Tobacco Securitization Agency

 

 

 

 

 

(Alameda County Tobacco Asset

 

 

 

 

 

Securitization Corp.); Series

 

 

 

 

 

2002, RB1

6.000

06/01/2042

03/28/2020A

4,780,787

5,000

California (State of) County

 

 

 

 

 

Tobacco Securitization Agency

 

 

 

 

 

(Fresno County Tobacco Funding

 

 

 

 

 

Corp.); Series 2002, RB1

5.875

06/01/2027

03/28/2020A

5,007

14 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$190,000

California (State of) County

 

 

 

 

 

Tobacco Securitization Agency

 

 

 

 

 

(Merced County Tobacco

 

 

 

 

 

Funding Corp.); Series 2005 A,

 

 

 

 

 

Ref. RB1

5.000%

06/01/2026

03/28/2020A $

192,020

295,000

California (State of) County

 

 

 

 

 

Tobacco Securitization Agency

 

 

 

 

 

(Stanislaus County Tobacco

 

 

 

 

 

Funding Corp.); Series 2002

 

 

 

 

 

A, RB1

5.875

06/01/2043

03/28/2020A

299,115

415,000

California (State of) County

 

 

 

 

 

Tobacco Securitization Agency;

 

 

 

 

 

Series 2007 B, RB

5.100 2

06/01/2028

03/13/2020A

415,228

4,760,000

California (State of) County

 

 

 

 

 

Tobacco Securitization Agency;

 

 

 

 

 

Series 2014, Ref. RB

4.000

06/01/2029

03/28/2020A

4,844,585

335,000

California (State of) Department

 

 

 

 

 

of Water Resources; Series 1972,

 

 

 

 

 

RB1

5.250

07/01/2022

03/28/2020A

336,159

1,135,000

California (State of) Educational

 

 

 

 

 

Facilities Authority (California

 

 

 

 

 

College of the Arts); Series 2012,

 

 

 

 

 

RB1

5.000

06/01/2022

06/01/2022

1,242,677

400,000

California (State of) Educational

 

 

 

 

 

Facilities Authority (California

 

 

 

 

 

College of the Arts); Series 2012,

 

 

 

 

 

RB1

5.000

06/01/2024

06/01/2022A

437,948

710,000

California (State of) Educational

 

 

 

 

 

Facilities Authority (Loma Linda

 

 

 

 

 

University); Series 2017 A, Ref.

 

 

 

 

 

RB1

5.000

04/01/2030

04/01/2027A

889,538

95,000

California (State of) Educational

 

 

 

 

 

Facilities Authority (Southwestern

 

 

 

 

 

University); Series 2003, Ref. RB1

5.000

11/01/2023

03/28/2020A

95,286

1,750,000

California (State of) Health

 

 

 

 

 

Facilities Financing Authority

 

 

 

 

 

(Cedars-Sinai Medical Center);

 

 

 

 

 

Series 2015, Ref. RB1

5.000

11/15/2032

11/15/2025A

2,157,172

1,750,000

California (State of) Health

 

 

 

 

 

Facilities Financing Authority (El

 

 

 

 

 

Camino Hospital); Series 2015

 

 

 

 

 

A, Ref. RB1

5.000

02/01/2032

02/01/2025A

2,086,542

3,000,000

California (State of) Health

 

 

 

 

 

Facilities Financing Authority (El

 

 

 

 

 

Camino Hospital); Series 2015

 

 

 

 

 

A, Ref. RB1

5.000

02/01/2033

02/01/2025A

3,571,950

15 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$15,000

California (State of) Health

 

 

 

 

 

Facilities Financing Authority

 

 

 

 

 

(Gateways Hospital and Mental

 

 

 

 

 

Health Center); Series 2011

 

 

 

 

 

B, RB1

4.300%

12/01/2023

03/28/2020A $

15,041

10,000

California (State of) Health

 

 

 

 

 

Facilities Financing Authority

 

 

 

 

 

(Gateways Hospital and Mental

 

 

 

 

 

Health Center); Series 2011

 

 

 

 

 

B, RB1

4.450

12/01/2024

03/28/2020A

10,028

25,000

California (State of) Health

 

 

 

 

 

Facilities Financing Authority

 

 

 

 

 

(San Fernando Valley Community

 

 

 

 

 

Mental Health Center, Inc.);

 

 

 

 

 

Series 1998 A, RB1

5.250

06/01/2023

03/28/2020A

25,047

6,000,000

California (State of) Health

 

 

 

 

 

Facilities Financing Authority

 

 

 

 

 

(Stanford Health Care); Series

 

 

 

 

 

2017 A, Ref. RB1

4.000

11/15/2040

11/15/2027A

7,026,720

5,045,000

California (State of) Health

 

 

 

 

 

Facilities Financing Authority

 

 

 

 

 

(Sutter Health); Series 2011 D,

 

 

 

 

 

Ref. RB1

5.250

08/15/2031

08/15/2021A

5,376,406

1,800,000

California (State of) Health

 

 

 

 

 

Facilities Financing Authority

 

 

 

 

 

(Sutter Health); Series 2017 A,

 

 

 

 

 

Ref. RB1

5.000

11/15/2032

11/15/2027A

2,328,552

3,000,000

California (State of) Health

 

 

 

 

 

Facilities Financing Authority

 

 

 

 

 

(Sutter Health); Series 2017 A,

 

 

 

 

 

Ref. RB1

5.000

11/15/2033

11/15/2027A

3,876,060

1,500,000

California (State of) Health

 

 

 

 

 

Facilities Financing Authority

 

 

 

 

 

(Sutter Health); Series 2017 A,

 

 

 

 

 

Ref. RB1

5.000

11/15/2035

11/15/2027A

1,923,495

4,490,000

California (State of) Health

 

 

 

 

 

Facilities Financing Authority

 

 

 

 

 

(Sutter Health); Series 2017 A,

 

 

 

 

 

Ref. RB1

5.000

11/15/2037

11/15/2027A

5,692,197

175,000

California (State of) Housing

 

 

 

 

 

Finance Agency; Series 2004

 

 

 

 

 

C, RB1

3.956 3

02/01/2037

03/05/2020A

175,000

4,965,486

California (State of) Housing

 

 

 

 

 

Finance Agency; Series 2019

 

 

 

 

 

A-1, RB

4.250

01/15/2035

01/15/2035

6,232,677

1,505,000

California (State of)

 

 

 

 

 

Infrastructure & Economic

 

 

 

 

 

Development Bank (California

 

 

 

 

 

Science Center Phase II); Series

 

 

 

 

 

2016 A, Ref. RB1

5.000

05/01/2027

11/01/2026A

1,902,154

16 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$775,000

California (State of)

 

 

 

 

 

Infrastructure & Economic

 

 

 

 

 

Development Bank (California

 

 

 

 

 

Science Center Phase II); Series

 

 

 

 

 

2016 A, Ref. RB1

5.000%

05/01/2028

11/01/2026A $

977,027

910,000

California (State of)

 

 

 

 

 

Infrastructure & Economic

 

 

 

 

 

Development Bank (California

 

 

 

 

 

Science Center Phase II); Series

 

 

 

 

 

2016 A, Ref. RB1

5.000

05/01/2029

11/01/2026A

1,145,553

740,000

California (State of)

 

 

 

 

 

Infrastructure & Economic

 

 

 

 

 

Development Bank (California

 

 

 

 

 

Science Center Phase II); Series

 

 

 

 

 

2016 A, Ref. RB1

5.000

05/01/2030

11/01/2026A

930,831

910,000

California (State of)

 

 

 

 

 

Infrastructure & Economic

 

 

 

 

 

Development Bank (California

 

 

 

 

 

Science Center Phase II); Series

 

 

 

 

 

2016 A, Ref. RB1

5.000

05/01/2031

11/01/2026A

1,143,215

5,000,000

California (State of)

 

 

 

 

 

Infrastructure & Economic

 

 

 

 

 

Development Bank (Segerstrom

 

 

 

 

 

Center for the Arts); Series 2016,

 

 

 

 

 

Ref. RB1

5.000

07/01/2026

07/01/2026

6,272,800

335,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (Biola

 

 

 

 

 

University); Series 2013, RB1

5.000

10/01/2029

10/01/2023A

380,034

465,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (Biola

 

 

 

 

 

University); Series 2013, RB1

5.000

10/01/2030

10/01/2023A

525,757

10,385,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (CHF-Davis

 

 

 

 

 

I, LLC - West Village Student

 

 

 

 

 

Housing); Series 2018, RB1

5.000

05/15/2033

11/15/2028A

13,291,035

2,500,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (CHF-Davis

 

 

 

 

 

I, LLC - West Village Student

 

 

 

 

 

Housing); Series 2018, RB1

5.000

05/15/2037

11/15/2028A

3,122,025

2,120,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (CHF-Riverside

 

 

 

 

 

I, LLC - UCR Dundee-Glasgow

 

 

 

 

 

Student Housing); Series 2018,

 

 

 

 

 

RB1

5.000

05/15/2032

11/15/2028A

2,723,416

2,000,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (CHF-Riverside

 

 

 

 

 

I, LLC - UCR Dundee-Glasgow

 

 

 

 

 

Student Housing); Series 2018,

 

 

 

 

 

RB1

5.000

05/15/2033

11/15/2028A

2,559,660

17 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$1,260,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (CHF-Riverside

 

 

 

 

 

I, LLC - UCR Dundee-Glasgow

 

 

 

 

 

Student Housing); Series 2018,

 

 

 

 

 

RB1

5.000%

05/15/2034

11/15/2028A $

1,608,239

1,900,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (CHF-Riverside

 

 

 

 

 

I, LLC - UCR Dundee-Glasgow

 

 

 

 

 

Student Housing); Series 2018,

 

 

 

 

 

RB1

5.000

05/15/2036

11/15/2028A

2,413,513

2,275,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (CHF-Riverside

 

 

 

 

 

I, LLC - UCR Dundee-Glasgow

 

 

 

 

 

Student Housing); Series 2018,

 

 

 

 

 

RB1

5.000

05/15/2038

11/15/2028A

2,875,509

3,080,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (CHF-Riverside

 

 

 

 

 

II, LLC - UCR North District

 

 

 

 

 

Phase I Student Housing); Series

 

 

 

 

 

2019, RB1

5.000

05/15/2040

11/15/2029A

3,959,802

3,000,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (Community

 

 

 

 

 

Medical Centers); Series 2017

 

 

 

 

 

A, Ref. RB1

5.000

02/01/2028

02/01/2027A

3,767,400

3,400,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (Community

 

 

 

 

 

Medical Centers); Series 2017

 

 

 

 

 

A, Ref. RB1

5.000

02/01/2029

02/01/2027A

4,258,942

3,500,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (Community

 

 

 

 

 

Medical Centers); Series 2017

 

 

 

 

 

A, Ref. RB1

5.000

02/01/2030

02/01/2027A

4,367,755

2,000,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (Community

 

 

 

 

 

Medical Centers); Series 2017

 

 

 

 

 

A, Ref. RB1

5.000

02/01/2031

02/01/2027A

2,487,140

1,500,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (Community

 

 

 

 

 

Medical Centers); Series 2017

 

 

 

 

 

A, Ref. RB1

5.000

02/01/2032

02/01/2027A

1,862,400

2,155,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (Eisenhower

 

 

 

 

 

Medical Center); Series 2017 A,

 

 

 

 

 

Ref. RB1

5.000

07/01/2030

07/01/2027A

2,669,873

40,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (Emerson

 

 

 

 

 

College); Series 2011, RB1

5.000

01/01/2028

01/01/2022A

42,977

190,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (Emerson

 

 

 

 

 

College); Series 2011, RB

5.000

01/01/2028

01/01/2022A

205,063

18 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$8,385,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (LINXS APM);

 

 

 

 

 

Series 2018 A, RB1

5.000%

12/31/2033

06/30/2028A $

10,519,402

6,500,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (LINXS APM);

 

 

 

 

 

Series 2018 A, RB1

5.000

12/31/2034

06/30/2028A

8,140,665

2,700,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (LINXS APM);

 

 

 

 

 

Series 2018, RB1

5.000

12/31/2035

06/30/2028A

3,374,460

440,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (NorthBay

 

 

 

 

 

Healthcare Group); Series 2015,

 

 

 

 

 

RB1

5.000

11/01/2030

11/01/2024A

502,700

1,100,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (NorthBay

 

 

 

 

 

Healthcare Group); Series 2015,

 

 

 

 

 

RB1

5.000

11/01/2035

11/01/2024A

1,245,849

1,000,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (NorthBay

 

 

 

 

 

Healthcare Group); Series 2017

 

 

 

 

 

A, RB1

5.000

11/01/2028

11/01/2026A

1,205,430

750,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (NorthBay

 

 

 

 

 

Healthcare Group); Series 2017

 

 

 

 

 

A, RB1

5.250

11/01/2029

11/01/2026A

911,265

1,580,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (San

 

 

 

 

 

Bernardino Municipal Water

 

 

 

 

 

Department Water Facilities);

 

 

 

 

 

Series 2016, Ref. RB1

5.000

08/01/2033

08/01/2026A

1,932,466

1,715,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (San

 

 

 

 

 

Bernardino Municipal Water

 

 

 

 

 

Department Water Facilities);

 

 

 

 

 

Series 2016, Ref. RB1

5.000

08/01/2035

08/01/2026A

2,085,509

1,100,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (United

 

 

 

 

 

Airlines, Inc.); Series 2019, Ref.

 

 

 

 

 

RB1

4.000

07/15/2029

07/15/2029

1,321,375

5,000,000

California (State of) Municipal

 

 

 

 

 

Finance Authority (Waste

 

 

 

 

 

Management Inc.); Series 2019

 

 

 

 

 

A, RB1

2.400 3

10/01/2044

07/03/2029A

5,400,100

1,000,000

California (State of) Pollution

 

 

 

 

 

Control Finance Authority; Series

 

 

 

 

 

2012, RB1

5.000

07/01/2030

07/01/2022A

1,096,660

1,000,000

California (State of) Pollution

 

 

 

 

 

Control Financing Authority

 

 

 

 

 

(CalPlant I); Series 2017, RB

7.000

07/01/2022

10/09/2021B

994,450

19 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$4,000,000

California (State of) Pollution

 

 

 

 

 

Control Financing Authority

 

 

 

 

 

(CalPlant I); Series 2017, RB

7.500%

07/01/2032

05/10/2028B $

3,898,480

1,500,000

California (State of) Pollution

 

 

 

 

 

Control Financing Authority (San

 

 

 

 

 

Diego County Water Authority),

 

 

 

 

 

Ref. RB1

5.000

07/01/2039

01/01/2029A

1,855,620

1,030,000

California (State of) Pollution

 

 

 

 

 

Control Financing Authority

 

 

 

 

 

(Southern California Water Co.);

 

 

 

 

 

Series 1996 A, RB1

5.500

12/01/2026

03/28/2020A

1,031,947

250,000

California (State of) Public

 

 

 

 

 

Finance Authority (Trinity

 

 

 

 

 

Classical Academy); Series 2019

 

 

 

 

 

A, RB

5.000

07/01/2036

07/01/2026A

276,375

15,000

California (State of) Public Works

 

 

 

 

 

Board (California Community

 

 

 

 

 

Colleges); Series 2004 B, RB1

5.125

06/01/2025

03/28/2020A

15,050

45,000

California (State of) Public Works

 

 

 

 

 

Board (California Community

 

 

 

 

 

Colleges); Series 2004 B, RB1

5.125

06/01/2029

03/28/2020A

45,146

50,000

California (State of) Public Works

 

 

 

 

 

Board (California Community

 

 

 

 

 

Colleges); Series 2005 E, RB1

5.000

10/01/2024

03/28/2020A

50,162

5,000

California (State of) Public Works

 

 

 

 

 

Board (California Community

 

 

 

 

 

Colleges); Series 2007 B, RB1

4.250

03/01/2026

03/28/2020A

5,013

50,000

California (State of) Public Works

 

 

 

 

 

Board (California Community

 

 

 

 

 

Colleges); Series 2007 B, RB1

5.000

03/01/2027

03/28/2020A

50,159

10,000

California (State of) Public Works

 

 

 

 

 

Board (California Highway

 

 

 

 

 

Patrol); Series 2000 C, RB1

5.250

11/01/2020

03/28/2020A

10,034

45,000

California (State of) Public

 

 

 

 

 

Works Board (Department of

 

 

 

 

 

Corrections & Rehabilitation);

 

 

 

 

 

Series 2000 A, RB1

5.625

10/01/2020

03/28/2020A

45,165

10,000

California (State of) Public

 

 

 

 

 

Works Board (Department of

 

 

 

 

 

Corrections & Rehabilitation);

 

 

 

 

 

Series 2005 G, RB1

4.250

10/01/2021

03/28/2020A

10,026

2,000,000

California (State of) Public

 

 

 

 

 

Works Board (Department of

 

 

 

 

 

Corrections & Rehabilitation);

 

 

 

 

 

Series 2011 C, RB1

5.750

10/01/2031

10/01/2021A

2,155,260

2,000,000

California (State of) Public Works

 

 

 

 

 

Board (Department of Forestry

 

 

 

 

 

& Fire Protection); Series 2006

 

 

 

 

 

C, RB1

5.000

04/01/2026

03/28/2020A

2,006,460

20 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$10,000

California (State of) Public Works

 

 

 

 

 

Board (Department of Justice);

 

 

 

 

 

Series 2000 D, RB1

5.250%

11/01/2020

03/28/2020A $

10,034

20,000

California (State of) Public Works

 

 

 

 

 

Board (Department of Mental

 

 

 

 

 

Health); Series 2003 B, RB1

5.250

04/01/2023

03/28/2020A

20,076

5,000

California (State of) Public Works

 

 

 

 

 

Board (Department of Mental

 

 

 

 

 

Health); Series 2006 I, RB1

4.200

11/01/2026

03/28/2020A

5,012

3,000,000

California (State of) Public

 

 

 

 

 

Works Board (Judicial Council of

 

 

 

 

 

California); Series 2011 D, RB1

5.250

12/01/2026

12/01/2021A

3,233,550

875,000

California (State of) Public

 

 

 

 

 

Works Board (Judicial Council of

 

 

 

 

 

California); Series 2013 A, RB1

5.000

03/01/2026

03/01/2023A

983,237

2,000,000

California (State of) Public Works

 

 

 

 

 

Board (Trustees of the California

 

 

 

 

 

State University); Series 2010

 

 

 

 

 

B-1, RB1

5.125

03/01/2023

03/28/2020A

2,006,580

490,000

California (State of) School

 

 

 

 

 

Finance Authority (Coastal

 

 

 

 

 

Academy); Series 2013 A, RB1

5.000

10/01/2022

10/13/2021B

517,033

1,375,000

California (State of) School

 

 

 

 

 

Finance Authority (Escuela

 

 

 

 

 

Popular); Series 2017, RB

5.500

07/01/2027

04/09/2024B

1,452,027

1,705,000

California (State of) School

 

 

 

 

 

Finance Authority (HTH

 

 

 

 

 

Learning); Series 2017 A, Ref.

 

 

 

 

 

RB1

5.000

07/01/2032

07/01/2027A

2,069,836

1,265,000

California (State of) School

 

 

 

 

 

Finance Authority (Inspire

 

 

 

 

 

Charter Schools); Series 2019

 

 

 

 

 

B, RN

3.000

07/15/2020

07/15/2020

1,267,252

185,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Alliance for College-

 

 

 

 

 

Ready Public Schools - 47th and

 

 

 

 

 

Main); Series 2012 A, RB1

5.125

07/01/2022

03/24/2021A

194,687

1,600,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Citrus Valley Health

 

 

 

 

 

Partners, Inc.); Series 1998, VRD

 

 

 

 

 

COP1

4.140 3

04/01/2028

05/15/2026B

1,600,000

25,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Community Facilities

 

 

 

 

 

District No. 2002-1); Series 2002

 

 

 

 

 

1, RB

6.350

09/01/2021

03/13/2020A

25,036

21 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$1,000,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Eskaton Properties,

 

 

 

 

 

Inc.); Series 2012, RB1

5.250%

11/15/2034

11/15/2022A $

1,097,220

175,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Front Porch

 

 

 

 

 

Communities & Services); Series

 

 

 

 

 

2017 A, Ref. RB1

5.000

04/01/2031

04/01/2027A

216,650

905,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Heritage Park at

 

 

 

 

 

Cathedral City Apartments);

 

 

 

 

 

Series 2002 NN-1, RB

5.200

06/01/2036

03/28/2020A

907,091

900,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (NCCD—Hooper Street

 

 

 

 

 

LLC—California College of the

 

 

 

 

 

Arts); Series 2019, RB1

5.000

07/01/2029

08/07/2027B

1,070,505

5,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Pooled Financing

 

 

 

 

 

Program); Series 2002 B, RB1

5.250

10/01/2027

03/28/2020A

5,017

2,255,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Second Street Senior

 

 

 

 

 

Apartments); Series 2003 TT,

 

 

 

 

 

VRD RB1

1.180 3

12/15/2036

03/06/2020A

2,255,000

1,800,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Sherman Oaks); Series

 

 

 

 

 

1998 A, RB1

5.000

08/01/2022

06/16/2021B

1,852,614

10,000,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Southern California

 

 

 

 

 

Edison Co.); Series 2010 A, Ref.

 

 

 

 

 

RB1

4.500

09/01/2029

09/01/2020A

10,191,900

490,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Total Road

 

 

 

 

 

Improvement Program); Series

 

 

 

 

 

2012 B, COP1

5.250

06/01/2023

06/01/2022A

540,034

515,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Total Road

 

 

 

 

 

Improvement Program); Series

 

 

 

 

 

2012 B, COP1

5.250

06/01/2024

06/01/2022A

567,345

22 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$545,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Total Road

 

 

 

 

 

Improvement Program); Series

 

 

 

 

 

2012 B, COP1

5.250%

06/01/2025

06/01/2022A $

600,138

575,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Total Road

 

 

 

 

 

Improvement Program); Series

 

 

 

 

 

2012 B, COP1

5.250

06/01/2026

06/01/2022A

632,897

605,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Total Road

 

 

 

 

 

Improvement Program); Series

 

 

 

 

 

2012 B, COP1

5.250

06/01/2027

06/01/2022A

665,633

1,000,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (University of

 

 

 

 

 

California, Irvine East Campus

 

 

 

 

 

Apartments); Series 2012, Ref.

 

 

 

 

 

RB1

5.375

05/15/2038

05/15/2021A

1,052,290

310,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (University of

 

 

 

 

 

California, Irvine East Campus

 

 

 

 

 

Apartments, CHF-Irvine, LLC);

 

 

 

 

 

Series 2012, Ref. RB1

5.125

05/15/2031

05/15/2021A

326,275

1,500,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (University of

 

 

 

 

 

California, Irvine East Campus

 

 

 

 

 

Apartments, CHF-Irvine, LLC);

 

 

 

 

 

Series 2016, Ref. RB1

5.000

05/15/2030

05/15/2026A

1,809,480

4,350,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority (Wyndover

 

 

 

 

 

Apartments); Series 2004 LL,

 

 

 

 

 

VRD RB1

1.180 3

11/15/2037

03/06/2020A

4,350,000

650,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority; Series 1998, COP1

5.125

04/01/2023

03/28/2020A

652,483

45,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority; Series 2003, RB

6.750

09/01/2037

03/13/2020A

45,067

15,000

California (State of) Statewide

 

 

 

 

 

Communities Development

 

 

 

 

 

Authority; Series 2005 D, RB1

4.250

10/01/2021

03/28/2020A

15,043

23 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$670,000

California (State of) Statewide

 

 

 

 

 

Financing Authority (Pooled

 

 

 

 

 

Tobacco Securitization Program);

 

 

 

 

 

Series 2002 B, RB1

5.625%

05/01/2029

03/29/2020A $

674,985

1,468,000

California (State of) Statewide

 

 

 

 

 

Financing Authority; Series 2002

 

 

 

 

 

A, RB1

5.625

05/01/2029

03/28/2020A

1,478,922

3,395,000

California (State of) Statewide

 

 

 

 

 

Financing Authority; Series 2002

 

 

 

 

 

A, RB1

6.000

05/01/2037

03/28/2020A

3,419,206

25,000

California (State of); Series 1970

 

 

 

 

 

P, GO Bonds1

5.000

06/01/2020

03/28/2020A

25,079

25,000

California (State of); Series 1972

 

 

 

 

 

S, GO Bonds1

5.250

04/01/2021

03/28/2020A

25,084

25,000

California (State of); Series 1992,

 

 

 

 

 

GO Bonds1

5.000

11/01/2022

05/01/2020A

25,176

80,000

California (State of); Series 1992,

 

 

 

 

 

GO Bonds1

5.000

11/01/2022

05/01/2020A

80,564

20,000

California (State of); Series 1992,

 

 

 

 

 

GO Bonds1

5.500

10/01/2022

04/01/2020A

20,075

55,000

California (State of); Series 1992,

 

 

 

 

 

GO Bonds1

6.000

10/01/2021

04/01/2020A

55,224

230,000

California (State of); Series 1993,

 

 

 

 

 

GO Bonds1

5.900

04/01/2023

04/01/2020A

230,938

1,465,000

California (State of); Series 1993,

 

 

 

 

 

GO Bonds1

5.900

04/01/2023

04/01/2020A

1,470,963

5,000

California (State of); Series 1994,

 

 

 

 

 

GO Bonds1

5.500

03/01/2020

03/01/2020

5,000

85,000

California (State of); Series 1994,

 

 

 

 

 

GO Bonds1

5.750

03/01/2023

09/01/2020A

87,136

45,000

California (State of); Series 1994,

 

 

 

 

 

GO Bonds1

6.000

03/01/2024

09/01/2020A

46,209

5,000

California (State of); Series 1994,

 

 

 

 

 

GO Bonds1

6.000

05/01/2024

05/01/2020A

5,044

90,000

California (State of); Series 1994,

 

 

 

 

 

GO Bonds1

6.000

08/01/2024

08/01/2020A

92,000

75,000

California (State of); Series 1995,

 

 

 

 

 

GO Bonds1

5.900

03/01/2025

12/30/2020A

76,936

95,000

California (State of); Series 1996,

 

 

 

 

 

GO Bonds1

5.250

06/01/2021

06/01/2020A

96,043

15,000

California (State of); Series 1996,

 

 

 

 

 

GO Bonds1

5.375

06/01/2026

06/01/2020A

15,172

110,000

California (State of); Series 1996,

 

 

 

 

 

GO Bonds1

5.375

06/01/2026

06/01/2020A

111,261

5,000

California (State of); Series 1996,

 

 

 

 

 

Ref. GO Bonds1

5.600

09/01/2021

09/01/2020A

5,120

40,000

California (State of); Series 1996,

 

 

 

 

 

Ref. GO Bonds1

5.600

09/01/2021

09/01/2020A

40,958

24 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$10,000

California (State of); Series 1996,

 

 

 

 

 

Ref. GO Bonds1

5.625%

09/01/2024

09/01/2020A $

10,245

15,000

California (State of); Series 1997,

 

 

 

 

 

GO Bonds1

5.000

10/01/2023

03/28/2020A

15,049

30,000

California (State of); Series 1997,

 

 

 

 

 

GO Bonds1

5.000

10/01/2023

03/28/2020A

30,097

20,000

California (State of); Series 1997,

 

 

 

 

 

GO Bonds1

5.125

10/01/2027

03/28/2020A

20,066

55,000

California (State of); Series 1997,

 

 

 

 

 

GO Bonds1

5.625

10/01/2021

04/01/2020A

55,208

235,000

California (State of); Series 1997,

 

 

 

 

 

GO Bonds1

5.625

10/01/2023

04/01/2020A

235,907

10,000

California (State of); Series 1997,

 

 

 

 

 

GO Bonds1

5.625

10/01/2026

04/01/2020A

10,038

40,000

California (State of); Series 2000,

 

 

 

 

 

GO Bonds1

5.625

05/01/2026

03/28/2020A

40,148

5,000

California (State of); Series 2001,

 

 

 

 

 

GO Bonds1

5.200

11/01/2031

03/28/2020A

5,017

5,000

California (State of); Series 2002,

 

 

 

 

 

GO Bonds1

5.000

10/01/2022

03/28/2020A

5,016

5,000

California (State of); Series 2002,

 

 

 

 

 

GO Bonds1

5.000

10/01/2028

03/28/2020A

5,016

7,000,000

California (State of); Series 2004

 

 

 

 

 

A-6, VRD GO Bonds1

1.000 3

05/01/2034

03/06/2020A

7,000,000

2,000,000

California (State of); Series 2010,

 

 

 

 

 

GO Bonds1

5.250

03/01/2030

03/28/2020A

2,006,720

1,000,000

California (State of); Series 2011,

 

 

 

 

 

GO Bonds1

5.250

09/01/2028

09/01/2021A

1,065,990

4,970,000

California (State of); Series 2011,

 

 

 

 

 

Ref. GO Bonds1

5.250

09/01/2024

09/01/2021A

5,301,797

745,000

California (State of); Series 2016,

 

 

 

 

 

Ref. GO Bonds1

5.000

09/01/2030

09/01/2021A

791,168

5,000,000

California (State of); Series 2019,

 

 

 

 

 

Ref. GO Bonds1

4.000

10/01/2039

10/01/2029A

6,160,900

390,000

California County Tobacco

 

 

 

 

 

Securitization Agency (Alameda

 

 

 

 

 

County Tobacco Asset

 

 

 

 

 

Securitization Corp.); Series

 

 

 

 

 

2002, RB1

5.875

06/01/2035

03/28/2020A

393,966

5,230,000

California County Tobacco

 

 

 

 

 

Securitization Agency (Fresno

 

 

 

 

 

County Tobacco Funding Corp.);

 

 

 

 

 

Series 2002, RB1

6.000

06/01/2035

03/28/2020A

5,235,387

2,125,000

California County Tobacco

 

 

 

 

 

Securitization Agency (Los

 

 

 

 

 

Angeles County Securitization

 

 

 

 

 

Corp.); Series 2006 A, RB1

5.250 2

06/01/2021

03/13/2020A

2,155,132

25 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$40,000

California County Tobacco

 

 

 

 

 

Securitization Agency (Los

 

 

 

 

 

Angeles County Securitization

 

 

 

 

 

Corp.); Series 2006 A, RB1

5.450%2

06/01/2028

03/13/2020A $

40,615

75,000

California County Tobacco

 

 

 

 

 

Securitization Agency (Sonoma

 

 

 

 

 

County Securitization Corp.);

 

 

 

 

 

Series 2005, Ref. RB1

5.000

06/01/2026

03/28/2020A

75,797

3,480,000

California State University; Series

 

 

 

 

 

2019 A, RB1

4.000

11/01/2041

11/01/2029A

4,187,380

5,000

Carlsbad (City of), CA

 

 

 

 

 

(Assessment District No. 96-1);

 

 

 

 

 

Series 1998, RB

5.550

09/02/2028

03/02/2020A

5,000

15,000

Carlsbad (City of), CA Housing

 

 

 

 

 

& Redevelopment Commission;

 

 

 

 

 

Series 1993, RB1

5.300

09/01/2023

09/01/2020A

15,118

25,000

Carson (City of), CA (Assessment

 

 

 

 

 

District No. 92-1); Series 1992,

 

 

 

 

 

RB

7.375

09/02/2022

09/02/2020A

25,693

1,000,000

Carson (City of), CA

 

 

 

 

 

Redevelopment Agency; Series

 

 

 

 

 

2010 A, RB1

5.000

10/01/2030

10/01/2020A

1,024,690

5,000

Ceres (City of), CA

 

 

 

 

 

Redevelopment Agency

 

 

 

 

 

Successor Agency (Project Area

 

 

 

 

 

No. 1); Series 2006, Ref. RB1

4.250

11/01/2025

03/28/2020A

5,013

5,000

Cerritos (City of), CA Public

 

 

 

 

 

Financing Authority; Series 2002

 

 

 

 

 

A, RB1

4.550

11/01/2024

03/28/2020A

5,014

5,000,000

Chaffey Community College

 

 

 

 

 

District; Series 2019 A, GO

 

 

 

 

 

Bonds1

4.000

06/01/2043

06/01/2028A

5,858,550

1,230,000

Chino (City of), CA Public

 

 

 

 

 

Financing Authority; Series 2015

 

 

 

 

 

A, Ref. RB1

5.000

09/01/2028

09/01/2025A

1,497,722

1,280,000

Chino (City of), CA Public

 

 

 

 

 

Financing Authority; Series 2015

 

 

 

 

 

A, Ref. RB1

5.000

09/01/2029

09/01/2025A

1,552,486

900,000

Chino (City of), CA Public

 

 

 

 

 

Financing Authority; Series 2015

 

 

 

 

 

A, Ref. RB1

5.000

09/01/2030

09/01/2025A

1,087,848

950,000

Chino (City of), CA Public

 

 

 

 

 

Financing Authority; Series 2015

 

 

 

 

 

A, Ref. RB1

5.000

09/01/2031

09/01/2025A

1,144,902

5,000,000

Chula Vista (City of), CA (San

 

 

 

 

 

Diego Gas & Electric Co.); Series

 

 

 

 

 

2004 B, IDR1

5.875

02/15/2034

03/28/2020A

5,019,950

1,000,000

Chula Vista (City of), CA (San

 

 

 

 

 

Diego Gas & Electric Co.); Series

 

 

 

 

 

2004 D, IDR1

5.875

01/01/2034

03/28/2020A

1,003,990

26 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$15,000

Colton (City of), CA Public

 

 

 

 

 

Financing Authority; Series 2007

 

 

 

 

 

A, RB1

4.700%

04/01/2032

03/28/2020A $

15,042

225,000

Compton (City of), CA; Series

 

 

 

 

 

1998, Ref. RB1

5.375

09/01/2023

03/13/2020A

225,819

1,710,000

Compton Community College

 

 

 

 

 

District; Series 2012, Ref. GO

 

 

 

 

 

Bonds1

5.000

07/01/2020

07/01/2020

1,734,350

1,895,000

Compton Community College

 

 

 

 

 

District; Series 2012, Ref. GO

 

 

 

 

 

Bonds1

5.000

07/01/2021

07/01/2021

2,004,057

1,310,000

Compton Community College

 

 

 

 

 

District; Series 2012, Ref. GO

 

 

 

 

 

Bonds1

5.000

07/01/2023

07/01/2022A

1,437,293

110,000

Cudahy (City of), CA Community

 

 

 

 

 

Development Commission

 

 

 

 

 

Successor Agency (City-Wide

 

 

 

 

 

Redevelopment); Series 2011

 

 

 

 

 

A, RB

7.125

10/01/2020

10/01/2020

114,067

130,000

Cudahy (City of), CA Community

 

 

 

 

 

Development Commission

 

 

 

 

 

Successor Agency (City-Wide

 

 

 

 

 

Redevelopment); Series 2011

 

 

 

 

 

A, RB

7.250

10/01/2021

10/01/2021

143,380

315,000

Cudahy (City of), CA Community

 

 

 

 

 

Development Commission

 

 

 

 

 

Successor Agency (City-Wide

 

 

 

 

 

Redevelopment); Series 2011

 

 

 

 

 

A, RB

7.750

10/01/2027

10/01/2021A

349,889

35,000

Cudahy (City of), CA Community

 

 

 

 

 

Development Commission

 

 

 

 

 

Successor Agency (City-Wide

 

 

 

 

 

Redevelopment); Series 2011

 

 

 

 

 

B, RB

6.875

10/01/2020

10/01/2020

36,252

185,000

Cudahy (City of), CA Community

 

 

 

 

 

Development Commission

 

 

 

 

 

Successor Agency (City-Wide

 

 

 

 

 

Redevelopment); Series 2011

 

 

 

 

 

B, RB

7.000

10/01/2021

10/01/2021

203,317

10,000

Cypress (City of), CA (Cypress

 

 

 

 

 

Business and Professional Center

 

 

 

 

 

Assessment District); Series

 

 

 

 

 

1998, RB

5.700

09/02/2022

09/02/2020A

10,015

1,000,000

Davis (City of), CA

 

 

 

 

 

Redevelopment Successor

 

 

 

 

 

Agency; Series 2011 A, RB1

6.500

12/01/2026

12/01/2021A

1,102,410

975,000

Delano Joint Union High School

 

 

 

 

 

District; Series 2003 A, Ref. GO

 

 

 

 

 

Bonds1

5.100

02/01/2023

02/01/2023

1,094,486

27 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$200,000

Dinuba City of), CA

 

 

 

 

 

Redevelopment Agency; Series

 

 

 

 

 

2011 A, Ref. RB1

5.750%

09/01/2028

07/09/2021C $

212,734

80,000

Downey (City of), CA Community

 

 

 

 

 

Development Commission; Series

 

 

 

 

 

1997, Ref. RB1

5.125

08/01/2020

08/01/2020

80,666

50,000

Downey (City of), CA Community

 

 

 

 

 

Development Commission; Series

 

 

 

 

 

1997, Ref. RB1

5.125

08/01/2028

08/01/2020A

50,504

630,000

El Dorado (County of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

92-1); Series 2012, Ref. RB1

5.000

09/01/2026

09/01/2022A

697,605

800,000

El Dorado (County of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

92-1); Series 2012, Ref. RB1

5.000

09/01/2027

09/01/2022A

884,776

1,440,000

El Monte Union High School

 

 

 

 

 

District; Series 2019 A, GO

 

 

 

 

 

Bonds1

4.000

06/01/2037

06/01/2027A

1,700,582

290,000

Fontana (City of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

80); Series 2017, RB

5.000

09/01/2026

09/01/2026

354,882

175,000

Fontana (City of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

80); Series 2017, RB

5.000

09/01/2029

09/01/2027A

217,730

675,000

Fresno (City of), CA Joint Powers

 

 

 

 

 

Financing Authority (Master

 

 

 

 

 

Lease); Series 2017 A, Ref. RB1

5.000

04/01/2030

04/01/2027A

844,648

1,000,000

Fresno (City of), CA Joint Powers

 

 

 

 

 

Financing Authority (Master

 

 

 

 

 

Lease); Series 2017 A, Ref. RB1

5.000

04/01/2031

04/01/2027A

1,243,330

500,000

Fresno (City of), CA Joint Powers

 

 

 

 

 

Financing Authority (Master

 

 

 

 

 

Lease); Series 2017 A, Ref. RB1

5.000

04/01/2032

04/01/2027A

621,105

400,000

Galt (City of), CA Redevelopment

 

 

 

 

 

Agency; Series 2011, RB1

7.375

09/01/2033

09/01/2021A

439,072

1,850,000

Golden State Tobacco

 

 

 

 

 

Securitization Corp.; Series 2017

 

 

 

 

 

A-1, RB1

5.000

06/01/2027

06/01/2027

2,354,699

6,560,000

Golden State Tobacco

 

 

 

 

 

Securitization Corp.; Series 2017

 

 

 

 

 

A-1, Ref. RB1

5.000

06/01/2028

06/01/2027A

8,326,739

2,090,000

Golden State Tobacco

 

 

 

 

 

Securitization Corp.; Series 2017

 

 

 

 

 

A-1, Ref. RB1

5.000

06/01/2029

06/01/2027A

2,645,188

20,000

Granada Sanitary District; Series

 

 

 

 

 

2003 A, RB

6.125

09/02/2022

09/02/2020A

20,447

28 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$3,220,000

Hawthorne (City of), CA

 

 

 

 

 

Community Redevelopment

 

 

 

 

 

Agency Successor Agency

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

1999-1); Series 2010, Ref. RB

6.125%

10/01/2025

04/01/2020A $

3,231,463

20,000

Huntington Beach (City of), CA

 

 

 

 

 

(Community Facilities District

 

 

 

 

 

No. 2002-1 - Improvement Area

 

 

 

 

 

A - McDonnell Centre Business

 

 

 

 

 

