UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-07890 |
AIMTax-Exempt Funds (InvescoTax-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: December 31
Date of reporting period: 12/31/19
Item 1. Report to Stockholders.
Annual Report | 12/31/2019 |
Invesco Oppenheimer Rochester® Limited Term 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 Limited Term New York Municipal Fund. See Important Update on the following page for more information.
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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 at800-959-4246.
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Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments | 76 | |||
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Class A Shares
AVERAGE ANNUAL TOTAL RETURNS AT 12/31/19
Class A Shares of the Fund | ||||||
Without Sales Charge | With Sales Charge | Bloomberg Barclays 5 Year Municipal Bond Index | ||||
1-Year | 7.27% | 4.44% | 5.45% | |||
5-Year | 2.82 | 2.31 | 2.44 | |||
10-Year | 3.14 | 2.89 | 2.94 |
Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recentmonth-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 NEW YORK MUNICIPAL FUND |
PERFORMANCE SUMMARY
The Fund’s Class A shares (without sales charge) returned 7.27% during the 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 5.45%.
MARKET CONDITIONS OF YOUR FUND
The State of New York benefits from a broad-based and well-diversified economy, with a median household income higher than the US national median. During 2Q19 the state’s gross domestic product rose to $1.73 trillion, making New York the third-largest economy in the US1. The state’s strong economic standing is primarily driven by the significance of the financial services industry to the economic base. New York’s exposure to financial services has also historically made the state’s economy susceptible to market volatility.
As of November 2019, the New York’s unemployment rate was 4.0%, which is higher than the national unemployment rate of 3.5%2. New York has improved its financial management practices in recent years by enactingon-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. That said, 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 this fiscal year. Investment grade municipal bonds returned 7.54% and high yield municipal bonds returned 10.68% during the fiscal year.3
The fiscal year was characterized by supportive technical conditions (supply and demand balances) as new issuance of municipal bonds totaled $421 billion, surpassing $400 billion for the fourth time since 2010 — up 21.7% from the previous fiscal year.4 Flows into the municipal bond asset class were positive for the last 52 weeks of the fiscal year.5 A consistently positive flow pattern, coupled with continued limited supply, resulted in strong performance across the municipal bond market. Fund flows totaled $93.6 billion from January 2019 through December 2019.5
4 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
For the fiscal year, the high yield municipal bond market outperformed the investment grade bond segment, led by improved price discovery on Puerto Rico bonds as a result of developments in the commonwealth’s debt restructuring, as well as strong performance of high yield general obligation securities.
Municipal bonds withstood considerable headwinds during the fiscal year, including interest rate volatility that saw the10-year US Treasury yield trade from as low as 1.47% and as high as 2.79%, ending the year at 1.92%.6 Additionally, the US government shutdown, which lasted 35 days at the beginning of the fiscal year, along with ongoingUS-China trade negotiations and Brexit developments, created a challenging market environment. Despite these challenges, the municipal bond market performed positively for the fiscal year as technical conditions continued to provide tailwinds.
Concerns early in the year regarding future interest rate hikes led to an increased demand for US Treasuries and investment grade municipal bonds alike, and yields continued to fall as high yield securities rallied. The yield curve for30-year,AAA-rated municipal bonds continued to flatten as trade tensions between the US and China increased worries about inflationary pressures.
US Federal Reserve (the Fed) raised the federal funds rate two times in September and December 2018 before lowering it in July 2019.7 However, the Fed’s dovish stance
at the beginning of calendar year 2019 took the market by surprise, leading economists to change their predictions from two interest rate increases in 2019, to just one. Despite favorable growth and labor trends, the Fed ultimately reversed course and lowered the federal funds rate in July and again in September, citing uncertainty about the global economic outlook. The US Treasury curve was inverted during the first quarter of 2019 with the yield on the2-year US Treasury note exceeding the10-year note.6 Economist views were mixed as to whether this inversion, the first since December 2005, signaled a possible recession.
Investors affected by the Tax Cuts and Jobs Acts of 2017, which instituted a $10,000 cap on state and local tax deductions, poured into the municipal market with a record 52 consecutive weeks of positive flows into the asset class.5
At the close of the fiscal year, we believed municipal fundamentals remained strong and viewed the ongoing impact of the Tax Cut and Jobs Act as a potential market factor. As a result, we believe demand for municipal bond investments could remain strong as retail investors continue to seektax-exempt income.
Over the fiscal year, security selection in many sectors – including highways/ commuter facilities, General Obligation, and sales tax revenue, the Fund’s fifth largest, fourth largest, and sixth largest sectors, respectively - significantly contributed to the Fund’s performance. Marine/aviation
5 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
facilities and tobacco, among other sectors, were also strong contributors to the Fund’s performance. The sector selection of real estate management and development, less than 1% of the Fund’s holdings, 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, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise, 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 Municipals Fund and for sharing our long-term investment horizon.
1 Source: Bureau of Economic Analysis
2 Source: Bureau of Labor Statistics
3 Source: FactSet Research Systems Inc.
4 Source: The Bond Buyer
5 Source: Lipper US Fund Flows
6 Source: US Department of the Treasury
7 Source: US Federal Reserve.
Portfolio Managers: Mark DeMitry, 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
6 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
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.
7 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
TOP TEN CATEGORIES
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Marine/Aviation Facilities | 12.8% | |||
Tobacco Master Settlement Agreement | 9.6 | |||
Special Tax | 8.7 | |||
General Obligation | 8.5 | |||
Highways/Commuter Facilities | 7.6 | |||
Sales Tax Revenue | 7.3 | |||
Higher Education | 6.4 | |||
Hospital/Healthcare | 5.8 | |||
Water Utilities | 5.3 | |||
Electric Utilities | 4.9 |
Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019 and are based on total market value of investments.
CREDIT ALLOCATION
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NRSRO- Rated | Adviser- Rated | Total | ||||||||||
AAA | 5.7% | 0.8% | 6.5% | |||||||||
AA | 44.3 | 0.0 | 44.3 | |||||||||
A | 12.6 | 0.0 | 12.6 | |||||||||
BBB | 17.8 | 4.3 | 22.1 | |||||||||
BB or lower | 13.0 | 1.5 | 14.5 | |||||||||
Total | 93.4% | 6.6% | 100.0% |
The percentages above are based on the market value of the securities as of December 31, 2019 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.
For more current Fund holdings, please visit invesco.com.
8 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Share Class Performance
AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 12/31/19 |
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Inception Date | 1-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||
Class A (LTNYX) | 9/18/91 | 7.27% | 2.82% | 3.14% | 4.57% | |||||||||||||||
Class C (LTNCX) | 5/1/97 | 6.51 | 2.07 | 2.35 | 3.60 | |||||||||||||||
Class Y (LTBYX) | 3/30/11 | 7.53 | 3.07 | N/A | 3.44 | |||||||||||||||
Class R6 (IORMX)* | 5/24/19 | 7.42 | 2.85 | 3.16 | N/A | |||||||||||||||
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 12/31/19 |
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Inception Date | 1-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||
Class A (LTNYX) | 9/18/91 | 4.44% | 2.31% | 2.89% | 4.47% | |||||||||||||||
Class C (LTNCX) | 5/1/97 | 5.51 | 2.07 | 2.35 | 3.60 | |||||||||||||||
Class Y (LTBYX) | 3/30/11 | 7.53 | 3.07 | N/A | 3.44 | |||||||||||||||
Class R6 (IORMX)* | 5/24/19 | 7.42 | 2.85 | 3.16 | 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 the12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.
9 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher.Visit invesco.com for the most recentmonth-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 applicablefront-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 the1-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 the12b-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 Barclays5-Year Municipal Bond Index, which is an index of a broad range of investment-grade municipal bonds and the4- to6-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, anon-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 the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.
10 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK 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 byMSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share ofnon-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.
11 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
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 entire6-month period ended December 31, 2019.
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 December 31, 2019” 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 asfront-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 LIMITED TERM NEW YORK MUNICIPAL FUND |
Actual | Beginning Account Value July 1, 2019 | Ending Account Value | Expenses 6 Months Ended | |||||||||
Class A | $ | 1,000.00 | $ | 1,020.10 | $ | 4.39 | ||||||
Class C | 1,000.00 | 1,016.40 | 8.11 | |||||||||
Class Y | 1,000.00 | 1,021.40 | 3.16 | |||||||||
Class R6 | 1,000.00 | 1,021.50 | 3.11 | |||||||||
Hypothetical | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,020.87 | 4.39 | |||||||||
Class C | 1,000.00 | 1,017.19 | 8.12 | |||||||||
Class Y | 1,000.00 | 1,022.08 | 3.16 | |||||||||
Class R6 | 1,000.00 | 1,022.13 | 3.11 |
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended December 31, 2019 are as follows:
Class | Expense Ratios | |||
Class A | 0.86% | |||
Class C | 1.59 | |||
Class Y | 0.62 | |||
Class R6 | 0.61 |
The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. 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 LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSDecember 31, 2019
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
Municipal Bonds and Notes—102.8% | ||||||||||||||||||||
New York—87.0% | ||||||||||||||||||||
$10,000 | Akron Central School District; Series 2009, Ref. GO Bonds1 | 5.000% | 06/15/2021 | 01/31/2020 | A | $ | 10,032 | |||||||||||||
745,000 | Albany (County of), NY Airport Authority; Series 2018 A, RB1 | 5.000 | 12/15/2035 | 12/15/2028 | A | 915,329 | ||||||||||||||
780,000 | Albany (County of), NY Airport Authority; Series 2018 A, RB1 | 5.000 | 12/15/2036 | 12/15/2028 | A | 954,938 | ||||||||||||||
820,000 | Albany (County of), NY Airport Authority; Series 2018 A, RB1 | 5.000 | 12/15/2037 | 12/15/2028 | A | 1,001,322 | ||||||||||||||
500,000 | Albany (County of), NY Airport Authority; Series 2018 A, RB1 | 5.000 | 12/15/2038 | 12/15/2028 | A | 608,935 | ||||||||||||||
240,000 | Albany (County of), NY Airport Authority; Series 2018 B, RB1 | 5.000 | 12/15/2030 | 12/15/2028 | A | 294,466 | ||||||||||||||
300,000 | Albany (County of), NY Airport Authority; Series 2018 B, RB1 | 5.000 | 12/15/2031 | 12/15/2028 | A | 366,705 | ||||||||||||||
320,000 | Albany (County of), NY Airport Authority; Series 2018 B, RB1 | 5.000 | 12/15/2032 | 12/15/2028 | A | 389,546 | ||||||||||||||
655,000 | Amherst Development Corp. (Daemen College); Series 2018, Ref. RB1 | 5.000 | 10/01/2027 | 10/01/2027 | 766,422 | |||||||||||||||
690,000 | Amherst Development Corp. (Daemen College); Series 2018, Ref. RB1 | 5.000 | 10/01/2028 | 10/01/2028 | 813,862 | |||||||||||||||
730,000 | Amherst Development Corp. (Daemen College); Series 2018, Ref. RB1 | 5.000 | 10/01/2029 | 10/01/2028 | A | 857,210 | ||||||||||||||
760,000 | Amherst Development Corp. (Daemen College); Series 2018, Ref. RB1 | 5.000 | 10/01/2030 | 10/01/2028 | A | 887,695 | ||||||||||||||
805,000 | Amherst Development Corp. (Daemen College); Series 2018, Ref. RB1 | 5.000 | 10/01/2031 | 10/01/2028 | A | 937,704 | ||||||||||||||
500,000 | Brookhaven Local Development Corp. (Jefferson’s Ferry); Series 2016, Ref. RB1 | 5.250 | 11/01/2027 | 11/01/2026 | A | 589,260 | ||||||||||||||
1,000,000 | Brookhaven Local Development Corp. (Jefferson’s Ferry); Series 2016, Ref. RB1 | 5.250 | 11/01/2028 | 11/01/2026 | A | 1,175,120 | ||||||||||||||
1,000,000 | Brookhaven Local Development Corp. (Jefferson’s Ferry); Series 2016, Ref. RB1 | 5.250 | 11/01/2029 | 11/01/2026 | A | 1,173,620 | ||||||||||||||
650,000 | Brookhaven Local Development Corp. (Jefferson’s Ferry); Series 2016, Ref. RB1 | 5.250 | 11/01/2030 | 11/01/2026 | A | 761,345 | ||||||||||||||
650,000 | Brookhaven Local Development Corp. (Jefferson’s Ferry); Series 2016, Ref. RB1 | 5.250 | 11/01/2031 | 11/01/2026 | A | 760,695 | ||||||||||||||
1,750,000 | Brooklyn Arena Local Development Corp. (Barclays Center); Series 2016 A, Ref. RB1 | 4.000 | 07/15/2029 | 01/15/2027 | A | 1,979,880 |
14 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
New York (Continued) | ||||||||||||||||||||
$1,350,000 | Buffalo & Erie County Industrial Land Development Corp. (Buffalo State College Foundation Housing Corp.); Series 2011, RB1 | 5.750% | 10/01/2026 | 04/01/2021 | A | $ | 1,431,580 | |||||||||||||
150,000 | Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); Series 2018, Ref. RB1 | 5.000 | 10/01/2026 | 10/01/2026 | 179,866 | |||||||||||||||
150,000 | Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); Series 2018, Ref. RB1 | 5.000 | 10/01/2027 | 10/01/2027 | 182,931 | |||||||||||||||
165,000 | Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); Series 2018, Ref. RB1 | 5.000 | 10/01/2028 | 10/01/2028 | 204,633 | |||||||||||||||
175,000 | Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); Series 2018, Ref. RB1 | 5.000 | 10/01/2029 | 10/01/2028 | A | 215,904 | ||||||||||||||
200,000 | Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); Series 2018, Ref. RB1 | 5.000 | 10/01/2030 | 10/01/2028 | A | 245,246 | ||||||||||||||
200,000 | Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); Series 2018, Ref. RB1 | 5.000 | 10/01/2031 | 10/01/2028 | A | 244,040 | ||||||||||||||
1,600,000 | Build NYC Resource Corp. (Bronx Lighthouse Charter School); Series 2018, RB1 | 4.000 | 06/01/2028 | 12/05/2023 | A | 1,711,584 | ||||||||||||||
1,190,000 | Build NYC Resource Corp. (Bronx Lighthouse Charter School); Series 2018, RB1 | 5.000 | 06/01/2033 | 06/01/2025 | A | 1,342,736 | ||||||||||||||
125,000 | Build NYC Resource Corp. (Children’s Aid Society (The)); Series 2019, RB1 | 4.000 | 07/01/2036 | 07/01/2029 | A | 143,545 | ||||||||||||||
150,000 | Build NYC Resource Corp. (Children’s Aid Society (The)); Series 2019, RB1 | 4.000 | 07/01/2037 | 07/01/2029 | A | 171,471 | ||||||||||||||
150,000 | Build NYC Resource Corp. (Children’s Aid Society (The)); Series 2019, RB1 | 4.000 | 07/01/2038 | 07/01/2029 | A | 170,713 | ||||||||||||||
1,140,000 | Build NYC Resource Corp. (Manhattan College); Series 2017, Ref. RB1 | 5.000 | 08/01/2030 | 08/01/2027 | A | 1,388,691 | ||||||||||||||
1,315,000 | Build NYC Resource Corp. (New Dawn Charter Schools); Series 2019, RB1 | 5.000 | 02/01/2033 | 03/09/2025 | A | 1,377,331 |
15 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
New York (Continued) | ||||||||||||||||||||
$125,000 | Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB1 | 3.750% | 01/01/2020 | 01/01/2020 | $ | 125,000 | ||||||||||||||
2,000,000 | Build NYC Resource Corp. (Royal Charter Properties, Inc. - New York & Presbyterian Hospital Leasehold); Series 2012, RB1 | 4.750 | 12/15/2026 | 12/15/2022 | A | 2,156,740 | ||||||||||||||
1,395,000 | Build NYC Resource Corp. (Wagner College Program); Series 2012, RB1 | 5.000 | 07/01/2024 | 07/01/2022 | A | 1,529,171 | ||||||||||||||