Park); Series 2002 A, RB

6.250

09/01/2027

09/01/2020A

20,587

1,055,000

Huntington Beach (City of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

2003-1 - Huntington Center);

 

 

 

 

 

Series 2013, Ref. RB

5.250

09/01/2025

03/28/2020A

1,057,965

1,115,000

Huntington Beach (City of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

2003-1 - Huntington Center);

 

 

 

 

 

Series 2013, Ref. RB

5.250

09/01/2026

03/28/2020A

1,118,167

15,000

Huntington Beach (City of), CA

 

 

 

 

 

Redevelopment Agency; Series

 

 

 

 

 

1999, Ref. RB1

5.000

08/01/2024

03/28/2020A

15,050

25,000

Huntington Park (City of), CA

 

 

 

 

 

Public Financing Authority; Series

 

 

 

 

 

2004 A, Ref. RB1

5.000

09/01/2022

03/28/2020A

25,080

2,735,000

Imperial (City of), CA Public

 

 

 

 

 

Financing Authority (Water

 

 

 

 

 

Facility); Series 2012, RB1

5.000

10/15/2026

10/15/2022A

3,030,243

10,495,000

Inland Empire Tobacco

 

 

 

 

 

Securitization Corp.; Series 2019,

 

 

 

 

 

Ref. RB1

3.678

06/01/2038

12/22/2025B

11,154,506

710,000

Irvine (City of), CA

 

 

 

 

 

(Reassessment District No. 13-1);

 

 

 

 

 

Series 2013, Bonds1

5.000

09/02/2025

09/02/2023A

811,644

45,000

Kern Valley Healthcare District;

 

 

 

 

 

Series 2003, Ref. RB1

5.250

08/01/2021

03/28/2020A

45,154

25,000

La Mesa (City of), CA

 

 

 

 

 

(Assessment District No. 98-1);

 

 

 

 

 

Series 1998, RB

5.750

09/02/2023

09/02/2020A

25,430

615,000

Lancaster (City of), CA

 

 

 

 

 

Redevelopment Agency

 

 

 

 

 

Successor Agency (Lancaster

 

 

 

 

 

Public Capital Improvements);

 

 

 

 

 

Series 2010, Ref. RB1

5.500

12/01/2028

12/01/2020A

631,242

2,000,000

Lodi (City of), CA Public

 

 

 

 

 

Financing Authority; Series 2012,

 

 

 

 

 

Ref. RB1

5.250

10/01/2026

04/01/2022A

2,169,600

40,000

Long Beach (City of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

6); Series 2002, RB

6.250

10/01/2026

03/28/2020A

40,082

29 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$1,435,000

Long Beach (City of), CA Bond

 

 

 

 

 

Finance Authority; Series 2007

 

 

 

 

 

A, RB1

5.250%

11/15/2023

11/15/2023 $

1,644,582

100,000

Long Beach (City of), CA Bond

 

 

 

 

 

Finance Authority; Series 2007

 

 

 

 

 

A, RB1

5.500

11/15/2037

05/23/2037B

151,570

2,030,000

Long Beach (City of), CA; Series

 

 

 

 

 

2010 B, RB1

5.000

05/15/2021

05/15/2020A

2,047,844

850,000

Long Beach (City of), CA; Series

 

 

 

 

 

2015, RB1

5.000

05/15/2027

05/15/2025A

986,238

30,000

Long Beach Unified School

 

 

 

 

 

District (Election of 2008); Series

 

 

 

 

 

2009, GO Bonds1

5.750

08/01/2033

03/28/2020A

30,111

40,000

Los Angeles (City of), CA

 

 

 

 

 

(Community Facilities District

 

 

 

 

 

No. 3) (Cascades Business Park);

 

 

 

 

 

Series 1997, RB

6.400

09/01/2022

09/01/2020A

40,493

5,000

Los Angeles (City of), CA (FHA

 

 

 

 

 

Insured Mortgage Loans -

 

 

 

 

 

Section 8 Assisted); Series 1993

 

 

 

 

 

1, Ref. RB1

6.500

07/01/2022

03/13/2020A

5,019

15,000

Los Angeles (City of), CA (FHA

 

 

 

 

 

Insured Mortgage Loans -

 

 

 

 

 

Section 8 Assisted); Series 1993

 

 

 

 

 

II-A, Ref. RB1

5.350

07/01/2022

03/28/2020A

15,046

500,000

Los Angeles (City of), CA

 

 

 

 

 

Department of Airports (Los

 

 

 

 

 

Angeles International Airport);

 

 

 

 

 

Series 2010 D, RB1

5.250

05/15/2029

05/15/2020A

504,645

12,570,000

Los Angeles (City of), CA

 

 

 

 

 

Department of Airports (Los

 

 

 

 

 

Angeles International Airport);

 

 

 

 

 

Series 2018 D, Ref. RB1

5.000

05/15/2030

05/15/2029A

16,664,552

1,500,000

Los Angeles (City of), CA

 

 

 

 

 

Department of Airports; Series

 

 

 

 

 

2010 A, RB1

5.000

05/15/2028

05/15/2020A

1,513,095

1,000,000

Los Angeles (City of), CA

 

 

 

 

 

Department of Airports; Series

 

 

 

 

 

2018 B, Ref. RB1

5.000

05/15/2034

05/15/2028A

1,284,550

5,600,000

Los Angeles (City of), CA

 

 

 

 

 

Department of Water & Power;

 

 

 

 

 

Series 2001 B-2, Ref. VRD RB1

1.140 3

07/01/2035

03/02/2020A

5,600,000

5,000,000

Los Angeles (City of), CA

 

 

 

 

 

Department of Water & Power;

 

 

 

 

 

Series 2018 A, Ref. RB1

5.000

07/01/2038

01/01/2028A

6,435,400

455,000

Madera (County of), CA (Valley

 

 

 

 

 

Children's Hospital); Series 1995,

 

 

 

 

 

COP1

5.750

03/15/2028

03/28/2020A

456,779

30 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$830,000

Madera (County of), CA (Valley

 

 

 

 

 

Children's Hospital); Series 1998,

 

 

 

 

 

COP1

5.000%

03/15/2023

03/25/2020A $

833,096

325,000

Madera (County of), CA Board of

 

 

 

 

 

Education; Series 2011, COP1

6.125

10/01/2036

10/01/2021A

353,262

1,285,000

Manteca Unified School District

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

1989-2); Series 2013 F, RB1

5.000

09/01/2027

09/01/2023A

1,461,019

340,000

Marina (City of), CA

 

 

 

 

 

Redevelopment Agency

 

 

 

 

 

Successor Agency; Series 2018

 

 

 

 

 

A, RB

5.000

09/01/2033

09/01/2025A

403,396

250,000

Marina (City of), CA

 

 

 

 

 

Redevelopment Agency

 

 

 

 

 

Successor Agency; Series 2018

 

 

 

 

 

B, RB

5.000

09/01/2033

09/01/2025A

292,730

1,025,000

Marysville (City of), CA (Fremont-

 

 

 

 

 

Rideout Health Group (The));

 

 

 

 

 

Series 2011, RB

5.250

01/01/2027

01/01/2021A

1,063,673

20,000

Maywood (City of), CA

 

 

 

 

 

Public Financing Authority

 

 

 

 

 

(Infrastructure Refinancing);

 

 

 

 

 

Series 2008 A, Ref. RB

7.000

09/01/2028

03/28/2020A

20,041

500,000

Modesto (City of) Irrigation

 

 

 

 

 

District; Series 2011 C, Ref. RB1

5.000

07/01/2030

07/01/2021A

526,245

240,000

Modesto (City of), CA (Golf

 

 

 

 

 

Course Ref.); Series 1993 B,

 

 

 

 

 

COP1

5.000

11/01/2023

05/27/2022B

252,103

1,000,000

Monrovia (City of), CA

 

 

 

 

 

Redevelopment Agency

 

 

 

 

 

Successor Agency (Central

 

 

 

 

 

Redevelopment - Project Area

 

 

 

 

 

No. 1); Series 2013, Ref. RB1

5.000

08/01/2026

08/01/2022A

1,092,990

10,000

Mountain View (City of), CA;

 

 

 

 

 

Series 2004 A, RB1

4.500

06/01/2026

03/28/2020A

10,026

40,000

M-S-R Public Power Agency;

 

 

 

 

 

Series 1991 E, RB

6.000

07/01/2022

03/28/2020A

42,981

10,000

Murrieta Valley Unified School

 

 

 

 

 

District (Election of 2006); Series

 

 

 

 

 

2008, GO Bonds1

4.000

09/01/2020

03/28/2020A

10,024

5,000,000

Northern California Energy

 

 

 

 

 

Authority; Series 2018 A, RB1

4.000 3

07/01/2049

04/01/2024A

5,601,600

835,000

Northern Inyo County Local

 

 

 

 

 

Hospital District; Series 2010,

 

 

 

 

 

RB1

6.375

12/01/2025

12/01/2020A

854,731

550,000

Oakland Unified School District

 

 

 

 

 

(Election of 2006); Series 2012

 

 

 

 

 

A, GO Bonds1

5.000

08/01/2022

09/29/2021B

585,371

5,000,000

Oakland Unified School District;

 

 

 

 

 

Series 2016, Ref. GO Bonds1

5.000

08/01/2030

08/01/2026A

6,241,000

31 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$685,000

Oceanside (City of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

200-1 - Ocean Ranch Corporate

 

 

 

 

 

Centre); Series 2013 A, Ref. RB

5.000%

09/01/2026

09/01/2023A $

763,953

745,000

Oceanside (City of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

200-1 - Ocean Ranch Corporate

 

 

 

 

 

Centre); Series 2013 A, Ref. RB

5.000

09/01/2027

09/01/2023A

830,295

805,000

Oceanside (City of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

200-1 - Ocean Ranch Corporate

 

 

 

 

 

Centre); Series 2013 A, Ref. RB

5.000

09/01/2028

09/01/2023A

894,315

295,000

Ontario (City of), CA

 

 

 

 

 

(Assessment District No. 108);

 

 

 

 

 

Series 1995, RB

7.500

09/02/2020

09/02/2020

304,818

1,495,000

Orange (City of), CA (Community

 

 

 

 

 

Facilities District No. 91-2

 

 

 

 

 

- Serrano Heights Public

 

 

 

 

 

Improvements); Series 2013,

 

 

 

 

 

Ref. RB1

5.000

10/01/2028

10/01/2022A

1,648,462

255,000

Oro Grande Elementary School

 

 

 

 

 

District; Series 2010, COP1

5.625

09/15/2030

09/15/2020A

260,852

50,000

Oxnard (City of), CA Financing

 

 

 

 

 

Authority; Series 2011, Ref. RB1

5.300

06/01/2029

06/01/2021A

52,896

2,000,000

Oxnard (City of), CA Financing

 

 

 

 

 

Authority; Series 2014, Ref. RB1

5.000

06/01/2029

06/01/2024A

2,344,120

845,000

Oxnard (City of), CA Harbor

 

 

 

 

 

District; Series 2011 A, RB1

5.000

08/01/2020

08/01/2020

858,824

460,000

Oxnard School District (Election

 

 

 

 

 

of 2012); Series 2013 B, GO

 

 

 

 

 

Bonds1

5.000

08/01/2026

08/01/2023A

528,402

530,000

Oxnard School District (Election

 

 

 

 

 

of 2012); Series 2013 B, GO

 

 

 

 

 

Bonds1

5.000

08/01/2027

08/01/2023A

608,811

130,000

Palo Alto (City of), CA; Series

 

 

 

 

 

1999 A, Ref. RB1

5.250

06/01/2021

06/01/2020A

131,492

15,000

Palo Alto (City of), CA; Series

 

 

 

 

 

1999 A, Ref. RB1

5.250

06/01/2024

06/01/2020A

15,169

1,625,000

Palomar Health; Series 2016,

 

 

 

 

 

Ref. RB1

5.000

11/01/2031

11/01/2026A

1,947,351

185,000

Perris Elementary School District

 

 

 

 

 

(Election of 2014); Series 2014

 

 

 

 

 

A, GO Bonds1

6.000

08/01/2027

08/01/2024A

224,795

205,000

Perris Elementary School District

 

 

 

 

 

(Election of 2014); Series 2014

 

 

 

 

 

A, GO Bonds1

6.000

08/01/2028

08/01/2024A

248,405

2,000,000

Perris Union High School District;

 

 

 

 

 

Series 2019 A, GO Bonds1

4.000

09/01/2040

09/01/2029A

2,409,600

32 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$850,000

Poway Unified School District

 

 

 

 

 

Public Financing Authority; Series

 

 

 

 

 

2013, RB1

5.000%

09/15/2025

09/15/2023A $

977,288

1,200,000

Poway Unified School District

 

 

 

 

 

Public Financing Authority; Series

 

 

 

 

 

2013, RB1

5.000

09/15/2029

09/15/2023A

1,373,820

3,200,000

Rancho California Water District

 

 

 

 

 

Financing Authority; Series 2019

 

 

 

 

 

A, Ref. RB1

4.000

08/01/2039

02/01/2030A

3,978,816

1,800,000

Rancho Cucamonga (City of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

2003-01 - Improvement Area

 

 

 

 

 

No. 1); Series 2013, Ref. RB

5.750

09/01/2028

03/28/2020A

1,806,192

20,000

Rancho Mirage (City of), CA

 

 

 

 

 

(Reassessment District No. R22-

 

 

 

 

 

85); Series 2002, Ref. RB

5.750

09/02/2022

09/02/2020A

20,225

20,000

Rancho Mirage (City of), CA

 

 

 

 

 

(Reassessment District No. R22-

 

 

 

 

 

85); Series 2002, Ref. RB

5.750

09/02/2026

09/02/2020A

20,218

15,000

Rancho Mirage (City of), CA

 

 

 

 

 

(Reassessment District No. R25-

 

 

 

 

 

90); Series 1998, Ref. RB

5.500

09/02/2024

09/02/2020A

15,123

10,000

Redlands (City of), CA

 

 

 

 

 

(Community Facilities District

 

 

 

 

 

No. 2003-1 - Redlands Business

 

 

 

 

 

Center); Series 2004, RB

5.850

09/01/2033

09/01/2020A

10,104

690,000

Redwood City (City of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

99-1); Series 2012, Ref. RB

5.000

09/01/2029

09/01/2022A

744,710

6,530,000

Richmond (City of), CA Joint

 

 

 

 

 

Powers Financing Authority;

 

 

 

 

 

Series 2016, RB1

5.500

11/01/2029

12/03/2024A

8,050,641

315,000

Riverside (City of), CA (Riverwalk

 

 

 

 

 

Auto Center Assessment District);

 

 

 

 

 

Series 2012, Ref. RB

5.000

09/02/2023

09/02/2020A

323,694

335,000

Riverside (City of), CA (Riverwalk

 

 

 

 

 

Auto Center Assessment District);

 

 

 

 

 

Series 2012, Ref. RB

5.000

09/02/2024

09/02/2020A

344,125

200,000

Riverside (City of), CA (Riverwalk

 

 

 

 

 

Business Center Assessment

 

 

 

 

 

District); Series 2004, RB

6.250

09/02/2029

09/02/2020A

205,756

1,640,000

Riverside (City of), CA Public

 

 

 

 

 

Financing Authority; Series 2012

 

 

 

 

 

A, Ref. RB1

5.000

11/01/2027

11/01/2022A

1,824,680

1,155,000

Riverside (City of), CA Public

 

 

 

 

 

Financing Authority; Series 2012

 

 

 

 

 

A, Ref. RB1

5.000

11/01/2028

11/01/2022A

1,284,741

450,000

Riverside (County of), CA

 

 

 

 

 

(Community Facilities District No.

 

 

 

 

 

04-2); Series 2012, Ref. RB

5.000

09/01/2028

09/01/2022A

488,129

33 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$305,000

Riverside (County of), CA

 

 

 

 

 

Redevelopment Successor

 

 

 

 

 

Agency (Jurupa Valley

 

 

 

 

 

Redevelopment); Series 2011

 

 

 

 

 

B, RB1

5.750%

10/01/2020

10/01/2020 $

313,720

365,000

Romoland School District; Series

 

 

 

 

 

2013, RB

5.000

09/01/2025

09/01/2023A

409,161

440,000

Romoland School District; Series

 

 

 

 

 

2013, RB

5.000

09/01/2026

09/01/2023A

493,425

405,000

Romoland School District; Series

 

 

 

 

 

2013, RB

5.000

09/01/2027

09/01/2023A

453,422

500,000

Romoland School District; Series

 

 

 

 

 

2013, RB

5.000

09/01/2028

09/01/2023A

559,085

190,000

Roseville (City of), CA Natural

 

 

 

 

 

Gas Financing Authority; Series

 

 

 

 

 

2007, RB1

5.000

02/15/2021

02/15/2021

197,019

80,000

Roseville (City of), CA Natural

 

 

 

 

 

Gas Financing Authority; Series

 

 

 

 

 

2007, RB1

5.000

02/15/2023

02/15/2023

88,834

265,000

Roseville (City of), CA Natural

 

 

 

 

 

Gas Financing Authority; Series

 

 

 

 

 

2007, RB1

5.000

02/15/2024

02/15/2024

303,486

100,000

Roseville (City of), CA Natural

 

 

 

 

 

Gas Financing Authority; Series

 

 

 

 

 

2007, RB1

5.000

02/15/2025

02/15/2025

117,827

1,265,000

Sacramento (City of), CA

 

 

 

 

 

(2019 Sacramento Tourism

 

 

 

 

 

Infrastructure District -

 

 

 

 

 

Convention Center Ballroom);

 

 

 

 

 

Series 2019, RB1

4.000

06/01/2034

06/01/2029A

1,537,367

1,760,000

Sacramento (City of), CA

 

 

 

 

 

(2019 Sacramento Tourism

 

 

 

 

 

Infrastructure District -

 

 

 

 

 

Convention Center Ballroom);

 

 

 

 

 

Series 2019, RB1

4.000

06/01/2037

06/01/2029A

2,120,342

325,000

Sacramento (City of), CA

 

 

 

 

 

Financing Authority; Series 1999

 

 

 

 

 

A, RB

6.250

09/01/2023

09/01/2020A

333,557

1,840,000

Sacramento (City of), CA

 

 

 

 

 

Financing Authority; Series 2013

 

 

 

 

 

A, Ref. RB1

5.000

09/01/2024

03/01/2023A

2,052,410

850,000

Sacramento (City of), CA

 

 

 

 

 

Financing Authority; Series 2013

 

 

 

 

 

A, Ref. RB1

5.000

09/01/2025

03/01/2023A

948,515

785,000

Sacramento (City of), CA

 

 

 

 

 

Financing Authority; Series 2013

 

 

 

 

 

A, Ref. RB1

5.000

09/01/2026

03/01/2023A

876,272

455,000

Sacramento (City of), CA

 

 

 

 

 

Financing Authority; Series 2013

 

 

 

 

 

A, Ref. RB1

5.000

09/01/2027

03/01/2023A

507,603

34 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$1,235,000

Sacramento (City of), CA

 

 

 

 

 

Municipal Utility District; Series

 

 

 

 

 

2015, Ref. RB1

5.000%

07/01/2030

07/01/2025A $

1,495,968

795,000

Sacramento (County of), CA

 

 

 

 

 

(Juvenile Courthouse); Series

 

 

 

 

 

2003, COP1

5.000

12/01/2021

03/28/2020A

797,488

555,000

Sacramento (County of), CA

 

 

 

 

 

(Juvenile Courthouse); Series

 

 

 

 

 

2003, COP1

5.000

12/01/2022

03/28/2020A

556,726

430,000

Sacramento (County of), CA

 

 

 

 

 

(Juvenile Courthouse); Series

 

 

 

 

 

2003, COP1

5.000

12/01/2023

03/28/2020A

431,333

320,000

Sacramento (County of), CA

 

 

 

 

 

Housing Authority; Series 2002

 

 

 

 

 

C, RB

5.250

06/01/2027

03/28/2020A

320,432

5,000

Sacramento (County of), CA

 

 

 

 

 

Public Financing Authority; Series

 

 

 

 

 

2003 A, RB1

5.000

12/01/2022

03/28/2020A

5,015

15,000

Sacramento (County of), CA

 

 

 

 

 

Public Financing Authority; Series

 

 

 

 

 

2003 A, RB1

5.125

12/01/2028

03/28/2020A

15,045

3,440,000

Sacramento (County of), CA;

 

 

 

 

 

Series 1991 A, RB1

7.250

10/01/2023

12/21/2021B

3,763,876

2,975,000

Sacramento (County of), CA;

 

 

 

 

 

Series 2010, COP1

5.750

02/01/2030

04/13/2020A

2,991,154

2,200,000

Sacramento (County of), CA;

 

 

 

 

 

Series 2018 C, Ref. RB1

5.000

07/01/2037

07/01/2028A

2,784,606

3,800,000

Sacramento (County of), CA;

 

 

 

 

 

Series 2018 C, Ref. RB1

5.000

07/01/2038

07/01/2028A

4,795,486

55,000

Salinas (City of), CA

 

 

 

 

 

Redevelopment Agency; Series

 

 

 

 

 

1996 A, RB1

5.500

11/01/2023

03/28/2020A

55,204

30,000

San Bernardino (City of), CA

 

 

 

 

 

Joint Powers Financing Authority;

 

 

 

 

 

Series 1999, COP1

5.500

09/01/2020

03/28/2020A

30,108

250,000

San Bernardino (City of), CA

 

 

 

 

 

Joint Powers Financing Authority;

 

 

 

 

 

Series 1999, COP1

5.500

09/01/2024

03/28/2020A

250,870

180,000

San Bernardino (City of), CA

 

 

 

 

 

Joint Powers Financing Authority;

 

 

 

 

 

Series 2005 A, Ref. RB1

5.750

10/01/2023

10/01/2023

206,674

20,000

San Bernardino (City of),

 

 

 

 

 

CA Redevelopment Agency

 

 

 

 

 

Successor Agency; Series 1995,

 

 

 

 

 

RB

7.875

07/01/2025

07/01/2020A

20,337

50,000

San Bernardino Joint Powers

 

 

 

 

 

Financing Authority; Series 2005

 

 

 

 

 

B, Ref. RB1

5.750

10/01/2022

10/01/2022

55,758

35 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$70,000

San Bernardino Joint Powers

 

 

 

 

 

Financing Authority; Series 2005

 

 

 

 

 

B, Ref. RB1

5.750%

10/01/2023

10/01/2023 $

80,400

1,000,000

San Buenaventura (City of), CA

 

 

 

 

 

(Community Memorial Health

 

 

 

 

 

System); Series 2011, RB1

7.500

12/01/2041

12/01/2021A

1,090,870

100,000

San Buenaventura (City of), CA;

 

 

 

 

 

Series 2007 E, COP1

4.750

06/01/2032

03/28/2020A

100,305

165,000

San Diego (City of), CA

 

 

 

 

 

(Assessment District No. 4096);

 

 

 

 

 

Series 2013, Ref. RB

5.000

09/02/2021

09/02/2020A

167,133

165,000

San Diego (City of), CA

 

 

 

 

 

(Assessment District No. 4096);

 

 

 

 

 

Series 2013, Ref. RB

5.000

09/02/2022

09/02/2020A

166,944

175,000

San Diego (City of), CA

 

 

 

 

 

(Assessment District No. 4096);

 

 

 

 

 

Series 2013, Ref. RB

5.000

09/02/2023

09/02/2020A

176,974

185,000

San Diego (City of), CA

 

 

 

 

 

(Assessment District No. 4096);

 

 

 

 

 

Series 2013, Ref. RB

5.000

09/02/2024

09/02/2020A

187,011

190,000

San Diego (City of), CA

 

 

 

 

 

(Assessment District No. 4096);

 

 

 

 

 

Series 2013, Ref. RB

5.000

09/02/2025

09/02/2020A

191,957

205,000

San Diego (City of), CA

 

 

 

 

 

(Assessment District No. 4096);

 

 

 

 

 

Series 2013, Ref. RB

5.125

09/02/2026

09/02/2020A

207,269

215,000

San Diego (City of), CA

 

 

 

 

 

(Assessment District No. 4096);

 

 

 

 

 

Series 2013, Ref. RB

5.125

09/02/2027

09/02/2020A

217,359

225,000

San Diego (City of), CA

 

 

 

 

 

(Assessment District No. 4096);

 

 

 

 

 

Series 2013, Ref. RB

5.250

09/02/2028

09/02/2020A

227,507

240,000

San Diego (City of), CA

 

 

 

 

 

(Assessment District No. 4096);

 

 

 

 

 

Series 2013, Ref. RB

5.375

09/02/2029

09/02/2020A

242,794

250,000

San Diego (City of), CA

 

 

 

 

 

(Assessment District No. 4096);

 

 

 

 

 

Series 2013, Ref. RB

5.375

09/02/2030

09/02/2020A

252,823

260,000

San Diego (City of), CA

 

 

 

 

 

(Assessment District No. 4096);

 

 

 

 

 

Series 2013, Ref. RB

5.500

09/02/2031

09/02/2020A

263,068

280,000

San Diego (City of), CA

 

 

 

 

 

(Assessment District No. 4096);

 

 

 

 

 

Series 2013, Ref. RB

5.500

09/02/2032

09/02/2020A

283,307

545,000

San Diego (City of), CA

 

 

 

 

 

Community Facilities District No.

 

 

 

 

 

3; Series 2013, Ref. RB

5.000

09/01/2025

09/01/2023A

609,555

610,000

San Diego (City of), CA

 

 

 

 

 

Community Facilities District No.

 

 

 

 

 

3; Series 2013, Ref. RB

5.000

09/01/2027

09/01/2023A

679,619

36 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$640,000

San Diego (City of), CA

 

 

 

 

 

Community Facilities District No.

 

 

 

 

 

3; Series 2013, Ref. RB

5.000%

09/01/2028

09/01/2023A $

712,390

720,000

San Diego (City of), CA

 

 

 

 

 

Community Facilities District No.

 

 

 

 

 

3; Series 2013, Ref. RB

5.000

09/01/2030

09/01/2023A

799,531

1,250,000

San Diego (City of), CA Public

 

 

 

 

 

Facilities Financing Authority;

 

 

 

 

 

Series 2015 A, RB1

5.000

10/15/2033

10/15/2025A

1,520,225

1,000,000

San Diego (City of), CA Public

 

 

 

 

 

Facilities Financing Authority;

 

 

 

 

 

Series 2015 A, RB1

5.000

10/15/2034

10/15/2025A

1,214,350

95,000

San Diego (City of), CA

 

 

 

 

 

Redevelopment Agency

 

 

 

 

 

Successor Agency; Series 2003

 

 

 

 

 

B, RB1

5.250

09/01/2026

03/28/2020A

95,325

1,465,000

San Diego (County of), CA

 

 

 

 

 

Regional Airport Authority; Series

 

 

 

 

 

2010 A, RB1

5.000

07/01/2040

07/01/2020A

1,486,111

1,520,000

San Diego (County of), CA

 

 

 

 

 

Regional Airport Authority; Series

 

 

 

 

 

2013 B, RB1

5.000

07/01/2026

07/01/2023A

1,725,930

1,000,000

San Diego (County of), CA

 

 

 

 

 

Regional Airport Authority; Series

 

 

 

 

 

2017 B, Sub. RB1

5.000

07/01/2037

07/01/2027A

1,245,020

8,000,000

San Diego (County of), CA

 

 

 

 

 

Regional Transportation

 

 

 

 

 

Commission; Series 2008 B,

 

 

 

 

 

VRD RB1

1.060 3

04/01/2038

03/06/2020A

8,000,000

95,000

San Diego (County of), CA Water

 

 

 

 

 

Authority; Series 1998 A, COP1

4.750

05/01/2028

03/28/2020A

95,286

500,000

San Diego (County of), CA Water

 

 

 

 

 

Authority; Series 2011 B, Ref. RB1

5.000

05/01/2031

05/01/2021A

524,695

20,000

San Francisco (City & County of),

 

 

 

 

 

CA (Bayshore Hester Assessment

 

 

 

 

 

District No. 95-1); Series 1996,

 

 

 

 

 

RB

6.850

09/02/2026

09/02/2020A

20,923

8,000,000

San Francisco (City & County

 

 

 

 

 

of), CA Airport Commission (San

 

 

 

 

 

Francisco International Airport);

 

 

 

 

 

Series 2018 D, RB1

5.250

05/01/2048

05/01/2028A

10,109,840

8,000,000

San Francisco (City & County

 

 

 

 

 

of), CA Airport Commission (San

 

 

 

 

 

Francisco International Airport);

 

 

 

 

 

Series 2019 A, RB1

5.000

05/01/2037

05/01/2029A

10,353,760

5,000,000

San Francisco (City & County

 

 

 

 

 

of), CA Port Commission; Series

 

 

 

 

 

2010 A, RB1

5.125

03/01/2040

03/01/2020A

5,000,000

37 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$500,000

San Francisco (City & County

 

 

 

 

 

of), CA Redevelopment Agency

 

 

 

 

 

Successor Agency; Series 2013

 

 

 

 

 

A, Ref. RB

5.000%

08/01/2023

08/01/2022A $

544,500

2,075,000

San Francisco Bay Area Rapid

 

 

 

 

 

Transit District; Series 2019 A,

 

 

 

 

 

RB1

4.000

07/01/2039

07/01/2027A

2,455,265

920,000

San Gorgonio Memorial Health

 

 

 

 

 

Care District; Series 2013, GO

 

 

 

 

 

Bonds1

5.000

08/01/2024

08/01/2020A

935,152

925,000

San Jacinto (City of), CA

 

 

 

 

 

Community Facilities District No.

 

 

 

 

 

2002-1; Series 2016, Ref. RB

5.000

09/01/2026

09/01/2026

1,124,902

215,000

San Jose (City of), CA (Almaden

 

 

 

 

 

Senior Housing Apartments);

 

 

 

 

 

Series 2001 G, RB1

5.350 3

07/15/2034

03/08/2020A

215,196

25,000

San Jose (City of), CA (El Parador

 

 

 

 

 

Apartments); Series 2000 A, RB1

6.100

01/01/2031

03/28/2020A

25,021

60,000

San Jose (City of), CA

 

 

 

 

 

(Improvement District No. 99-

 

 

 

 

 

218SJ); Series 2001 24-Q, RB

5.750

09/02/2020

09/02/2020

60,659

1,900,000

San Jose (City of), CA (Orvieto

 

 

 

 

 

Family Apartments); Series 2010

 

 

 

 

 

B-1, RB1

4.750

08/01/2029

08/01/2020A

1,926,258

1,000,000

San Jose (City of), CA; Series

 

 

 

 

 

2011 A-1, RB1

6.250

03/01/2034

03/01/2021A

1,051,720

500,000

San Jose (City of), CA; Series

 

 

 

 

 

2017 A, Ref. RB1

5.000

03/01/2035

03/01/2027A

618,225

1,000,000

San Jose (City of), CA; Series

 

 

 

 

 

2017 A, Ref. RB1

5.000

03/01/2036

03/01/2027A

1,234,140

1,250,000

San Jose (City of), CA; Series

 

 

 

 

 

2017 A, Ref. RB1

5.000

03/01/2037

03/01/2027A

1,539,913

15,000

San Luis Obispo (County of), CA;

 

 

 

 

 

Series 2007, COP1

4.250

10/15/2026

03/28/2020A

15,043

5,000

Santa Clara (County of), CA

 

 

 

 

 

Housing Authority; Series 2001

 

 

 

 

 

A, RB1

5.700

08/01/2021

03/28/2020A

5,018

20,000

Santa Clara (County of), CA

 

 

 

 

 

Housing Authority; Series 2001

 

 

 

 

 

A, RB1

5.700

08/01/2021

03/28/2020A

20,059

1,715,000

Santa Clara (County of), CA

 

 

 

 

 

Housing Authority; Series 2001

 

 

 

 

 

A, RB1

5.850

08/01/2031

03/28/2020A

1,721,140

1,430,000

Santa Clara (County of), CA

 

 

 

 

 

Housing Authority; Series 2010

 

 

 

 

 

A-1, RB1

4.750

11/01/2027

11/01/2020A

1,464,306

635,000

Santa Clarita (City of), CA

 

 

 

 

 

Community Facilities District No.

 

 

 

 

 

2002-1 (Valencia Town Center);

 

 

 

 

 

Series 2012, Ref. RB

5.000

11/15/2023

11/15/2022A

696,557

38 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$325,000

Santa Clarita (City of), CA

 

 

 

 

 

Community Facilities District No.

 

 

 

 

 

2002-1 (Valencia Town Center);

 

 

 

 

 

Series 2012, Ref. RB

5.000%

11/15/2024

11/15/2022A $

356,320

925,000

Santa Clarita (City of), CA

 

 

 

 

 

Community Facilities District No.

 

 

 

 

 

2002-1 (Valencia Town Center);

 

 

 

 

 

Series 2012, Ref. RB

5.000

11/15/2025

11/15/2022A

1,012,403

785,000

Santa Clarita (City of), CA

 

 

 

 

 

Community Facilities District No.

 

 

 

 

 

2002-1 (Valencia Town Center);

 

 

 

 

 

Series 2012, Ref. RB

5.000

11/15/2027

11/15/2022A

856,796

1,170,000

Santa Clarita (City of), CA

 

 

 

 

 

Community Facilities District No.

 

 

 

 

 

2002-1 (Valencia Town Center);

 

 

 

 

 

Series 2012, Ref. RB

5.000

11/15/2028

11/15/2022A

1,274,879

20,000

Santa Nella (County of), CA

 

 

 

 

 

Water District; Series 1998,

 

 

 

 

 

Ref. RB

6.250

09/02/2028

09/02/2020A

20,004

10,000

Santa Rosa (City of), CA (Nielsen

 

 

 

 

 

Ranch Assessment District);

 

 

 

 

 

Series 1996, RB

6.700

09/02/2022

09/02/2020A

10,161

710,000

Saugus Union School District;

 

 

 

 

 

Series 2013, Ref. RB

5.000

09/01/2025

09/01/2023A

792,559

770,000

Saugus Union School District;

 

 

 

 

 

Series 2013, Ref. RB

5.000

09/01/2026

09/01/2023A

859,859

830,000

Saugus Union School District;

 

 

 

 

 

Series 2013, Ref. RB

5.000

09/01/2027

09/01/2023A

925,027

895,000

Saugus Union School District;

 

 

 

 

 

Series 2013, Ref. RB

5.000

09/01/2028

09/01/2023A

995,267

10,000

School Facilities Financing

 

 

 

 

 

Authority (Grant Joint Union

 

 

 

 

 

High School District); Series 2008

 

 

 

 

 

A, RB1

4.625

08/01/2034

03/28/2020A

10,026

1,390,000

Selma (City of), CA

 

 

 

 

 

Redevelopment Agency; Series

 

 

 

 

 

2010 A, RB

5.750

09/01/2024

03/28/2020A

1,391,738

10,000

Sequoia Healthcare District;

 

 

 

 

 

Series 1993, RB

5.375

08/15/2023

12/01/2021A

10,851

25,000

Simi Valley (City of), CA

 

 

 

 

 

Community Development Agency

 

 

 

 

 

(Merged Tapo Canyon & West

 

 

 

 

 

End Community Development);

 

 

 

 

 

Series 2003, Ref. RB1

5.000

09/01/2030

03/28/2020A

25,077

25,000

Simi Valley (City of), CA

 

 

 

 

 

Community Development Agency

 

 

 

 

 

(Merged Tapo Canyon & West

 

 

 

 

 

End Community Development);

 

 

 

 

 

Series 2003, Ref. RB1

5.250

09/01/2021

03/28/2020A

25,086

39 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$1,020,000

Sonora Union High School

 

 

 

 

 

District; Series 2013 A, GO

 

 

 

 

 

Bonds1

5.625%

08/01/2029

08/01/2023A $

1,177,019

1,925,000

South Gate Utility Authority;

 

 

 

 

 

Series 2012, RB1

5.250

10/01/2027

10/01/2022A

2,154,672

1,115,000

South Pasadena (City of), CA;

 

 

 

 

 

Series 2016, Ref. RB1

5.000

10/01/2036

10/01/2026A

1,389,156

20,000

Southern California Public Power

 

 

 

 

 

Authority; Series 1992, RB1

5.750

07/01/2021

03/28/2020A

20,077

1,170,000

Southern California Tobacco

 

 

 

 

 

Securitization Authority

 

 

 

 

 

(San Diego County Asset

 

 

 

 

 

Securitization Corp.); Series

 

 

 

 

 

2019, Ref. RB1

5.000

06/01/2037

12/01/2029A

1,501,988

2,000,000

Southern California Tobacco

 

 

 

 

 

Securitization Authority

 

 

 

 

 

(San Diego County Asset

 

 

 

 

 

Securitization Corp.); Series

 

 

 

 

 

2019, Ref. RB1

5.000

06/01/2038

12/01/2029A

2,557,280

1,810,000

Southern California Tobacco

 

 

 

 

 

Securitization Authority

 

 

 

 

 

(San Diego County Asset

 

 

 

 

 

Securitization Corp.); Series

 

 

 

 

 

2019, Ref. RB1

5.000

06/01/2039

12/01/2029A

2,308,782

7,500,000

Southern California Tobacco

 

 

 

 

 

Securitization Authority

 

 

 

 

 

(San Diego County Asset

 

 

 

 

 

Securitization Corp.); Series

 

 

 

 

 

2019, Ref. RB1

5.000

06/01/2048

03/11/2027A

9,207,000

260,000

Southern Mono Health Care

 

 

 

 

 

District; Series 2012, Ref. GO

 

 

 

 

 

Bonds1

5.000

08/01/2021

08/01/2021

274,157

5,000

Stockton (City of), CA Public

 

 

 

 

 

Financing Authority; Series

 

 

 

 

 

1998, RB

5.800

09/02/2020

03/02/2020A

5,000

25,000

Stockton (City of), CA Public

 

 

 

 

 

Financing Authority; Series 2004,

 

 

 

 

 

RB1

5.375

09/01/2021

03/17/2020A

25,046

1,700,000

Stockton (City of), CA Public

 

 

 

 

 

Financing Authority; Series 2010

 

 

 

 

 

A, RB1

6.250

10/01/2040

10/01/2023A

2,032,792

20,000

Sulphur Springs Union School

 

 

 

 

 

District; Series 2013 A, Ref. RB1

4.125

09/01/2033

09/01/2020A

20,911

15,000

Sunnyvale (City of), CA; Series

 

 

 

 

 

1998 A, COP1

5.000

10/01/2022

03/28/2020A

15,049

300,000

Sutter & Butte (Counties of), CA

 

 

 

 

 

Flood Agency; Series 2013, RB1

5.000

10/01/2025

10/01/2023A

343,077

415,000

Sutter & Butte (Counties of), CA

 

 

 

 

 

Flood Agency; Series 2013, RB1

5.000

10/01/2026

10/01/2023A

474,274

40 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$700,000

Sutter & Butte (Counties of), CA

 

 

 

 

 

Flood Agency; Series 2013, RB1

5.000%

10/01/2027

10/01/2023A $

799,449

1,465,000

Sutter & Butte (Counties of), CA

 

 

 

 

 

Flood Agency; Series 2013, RB1

5.000

10/01/2028

10/01/2023A

1,670,906

1,490,000

Sutter & Butte (Counties of), CA

 

 

 

 

 

Flood Agency; Series 2013, RB1

5.000

10/01/2029

10/01/2023A

1,697,155

825,000

Tejon Ranch Public Facilities

 

 

 

 

 

Finance Authority (Community

 

 

 

 

 

Facilities District No. 2000-1 -

 

 

 

 

 

Tejon Industrial Complex Public

 

 

 

 

 

Improvements); Series 2012,

 

 

 

 

 

Ref. RB

5.250

09/01/2028

09/01/2022A

899,720

35,000

Tracy (City of), CA Community

 

 

 

 

 

Facilities District No. 93-1 (I-205

 

 

 

 

 

Parcel GL-17); Series 1996 A, RB

6.300

09/01/2026

03/28/2020A

35,674

25,000

Tracy (City of), CA Community

 

 

 

 

 

Facilities District No. 93-1 (I-205

 

 

 

 

 

Parcel GL-17); Series 2002, RB

6.250

09/01/2032

03/28/2020A

25,064

30,000

Truckee (Town of), CA Donner

 

 

 

 

 

Public Utility District (Community

 

 

 

 

 

Facilities District No. 04-1); Series

 

 

 

 

 

2004, RB

5.800

09/01/2035

05/26/2033B

29,813

420,000

Tustin (City of), CA Community

 

 

 

 

 

Facilities District; Series 2013,

 

 

 

 

 

Ref. RB1

5.000

09/01/2024

09/01/2023A

474,575

445,000

Tustin (City of), CA Community

 

 

 

 

 

Facilities District; Series 2013,

 

 

 

 

 

Ref. RB1

5.000

09/01/2025

09/01/2023A

502,579

470,000

Tustin (City of), CA Community

 

 

 

 

 

Facilities District; Series 2013,

 

 

 

 

 

Ref. RB1

5.000

09/01/2026

09/01/2023A

529,981

490,000

Tustin (City of), CA Community

 

 

 

 

 

Facilities District; Series 2013,

 

 

 

 

 

Ref. RB1

5.000

09/01/2027

09/01/2023A

551,260

515,000

Tustin (City of), CA Community

 

 

 

 

 

Facilities District; Series 2013,

 

 

 

 

 

Ref. RB1

5.000

09/01/2028

09/01/2023A

578,103

125,000

Twentynine Palms (City of),

 

 

 

 

 

CA Redevelopment Agency

 

 

 

 

 

Successor Agency; Series 2011

 

 

 

 

 

A-4, RB1

7.125

09/01/2026

09/01/2021A

136,959

250,000

Ukiah (City of), CA

 

 

 

 

 

Redevelopment Agency; Series

 

 

 

 

 

2011 A, RB1

6.500

12/01/2028

06/01/2021A

268,128

6,000,000

University of California; Series

 

 

 

 

 

2013 AL-1, VRD RB1

1.150 3

05/15/2048

03/02/2020A

6,000,000

150,000

Vacaville (City of), CA

 

 

 

 

 

Redevelopment Agency

 

 

 

 

 

Successor Agency; Series 2000

 

 

 

 

 

A, Ref. RB1

6.000

11/01/2024

03/13/2020A

150,795

41 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

$5,000

Vallejo (City of), CA Public

 

 

 

 

 

Financing Authority; Series 1990

 

 

 

 

 

A, RB

7.500%

09/01/2020

09/01/2020 $

5,136

30,000

Vallejo (City of), CA; Series 2003

 

 

 

 

 

A, RB

6.000

09/01/2026

09/01/2020A

30,297

30,000

Vallejo (City of), CA; Series 2003

 

 

 

 

 

A, RB

6.125

09/01/2034

09/01/2020A

30,307

1,230,000

Vernon (City of), CA; Series 2009

 

 

 

 

 

A, RB1

5.125

08/01/2021

03/10/2020A

1,248,794

850,000

Vernon (City of), CA; Series 2012

 

 

 

 

 

A, RB1

5.125

08/01/2033

08/01/2022A

919,420

25,000

Victorville (City of), CA

 

 

 

 

 

Redevelopment Agency; Series

 

 

 

 

 

2002 A, RB1

5.125

12/01/2031

03/28/2020A

25,081

5,000

Vista Unified School District;

 

 

 

 

 

Series 1998, COP1

5.125

05/01/2023

05/01/2020A

5,035

5,000

Wasco (City of), CA Public

 

 

 

 

 

Financing Authority; Series

 

 

 

 

 

1994, RB

7.500

09/15/2023

03/28/2020A

5,013

875,000

West Hollywood (City of),

 

 

 

 

 

CA Community Development

 

 

 

 

 

Department (East Side

 

 

 

 

 

Redevelopment); Series 2011

 

 

 

 

 

A, RB1

7.000

09/01/2026

09/01/2021A

961,993

1,000,000

West Hollywood (City of),

 

 

 

 

 

CA Community Development

 

 

 

 

 

Department (East Side

 

 

 

 

 

Redevelopment); Series 2011

 

 

 

 

 

A, RB1

7.250

09/01/2031

09/01/2021A

1,102,770

2,335,000

Western Riverside Water &

 

 

 

 

 

Wastewater Financing Authority;

 

 

 

 

 

Series 2013 A-1, Ref. RB1

5.000

09/01/2025

09/01/2023A

2,654,848

1,150,000

Western Riverside Water &

 

 

 

 

 

Wastewater Financing Authority;

 

 

 

 

 

Series 2013 B, Ref. RB

5.000

09/01/2025

03/28/2020A

1,152,910

1,255,000

Western Riverside Water &

 

 

 

 

 

Wastewater Financing Authority;

 

 

 

 

 

Series 2013 B, Ref. RB

5.000

09/01/2027

03/28/2020A

1,257,974

835,000

William S. Hart Union High

 

 

 

 

 

School District; Series 2013,

 

 

 

 

 

Ref. RB

5.000

09/01/2025

09/01/2023A

935,726

155,000

Yuba (County of), CA; Series

 

 

 

 

 

2015, COP1

5.000

02/01/2024

08/01/2020A

157,666

165,000

Yuba (County of), CA; Series

 

 

 

 

 

2015, COP1

5.000

02/01/2025

08/01/2020A

167,838

170,000

Yuba (County of), CA; Series

 

 

 

 

 

2015, COP1

5.000

02/01/2026

08/01/2020A

172,916

180,000

Yuba (County of), CA; Series

 

 

 

 

 

2015, COP1

5.000

02/01/2027

08/01/2020A

183,080

42 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

California (Continued)

 

 

 

 

 

$190,000

Yuba (County of), CA; Series

 

 

 

 

 

 

2015, COP1

5.000%

02/01/2028

08/01/2020A $

193,243

200,000

Yuba (County of), CA; Series

 

 

 

 

 

 

2015, COP1

5.000

02/01/2029

08/01/2020A

203,406

 

 

 

 

 

 

585,932,183

 

 

 

 

 

 

U.S. Possessions—7.9%

 

 

 

 

 

12,504,000

Children's Trust Fund; Series

 

 

 

 

 

 

2002, RB1

5.375

05/15/2033

03/28/2020A

12,848,110

3,000,000

Children's Trust Fund; Series

 

 

 

 

 

 

2002, RB1

5.500

05/15/2039

03/28/2020A

3,090,060

150,000

Guam (Territory of) Power

 

 

 

 

 

 

Authority; Series 2012 A, Ref.

 

 

 

 

 

 

RB1

5.000

10/01/2020

10/01/2020

 

153,385

150,000

Guam (Territory of) Power

 

 

 

 

 

 

Authority; Series 2012 A, Ref.

 

 

 

 

 

 

RB1

5.000

10/01/2021

10/01/2021

 

159,394

155,000

Guam (Territory of) Power

 

 

 

 

 

 

Authority; Series 2012 A, Ref.

 

 

 

 

 

 

RB1

5.000

10/01/2022

10/01/2022

 

170,782

265,000

Guam (Territory of) Power

 

 

 

 

 

 

Authority; Series 2012 A, Ref.

 

 

 

 

 

 

RB1

5.000

10/01/2025

10/01/2022A

292,205

225,000

Guam (Territory of) Power

 

 

 

 

 

 

Authority; Series 2012 A, Ref.

 

 

 

 

 

 

RB1

5.000

10/01/2026

10/01/2022A

248,031

155,000

Guam (Territory of) Power

 

 

 

 

 

 

Authority; Series 2012 A, Ref.

 

 

 

 

 

 

RB1

5.000

10/01/2027

10/01/2022A

170,731

45,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

 

Aqueduct & Sewer Authority;

 

 

 

 

 

 

Series 2008 A, RB, AGC1

6.125 2

07/01/2024

08/14/2022B

48,670

175,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

 

Electric Power Authority; Series

 

 

 

 

 

 

2004 PP, Ref. RB, NPFGC

5.000

07/01/2022

03/28/2020A

177,975

470,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

 

Electric Power Authority; Series

 

 

 

 

 

 

2004 PP, Ref. RB, NPFGC

5.000

07/01/2025

03/28/2020A

481,341

3,690,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

 

Electric Power Authority; Series

 

 

 

 

 

 

2005 RR, RB, NPFGC

5.000

07/01/2023

03/28/2020A

3,761,955

520,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

 

Electric Power Authority; Series

 

 

 

 

 

 

2005 RR, RB, NPFGC

5.000

07/01/2024

03/28/2020A

531,440

100,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

 

Electric Power Authority; Series

 

 

 

 

 

 

2005 SS, Ref. RB, NPFGC

5.000

07/01/2024

03/28/2020A

102,200

25,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

 

Electric Power Authority; Series

 

 

 

 

 

 

2005 SS, Ref. RB, NPFGC

5.000

07/01/2025

03/28/2020A

25,603

43 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

U.S. Possessions (Continued)

 

 

 

 

$455,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

Electric Power Authority; Series

 

 

 

 

 

2007 UU, Ref. RB, AGC

5.000%

07/01/2024

03/28/2020A $

466,625

70,000

Puerto Rico (Commonwealth

 

 

 

 

 

of) Highway & Transportation

 

 

 

 

 

Authority; Series 2003 G, RB4

5.000

07/01/2022

07/01/2022

63,525

175,000

Puerto Rico (Commonwealth

 

 

 

 

 

of) Highway & Transportation

 

 

 

 

 

Authority; Series 2003, RB, AGC1

5.000

07/01/2028

03/28/2020A

179,436

600,000

Puerto Rico (Commonwealth

 

 

 

 

 

of) Highway & Transportation

 

 

 

 

 

Authority; Series 2004 J, RB,

 

 

 

 

 

NPFGC1

5.000

07/01/2029

03/28/2020A

615,186

1,000,000

Puerto Rico (Commonwealth

 

 

 

 

 

of) Highway & Transportation

 

 

 

 

 

Authority; Series 2005 L, Ref. RB4

5.250

07/01/2022

03/28/2020A

907,500

2,365,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

Industrial Tourist Educational

 

 

 

 

 

Medical & Environmental Control

 

 

 

 

 

Facilities Financing Authority;

 

 

 

 

 

Series 2000, RB

6.625

06/01/2026

03/28/2020A

2,447,775

100,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

Industrial Tourist Educational

 

 

 

 

 

Medical & Environmental Control

 

 

 

 

 

Facilities Financing Authority;

 

 

 

 

 

Series 2012, Ref. RB1

5.000

04/01/2021

04/01/2021

103,367

50,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

Industrial Tourist Educational

 

 

 

 

 

Medical & Environmental Control

 

 

 

 

 

Facilities Financing Authority;

 

 

 

 

 

Series 2012, Ref. RB1

5.000

10/01/2021

10/01/2021

51,961

100,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

Industrial Tourist Educational

 

 

 

 

 

Medical & Environmental Control

 

 

 

 

 

Facilities Financing Authority;

 

 

 

 

 

Series 2012, Ref. RB1

5.000

04/01/2022

04/01/2022

104,115

40,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

Municipal Finance Agency; Series

 

 

 

 

 

2002 A, RB, AGC1

4.750

08/01/2022

03/28/2020A

40,872

830,000

Puerto Rico (Commonwealth of)

 

 

 

 

 

Municipal Finance Agency; Series

 

 

 

 

 

2002 A, RB, AGC1

5.250

08/01/2020

03/28/2020A

839,869

1,270,000

Puerto Rico (Commonwealth of);

 

 

 

 

 

Series 2001 A, Ref. GO Bonds,

 

 

 

 

 

NPFGC

5.500

07/01/2020

07/01/2020

1,283,043

370,000

Puerto Rico (Commonwealth of);

 

 

 

 

 

Series 2003 C-7, Ref. GO Bonds,

 

 

 

 

 

NPFGC1

6.000

07/01/2027

03/28/2020A

381,178

200,000

Puerto Rico (Commonwealth of);

 

 

 

 

 

Series 2006, Ref. GO Bonds5

5.000

07/01/2022

07/01/2022

164,500

44 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

 

 

 

Effective

 

Principal Amount

 

Coupon

Maturity

Maturity*

Value

U.S. Possessions (Continued)

 

 

 

 

$1,000,000

Puerto Rico (Commonwealth of);

 

 

 

 

 

Series 2008 A, Ref. GO Bonds5

5.000%

07/01/2020

07/01/2020 $

817,500

560,000

Puerto Rico (Commonwealth of);

 

 

 

 

 

Series 2009 A, Ref. GO Bonds5

5.625

07/01/2031

02/04/2031B

464,800

2,000,000

Puerto Rico (Commonwealth of);

 

 

 

 

 

Series 2011 E, GO Bonds5

6.000

07/01/2029

07/01/2029

1,700,000

100,000

Puerto Rico (Commonwealth of);

 

 

 

 

 

Series 2011 E, Ref. GO Bonds5

5.375

07/01/2030

07/01/2030

82,625

1,750,000

Puerto Rico Public Finance Corp.;

 

 

 

 

 

Series 2011 B, RB5

5.500

08/01/2031

07/17/2029B

72,187

600,000

Puerto Rico Public Finance Corp.;

 

 

 

 

 

Series 2011 B, RB5

6.000

08/01/2024

08/01/2024

24,750

1,400,000

Puerto Rico Public Finance Corp.;

 

 

 

 

 

Series 2011 B, RB5

6.000

08/01/2025

08/01/2025

57,750

3,300,000

Puerto Rico Public Finance Corp.;

 

 

 

 

 

Series 2011 B, RB5

6.000

08/01/2026

08/01/2026

136,125

151,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2018 A-1, RB

3.973 6

07/01/2024

07/09/2023B

138,168

290,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2018 A-1, RB

3.971 6

07/01/2027

08/15/2026B

248,072

754,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2018 A-1, RB

4.440 6

07/01/2029

01/12/2029B

611,713

4,057,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2018 A-1, RB

4.500

07/01/2034

07/01/2025A

4,465,094

4,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2018 A-1, RB

4.550

07/01/2040

07/01/2028A

4,511

8,544,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2018 A-1, RB

4.542 6

07/01/2031

07/01/2028A

6,449,011

4,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2018 A-1, RB

4.750

07/01/2053

07/01/2028A

4,528

1,125,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2018 A-1, RB

5.090 6

07/01/2033

07/01/2028A

791,730

5,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2018 A-1, RB

5.000

07/01/2058

07/01/2028A

5,734

5,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2018 A-1, RB

5.894 6

07/01/2046

07/01/2028A

1,488

5,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2018 A-1, RB

5.951 6

07/01/2051

07/01/2028A

1,081

1,547,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2019 A-2, RB

4.329

07/01/2040

07/01/2028A

1,719,336

46,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2019 A-2, RB

4.536

07/01/2053

07/01/2028A

51,354

620,000

Puerto Rico Sales Tax Financing

 

 

 

 

 

Corp.; Series 2019 A-2, RB

4.784

07/01/2058

07/01/2028A

700,755

315,000

University of Puerto Rico; Series

 

 

 

 

 

2006 P, Ref. RB

5.000

06/01/2024

06/01/2024

314,213

100,000

University of Puerto Rico; Series

 

 

 

 

 

2006 P, Ref. RB, NPFGC

5.000

06/01/2024

03/28/2020A

102,174

45 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

 

 

 

 

Effective

 

 

Principal Amount

 

Coupon

Maturity

Maturity*

 

Value

U.S. Possessions (Continued)

 

 

 

 

 

$540,000

University of Puerto Rico; Series

 

 

 

 

 

 

2006 Q, RB

5.000%

06/01/2021

03/28/2020A

$

540,675

25,000

Virgin Islands (Government of)

 

 

 

 

 

 

Public Finance Authority; Series

 

 

 

 

 

 

2006, RB1

5.000

10/01/2022

03/28/2020A

 

25,413

300,000

Virgin Islands (Government of)

 

 

 

 

 

 

Public Finance Authority; Series

 

 

 

 

 

 

2006, RB1

5.000

10/01/2023

03/28/2020A

 

304,956

90,000

Virgin Islands (Government of)

 

 

 

 

 

 

Public Finance Authority; Series

 

 

 

 

 

 

2006, RB1

5.000

10/01/2024

03/28/2020A

 

91,489

170,000

Virgin Islands (Government of)

 

 

 

 

 

 

Public Finance Authority; Series

 

 

 

 

 

 

2006, RB1

5.000

10/01/2025

03/28/2020A

 

172,812

125,000

Virgin Islands (Government of)

 

 

 

 

 

 

Public Finance Authority; Series

 

 

 

 

 

 

2006, RB1

5.000

10/01/2026

03/28/2020A

 

127,066

 

 

 

 

 

 

50,137,944

 

 

 

 

 

Total Investments, at Value (Cost $601,726,168)—99.9%

 

 

 

636,070,127

Borrowings-(1.4)

 

 

 

 

 

(8,900,000)

Net Other Assets (Liabilities)—1.5

 

 

 

 

9,624,724

Net Assets—100.0%

 

 

 

$

636,794,851

 

 

 

 

 

 

 

Footnotes to Schedule of Investments

*Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed.

A.Optional call date; corresponds to the most conservative yield calculation.

B.Average life due to mandatory, or expected, sinking fund principal payments prior to maturity.

C.Average life due to mandatory, or expected, sinking fund principal payments prior to the applicable optional call date.

1.All or a portion of the security position has been pledged for collateral to cover borrowings. See Note 9 of the accompanying Notes.

2.Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

3.This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

4.This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

5.This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

6.Zero coupon bond reflects effective yield on the original acquisition date.

To simplify the listings of securities, abbreviations are used per the table below:

ABAG

Association of Bay Area Governments

AGC

Assured Guaranty Corp.

CHF

City Hospital Foundation

COP

Certificates of Participation

46 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

To simplify the listings of securities, abbreviations are used per the table below: (Continued)

FHA

Federal Housing Agency/Authority

GO

General Obligation

IDR

Industrial Development Revenue Bonds

M-S-R

Modesto Irrigation District of the City of Santa Clara and the City of Redding

NCCD

National Campus and Community Development

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

Ref.

Refunding

RN

Revenue Note

Sub.

Subordinated

UCR

University of California Riverside

VRD

Variable Rate Demand

See accompanying Notes to Financial Statements.

47 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

STATEMENT OF ASSETS AND LIABILITIES February 29, 2020

Assets

 

 

Investments, at value (cost $601,726,168)—see accompanying schedule of investments

$

636,070,127

Cash

 

656,910

Receivables and other assets:

 

 

Interest

 

7,672,101

Shares of beneficial interest sold

 

2,198,499

Investments matured, at value (Cost $287,743)

 

220,556

Other

 

343,364

Total assets

 

647,161,557

 

 

 

Liabilities

 

 

Payables and other liabilities:

 

 

Payable for borrowings

 

8,900,000

Shares of beneficial interest redeemed

 

897,498

Dividends

 

188,208

Distribution and service plan fees

 

108,197

Transfer and shareholder servicing agent fees

 

60,792

Trustees' compensation

 

39,774

Shareholder communications

 

27,605

Advisory fees

 

14,332

Interest expense on borrowings

 

1,226

Administration fees

 

498

Other

 

128,576

Total liabilities

 

10,366,706

 

 

 

Net Assets

$

636,794,851

 

 

 

 

 

 

Composition of Net Assets

 

 

Shares of beneficial interest

$

658,711,302

Total accumulated loss

 

(21,916,451)

Net Assets

$

636,794,851

 

 

 

48 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

Net Asset Value Per Share

Class A Shares:

 

Net asset value and redemption price per share (based on net assets of $255,461,461 and

 

74,769,885 shares of beneficial interest outstanding)

$3.42

Maximum offering price per share (net asset value plus sales charge of 2.50% of offering price)

$3.51

 

 

Class C Shares:

 

Net asset value, redemption price (excludes applicable contingent deferred sales charge)

 

and offering price per share (based on net assets of $74,036,966 and 21,767,009 shares of

 

beneficial interest outstanding)

$3.40

 

 

Class Y Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of

 

$298,244,782 and 87,034,737 shares of beneficial interest outstanding)

$3.43

 

 

Class R6 Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of

 

$9,051,642 and 2,651,992 shares of beneficial interest outstanding)

$3.41

See accompanying Notes to Financial Statements.

49 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

STATEMENT

OF OPERATIONS

 

Seven Months Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

Investment Income

 

 

 

 

Interest

$

11,739,528

$

18,351,028

Expenses

 

 

 

 

Advisory fees

 

1,417,488

 

2,155,124

Administration fees

 

49,287

 

6,455

Distribution and service plan fees:

 

 

 

 

Class A

 

343,429

 

474,493

Class C

 

432,579

 

906,265

Transfer and shareholder servicing agent fees:

 

 

 

 

Class A

 

95,237

 

179,405

Class C

 

29,848

 

86,103

Class Y

 

110,099

 

201,240

Class R6

 

124

 

13

Shareholder communications:

 

 

 

 

Class A

 

13,368

 

9,829

Class C

 

4,134

 

7,983

Class Y

 

15,456

 

15,761

Class R6

 

42

 

1

Borrowing fees

 

182,331

 

386,253

Trustees' compensation

 

13,095

 

9,073

Interest expense on borrowings

 

8,184

 

123,540

Custodian fees and expenses

 

1,965

 

2,861

Interest expense and fees on short-term floating rate notes issued

 

—

 

115,417

Other

 

85,150

 

195,371

Total expenses

 

2,801,816

 

4,875,187

Less waivers and reimbursements of expenses

 

(235)

 

(30,454)

Net expenses

 

2,801,581

 

4,844,733

 

 

 

 

 

Net Investment Income

 

8,937,947

 

13,506,295

 

 

 

 

 

Realized and Unrealized Gain

 

 

 

 

Net realized gain (loss) on investment transactions

 

106,923

 

(16,520,820)

 

 

 

 

 

Net change in unrealized appreciation/(depreciation) on investment

 

 

 

 

transactions

 

16,170,830

 

40,907,799

 

 

 

 

 

Net Increase in Net Assets Resulting from Operations

$

25,215,700

$

37,893,274

 

 

 

 

 

See accompanying Notes to Financial Statements.

50 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

STATEMENT OF CHANGES IN NET ASSETS

 

 

Seven Months

 

 

 

 

 

 

Ended

 

Year Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

 

July 31, 2018

Operations

 

 

 

 

 

 

Net investment income

$

8,937,947

$

13,506,295

$

12,851,143

 

 

 

 

 

 

 

Net realized gain (loss)

 

106,923

 

(16,520,820)

 

(11,609,940)

 

 

 

 

 

 

 

Net change in unrealized appreciation/(depreciation)

 

16,170,830

 

40,907,799

 

9,626,108

Net increase in net assets resulting from operations

 

25,215,700

 

37,893,274

 

10,867,311

 

 

 

 

 

 

 

Dividends and/or Distributions to Shareholders

 

 

 

 

 

 

Distributions to shareholders from distributable

 

 

 

 

 

 

earnings:

 

 

 

 

 

 

Class A

 

(3,430,588)

 

(4,734,729)

 

(5,831,861)

Class B

 

—

 

—

 

(2,105)

Class C

 

(752,219)

 

(1,566,741)

 

(2,238,782)

Class Y

 

(4,339,342)

 

(5,846,566)

 

(5,046,994)

Class R6

 

(12,092)

 

(766)

 

—

Total distributions from distributable earnings

 

 

 

 

 

 

 

(8,534,241)

 

(12,148,802)

 

(13,119,742)

 

 

 

 

 

 

 

Beneficial Interest Transactions

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from

 

 

 

 

 

 

beneficial interest transactions:

 

 

 

 

 

 

Class A

 

27,999,307

 

28,410,581

 

(55,555,685)

Class B

 

—

 

—

 

(210,828)

Class C

 

(4,765,696)

 

(22,393,231)

 

(27,702,841)

Class Y

 

38,546,392

 

60,255,736

 

(11,891,142)

Class R6

 

8,790,878

 

164,630

 

—

Total beneficial interest transactions

 

 

 

 

 

 

 

70,570,881

 

66,437,716

 

(95,360,496)

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

Total increase (decrease)

 

87,252,340

 

92,182,188

 

(97,612,927)

 

 

 

 

 

 

 

Beginning of period

 

549,542,511

 

457,360,323

 

554,973,250

End of period

 

 

 

 

 

 

$

636,794,851

$

549,542,511

$

457,360,323

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

51 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS

Class A

Seven Months Ended

February 29,   Year Ended      Year Ended     Year Ended     Year Ended        Year Ended

          2020   July 31, 2019     July 31, 2018     July 31, 2017   July 31, 2016    July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$3.32

$3.16

$3.15

$3.29

$3.20

$3.29

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.05

0.09

0.09

0.10

0.11

0.12

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.10

0.15

0.01

(0.13)

0.10

(0.08)

Total from investment

 

 

 

 

 

 

operations

0.15

0.24

0.10

(0.03)

0.21

0.04

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.05)

(0.08)

(0.09)

(0.11)

(0.12)

(0.13)

Net asset value, end of period

$3.42

$3.32

$3.16

$3.15

$3.29

$3.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

4.51%

7.69%

3.19%

(0.81)%

6.52%

0.97%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$255,461

$220,719

$182,533

$239,256

$253,173

$299,041

Average net assets (in

 

 

 

 

 

 

thousands)

$237,394

$191,185

$204,433

$254,686

$278,049

$345,303

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

2.60%

2.75%

2.79%

3.25%

3.54%

3.56%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.78%

0.82%

0.85%

0.81%

0.81%

0.79%

Interest and fees from

 

 

 

 

 

 

borrowings

0.06%

0.11%

0.11%

0.08%

0.13%

0.09%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued

0.00%

0.02%4

0.02%4

0.02%4

0.01%4

0.01%4

Total expenses

0.84%

0.95%

0.98%

0.91%

0.95%

0.89%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.84%

0.94%

0.98%

0.91%

0.95%

0.89%

Portfolio turnover rate5

13%

36%

20%

21%

13%

39%

52 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

53 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

Class C

Seven Months Ended

February 29,  Year Ended     Year Ended     Year Ended      Year Ended      Year Ended

        2020   July 31, 2019     July 31, 2018     July 31, 2017     July 31, 2016    July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$3.31

$3.15

$3.14

$3.28

$3.19

$3.28

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.04

0.06

0.06

0.08

0.09

0.09

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.08

0.16

0.01

(0.13)

0.09

(0.08)

Total from investment

 

 

 

 

 

 

operations

0.12

0.22

0.07

(0.05)

0.18

0.01

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.03)

(0.06)

(0.06)

(0.09)

(0.09)

(0.10)

Net asset value, end of period

$3.40

$3.31

$3.15

$3.14

$3.28

$3.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

3.76%

6.91%

2.43%

(1.56)%

5.76%

0.22%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$74,037

$76,761

$94,579

$122,816

$137,410

$152,646

Average net assets (in

 

 

 

 

 

 

thousands)

$74,288

$90,610

$106,144

$130,783

$146,397

$156,790

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

1.84%

1.99%

2.03%

2.50%

2.79%

2.77%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

1.53%

1.58%

1.60%

1.57%

1.56%

1.55%

Interest and fees from

 

 

 

 

 

 

borrowings

0.06%

0.11%

0.11%

0.08%

0.13%

0.09%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued

0.00%

0.02%4

0.02%4

0.02%4

0.01%4

0.01%4

Total expenses

1.59%

1.71%

1.73%

1.67%

1.70%

1.65%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

1.59%

1.70%

1.73%

1.67%

1.70%

1.65%

Portfolio turnover rate5

13%

36%

20%

21%

13%

39%

54 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

55 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

Class Y

Seven Months Ended

February 29,  Year Ended     Year Ended      Year Ended     Year Ended       Year Ended

        2020     July 31, 2019    July 31, 2018    July 31, 2017    July 31, 2016   July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$3.33

$3.17

$3.16

$3.30

$3.21

$3.30

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.06

0.10

0.09

0.11

0.12

0.12

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.09

0.15

0.02

(0.13)

0.09

(0.08)

Total from investment

 

 

 

 

 

 

operations

0.15

0.25

0.11

(0.02)

0.21

0.04

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.05)

(0.09)

(0.10)

(0.12)

(0.12)

(0.13)

Net asset value, end of period

$3.43

$3.33

$3.17

$3.16

$3.30

$3.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

4.64%

7.93%

3.43%

(0.57)%

6.76%

1.22%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$298,245

$251,897

$180,248

$192,683

$146,620

$160,037

Average net assets (in

 

 

 

 

 

 

thousands)

$274,513

$215,197

$164,291

$164,605

$150,663

$161,312

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

2.84%

2.99%

3.03%

3.43%

3.78%

3.76%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.53%

0.58%

0.60%

0.57%

0.57%

0.55%

Interest and fees from

 

 

 

 

 

 

borrowings

0.06%

0.11%

0.11%

0.08%

0.13%

0.09%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued

0.00%

0.02%4

0.02%4

0.02%4

0.01%4

0.01%4

Total expenses

0.59%

0.71%

0.73%

0.67%

0.71%

0.65%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.59%

0.70%

0.73%

0.67%

0.71%

0.65%

Portfolio turnover rate5

13%

36%

20%

21%

13%

39%

56 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

57 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

 

Seven Months

 

 

Ended

Period

Class R6

February 29,

Ended

2020 July 31, 20191

Per Share Operating Data

 

 

Net asset value, beginning of period

$3.32

$3.29

Income (loss) from investment operations:

 

 

Net investment income2

0.05

0.02

Net realized and unrealized gain

0.09

0.03

Total from investment operations

0.14

0.05

Dividends and/or distributions to shareholders:

 

 

Dividends from net investment income

(0.05)

(0.02)

Net asset value, end of period

$3.41

$3.32

 

 

 

 

 

 

Total Return, at Net Asset Value3

4.38%

1.44%

 

 

 

Ratios/Supplemental Data

 

 

Net assets, end of period (in thousands)

$9,052

$166

Average net assets (in thousands)

$706

$143

Ratios to average net assets:4

 

 

Net investment income

2.94%

3.09%

Expenses excluding specific expenses listed below

0.50%

0.52%

Interest and fees from borrowings

0.06%

0.11%

Interest and fees on short-term floating rate notes issued

0.00%

0.02%5

Total expenses

0.56%

0.65%

Expenses after payments, waivers and/or reimbursements and reduction to custodian

 

 

expenses

0.50%

0.60%

Portfolio turnover rate6

13%

36%

58 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

1.For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019.

2.Calculated based on the average shares outstanding during the period.

3.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.

4.Annualized for periods less than one full year.

5.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

6.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.

59 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS February 29, 2020

Note 1 - Significant Accounting Policies

Invesco Oppenheimer Rochester 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Rochester Limited Term California Municipal Fund (the "Acquired Fund" or "Predecessor Fund"). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the "Reorganization Date") through the transfer of all of its assets and liabilities to the Fund (the "Reorganization").

The Fund's investment objective is to seek tax-free income.

Effective August 31, 2019, the Fund changed its fiscal year end from July 31 to the last day of February.

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 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 and Class R6 shares are sold at net asset value. Class C shares held for ten 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 tenth 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 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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. Debt obligations are subject to interest rate and credit

60 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 transactions 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

61 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

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 income and realized and unrealized capital gains and losses to a class based on the relative net assets 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 and the country that has the primary market for the issuer's securities, 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.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America ("GAAP"), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

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 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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.

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 allocated to

62 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

each share class based on relative net assets. 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 relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with GAAP, which 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.

H. 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.

I. Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

J. Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

63 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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:

Fee Schedule*

Up to $100 million

0.50%

Next $150 million

0.45

Next $1.75 billion

0.40

Over $2 billion

0.39

*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 period ended February 29, 2020, the effective advisory fee rate incurred by the Fund was 0.42%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (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.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the 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 0.81%, 1.57%, 0.57% and 0.47%, respectively, of the Fund's average daily net assets (the "expense 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

64 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

For the period ended February 29, 2020, the Adviser reimbursed fund expenses of $235 for Class R6.

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 period ended February 29, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A. serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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 period ended February 29, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing 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 "Plan"). The Fund, pursuant to the Class A Plan, reimbursed 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, 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 Plan 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 Plan 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 plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the period ended February 29, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan 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 period

ended February 29, 2020, IDI advised the Fund that IDI retained $5,674 in front-end sales commissions from the sale of Class A shares and $12,456 and $597 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

65 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own 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 29, 2020, 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 - Trustee and Officer Fees and Benefits

The Fund has adopted an unfunded retirement plan (the "Plan") for the Fund's Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the "Freeze Date") and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

66 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

During the reporting period, the Fund's projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased

$

1,615

Payments Made to Retired Trustees

 

—

Accumulated Liability as of February 29, 2020

 

10,187

Certain trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees' fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 5 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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 6 – Tax Information

Tax Character of Distributions to Shareholders for the Seven Month Ended February 29, 2020 and the Fiscal Years Ended July 31, 2019 and July 31, 2018:

 

 

2020

 

2019

 

2018

Ordinary income

$

487,280

$

59,836

$

34,444

Ordinary income – Tax-exempt

 

8,046,961

 

12,088,966

 

13,085,298

Total distributions

$

8,534,241

$

12,148,802

$

13,119,742

 

 

 

 

 

 

 

67 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Tax Components of Net Assets at Period-End:

 

 

2020

Undistributed tax-exempt income

$

5,425,623

Net unrealized appreciation - investments

 

33,673,654

Temporary book/tax differences

 

(224,659)

Capital loss carryforward

 

(60,791,070)

Shares of beneficial interest

 

658,711,302

Total net assets

$

636,794,850

 

 

 

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 interest accrual on defaulted bonds and amortization adjustments.

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 carryforwards 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 29, 2020, which expires as follows:

Capital Loss Carryforward*

Expiration

Short-Term

 

Long-Term

 

Total

Not subject to expiration $

17,521,828

$

43,269,242

$

60,791,070

*Capital loss carryforward as of the date listed above 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 7 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the period ended February 29, 2020 was $157,942,456 and $75,710,134, respectively. Cost of investments, including any derivatives, on a tax basis 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

Aggregate unrealized appreciation of investments Aggregate unrealized (depreciation) of investments Net unrealized appreciation of investments

$ 42,016,006 (8,342,352)

$33,673,654

Cost of investments for tax purposes is $602,617,029.

68 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

Note 8 - Share Information

Transactions in shares of beneficial interest were as follows:

 

Seven Months Ended

Year Ended July 31, 20192

Year Ended July 31, 2018

 

February 29, 20201

 

 

 

 

 

 

 

 

Shares

 

Amount

Shares

 

Amount

Shares

 

Amount

Class A

 

 

 

 

 

 

 

 

 

Sold

14,461,114

$

48,460,961

19,934,970

$

64,737,195

13,165,658

$

40,690,654

Automatic

 

 

 

 

 

 

 

 

 

Conversion

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

to Class A

 

 

 

 

 

 

 

 

 

Shares

1,363,818

 

4,561,001

—

 

—

—

 

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

900,373

 

3,023,110

1,245,311

 

4,021,539

1,611,290

 

4,989,976

Redeemed

(8,362,783)

 

(28,045,765)

(12,543,890)

 

(40,348,153)

(32,869,514)

(101,236,315)

Net increase

8,362,522

$

27,999,307

8,636,391

$

28,410,581

(18,092,566)

$(55,555,685)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

 

 

 

 

 

 

 

 

Sold

—

$

—

—

$

—

158

$

594

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

—

 

—

—

 

—

688

 

2,105

Redeemed3

—

 

—

—

 

—

(67,755)

 

(213,527)

Net increase

— $

—

— $

—

(66,909)

$

(210,828)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

Sold

2,363,634

$

7,877,021

3,311,988

$

10,619,660

3,095,609

$

9,529,344

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

172,506

 

576,478

370,885

 

1,190,862

553,571

 

1,707,372

Automatic

 

 

 

 

 

 

 

 

 

Conversion

(1,368,467)

 

(4,561,001)

—

 

—

—

 

—

Class C

 

 

 

to Class A

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

Redeemed

(2,596,951)

 

(8,658,194)

(10,544,696)

 

(34,203,753)

(12,689,584)

 

(38,939,557)

Net increase

(1,429,278)

$

(4,765,696)

(6,861,823)

$

(22,393,231)

(9,040,404)

$(27,702,841)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Y

 

 

 

 

 

 

 

 

 

Sold

22,886,707

$

77,022,683

34,589,393

$

111,574,259

32,839,142

$102,147,661

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

1,142,878

 

3,848,743

1,544,428

 

5,007,152

1,313,059

 

4,080,536

Redeemed

(12,569,245)

 

(42,325,034)

(17,447,258)

 

(56,325,675)

(38,184,907)

(118,119,339)

69 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

 

Seven Months Ended

Year Ended July 31, 20192

Year Ended July 31, 2018

 

February 29, 20201

 

 

 

 

 

 

 

 

Shares

 

Amount

Shares

 

Amount

Shares

 

Amount

Net increase

11,460,340

$

38,546,392

18,686,563

$

60,255,736

(4,032,706)

$

(11,891,142)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R64

 

 

 

 

 

 

 

 

 

Sold

2,600,520

$

8,785,555

50,014

$

165,015

—

$

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

2,682

 

9,056

185

 

615

—

 

—

Redeemed

(1,106)

 

(3,733)

(303)

 

(1,000)

—

 

—

Net increase

2,602,096

$

8,790,878

49,896

$

164,630

—

$

—

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 53% 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.

2.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and 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.

3.All outstanding Class B shares converted to Class A shares on June 1, 2018.

4.Commencement date after the close of business on May 24, 2019.

Note 9 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, which provides that a fund generally may not borrow money greater than 331/3 of the Fund's total assets.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period August 1, 2019 to February 29, 2020, the Fund incurred fees of $289,209. The average daily balance of borrowings under this agreement is $701,878 with a weighted average interest rate of 2.00%. 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 credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

70 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

Note 10 - Subsequent Event

During the first quarter of 2020, the World Health Organization declared the Coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds' ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Act is a $2 trillion stimulus package to help individuals, businesses and hospitals in response to the economic distress caused by the COVID-19 crisis. The Adviser is assessing the components of the Act and the impacts to the Fund should be immaterial.

71 INVESCO OPPENHEIMER ROCHESTER 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 Oppenheimer Rochester® 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 Oppenheimer Rochester® 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 29, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (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 29, 2020, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Statement of Operations and Statement of

 

Changes in Net Assets

Financial Highlights

 

 

For the period from August 1, 2019 through

For the period from August 1, 2019 through

February 29, 2020 and the year ended July 31,

February 29, 2020 and the year ended July 31,

2019

2019 for Class A, Class C and Class Y

 

For the period from August 1, 2019 through

 

February 29, 2020 and the period from May 24,

 

2019 (inception of offering) through July 31,

 

2019 for Class R6

 

 

The financial statements of Invesco Oppenheimer Rochester® Limited Term California Municipal Fund (formerly known as Oppenheimer Rochester® Limited Term California Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

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

72 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

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 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP Houston, Texas

April 28, 2020

We have served as the auditor of one or more 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.