1,705,000 | Build NYC Resource Corp. (Wagner College Program); Series 2012, RB1 | 5.000 | 07/01/2025 | 07/01/2022 | A | 1,863,667 | ||||||||||||||
1,650,000 | Build NYC Resource Corp. (Wagner College Program); Series 2012, RB1 | 5.000 | 07/01/2026 | 07/01/2022 | A | 1,797,163 | ||||||||||||||
1,705,000 | Build NYC Resource Corp. (Wagner College Program); Series 2012, RB1 | 5.000 | 07/01/2028 | 07/01/2022 | A | 1,849,908 | ||||||||||||||
600,000 | Build NYC Resource Corp. (YMCA of Greater New York); Series 2012, RB1 | 5.000 | 08/01/2021 | 08/01/2021 | 635,328 | |||||||||||||||
500,000 | Build NYC Resource Corp. (YMCA of Greater New York); Series 2012, RB1 | 5.000 | 08/01/2022 | 08/01/2022 | 547,790 | |||||||||||||||
1,000,000 | Build NYC Resource Corp. (YMCA of Greater New York); Series 2012, RB1 | 5.000 | 08/01/2032 | 08/01/2022 | A | 1,071,020 | ||||||||||||||
315,000 | Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2020 | 05/01/2020 | 318,572 | |||||||||||||||
330,000 | Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2021 | 05/01/2021 | 344,586 | |||||||||||||||
345,000 | Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2022 | 05/01/2022 | 370,937 | |||||||||||||||
365,000 | Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2023 | 05/01/2023 | 402,792 | |||||||||||||||
380,000 | Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2024 | 05/01/2024 | 428,746 |
16 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
New York (Continued) | ||||||||||||||||||||
$400,000 | Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); Series 2016 A, Ref. RB1 | 5.000% | 05/01/2025 | 05/01/2025 | $ | 460,700 | ||||||||||||||
415,000 | Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2026 | 05/01/2026 | 486,575 | |||||||||||||||
445,000 | Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2027 | 05/01/2026 | A | 518,906 | ||||||||||||||
465,000 | Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2028 | 05/01/2026 | A | 540,204 | ||||||||||||||
485,000 | Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2029 | 05/01/2026 | A | 559,705 | ||||||||||||||
1,500,000 | City of Albany Capital Resource Corp. (Albany Law School of Union University); Series 2017 A, Ref. RB1 | 5.000 | 07/01/2029 | 07/01/2027 | A | 1,806,375 | ||||||||||||||
1,520,000 | City of Albany Capital Resource Corp. (Albany Law School of Union University); Series 2017 A, Ref. RB1 | 5.000 | 07/01/2031 | 07/01/2027 | A | 1,808,420 | ||||||||||||||
1,475,000 | City of Albany Capital Resource Corp. (College of St. Rose (The)); Series 2011 A, RB1 | 5.625 | 07/01/2031 | 07/01/2021 | A | 1,522,864 | ||||||||||||||
400,000 | City of Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2024 | 05/01/2024 | 464,688 | |||||||||||||||
300,000 | City of Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2025 | 05/01/2025 | 358,422 | |||||||||||||||
300,000 | City of Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2026 | 05/01/2026 | 367,686 | |||||||||||||||
200,000 | City of Albany Capital Resource Corp. (St. Peter’s Hospital of the City of Albany); Series 2011, RB1 | 6.000 | 11/15/2025 | 11/15/2020 | A | 208,480 | ||||||||||||||
500,000 | City of Geneva Development Corp. (Hobart & William Smith Colleges); Series 2012, Ref. RB1 | 5.000 | 09/01/2025 | 09/01/2022 | A | 547,100 |
17 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
New York (Continued) | ||||||||||||||||||||
$3,805,000 | City of New Rochelle Corp. for Local Development (70 Nardozzi/ City DPW); Series 2018A-1, RB1 | 4.200% | 08/01/2028 | 11/08/2024 | B | $ | 3,885,247 | |||||||||||||
325,000 | City of New Rochelle Corp. for Local Development (Iona College); Series 2015 A, Ref. RB1 | 5.000 | 07/01/2025 | 07/01/2025 | 375,609 | |||||||||||||||
1,100,000 | City of New Rochelle Corp. for Local Development (Iona College); Series 2015 A, Ref. RB1 | 5.000 | 07/01/2029 | 07/01/2025 | A | 1,257,575 | ||||||||||||||
300,000 | Clarkstown (Town of), NY; Series 2011, GO Bonds1 | 4.000 | 10/15/2030 | 01/10/2020 | A | 300,177 | ||||||||||||||
25,000 | Clarkstown Central School District; Series 2008, GO Bonds1 | 4.000 | 04/15/2020 | 01/31/2020 | A | 25,060 | ||||||||||||||
20,000 | Corning (City of), NY; Series 2006, GO Bonds1 | 4.000 | 12/01/2020 | 06/01/2020 | A | 20,250 | ||||||||||||||
15,000 | Deerfield (Town of), NY; Series 2006, GO Bonds1 | 5.500 | 06/15/2020 | 06/15/2020 | 15,219 | |||||||||||||||
2,500,000 | Dutchess County Local Development Corp. (Anderson Center Services, Inc.); Series 2010, RB1 | 6.000 | 10/01/2030 | 10/01/2020 | A | 2,563,275 | ||||||||||||||
8,600,000 | Dutchess County Local Development Corp. (Health Quest Systems, Inc.); Series 2016 B, RB1 | 5.000 | 07/01/2030 | 07/01/2026 | A | 10,268,314 | ||||||||||||||
50,000 | East Syracuse Housing Authority (FHA Insured Mortgage Loan - Bennett Manor Section 8 Assisted); Series 2001 A, Ref. RB1 | 6.700 | 04/01/2021 | 01/31/2020 | A | 50,194 | ||||||||||||||
600,000 | Erie (County of), NY; Series 2012 A, GO Bonds1 | 5.000 | 04/01/2023 | 04/01/2022 | A | 650,304 | ||||||||||||||
525,000 | Erie (County of), NY; Series 2012 A, GO Bonds1 | 5.000 | 04/01/2024 | 04/01/2022 | A | 568,895 | ||||||||||||||
500,000 | Erie (County of), NY; Series 2012 A, GO Bonds1 | 5.000 | 04/01/2025 | 04/01/2022 | A | 541,110 | ||||||||||||||
700,000 | Erie (County of), NY; Series 2012 A, GO Bonds1 | 5.000 | 04/01/2026 | 04/01/2022 | A | 755,930 | ||||||||||||||
29,615,000 | Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB1 | 5.000 | 06/01/2031 | 01/31/2020 | A | 29,628,623 | ||||||||||||||
65,000 | Essex County Capital Resource Corp. (North Country Community College Association, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2020 | 06/01/2020 | 65,871 | |||||||||||||||
145,000 | Essex County Capital Resource Corp. (North Country Community College Association, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2022 | 12/07/2021 | B | 153,304 | ||||||||||||||
155,000 | Essex County Capital Resource Corp. (North Country Community College Association, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2024 | 12/07/2023 | B | 170,753 |
18 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
New York (Continued) | ||||||||||||||||||||
$175,000 | Essex County Capital Resource Corp. (North Country Community College Association, Inc.); Series 2017, Ref. RB1 | 5.000% | 06/01/2026 | | 12/06/2025 | B | $ | 197,596 | ||||||||||||
100,000 | Essex County Capital Resource Corp. (North Country Community College Association, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2027 | 06/01/2027 | 114,980 | |||||||||||||||
100,000 | Essex County Capital Resource Corp. (North Country Community College Association, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2028 | | 06/01/2027 | A | 114,418 | |||||||||||||