73 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

TAX INFORMATION Unaudited

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 seven months ended February 29, 2020:

Federal and State Income Tax

 

Tax-Exempt Interest Dividends*

94.29 %

*The above percentage is based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

74 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

•Fund reports and prospectuses

•Quarterly statements

•Daily confirmations

•Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

75 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INTERESTED TRUSTEE

 

 

 

 

 

 

 

 

 

Martin L. Flanagan 1 — 1960

2007

Executive Director, Chief Executive Officer and

229

None

Trustee and Vice Chair

 

President, Invesco Ltd. (ultimate parent of

 

 

 

 

Invesco and a global investment management

 

 

 

 

firm); Trustee and Vice Chair, The Invesco

 

 

 

 

Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board,

 

 

 

 

SMU Cox School of Business

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

76 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES

Bruce L. Crockett – 1944

2003 Chairman, Crockett Technologies Associates

Trustee and Chair

(technology consulting company)

 

Formerly: Director, Captaris (unified

 

messaging provider); Director, President and

 

Chief Executive Officer, COMSAT Corporation;

 

Chairman, Board of Governors of INTELSAT

 

(international communications company); ACE

 

Limited (insurance company); Independent

 

Directors Council and Investment Company

 

Institute: Member of the Audit Committee,

 

Investment Company Institute; Member of

 

the Executive Committee and Chair of the

 

Governance Committee, Independent Directors

 

Council

229Director and

Chairman of the

Audit Committee,

ALPS (Attorneys

Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation

Committee, Ferroglobe

PLC (metallurgical

company)

David C. Arch – 1945

2010 Chairman of Blistex Inc. (consumer health

229

Board member of the

Trustee

care products manufacturer); Member, World

 

Illinois Manufacturers'

 

Presidents' Organization

 

Association

 

 

 

 

Beth Ann Brown – 1968

2019 Independent Consultant

229

Director, Board of

Trustee

Formerly: Head of Intermediary Distribution,

 

Directors of Caron

 

 

Engineering Inc.;

 

Managing Director, Strategic Relations,

 

Advisor, Board of

 

Managing Director, Head of National

 

Advisors of Caron

 

Accounts, Senior Vice President, National

 

Engineering Inc.;

 

Account Manager and Senior Vice President,

 

President and

 

Key Account Manager, Columbia Management

 

Director, of Acton

 

Investment Advisers LLC; Vice President, Key

 

Shapleigh Youth

 

Account Manager, Liberty Funds Distributor,

 

Conservation Corps

 

Inc.; and Trustee of certain Oppenheimer

 

(non -profit); and

 

Funds

 

President and Director

 

 

 

of Grahamtastic

 

 

 

Connection (non-

 

 

 

profit)

Jack M. Fields – 1952

2003 Chief Executive Officer, Twenty First Century

Trustee

Group, Inc. (government affairs company);

 

and Chairman, Discovery Learning Alliance

 

(non-profit)

 

Formerly: Owner and Chief Executive Officer,

 

Dos Angeles Ranch L.P. (cattle, hunting,

 

corporate entertainment); Director, Insperity,

 

Inc. (formerly known as Administaff) (human

 

resources provider); Chief Executive Officer,

 

Texana Timber LP (sustainable forestry

 

company); Director of Cross Timbers Quail

 

Research Ranch (non-profit); and member of

 

the U.S. House of Representatives

229Member, Board of Directors of Baylor

College of Medicine

77 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Cynthia Hostetler —1962

2017 Non-Executive Director and Trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Director, Aberdeen Investment

 

Funds (4 portfolios); Head of Investment

 

Funds and Private Equity, Overseas Private

 

Investment Corporation; President, First

 

Manhattan Bancorporation, Inc.; Attorney,

 

Simpson Thacher & Bartlett LLP

229Vulcan Materials

Company

(construction materials

company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual

fund complex);

Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

Eli Jones – 1961

2016 Professor and Dean, Mays Business School -

229

Insperity, Inc. (formerly

Trustee

Texas A&M University

 

known as Administaff)

 

Formerly: Professor and Dean, Walton College

 

(human resources

 

 

provider)

 

of Business, University of Arkansas and E.J.

 

 

 

Ourso College of Business, Louisiana State

 

 

 

University; Director, Arvest Bank

 

 

Elizabeth Krentzman – 1959

2019 Formerly: Principal and Chief Regulatory

Trustee

Advisor for Asset Management Services and

 

U.S. Mutual Fund Leader of Deloitte & Touche

 

LLP; General Counsel of the Investment

 

Company Institute (trade association);

 

National Director of the Investment

 

Management Regulatory Consulting Practice,

 

Principal, Director and Senior Manager of

 

Deloitte & Touche LLP; Assistant Director of

 

the Division of Investment Management -

 

Office of Disclosure and Investment Adviser

 

Regulation of the U.S. Securities and Exchange

 

Commission and various positions with the

 

Division of Investment Management – Office

 

of Regulatory Policy of the U.S. Securities and

 

Exchange Commission; Associate at Ropes &

 

Gray LLP.; and Trustee of certain Oppenheimer

 

Funds

229Trustee of the

University of Florida

National Board

Foundation; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center

Association, Inc. Board

of Trustees and Audit

Committee Member

78 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Anthony J. LaCava, Jr. – 1956 2019

Formerly: Director and Member of the Audit

Trustee

Committee, Blue Hills Bank (publicly traded

 

financial institution) and Managing Partner,

 

KPMG LLP

229Blue Hills Bank;

Chairman of Bentley University; Member, Business School Advisory Council; and Nominating

Committee, KPMG LLP

Prema Mathai-Davis – 1950 2003 Retired229None Trustee

Formerly; Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self- Directed Investor)

Joel W. Motley – 1952

2019 Director of Office of Finance, Federal Home

Trustee

Loan Bank System; Member of the Vestry

 

of Trinity Wall Street; Managing Director of

 

Carmona Motley Hoffman, Inc. (privately held

 

financial advisor); Member of the Council

 

on Foreign Relations and its Finance and

 

Budget Committee; Chairman Emeritus of

 

Board of Human Rights Watch and Member

 

of its Investment Committee; and Member

 

of Investment Committee and Board of

 

Historic Hudson Valley (non-profit cultural

 

organization).

 

Formerly: Managing Director of Public Capital

 

Advisors, LLC (privately held financial advisor);

 

Managing Director of Carmona Motley

 

Hoffman, Inc. (privately held financial advisor);

 

Trustee of certain Oppenheimer Funds; and

 

Director of Columbia Equity Financial Corp.

 

(privately held financial advisor)

229Member of Board of Greenwall Foundation (bioethics research foundation) and

its Investment

Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis

Reporting (non-profit

journalism)

Teresa M. Ressel — 1962

2017 Non-executive director and trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Chief Financial Officer, Olayan

 

America, The Olayan Group (international

 

investor/commercial/industrial); Chief

 

Executive Officer, UBS Securities LLC; Group

 

Chief Operating Officer, Americas, UBS AG;

 

Assistant Secretary for Management & Budget

 

and CFO, US Department of the Treasury

229Atlantic Power

Corporation (power

generation company); ON Semiconductor Corp. (semiconductor supplier)

79 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston

229

Federal Reserve Bank

Trustee

 

Endowment Inc. (private philanthropic

 

of Dallas

 

 

institution)

 

 

 

 

Formerly: Executive Vice President and

 

 

 

 

General Counsel, Texas Children's Hospital;

 

 

 

 

Attorney, Beck, Redden and Secrest, LLP;

 

 

 

 

Business Law Instructor, University of St.

 

 

 

 

Thomas; Attorney, Andrews & Kurth LLP

 

 

 

 

 

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of

 

 

 

 

 

 

 

 

Denver – Daniels College of Business, Senior

 

 

 

 

Partner, KPMG LLP

 

 

Daniel S. Vandivort –1954

2019 Treasurer, Chairman of the Audit and Finance

Trustee

Committee, and Trustee, Board of Trustees,

 

Huntington Disease Foundation of America;

 

and President, Flyway Advisory Services LLC

 

(consulting and property management).

 

Formerly: Trustee and Governance Chair, of

 

certain Oppenheimer Funds

229Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds

James D. Vaughn – 1945

2019 Retired

Trustee

Formerly: Managing Partner, Deloitte & Touche

 

 

LLP; Trustee and Chairman of the Audit

 

Committee, Schroder Funds; Board Member,

 

Mile High United Way, Boys and Girls Clubs,

 

Boy Scouts, Colorado Business Committee

 

for the Arts, Economic Club of Colorado

 

and Metro Denver Network (economic

 

development corporation); and Trustee of

 

certain Oppenheimer Funds

229Board member

and Chairman of Audit Committee

of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson –

2017 Retired

1957

Formerly: Director, TD Asset Management USA

Trustee, Vice Chair and Chair

Designate

Inc. (mutual fund complex) (22 portfolios);

 

Managing Partner, CT2, LLC (investing and

 

consulting firm); President/Chief Executive

 

Officer, Columbia Funds, Bank of America

 

Corporation; President/Chief Executive Officer,

 

CDC IXIS Asset Management Services, Inc.;

229ISO New England,

Inc. (non-profit

organization

managing regional electricity market)

80 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

 

 

 

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Christopher L. Wilson

 

Principal & Director of Operations, Scudder

 

 

Continued

 

Funds, Scudder, Stevens & Clark, Inc.; Assistant

 

 

 

 

Vice President, Fidelity Investments

 

 

 

 

 

 

 

81 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS

 

 

 

 

 

 

 

 

 

Sheri Morris — 1964

2003

Head of Global Fund Services, Invesco Ltd.;

N/A

N/A

President, Principal Executive

 

President, Principal Executive Officer and

 

 

Officer and Treasurer

 

Treasurer, The Invesco Funds; Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust, and Vice

 

 

 

 

President, OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal

 

 

 

 

Financial Officer, The Invesco Funds; Vice

 

 

 

 

President, Invesco AIM Advisers, Inc., Invesco

 

 

 

 

AIM Capital Management, Inc. and Invesco

 

 

 

 

AIM Private Asset Management, Inc.; Assistant

 

 

 

 

Vice President and Assistant Treasurer, The

 

 

 

 

Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital

 

 

 

 

Management, Inc. and Invesco AIM Private

 

 

 

 

Asset Management, Inc.; and Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund Trust

 

 

 

 

 

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The

N/A

N/A

Senior Vice President and

 

Invesco Funds

 

 

Senior Officer

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco

N/A

N/A

Senior Vice President, Chief

 

Ltd.; Senior Vice President and Secretary,

 

 

Legal Officer and Secretary

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Vice President and Secretary, Invesco

 

 

 

 

Investment Services, Inc. (formerly known

 

 

 

 

as Invesco AIM Investment Services, Inc.)

 

 

 

 

Senior Vice President, Chief Legal Officer and

 

 

 

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

 

 

 

82 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor (Continued)

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L.

 

 

 

 

Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President,

 

 

 

 

Jemstep, Inc.; Head of Legal, Worldwide

 

 

 

 

Institutional, Invesco Ltd.; Secretary and

 

 

 

 

General Counsel, INVESCO Private Capital

 

 

 

 

Investments, Inc.; Senior Vice President,

 

 

 

 

Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group,

 

 

 

 

Inc.); Assistant Secretary, INVESCO Asset

 

 

 

 

Management (Bermuda) Ltd.; Secretary and

 

 

 

 

General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel,

 

 

 

 

INVESCO Realty, Inc.; Secretary and General

 

 

 

 

Counsel, Invesco Senior Secured Management,

 

 

 

 

Inc.; and Secretary, Sovereign G./P. Holdings

 

 

 

 

Inc.

 

 

 

 

 

 

 

Andrew R. Schlossberg –

2019

Head of the Americas and Senior Managing

N/A

N/A

1974

 

Director, Invesco Ltd.; Director and Senior

 

 

Senior Vice President

 

Vice President, Invesco Advisers, Inc. (formerly

 

 

 

 

known as Invesco Institutional (N.A.), Inc.)

 

 

 

 

(registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) (registered transfer agent);

 

 

 

 

Senior Vice President, The Invesco Funds;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Director, President and

 

 

 

 

Chairman, Invesco Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited;

 

 

 

 

Director and Chief Executive, Invesco Asset

 

 

 

 

Management Limited and Invesco Fund

 

 

 

 

Managers Limited; Assistant Vice President,

 

 

 

 

The Invesco Funds; Senior Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Director and Chief

 

 

 

 

Executive, Invesco Administration Services

 

 

 

 

 

 

 

83 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Andrew R. Schlossberg

 

Limited and Invesco Global Investment

 

 

(Continued)

 

Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco

 

 

 

 

India Exchange-Traded Fund Trust; Managing

 

 

 

 

Director and Principal Executive Officer,

 

 

 

 

Invesco Capital Management LLC

 

 

 

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas;

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Senior Vice President, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as

 

 

 

 

Invesco AIM Investment Services, Inc.) Senior

 

 

 

 

Vice President, The Invesco Funds; Managing

 

 

 

 

Director, Invesco Capital Management LLC;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Senior Vice President, Invesco

 

 

 

 

Capital Markets, Inc. (formerly known as

 

 

 

 

Van Kampen Funds Inc.); Manager, Invesco

 

 

 

 

Indexing LLC; Manager, Invesco Specialized

 

 

 

 

Products, LLC; Director and Senior Vice

 

 

 

 

President, Invesco Insurance Agency, Inc.;

 

 

 

 

Member, Invesco Canada Funds Advisory

 

 

 

 

Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate

 

 

 

 

mutual fund company); and Director,

 

 

 

 

Chairman, President and Chief Executive

 

 

 

 

Officer, Invesco Canada Ltd. (formerly known

 

 

 

 

as Invesco Trimark Ltd./Invesco Trimark Ltèe)

 

 

 

 

(registered investment adviser and registered

 

 

 

 

transfer agent)

 

 

 

 

Formerly: Director and Senior Vice President,

 

 

 

 

Invesco Management Group, Inc. (formerly

 

 

 

 

known as Invesco AIM Management Group,

 

 

 

 

Inc.); Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group, Inc.);

 

 

 

 

Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.); Chief Legal Officer and

 

 

 

 

 

 

 

84 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

John M. Zerr (Continued)

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Director,

 

 

 

 

Secretary, General Counsel and Senior Vice

 

 

 

 

President, Van Kampen Exchange Corp.;

 

 

 

 

Director, Vice President and Secretary, IVZ

 

 

 

 

Distributors, Inc. (formerly known as INVESCO

 

 

 

 

Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice

 

 

 

 

President, Van Kampen Advisors Inc.; Director,

 

 

 

 

Vice President, Secretary and General Counsel,

 

 

 

 

Van Kampen Investor Services Inc.; Director

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director, Senior Vice President, General

 

 

 

 

Counsel and Secretary, Invesco AIM Advisers,

 

 

 

 

Inc. and Van Kampen Investments Inc.;

 

 

 

 

Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice

 

 

 

 

President, Secretary, General Counsel and Vice

 

 

 

 

President, Invesco AIM Capital Management,

 

 

 

 

Inc.; Chief Operating Officer and General

 

 

 

 

Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

 

 

 

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.;

N/A

N/A

Senior Vice President

 

Director, Chairman, President, and Chief

 

 

 

 

Executive Officer, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Director, Invesco Mortgage Capital, Inc. and

 

 

 

 

Invesco Senior Secured Management, Inc.;

 

 

 

 

and Senior Vice President, The Invesco Funds;

 

 

 

 

and President, SNW Asset Management

 

 

 

 

Corporation and Invesco Managed Accounts,

 

 

 

 

LLC

 

 

 

 

Formerly: Senior Vice President, Invesco

 

 

 

 

 

 

 

85 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Gregory G. McGreevey

 

Management Group, Inc. and Invesco Advisers,

 

 

(Continued)

 

Inc.; Assistant Vice President, The Invesco

 

 

 

 

Funds

 

 

 

 

 

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer

N/A

N/A

Vice President, Principal

 

– Investments Pool, Invesco Specialized

 

 

Financial Officer and Assistant

 

Products, LLC; Vice President, Principal

 

 

Treasurer

 

Financial Officer and Assistant Treasurer,

 

 

 

 

The Invesco Funds; Principal Financial and

 

 

 

 

Accounting Officer – Pooled Investments,

 

 

 

 

Invesco Capital Management LLC; Vice

 

 

 

 

President and Treasurer, Invesco Exchange-

 

 

 

 

Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund

 

 

 

 

Trust and Invesco Exchange-Traded Self-

 

 

 

 

Indexed Fund Trust; Vice President, Invesco

 

 

 

 

Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco

 

 

 

 

Specialized Products, LLC; Assistant Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust; Assistant

 

 

 

 

Treasurer, Invesco Capital Management LLC;

 

 

 

 

Assistant Vice President, The Invesco Funds

 

 

 

 

 

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance

N/A

N/A

Anti-Money Laundering

 

Officer for Invesco U.S. entities including;

 

 

Compliance Officer

 

Invesco Advisers, Inc. and its affiliates, Invesco

 

 

 

 

Capital Markets, Inc., Invesco Distributors, Inc.,

 

 

 

 

Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC,

 

 

 

 

Invesco Trust Company; and Fraud Prevention

 

 

 

 

Manager for Invesco Investment Services, Inc.

 

 

 

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers,

N/A

N/A

Chief Compliance Officer

 

Inc. (registered investment adviser); and Chief

 

 

 

 

Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam

 

 

 

 

Investments and the Putnam Funds

 

 

 

 

 

 

 

86 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza,

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers

Suite 1000

1555 Peachtree Street, N.E.

11 Greenway Plaza,

LLP

Houston, TX 77046-1173

Atlanta, GA 30309

Suite 1000

1000 Louisiana Street,

 

 

Houston, TX

Suite 5800

 

 

77046-1173

Houston, TX 77002-5021

Counsel to the Fund

Counsel to the

Transfer Agent

Custodian

Stradley Ronon Stevens & Young,

Independent Trustees

Invesco Investment

JPMorgan Chase Bank

LLP

Goodwin Procter LLP

Services, Inc.

Citibank, N.A.

2005 Market Street,

901 New York Avenue, N.W.

11 Greenway Plaza,

111 Wall Street

Suite 2600

Washington, D.C. 20001

Suite 1000

New York, NY 10005

Philadelphia, PA 19103-7018

 

Houston, TX

 

 

 

77046-1173

 

87 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the "Website"). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as "we" or "Invesco" in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review

the Terms of Use1 to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

1NTD

88 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services ("Providers"). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The "Help" section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

89 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE Continued

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children's Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE Atlanta, GA 30309 By phone:

(404)439-3236 By fax:

(404)962-8288 By email: Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

90 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

•Request that we amend, rectify, delete or update the personal data we hold about you;

•Where possible (e.g. in relation to marketing) amend or update your choices around processing;

•Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

91 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

 

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Invesco Distributors, Inc.

O-ROLTCAM-AR-1 04282020

Shareholder Report for the

Seven Months Ended 02/29/2020

Invesco

Oppenheimer

Rochester® New

Jersey Municipal

Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

*Prior to the close of business on May 24, 2019, the Fund's name was Oppenheimer Rochester New Jersey Municipal Fund. See Important Update on the following page for more information.

 

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, "OppenheimerFunds"). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco's Client Services team at 800-959-4246.

 

Table of Contents

 

Fund Performance Discussion

4

Top Holdings and Allocations

8

Fund Expenses

12

Schedule of Investments

14

Statement of Assets and Liabilities

23

Statement of Operations

25

Statement of Changes in Net Assets

26

Financial Highlights

27

Notes to Financial Statements

35

Report of Independent Registered Public Accounting Firm

49

Tax Information

51

Portfolio Proxy Voting Policies and Guidelines; Updates to

 

Schedule of Investments

52

Trustees and Officers

53

Invesco's Privacy Notice

65

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 2/29/20

 

 

 

 

 

 

Class A Shares of the Fund

 

 

Without Sales Charge

With Sales Charge

Bloomberg Barclays

 

Municipal Bond Index

 

 

 

1-Year

11.61%

6.87%

9.46%

5-Year

4.69

3.78

4.01

10-Year

5.21

4.76

4.51

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where "without sales charge" is indicated. As the result of a reorganization after the close of business 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 those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual's investment. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

3 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

Fund Performance Discussion

Performance Summary

The Fund's Class A shares (without sales charge) returned 11.61% during 1-year reporting period ended February 29, 2020, outperforming the Bloomberg Barclays Municipal Bond Index, the Fund's benchmark (the "Index"), which returned 9.46%. During the 7-month period ended February 29, 2020, the Fund's Class A shares (without sales charge) returned 6.00%, outperforming the Index which returned 4.66%.

Please note that the fiscal year end for the Fund has changed to February 29, 2020.

Market conditions and your Fund

New Jersey revenues are up 6.1% year over year through the end of January

2020.1 However, a large part of this was due to one-time, non-recurring sources, specifically corporate business tax (CBT) revenues that experienced a boost due to the implementation of a CBT surtax on January 1, 2018 (fiscal year 2018). The 2.5% surtax runs through the end of 2019 (1st half of FY20), at which point the surtax drops to 1.5%; the surtax is set to expire at the end of 2021. The current situation with the Coronavirus will also likely put a damper on revenue growth for the remainder of FY20.

Additional financial pressures could arise due to the potential impact of recent stock market returns on the state's pension fund. Prior to the market sell-off, pension contributions were scheduled to increase by $700 million in FY21 (fiscal year end June 30) and the annual contribution amounts could increase in the future, potentially making it more difficult for the state to pass a structurally balanced

budget for FY21. Additionally, because New Jersey's pension funded ratio is currently at 26% and because the state not yet fully funding its annual pension costs, budgetary flexibility is low.

The state's economy appeared to have been slowing, with the six-month Philly Fed Leading Index (as of December 2019) projecting the state's coincident index to increase by 0.8% over the next six months, compared to the national average of 1.5%.2

The broad municipal bond market experienced positive returns for the sixth consecutive year at the close of 2019, and performance remained strong throughout the fiscal year. Investment grade municipal bonds returned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.3 Investment grade and high yield municipals were among the best performing asset classes over the fiscal year.

4 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key driver of strong municipal demand in 2019. We believe that these tax changes have yet to be fully realized and should continue to drive performance into 2020. During the fiscal year, municipal bonds withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as

2.79% and as low as 1.13% where it ended the fiscal year.4 The municipal bond market performed positively as technical conditions (favorable demand and supply balances) continued to provide tailwinds.

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September and October 2019, citing uncertainty about the global economic outlook.5 On October 30, 2019, after the third cut, the Fed indicated that any further changes would be based on economic data.

Throughout 2019 we saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led investors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" that eliminated the risk of a government shutdown and the UK election results set the stage for an orderly exit from the European Union on January 31, 2020.

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of 25% from the previous fiscal year.6 Flows into the municipal bond asset class were positive for the fiscal year.7 Fund flows totaled $97.2 billion from February 2019 through February 2020.7

The end of the fiscal year brought a major market shift as macroeconomic concerns regarding the global outbreak of the Coronavirus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to quality assets, such as municipal bonds. This resulted in a strong rally in February 2020.

At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020.

Over the fiscal year, security selection in many sectors – including tobacco, government appropriation, and General Obligation bonds, the Fund's largest, second largest, and eighth largest sectors, respectively - significantly contributed to the Fund's performance. Transportation infrastructure and education, among other sectors, were also strong contributors to the Fund's performance. The security selection in sales tax revenue was a detractor.

5 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

During the fiscal year, leverage contributed to the Fund's performance. The Fund achieved a leveraged position through the use of inverse floating rate securities and tender option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation in municipal holdings when interest rates declined. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use

of leverage also can expose shareholders to additional volatility. For more information about the Fund's use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall

faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Thank you for investing in Invesco Oppenheimer Rochester New Jersey Municipal Fund and for sharing our long-term investment horizon.

1 Source: New Jersey Office of Legislative Services.

2 Source: Federal Reserve Bank of Philadelphia

3 Source: Bloomberg Barclays

4 Source: US Department of the Treasury

5 Source: US Federal Reserve

6 Source: The Bond Buyer

7 Source: Strategic Insight

Portfolio Managers: Mark Paris, Joshua

Cooney, Elizabeth S. Mossow, Timothy

O'Reilly, Julius Williams

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation

6 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

7 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

Top Holdings and Allocations

TOP TEN CATEGORIES

 

 

 

Industrial Development Revenue/

16.1%

Pollution Control Revenue

12.1

Tobacco Settlement

Dedicated Tax

10.6

Higher Education

8.5

Other Transportation

8.1

Charter School

7.5

Hospital

6.4

Prerefunded/Escrowed to Maturity

6.3

State General Obligation

3.8

Port

3.4

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of February 29, 2020 and are based on total market value of investments.

For more current Fund holdings, please visit invesco.com.

CREDIT ALLOCATION

 

 

 

 

 

 

 

NRSRO-

Adviser-

 

 

Rated

Rated

Total

AAA

0.0%

2.4%

2.4%

AA

16.8

0.0

16.8

A

22.6

0.0

22.6

BBB

34.3

0.0

34.3

BB or lower

14.3

9.6

23.9

Total

88.0%

12.0%

100.0%

The percentages above are based on the market value of the securities as of February 29, 2020 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund's assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security's rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser's credit analysis process is consistent or comparable with any NRSRO's process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs' four highest categories – AAA, AA, A and BBB – are investment-grade securities. For further details, please consult the Fund's prospectus or Statement of Additional Information.

8 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

Date

1-Year

5-Year

10-Year

Inception

Class A (ONJAX)

3/1/94

11.61%

4.69%

5.21%

4.84%

Class C (ONJCX)

8/29/95

10.92

3.97

4.45

4.63

Class Y (ONJYX)

11/29/10

11.86

4.89

N/A

5.40

Class R6 (IORJX)*

5/24/19

11.85

4.73

5.24

N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

Date

1-Year

5-Year

10-Year

Inception

Class A (ONJAX)

3/1/94

6.87%

3.78%

4.76%

4.67%

Class C (ONJCX)

8/29/95

9.92

3.97

4.45

4.63

Class Y (ONJYX)

11/29/10

11.86

4.89

N/A

5.40

Class R6 (IORJX)*

5/24/19

11.85

4.73

5.24

N/A

*Class R6 shares' performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund's Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class

A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements.

9 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

 

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Invesco Oppenheimer Rochester New Jersey Municipal Fund (Class A shares with sales charge) Bloomberg Barclays Municipal Bond Index

U.S. Consumer Price Index

$20,000

 

 

 

 

 

 

 

 

 

 

 

$15,918

15,000

 

 

 

 

 

 

 

 

 

 

$15,538

 

 

 

 

 

 

 

 

 

 

 

$11,935

10,000

 

 

 

 

 

 

 

 

 

 

 

5,000

 

 

 

 

 

 

 

 

 

 

 

0

|

|

|

|

|

|

|

|

|

|

|

 

2/28/10

2/28/11

2/29/12

2/28/13

2/28/14

2/28/15

2/29/16

2/28/17

2/28/18

2/28/19

2/29/20

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class Y and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, and Class Y shares of the predecessor fund were reorganized into Class A, Class C, and Class Y shares, respectively, of the Fund. Class R6 shares' performance shown prior to the inception date

is that of the predecessor fund's Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class Y, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund's performance is compared to the performance of the Bloomberg Barclays Municipal Bond Index, which is an index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. The Fund's performance

is also compared to the U.S. Consumer Price Index, a non-securities index that measures changes in the inflation rate. Indices are unmanaged, and an investment cannot be made into an index. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund's performance and does not predict or depict

10 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

performance of the Fund. The Fund's performance reflects the effects of the Fund's business and operating expenses.

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

Before investing in any of the Invesco funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting invesco.com, or calling 1.800.AIM.LINE (246-5463). Read prospectuses and summary prospectuses carefully before investing.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency and involve investment risks, including the possible loss of the principal amount invested.

11 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended February 29, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During 6 Months Ended February 29, 2020" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the "hypothetical" section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

12 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

 

Beginning

Ending

Expenses

 

Account

Account

Paid During

 

Value

Value

6 Months Ended

Actual

September 1, 2019

February 29, 2020

February 29, 2020

Class A

$ 1,000.00

$ 1,041.90

$

5.96

Class C

1,000.00

1,037.50

 

9.26

Class Y

1,000.00

1,042.00

 

4.73

Class R6

1,000.00

1,043.80

 

4.23

Hypothetical

 

 

 

 

(5% return before expenses)

 

 

 

 

Class A

1,000.00

1,019.05

 

5.89

Class C

1,000.00

1,015.81

 

9.16

Class Y

1,000.00

1,020.24

 

4.68

Class R6

1,000.00

1,020.74

 

4.18

Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended February 29, 2020 are as follows:

Class

Expense Ratios

 

 

Class A

1.17%

 

 

Class C

1.82

Class Y

0.93

Class R6

0.83

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund's Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund's prospectus. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

13 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS February 29, 2020

Principal

 

 

 

 

 

Amount

 

 

Coupon

Maturity

Value

Municipal Bonds and Notes—106.3%

 

 

 

New Jersey—80.3%

 

 

 

 

$1,250,000

Atlantic City (City of), NJ; Series 2017 A, Ref. GO

 

 

 

 

Bonds

 

5.000%

03/01/2042 $

1,496,362

1,000,000

Camden (County of), NJ Improvement Authority;

 

 

 

 

Series 2014, Ref. RB

5.000

02/15/2033

1,139,010

1,000,000

Camden (County of), NJ Improvement Authority;

 

 

 

 

Series 2014, Ref. RB

5.000

02/15/2034

1,137,440

1,000,000

Camden (County of), NJ Improvement Authority;

 

 

 

 

Series 2014, Ref. RB

5.000

02/15/2035

1,135,640

420,000

Casino Reinvestment Development Authority;

 

 

 

 

Series 2004, RB

5.000

01/01/2025

421,071

770,000

Casino Reinvestment Development Authority;

 

 

 

 

Series 2004, RB

5.250

01/01/2022

772,241

1,665,000

Casino Reinvestment Development Authority;

 

 

 

 

Series 2004, RB

5.250

01/01/2024

1,669,662

1,000,000

Casino Reinvestment Development Authority;

 

 

 

 

Series 2014, Ref. RB

5.000

11/01/2028

1,139,450

2,000,000

Casino Reinvestment Development Authority;

 

 

 

 

Series 2014, Ref. RB

5.000

11/01/2031

2,269,200

3,000,000

Casino Reinvestment Development Authority;

 

 

 

 

Series 2014, Ref. RB

5.250

11/01/2039

3,382,800

3,000,000

Casino Reinvestment Development Authority;

 

 

 

 

Series 2014, Ref. RB

5.250

11/01/2044

3,370,500

250,000

Essex (County of), NJ Improvement Authority

 

 

 

 

(Newark); Series 2010 A, RB

6.250

11/01/2030

258,827

120,000

Essex (County of), NJ Improvement Authority;

 

 

 

 

Series 1999, RB

5.125

04/01/2029

120,203

75,000

Essex (County of), NJ Utilities Authority; Series

 

 

 

 

2009, Ref. RB

4.125

04/01/2022

75,147

50,000

Essex (County of), NJ Utilities Authority; Series

 

 

 

 

2009, Ref. RB

5.000

04/01/2020

50,129

140,000

Garden State Preservation Trust; Series 2003 B,

 

 

 

 

RB

 

3.565 1

11/01/2026

127,379

460,000

Garden State Preservation Trust; Series 2005 A,

 

 

 

 

RB

 

5.750

11/01/2028

589,219

2,655,000

Hudson (County of), NJ Improvement Authority;

 

 

 

 

Series 2011, RB

5.500

06/01/2041

2,798,954

10,000

Lavallette School District; Series 2005, GO Bonds

4.200

02/01/2025

10,024

20,000

Middlesex (County of), NJ Improvement

 

 

 

 

Authority; Series 2000, RB

5.500

09/01/2030

20,069

445,000

New Brunswick (City of), NJ Parking Authority;

 

 

 

 

Series 2012, Ref. RB

5.000

09/01/2027

487,159

605,000

New Brunswick (City of), NJ Parking Authority;

 

 

 

 

Series 2012, Ref. RB

5.000

09/01/2029

662,929

600,000

New Jersey (State of) Building Authority; Series

 

 

 

 

2016 A, Ref. RB

5.000

06/15/2028

725,190

300,000

New Jersey (State of) Building Authority; Series

 

 

 

 

2016 A, Ref. RB

5.000

06/15/2029

361,638

 

14

INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

New Jersey (Continued)

 

 

 

$5,320,000

New Jersey (State of) Economic Development

 

 

 

 

Authority (American Water Co., Inc.); Series 2010

 

 

 

 

B, Ref. RB

5.600%

11/01/2034 $

5,355,910

2,500,000

New Jersey (State of) Economic Development

 

 

 

 

Authority (American Water Co., Inc.); Series 2019,

 

 

 

 

Ref. VRD RB

2.200 2

10/01/2039

2,607,050

725,000

New Jersey (State of) Economic Development

 

 

 

 

Authority (Beloved Community Charter School,

 

 

 

 

Inc.); Series 2019 A, RB

5.000

06/15/2054

791,809

2,000,000

New Jersey (State of) Economic Development

 

 

 

 

Authority (Black Horse EHT Urban Renewal LLC);

 

 

 

 

Series 2019 A, RB

5.000

10/01/2039

2,070,740

100,000

New Jersey (State of) Economic Development

 

 

 

 

Authority (Continental Airlines, Inc.); Series 1999,

 

 

 

 

RB

5.250

09/15/2029

110,050

25,000

New Jersey (State of) Economic Development

 

 

 

 

Authority (Elite Pharmaceuticals, Inc. - 2005);

 

 

 

 

Series 2005 A, RB

6.500

09/01/2030

23,487

750,000

New Jersey (State of) Economic Development

 

 

 

 

Authority (New Jersey Transportation Bonds);

 

 

 

 

Series 2020 A, RB

4.000

11/01/2044

857,723

2,515,000

New Jersey (State of) Economic Development

 

 

 

 

Authority (Newark Downtown District

 

 

 

 

Management Corp.); Series 2019, Ref. RB

5.125

06/15/2037

3,141,411

10,650,000

New Jersey (State of) Economic Development

 

 

 

 

Authority (The Goethals Bridge Replacement);

 

 

 

 

Series 2013, RB

5.375

01/01/2043

12,128,220

65,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 1997 A, RB

6.827 1

07/01/2021

64,094

25,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 1997 A, RB

7.147 1

07/01/2020

24,916

2,385,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 1997 A, Ref. RB

5.875

12/01/2026

2,391,678

90,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 1998 B, RB

6.500

04/01/2031

103,821

55,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 1999 A, RB

6.250

07/01/2024

55,186

20,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2004 A, Ref. RB

5.000

06/15/2020

20,058

1,000,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2011 GG, Ref. RB

5.250

09/01/2026

1,041,240

1,515,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2012 A, RB

5.000

06/15/2037

1,621,550

1,250,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2012 A, RB

5.125

06/15/2043

1,338,325

2,095,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2012, Ref. RB

5.000

06/15/2028

2,246,846

750,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2012, Ref. RB

5.000

06/15/2029

803,175

15 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

New Jersey (Continued)

 

 

 

$3,200,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2013, RB

6.000%

10/01/2043 $

3,648,864

1,700,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2014, RB

5.250

01/01/2044

1,791,290

3,000,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2015 WW, Ref. RB

5.000

06/15/2035

3,484,320

3,000,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2015 WW, Ref. RB

5.000

06/15/2036

3,477,690

500,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2017 A, RB

5.000

07/01/2037

576,250

3,000,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2017 A, Ref. RB

5.000

07/01/2033

3,669,420

1,000,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2017, RB

5.000

07/15/2047

1,167,630

1,000,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2017, Ref. RB

5.000

06/01/2042

1,202,380

1,000,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2018 A, RB

5.000

10/01/2033

1,108,730

350,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2018 A, RB

5.000

07/01/2038

415,300

3,000,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2018 A, RB

5.000

06/15/2047

3,585,150

3,000,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2018 A, RB

5.000

12/01/2048

3,576,660

1,000,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2018 A, RB

5.000

07/01/2050

1,165,280

2,500,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2018 A, RB

5.250

10/01/2038

2,782,525

275,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2018 A, RB

5.375

09/01/2033

288,860

765,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2018 A, RB

5.625

09/01/2038

805,874

525,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2018 A, RB

6.250

11/01/2038

620,844

2,500,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2018 A, RB

6.500

11/01/2052

2,949,525

365,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2018 B, RB

6.000

11/01/2022

373,567

1,000,000

New Jersey (State of) Economic Development

 

 

 

 

Authority; Series 2019, RB

4.000

06/15/2044

1,146,040

1,395,000

New Jersey (State of) Educational Facilities

 

 

 

 

Authority (Georgian Court University); Series

 

 

 

 

2017 G, Ref. RB

5.000

07/01/2030

1,606,036

1,590,000

New Jersey (State of) Educational Facilities

 

 

 

 

Authority (Georgian Court University); Series

 

 

 

 

2017 G, Ref. RB

5.000

07/01/2033

1,818,785

1,485,000

New Jersey (State of) Educational Facilities

 

 

 

 

Authority (Georgian Court University); Series

 

 

 

 

2017 G, Ref. RB

5.000

07/01/2035

1,692,083

16 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

New Jersey (Continued)

 

 

 

$1,640,000

New Jersey (State of) Educational Facilities

 

 

 

 

Authority (Georgian Court University); Series

 

 

 

 

2017 G, Ref. RB

5.000%

07/01/2036 $

1,865,188

3,000,000

New Jersey (State of) Educational Facilities

 

 

 

 

Authority (Stevens Institute of Technology); Series

 

 

 

 

2020 A, Ref. RB3

4.000

07/01/2050

3,550,740

5,000

New Jersey (State of) Educational Facilities

 

 

 

 

Authority; Series 2002 A, RB

5.000

09/01/2022

5,016

10,000

New Jersey (State of) Educational Facilities

 

 

 

 

Authority; Series 2007 F, Ref. RB

4.125

07/01/2025

10,025

1,000,000

New Jersey (State of) Educational Facilities

 

 

 

 

Authority; Series 2012 A, RB

5.000

07/01/2037

1,042,700

2,000,000

New Jersey (State of) Educational Facilities

 

 

 

 

Authority; Series 2017 B, RB

5.000

07/01/2047

2,426,180

185,000

New Jersey (State of) Educational Facilities

 

 

 

 

Authority; Series 2017 F, RB

5.000

07/01/2035

220,770

300,000

New Jersey (State of) Educational Facilities

 

 

 

 

Authority; Series 2017 F, RB

5.000

07/01/2036

357,324

3,250,000

New Jersey (State of) Educational Facilities

 

 

 

 

Authority; Series 2017 F, RB

5.000

07/01/2047

3,797,040

1,325,000

New Jersey (State of) Health Care Facilities

 

 

 

 

Financing Authority (AHS Hospital Corp.); Series

 

 

 

 

2008 B, VRD RB

1.250

07/01/2036

1,325,000

2,000,000

New Jersey (State of) Health Care Facilities

 

 

 

 

Financing Authority (AHS Hospital Corp.); Series

 

 

 

 

2008 C, VRD RB

1.140 2

07/01/2036

2,000,000

2,000,000

New Jersey (State of) Health Care Facilities

 

 

 

 

Financing Authority (University Hospital); Series

 

 

 

 

2015 A, RB

5.000

07/01/2046

2,304,020

2,500,000

New Jersey (State of) Health Care Facilities

 

 

 

 

Financing Authority (Valley Health System

 

 

 

 

Obligated Group); Series 2019, RB

4.000

07/01/2044

2,943,675

5,085,000

New Jersey (State of) Health Care Facilities

 

 

 

 

Financing Authority; Series 2010, RB

5.000

11/15/2033

5,234,804

1,960,000

New Jersey (State of) Health Care Facilities

 

 

 

 

Financing Authority; Series 2013, Ref. RB

5.000

08/15/2034

2,165,330

3,000,000

New Jersey (State of) Health Care Facilities

 

 

 

 

Financing Authority; Series 2014, Ref. RB

5.000

07/01/2044

3,483,000

2,000,000

New Jersey (State of) Health Care Facilities

 

 

 

 

Financing Authority; Series 2017, Ref. RB

5.000

10/01/2038

2,440,280

1,210,000

New Jersey (State of) Higher Education Student

 

 

 

 

Assistance Authority; Series 2011 1, RB

5.500

12/01/2025

1,283,495

30,000

New Jersey (State of) Higher Education Student

 

 

 

 

Assistance Authority; Series 2011 1, RB

5.750

12/01/2029

31,921

1,000,000

New Jersey (State of) Higher Education Student

 

 

 

 

Assistance Authority; Series 2019 C, Ref. RB

3.625

12/01/2049

1,068,840

870,000

New Jersey (State of) Housing & Mortgage

 

 

 

 

Finance Agency; Series 2018 A, Ref. RB

3.950

11/01/2043

966,022

17 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

New Jersey (Continued)

 

 

 

$960,000

New Jersey (State of) Housing & Mortgage

 

 

 

 

Finance Agency; Series 2018 BB, Ref. RB

3.800%

10/01/2032 $

1,068,778

510,000

New Jersey (State of) Housing and Mortgage

 

 

 

 

Finance Agency; Series 2019 A, RB

3.000

11/01/2044

536,209

865,000

New Jersey (State of) Housing and Mortgage

 

 

 

 

Finance Agency; Series 2019 A, RB

3.050

11/01/2049

906,918

2,000,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

Authority; Series 2008 A, RB

4.298 1

12/15/2037

1,316,840

1,200,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

Authority; Series 2010 A, RB

3.726 1

12/15/2028

1,026,384

4,518,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

Authority; Series 2011 A, RB

6.000

06/15/2035

4,818,492

1,625,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

Authority; Series 2012 AA, RB

5.000

06/15/2038

1,746,355

3,540,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

Authority; Series 2018 A, Ref. RN

5.000

06/15/2031

4,236,920

3,000,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

Authority; Series 2019 A, RB

4.000

12/15/2039

3,476,550

1,000,000

New Jersey (State of) Transportation Trust Fund

 

 

 

 

Authority; Series 2019, Ref. RB

5.000

12/15/2039

1,260,550

2,000,000

New Jersey (State of) Turnpike Authority; Series

 

 

 

 

2019 A, RB

5.000

01/01/2048

2,527,500

760,000

Newark (City of), NJ Housing Authority; Series

 

 

 

 

2007, Ref. RB

5.000

01/01/2032

985,530

1,000,000

Newark (City of), NJ Housing Authority; Series

 

 

 

 

2017, Ref. RB

4.000

01/01/2037

1,158,550

3,000,000

Newark (City of), NJ; Series 2015 A, GO Bonds

5.000

07/15/2029

3,355,230

430,000

Newark (City of), NJ; Series 2015 B, GO Bonds

5.000

07/15/2029

498,172

5,000,000

NJ GO4

5.000

06/01/2028

6,342,800

6,330,000

Rutgers State University NJ4

5.000

05/01/2029

7,155,103

5,380,000

Rutgers State University NJ4

5.000

05/01/2030

6,078,849

4,000,000

Rutgers State University NJ4

5.000

05/01/2038

4,517,750

1,350,000

South Jersey Port Corp.; Series 2016 S-1, Ref. RB

5.000

01/01/2039

1,570,226

3,650,000

South Jersey Transportation Authority LLC; Series

 

 

 

 

2014 A, Ref. RB

5.000

11/01/2039

4,192,171

750,000

South Jersey Transportation Authority; Series

 

 

 

 

2019 A, Ref. RB

5.000

11/01/2033

978,030

2,000,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

A, Ref. RB

5.000

06/01/2037

2,498,840

3,350,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

A, Ref. RB

5.250

06/01/2046

4,159,226

3,400,000

Tobacco Settlement Financing Corp.; Series 2018

 

 

 

 

B, Ref. RB

5.000

06/01/2046

4,007,410

18 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

New Jersey (Continued)

 

 

 

 

$55,000

Union (County of), NJ Improvement Authority;

 

 

 

 

 

Series 1998 A, RB

5.000%

03/01/2028 $

55,163

 

 

 

 

 

212,966,551

 

 

 

 

 

New York—8.1%

 

 

 

 

5,100,000

New York & New Jersey (States of) Port Authority

 

 

 

 

 

(JFK International Air Terminal LLC); Series 2010

 

 

 

 

 

8, RB

6.500

12/01/2028

 

5,326,695

850,000

New York & New Jersey (States of) Port Authority;

 

 

 

 

 

Series 2017 206, Ref. RB

5.000

11/15/2037

 

1,066,274

2,000,000

New York & New Jersey (States of) Port Authority;

 

 

 

 

 

Series 2019 220, RB

4.000

11/01/2059

 

2,326,040

1,500,000

New York & New Jersey (States of) Port Authority;

 

 

 

 

 

Series 2019, RB

5.000

11/01/2049

 

1,918,365

1,784,000

New York & New Jersey (States of), NY Port

 

 

 

 

 

Authority (JFK International Air Terminal LLC);

 

 

 

 

 

Series 1997 6, RB

5.750

12/01/2022

 

1,835,593

8,720,000

New York & New Jersey (States of), NY Port

 

 

 

 

 

Authority (JFK International Air Terminal LLC);

 

 

 

 

 

Series 1997 6, RB

5.750

12/01/2025

 

8,980,641

20,000

New York & New Jersey (States of), NY Port

 

 

 

 

 

Authority (JFK International Air Terminal LLC);

 

 

 

 

 

Series 2010, RB

6.000

12/01/2042

 

20,760

 

 

 

 

 

21,474,368

 

 

 

 

 

U.S. Possessions—17.9%

 

 

 

 

19,000,000

Children's Trust Fund; Series 2002, RB

5.625

05/15/2043

 

19,665,380

125,000

Guam (Territory of) Power Authority; Series 2012

 

 

 

 

 

A, Ref. RB

5.000

10/01/2024

 

137,785

250,000

Guam (Territory of) Power Authority; Series 2012

 

 

 

 

 

A, Ref. RB

5.000

10/01/2030

 

274,685

10,000

Guam Housing Corp.; Series 1998 A, RB

5.750

09/01/2031

 

10,330

1,820,000

Northern Mariana Islands (Commonwealth of)

 

 

 

 

 

Ports Authority; Series 1998 A, RB

6.250

03/15/2028

 

1,820,000

45,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2005 SS, Ref. RB, NPFGC

5.000

07/01/2020

 

45,335

550,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2010 AAA, RB5

5.250

07/01/2031

 

440,688

500,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2010 AAA-RSA-1, RB5

5.250

07/01/2030

 

400,625

45,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2012 A, RB5

5.050

07/01/2042

 

35,944

165,099

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2016 E-1, RB5

10.000

01/1/2021

 

148,795

165,099

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2016 E-2, RB5

10.000

07/01/2021

 

148,795

55,033

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

 

Authority; Series 2016 E-2, RB5

10.000

1/1/2022

 

49,598

19 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

Principal

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

$55,033

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2016 E-4, RB5

10.000%

07/01/2022 $

49,598

175,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2000, RB

6.625

06/01/2026

181,125

1,000,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2002 A, Ref.

 

 

 

 

RB, ACA

5.000

08/01/2032

1,002,200

930,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2006, RB

5.000

03/01/2036

931,190

100,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2012, Ref. RB

5.125

04/01/2032

103,050

100,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2012, Ref. RB

5.375

04/01/2042

103,000

975,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2005 A, RB, AMBAC

6.995 1

07/01/2035

511,154

4,750,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2005 B, RB5

5.000

07/01/2037

1,187,500

2,610,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2005 B, RB5

5.000

07/01/2041

652,500

575,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2006 B, RB5

5.000

07/01/2027

143,750

400,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

Financing Authority; Series 2007 A, RB5

6.500

10/01/2037

81,000

2,000,000

Puerto Rico (Commonwealth of) Municipal

 

 

 

 

Finance Agency; Series 2002 A, RB, AGC

5.250

08/01/2020

2,023,780

1,000,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

Authority; Series 2007 M-3, Ref. RB, NPFGC

6.000

07/01/2028

1,030,620

2,150,000

Puerto Rico (Commonwealth of); Series 2007 A,

 

 

 

 

GO Bonds5

5.250

07/01/2037

1,787,187

3,000,000

Puerto Rico (Commonwealth of); Series 2011 C,

 

 

 

 

Ref. GO Bonds5

6.500

07/01/2040

2,553,750

5,235,000

Puerto Rico Public Finance Corp.; Series 2011

 

 

 

 

B, RB5

6.000

08/01/2026

215,944

387,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

2018 A-1, RB

4.259 1

07/01/2027

331,048

401,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

2018 A-1, RB

4.500

07/01/2034

441,337

378,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

2018 A-1, RB

4.560 1

07/01/2029

306,668

1,940,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

2018 A-1, RB

4.823 1

07/01/2033

1,365,294

486,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

2018 A-1, RB

4.839 1

07/01/2031

366,833

20 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

Principal

 

 

 

 

 

Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

 

$1,371,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.000%

07/01/2058 $

1,572,359

7,086,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.656 1

07/01/2046

 

2,108,227

5,771,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.752 1

07/01/2051

 

1,247,517

2,062,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB

4.329

07/01/2040

 

2,291,707

60,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB

4.536

07/01/2053

 

66,983

1,100,000

Tobacco Settlement Financing Corp.; Series 2006,

 

 

 

 

 

RB

6.497 1

05/15/2035

 

394,581

3,100,000

Tobacco Settlement Financing Corp.; Series 2006,

 

 

 

 

 

RB

7.622 1

05/15/2035

 

993,984

50,000

Virgin Islands (Government of) Water & Power

 

 

 

 

 

Authority; Series 2007 A, RB

5.000

07/01/2024

 

48,553

15,000

Virgin Islands (Government of) Water & Power

 

 

 

 

 

Authority; Series 2007 A, RB

5.000

07/01/2026

 

14,364

85,000

Virgin Islands (Government of) Water & Power

 

 

 

 

 

Authority; Series 2007 A, RB

5.000

07/01/2027

 

80,943

 

 

 

 

 

47,365,706

 

 

 

 

 

Total Investments, at Value (Cost $269,582,312)—106.3%

 

 

 

281,806,625

Floating Rate Note Obligations—(5.9)

 

 

 

 

Notes with interest and fee rates ranging from 1.18% to 1.35% at

2/29/2020 and contractual

 

maturities of collateral ranging from 06/01/2025 to 05/01/20386

 

 

 

(15,530,000)

Net Other Assets (Liabilities)—(0.4)

 

 

 

(1,061,783)

Net Assets—100.0%

 

$

265,214,842

 

 

 

 

 

 

Footnotes to Schedule of Investments

1.Zero coupon bond reflects effective yield on the original acquisition date.

2.This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

3.All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Notes.

4.Security represents the underlying municipal bond with respect to an inverse floating rate security held by the

Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.

5.This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

6.Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 29, 2020. At February 29, 2020, the Fund's investments with a value of $24,094,502 are held by TOB

Trusts and serve as collateral for the $15,530,000 in the floating rate note obligations outstanding at that date.

To simplify the listings of securities, abbreviations are used per the table below:

ACA

American Capital Access

AGC

Assured Guaranty Corp.

21 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS Continued

To simplify the listings of securities, abbreviations are used per the table below: (Continued)

AHS

Adventist Health System

AMBAC

American Municipal Bond Assurance Corp.

GO

General Obligation

JFK

John Fitzgerald Kennedy

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

Ref.

Refunding

RN

Revenue Notes

RSA

Rocketship Spark Academy

VRD

Variable Rate Demand

See accompanying Notes to Financial Statements.

22 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

STATEMENT OF ASSETS AND LIABILITIES February 29, 2020

Assets

 

 

Investments, at value (cost $269,582,312) —see accompanying schedule of investments

$

281,806,625

Receivables and other assets:

 

 

Interest

 

2,908,575

Investments matured, at value (cost $336,193)

 

298,371

Shares of beneficial interest sold

 

291,084

Other

 

198,416

Total assets

 

285,503,071

 

 

 

Liabilities

 

 

Amount due to custodian

 

64,138

Payables and other liabilities:

 

 

Payable for short-term floating rate notes issued

 

15,530,000

Investments purchased

 

3,447,660

Shares of beneficial interest redeemed

 

858,108

Dividends

 

87,043

Trustees' compensation

 

69,099

Distribution and service plan fees

 

62,884

Shareholder communications

 

27,730

Transfer and shareholder servicing agent fees

 

23,941

Advisory fees

 

8,317

Administration fees

 

209

Other

 

109,100

Total liabilities

 

20,288,229

 

 

 

Net Assets

$

265,214,842

 

 

 

 

 

 

Composition of Net Assets

 

 

Shares of beneficial interest

$

396,128,470

Total accumulated loss

 

(130,913,628)

Net Assets

$

265,214,842

 

 

 

23 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

STATEMENT OF ASSETS AND LIABILITIES Continued

Net Asset Value Per Share

 

Class A Shares:

 

Net asset value and redemption price per share (based on net assets of $197,732,202 and

 

19,250,932 shares of beneficial interest outstanding)

$10.27

Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)

$10.73

 

 

Class C Shares:

 

Net asset value, redemption price (excludes applicable contingent deferred sales charge)

 

and offering price per share (based on net assets of $35,355,206 and 3,438,220 shares of

 

beneficial interest outstanding)

$10.28

 

 

Class Y Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of

 

$32,116,890 and 3,122,701 shares of beneficial interest outstanding)

$10.28

 

 

Class R6 Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of $10,544

 

and 1,027 shares of beneficial interest outstanding)

$10.27

See accompanying Notes to Financial Statements.

24 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

STATEMENT

OF OPERATIONS

 

Seven Months Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

Investment Income

 

 

 

 

Interest

$

6,737,423

$

13,776,239

Expenses

 

 

 

 

Advisory fees

 

864,280

 

1,488,013

Administration fees

 

21,716

 

3,051

Distribution and service plan fees:

 

 

 

 

Class A

 

274,617

 

392,027

Class C

 

190,080

 

606,470

Transfer and shareholder servicing agent fees:

 

 

 

 

Class A

 

83,364

 

151,971

Class C

 

15,648

 

64,767

Class Y

 

12,568

 

23,835

Class R6

 

3

 

1

Shareholder communications:

 

 

 

 

Class A

 

23,205

 

17,698

Class C

 

4,296

 

7,814

Class Y

 

3,498

 

3,816

Class R6

 

1

 

—

Interest expense and fees on short-term floating rate notes issued

 

182,918

 

445,234

Borrowing fees

 

105,025

 

322,384

Interest expense on borrowings

 

25,858

 

148,830

Trustees' compensation

 

14,752

 

5,886

Custodian fees and expenses

 

9,344

 

1,863

Other

 

83,445

 

154,665

Total expenses

 

1,914,618

 

3,838,325

Less waivers and reimbursements of expenses

 

(46,212)

 

(3,692)

Net expenses

 

1,868,406

 

3,834,633

 

 

 

 

 

Net Investment Income

 

4,869,017

 

9,941,606

 

 

 

 

 

Realized and Unrealized Gain

 

 

 

 

Net realized gain (loss) on investments transactions

 

336,834

 

(12,129,504)

Net change in unrealized appreciation

 

9,802,577

 

26,566,793

 

 

 

 

 

Net Increase in Net Assets Resulting from Operations

$

15,008,428

$

24,378,895

 

 

 

 

 

See accompanying Notes to Financial Statements.

25 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

STATEMENT OF CHANGES IN NET ASSETS

 

 

Seven Months

 

 

 

 

 

 

Ended

 

Year Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

 

July 31, 2018

Operations

 

 

 

 

 

 

Net investment income

$

4,869,017

$

9,941,606

$

8,858,975

 

 

 

 

 

 

 

Net realized gain (loss)

 

336,834

 

(12,129,504)

 

(17,751,789)

 

 

 

 

 

 

 

Net change in unrealized appreciation

 

9,802,577

 

26,566,793

 

17,551,210

Net increase in net assets resulting from operations

 

15,008,428

 

24,378,895

 

8,658,396

 

 

 

 

 

 

 

Dividends and/or Distributions to Shareholders

 

 

 

 

 

 

Distributions to shareholders from distributable

 

 

 

 

 

 

earnings:

 

 

 

 

 

 

Class A

 

(3,212,851)

 

(4,598,763)

 

(5,547,022)

Class B

 

—

 

—

 

(20,939)

Class C

 

(483,762)

 

(1,478,183)

 

(2,065,669)

Class Y

 

(526,105)

 

(780,744)

 

(914,187)

Class R6

 

(190)

 

(60)

 

—

Total distributions from distributable earnings

 

 

 

 

 

 

 

(4,222,908)

 

(6,857,750)

 

(8,547,817)

 

 

 

 

 

 

 

Beneficial Interest Transactions

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from

 

 

 

 

 

 

beneficial interest transactions:

 

 

 

 

 

 

Class A

 

(2,036,929)

 

17,676,806

 

(45,576,678)

Class B

 

—

 

—

 

(1,609,917)

Class C

 

(4,913,864)

 

(37,356,560)

 

(26,229,722)

Class Y

 

2,452,957

 

4,762,512

 

(14,241,261)

Class R6

 

—

 

10,000

 

—

Total beneficial interest transactions

 

 

 

 

 

 

 

(4,497,836)

 

(14,907,242)

 

(87,657,578)

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

Total increase (decrease)

 

6,287,684

 

2,613,903

 

(87,546,999)

 

 

 

 

 

 

 

Beginning of period

 

258,927,158

 

256,313,255

 

343,860,254

End of period

 

 

 

 

 

 

$

265,214,842

$

258,927,158

$

256,313,255

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

26 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS

Class A

Seven Months Ended

February 29,  Year Ended    Year Ended     Year Ended      Year Ended       Year Ended

       2020    July 31, 2019     July 31, 2018    July 31, 2017     July 31, 2016    July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$9.85

$9.19

$9.02

$9.70

$9.34

$9.67

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.19

0.39

0.29

0.38

0.43

0.48

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.40

0.54

0.16

(0.66)

0.40

(0.31)

Total from investment

 

 

 

 

 

 

operations

0.59

0.93

0.45

(0.28)

0.83

0.17

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.17)

(0.27)

(0.28)

(0.40)

(0.47)

(0.50)

Net asset value, end of period

$10.27

$9.85

$9.19

$9.02

$9.70

$9.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

6.00%

10.29%

5.22%

(3.01)%

9.25%

1.64%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$197,732

$191,704

$162,955

$207,958

$257,608

$263,873

Average net assets (in

 

 

 

 

 

 

thousands)

$193,287

$160,411

$170,793

$231,289

$260,521

$301,779

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

3.30%

4.08%

3.36%

4.05%

4.55%

4.89%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

1.00%

1.01%

1.07%

0.90%

0.87%

0.87%

Interest and fees from

 

 

 

 

 

 

borrowings

0.09%

0.19%

0.19%

0.13%

0.22%

0.23%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.12%

0.17%

0.04%

0.06%

0.04%

0.07%

Total expenses

1.21%

1.37%

1.30%

1.09%

1.13%

1.17%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

1.18%

1.36%

1.30%

1.09%

1.13%

1.17%

Portfolio turnover rate5

12%

17%

23%

9%

11%

7%

27 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

28 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

Class C

Seven Months Ended

February 29,  Year Ended    Year Ended     Year Ended      Year Ended       Year Ended

       2020    July 31, 2019    July 31, 2018     July 31, 2017   July 31, 2016     July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$9.87

$9.20

$9.04

$9.71

$9.35

$9.68

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.15

0.32

0.24

0.31

0.36

0.40

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.39

0.56

0.15

(0.64)

0.40

(0.30)

Total from investment

 

 

 

 

 

 

operations

0.54

0.88

0.39

(0.33)

0.76

0.10

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.13)

(0.21)

(0.23)

(0.34)

(0.40)

(0.43)

Net asset value, end of period

$10.28

$9.87

$9.20

$9.04

$9.71

$9.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

5.54%

9.66%

4.41%

(3.70)%

8.54%

0.87%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$35,355

$38,798

$71,388

$97,517

$124,488

$131,468

Average net assets (in

 

 

 

 

 

 

thousands)

$36,241

$67,327

$79,705

$112,466

$125,656

$142,243

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

2.64%

3.42%

2.70%

3.36%

3.80%

4.06%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

1.65%

1.66%

1.73%

1.62%

1.61%

1.62%

Interest and fees from

 

 

 

 

 

 

borrowings

0.09%

0.19%

0.19%

0.13%

0.22%

0.23%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.12%

0.17%

0.04%

0.06%

0.04%

0.07%

Total expenses

1.86%

2.02%

1.96%

1.81%

1.87%

1.92%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

1.83%

2.02%5

1.96%

1.81%

1.87%

1.92%

Portfolio turnover rate6

12%

17%

23%

9%

11%

7%

29 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.Waiver was less than 0.005%.

6.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.

30 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

Class Y

Seven Months Ended

February 29,  Year Ended     Year Ended     Year Ended      Year Ended      Year Ended

        2020     July 31, 2019  July 31, 2018     July 31, 2017    July 31, 2016     July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$9.87

$9.20

$9.04

$9.71

$9.35

$9.68

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.21

0.41

0.32

0.38

0.44

0.49

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.38

0.55

0.14

(0.63)

0.40

(0.30)

Total from investment

 

 

 

 

 

 

operations

0.59

0.96

0.46

(0.25)

0.84

0.19

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.18)

(0.29)

(0.30)

(0.42)

(0.48)

(0.52)

Net asset value, end of period

$10.28

$9.87

$9.20

$9.04

$9.71

$9.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

6.04%

10.65%

5.35%

(2.83)%

9.51%

1.79%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$32,117

$28,415

$21,970

$36,708

$28,817

$23,579

Average net assets (in

 

 

 

 

 

 

thousands)

$29,137

$25,202

$26,034

$32,570

$23,906

$25,005

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

3.54%

4.32%

3.61%

4.10%

4.66%

5.02%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.76%

0.77%

0.83%

0.73%

0.71%

0.72%

Interest and fees from

 

 

 

 

 

 

borrowings

0.09%

0.19%

0.19%

0.13%

0.22%

0.23%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.12%

0.17%

0.04%

0.06%

0.04%

0.07%

Total expenses

0.97%

1.13%

1.06%

0.92%

0.97%

1.02%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.94%

1.13%

1.06%

0.92%

0.97%

1.02%

Portfolio turnover rate5

12%

17%

23%

9%

11%

7%

31 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

32 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

Class R6

Seven Months

Ended                 Period

 February 29,       Ended

      2020        July 31, 20191

Per Share Operating Data

 

 

Net asset value, beginning of

 

 

period

$9.85

$9.74

Income (loss) from investment

 

 

operations:

 

 

Net investment income2

0.21

0.08

Net realized and unrealized

 

 

gain

0.40

0.08

Total from investment

 

 

operations

0.61

0.16

Dividends and/or distributions

 

 

to shareholders:

 

 

Dividends from net investment

 

 

income

(0.19)

(0.05)

Net asset value, end of period

$10.27

$9.85

 

 

 

 

 

 

Total Return, at Net Asset

 

 

Value3

6.21%

1.73%

 

 

 

Ratios/Supplemental Data

 

 

Net assets, end of period (in

 

 

thousands)

$11

$10

Average net assets (in

 

 

thousands)

$10

$10

Ratios to average net assets:4

 

 

Net investment income

3.64%

4.46%

Expenses excluding specific

 

 

expenses listed below

0.73%

0.71%

Interest and fees from

 

 

borrowings

0.09%

0.19%

Interest and fees on short-term

 

 

floating rate notes issued5

0.12%

0.17%

Total expenses

0.94%

1.07%

Expenses after payments,

 

 

waivers and/or

 

 

reimbursements and reduction

 

 

to custodian expenses

0.84%

0.99%

Portfolio turnover rate6

12%

17%

33 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

1.For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019.

2.Calculated based on the average shares outstanding during the period.

3.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.

4.Annualized for periods less than one full year.

5.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

6.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.

34 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS February 29, 2020

Note 1 - Significant Accounting Policies

Invesco Oppenheimer Rochester 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Rochester New Jersey Municipal Fund (the "Acquired Fund" or "Predecessor Fund"). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the "Reorganization Date") through the transfer of all of its assets and liabilities to the Fund (the "Reorganization").

Upon closing of the Reorganization, holders of the Acquired Fund's Class A, Class C, and Class Y shares received the corresponding class of shares of the Fund. Class R6 shares commenced operations on the Reorganization Date.

Effective August 31, 2019, the Fund's fiscal year end changed from July 31 to the last day in February.

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 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 and Class R6 shares are sold at net asset value. Class C shares held for ten 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 tenth 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 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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

35 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

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. 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 either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 transactions 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

36 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

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 income and realized and unrealized capital gains and losses to a class based on the relative net assets 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 and the country that has the primary market for the issuer's securities, 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.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America ("GAAP"), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

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 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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.

37 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

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 allocated to each share class based on relative net assets. 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 relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with GAAP, which 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.

H. 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.

I. Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

J. 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

38 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

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 generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund's net asset value to be more volatile than if it had

not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB 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 "Payable for short-term floating rate notes issued" 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 expense and fees on short-term floating rate notes issued" on the Statement of Operations.

39 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities' investments in, and relationships with, "covered funds", as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as "sponsors" of TOB Trusts. These duties may be performed by a third-party service provider. The Fund's expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust's municipal bonds. 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 Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and 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.

K. Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those

40 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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:

Fee Schedule*

Up to $200 million

0.60%

Next $100 million

0.55

Next $200 million

0.50

Next $250 million

0.45

Next $250 million

0.40

Over $1 billion

0.35

*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 seven months ended February 29, 2020, the effective advisory fee rate incurred by the Fund was 0.57%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (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.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the 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 0.97%, 1.62%, 0.73% and 0.63%, respectively, of the Fund's average daily net assets (the "expense 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend

41 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

expenses 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. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the seven months ended February 29, 2020, the Adviser reimbursed fund expenses of $34,269, $7,098, $4,839, and $6 for Class A, Class C, Class Y, and Class R6, respectively.

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 seven months ended February 29, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A., serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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 seven months ended February 29, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing 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 "Plan"). The Fund, pursuant to the Class A Plan, reimbursed 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, 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 Plan 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 Plan 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 plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the seven months ended February 29, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan 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

42 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

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 seven months ended February 29, 2020, IDI advised the Fund that IDI retained $6,237 in front-end sales commissions from the sale of Class A shares and $12 and $306 from Class A and Class C shares, respectively, for CDSC imposed on 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own 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 29, 2020, 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 - Trustee and Officer Fees and Benefits

The Fund has adopted an unfunded retirement plan (the "Plan") for the Fund's Independent

43 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the "Freeze Date") and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund's projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased

$

4,680

Payments Made to Retired Trustees

 

—

Accumulated Liability as of February 29, 2020

 

29,519

Certain trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees' fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 5 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Citibank, N.A., 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 6- Tax Information

Tax Character of Distributions to Shareholders for the Seven Months Ended February 29, 2020 and the Fiscal Years Ended July 31, 2019 and July 31, 2018:

44 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

 

 

Seven Months

 

 

 

 

 

 

Ended February

 

Year Ended July

 

Year Ended July

 

 

29, 2020

 

31, 2019

 

31, 2018

Ordinary income

$

218,991

$

114,285

$

206,348

Ordinary income - Tax-Exempt

 

4,003,917

 

6,743,465

 

8,341,469

Total distributions

$

4,222,908

$

6,857,750

$

8,547,817

 

 

 

 

 

 

 

Tax Components of Net Assets at Period-End:

 

 

 

 

2020

Undistributed Tax-Exempt Income

$

9,101,439
Undistributed Appreciation/(Depreciation)    10,501,907

Temporary book/tax differences

 

(152,207)

Capital loss carryforward

 

(150,364,767)

Shares of beneficial interest

 

396,128,470

Total net assets

 

$

265,214,842

 

 

 

 

 

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 tax treatment of interest on defaulted bonds, TOBs and book to tax accretion and amortization differences.

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 carryforwards 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 29, 2020, which expires as follows:

Capital Loss Carryforward*

Expiration

Short-Term

 

Long-Term

 

Total

Not subject to expiration $

15,156,931

$

135,207,836

$

150,364,767

*Capital loss carryforward as of the date listed above 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 7 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the seven months ended February 29, 2020 was $33,385,405 and $35,721,451, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

45 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments

$

22,949,774

Aggregate unrealized (depreciation) of investments

 

(12,447,867)

Net unrealized appreciation of investments

$

10,501,907

 

 

 

Cost of investments for tax purposes is $271,603,089.

Note 8 - Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of defaulted bonds and income on TOBS, on February 29, 2020 undistributed net investment income was decreased by $77,809, undistributed net realized gain (loss) was increased by $77,809. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

Note 9 - Share Information

Transactions in shares of beneficial interest were as follows:

 

Seven Months Ended

Year Ended July 31, 20192

Year Ended July 31, 2018

 

February 29, 20201

 

 

 

 

 

 

 

 

Shares

 

Amount

Shares

 

Amount

Shares

 

Amount

Class A

 

 

 

 

 

 

 

 

 

Sold

759,143

$

7,603,419

4,714,727

$

45,818,878

1,247,452

$

10,931,851

Automatic

 

 

 

 

 

 

 

 

 

Conversion

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

to Class A

 

 

 

 

 

 

 

 

 

Shares

509,277

 

5,078,798

—

 

—

—

 

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

280,325

 

2,805,968

403,248

 

3,823,677

544,997

 

4,746,712

Redeemed

(1,753,533)

 

(17,525,114)

(3,394,413)

 

(31,965,749)

(7,103,366)

 

(61,255,241)

Net increase

(204,788)

$

(2,036,929)

1,723,562

$

17,676,806

(5,310,917)

$

(45,576,678)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

 

 

 

 

 

 

 

 

Sold

—

$

—

—

$

—

—

$

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

—

 

—

—

 

—

2,409

 

20,887

Redeemed3

—

 

—

—

 

—

(187,602)

 

(1,630,804)

Net increase

— $

—

— $

—

(185,193)

$

(1,609,917)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

 

Seven Months Ended

Year Ended July 31, 20192

Year Ended July 31, 2018

 

February 29, 20201

 

 

 

 

 

 

 

 

Shares

 

Amount

Shares

 

Amount

Shares

 

Amount

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

Sold

254,757

$

2,552,156

596,803

$

5,648,750

403,037

$

3,471,733

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

45,002

 

450,862

143,539

 

1,360,030

216,093

 

1,882,421

Automatic

 

 

 

 

 

 

 

 

 

Conversion

(508,737)

 

(5,078,798)

—

 

—

—

 

—

Class C

 

 

 

to Class A

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

Redeemed

(284,101)

 

(2,838,084)

(4,567,086)

 

(44,365,340)

(3,652,882)

 

(31,583,876)

Net increase

(493,079)

$

(4,913,864)

(3,826,744)

$

(37,356,560)

(3,033,752)

$

(26,229,722)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Y

 

 

 

 

 

 

 

 

 

Sold

566,765

$

5,685,995

1,464,606

$

13,864,517

808,666

$

7,129,287

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

52,092

 

522,206

79,490

 

754,862

97,328

 

848,879

Redeemed

(376,228)

 

(3,755,244)

(1,051,885)

 

(9,856,867)

(2,581,033)

 

(22,219,427)

Net increase

242,629

$

2,452,957

492,211

$

4,762,512

(1,675,039)

$

(14,241,261)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R64

 

 

 

 

 

 

 

 

 

Sold

—

$

—

1,027

$

10,000

—

$

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

—

 

—

—

 

—

—

 

—

Redeemed

—

 

—

—

 

—

—

 

—

Net increase

—

$

—

1,027

$

10,000

—

$

—

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 46% 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.

2.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 46% 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.

3.All outstanding Class B shares converted to Class A shares on June 1, 2018.

4.Commencement date after the close of business on May 24, 2019.

47 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Note 10 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, which provides that a fund generally may not borrow money greater than 331/3 of the Fund's total assets.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank, N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period August 1, 2019 to February 29, 2020, the Fund incurred fees of $130,883. The average daily balance of borrowings under this agreement is $2,170,892 with a weighted average interest rate of 2.06%. 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 credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

At February 29, 2020, the Fund had no borrowings outstanding under this agreement. 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 seven months ended February 29, 2020 were $16,467,500 and 1.91%, respectively.

Note 11 - Subsequent Event

During the first quarter of 2020, the World Health Organization declared the Coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds' ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Act is a $2 trillion stimulus package to help individuals, businesses and hospitals in response to the economic distress caused by the COVID-19 crisis. The Adviser is assessing the components of the Act and the impacts to the Fund should be immaterial.

48 INVESCO OPPENHEIMER ROCHESTER 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 Oppenheimer Rochester® 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 Oppenheimer Rochester® 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 29, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (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 29, 2020, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Statement of Operations and Statement of

 

Changes in Net Assets

Financial Highlights

 

 

For the period from August 1, 2019 through

For the period from August 1, 2019 through

February 29, 2020 and the year ended July 31,

February 29, 2020 and the year ended July 31,

2019

2019 for Class A, Class C and Class Y

 

For the period from August 1, 2019 through

 

February 29, 2020 and the period from May 24,

 

2019 (inception of offering) through July 31,

 

2019 for Class R6

 

 

The financial statements of Invesco Oppenheimer Rochester® New Jersey Municipal Fund (formerly known as Oppenheimer Rochester® New Jersey Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

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

49 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP Houston, Texas

April 28, 2020

We have served as the auditor of one or more 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.

50 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

TAX INFORMATION Unaudited

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 seven months ended February 29, 2020:

Federal and State Income Tax

 

Qualified Dividend Income*

0.00 %

Corporate Dividends Received Deduction*

0.00 %

U.S. Treasury Obligations*

0.00 %

Tax-Exempt Interest Dividends*

94.81 %

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

51 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

•Fund reports and prospectuses

•Quarterly statements

•Daily confirmations

•Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

52 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INTERESTED TRUSTEE

 

 

 

 

 

 

 

 

 

Martin L. Flanagan 1 — 1960

2007

Executive Director, Chief Executive Officer and

229

None

Trustee and Vice Chair

 

President, Invesco Ltd. (ultimate parent of

 

 

 

 

Invesco and a global investment management

 

 

 

 

firm); Trustee and Vice Chair, The Invesco

 

 

 

 

Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board,

 

 

 

 

SMU Cox School of Business

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

53 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES

Bruce L. Crockett – 1944

2003 Chairman, Crockett Technologies Associates

Trustee and Chair

(technology consulting company)

 

Formerly: Director, Captaris (unified

 

messaging provider); Director, President and

 

Chief Executive Officer, COMSAT Corporation;

 

Chairman, Board of Governors of INTELSAT

 

(international communications company); ACE

 

Limited (insurance company); Independent

 

Directors Council and Investment Company

 

Institute: Member of the Audit Committee,

 

Investment Company Institute; Member of

 

the Executive Committee and Chair of the

 

Governance Committee, Independent Directors

 

Council

229Director and

Chairman of the

Audit Committee,

ALPS (Attorneys

Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation

Committee, Ferroglobe

PLC (metallurgical

company)

David C. Arch – 1945

2010 Chairman of Blistex Inc. (consumer health

229

Board member of the

Trustee

care products manufacturer); Member, World

 

Illinois Manufacturers'

 

Presidents' Organization

 

Association

 

 

 

 

Beth Ann Brown – 1968

2019 Independent Consultant

229

Director, Board of

Trustee

Formerly: Head of Intermediary Distribution,

 

Directors of Caron

 

 

Engineering Inc.;

 

Managing Director, Strategic Relations,

 

Advisor, Board of

 

Managing Director, Head of National

 

Advisors of Caron

 

Accounts, Senior Vice President, National

 

Engineering Inc.;

 

Account Manager and Senior Vice President,

 

President and

 

Key Account Manager, Columbia Management

 

Director, of Acton

 

Investment Advisers LLC; Vice President, Key

 

Shapleigh Youth

 

Account Manager, Liberty Funds Distributor,

 

Conservation Corps

 

Inc.; and Trustee of certain Oppenheimer

 

(non -profit); and

 

Funds

 

President and Director

 

 

 

of Grahamtastic

 

 

 

Connection (non-

 

 

 

profit)

Jack M. Fields – 1952

2003 Chief Executive Officer, Twenty First Century

Trustee

Group, Inc. (government affairs company);

 

and Chairman, Discovery Learning Alliance

 

(non-profit)

 

Formerly: Owner and Chief Executive Officer,

 

Dos Angeles Ranch L.P. (cattle, hunting,

 

corporate entertainment); Director, Insperity,

 

Inc. (formerly known as Administaff) (human

 

resources provider); Chief Executive Officer,

 

Texana Timber LP (sustainable forestry

 

company); Director of Cross Timbers Quail

 

Research Ranch (non-profit); and member of

 

the U.S. House of Representatives

229Member, Board of Directors of Baylor

College of Medicine

54 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Cynthia Hostetler —1962

2017 Non-Executive Director and Trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Director, Aberdeen Investment

 

Funds (4 portfolios); Head of Investment

 

Funds and Private Equity, Overseas Private

 

Investment Corporation; President, First

 

Manhattan Bancorporation, Inc.; Attorney,

 

Simpson Thacher & Bartlett LLP

229Vulcan Materials

Company

(construction materials

company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual

fund complex);

Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

Eli Jones – 1961

2016 Professor and Dean, Mays Business School -

229

Insperity, Inc. (formerly

Trustee

Texas A&M University

 

known as Administaff)

 

Formerly: Professor and Dean, Walton College

 

(human resources

 

 

provider)

 

of Business, University of Arkansas and E.J.

 

 

 

Ourso College of Business, Louisiana State

 

 

 

University; Director, Arvest Bank

 

 

Elizabeth Krentzman – 1959

2019 Formerly: Principal and Chief Regulatory

Trustee

Advisor for Asset Management Services and

 

U.S. Mutual Fund Leader of Deloitte & Touche

 

LLP; General Counsel of the Investment

 

Company Institute (trade association);

 

National Director of the Investment

 

Management Regulatory Consulting Practice,

 

Principal, Director and Senior Manager of

 

Deloitte & Touche LLP; Assistant Director of

 

the Division of Investment Management -

 

Office of Disclosure and Investment Adviser

 

Regulation of the U.S. Securities and Exchange

 

Commission and various positions with the

 

Division of Investment Management – Office

 

of Regulatory Policy of the U.S. Securities and

 

Exchange Commission; Associate at Ropes &

 

Gray LLP.; and Trustee of certain Oppenheimer

 

Funds

229Trustee of the

University of Florida

National Board

Foundation; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center

Association, Inc. Board

of Trustees and Audit

Committee Member

55 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Anthony J. LaCava, Jr. – 1956 2019

Formerly: Director and Member of the Audit

Trustee

Committee, Blue Hills Bank (publicly traded

 

financial institution) and Managing Partner,

 

KPMG LLP

229Blue Hills Bank;

Chairman of Bentley University; Member, Business School Advisory Council; and Nominating

Committee, KPMG LLP

Prema Mathai-Davis – 1950 2003 Retired229None Trustee

Formerly; Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self- Directed Investor)

Joel W. Motley – 1952

2019 Director of Office of Finance, Federal Home

Trustee

Loan Bank System; Member of the Vestry

 

of Trinity Wall Street; Managing Director of

 

Carmona Motley Hoffman, Inc. (privately held

 

financial advisor); Member of the Council

 

on Foreign Relations and its Finance and

 

Budget Committee; Chairman Emeritus of

 

Board of Human Rights Watch and Member

 

of its Investment Committee; and Member

 

of Investment Committee and Board of

 

Historic Hudson Valley (non-profit cultural

 

organization).

 

Formerly: Managing Director of Public Capital

 

Advisors, LLC (privately held financial advisor);

 

Managing Director of Carmona Motley

 

Hoffman, Inc. (privately held financial advisor);

 

Trustee of certain Oppenheimer Funds; and

 

Director of Columbia Equity Financial Corp.