320,000 | Essex County Capital Resource Corp. (North Country Community College Association, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2031 | 06/01/2027 | A | 359,914 | ||||||||||||||
255,000 | Essex County Capital Resource Corp. (North Country Community College Association, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2035 | 06/01/2027 | A | 282,882 | ||||||||||||||
215,000 | Essex County Capital Resource Corp. (North Country Community College Foundation, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2020 | 06/01/2020 | 217,872 | |||||||||||||||
220,000 | Essex County Capital Resource Corp. (North Country Community College Foundation, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2021 | 06/01/2021 | 229,636 | |||||||||||||||
235,000 | Essex County Capital Resource Corp. (North Country Community College Foundation, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2022 | 06/01/2022 | 252,421 | |||||||||||||||
250,000 | Essex County Capital Resource Corp. (North Country Community College Foundation, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2023 | 06/01/2023 | 275,100 | |||||||||||||||
255,000 | Essex County Capital Resource Corp. (North Country Community College Foundation, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2024 | 06/01/2024 | 286,684 | |||||||||||||||
270,000 | Essex County Capital Resource Corp. (North Country Community College Foundation, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2025 | 06/01/2025 | 308,826 | |||||||||||||||
835,000 | Franklin (County of), NY Solid Waste Management Authority; Series 2012, RB1 | 5.000 | 06/01/2027 | 06/01/2022 | A | 893,433 | ||||||||||||||
270,000 | Franklin (County of), NY Solid Waste Management Authority; Series 2015 A, RB1 | 5.000 | 06/01/2023 | 06/01/2023 | 299,276 |
19 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
New York (Continued) | ||||||||||||||||||||
$285,000 | Franklin (County of), NY Solid Waste Management Authority; Series 2015 A, RB1 | 5.000% | 06/01/2024 | 06/01/2024 | $ | 323,635 | ||||||||||||||
780,000 | Franklin (County of), NY Solid Waste Management Authority; Series 2019, RB1 | 4.000 | 06/01/2021 | 06/01/2021 | 805,568 | |||||||||||||||
810,000 | Franklin (County of), NY Solid Waste Management Authority; Series 2019, RB1 | 4.000 | 06/01/2022 | 06/01/2022 | 854,380 | |||||||||||||||
845,000 | Franklin (County of), NY Solid Waste Management Authority; Series 2019, RB1 | 4.000 | 06/01/2023 | 06/01/2023 | 908,747 | |||||||||||||||
875,000 | Franklin (County of), NY Solid Waste Management Authority; Series 2019, RB1 | 4.000 | 06/01/2024 | 06/01/2024 | 956,664 | |||||||||||||||
160,000 | Franklin County Civic Development Corp. (North Country Community College Foundation, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2020 | 06/01/2020 | 162,144 | |||||||||||||||
170,000 | Franklin County Civic Development Corp. (North Country Community College Foundation, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2021 | 06/01/2021 | 177,446 | |||||||||||||||
180,000 | Franklin County Civic Development Corp. (North Country Community College Foundation, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2022 | 06/01/2022 | 193,300 | |||||||||||||||
185,000 | Franklin County Civic Development Corp. (North Country Community College Foundation, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2023 | 06/01/2023 | 203,574 | |||||||||||||||
195,000 | Franklin County Civic Development Corp. (North Country Community College Foundation, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2024 | 06/01/2024 | 219,316 | |||||||||||||||
205,000 | Franklin County Civic Development Corp. (North Country Community College Foundation, Inc.); Series 2017, Ref. RB1 | 5.000 | 06/01/2025 | 06/01/2025 | 234,479 | |||||||||||||||
10,000 | Geneseo Central School District; Series 2009, GO Bonds1 | 4.000 | 05/01/2022 | 05/01/2020 | A | 10,096 | ||||||||||||||
1,570,000 | Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A, RB1 | 4.750 | 07/01/2028 | 01/28/2025 | B | 1,642,942 |
20 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
| New York (Continued) | | ||||||||||||||||||
$200,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2017, Ref. RB1 | 5.000% | 07/01/2029 | 07/01/2027 | A | $ | 241,160 | |||||||||||||
170,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2017, Ref. RB1 | 5.000 | 07/01/2030 | 07/01/2027 | A | 203,378 | ||||||||||||||
150,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2017, Ref. RB1 | 5.000 | 07/01/2031 | 07/01/2027 | A | 178,006 | ||||||||||||||
275,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2017, Ref. RB1 | 5.000 | 07/01/2032 | 07/01/2027 | A | 325,256 | ||||||||||||||
10,000,000 | Long Island Power Authority; Series 2012 B, RB1 | 5.000 | 09/01/2026 | 09/01/2022 | A | 10,986,600 | ||||||||||||||
10,000,000 | Long Island Power Authority; Series 2012 B, RB1 | 5.000 | 09/01/2027 | 09/01/2022 | A | 10,981,600 | ||||||||||||||
14,825,000 | Long Island Power Authority; Series 2012 B, RB1 | 5.000 | 09/01/2029 | 09/01/2022 | A | 16,218,846 | ||||||||||||||
6,635,000 | Long Island Power Authority; Series 2016 B, Ref. RB1 | 5.000 | 09/01/2034 | 09/01/2026 | A | 7,946,142 | ||||||||||||||
11,000,000 | Long Island Power Authority; Series 2018, RB1 | 5.000 | 09/01/2035 | 09/01/2028 | A | 13,569,710 | ||||||||||||||
4,000,000 | Metropolitan Transportation Authority; Series 2002D-1, Ref. RB1 | 5.000 | 11/01/2025 | 11/01/2022 | A | 4,412,640 | ||||||||||||||
11,800,000 | Metropolitan Transportation Authority; Series 2002D-1, Ref. RB1 | 5.000 | 11/01/2026 | 11/01/2022 | A | 13,010,916 | ||||||||||||||
5,075,000 | Metropolitan Transportation Authority; Series 2002D-1, Ref. RB1 | 5.000 | 11/01/2028 | 11/01/2022 | A | 5,588,844 | ||||||||||||||
5,000,000 | Metropolitan Transportation Authority; Series 2011 D, RB1 | 5.000 | 11/15/2031 | 11/15/2021 | A | 5,379,550 | ||||||||||||||
4,015,000 | Metropolitan Transportation Authority; Series 2012 C, Ref. RB1 | 5.000 | 11/15/2028 | 11/15/2022 | A | 4,480,981 | ||||||||||||||
7,135,000 | Metropolitan Transportation Authority; Series 2012 C, Ref. RB1 | 5.000 | 11/15/2029 | 11/15/2022 | A | 7,864,054 | ||||||||||||||
2,865,000 | Metropolitan Transportation Authority; Series 2012 C, Ref. RB1 | 5.000 | 11/15/2029 | 11/15/2022 | A | 3,197,512 | ||||||||||||||
1,435,000 | Metropolitan Transportation Authority; Series 2012 C, Ref. RB1 | 5.000 | 11/15/2030 | 11/15/2022 | A | 1,601,546 | ||||||||||||||
3,565,000 | Metropolitan Transportation Authority; Series 2012 C, Ref. RB1 | 5.000 | 11/15/2030 | 11/15/2022 | A | 3,926,741 | ||||||||||||||
20,000,000 | Metropolitan Transportation Authority; Series 2012 D, Ref. RB1 | 5.000 | 11/15/2029 | 11/15/2022 | A | 22,043,600 | ||||||||||||||
10,000,000 | Metropolitan Transportation Authority; Series 2016B-1, Ref. RB1 | 5.000 | 11/15/2036 | 11/15/2026 | A | 12,044,100 |
21 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
New York (Continued) | ||||||||||||||||||||
$1,875,000 | Metropolitan Transportation Authority; Series 2017B-2, Ref. RB1 | 5.000% | 11/15/2034 | 11/15/2027 | A | $ | 2,319,169 | |||||||||||||
350,000 | Monroe County Industrial Development Corp. (Highland Hospital of Rochester); Series 2015, Ref. RB1 | 5.000 | 07/01/2026 | 07/01/2025 | A | 416,643 | ||||||||||||||
200,000 | Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2011, RB1 | 5.000 | 10/01/2026 | 10/01/2021 | A | 213,834 | ||||||||||||||
600,000 | Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2017, Ref. RB1 | 4.000 | 10/01/2034 | 10/01/2027 | A | 655,152 | ||||||||||||||
400,000 | Monroe County Industrial Development Corp. (Rochester General Hospital (The)); Series 2013 A, RB1 | 5.000 | 12/01/2026 | 12/01/2022 | A | 438,628 | ||||||||||||||
345,000 | �� | Monroe County Industrial Development Corp. (Rochester General Hospital (The)); Series 2013 A, RB1 | 5.000 | 12/01/2027 | 12/01/2022 | A | 378,006 | |||||||||||||
660,000 | Monroe County Industrial Development Corp. (Rochester General Hospital (The)); Series 2013 A, RB1 | 5.000 | 12/01/2028 | 12/01/2022 | A | 722,548 | ||||||||||||||
1,500,000 | Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB1 | 4.000 | 01/01/2030 | 11/04/2025 | A | 1,605,255 | ||||||||||||||
615,000 | Monroe County Industrial Development Corp. (St. John Fisher College); Series 2012 A, Ref. RB1 | 5.000 | 06/01/2023 | 06/01/2022 | A | 668,474 | ||||||||||||||
4,040,000 | MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB1 | 5.000 | 11/15/2046 | 01/20/2020 | A | 4,047,070 | ||||||||||||||
500,000 | Nassau (County of), NY Industrial Development Agency (2000 New York Institute of Technology); Series 2000 A, Ref. RB1 | 5.000 | 03/01/2021 | 03/01/2020 | A | 503,180 | ||||||||||||||
300,000 | Nassau (County of), NY Industrial Development Agency; Series 2007A-A, RB1 | 5.950 | 11/01/2022 | 01/20/2020 | A | 300,033 | ||||||||||||||
200,000 | Nassau (County of), NY Industrial Development Agency; Series 2007A-C, RB1 | 5.950 | 11/01/2022 | 01/20/2020 | A | 200,022 | ||||||||||||||
200,000 | Nassau (County of), NY Industrial Development Agency; Series 2007A-F, RB1 | 5.950 | 11/01/2022 | 01/20/2020 | A | 200,022 |
22 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
New York (Continued) | ||||||||||||||||||||
$500,000 | Nassau (County of), NY Industrial Development Agency; Series 2007A-G, RB1 | 6.150% | 11/01/2022 | 01/20/2020 | A | $ | 500,075 | |||||||||||||
2,100,000 | Nassau (County of), NY; Series 2016 A, Ref. GO Bonds1 | 5.000 | 01/01/2032 | 01/01/2026 | A | 2,484,762 | ||||||||||||||
3,160,000 | Nassau (County of), NY; Series 2016 C, GO Bonds1 | 5.000 | 04/01/2029 | 04/01/2026 | A | 3,802,586 | ||||||||||||||
365,000 | Nassau (County of), NY; Series 2017 B, GO Bonds1 | 5.000 | 04/01/2031 | 04/01/2027 | A | 444,647 | ||||||||||||||
5,850,000 | Nassau (County of), NY; Series 2018 B, GO Bonds1 | 5.000 | 07/01/2036 | 07/01/2028 | A | 7,140,451 | ||||||||||||||
5,450,000 | Nassau (County of), NY; Series 2018 B, GO Bonds1 | 5.000 | 07/01/2038 | 07/01/2028 | A | 6,608,888 | ||||||||||||||
4,775,000 | Nassau (County of), NY; Series 2018 B, GO Bonds1 | 5.000 | 07/01/2039 | 07/01/2028 | A | 5,776,079 | ||||||||||||||
2,895,000 | Nassau (County of), NY; Series 2019 B, Ref. GO Bonds1 | 5.000 | 04/01/2039 | 04/01/2030 | A | 3,615,652 | ||||||||||||||
3,950,000 | Nassau (County of), NY; Series 2019 B, Ref. GO Bonds1 | 5.000 | 04/01/2040 | 04/01/2030 | A | 4,919,093 | ||||||||||||||
660,000 | Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, Ref. RB1 | 5.000 | 07/01/2032 | 07/01/2024 | A | 735,128 | ||||||||||||||
1,755,000 | Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018A-2, Ref. RB1 | 4.700 | 12/01/2028 | 03/24/2025 | B | 1,798,454 | ||||||||||||||
5,690,000 | Nassau County Local Economic Assistance Corp. (South Nassau Communities); Series 2012, Ref. RB1 | 5.000 | 07/01/2027 | 07/01/2022 | A | 6,133,422 | ||||||||||||||
4,500,000 | Nassau County Local Economic Assistance Corp. (Winthrop- University Hospital Association); Series 2012, Ref. RB1 | 5.000 | 07/01/2027 | 07/01/2022 | A | 4,862,655 | ||||||||||||||
2,000,000 | Nassau County Tobacco Settlement Corp.; Series 2006A-2, RB1 | 5.250 2 | 06/01/2026 | 06/01/2026 | 1,998,280 | |||||||||||||||
6,000,000 | New Rochelle (City of), Industrial Development Agency (College of New Rochelle); Series 1999, Ref. RB3 | 5.250 | 07/01/2027 | 04/07/2024 | B | 3,000,000 | ||||||||||||||
2,600,000 | New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010 8, RB1 | 6.500 | 12/01/2028 | 01/31/2020 | A | 2,636,582 | ||||||||||||||
39,900,000 | New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010 8, RB1 | 6.500 | 12/01/2028 | 01/31/2020 | A | 41,725,824 |
23 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
New York (Continued) | ||||||||||||||||||||
$7,005,000 | New York & New Jersey (States of) Port Authority; Series 2012 172, RB1 | 5.000% | 10/01/2025 | 04/01/2022 | A | $ | 7,571,705 | |||||||||||||
10,000,000 | New York & New Jersey (States of) Port Authority; Series 2012 172, RB1 | 5.000 | 10/01/2028 | 04/01/2022 | A | 10,759,600 | ||||||||||||||
13,075,000 | New York & New Jersey (States of) Port Authority; Series 2012 172, RB1 | 5.000 | 10/01/2030 | 04/01/2022 | A | 14,069,485 | ||||||||||||||
12,500,000 | New York & New Jersey (States of) Port Authority; Series 2014 185, Ref. RB1 | 5.000 | 09/01/2026 | 09/01/2024 | A | 14,431,625 | ||||||||||||||
3,775,000 | New York & New Jersey (States of) Port Authority; Series 2014 186, Ref. RB1 | 5.000 | 10/15/2031 | 10/15/2024 | A | 4,343,515 | ||||||||||||||
12,235,000 | New York & New Jersey (States of) Port Authority; Series 2017 202, Ref. RB1 | 5.000 | 04/15/2037 | 04/15/2027 | A | 14,537,015 | ||||||||||||||
5,000,000 | New York & New Jersey (States of) Port Authority; Series 2017 206, Ref. RB1 | 5.000 | 11/15/2042 | 11/15/2027 | A | 5,921,550 | ||||||||||||||
3,385,000 | New York & New Jersey (States of) Port Authority; Series 2018 207, Ref. RB1 | 5.000 | 09/15/2030 | 03/15/2028 | A | 4,159,454 | ||||||||||||||
1,555,000 | New York & New Jersey (States of) Port Authority; Series 2018 207, Ref. RB1 | 5.000 | 09/15/2032 | 03/15/2028 | A | 1,898,531 | ||||||||||||||
3,750,000 | New York & New Jersey (States of) Port Authority; Series 2019 217, RB1 | 4.000 | 11/01/2039 | 11/01/2029 | A | 4,324,350 | ||||||||||||||
9,000,000 | New York & New Jersey (States of) Port Authority; Series 2019 218, RB1 | 5.000 | 11/01/2039 | 11/01/2029 | A | 11,060,820 | ||||||||||||||
24,075,000 | New York & New Jersey (States of), NY Port Authority (JFK International Air Terminal LLC); Series 1997 6, RB1 | 5.750 | 12/01/2022 | 01/31/2020 | A | 25,195,932 | ||||||||||||||