 

(privately held financial advisor)

229Member of Board of Greenwall Foundation (bioethics research foundation) and

its Investment

Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis

Reporting (non-profit

journalism)

Teresa M. Ressel — 1962

2017 Non-executive director and trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Chief Financial Officer, Olayan

 

America, The Olayan Group (international

 

investor/commercial/industrial); Chief

 

Executive Officer, UBS Securities LLC; Group

 

Chief Operating Officer, Americas, UBS AG;

 

Assistant Secretary for Management & Budget

 

and CFO, US Department of the Treasury

229Atlantic Power

Corporation (power

generation company); ON Semiconductor Corp. (semiconductor supplier)

56 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston

229

Federal Reserve Bank

Trustee

 

Endowment Inc. (private philanthropic

 

of Dallas

 

 

institution)

 

 

 

 

Formerly: Executive Vice President and

 

 

 

 

General Counsel, Texas Children's Hospital;

 

 

 

 

Attorney, Beck, Redden and Secrest, LLP;

 

 

 

 

Business Law Instructor, University of St.

 

 

 

 

Thomas; Attorney, Andrews & Kurth LLP

 

 

 

 

 

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of

 

 

 

 

 

 

 

 

Denver – Daniels College of Business, Senior

 

 

 

 

Partner, KPMG LLP

 

 

Daniel S. Vandivort –1954

2019 Treasurer, Chairman of the Audit and Finance

Trustee

Committee, and Trustee, Board of Trustees,

 

Huntington Disease Foundation of America;

 

and President, Flyway Advisory Services LLC

 

(consulting and property management).

 

Formerly: Trustee and Governance Chair, of

 

certain Oppenheimer Funds

229Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds

James D. Vaughn – 1945

2019 Retired

Trustee

Formerly: Managing Partner, Deloitte & Touche

 

 

LLP; Trustee and Chairman of the Audit

 

Committee, Schroder Funds; Board Member,

 

Mile High United Way, Boys and Girls Clubs,

 

Boy Scouts, Colorado Business Committee

 

for the Arts, Economic Club of Colorado

 

and Metro Denver Network (economic

 

development corporation); and Trustee of

 

certain Oppenheimer Funds

229Board member

and Chairman of Audit Committee

of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson –

2017 Retired

1957

Formerly: Director, TD Asset Management USA

Trustee, Vice Chair and Chair

Designate

Inc. (mutual fund complex) (22 portfolios);

 

Managing Partner, CT2, LLC (investing and

 

consulting firm); President/Chief Executive

 

Officer, Columbia Funds, Bank of America

 

Corporation; President/Chief Executive Officer,

 

CDC IXIS Asset Management Services, Inc.;

229ISO New England,

Inc. (non-profit

organization

managing regional electricity market)

57 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

 

 

 

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Christopher L. Wilson

 

Principal & Director of Operations, Scudder

 

 

Continued

 

Funds, Scudder, Stevens & Clark, Inc.; Assistant

 

 

 

 

Vice President, Fidelity Investments

 

 

 

 

 

 

 

58 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS

 

 

 

 

 

 

 

 

 

Sheri Morris — 1964

2003

Head of Global Fund Services, Invesco Ltd.;

N/A

N/A

President, Principal Executive

 

President, Principal Executive Officer and

 

 

Officer and Treasurer

 

Treasurer, The Invesco Funds; Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust, and Vice

 

 

 

 

President, OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal

 

 

 

 

Financial Officer, The Invesco Funds; Vice

 

 

 

 

President, Invesco AIM Advisers, Inc., Invesco

 

 

 

 

AIM Capital Management, Inc. and Invesco

 

 

 

 

AIM Private Asset Management, Inc.; Assistant

 

 

 

 

Vice President and Assistant Treasurer, The

 

 

 

 

Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital

 

 

 

 

Management, Inc. and Invesco AIM Private

 

 

 

 

Asset Management, Inc.; and Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund Trust

 

 

 

 

 

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The

N/A

N/A

Senior Vice President and

 

Invesco Funds

 

 

Senior Officer

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco

N/A

N/A

Senior Vice President, Chief

 

Ltd.; Senior Vice President and Secretary,

 

 

Legal Officer and Secretary

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Vice President and Secretary, Invesco

 

 

 

 

Investment Services, Inc. (formerly known

 

 

 

 

as Invesco AIM Investment Services, Inc.)

 

 

 

 

Senior Vice President, Chief Legal Officer and

 

 

 

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

 

 

 

59 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor (Continued)

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L.

 

 

 

 

Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President,

 

 

 

 

Jemstep, Inc.; Head of Legal, Worldwide

 

 

 

 

Institutional, Invesco Ltd.; Secretary and

 

 

 

 

General Counsel, INVESCO Private Capital

 

 

 

 

Investments, Inc.; Senior Vice President,

 

 

 

 

Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group,

 

 

 

 

Inc.); Assistant Secretary, INVESCO Asset

 

 

 

 

Management (Bermuda) Ltd.; Secretary and

 

 

 

 

General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel,

 

 

 

 

INVESCO Realty, Inc.; Secretary and General

 

 

 

 

Counsel, Invesco Senior Secured Management,

 

 

 

 

Inc.; and Secretary, Sovereign G./P. Holdings

 

 

 

 

Inc.

 

 

 

 

 

 

 

Andrew R. Schlossberg –

2019

Head of the Americas and Senior Managing

N/A

N/A

1974

 

Director, Invesco Ltd.; Director and Senior

 

 

Senior Vice President

 

Vice President, Invesco Advisers, Inc. (formerly

 

 

 

 

known as Invesco Institutional (N.A.), Inc.)

 

 

 

 

(registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) (registered transfer agent);

 

 

 

 

Senior Vice President, The Invesco Funds;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Director, President and

 

 

 

 

Chairman, Invesco Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited;

 

 

 

 

Director and Chief Executive, Invesco Asset

 

 

 

 

Management Limited and Invesco Fund

 

 

 

 

Managers Limited; Assistant Vice President,

 

 

 

 

The Invesco Funds; Senior Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Director and Chief

 

 

 

 

Executive, Invesco Administration Services

 

 

 

 

 

 

 

60 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Andrew R. Schlossberg

 

Limited and Invesco Global Investment

 

 

(Continued)

 

Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco

 

 

 

 

India Exchange-Traded Fund Trust; Managing

 

 

 

 

Director and Principal Executive Officer,

 

 

 

 

Invesco Capital Management LLC

 

 

 

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas;

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Senior Vice President, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as

 

 

 

 

Invesco AIM Investment Services, Inc.) Senior

 

 

 

 

Vice President, The Invesco Funds; Managing

 

 

 

 

Director, Invesco Capital Management LLC;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Senior Vice President, Invesco

 

 

 

 

Capital Markets, Inc. (formerly known as

 

 

 

 

Van Kampen Funds Inc.); Manager, Invesco

 

 

 

 

Indexing LLC; Manager, Invesco Specialized

 

 

 

 

Products, LLC; Director and Senior Vice

 

 

 

 

President, Invesco Insurance Agency, Inc.;

 

 

 

 

Member, Invesco Canada Funds Advisory

 

 

 

 

Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate

 

 

 

 

mutual fund company); and Director,

 

 

 

 

Chairman, President and Chief Executive

 

 

 

 

Officer, Invesco Canada Ltd. (formerly known

 

 

 

 

as Invesco Trimark Ltd./Invesco Trimark Ltèe)

 

 

 

 

(registered investment adviser and registered

 

 

 

 

transfer agent)

 

 

 

 

Formerly: Director and Senior Vice President,

 

 

 

 

Invesco Management Group, Inc. (formerly

 

 

 

 

known as Invesco AIM Management Group,

 

 

 

 

Inc.); Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group, Inc.);

 

 

 

 

Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.); Chief Legal Officer and

 

 

 

 

 

 

 

61 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

John M. Zerr (Continued)

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Director,

 

 

 

 

Secretary, General Counsel and Senior Vice

 

 

 

 

President, Van Kampen Exchange Corp.;

 

 

 

 

Director, Vice President and Secretary, IVZ

 

 

 

 

Distributors, Inc. (formerly known as INVESCO

 

 

 

 

Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice

 

 

 

 

President, Van Kampen Advisors Inc.; Director,

 

 

 

 

Vice President, Secretary and General Counsel,

 

 

 

 

Van Kampen Investor Services Inc.; Director

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director, Senior Vice President, General

 

 

 

 

Counsel and Secretary, Invesco AIM Advisers,

 

 

 

 

Inc. and Van Kampen Investments Inc.;

 

 

 

 

Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice

 

 

 

 

President, Secretary, General Counsel and Vice

 

 

 

 

President, Invesco AIM Capital Management,

 

 

 

 

Inc.; Chief Operating Officer and General

 

 

 

 

Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

 

 

 

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.;

N/A

N/A

Senior Vice President

 

Director, Chairman, President, and Chief

 

 

 

 

Executive Officer, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Director, Invesco Mortgage Capital, Inc. and

 

 

 

 

Invesco Senior Secured Management, Inc.;

 

 

 

 

and Senior Vice President, The Invesco Funds;

 

 

 

 

and President, SNW Asset Management

 

 

 

 

Corporation and Invesco Managed Accounts,

 

 

 

 

LLC

 

 

 

 

Formerly: Senior Vice President, Invesco

 

 

 

 

 

 

 

62 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Gregory G. McGreevey

 

Management Group, Inc. and Invesco Advisers,

 

 

(Continued)

 

Inc.; Assistant Vice President, The Invesco

 

 

 

 

Funds

 

 

 

 

 

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer

N/A

N/A

Vice President, Principal

 

– Investments Pool, Invesco Specialized

 

 

Financial Officer and Assistant

 

Products, LLC; Vice President, Principal

 

 

Treasurer

 

Financial Officer and Assistant Treasurer,

 

 

 

 

The Invesco Funds; Principal Financial and

 

 

 

 

Accounting Officer – Pooled Investments,

 

 

 

 

Invesco Capital Management LLC; Vice

 

 

 

 

President and Treasurer, Invesco Exchange-

 

 

 

 

Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund

 

 

 

 

Trust and Invesco Exchange-Traded Self-

 

 

 

 

Indexed Fund Trust; Vice President, Invesco

 

 

 

 

Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco

 

 

 

 

Specialized Products, LLC; Assistant Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust; Assistant

 

 

 

 

Treasurer, Invesco Capital Management LLC;

 

 

 

 

Assistant Vice President, The Invesco Funds

 

 

 

 

 

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance

N/A

N/A

Anti-Money Laundering

 

Officer for Invesco U.S. entities including;

 

 

Compliance Officer

 

Invesco Advisers, Inc. and its affiliates, Invesco

 

 

 

 

Capital Markets, Inc., Invesco Distributors, Inc.,

 

 

 

 

Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC,

 

 

 

 

Invesco Trust Company; and Fraud Prevention

 

 

 

 

Manager for Invesco Investment Services, Inc.

 

 

 

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers,

N/A

N/A

Chief Compliance Officer

 

Inc. (registered investment adviser); and Chief

 

 

 

 

Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam

 

 

 

 

Investments and the Putnam Funds

 

 

 

 

 

 

 

63 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Unaudited / Continued

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza,

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers

Suite 1000

1555 Peachtree Street, N.E.

11 Greenway Plaza,

LLP

Houston, TX 77046-1173

Atlanta, GA 30309

Suite 1000

1000 Louisiana Street,

 

 

Houston, TX

Suite 5800

 

 

77046-1173

Houston, TX 77002-5021

Counsel to the Fund

Counsel to the

Transfer Agent

Custodian

Stradley Ronon Stevens & Young,

Independent Trustees

Invesco Investment

Citibank, N.A.

LLP

Goodwin Procter LLP

Services, Inc.

111 Wall Street

2005 Market Street,

901 New York Avenue, N.W.

11 Greenway Plaza,

New York, NY 10005

Suite 2600

Washington, D.C. 20001

Suite 1000

 

Philadelphia, PA 19103-7018

 

Houston, TX

 

 

 

77046-1173

 

64 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE

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1NTD

65 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE Continued

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66 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

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67 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE Continued

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68 INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

 

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Distributors, Inc.

O-RONJM-AR-1 04272020

Shareholder Report for the

Seven Months Ended 2/29/2020

Invesco

Oppenheimer

Rochester®

Pennsylvania

Municipal Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

*Prior to the close of business on May 24, 2019, the Fund's name was Oppenheimer Rochester Pennsylvania Municipal Fund. See Important Update on the following page for more information.

 

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, "OppenheimerFunds"). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco's Client Services team at 800-959-4246.

 

Table of Contents

 

Fund Performance Discussion

4

Top Holdings and Allocations

8

Fund Expenses

12

Schedule of Investments

14

Statement of Assets and Liabilities

26

Statement of Operations

28

Statement of Changes in Net Assets

29

Financial Highlights

30

Notes to Financial Statements

38

Report of Independent Registered Public Accounting Firm

53

Tax Information

55

Portfolio Proxy Voting Policies and Guidelines; Updates to

 

Schedule of Investments

56

Trustees and Officers

57

Invesco's Privacy Notice

69

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 2/29/20

 

 

 

 

 

 

Class A Shares of the Fund

 

 

Without Sales Charge

With Sales Charge

Bloomberg Barclays

 

Municipal Bond Index

 

 

 

1-Year

13.53%

8.72%

9.46%

5-Year

6.33

5.41

4.01

10-Year

6.30

5.85

4.51

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where "without sales charge" is indicated. As the result of a reorganization after the close of business 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 those of the predecessor fund because they have different expenses. Returns for periods of less than one year are not annualized. Returns do not consider capital gains or income taxes on an individual's investment. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

3 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

Fund Performance Discussion

Performance Summary

The Fund's Class A shares (without sales charge) returned 13.53% during the 1-year reporting period ended February 29, 2020, outperforming Bloomberg Barclays Municipal Bond Index, the Fund's benchmark (the "Index"), which returned 9.46%. During the 7-month period ended February 29, 2020, the Fund's Class A shares (without sales charge) returned 6.36%, outperforming the Index which returned 4.66%.

Please note that the fiscal year end for the Fund has changed to February 29, 2020.

Market conditions and your Fund

Pennsylvania benefits from a highly diversified economy that tends to track the national economy, but with less volatility. During periods of national economic contraction, Pennsylvania will often outperform the US

in real gross state product, real personal income and employment. However, during periods of economic expansion, Pennsylvania will often trend behind the rate of growth in the national economy.1 Pennsylvania's population grew an estimated 0.8% between 2010 and 2019, to 12.8 million, lagging the country as a whole, which grew by 6.3%.2 Pennsylvania's unemployment rate stood at 4.5% in December 2019 versus 3.5% for the US.3 Pennsylvania is expected to add jobs at an average annual rate of 0.6% over the next five years.1 Pennsylvania has made efforts to improve its overall financial condition, with a particular focus on improving the strength of its general and reserve funding.1 At the close of the fiscal year, Pennsylvania's general obligation bonds were rated A+ by Standard & Poor's (S&P); AA- by Fitch Ratings; and Aa3

by Moody's, all with stable outlooks.4

The broad municipal bond market experienced positive returns for the sixth consecutive year at the close of 2019, and performance remained strong throughout the fiscal year. Investment grade municipal bonds returned 9.46% and high yield municipal bonds returned 14.40% during the fiscal year.5 Investment grade municipal bonds and high yield municipal bonds were among the Fund's best performing asset classes over the fiscal year.

The tax changes made as a result of the Tax Cuts and Jobs Act (TCJA) of 2017 were a key driver of strong municipal demand in 2019.

We believe that these tax changes have yet to be fully realized and should continue to drive municipal bond performance into 2020. During the fiscal year, municipal bonds withstood significant interest rate volatility that saw the 10-year US Treasury yield trade from as high as 2.79% and as low as 1.13%

4 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

where it ended the fiscal year.6 The municipal bond market performed positively as technical conditions (favorable demand and supply balances) continued to provide tailwinds.

Despite favorable growth and labor trends, the US Federal Reserve (the Fed) lowered the federal funds rate three times by a quarter of a percentage point each in July, September and October 2019, citing uncertainty about the global economic outlook.7 On October 30, 2019, after the third cut, the Fed indicated that any further changes would be based on economic data.

Throughout 2019 we saw heightened demand for perceived safe-haven assets due to economic uncertainty. However, developments in the fourth quarter led investors to favor riskier investments as many of the perceived major threats looming over markets subsided. The US and China reached a phase one trade deal, Congress settled on a funding "deal in principle" that eliminated the risk of a government shutdown and the UK election results set the stage for an orderly exit from the European Union on January 31, 2020.

New issuance of municipal bonds totaled

$438 billion for the fiscal year, an increase of 25% from the previous fiscal year.8 Flows into the municipal bond asset class were positive for the fiscal year.9 Fund flows totaled $97.2 billion from February 2019 through February 2020.9

The end of the fiscal year brought a major market shift as macroeconomic concerns regarding the global outbreak of the Coronavirus (COVID-19) dominated as the virus spread globally at the beginning of 2020. Significant equity sell-offs incited a general flight to quality assets, such as municipal bonds. This resulted in a strong rally in February 2020.

At the close of the fiscal year, we believed municipal fundamentals remained strong. We also believed the cap on state and local tax (SALT) deductions combined with volatility seen in the equity markets would continue to drive municipal demand through 2020.

Over the fiscal year, security selection in many sectors – including tobacco, General Obligation bonds, and education, significantly contributed to the Fund's performance. Higher education and hospital/healthcare, among other sectors, were also strong contributors to the Fund's performance. The security selection in resource recovery, less than 1% of the Fund's holdings, was a detractor to the Fund's Performance.

During the fiscal year, leverage contributed to the Fund's performance. The Fund achieved a leveraged position through the use of inverse floating rate securities and tender option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation in municipal holdings when interest rates declined. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total

5 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

return for shareholders. However, the use of leverage also can expose shareholders to additional volatility. For more information about the Fund's use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund's investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Thank you for investing in Invesco Oppenheimer Rochester Pennsylvania Municipal Fund and for sharing our long-term

investment horizon.

1 Source: Commonwealth of Pennsylvania, Governor's Office of the Budget

2 Source: US Census Bureau

3 Source: US Bureau of Labor Statistics

4 Sources: Standard & Poor's, Fitch Ratings, Moody's. 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. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on rating methodology, please visit www.standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage; www.fitchratings.com and select "Understanding Credit Ratings" from the drop-down menu on the homepage; and www.moodys.com and select "Methodology," then "Rating Methodologies" under Research Type on the left-hand side.

5 Source: Bloomberg Barclays

6 Source: US Department of the Treasury

7 Source: US Federal Reserve

8 Source: The Bond Buyer

9 Source: Strategic Insight

Portfolio Managers: Charles Pulire, Mark

Paris, Joshua Cooney, Elizabeth S. Mossow,

Timothy O'Reilly, Julius Williams

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of

6 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation

or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

7 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

Top Holdings and Allocations

TOP TEN CATEGORIES

Higher Education

16.2%

Local General Obligation (GO)

11.3

Prerefunded/Escrowed to Maturity

9.8

Hospital

9.3

Tobacco Settlement

8.1

Other Utility

6.4

State General Obligation (GO)

5.5

Tollroad

4.7

Life Care

4.2

Multi-Family

3.9

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of February 29, 2020 and are based on total market value of investments.

For more current Fund holdings, please visit invesco.com.

CREDIT ALLOCATION

 

 

 

 

 

 

 

NRSRO-

Adviser-

 

 

Rated

Rated

Total

AAA

0.0%

3.5%

3.5%

AA

18.6

0.0

18.6

A

34.8

0.0

34.8

BBB

15.9

2.2

18.1

BB or lower

12.6

12.4

25.0

Total

81.9%

18.1%

100.0%

The percentages above are based on the market value of the securities as of February 29, 2020 and are subject to change. Invesco Advisers, Inc. (the Adviser) determines the credit allocation of the Fund's assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco, converts that security's rating to the equivalent S&P rating. If two or more NRSROs have assigned

a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser's credit analysis process is consistent or comparable with any NRSRO's process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs' four highest categories – AAA, AA, A, and BBB – are investment-grade securities. For further details, please consult the Fund's prospectus or Statement of Additional Information.

8 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

Date

1-Year

5-Year

10-Year

Inception

Class A (OPATX)

9/18/89

13.53%

6.33%

6.30%

5.86%

Class C (OPACX)

8/29/95

12.83

5.59

5.54

5.18

Class Y (OPAYX)

11/29/10

13.90

6.54

N/A

6.50

Class R6 (IORPX)1

5/24/19

13.73

6.37

6.32

N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 2/29/20

 

 

 

 

 

 

 

 

Inception

 

 

 

Since

 

Date

1-Year

5-Year

10-Year

Inception

Class A (OPATX)

9/18/89

8.72%

5.41%

5.85%

5.71%

Class C (OPACX)

8/29/95

11.83

5.59

5.54

5.18

Class Y (OPAYX)

11/29/10

13.90

6.54

N/A

6.50

Class R6 (IORPX)1

5/24/19

13.73

6.37

6.32

N/A

1.Class R6 shares' performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund's Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class

A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements.

9 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Invesco Oppenheimer Rochester Pennsylvania Municipal Fund (Class A shares with sales charge) Bloomberg Barclays Municipal Bond Index

U.S. Consumer Price Index

$20,000

$17,649

15,000

$15,538

 

$11,935

10,000

5,000

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

|

|

|

|

|

|

|

|

|

|

 

 

|

 

2/28/10

2/28/11

2/29/12

2/28/13

2/28/14

2/28/15

2/29/16

2/28/17

2/28/18

2/28/19

2/29/20

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com 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 so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class Y and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, and Class Y shares of the predecessor fund were reorganized into Class A, Class C, and Class Y shares, respectively, of the Fund. Class R6 shares' performance shown prior to the inception date

is that of the predecessor fund's Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares' performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class Y, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund's performance is compared to the performance of the Bloomberg Barclays Municipal Bond Index, which is an index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. The index is unmanaged and cannot be purchased by investors. The Fund's performance is also compared to the U.S. Consumer Price Index, a non-securities index that measures changes in the inflation rate. Indices are unmanaged, and an investment cannot be made into an index. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must

be noted that the Fund's investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund's performance and does not predict or depict performance of

10 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

the Fund. The Fund's performance reflects the effects of the Fund's business and operating expenses.

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

The views and opinions expressed in management's discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

11 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended February 29, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During 6 Months Ended February 29, 2020" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the "hypothetical" section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

12 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

Beginning

Ending

Expenses

 

Account

Account

Paid During

 

Value

Value

6 Months Ended

Actual

September 1, 2019

February 29, 2020

February 29, 2020

Class A

$ 1,000.00

$ 1,041.40

$

5.24

Class C

1,000.00

1,039.10

 

8.60

Class Y

1,000.00

1,043.60

 

3.97

Class R6

1,000.00

1,043.70

 

3.77

Hypothetical

 

 

 

 

(5% return before expenses)

 

 

 

 

Class A

1,000.00

1,019.74

 

5.19

Class C

1,000.00

1,016.46

 

8.51

Class Y

1,000.00

1,020.98

 

3.93

Class R6

1,000.00

1,021.18

 

3.73

Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended February 29, 2020 are as follows:

Class

Expense Ratios

 

 

Class A

1.03%

 

 

Class C

1.69

Class Y

0.78

Class R6

0.74

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund's Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund's prospectus. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

13 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

SCHEDULE OF INVESTMENTS February 29, 2020

Principal Amount

 

 

Coupon

Maturity

Value

Municipal Bonds and Notes—101.4%

 

 

 

Pennsylvania—80.2%

 

 

 

 

$1,750,000

Aliquippa School District; Series 2018, Ref. GO

 

 

 

 

Bonds1

 

4.000%

12/01/2041 $

1,990,345

570,000

Allegheny (County of), PA Higher Education

 

 

 

 

Building Authority (Carlow University); Series

 

 

 

 

2011, RB1

6.000

11/01/2021

603,071

1,125,000

Allegheny (County of), PA Higher Education

 

 

 

 

Building Authority (Carlow University); Series

 

 

 

 

2011, RB1

6.750

11/01/2031

1,234,429

1,000,000

Allegheny (County of), PA Higher Education

 

 

 

 

Building Authority (Chatham University); Series

 

 

 

 

2012 A, RB1

5.000

09/01/2035

1,066,080

195,000

Allegheny (County of), PA Higher Education

 

 

 

 

Building Authority (Robert Morris University);

 

 

 

 

Series 1998 A, Ref. RB1

6.000

05/01/2028

226,732

2,250,000

Allegheny (County of), PA Higher Education

 

 

 

 

Building Authority (Robert Morris University);

 

 

 

 

Series 2010 A, RB1

5.500

10/15/2030

2,302,650

3,650,000

Allegheny (County of), PA Higher Education

 

 

 

 

Building Authority (Robert Morris University);

 

 

 

 

Series 2010 A, RB1

5.750

10/15/2040

3,733,767

615,000

Allegheny (County of), PA Higher Education

 

 

 

 

Building Authority (Robert Morris University);

 

 

 

 

Series 2017, RB1

5.000

10/15/2037

711,057

1,500,000

Allegheny (County of), PA Higher Education

 

 

 

 

Building Authority (Robert Morris University);

 

 

 

 

Series 2017, RB1

5.000

10/15/2047

1,707,495

12,500,000

Allegheny (County of), PA Hospital Development

 

 

 

 

Authority (Allegheny Health Network Obligated

 

 

 

 

Group Issue); Series 2018 A, Ref. RB1

5.000

04/01/2047

15,325,375

270,000

Allegheny (County of), PA Industrial Development

 

 

 

 

Authority (Propel Charter School - East); Series

 

 

 

 

2010 C, RB1

5.900

08/15/2026

275,041

1,200,000

Allegheny (County of), PA Industrial Development

 

 

 

 

Authority (Propel Charter School - East); Series

 

 

 

 

2010 C, RB1

6.375

08/15/2035

1,222,020

700,000

Allegheny (County of), PA Industrial Development

 

 

 

 

Authority (Propel Charter School - Montour);

 

 

 

 

Series 2010 A, RB1

6.750

08/15/2035

714,014

1,500,000

Allegheny (County of), PA Industrial Development

 

 

 

 

Authority (Propel Charter School - Sunrise); Series

 

 

 

 

2013, RB1

6.000

07/15/2038

1,610,160

9,085,000

Allegheny (County of), PA Redevelopment

 

 

 

 

Authority (Pittsburgh Mills); Series 2004, RB1

5.600

07/01/2023

9,085,727

1,190,000

Allegheny (County of), PA Residential Finance

 

 

 

 

Authority (Allegheny Independence House

 

 

 

 

Apartments); Series 2007 B, RB1

6.100

01/20/2043

1,192,939

1,530,000

Allegheny (County of), PA Residential Finance

 

 

 

 

Authority (Broadview Manor Apartments); Series

 

 

 

 

2007 A, RB1

5.950

01/20/2043

1,532,524

 

14

INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

Principal Amount

 

 

Coupon

Maturity

Value

Pennsylvania (Continued)

 

 

 

$1,535,000

Allegheny (County of), PA Residential Finance

 

 

 

 

Authority (Versailles-Archer Apartments); Series

 

 

 

 

2007 C, RB1

6.160%

01/20/2043 $

1,538,853

11,500,000

Allegheny (County of), PA; Series 2016 C76, GO

 

 

 

 

Bonds1

 

5.000

11/01/2041

13,954,100

4,960,000

Allegheny (County of), PA; Series 2018 C-77, GO

 

 

 

 

Bonds1

 

5.000

11/01/2043

6,265,670

4,000,000

Allentown (City of), PA Neighborhood

 

 

 

 

Improvement Zone Development Authority (City

 

 

 

 

Center); Series 2018, RB1

5.375

05/01/2042

4,746,240

1,250,000

Allentown City School District; Series 2018 B,

 

 

 

 

GO Bonds1

5.000

06/01/2036

1,500,500

1,255,000

Allentown City School District; Series 2018 B,

 

 

 

 

GO Bonds1

5.000

06/01/2037

1,503,666

375,000

Berks (County of), PA Industrial Development

 

 

 

 

Authority (Highlands at Wyomissing); Series 2017

 

 

 

 

A, Ref. RB1

5.000

05/15/2037

444,405

500,000

Berks (County of), PA Industrial Development

 

 

 

 

Authority (Highlands at Wyomissing); Series 2017

 

 

 

 

A, Ref. RB1

5.000

05/15/2042

586,005

600,000

Berks (County of), PA Industrial Development

 

 

 

 

Authority (Highlands at Wyomissing); Series 2017

 

 

 

 

A, Ref. RB1

5.000

05/15/2047

697,302

13,400,000

Berks County, PA IDA (THlth/RHosp/BHospital/

 

 

 

 

CHH/JH/PHospital/PottsH Obligated Group)2

5.000

11/01/2047

15,966,750

1,750,000

Bethlehem (City of), PA; Series 2011 A, Ref. GO

 

 

 

 

Bonds1

 

6.500

12/01/2032

1,873,480

3,000,000

Bethlehem Area School District; Series 2015 A,

 

 

 

 

GO Bonds1

5.000

08/01/2035

3,580,260

950,000

Centre (County of), PA Hospital Authority (Mt.

 

 

 

 

Nittany Medical Center); Series 2011, RB1

6.250

11/15/2041

1,036,725

2,000,000

Centre (County of), PA Hospital Authority; Series

 

 

 

 

2011, RB1

7.000

11/15/2046

2,206,040

2,830,000

Cheltenham (Township of), PA; Series 2018, GO

 

 

 

 

Bonds1

 

4.000

07/01/2048

2,998,760

2,000,000

Chester (County of), PA Health & Education

 

 

 

 

Facilities Authority; Series 2017 A, Ref. RB1

5.000

10/01/2052

2,441,880

1,000,000

Chester (County of), PA Industrial Development

 

 

 

 

Authority; Series 2013 A, RB1

5.000

08/01/2035

1,108,980

1,000,000

Clairton (City of), PA Municipal Authority; Series

 

 

 

 

2012 B, RB1

5.000

12/01/2037

1,094,820

2,310,000

Clarion (County of), PA Industrial Development

 

 

 

 

Authority; Series 2014 A, RB1

5.000

07/01/2034

2,485,976

1,000,000

Clarion (County of), PA Industrial Development

 

 

 

 

Authority; Series 2014 A, RB1

5.000

07/01/2045

1,061,610

1,220,000

Clarion (County of), PA Industrial Development

 

 

 

 

Authority; Series 2014, Ref. RB1

5.000

07/01/2024

1,417,591

2,430,000

Clarion (County of), PA Industrial Development

 

 

 

 

Authority; Series 2014, Ref. RB1

5.000

07/01/2029

2,793,042

 

15

INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

Pennsylvania (Continued)

 

 

 

$3,500,000

Clarion (County of), PA Industrial Development

 

 

 

 

Authority; Series 2014, Ref. RB1

5.000%

07/01/2033 $

3,988,845

4,500,000

Commonwealth Financing Authority; Series 2018,

 

 

 

 

RB1

5.000

06/01/2035

5,644,575

2,750,000

Cumberland (County of), PA Municipal Authority

 

 

 

 

(Asbury Pennsylvania Obligated Group); Series

 

 

 

 

2012, Ref. RB1

5.250

01/01/2041

2,870,120

1,565,000

Cumberland (County of), PA Municipal Authority;

 

 

 

 

Series 2018, Ref. RB1

5.000

07/01/2031

1,794,883

3,210,000

Cumberland (County of), PA Municipal Authority;

 

 

 

 

Series 2018, Ref. RB1

5.000

07/01/2035

3,645,083

905,000

Dallas Area Municipal Authority; Series 2019,

 

 

 

 

Ref. RB1

5.000

05/01/2039

1,069,819

3,440,000

Dallas Area Municipal Authority; Series 2019,

 

 

 

 

Ref. RB1

5.000

05/01/2048

4,006,706

500,000

Delaware (County of), PA Authority (Elwyn);

 

 

 

 

Series 2017, Ref. RB1

5.000

06/01/2027

561,335

45,000

Delaware (County of), PA Authority; Series 1993

 

 

 

 

A, RB1

5.375

11/15/2023

46,533

1,150,000

Delaware (County of), PA Authority; Series 2010,

 

 

 

 

RB1

5.000

10/01/2025

1,177,726

1,250,000

Delaware (County of), PA Authority; Series 2010,

 

 

 

 

RB1

5.250

10/01/2031

1,274,500

5,225,000

Delaware (County of), PA Authority; Series 2012,

 

 

 

 

RB1

5.250

10/01/2032

5,309,018

1,425,000

Delaware (County of), PA Authority; Series 2016,

 

 

 

 

Ref. RB1

5.000

10/01/2031

1,632,423

2,305,000

Delaware (County of), PA Authority; Series 2016,

 

 

 

 

Ref. RB1

5.000

10/01/2035

2,620,854

3,500,000

Delaware (County of), PA Authority; Series 2017,

 

 

 

 

Ref. RB1

5.000

06/01/2037

3,881,255

1,980,000

Delaware (County of), PA Industrial Development

 

 

 

 

Authority; Series 2016 A, RB1

5.125

06/01/2046

2,194,097

1,250,000

East Hempfield (Township of), PA Industrial

 

 

 

 

Development Authority (Student Services, Inc.

 

 

 

 

Student Housing); Series 2013, RB1

5.000

07/01/2035

1,383,512

1,000,000

East Hempfield (Township of), PA Industrial

 

 

 

 

Development Authority; Series 2013, RB1

5.000

07/01/2030

1,113,550

820,000

East Hempfield (Township of), PA Industrial

 

 

 

 

Development Authority; Series 2015, RB1

5.000

07/01/2030

957,744

1,060,000

East Hempfield (Township of), PA Industrial

 

 

 

 

Development Authority; Series 2015, RB1

5.000

07/01/2035

1,226,590

5,000,000

Erie (City & County of), PA City Water Authority;

 

 

 

 

Series 2014, Ref. RB1

5.000

12/01/2049

5,823,850

1,280,000

Erie (City & County of), PA City Water Authority;

 

 

 

 

Series 2018 A, Ref. RB1

5.000

12/01/2043

1,614,912

1,000,000

Erie (City of), PA Higher Education Building

 

 

 

 

Authority; Series 2010 A, RB1

5.375

05/01/2030

1,006,220

2,565,000

Erie (City of), PA Higher Education Building

 

 

 

 

Authority; Series 2010 A, RB1

5.500

05/01/2040

2,580,159

16 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

Principal Amount

 

 

Coupon

Maturity

Value

Pennsylvania (Continued)

 

 

 

$7,840,000

Erie (City of), PA Higher Education Building

 

 

 

 

Authority; Series 2013, RB1

5.000%

05/01/2038 $

8,536,976

370,000

Franklin (County of), PA Industrial Development

 

 

 

 

Authority (Menno-Haven, Inc.); Series 2019, RB1

5.000

12/01/2039

413,508

510,000

Franklin (County of), PA Industrial Development

 

 

 

 

Authority (Menno-Haven, Inc.); Series 2019, RB1

5.000

12/01/2049

564,555

1,000,000

Franklin (County of), PA Industrial Development

 

 

 

 

Authority (Menno-Haven, Inc.); Series 2019, RB1

5.000

12/01/2054

1,104,190

2,000,000

Franklin Regional School District; Series 2019,

 

 

 

 

GO Bonds1

4.000

05/01/2046

2,306,840

17,715,000

Geisinger, PA Authority (Geisinger Health

 

 

 

 

System)2

 

5.000

02/15/2045

21,324,018

1,850,000

Lancaster (City of), PA Industrial Development

 

 

 

 

Authority (Willow Valley Communities); Series

 

 

 

 

2019, RB1

5.000

12/01/2044

2,210,139

2,300,000

Lancaster (City of), PA Industrial Development

 

 

 

 

Authority (Willow Valley Communities); Series

 

 

 

 

2019, RB1

5.000

12/01/2049

2,737,207

500,000

Lancaster (County of), PA Hospital Authority (St.

 

 

 

 

Anne's Retirement Community, Inc.); Series 2020,

 

 

 

 

RB1,3

 

5.000

03/01/2040

583,585

375,000

Lancaster (County of), PA Hospital Authority (St.

 

 

 

 

Anne's Retirement Community, Inc.); Series 2020,

 

 

 

 

RB1,3

 

5.000

03/01/2045

434,029

500,000

Lancaster (County of), PA Hospital Authority (St.

 

 

 

 

Anne's Retirement Community, Inc.); Series 2020,

 

 

 

 

RB1,3

 

5.000

03/01/2050

576,975

15,000

Langhorne Manor (Borough of), PA Higher

 

 

 

 

Education & Health Authority; Series 2013, RB1

4.000

11/15/2033

15,025

4,694,177

Lehigh (County of), PA General Purpose Authority

 

 

 

 

(Kidspeace Obligation Group); Series 2014 A, RB1

7.500

02/01/2044

4,708,541

2,747,774

Lehigh (County of), PA General Purpose Authority

 

 

 

 

(Kidspeace Obligation Group); Series 2014 B, RB1

0.000 4

02/01/2044

1,354,790

2,721,970

Lehigh (County of), PA General Purpose Authority

 

 

 

 

(Kidspeace Obligation Group); Series 2014 C, RB5

7.500

02/01/2044

844

4,000,000

Montgomery (County of), PA Higher Education &

 

 

 

 

Health Authority (Thomas Jefferson University);

 

 

 

 

Series 2018 A, Ref. RB1

5.000

09/01/2048

4,968,160

300,000

Montgomery (County of), PA Industrial

 

 

 

 

Development Authority; Series 2010, RB1

6.500

12/01/2025

329,337

11,075,000

Montgomery (County of), PA Industrial

 

 

 

 

Development Authority; Series 2016, Ref. RB1

5.000

11/15/2036

13,220,006

4,500,000

Northampton (County of), PA General Purpose

 

 

 

 

Authority (LaFayette College); Series 2017, Ref.