46,510,000 | New York & New Jersey (States of), NY Port Authority (JFK International Air Terminal LLC); Series 1997 6, RB1 | 5.750 | 12/01/2025 | 01/31/2020 | A | 48,355,517 | ||||||||||||||
990,000 | New York (City of), NY Industrial Development Agency (2002 Rosco, Inc.); Series 2002, IDR1 | 5.625 | 06/01/2022 | 01/31/2020 | A | 990,386 | ||||||||||||||
30,000 | New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2006, RB1 | 5.000 | 01/01/2031 | 01/31/2020 | A | 30,350 |
24 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
New York (Continued) | ||||||||||||||||||||
$210,000 | New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2009, RB1 | 6.125% | 01/01/2029 | 01/29/2020 | A | $ | 210,825 | |||||||||||||
4,085,000 | New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2009, RB1 | 6.500 | 01/01/2046 | 01/31/2020 | A | 4,101,463 | ||||||||||||||
500,000 | New York (City of), NY Industrial Development Agency (TrIPs Obligated Group); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2020 | 07/01/2020 | 508,840 | |||||||||||||||
250,000 | New York (City of), NY Industrial Development Agency (TrIPs Obligated Group); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2021 | 07/01/2021 | 262,955 | |||||||||||||||
3,000,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB1,4 | 2.554 | 03/01/2020 | 03/01/2020 | 3,004,140 | |||||||||||||||
8,655,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB1,4 | 2.604 | 03/01/2022 | 03/01/2022 | 8,784,219 | |||||||||||||||
6,550,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB1,4 | 2.614 | 03/01/2023 | 03/01/2023 | 6,692,528 | |||||||||||||||
195,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB1,4 | 2.624 | 03/01/2024 | 03/01/2024 | 199,682 | |||||||||||||||
200,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB1,4 | 2.634 | 03/01/2025 | 03/01/2025 | 203,628 | |||||||||||||||
985,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB1,4 | 2.644 | 03/01/2026 | 03/01/2026 | 998,100 | |||||||||||||||
1,000,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB1,4 | 2.654 | 03/01/2027 | 03/01/2027 | 1,004,860 | |||||||||||||||
15,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB1 | 5.000 | 03/01/2031 | 01/31/2020 | A | 15,156 | ||||||||||||||
22,200,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2009 A, RB1 | 7.000 | 03/01/2049 | 01/31/2020 | A | 22,422,000 | ||||||||||||||
10,755,000 | New York (City of), NY Municipal Water Finance Authority; Series 2011 HH, RB1 | 5.000 | 06/15/2029 | 06/15/2021 | A | 11,346,955 | ||||||||||||||
25,000,000 | New York (City of), NY Municipal Water Finance Authority; Series 2011 HH, RB1 | 5.000 | 06/15/2031 | 06/15/2021 | A | 26,359,750 |
25 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
New York (Continued) | ||||||||||||||||||||
$65,000 | New York (City of), NY Transitional Finance Authority; Series 2009 A, RB1 | 5.000% | 05/01/2036 | 01/31/2020 | A | $ | 65,187 | |||||||||||||
1,650,000 | New York (City of), NY Transitional Finance Authority; Series 2011 A, RB1 | 5.000 | 11/01/2027 | 11/01/2021 | A | 1,765,434 | ||||||||||||||
15,875,000 | New York (City of), NY Transitional Finance Authority; Series 2011 C, RB1 | 5.000 | 11/01/2039 | 11/01/2020 | A | 16,356,806 | ||||||||||||||
3,215,000 | New York (City of), NY Transitional Finance Authority; Series 2011 D, RB1 | 5.250 | 11/01/2027 | 01/31/2020 | A | 3,225,642 | ||||||||||||||
1,880,000 | New York (City of), NY Transitional Finance Authority; Series 2012S-1, RB1 | 5.000 | 07/15/2027 | 07/15/2022 | A | 2,060,123 | ||||||||||||||
9,000,000 | New York (City of), NY Transitional Finance Authority; Series 2012S-1, RB1 | 5.000 | 07/15/2028 | 07/15/2022 | A | 9,862,290 | ||||||||||||||
10,000,000 | New York (City of), NY Transitional Finance Authority; Series 2012S-1, RB1 | 5.000 | 07/15/2029 | 07/15/2022 | A | 10,958,100 | ||||||||||||||
11,325,000 | New York (City of), NY Transitional Finance Authority; Series 2012S-1, RB1 | 5.000 | 07/15/2030 | 07/15/2022 | A | 12,404,046 | ||||||||||||||
3,085,000 | New York (City of), NY Transitional Finance Authority; Series 2016A-1, RB1 | 5.000 | 05/01/2037 | 05/01/2026 | A | 3,676,333 | ||||||||||||||
3,905,000 | New York (City of), NY Transitional Finance Authority; Series 2016E-1, RB1 | 5.000 | 02/01/2037 | 02/01/2026 | A | 4,628,987 | ||||||||||||||
7,980,000 | New York (City of), NY Transitional Finance Authority; Series 2017A-E-1, RB1 | 5.000 | 02/01/2038 | 02/01/2027 | A | 9,574,165 | ||||||||||||||
1,655,000 | New York (City of), NY Transitional Finance Authority; Series 2018A-1, RB1 | 5.000 | 08/01/2037 | 08/01/2028 | A | 2,033,300 | ||||||||||||||
10,000,000 | New York (City of), NY Transitional Finance Authority; Series 2018A-1, RB1 | 5.000 | 08/01/2038 | 08/01/2028 | A | 12,247,500 | ||||||||||||||
17,600,000 | New York (City of), NY Transitional Finance Authority; Series 2018A-1, RB1 | 5.000 | 08/01/2040 | 08/01/2028 | A | 21,448,592 | ||||||||||||||
5,000,000 | New York (City of), NY Transitional Finance Authority; Series 2018C-2, RB1 | 5.000 | 05/01/2038 | 05/01/2028 | A | 6,097,450 | ||||||||||||||
2,450,000 | New York (City of), NY Transitional Finance Authority; Series 2018S-3, RB1 | 5.000 | 07/15/2037 | 07/15/2028 | A | 3,010,070 |
26 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) | ||||||||||||||||||
$15,000,000 | New York (City of), NY Transitional Finance Authority; Series 2018S-3, Ref. RB1 | 5.000% | 07/15/2036 | 07/15/2028 | A | $ | 18,504,900 | |||||||||||
45,000 | New York (City of), NY; Series 1990 I, GO Bonds1 | 7.750 | 08/15/2027 | 02/15/2020 | A | 45,352 | ||||||||||||
10,000 | New York (City of), NY; Series 1996 J, GO Bonds1 | 5.500 | 02/15/2026 | 01/31/2020 | A | 10,035 | ||||||||||||
5,000 | New York (City of), NY; Series 1996 J, GO Bonds1 | 5.500 | 02/15/2026 | 01/31/2020 | A | 5,018 | ||||||||||||
5,000 | New York (City of), NY; Series 1996 J, GO Bonds1 | 6.000 | 02/15/2024 | 01/31/2020 | A | 5,020 | ||||||||||||
10,000 | New York (City of), NY; Series 1997 C, GO Bonds1 | 5.500 | 11/15/2037 | 01/31/2020 | A | 10,034 | ||||||||||||
5,000 | New York (City of), NY; Series 2002 D, GO Bonds1 | 5.500 | 06/01/2028 | 01/31/2020 | A | 5,017 | ||||||||||||
5,000 | New York (City of), NY; Series 2004 B, GO Bonds1 | 5.125 | 08/01/2022 | 02/01/2020 | A | 5,017 | ||||||||||||
5,000 | New York (City of), NY; Series 2005 O, GO Bonds1 | 5.000 | 06/01/2023 | 01/31/2020 | A | 5,016 | ||||||||||||
5,000,000 | New York (City of), NY; Series 2009 E, GO Bonds1 | 5.000 | 08/01/2023 | 02/01/2020 | A | 5,016,350 | ||||||||||||
5,000,000 | New York (City of), NY; Series 2009 E, GO Bonds1 | 5.000 | 08/01/2028 | 02/01/2020 | A | 5,015,250 | ||||||||||||
10,000,000 | New York (City of), NY; Series 2010 BB, Ref. RB1 | 5.000 | 06/15/2030 | 06/15/2020 | A | 10,171,800 | ||||||||||||
2,000,000 | New York (City of), NY; Series 2012 I, GO Bonds1 | 5.000 | 08/01/2029 | 08/01/2022 | A | 2,185,240 | ||||||||||||
22,970,000 | New York (City of), NY; Series 2013 D, GO Bonds5 | 5.000 | 08/01/2026 | 02/01/2023 | A | 25,562,854 | ||||||||||||
26,090,000 | New York (City of), NY; Series 2013 D, GO Bonds5 | 5.000 | 08/01/2027 | 02/01/2023 | A | 29,009,601 | ||||||||||||
18,760,000 | New York (City of), NY; Series 2013 E, GO Bonds5 | 5.000 | 08/01/2026 | 02/01/2023 | A | 20,877,629 | ||||||||||||
28,685,000 | New York (City of), NY; Series 2013 E, GO Bonds5 | 5.000 | 08/01/2027 | 02/01/2023 | A | 31,894,981 | ||||||||||||
15,000,000 | New York (City of), NY; Series 2017, Ref. RB1 | 5.000 | 06/15/2038 | 06/15/2027 | A | 18,151,050 | ||||||||||||
4,000,000 | New York (City of), NY; Series 2018DD-2, Ref. RB1 | 5.000 | 06/15/2040 | 12/15/2027 | A | 4,876,160 | ||||||||||||
4,705,000 | New York (City of), NY; Series 2019CC-1, RB1 | 4.000 | 06/15/2038 | 12/15/2029 | A | 5,419,031 | ||||||||||||
5,000 | New York (State of) Dormitory Authority (Barnard College); Series 2007 A, Ref. RB1 | 5.000 | 07/01/2023 | 01/31/2020 | A | 5,017 | ||||||||||||
1,255,000 | New York (State of) Dormitory Authority (Brooklyn Law School); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2025 | 07/01/2022 | A | 1,378,693 |
27 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) | ||||||||||||||||||
$5,000 | New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Pooled Loan Program); Series 2005 A, Ref. RB1 | 4.250% | 07/01/2020 | 01/31/2020 | A | $ | 5,013 | |||||||||||
1,550,000 | New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Program - Jawonio, Inc.); Series 2017 A, RB1 | 4.625 | 12/01/2027 | 05/20/2024 | B | 1,566,895 | ||||||||||||
4,440,000 | New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Program - United Cerebral Palsy Associations of New York State, Inc.); Series 2017A-1, RB1 | 4.875 | 09/01/2027 | 03/03/2024 | B | 4,531,730 | ||||||||||||
1,945,000 | New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Program - United Cerebral Palsy Associations of New York State, Inc.); Series 2017A-2, Ref. RB1 | 4.625 | 10/01/2027 | 10/20/2024 | B | 1,993,547 | ||||||||||||
500,000 | New York (State of) Dormitory Authority (Culinary Institute of America); Series 2012, Ref. RB1 | 5.000 | 07/01/2028 | 07/01/2022 | A | 541,980 | ||||||||||||
1,000,000 | New York (State of) Dormitory Authority (Culinary Institute of America); Series 2013, RB1 | 6.000 | 07/01/2038 | 07/01/2020 | A | 1,022,050 | ||||||||||||
1,110,000 | New York (State of) Dormitory Authority (Iona College); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2022 | 07/01/2022 | 1,194,238 | |||||||||||||
1,000,000 | New York (State of) Dormitory Authority (Iona College); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2023 | 07/01/2022 | A | 1,074,270 | ||||||||||||
1,000,000 | New York (State of) Dormitory Authority (Iona College); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2024 | 07/01/2022 | A | 1,073,860 | ||||||||||||
1,000,000 | New York (State of) Dormitory Authority (Iona College); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2025 | 07/01/2022 | A | 1,072,800 | ||||||||||||
1,000,000 | New York (State of) Dormitory Authority (Iona College); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2026 | 07/01/2022 | A | 1,072,170 | ||||||||||||
1,000,000 | New York (State of) Dormitory Authority (Iona College); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2027 | 07/01/2022 | A | 1,070,950 | ||||||||||||
1,000,000 | New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB1 | 5.000 | 08/01/2027 | 08/01/2027 | 1,232,690 | |||||||||||||
1,000,000 | New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB1 | 5.000 | 08/01/2028 | 08/01/2028 | 1,252,280 |
28 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) | ||||||||||||||||||
$1,000,000 | New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB1 | 5.000% | 08/01/2029 | 08/01/2028 | A | $ | 1,237,830 | |||||||||||
4,000,000 | New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB1 | 5.000 | 08/01/2033 | 08/01/2028 | A | 4,857,560 | ||||||||||||
150,000 | New York (State of) Dormitory Authority (Mount Sinai Hospital); Series 2010 A, Ref. RB1 | 5.000 | 07/01/2022 | 07/01/2020 | A | 152,930 | ||||||||||||
6,730,000 | New York (State of) Dormitory Authority (New School (The)); Series 2011, Ref. RB1 | 5.000 | 07/01/2023 | 04/07/2021 | A | 7,112,197 | ||||||||||||
1,000,000 | New York (State of) Dormitory Authority (New School (The)); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2029 | 01/01/2027 | A | 1,212,620 | ||||||||||||
1,500,000 | New York (State of) Dormitory Authority (New School (The)); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2030 | 01/01/2027 | A | 1,809,810 | ||||||||||||
8,475,000 | New York (State of) Dormitory Authority (North General Hospital); Series 2003, Ref. RB1 | 5.000 | 02/15/2025 | 01/31/2020 | A | 8,500,764 | ||||||||||||
3,750,000 | New York (State of) Dormitory Authority (North General Hospital); Series 2003, Ref. RB1 | 5.750 | 02/15/2020 | 01/31/2020 | A | 3,763,612 | ||||||||||||
2,000,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 4.000 | 12/01/2020 | 12/01/2020 | 2,044,320 | |||||||||||||
1,000,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 5.000 | 12/01/2022 | 12/01/2022 | 1,095,970 | |||||||||||||
2,800,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 5.000 | 12/01/2023 | 12/01/2023 | 3,152,996 | |||||||||||||
1,300,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 5.000 | 12/01/2025 | 12/01/2025 | 1,532,388 | |||||||||||||
1,500,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 5.000 | 12/01/2026 | 12/01/2026 | 1,796,820 | |||||||||||||
1,300,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 5.000 | 12/01/2027 | 06/01/2027 | A | 1,566,903 |
29 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) | ||||||||||||||||||
$10,000 | New York (State of) Dormitory Authority (Ozanam Hall of Queens Nursing Home, Inc.); Series 2006, RB1 | 5.000% | 11/01/2021 | 01/31/2020 | A | $ | 10,024 | |||||||||||
1,025,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2012 C, RB1 | 5.000 | 10/01/2026 | 10/01/2022 | A | 1,130,237 | ||||||||||||
1,675,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2012 F, Ref. RB1 | 5.000 | 10/01/2025 | 10/01/2022 | A | 1,841,914 | ||||||||||||
400,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2012 F, Ref. RB1 | 5.000 | 10/01/2027 | 10/01/2022 | A | 439,180 | ||||||||||||
200,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2012 F, Ref. RB1 | 5.000 | 10/01/2028 | 10/01/2022 | A | 219,532 | ||||||||||||
1,690,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2012 H, Ref. RB1 | 5.000 | 10/01/2026 | 10/01/2022 | A | 1,862,279 | ||||||||||||