 

 

 

 

RB1

 

5.000

11/01/2047

5,573,925

7,785,000

Northampton (County of), PA General Purpose

 

 

 

 

Authority (St. Luke's University Health Network);

 

 

 

 

Series 2018 A, Ref. RB1

4.000

08/15/2048

8,802,266

2,860,000

Northampton (County of), PA General Purpose

 

 

 

 

Authority; Series 2012, RB1

5.000

07/01/2031

3,076,788

 

17

INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

Pennsylvania (Continued)

 

 

 

$2,250,000

Northampton (County of), PA General Purpose

 

 

 

 

Authority; Series 2016, Ref. RB1

5.000%

10/01/2036 $

2,640,915

14,826,610

Northampton (County of), PA Industrial

 

 

 

 

Development Authority; Series 2013 A, RB6,7,8

5.000

12/31/2023

3,706,652

4,045,401

Northampton (County of), PA Industrial

 

 

 

 

Development Authority; Series 2013, RB6,7,8

5.000

12/31/2023

1,011,350

3,250,000

Penn Hills School District; Series 2020, Ref. GO

 

 

 

 

Bonds1

3.000

10/01/2042

3,451,662

2,845,000

Pennsylvania (State of) Economic Development

 

 

 

 

Financing Authority (Philadelphia Biosolids

 

 

 

 

Facility); Series 2009, RB1

6.250

01/01/2032

2,894,560

3,000,000

Pennsylvania (State of) Economic Development

 

 

 

 

Financing Authority; Series 2012, RB1

5.000

03/01/2029

3,250,050

8,500,000

Pennsylvania (State of) Economic Development

 

 

 

 

Financing Authority; Series 2015, RB1

5.000

06/30/2042

10,047,255

535,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority (AICUP Financing Program-Del

 

 

 

 

Valley College); Series 2012, RB1

5.000

11/01/2042

554,506

3,500,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority (Edinboro University

 

 

 

 

Foundation); Series 2010, RB1

6.000

07/01/2043

3,559,640

1,400,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority (Shippensburg University

 

 

 

 

Student Services); Series 2012, RB1

5.000

10/01/2035

1,548,582

3,000,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority (University of Pennsylvania

 

 

 

 

Health); Series 2019, RB1

4.000

08/15/2049

3,522,570

30,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2002, RB1

5.000

03/01/2022

30,097

3,000,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2010, RB1

5.800

07/01/2030

3,049,260

1,750,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2011 JJ2, RB1

6.000

11/01/2031

1,900,448

2,250,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2011 JJ2, RB1

6.250

11/01/2041

2,452,703

3,000,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2011, RB1

6.000

10/01/2031

3,242,580

7,000,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2011, RB1

6.250

10/01/2043

7,593,390

1,000,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2012 A, RB1

5.000

01/01/2029

1,058,020

750,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2012 A, Ref. RB1

5.000

07/01/2041

822,863

1,300,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2012 KK1, RB1

5.375

05/01/2042

1,399,359

2,650,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2012, RB1

5.000

05/01/2029

2,890,832

1,000,000

Pennsylvania (State of) Higher Educational

 

 

 

 

Facilities Authority; Series 2014, Ref. RB1

5.000

07/15/2038

1,113,960

18 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

Principal Amount

 

 

Coupon

Maturity

Value

Pennsylvania (Continued)

 

 

 

$5,000,000

Pennsylvania (State of) Public School Building

 

 

 

 

Authority (Harrisburg Area Community College);

 

 

 

 

Series 2011, RB1

5.000%

10/01/2031 $

5,203,850

3,500,000

Pennsylvania (State of) Public School Building

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

2012, RB1

5.000

04/01/2027

3,800,020

4,410,000

Pennsylvania (State of) Public School Building

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

2012, RB1

5.000

04/01/2028

4,788,025

3,000,000

Pennsylvania (State of) Public School Building

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

2012, RB1

5.000

04/01/2029

3,257,160

250,000

Pennsylvania (State of) Public School Building

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

2012, RB1

5.000

04/01/2030

271,430

3,750,000

Pennsylvania (State of) Public School Building

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

2016 A, Ref. RB1

5.000

06/01/2027

4,645,050

8,795,000

Pennsylvania (State of) Public School Building

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

2016 A, Ref. RB1

5.000

06/01/2032

10,787,947

4,800,000

Pennsylvania (State of) Public School Building

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

2016, Ref. RB1

5.000

06/01/2036

5,780,400

200,000

Pennsylvania (State of) Public School Building

 

 

 

 

Authority (Philadelphia School District); Series

 

 

 

 

2016, Ref. RB1

5.000

06/01/2036

253,690

10,000,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

Series 2009 E, RB1

6.375 4

12/01/2038

13,537,700

900,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

Series 2010 A-2, RB1

5.500 4

12/01/2034

931,527

4,100,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

Series 2010 A-2, Ref. RB1

5.500 4

12/01/2034

4,245,181

2,820,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

Series 2010 B-2, RB1

6.000 4

12/01/2034

2,930,093

610,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

Series 2010 B-2, RB1

6.000 4

12/01/2034

633,583

570,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

Series 2010 B-2, RB1

6.000 4

12/01/2034

592,036

2,000,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

Series 2014 A-1, RB1

5.000

12/01/2032

2,334,800

500,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

Series 2015 B, RB1

5.000

12/01/2030

607,215

1,000,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

Series 2015 B, RB1

5.000

12/01/2031

1,210,590

5,000,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

Series 2017 A, RB1

5.500

12/01/2042

6,241,950

1,050,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

Series 2017 A-1, RB1

5.000

12/01/2035

1,321,394

 

19

INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

Pennsylvania (Continued)

 

 

 

$6,000,000

Pennsylvania (State of) Turnpike Commission;

 

 

 

 

Series 2018 A-2, RB1

5.000%

12/01/2048 $

7,522,140

1,430,000

Pennsylvania State University; Series 2016 A, RB1

5.000

09/01/2041

1,757,227

2,500,000

Pennsylvania State University; Series 2017 A, RB1

5.000

09/01/2047

3,104,825

3,620,000

Philadelphia (City of), PA (Philadelphia Gas Works

 

 

 

 

Co.); Series 2017 15, Ref. RB1

5.000

08/01/2047

4,365,901

2,680,000

Philadelphia (City of), PA Authority for Industrial

 

 

 

 

Development; Series 2005 A, RB1

5.625

07/01/2035

2,684,449

1,640,000

Philadelphia (City of), PA Authority for Industrial

 

 

 

 

Development; Series 2006, RB1

6.250

05/01/2033

1,599,689

2,040,000

Philadelphia (City of), PA Authority for Industrial

 

 

 

 

Development; Series 2010 A, IDR1

5.375

06/15/2030

2,061,338

4,000,000

Philadelphia (City of), PA Authority for Industrial

 

 

 

 

Development; Series 2010 A, IDR1

5.625

06/15/2042

4,039,920

1,000,000

Philadelphia (City of), PA Authority for Industrial

 

 

 

 

Development; Series 2010, RB1

5.750

11/15/2030

1,019,770

2,000,000

Philadelphia (City of), PA Authority for Industrial

 

 

 

 

Development; Series 2013 A-1, RB1

6.750

06/15/2033

2,230,740

3,090,000

Philadelphia (City of), PA Authority for Industrial

 

 

 

 

Development; Series 2013 A-1, RB1

7.000

06/15/2043

3,437,718

4,165,000

Philadelphia (City of), PA Authority for Industrial

 

 

 

 

Development; Series 2017, RB1

5.000

12/01/2058

4,797,830

250,000

Philadelphia (City of), PA Housing Authority;

 

 

 

 

Series 2002 A, RB1

5.000

12/01/2021

250,893

1,300,000

Philadelphia (City of), PA Housing Authority;

 

 

 

 

Series 2017, RB1

5.000

05/01/2039

1,565,863

2,415,000

Philadelphia (City of), PA Housing Authority;

 

 

 

 

Series 2017, RB1

5.000

05/01/2042

2,891,769

3,335,000

Philadelphia (City of), PA Housing Authority;

 

 

 

 

Series 2017, RB1

5.000

05/01/2047

3,967,083

2,500,000

Philadelphia (City of), PA Industrial Development

 

 

 

 

Authority (Architecture & Design Charter High

 

 

 

 

School); Series 2013, RB8

6.125

03/15/2043

2,500,000

450,000

Philadelphia (City of), PA Industrial Development

 

 

 

 

Authority (Discovery Charter School); Series

 

 

 

 

2012, RB1

5.875

04/01/2032

464,832

500,000

Philadelphia (City of), PA Industrial Development

 

 

 

 

Authority (Discovery Charter School); Series

 

 

 

 

2012, RB1

6.250

04/01/2042

516,050

500,000

Philadelphia (City of), PA Industrial Development

 

 

 

 

Authority (Global Leadership Academy Charter

 

 

 

 

School); Series 2010, RB1

6.375

11/15/2040

510,660

13,365,000

Philadelphia (City of), PA Industrial Development

 

 

 

 

Authority (Thomas Jefferson University); Series

 

 

 

 

2017 A, Ref. RB1

5.000

09/01/2047

15,983,337

25,000

Philadelphia (City of), PA Parking Authority; Series

 

 

 

 

1999 A, RB1

5.250

02/15/2029

25,085

6,260,000

Philadelphia (City of), PA; Series 2011, GO

 

 

 

 

Bonds1

6.500

08/01/2041

6,405,044

1,895,000

Philadelphia (City of), PA; Series 2017 A, RB1

5.000

10/01/2052

2,312,184

20 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

Principal Amount

 

 

Coupon

Maturity

Value

Pennsylvania (Continued)

 

 

 

 

$3,500,000

Philadelphia (City of), PA; Series 2017 A, Ref. GO

 

 

 

 

 

Bonds1

 

5.000%

08/01/2035 $

4,370,660

18,700,000

Philadelphia (City of), PA; Series 2017 B, Ref. RB1

5.000

07/01/2047

 

22,514,239

7,000,000

Philadelphia (City of), PA; Series 2018 A, RB1

5.000

10/01/2053

 

8,722,420

15,665,000

Philadelphia (City of), PA; Series 2019 B, RB1

5.000

11/01/2049

 

19,986,347

10,000,000

Philadelphia School District; Series 2016 F, Ref.

 

 

 

 

 

GO Bonds1

5.000

09/01/2028

 

12,328,500

10,000,000

Philadelphia School District; Series 2016 F, Ref.

 

 

 

 

 

GO Bonds1

5.000

09/01/2029

 

12,305,500

1,000,000

Philadelphia School District; Series 2016 F, Ref.

 

 

 

 

 

GO Bonds1

5.000

09/01/2032

 

1,218,750

2,615,000

Pittsburgh (City of), PA Urban Redevelopment

 

 

 

 

 

Authority; Series 2007, RB1

6.130

01/20/2043

 

2,620,962

4,000,000

Pottsville (City of), PA Hospital Authority; Series

 

 

 

 

 

2016 B, Ref. RB1

5.000

07/01/2041

 

4,794,080

900,000

Reading (City of), PA Housing Authority; Series

 

 

 

 

 

2010, RB1

5.625

06/01/2042

 

917,775

2,895,000

Reading (City of), PA Housing Authority; Series

 

 

 

 

 

2010, RB1

5.875

06/01/2052

 

2,953,797

1,500,000

Reading School District; Series 2017, Ref. GO

 

 

 

 

 

Bonds1

 

5.000

03/01/2037

 

1,821,240

1,500,000

Reading School District; Series 2017, Ref. GO

 

 

 

 

 

Bonds1

 

5.000

03/01/2038

 

1,810,410

820,000

Scranton School District; Series 2017 E, Ref. GO

 

 

 

 

 

Bonds1

 

5.000

12/01/2034

 

1,017,645

750,000

Scranton School District; Series 2017 E, Ref. GO

 

 

 

 

 

Bonds1

 

5.000

12/01/2035

 

928,980

1,000,000

Southcentral Pennsylvania General Authority;

 

 

 

 

 

Series 2015, Ref. RB1

5.000

12/01/2029

 

1,197,150

4,780,000

State Public School Building Authority

 

 

 

 

 

(Philadelphia School District); Series 2012, RB1

5.000

04/01/2032

 

5,189,742

1,350,000

Susquehanna Area Regional Airport Authority;

 

 

 

 

 

Series 2017, Ref. RB1

5.000

01/01/2038

 

1,605,879

2,000,000

West Shore Area Authority; Series 2011 B, RB1

5.625

01/01/2032

 

2,159,160

1,835,000

West Shore Area Authority; Series 2011, RB1

6.500

01/01/2041

 

1,921,245

2,000,000

Westmoreland (County of), PA Municipal

 

 

 

 

 

Authority; Series 2016, Ref. RB1

5.000

08/15/2038

 

2,379,140

2,600,000

Wilkes-Barre Area School District; Series 2016 B,

 

 

 

 

 

GO Bonds1

5.000

08/01/2034

 

3,177,850

2,125,000

Wilkes-Barre Area School District; Series 2016 B,

 

 

 

 

 

GO Bonds1

5.000

08/01/2036

 

2,577,625

 

 

 

 

 

 

585,750,432

 

 

 

 

 

U.S. Possessions—21.2%

 

 

 

 

17,000,000

Children's Trust Fund; Series 2002, RB1

5.500

05/15/2039

 

17,510,340

53,320,000

Children's Trust Fund; Series 2005 A, RB

7.153 9

05/15/2050

 

7,734,599

451,500,000

Children's Trust Fund; Series 2008 A, RB

7.622 9

05/15/2057

 

27,902,700

185,000

Guam (Territory of) Power Authority; Series 2012

 

 

 

 

 

A, Ref. RB1

5.000

10/01/2023

 

203,876

 

21

INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

$235,000

Guam (Territory of) Power Authority; Series 2012

 

 

 

 

A, Ref. RB1

5.000%

10/01/2024 $

259,036

420,000

Guam (Territory of) Power Authority; Series 2012

 

 

 

 

A, Ref. RB1

5.000

10/01/2030

461,471

700,000

Guam Housing Corp.; Series 1998 A, RB1

5.750

09/01/2031

723,135

795,000

Northern Mariana Island Ports Authority; Series

 

 

 

 

1998 A, RB1

6.600

03/15/2028

812,888

1,065,000

Northern Mariana Islands (Commonwealth of)

 

 

 

 

Ports Authority; Series 1998 A, RB1

6.250

03/15/2028

1,065,000

355,000

Northern Mariana Islands (Commonwealth of);

 

 

 

 

Series 2007 B, Ref. GO Bonds1

5.000

10/01/2022

355,586

1,700,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

Sewer Authority; Series 2008 A, RB

6.125 4

07/01/2024

1,874,250

3,000,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

Sewer Authority; Series 2012 A, RB

5.125

07/01/2037

3,240,000

810,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

Sewer Authority; Series 2012 A, RB

5.250

07/01/2029

880,875

1,460,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

Sewer Authority; Series 2012 A, RB

5.750

07/01/2037

1,602,350

1,005,000

Puerto Rico (Commonwealth of) Aqueduct &

 

 

 

 

Sewer Authority; Series 2012 A, RB

6.000

07/01/2047

1,105,500

6,000,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2005 SS, Ref. RB, NPFGC

5.000

07/01/2025

6,144,780

1,450,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2007 TT, RB5

5.000

07/01/2032

1,158,188

1,435,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 AAA-RSA-1, RB5

5.250

07/01/2024

1,149,794

2,445,000

Puerto Rico (Commonwealth of) Electric Power

 

 

 

 

Authority; Series 2010 XX, RB5

5.250

07/01/2040

1,959,056

10,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 1998 A, RB5

5.000

07/01/2038

4,625

965,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2002 D, RB, AGC1

5.000

07/01/2032

986,857

1,000,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2003 AA-2, Ref.

 

 

 

 

RB5

5.300

07/01/2035

930,000

325,000

Puerto Rico (Commonwealth of) Highway &

 

 

 

 

Transportation Authority; Series 2003 H, Ref. RB5

5.000

07/01/2028

150,313

1,250,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2006, RB1

5.000

03/01/2036

1,251,600

125,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2012, Ref.

 

 

 

 

RB1

5.125

04/01/2032

128,813

185,000

Puerto Rico (Commonwealth of) Industrial Tourist

 

 

 

 

Educational Medical & Environmental Control

 

 

 

 

Facilities Financing Authority; Series 2012, Ref.

 

 

 

 

RB1

5.375

04/01/2042

190,550

22 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

Principal Amount

 

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

 

$270,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

 

Financing Authority; Series 2005 B, RB5

5.000%

07/01/2041 $

67,500

1,400,000

Puerto Rico (Commonwealth of) Infrastructure

 

 

 

 

 

Financing Authority; Series 2007 A, RB5

6.500

 

10/01/2037

283,500

1,015,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2002 D, RB5

5.250

 

07/01/2036

916,038

3,000,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2007 M, Ref. RB5

10.000

 

07/01/2034

2,947,500

1,000,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2007 M-2, Ref. RB, AMBAC

10.000

10

07/01/2035

1,080,040

1,500,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2009 P, Ref. RB5

6.500

 

07/01/2030

1,410,000

1,000,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2009 P, Ref. RB5

6.750

 

07/01/2036

947,500

2,070,000

Puerto Rico (Commonwealth of) Public Buildings

 

 

 

 

 

Authority; Series 2011 S, RB5

6.000

 

07/01/2041

1,940,625

7,405,000

Puerto Rico (Commonwealth of); Series 2001, GO

 

 

 

 

 

Bonds, AGC1

5.125

 

07/01/2030

7,611,377

15,000

Puerto Rico (Commonwealth of); Series 2003

 

 

 

 

 

C-7, Ref. GO Bonds, NPFGC1

6.000

 

07/01/2027

15,453

2,185,000

Puerto Rico (Commonwealth of); Series 2004 A,

 

 

 

 

 

GO Bonds5

5.000

 

07/01/2029

1,810,819

120,000

Puerto Rico (Commonwealth of); Series 2009 B,

 

 

 

 

 

Ref. GO Bonds5

5.750

 

07/01/2038

97,650

50,000

Puerto Rico (Commonwealth of); Series 2009 B,

 

 

 

 

 

Ref. GO Bonds5

6.000

 

07/01/2039

42,000

1,000,000

Puerto Rico (Commonwealth of); Series 2009 B,

 

 

 

 

 

Ref. RB5

 

6.500

 

07/01/2037

845,000

9,745,000

Puerto Rico (Commonwealth of); Series 2009 C,

 

 

 

 

 

Ref. GO Bonds5

6.000

 

07/01/2039

8,003,081

3,000,000

Puerto Rico (Commonwealth of); Series 2011 A,

 

 

 

 

 

GO Bonds5

5.750

 

07/01/2041

2,482,500

790,000

Puerto Rico (Commonwealth of); Series 2011 A,

 

 

 

 

 

Ref. GO Bonds5

6.000

 

07/01/2028

659,650

9,000,000

Puerto Rico (Commonwealth of); Series 2011 C,

 

 

 

 

 

Ref. GO Bonds5

5.750

 

07/01/2036

7,233,750

5,725,000

Puerto Rico Public Finance Corp.; Series 2011

 

 

 

 

 

B, RB5

 

5.500

 

08/01/2031

236,156

569,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.259

9

07/01/2027

486,734

590,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

4.500

 

07/01/2034

649,348

555,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.560

9

07/01/2029

450,266

2,190,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

4.750

 

07/01/2053

2,479,343

716,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

4.839

9

07/01/2031

540,437

5,537,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB1

5.000

 

07/01/2058

6,350,219

 

23

INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

SCHEDULE OF INVESTMENTS Continued

Principal Amount

 

Coupon

Maturity

Value

U.S. Possessions (Continued)

 

 

 

 

$5,940,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.091%9

07/01/2033 $

4,180,334

7,662,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.894 9

07/01/2046

 

2,279,598

6,242,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2018 A-1, RB

5.951 9

07/01/2051

 

1,349,333

3,033,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB1

4.329

07/01/2040

 

3,370,876

91,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB1

4.536

07/01/2053

 

101,591

1,216,000

Puerto Rico Sales Tax Financing Corp.; Series

 

 

 

 

 

2019 A-2, RB1

4.784

07/01/2058

 

1,374,384

1,255,000

Tobacco Settlement Financing Corp.; Series 2001,

 

 

 

 

RB1

5.000

05/15/2031

 

1,257,999

2,195,000

Tobacco Settlement Financing Corp.; Series 2006,

 

 

 

 

RB

6.497 9

05/15/2035

 

787,368

4,150,000

Tobacco Settlement Financing Corp.; Series 2006,

 

 

 

 

RB

6.872 9

05/15/2035

 

1,361,200

7,000,000

Tobacco Settlement Financing Corp.; Series 2006,

 

 

 

 

RB

7.622 9

05/15/2035

 

2,244,480

3,235,000

University of Puerto Rico; Series 2006 P, Ref. RB

5.000

06/01/2030

 

3,214,781

1,300,000

University of Puerto Rico; Series 2006 Q, RB

5.000

06/01/2030

 

1,291,875

2,500,000

Virgin Islands (Government of) Public Finance

 

 

 

 

 

Authority; Series 2014 C, Ref. RB

5.000

10/01/2039

 

2,496,875

 

 

 

 

 

154,683,362

 

 

 

 

 

Total Investments, at Value (Cost $698,232,240)—101.4%

 

 

 

740,433,794

Floating Rate Note Obligations—(2.8)

 

 

 

 

Notes with interest and fee rates ranging from 1.18% to 1.50% at

2/29/2020 and contractual

 

maturities of collateral ranging from 02/15/2045 to 11/01/204711

 

 

 

(20,745,000)

Borrowings—

 

 

 

 

 

(0.2)

 

 

 

 

(1,500,000)

Net Other Assets (Liabilities)—1.6

 

 

 

11,667,578

Net Assets—100.0%

 

$

729,856,372

 

 

 

 

 

 

Footnotes to Schedule of Investments

1.All or a portion of the security position has been pledged for collateral to cover borrowings. See Note 10 of the accompanying Notes.

2.Security represents the underlying municipal bond with respect to an inverse floating rate security held by the

Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.

3.All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Notes.

4.Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

5.This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

6.Interest or dividend is paid-in-kind, when applicable.

24 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

Footnotes to Schedule of Investments (continued)

7.This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

8.The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying

Notes.

9.Zero coupon bond reflects effective yield on the original acquisition date.

10.This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

11.Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 29, 2020. At February 29, 2020, the Fund's investments with a value of $37,290,768 are held by TOB

Trusts and serve as collateral for the $20,745,000 in the floating rate note obligations outstanding at that date.

To simplify the listings of securities, abbreviations are used per the table below:

AGC

Assured Guaranty Corp.

AMBAC

American Municipal Bond Assurance Corp.

BHospital

Brandywine Hospital

CHH

Chestnut Hill Hospital

GO

General Obligation

IDA

Industrial Devel. Agency

IDR

Industrial Development Revenue Bonds

JH

Jennersville Hospital

NPFGC

National Public Finance Guarantee Corp.

PHospital

Phoenixville Hospital

PottsH

Pottstown Hospital

RHosp

Reading Hospital

RB

Revenue Bonds

Ref.

Refunding

THlth

Tower Health

See accompanying Notes to Financial Statements.

25 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

STATEMENT OF ASSETS AND LIABILITIES February 29, 2020

Assets

 

 

Investments, at value (cost $698,232,240) —see accompanying schedule of investments

$

740,433,794

Cash

 

4,432,768

Receivables and other assets:

 

 

Interest

 

7,996,843

Investments matured, at value (cost $1,316,308)

 

1,168,544

Shares of beneficial interest sold

 

472,442

Other

 

413,136

Total assets

 

754,917,527

 

 

 

Liabilities

 

 

Payables and other liabilities:

 

 

Payable for short-term floating rate notes issued

 

20,745,000

Payable for borrowings

 

1,500,000

Investments purchased

 

1,573,708

Shares of beneficial interest redeemed

 

439,988

Dividends

 

271,074

Distribution and service plan fees

 

178,041

Trustees' compensation

 

120,730

Transfer and shareholder servicing agent fees

 

52,059

Shareholder communications

 

32,922

Advisory fees

 

20,090

Interest expense on borrowings

 

1,475

Administration fees

 

572

Other

 

125,496

Total liabilities

 

25,061,155

 

 

 

Net Assets

$

729,856,372

 

 

 

 

 

 

Composition of Net Assets

 

 

Shares of beneficial interest

$

801,761,404

Total accumulated loss

 

(71,905,032)

Net Assets

$

729,856,372

 

 

 

26 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

Net Asset Value Per Share

Class A Shares:

 

Net asset value and redemption price per share (based on net assets of $534,699,754 and

 

45,768,564 shares of beneficial interest outstanding)

$11.68

Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)

$12.20

 

 

Class C Shares:

 

Net asset value, redemption price (excludes applicable contingent deferred sales charge)

 

and offering price per share (based on net assets of $110,394,662 and 9,478,369 shares of

 

beneficial interest outstanding)

$11.65

 

 

Class Y Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of

 

$84,029,654 and 7,188,369 shares of beneficial interest outstanding)

$11.69

 

 

Class R6 Shares:

 

Net asset value, redemption price and offering price per share (based on net assets of $732,302

 

and 62,719 shares of beneficial interest outstanding)

$11.68

See accompanying Notes to Financial Statements.

27 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

STATEMENT

OF OPERATIONS

 

Seven Months Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

Investment Income

 

 

 

 

Interest

$

18,541,731

$

35,366,915

Expenses

 

 

 

 

Advisory fees

 

2,059,139

 

3,389,151

Administration fees

 

58,592

 

8,013

Distribution and service plan fees:

 

 

 

 

Class A

 

719,940

 

1,033,301

Class C

 

565,863

 

1,401,089

Transfer and shareholder servicing agent fees:

 

 

 

 

Class A

 

215,546

 

404,651

Class C

 

45,444

 

148,707

Class Y

 

32,405

 

55,671

Class R6

 

95

 

1

Shareholder communications:

 

 

 

 

Class A

 

28,663

 

21,776

Class C

 

5,992

 

9,334

Class Y

 

4,327

 

3,608

Class R6

 

18

 

—

Interest expense and fees on short-term floating rate notes issued

 

333,340

 

840,654

Borrowing fees

 

250,671

 

640,372

Interest expense on borrowings

 

40,110

 

300,138

Trustees' compensation

 

18,110

 

11,037

Custodian fees and expenses

 

5,109

 

4,919

Other

 

96,965

 

263,960

Total expenses

 

4,480,329

 

8,536,382

Less waivers and reimbursements of expenses

 

(50)

 

—

Net expenses

 

4,480,279

 

8,536,382

Net Investment Income

 

14,061,452

 

26,830,533

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

Net realized gain (loss) on investment transactions (includes net gains

 

 

 

 

from securities sold to affiliates of $0 and $1,050, respectively)

 

490,923

 

(34,584,554)

Net change in unrealized appreciation/(depreciation) on investment

 

 

 

 

transactions

 

29,025,991

 

76,354,420

 

 

 

 

 

Net Increase in Net Assets Resulting from Operations

$

43,578,366

$

68,600,399

 

 

 

 

 

See accompanying Notes to Financial Statements.

28 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

STATEMENT OF CHANGES IN NET ASSETS

 

 

Seven Months

 

 

 

 

 

 

Ended

 

Year Ended

 

Year Ended

 

 

February 29, 2020

 

July 31, 2019

 

July 31, 2018

Operations

 

 

 

 

 

 

Net investment income

$

14,061,452

$

26,830,533

$

26,072,945

 

 

 

 

 

 

 

Net realized gain (loss)

 

490,923

 

(34,584,554)

 

(39,669,100)

 

 

 

 

 

 

 

Net change in unrealized appreciation/(depreciation)

 

29,025,991

 

76,354,420

 

31,315,112

Net increase in net assets resulting from operations

 

43,578,366

 

68,600,399

 

17,718,957

 

 

 

 

 

 

 

Dividends and/or Distributions to Shareholders

 

 

 

 

 

 

Distributions to shareholders from distributable

 

 

 

 

 

 

earnings:

 

 

 

 

 

 

Class A

 

(9,689,778)

 

(14,650,196)

 

(18,501,626)

Class B

 

—

 

—

 

(37,707)

Class C

 

(1,632,128)

 

(4,303,794)

 

(6,124,203)

Class Y

 

(1,563,782)

 

(2,165,871)

 

(2,018,635)

Class R6

 

(5,994)

 

(68)

 

—

Total distributions from distributable earnings

 

 

 

 

 

 

 

(12,891,682)

 

(21,119,929)

 

(26,682,171)

 

 

 

 

 

 

 

Beneficial Interest Transactions

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from

 

 

 

 

 

 

beneficial interest transactions:

 

 

 

 

 

 

Class A

 

13,489,503

 

44,220,407

 

(71,558,257)

Class B

 

—

 

—

 

(2,593,497)

Class C

 

(4,523,338)

 

(63,117,124)

 

(35,340,354)

Class Y

 

8,818,928

 

17,376,645

 

(3,952,301)

Class R6

 

697,458

 

10,000

 

—

Total beneficial interest transactions

 

 

 

 

 

 

 

18,482,551

 

(1,510,072)

 

(113,444,409)

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

Total increase (decrease)

 

49,169,235

 

45,970,398

 

(122,407,623)

 

 

 

 

 

 

 

Beginning of period

 

680,687,137

 

634,716,739

 

757,124,362

End of period

 

 

 

 

 

 

$

729,856,372

$

680,687,137

$

634,716,739

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

29 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS

Class A

Seven Months Ended

February 29, Year Ended     Year Ended     Year Ended     Year Ended     Year Ended

2020          July 31, 2019      July 31, 2018     July 31, 2017 July 31, 2016     July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$11.19

$10.40

$10.44

$10.67

$10.49

$10.38

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.23

0.46

0.41

0.47

0.59

0.63

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.47

0.69

(0.03)

(0.16)

0.20

0.09

Total from investment

 

 

 

 

 

 

operations

0.70

1.15

0.38

0.31

0.79

0.72

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.21)

(0.36)

(0.42)

(0.54)

(0.61)

(0.61)

Net asset value, end of period

$11.68

$11.19

$10.40

$10.44

$10.67

$10.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

6.36%

11.32%

3.84%

2.96%

7.84%

6.98%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$534,700

$498,743

$423,210

$500,340

$526,247

$552,146

Average net assets (in

 

 

 

 

 

 

thousands)

$512,563

$428,934

$443,594

$509,600

$537,284

$589,000

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

3.54%

4.30%

4.09%

4.50%

5.59%

5.93%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.88%

0.91%

0.97%

0.83%

0.80%

0.77%

Interest and fees from

 

 

 

 

 

 

borrowings

0.07%

0.15%

0.18%

0.11%

0.11%

0.11%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.08%

0.13%

0.03%

0.06%

0.06%

0.07%

Total expenses

1.03%

1.19%

1.18%

1.00%

0.97%

0.95%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

1.03%

1.19%

1.18%

1.00%

0.97%

0.95%

Portfolio turnover rate5

6%

21%

13%

20%

6%

12%

30 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

31 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

Class C

Seven Months Ended

 February 29, Year Ended     Year Ended         Year Ended     Year Ended     Year Ended

2020          July 31, 2019     July 31, 2018     July 31, 2017     July 31, 2016     July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$11.15

$10.37

$10.42

$10.64

$10.47

$10.36

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.19

0.39

0.34

0.40

0.51

0.55

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.48

0.68

(0.04)

(0.15)

0.19

0.09

Total from investment

 

 

 

 

 

 

operations

0.67

1.07

0.30

0.25

0.70

0.64

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.17)

(0.29)

(0.35)

(0.47)

(0.53)

(0.53)

Net asset value, end of period

$11.65

$11.15

$10.37

$10.42

$10.64

$10.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

6.07%

10.52%

3.07%

2.23%

7.06%

6.19%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$110,395

$110,166

$161,664

$199,497

$220,769

$226,296

Average net assets (in

 

 

 

 

 

 

thousands)

$107,975

$155,694

$173,445

$209,822

$221,129

$239,680

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

2.88%

3.64%

3.43%

3.79%

4.84%

5.17%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

1.54%

1.57%

1.62%

1.56%

1.55%

1.52%

Interest and fees from

 

 

 

 

 

 

borrowings

0.07%

0.15%

0.18%

0.11%

0.11%

0.11%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.08%

0.13%

0.03%

0.06%

0.06%

0.07%

Total expenses

1.69%

1.85%

1.83%

1.73%

1.72%

1.70%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

1.69%

1.85%

1.83%

1.73%

1.72%

1.70%

Portfolio turnover rate5

6%

21%

13%

20%

6%

12%

32 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

33 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

Class Y

Seven Months Ended

February 29, Year Ended     Year Ended     Year Ended     Year Ended     Year Ended

2020               July 31, 2019     July 31, 2018 July 31, 2017 July 31, 2016     July 31, 2015

Per Share Operating Data

 

 

 

 

 

 

Net asset value, beginning of

 

 

 

 

 

 

period

$11.19

$10.40

$10.45

$10.68

$10.50

$10.38

Income (loss) from investment

 

 

 

 

 

 

operations:

 

 

 

 

 

 

Net investment income1

0.25

0.49

0.44

0.47

0.60

0.65

Net realized and unrealized

 

 

 

 

 

 

gain (loss)

0.48

0.69

(0.05)

(0.14)

0.20

0.10

Total from investment

 

 

 

 

 

 

operations

0.73

1.18

0.39

0.33

0.80

0.75

Dividends and/or distributions

 

 

 

 

 

 

to shareholders:

 

 

 

 

 

 

Dividends from net investment

 

 

 

 

 

 

income

(0.23)

(0.39)

(0.44)

(0.56)

(0.62)

(0.63)

Net asset value, end of period

$11.69

$11.19

$10.40

$10.45

$10.68

$10.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return, at Net Asset

 

 

 

 

 

 

Value2

6.60%

11.58%

3.98%

3.14%

7.99%

7.23%

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in

 

 

 

 

 

 

thousands)

$84,030

$71,769

$49,843

$54,584

$30,357

$29,137

Average net assets (in

 

 

 

 

 

 

thousands)

$77,035

$59,356

$45,899

$39,973

$28,378

$30,378

Ratios to average net assets:3

 

 

 

 

 

 

Net investment income

3.78%

4.54%

4.33%

4.53%

5.73%

6.07%

Expenses excluding specific

 

 

 

 

 

 

expenses listed below

0.64%

0.67%

0.72%

0.65%

0.65%

0.62%

Interest and fees from

 

 

 

 

 

 

borrowings

0.07%

0.15%

0.18%

0.11%

0.11%

0.11%

Interest and fees on short-term

 

 

 

 

 

 

floating rate notes issued4

0.08%

0.13%

0.03%

0.06%

0.06%

0.07%

Total expenses

0.79%

0.95%

0.93%

0.82%

0.82%

0.80%

Expenses after payments,

 

 

 

 

 

 

waivers and/or

 

 

 

 

 

 

reimbursements and reduction

 

 

 

 

 

 

to custodian expenses

0.79%

0.95%

0.93%

0.82%

0.82%

0.80%

Portfolio turnover rate5

6%

21%

13%

20%

6%

12%

34 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

1.Calculated based on the average shares outstanding during the period.

2.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.

3.Annualized for periods less than one full year.

4.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

5.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.

35 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

FINANCIAL HIGHLIGHTS Continued

Class R6

Seven Months

Ended Period

February 29, Ended

2020 July 31, 20191

Per Share Operating Data

 

 

Net asset value, beginning of

 

 

period

$11.18

$11.05

Income (loss) from investment

 

 

operations:

 

 

Net investment income2

0.25

0.10

Net realized and unrealized

 

 

gain

0.48

0.10

Total from investment

 

 

operations

0.73

0.20

Dividends and/or distributions

 

 

to shareholders:

 

 

Dividends from net investment

 

 

income

(0.23)

(0.07)

Net asset value, end of period

$11.68

$11.18

 

 

 

 

 

 

Total Return, at Net Asset

 

 

Value3

6.63%

1.86%

 

 

 

Ratios/Supplemental Data

 

 

Net assets, end of period (in

 

 

thousands)

$732

$10

Average net assets (in

 

 

thousands)

$282

$10

Ratios to average net assets:4

 

 

Net investment income

3.83%

4.59%

Expenses excluding specific

 

 

expenses listed below

0.62%

0.62%

Interest and fees from

 

 

borrowings

0.07%

0.15%

Interest and fees on short-term

 

 

floating rate notes issued5

0.08%

0.13%

Total expenses

0.77%

0.90%

Expenses after payments,

 

 

waivers and/or

 

 

reimbursements and reduction

 

 

to custodian expenses

0.74%

0.90%

Portfolio turnover rate6

6%

21%

36 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

1.For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019.

2.Calculated based on the average shares outstanding during the period.

3.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.

4.Annualized for periods less than one full year.

5.Interest and fee expense relates to the Fund's liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

6.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.

37 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS February 29, 2020

Note 1 - Significant Accounting Policies

Invesco Oppenheimer Rochester 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Rochester Pennsylvania Municipal Fund (the "Acquired Fund" or "Predecessor Fund"). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the "Reorganization Date") through the transfer of all of its assets and liabilities to the Fund (the "Reorganization").

Upon closing of the Reorganization, holders of the Acquired Fund's Class A, Class C, and Class Y shares received the corresponding class of shares of the Fund. Class R6 shares commenced operations on the Reorganization Date.

Effective August 31, 2019, the Fund changed its fiscal year end from July 31 to the last day of February.

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 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 and Class R6 shares are sold at net asset value. Class C shares held for ten 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 tenth 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 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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes 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

38 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

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. 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 either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 transactions 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

39 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

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 income and realized and unrealized capital gains and losses to a class based on the relative net assets 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 and the country that has the primary market for the issuer's securities, 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 - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America ("GAAP"), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

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 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

40 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

years after the filing of the return for the tax 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 allocated to each share class based on relative net assets. 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 relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with GAAP, which 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.

H. 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.

I. Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

J. 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

41 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

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 generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund's net asset value to be more volatile than if it had

not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB 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 "Payable for short-term floating rate notes issued" 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 expense and fees on short-term floating rate notes issued" on the Statement of

42 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities' investments in, and relationships with, "covered funds", as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as "sponsors" of TOB Trusts. These duties may be performed by a third-party service provider. The Fund's expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust's municipal bonds. 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 Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and 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.

K. Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

43 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

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.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the "Adviser" or "Invesco"). 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:

Fee Schedule*

Up to $200 million

0.60%

Next $100 million

0.55

Next $200 million

0.50

Next $250 million

0.45

Next $250 million

0.40

Next $4 billion

0.35

Over $5 billion

0.33

*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 seven months ended February 29, 2020, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (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.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the 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

44 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

R6 shares to 0.98%, 1.62%, 0.72% and 0.62%, respectively, of the Fund's average daily net assets (the "expense 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the seven months ended February 29, 2020, the Adviser reimbursed fund expenses of $50 for Class R6.

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 seven months ended February 29, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A. serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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 seven months ended February 29, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing 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 "Plan"). The Fund, pursuant to the Class A Plan, reimbursed 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 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 Plan 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 Plan 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 plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor,

45 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Inc. For the seven months ended February 29, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan 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 seven months ended February 29, 2020, IDI advised the Fund that IDI retained $42,022 in front-end sales commissions from the sale of Class A shares and $3,153 from Class C shares, for CDSC imposed on 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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own 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 29, 2020. 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.

46 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

 

 

 

 

Level 3—

 

 

 

 

Level 1—

Level 2—

 

Significant

 

 

 

 

Unadjusted

Other Significant

 

Unobservable

 

 

 

 

Quoted Prices Observable Inputs

 

Inputs

 

Value

Assets Table

 

 

 

 

 

 

 

Investments, at Value:

 

 

 

 

 

 

 

Municipal Bonds and Notes

 

 

 

 

 

 

 

Pennsylvania

$

— $

578,532,430

$

7,218,002

$

585,750,432

U.S. Possessions

 

—

154,683,362

 

—

 

154,683,362

Total Investments, at Value

 

—

733,215,792

 

7,218,002

 

740,433,794

Other Financial Instruments:

 

 

 

 

 

 

 

Investments Matured

 

—

1,168,544

 

—

 

1,168,544

Total Assets

$

— $

734,384,336

$

7,218,002

$

741,602,338

Note 4 - Trustee and Officer Fees and Benefits

The Fund has adopted an unfunded retirement plan (the "Plan") for the Fund's Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the "Freeze Date") and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund's projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased

$

7,936

Payments Made to Retired Trustees

 

—

Accumulated Liability as of February 29, 2020

 

50,060

Certain trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees' fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

47 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Note 5 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Citibank, N.A., 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 6 - Tax Information

Tax Character of Distributions to Shareholders for the Seven Months Ended February 29, 2020 and the Fiscal Years Ended July 31, 2019 and July 31, 2018:

 

 

Seven Months

 

 

 

 

 

 

Ended February

 

Year Ended

 

Year Ended

 

 

29, 2020

 

July 31,2019

 

July 31,2018

Ordinary income

$

184,288

$

284,625

$

252,788

Ordinary income

 

 

 

 

 

 

- Tax-Exempt

 

12,707,394

 

20,835,304

 

26,429,383

Total distributions

$

12,891,682

$

21,119,929

$

26,682,171

 

 

 

 

 

 

 

Tax Components of Net Assets at Period-End:

 

 

2020

Undistributed tax-exempt income

$

12,126,023

Net unrealized appreciation - investments

 

44,735,618

Temporary book/tax differences

 

(388,285)

Capital loss carryforward

 

(128,378,393)

Shares of beneficial interest

 

801,761,409

Total net assets

$

729,856,372

 

 

 

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 tax treatment of TOBs, defaulted bonds and book to tax accretion and amortization differences.

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 carryforwards in the future may be limited under the Internal Revenue Code and related

48 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 29, 2020, which expires as follows:

Capital Loss Carryforward

Expiration

Short-Term

 

Long-Term

 

Total

Not subject to expiration $

7,959,887

$

120,418,506

$

128,378,393

Note 7 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the seven months ended February 29, 2020 was $63,090,656 and $42,922,717, respectively. Cost of investments, including any derivatives, on a tax basis 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

Aggregate unrealized appreciation of investments

$

71,561,277

Aggregate unrealized (depreciation) of investments

 

(26,825,659)

Net unrealized appreciation of investments

$

44,735,618

 

 

 

Cost of investments for tax purposes is $696,866,720.

Note 8 - Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of defaulted bonds and income on TOBS, on February 29, 2020, undistributed net investment income was decreased by $712,723 and undistributed net realized loss was increased by $712,723. This reclassification had no effect on the net assets or the total accumulated loss of the Fund.

Note 9 - Share Information

Transactions in shares of beneficial interest were as follows:

 

Seven Months Ended

Year Ended July 31, 20192

Year Ended July 31, 2018

 

February 29, 20201

 

 

 

 

 

 

 

 

Shares

 

Amount

Shares

 

Amount

Shares

 

Amount

Class A

 

 

 

 

 

 

 

 

 

Sold

2,531,453

$

28,736,146

8,440,089

$

92,835,347

3,264,565

$

32,744,691

Automatic

 

 

 

 

 

 

 

 

 

Conversion

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

to Class A

 

 

 

 

 

 

 

 

 

Shares

986,066

 

11,169,106

—

 

—

—

 

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

751,494

 

8,545,463

1,163,062

 

12,457,740

1,583,701

 

15,894,703

Redeemed

(3,085,674)

 

(34,961,212)

(5,718,182)

 

(61,072,680)

(12,061,229)

 

(120,197,651)

Net increase

1,183,339

$

13,489,503

3,884,969

$

44,220,407

(7,212,963)

$

(71,558,257)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

Seven Months Ended

Year Ended July 31, 20192

Year Ended July 31, 2018

February 29, 20201

 

 

 

 

Shares

Amount

Shares

Amount

Shares

Amount

Class B

Sold

—

$

—

—

$

—

34

$

343

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

—

 

—

—

 

—

3,459

 

34,714

Redeemed3

—

 

—

—

 

—

(262,554)

 

(2,628,554)

Net increase

— $

—

— $

—

(259,061)

$

(2,593,497)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

Sold

1,110,562

$

12,538,251

1,288,613

$

13,745,931

1,216,982

$

12,191,245

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

134,060

 

1,519,816

372,761

 

3,972,929

562,752

 

5,632,066

Automatic

 

 

 

 

 

 

 

 

 

Conversion

 

 

 

 

 

 

 

 

 

Class C

(989,372)

 

(11,169,106)

—

 

—

—

 

—

to Class A

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

Redeemed

(654,611)

 

(7,412,299)

(7,373,461)

 

(80,835,984)

(5,343,607)

 

(53,163,665)

Net increase

(399,361)

$

(4,523,338)

(5,712,087)

$

(63,117,124)

(3,563,873)

$

(35,340,354)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Y

 

 

 

 

 

 

 

 

 

Sold

1,272,564

$

14,430,706

2,576,054

$

27,505,316

2,307,383

$

23,263,618

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

132,257

 

1,505,176

188,318

 

2,022,099

185,867

 

1,870,127

Redeemed

(628,378)

 

(7,116,954)

(1,143,062)

 

(12,150,770)

(2,926,787)

 

(29,086,046)

Net increase

776,443

$

8,818,928

1,621,310

$

17,376,645

(433,537)

$

(3,952,301)

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R64

 

 

 

 

 

 

 

 

 

Sold

63,861

$

720,330

905

$

10,000

—

$

—

Dividends

 

 

 

 

 

 

 

 

 

and/or

 

 

 

 

 

 

 

 

 

distributions

 

 

 

 

 

 

 

 

 

reinvested

478

 

5,489

—

 

—

—

 

—

Redeemed

(2,525)

 

(28,361)

—

 

—

—

 

—

Net increase

 

61,814

$

697,458

905

$

10,000

—

$

—

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 47% 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.

50 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

2.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 43% 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.

3.All outstanding Class B shares converted to Class A shares on June 1, 2018.

4.Commencement date after the close of business on May 24, 2019.

Note 10 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act,

which provides that a fund generally may not borrow money greater than 331/3 of the Fund's total assets.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank N.A., which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period August 1, 2019 to February 29, 2020, the Fund incurred fees of $290,781. The average daily balance of borrowings under this agreement is $3,123,944 with an average interest rate of 2.05%. The carrying amount of the Trust's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

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 seven months ended February 29, 2020 were $28,608,750 and 2.00%, respectively.

Note 11 - Significant Event

The Board of Trustees unanimously approved an Agreement and Plan of Reorganization (the "Agreement") pursuant to which Invesco Oppenheimer Rochester Pennsylvania Municipal Fund (the "Fund") would acquire all of the assets and liabilities of Invesco Pennsylvania Tax Free Income Fund (the "Target Fund") in exchange for shares of the Fund.

The reorganizations are expected to be consummated on May 15, 2020. Upon closing of the reorganization, shareholders of the Target Fund will receive a corresponding class of shares of the Fund in exchange for their shares of the Target Fund and the Target Fund will liquidate and cease operations.

Note 12 - Subsequent Event

During the first quarter of 2020, the World Health Organization declared the Coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term

51 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

NOTES TO FINANCIAL STATEMENTS Continued

market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds' ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Act is a $2 trillion stimulus package to help individuals, businesses and hospitals in response to the economic distress caused by the COVID-19 crisis. The Adviser is assessing the components of the Act and the impacts to the Fund should be immaterial.

Effective May 15, 2020, the Fund's advisory fee schedule will change to:

Fee Schedule

Up to $500 million

0.51%

Next $250 million

0.40

Next $3 billion

0.345

Next $250 million

0.41

Next $1 billion

0.38

Over $5 billion

0.33

Additionally, effective May 15, 2020, the Fund's Class C compensation 12b-1 plan will be replaced with a reimbursement 12b-1 plan.

52 INVESCO OPPENHEIMER ROCHESTER 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 Oppenheimer Rochester® 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 Oppenheimer Rochester® 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 29, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (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 29, 2020, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Statement of Operations and Statement of

 

Changes in Net Assets

Financial Highlights

 

 

For the period from August 1, 2019 through

For the period from August 1, 2019 through

February 29, 2020 and the year ended July 31,

February 29, 2020 and the year ended July 31,

2019

2019 for Class A, Class C and Class Y

 

For the period from August 1, 2019 through

 

February 29, 2020 and the period from May 24,

 

2019 (inception of offering) through July 31, 2019

 

for Class R6

The financial statements of Invesco Oppenheimer Rochester® Pennsylvania Municipal Fund (formerly known as Oppenheimer Rochester® Pennsylvania Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

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

53 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP Houston, Texas

April 28, 2020

We have served as the auditor of one or more 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.

54 INVESCO OPPENHEIMER ROCHESTER 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 seven months ended February 29, 2020:

Federal and State Income Tax

 

Qualified Dividend Income*

0.00 %

Corporate Dividends Received Deduction*

0.00 %

Qualified Business Income

0.00 %

U.S. Treasury Obligations*

0.00 %

Tax-Exempt Interest Dividends*

98.57 %

*The above percentages are based on ordinary income dividends paid to shareholders during the Fund's reporting period.

55 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

•Fund reports and prospectuses

•Quarterly statements

•Daily confirmations

•Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder 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.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

56 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INTERESTED TRUSTEE

 

 

 

 

 

 

 

 

 

Martin L. Flanagan 1 — 1960

2007

Executive Director, Chief Executive Officer and

229

None

Trustee and Vice Chair

 

President, Invesco Ltd. (ultimate parent of

 

 

 

 

Invesco and a global investment management

 

 

 

 

firm); Trustee and Vice Chair, The Invesco

 

 

 

 

Funds; Vice Chair, Investment Company

 

 

 

 

Institute; and Member of Executive Board,

 

 

 

 

SMU Cox School of Business

 

 

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

57 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES

Bruce L. Crockett – 1944

2003 Chairman, Crockett Technologies Associates

Trustee and Chair

(technology consulting company)

 

Formerly: Director, Captaris (unified

 

messaging provider); Director, President and

 

Chief Executive Officer, COMSAT Corporation;

 

Chairman, Board of Governors of INTELSAT

 

(international communications company); ACE

 

Limited (insurance company); Independent

 

Directors Council and Investment Company

 

Institute: Member of the Audit Committee,

 

Investment Company Institute; Member of

 

the Executive Committee and Chair of the

 

Governance Committee, Independent Directors

 

Council

229Director and

Chairman of the

Audit Committee,

ALPS (Attorneys

Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation

Committee, Ferroglobe

PLC (metallurgical

company)

David C. Arch – 1945

2010 Chairman of Blistex Inc. (consumer health

229

Board member of the

Trustee

care products manufacturer); Member, World

 

Illinois Manufacturers'

 

Presidents' Organization

 

Association

 

 

 

 

Beth Ann Brown – 1968

2019 Independent Consultant

229

Director, Board of

Trustee

Formerly: Head of Intermediary Distribution,

 

Directors of Caron

 

 

Engineering Inc.;

 

Managing Director, Strategic Relations,

 

Advisor, Board of

 

Managing Director, Head of National

 

Advisors of Caron

 

Accounts, Senior Vice President, National

 

Engineering Inc.;

 

Account Manager and Senior Vice President,

 

President and

 

Key Account Manager, Columbia Management

 

Director, of Acton

 

Investment Advisers LLC; Vice President, Key

 

Shapleigh Youth

 

Account Manager, Liberty Funds Distributor,

 

Conservation Corps

 

Inc.; and Trustee of certain Oppenheimer

 

(non -profit); and

 

Funds

 

President and Director

 

 

 

of Grahamtastic

 

 

 

Connection (non-

 

 

 

profit)

Jack M. Fields – 1952

2003 Chief Executive Officer, Twenty First Century

Trustee

Group, Inc. (government affairs company);

 

and Chairman, Discovery Learning Alliance

 

(non-profit)

 

Formerly: Owner and Chief Executive Officer,

 

Dos Angeles Ranch L.P. (cattle, hunting,

 

corporate entertainment); Director, Insperity,

 

Inc. (formerly known as Administaff) (human

 

resources provider); Chief Executive Officer,

 

Texana Timber LP (sustainable forestry

 

company); Director of Cross Timbers Quail

 

Research Ranch (non-profit); and member of

 

the U.S. House of Representatives

229Member, Board of Directors of Baylor

College of Medicine

58 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Cynthia Hostetler —1962

2017 Non-Executive Director and Trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Director, Aberdeen Investment

 

Funds (4 portfolios); Head of Investment

 

Funds and Private Equity, Overseas Private

 

Investment Corporation; President, First

 

Manhattan Bancorporation, Inc.; Attorney,

 

Simpson Thacher & Bartlett LLP

229Vulcan Materials

Company

(construction materials

company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual

fund complex);

Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

Eli Jones – 1961

2016 Professor and Dean, Mays Business School -

229

Insperity, Inc. (formerly

Trustee

Texas A&M University

 

known as Administaff)

 

Formerly: Professor and Dean, Walton College

 

(human resources

 

 

provider)

 

of Business, University of Arkansas and E.J.

 

 

 

Ourso College of Business, Louisiana State

 

 

 

University; Director, Arvest Bank

 

 

Elizabeth Krentzman – 1959

2019 Formerly: Principal and Chief Regulatory

Trustee

Advisor for Asset Management Services and

 

U.S. Mutual Fund Leader of Deloitte & Touche

 

LLP; General Counsel of the Investment

 

Company Institute (trade association);

 

National Director of the Investment

 

Management Regulatory Consulting Practice,

 

Principal, Director and Senior Manager of

 

Deloitte & Touche LLP; Assistant Director of

 

the Division of Investment Management -

 

Office of Disclosure and Investment Adviser

 

Regulation of the U.S. Securities and Exchange

 

Commission and various positions with the

 

Division of Investment Management – Office

 

of Regulatory Policy of the U.S. Securities and

 

Exchange Commission; Associate at Ropes &

 

Gray LLP.; and Trustee of certain Oppenheimer

 

Funds

229Trustee of the

University of Florida

National Board

Foundation; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center

Association, Inc. Board

of Trustees and Audit

Committee Member

59 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

INDEPENDENT TRUSTEES (CONTINUED)

Anthony J. LaCava, Jr. – 1956 2019

Formerly: Director and Member of the Audit

Trustee

Committee, Blue Hills Bank (publicly traded

 

financial institution) and Managing Partner,

 

KPMG LLP

229Blue Hills Bank;

Chairman of Bentley University; Member, Business School Advisory Council; and Nominating

Committee, KPMG LLP

Prema Mathai-Davis – 1950 2003 Retired229None Trustee

Formerly; Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self- Directed Investor)

Joel W. Motley – 1952

2019 Director of Office of Finance, Federal Home

Trustee

Loan Bank System; Member of the Vestry

 

of Trinity Wall Street; Managing Director of

 

Carmona Motley Hoffman, Inc. (privately held

 

financial advisor); Member of the Council

 

on Foreign Relations and its Finance and

 

Budget Committee; Chairman Emeritus of

 

Board of Human Rights Watch and Member

 

of its Investment Committee; and Member

 

of Investment Committee and Board of

 

Historic Hudson Valley (non-profit cultural

 

organization).

 

Formerly: Managing Director of Public Capital

 

Advisors, LLC (privately held financial advisor);

 

Managing Director of Carmona Motley

 

Hoffman, Inc. (privately held financial advisor);

 

Trustee of certain Oppenheimer Funds; and

 

Director of Columbia Equity Financial Corp.

 

(privately held financial advisor)

229Member of Board of Greenwall Foundation (bioethics research foundation) and

its Investment

Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis

Reporting (non-profit

journalism)

Teresa M. Ressel — 1962

2017 Non-executive director and trustee of a

Trustee

number of public and private business

 

corporations

 

Formerly: Chief Financial Officer, Olayan

 

America, The Olayan Group (international

 

investor/commercial/industrial); Chief

 

Executive Officer, UBS Securities LLC; Group

 

Chief Operating Officer, Americas, UBS AG;

 

Assistant Secretary for Management & Budget

 

and CFO, US Department of the Treasury

229Atlantic Power

Corporation (power

generation company); ON Semiconductor Corp. (semiconductor supplier)

60 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Ann Barnett Stern – 1957

2017

President and Chief Executive Officer, Houston

229

Federal Reserve Bank

Trustee

 

Endowment Inc. (private philanthropic

 

of Dallas

 

 

institution)

 

 

 

 

Formerly: Executive Vice President and

 

 

 

 

General Counsel, Texas Children's Hospital;

 

 

 

 

Attorney, Beck, Redden and Secrest, LLP;

 

 

 

 

Business Law Instructor, University of St.

 

 

 

 

Thomas; Attorney, Andrews & Kurth LLP

 

 

 

 

 

 

 

Robert C. Troccoli – 1949

2016

Retired

229

None

Trustee

 

Formerly: Adjunct Professor, University of

 

 

 

 

 

 

 

 

Denver – Daniels College of Business, Senior

 

 

 

 

Partner, KPMG LLP

 

 

Daniel S. Vandivort –1954

2019 Treasurer, Chairman of the Audit and Finance

Trustee

Committee, and Trustee, Board of Trustees,

 

Huntington Disease Foundation of America;

 

and President, Flyway Advisory Services LLC

 

(consulting and property management).

 

Formerly: Trustee and Governance Chair, of

 

certain Oppenheimer Funds

229Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds

James D. Vaughn – 1945

2019 Retired

Trustee

Formerly: Managing Partner, Deloitte & Touche

 

 

LLP; Trustee and Chairman of the Audit

 

Committee, Schroder Funds; Board Member,

 

Mile High United Way, Boys and Girls Clubs,

 

Boy Scouts, Colorado Business Committee

 

for the Arts, Economic Club of Colorado

 

and Metro Denver Network (economic

 

development corporation); and Trustee of

 

certain Oppenheimer Funds

229Board member

and Chairman of Audit Committee

of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson –

2017 Retired

1957

Formerly: Director, TD Asset Management USA

Trustee, Vice Chair and Chair

Designate

Inc. (mutual fund complex) (22 portfolios);

 

Managing Partner, CT2, LLC (investing and

 

consulting firm); President/Chief Executive

 

Officer, Columbia Funds, Bank of America

 

Corporation; President/Chief Executive Officer,

 

CDC IXIS Asset Management Services, Inc.;

229ISO New England,

Inc. (non-profit

organization

managing regional electricity market)

61 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

 

 

 

 

Since

 

 

 

 

 

 

 

 

INDEPENDENT TRUSTEES

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

Christopher L. Wilson

 

Principal & Director of Operations, Scudder

 

 

Continued

 

Funds, Scudder, Stevens & Clark, Inc.; Assistant

 

 

 

 

Vice President, Fidelity Investments

 

 

 

 

 

 

 

62 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS

 

 

 

 

 

 

 

 

 

Sheri Morris — 1964

2003

Head of Global Fund Services, Invesco Ltd.;

N/A

N/A

President, Principal Executive

 

President, Principal Executive Officer and

 

 

Officer and Treasurer

 

Treasurer, The Invesco Funds; Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); and Vice President,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust, and Vice

 

 

 

 

President, OppenheimerFunds, Inc.

 

 

 

 

Formerly: Vice President and Principal

 

 

 

 

Financial Officer, The Invesco Funds; Vice

 

 

 

 

President, Invesco AIM Advisers, Inc., Invesco

 

 

 

 

AIM Capital Management, Inc. and Invesco

 

 

 

 

AIM Private Asset Management, Inc.; Assistant

 

 

 

 

Vice President and Assistant Treasurer, The

 

 

 

 

Invesco Funds and Assistant Vice President,

 

 

 

 

Invesco Advisers, Inc., Invesco AIM Capital

 

 

 

 

Management, Inc. and Invesco AIM Private

 

 

 

 

Asset Management, Inc.; and Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust and Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund Trust

 

 

 

 

 

 

 

Russell C. Burk — 1958

2005

Senior Vice President and Senior Officer, The

N/A

N/A

Senior Vice President and

 

Invesco Funds

 

 

Senior Officer

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor – 1968

2018

Head of Legal of the Americas, Invesco

N/A

N/A

Senior Vice President, Chief

 

Ltd.; Senior Vice President and Secretary,

 

 

Legal Officer and Secretary

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Senior Vice President

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Vice President and Secretary, Invesco

 

 

 

 

Investment Services, Inc. (formerly known

 

 

 

 

as Invesco AIM Investment Services, Inc.)

 

 

 

 

Senior Vice President, Chief Legal Officer and

 

 

 

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.) and Chief Legal

 

 

 

 

 

 

 

63 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Jeffrey H. Kupor (Continued)

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Secretary, W.L.

 

 

 

 

Ross & Co., LLC

 

 

 

 

Formerly: Secretary and Vice President,

 

 

 

 

Jemstep, Inc.; Head of Legal, Worldwide

 

 

 

 

Institutional, Invesco Ltd.; Secretary and

 

 

 

 

General Counsel, INVESCO Private Capital

 

 

 

 

Investments, Inc.; Senior Vice President,

 

 

 

 

Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group,

 

 

 

 

Inc.); Assistant Secretary, INVESCO Asset

 

 

 

 

Management (Bermuda) Ltd.; Secretary and

 

 

 

 

General Counsel, Invesco Private Capital, Inc.;

 

 

 

 

Assistant Secretary and General Counsel,

 

 

 

 

INVESCO Realty, Inc.; Secretary and General

 

 

 

 

Counsel, Invesco Senior Secured Management,

 

 

 

 

Inc.; and Secretary, Sovereign G./P. Holdings

 

 

 

 

Inc.

 

 

 

 

 

 

 

Andrew R. Schlossberg –

2019

Head of the Americas and Senior Managing

N/A

N/A

1974

 

Director, Invesco Ltd.; Director and Senior

 

 

Senior Vice President

 

Vice President, Invesco Advisers, Inc. (formerly

 

 

 

 

known as Invesco Institutional (N.A.), Inc.)

 

 

 

 

(registered investment adviser); Director and

 

 

 

 

Chairman, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.) (registered transfer agent);

 

 

 

 

Senior Vice President, The Invesco Funds;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Director, President and

 

 

 

 

Chairman, Invesco Insurance Agency, Inc.

 

 

 

 

Formerly: Director, Invesco UK Limited;

 

 

 

 

Director and Chief Executive, Invesco Asset

 

 

 

 

Management Limited and Invesco Fund

 

 

 

 

Managers Limited; Assistant Vice President,

 

 

 

 

The Invesco Funds; Senior Vice President,

 

 

 

 

Invesco Advisers, Inc. (formerly known as

 

 

 

 

Invesco Institutional (N.A.), Inc.) (registered

 

 

 

 

investment adviser); Director and Chief

 

 

 

 

Executive, Invesco Administration Services

 

 

 

 

 

 

 

64 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Andrew R. Schlossberg

 

Limited and Invesco Global Investment

 

 

(Continued)

 

Funds Limited; Director, Invesco Distributors,

 

 

 

 

Inc.; Head of EMEA, Invesco Ltd.; President,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II and Invesco

 

 

 

 

India Exchange-Traded Fund Trust; Managing

 

 

 

 

Director and Principal Executive Officer,

 

 

 

 

Invesco Capital Management LLC

 

 

 

 

 

 

 

John M. Zerr — 1962

2006

Chief Operating Officer of the Americas;

N/A

N/A

Senior Vice President

 

Senior Vice President, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Senior Vice President, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director and Vice President, Invesco

 

 

 

 

Investment Services, Inc. (formerly known as

 

 

 

 

Invesco AIM Investment Services, Inc.) Senior

 

 

 

 

Vice President, The Invesco Funds; Managing

 

 

 

 

Director, Invesco Capital Management LLC;

 

 

 

 

Director, Invesco Investment Advisers LLC

 

 

 

 

(formerly known as Van Kampen Asset

 

 

 

 

Management); Senior Vice President, Invesco

 

 

 

 

Capital Markets, Inc. (formerly known as

 

 

 

 

Van Kampen Funds Inc.); Manager, Invesco

 

 

 

 

Indexing LLC; Manager, Invesco Specialized

 

 

 

 

Products, LLC; Director and Senior Vice

 

 

 

 

President, Invesco Insurance Agency, Inc.;

 

 

 

 

Member, Invesco Canada Funds Advisory

 

 

 

 

Board; Director, President and Chief Executive

 

 

 

 

Officer, Invesco Corporate Class Inc. (corporate

 

 

 

 

mutual fund company); and Director,

 

 

 

 

Chairman, President and Chief Executive

 

 

 

 

Officer, Invesco Canada Ltd. (formerly known

 

 

 

 

as Invesco Trimark Ltd./Invesco Trimark Ltèe)

 

 

 

 

(registered investment adviser and registered

 

 

 

 

transfer agent)

 

 

 

 

Formerly: Director and Senior Vice President,

 

 

 

 

Invesco Management Group, Inc. (formerly

 

 

 

 

known as Invesco AIM Management Group,

 

 

 

 

Inc.); Secretary and General Counsel, Invesco

 

 

 

 

Management Group, Inc. (formerly known

 

 

 

 

as Invesco AIM Management Group, Inc.);

 

 

 

 

Secretary, Invesco Investment Services, Inc.

 

 

 

 

(formerly known as Invesco AIM Investment

 

 

 

 

Services, Inc.); Chief Legal Officer and

 

 

 

 

 

 

 

65 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Continued

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

John M. Zerr (Continued)

 

Secretary, The Invesco Funds; Secretary and

 

 

 

 

General Counsel, Invesco Investment Advisers

 

 

 

 

LLC (formerly known as Van Kampen Asset

 

 

 

 

Management); Secretary and General Counsel,

 

 

 

 

Invesco Capital Markets, Inc. (formerly known

 

 

 

 

as Van Kampen Funds Inc.); Chief Legal

 

 

 

 

Officer, Invesco Exchange-Traded Fund Trust,

 

 

 

 

Invesco Exchange-Traded Fund Trust II, Invesco

 

 

 

 

India Exchange-Traded Fund Trust, Invesco

 

 

 

 

Actively Managed Exchange-Traded Fund

 

 

 

 

Trust, Invesco Actively Managed Exchange-

 

 

 

 

Traded Commodity Fund Trust and Invesco

 

 

 

 

Exchange-Traded Self-Indexed Fund Trust;

 

 

 

 

Secretary, Invesco Indexing LLC; Director,

 

 

 

 

Secretary, General Counsel and Senior Vice

 

 

 

 

President, Van Kampen Exchange Corp.;

 

 

 

 

Director, Vice President and Secretary, IVZ

 

 

 

 

Distributors, Inc. (formerly known as INVESCO

 

 

 

 

Distributors, Inc.); Director and Vice President,

 

 

 

 

INVESCO Funds Group, Inc.; Director and Vice

 

 

 

 

President, Van Kampen Advisors Inc.; Director,

 

 

 

 

Vice President, Secretary and General Counsel,

 

 

 

 

Van Kampen Investor Services Inc.; Director

 

 

 

 

and Secretary, Invesco Distributors, Inc.

 

 

 

 

(formerly known as Invesco AIM Distributors,

 

 

 

 

Inc.); Director, Senior Vice President, General

 

 

 

 

Counsel and Secretary, Invesco AIM Advisers,

 

 

 

 

Inc. and Van Kampen Investments Inc.;

 

 

 

 

Director, Vice President and Secretary, Fund

 

 

 

 

Management Company; Director, Senior Vice

 

 

 

 

President, Secretary, General Counsel and Vice

 

 

 

 

President, Invesco AIM Capital Management,

 

 

 

 

Inc.; Chief Operating Officer and General

 

 

 

 

Counsel, Liberty Ridge Capital, Inc. (an

 

 

 

 

investment adviser)

 

 

 

 

 

 

 

Gregory G. McGreevey - 1962

2012

Senior Managing Director, Invesco Ltd.;

N/A

N/A

Senior Vice President

 

Director, Chairman, President, and Chief

 

 

 

 

Executive Officer, Invesco Advisers, Inc.

 

 

 

 

(formerly known as Invesco Institutional

 

 

 

 

(N.A.), Inc.) (registered investment adviser);

 

 

 

 

Director, Invesco Mortgage Capital, Inc. and

 

 

 

 

Invesco Senior Secured Management, Inc.;

 

 

 

 

and Senior Vice President, The Invesco Funds;

 

 

 

 

and President, SNW Asset Management

 

 

 

 

Corporation and Invesco Managed Accounts,

 

 

 

 

LLC

 

 

 

 

Formerly: Senior Vice President, Invesco

 

 

 

 

 

 

 

66 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

 

Name, Year of Birth and

Trustee

Principal Occupation(s)

Number of Funds

Other Directorship(s)

Position(s) Held with the Trust

and/or

During Past 5 Years

in Fund Complex

Held by Trustee During

 

Officer

 

Overseen by Trustee

Past 5 Years

 

Since

 

 

 

 

 

 

 

 

OFFICERS (CONTINUED)

 

 

 

 

 

 

 

 

 

Gregory G. McGreevey

 

Management Group, Inc. and Invesco Advisers,

 

 

(Continued)

 

Inc.; Assistant Vice President, The Invesco

 

 

 

 

Funds

 

 

 

 

 

 

 

Kelli Gallegos – 1970

2008

Principal Financial and Accounting Officer

N/A

N/A

Vice President, Principal

 

– Investments Pool, Invesco Specialized

 

 

Financial Officer and Assistant

 

Products, LLC; Vice President, Principal

 

 

Treasurer

 

Financial Officer and Assistant Treasurer,

 

 

 

 

The Invesco Funds; Principal Financial and

 

 

 

 

Accounting Officer – Pooled Investments,

 

 

 

 

Invesco Capital Management LLC; Vice

 

 

 

 

President and Treasurer, Invesco Exchange-

 

 

 

 

Traded Fund Trust, Invesco Exchange-Traded

 

 

 

 

Fund Trust II, Invesco India Exchange-Traded

 

 

 

 

Fund Trust, Invesco Actively Managed

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Commodity Fund

 

 

 

 

Trust and Invesco Exchange-Traded Self-

 

 

 

 

Indexed Fund Trust; Vice President, Invesco

 

 

 

 

Advisers, Inc.

 

 

 

 

Formerly: Assistant Treasurer, Invesco

 

 

 

 

Specialized Products, LLC; Assistant Treasurer,

 

 

 

 

Invesco Exchange-Traded Fund Trust, Invesco

 

 

 

 

Exchange-Traded Fund Trust II, Invesco India

 

 

 

 

Exchange-Traded Fund Trust, Invesco Actively

 

 

 

 

Managed Exchange-Traded Fund Trust,

 

 

 

 

Invesco Actively Managed Exchange-Traded

 

 

 

 

Commodity Fund Trust and Invesco Exchange-

 

 

 

 

Traded Self-Indexed Fund Trust; Assistant

 

 

 

 

Treasurer, Invesco Capital Management LLC;

 

 

 

 

Assistant Vice President, The Invesco Funds

 

 

 

 

 

 

 

Crissie M. Wisdom – 1969

2013

Anti-Money Laundering and OFAC Compliance

N/A

N/A

Anti-Money Laundering

 

Officer for Invesco U.S. entities including;

 

 

Compliance Officer

 

Invesco Advisers, Inc. and its affiliates, Invesco

 

 

 

 

Capital Markets, Inc., Invesco Distributors, Inc.,

 

 

 

 

Invesco Investment Services, Inc., The Invesco

 

 

 

 

Funds, Invesco Capital Management, LLC,

 

 

 

 

Invesco Trust Company; and Fraud Prevention

 

 

 

 

Manager for Invesco Investment Services, Inc.

 

 

 

 

 

 

 

Robert R. Leveille – 1969

2016

Chief Compliance Officer, Invesco Advisers,

N/A

N/A

Chief Compliance Officer

 

Inc. (registered investment adviser); and Chief

 

 

 

 

Compliance Officer, The Invesco Funds

 

 

 

 

Formerly: Chief Compliance Officer, Putnam

 

 

 

 

Investments and the Putnam Funds

 

 

 

 

 

 

 

67 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

TRUSTEES AND OFFICERS Continued

The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund's Statement of Additional Information for information on the Fund's sub-advisers.

Office of the Fund

Investment Adviser

Distributor

Auditors

11 Greenway Plaza,

Invesco Advisers, Inc.

Invesco Distributors, Inc.

PricewaterhouseCoopers

Suite 1000

1555 Peachtree Street, N.E.

11 Greenway Plaza,

LLP

Houston, TX 77046-1173

Atlanta, GA 30309

Suite 1000

1000 Louisiana Street,

 

 

Houston, TX

Suite 5800

 

 

77046-1173

Houston, TX 77002-5021

Counsel to the Fund

Counsel to the

Transfer Agent

Custodian

Stradley Ronon Stevens & Young,

Independent Trustees

Invesco Investment

Citibank, N.A.

LLP

Goodwin Procter LLP

Services, Inc.

111 Wall Street

2005 Market Street,

901 New York Avenue, N.W.

11 Greenway Plaza,

New York, NY 10005

Suite 2600

Washington, D.C. 20001

Suite 1000

 

Philadelphia, PA 19103-7018

 

Houston, TX

 

 

 

77046-1173

 

68 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the "Website"). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as "we" or "Invesco" in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review

the Terms of Use1 to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

1NTD

69 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE Continued

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services ("Providers"). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The "Help" section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

70 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children's Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE Atlanta, GA 30309 By phone:

(404)439-3236 By fax:

(404)962-8288 By email: Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

71 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

INVESCO'S PRIVACY NOTICE Continued

•Request that we amend, rectify, delete or update the personal data we hold about you;

•Where possible (e.g. in relation to marketing) amend or update your choices around processing;

•Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

72 INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

 

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Distributors, Inc.

O-ROPAM-AR-1 04272020

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Jr. Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Jr. Robert C. Troccoli and James Vaughn are "independent" within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

During the reporting period, PricewaterhouseCoopers LLC ("PwC") advised the Audit Committee of the following matters for consideration under the SEC's auditor independence rules. PwC advised the Audit Committee that a PwC Manager and a PwC Senior Associate each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule 2- 01(c)(1) of Regulation S-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, (or with respect to the PwC Senior Associate was not aware until after the investments were confirmed as SEC exceptions), the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates (or with respect to the PwC Senior Associate, the services were performed by an individual who did not have decision-making responsibility for matters that materially affected the audit and were reviewed by team members at least two levels higher than the PwC Senior Associate), and the investments were not material to the net worth of each individual or their respective immediate family members which PwC considered in reaching its conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant.

On May 24, 2019, certain investment advisor subsidiaries of Invesco Ltd. assumed management responsibility from Oppenheimer Funds, Inc. ("OFI") for 83 open-end mutual funds and 20 exchange- traded funds (collectively, the "Oppenheimer Funds"). Assumption of management responsibility for the Oppenheimer Funds was accomplished through the reorganization of each Oppenheimer Fund into a new Invesco shell fund (collectively, the "New Invesco Funds") that did not have pre-existing assets (together, the "Reorganizations"). The Reorganizations were part of the acquisition by Invesco Ltd. (together with its subsidiaries, "Invesco") of the asset management business of OFI (including the Oppenheimer Funds) from Massachusetts Mutual Life Insurance Company ("MassMutual"), which was also consummated on May 24, 2019 (the "Acquisition"). Subsequent to the Acquisition, MassMutual became a significant shareholder of Invesco, and the Invesco Ltd. board of directors expanded by one director with the addition of a director selected by MassMutual.

Prior to the consummation of the Acquisition and the Reorganizations on May 24, 2019, PwC completed an independence assessment to evaluate the services and relationships with OFI and its affiliates, which

 

became affiliates of Invesco upon the closing of the Acquisition. The assessment identified the following relationship and services that are inconsistent with the auditor independence rules under Rule 2-01 of Regulation S-X ("Rule 2-01") if provided to an affiliate of an audit client. A retired PwC partner who receives a benefit from PwC that is not fully funded, served as a member of Audit Committee of the Boards of Trustees of certain Oppenheimer Funds prior to the Acquisition (the "Pre-Reorganization Relationship"). Additionally, PwC provided certain non-audit services including, expert legal services to one Oppenheimer Fund, custody of client assets in connection with payroll services, a non-audit service performed pursuant to a success-based fee, non-audit services in which PwC acted as an advocate on behalf of a MassMutual foreign affiliate and certain employee activities undertaken in connection with the provision of non-audit services for MassMutual and certain MassMutual foreign affiliates (collectively, the "Pre-Reorganization Services").

PwC and the Audit Committees of the New Invesco Funds each considered the impact that the Pre- Reorganization Relationship and Services have on PwC's independence with respect to the New Invesco Funds. On the basis of the nature of the relationship and services performed, and in particular the mitigating factors described below, PwC concluded that a reasonable investor, possessing knowledge of all the relevant facts and circumstances regarding the Pre-Reorganization Relationship and Services, would conclude that the Pre-Reorganization Relationship and Services do not impair PwC's ability to exhibit the requisite objectivity and impartiality to report on the financial statements of the New Invesco Funds for the years ending May 31, 2019 – April 30, 2020 ("PwC's Conclusion").

The Audit Committees of the Boards of Trustees of the New Invesco Funds, based upon PwC's Conclusion and the concurrence of Invesco, considered the relevant facts and circumstances including the mitigating factors described below and, after careful consideration, concluded that PwC is capable of exercising objective and impartial judgment in connection with its audits of the financial statements of the New Invesco Funds that the respective Boards of Trustees oversees.

Mitigating factors that PwC and the Audit Committees considered in reaching their respective conclusions included, among others, the following factors:

∙none of the Pre-Reorganization Relationship or Services created a mutuality of interest between PwC and the New Invesco Funds;

∙PwC will not act in a management or employee capacity for the New Invesco Funds or their affiliates during any portion of PwC's professional engagement period;

∙other than the expert legal services, Pre-Reorganization Services that have been provided to OFI, MassMutual and their affiliates do not have any impact on the financial statements of the New Invesco Funds;

∙as it relates to the expert legal services, while the service provided by PwC related to litigation involving one Oppenheimer Fund, the impact of the litigation on the Oppenheimer Fund's financial statements was based upon OFI's decision, and OFI management represented that the PwC service was not considered a significant component of its decision;

∙while certain employees of OFI who were involved in the financial reporting process of the Oppenheimer Funds will be employed by Invesco subsequent to the Reorganizations, existing officers of other Invesco Funds will serve as Principal Executive Officer and Principal Financial Officer or equivalent roles for the New Invesco Funds, and are ultimately responsible for the accuracy of all financial statement assertions for the entirety of the financial reporting periods for the New Invesco Funds;

 

∙the Pre-Reorganization Services giving rise to the lack of independence were provided to, or entered into with, OFI, MassMutual and their affiliates at a time when PwC had no independence restriction with respect to these entities;

∙with the exception of the expert legal service provided to one Oppenheimer Fund, none of the Pre- Reorganization Services affected the operations or financial reporting of the New Invesco Funds;

∙the Pre-Reorganization Services provided by PwC to OFI, MassMutual and their affiliates were performed by persons who were not, and will not be, part of the audit engagement team for the New Invesco Funds; and

∙the fees associated with the Pre-Reorganization Services were not material to MassMutual, Invesco or PwC.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC 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 for Services

Fees Billed for Services

 

 

 

Rendered to the

Rendered to the

 

Registrant for fiscal

Registrant for fiscal

 

 

 

year end 2020

year end 2019

Audit Fees

$

623,361

$

288,700

Audit-Related Fees(1)

$

37,200

$

0

 

Tax Fees(2)

$

162,637

$

38,025

All Other Fees

 

$

0

 

 

$

0

 

 

 

 

 

 

 

 

 

Total Fees

 

$

823,198

 

 

$

326,725

(1)Audit-Related Fees for the fiscal year end February 29, 2020 includes fees billed for reviewing regulatory filings.

(2)Tax Fees for the fiscal year end February 29, 2020 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. Tax fees for fiscal year end February 28, 2019 includes fees billed for reviewing tax returns and/or services related to tax compliance.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Invesco Affiliates") aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco 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 Invesco Affiliates that were required to be pre-approved.

 

 

Fees Billed for Non-

 

 

 

 

 

Audit Services

Fees Billed for Non-Audit

 

Rendered to Invesco

Services Rendered to

 

and Invesco Affiliates

Invesco and Invesco

 

for fiscal year end

Affiliates for fiscal year

 

2020 That Were

end 2019 That Were

 

 

 

Required

 

 

Required

 

to be Pre-Approved

to be Pre-Approved

 

by the Registrant's

by the Registrant's

 

Audit Committee

Audit Committee

 

 

 

 

 

 

 

 

 

Audit-Related Fees(1)

$

690,000

$

690,000

 

Tax Fees

$

0

 

$

0

All Other Fees

 

$

0

 

 

$

0

 

 

 

 

 

 

 

 

 

Total Fees

$

690,000

$

690,000

(1)Audit-Related Fees for the fiscal years ended 2020 and 2019 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").1 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.

1Applicable Rules include, for example, New York Stock Exchange ("NYSE") rules applicable to closed-end funds managed by Invesco and listed on NYSE.

 

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.Audit-Related Services

"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.Tax Services

"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.Other Services

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. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I 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 Funds.

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 minimus 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 $4,089,000 for the fiscal year ended February 29, 2020 and $3,550,000 for the fiscal year ended February 28, 2019 for non-audit services not required to be pre-approved by the Registrant's Audit Committee. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $4,941,637 for the fiscal year ended February 29, 2020 and $4,278,025 for the fiscal year ended February 28, 2019.

PwC provided audit services to the Investment Company complex of approximately $33 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.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

(a)As of April 14, 2020, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer

("PEO") and Principal Financial Officer ("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 Investment Company Act of 1940 ("Act"), as amended. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that, as of April 14, 2020, the Registrant's disclosure controls and procedures were reasonably designed so as 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.

 

 

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: AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)

By:

/s/ Sheri Morris

 

Sheri Morris

 

Principal Executive Officer

Date:

May 6, 2020

Pursuant to the requirements of the Securities and 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:

/s/ Sheri Morris

 

Sheri Morris

 

Principal Executive Officer

Date:

May 6, 2020

By:

/s/ Kelli Gallegos

 

Kelli Gallegos

 

Principal Financial Officer

Date:

May 6, 2020