500,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2012 H, Ref. RB1 | 5.000 | 10/01/2027 | 10/01/2022 | A | 550,540 | ||||||||||||
400,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2012 H, Ref. RB1 | 5.000 | 10/01/2028 | 10/01/2022 | A | 439,632 | ||||||||||||
500,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2012 H, Ref. RB1 | 5.000 | 10/01/2029 | 10/01/2022 | A | 548,690 | ||||||||||||
2,740,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2013 A, RB1 | 5.000 | 10/01/2026 | 10/01/2023 | A | 3,129,546 | ||||||||||||
2,485,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2013 A, RB1 | 5.000 | 10/01/2027 | 10/01/2023 | A | 2,839,262 | ||||||||||||
1,665,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2013 C, RB1 | 5.000 | 10/01/2026 | 10/01/2023 | A | 1,894,254 |
30 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||||
New York (Continued) | ||||||||||||||||||||
$1,885,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2013 C, RB1 | 5.000 | % | 10/01/2027 | 10/01/2023 | A | $ | 2,143,245 | ||||||||||||
3,190,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2013 E, RB1 | 5.000 | 10/01/2026 | 10/01/2023 | A | 3,643,522 | ||||||||||||||
1,345,000 | New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); Series 2017 B, Ref. RB1 | 5.000 | 10/01/2033 | 10/01/2027 | A | 1,673,059 | ||||||||||||||
815,000 | New York (State of) Dormitory Authority (St. John’s University); Series 2012 A, RB1 | 5.000 | 07/01/2027 | 07/01/2022 | A | 895,326 | ||||||||||||||
180,000 | New York (State of) Dormitory Authority (St. John’s University); Series 2012 A, RB1 | 5.000 | 07/01/2028 | 07/01/2022 | A | 197,741 | ||||||||||||||
10,000 | New York (State of) Dormitory Authority (St. John’s University); Series 2012 B, RB1 | 5.000 | 07/01/2030 | 07/01/2022 | A | 10,986 | ||||||||||||||
3,275,000 | New York (State of) Dormitory Authority (St. John’s University); Series 2012 B, RB1 | 5.000 | 07/01/2030 | 07/01/2022 | A | 3,602,042 | ||||||||||||||
3,565,000 | New York (State of) Dormitory Authority (St. John’s University); Series 2012 B, RB1 | 5.000 | 07/01/2030 | 07/01/2022 | A | 3,880,396 | ||||||||||||||
3,060,000 | New York (State of) Dormitory Authority (State University of New York Dormitory Facilities); Series 2018 A, RB1 | 5.000 | 07/01/2036 | 07/01/2028 | A | 3,783,200 | ||||||||||||||
1,850,000 | New York (State of) Dormitory Authority (State University of New York Dormitory Facilities); Series 2018 A, RB1 | 5.000 | 07/01/2038 | 07/01/2028 | A | 2,272,281 | ||||||||||||||
25,000 | New York (State of) Dormitory Authority (United Cerebral Palsy Affiliates Pooled Loan Program No. 1); Series 2002 A, Ref. RB1 | 5.125 | 07/01/2021 | 01/31/2020 | A | 25,013 | ||||||||||||||
1,130,000 | New York (State of) Dormitory Authority (Yeshiva University); Series 2009, Ref. RB1 | 5.000 | 09/01/2027 | 01/31/2020 | A | 1,132,689 | ||||||||||||||
17,000,000 | New York (State of) Dormitory Authority; Series 2012 A, Ref. RB1 | 5.000 | 12/15/2029 | 12/15/2022 | A | 18,876,290 | ||||||||||||||
10,000,000 | New York (State of) Dormitory Authority; Series 2012 B, RB1 | 5.000 | 03/15/2028 | 03/15/2022 | A | 10,831,200 | ||||||||||||||
1,135,000 | New York (State of) Dormitory Authority; Series 2012 D, RB1 | 5.000 | 02/15/2028 | 02/15/2022 | A | 1,230,090 | ||||||||||||||
4,660,000 | New York (State of) Dormitory Authority; Series 2012 D, RB1 | 5.000 | 02/15/2028 | 02/15/2022 | A | 5,032,847 |
31 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) | ||||||||||||||||||
$1,705,000 | New York (State of) Dormitory Authority; Series 2015A-1, Ref. RB1 | 4.800% | 12/01/2023 | 03/12/2022 | B | $ | 1,742,118 | |||||||||||
8,000,000 | New York (State of) Dormitory Authority; Series 2018 A, RB1 | 5.000 | 03/15/2037 | 03/15/2028 | A | 9,829,760 | ||||||||||||
3,500,000 | New York (State of) Dormitory Authority; Series 2018 A, RB1 | 5.000 | 03/15/2038 | 03/15/2028 | A | 4,282,320 | ||||||||||||
4,250,000 | New York (State of) Dormitory Authority; Series 2018 A, RB1 | 5.000 | 07/01/2040 | 07/01/2028 | A | 5,246,413 | ||||||||||||
14,000,000 | New York (State of) Dormitory Authority; Series 2018 C, Ref. RB1 | 5.000 | 03/15/2034 | 03/15/2028 | A | 17,378,480 | ||||||||||||
2,000,000 | New York (State of) Dormitory Authority; Series 2018 C, Ref. RB1 | 5.000 | 03/15/2036 | 03/15/2028 | A | 2,466,220 | ||||||||||||
8,000,000 | New York (State of) Dormitory Authority; Series 2018 E, Ref. RB1 | 5.000 | 03/15/2037 | 09/15/2028 | A | 9,932,160 | ||||||||||||
10,000,000 | New York (State of) Dormitory Authority; Series 2018 E, Ref. RB1 | 5.000 | 03/15/2039 | 09/15/2028 | A | 12,328,700 | ||||||||||||
5,000,000 | New York (State of) Dormitory Authority; Series 2018 E, Ref. RB1 | 5.000 | 03/15/2040 | 09/15/2028 | A | 6,144,400 | ||||||||||||
10,000,000 | New York (State of) Dormitory Authority; Series 2019 A, Ref. RB1 | 5.000 | 03/15/2042 | 03/15/2029 | A | 12,277,800 | ||||||||||||
2,000,000 | New York (State of) Dormitory Authority; Series 2020 D, Ref. RB1,6 | 4.000 | 02/15/2038 | 02/15/2030 | A | 2,292,760 | ||||||||||||
4,415,000 | New York (State of) Dormitory Authority; Series 2020 D, Ref. RB1,6 | 4.000 | 02/15/2039 | 02/15/2030 | A | 5,046,389 | ||||||||||||
300,000 | New York (State of) Housing Finance Agency (Division Street); Series 2006 A, RB1 | 5.000 | 02/15/2026 | 01/31/2020 | A | 300,705 | ||||||||||||
510,000 | New York (State of) Housing Finance Agency (Golden Age Apartments); Series 2006 A, RB1 | 5.000 | 02/15/2037 | 01/31/2020 | A | 510,877 | ||||||||||||
1,350,000 | New York (State of) Housing Finance Agency (Secured Mortgage Program); Series 2001 A, RB1 | 5.600 | 08/15/2033 | 01/31/2020 | A | 1,353,051 | ||||||||||||
940,000 | New York (State of) Housing Finance Agency (Secured Mortgage Program); Series 2001 K, RB1 | 5.600 | 02/15/2026 | 01/31/2020 | A | 942,538 | ||||||||||||
125,000 | New York (State of) Housing Finance Agency (Secured Mortgage Program); Series 2002 C, RB1 | 5.300 | 08/15/2022 | 01/31/2020 | A | 125,341 | ||||||||||||
1,060,000 | New York (State of) Housing Finance Agency(Tri-Senior Development Housing); Series 2007 A, RB1 | 5.100 | 11/15/2023 | 01/31/2020 | A | 1,062,841 | ||||||||||||
4,000,000 | New York (State of) Housing Finance Agency; Series 2018 H, RB1 | 2.750 | 11/01/2022 | 03/01/2020 | A | 4,010,000 |
32 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) | ||||||||||||||||||
$9,985,000 | New York (State of) Metropolitan Transportation Authority; Series 2012 C, RB1 | 5.000% | 11/15/2028 | 11/15/2022 | A | $ | 11,011,758 | |||||||||||
10,000,000 | New York (State of) Thruway Authority; Series 2012 I, RB1 | 5.000 | 01/01/2027 | 01/01/2022 | A | 10,800,300 | ||||||||||||
15,000,000 | New York (State of) Thruway Authority; Series 2012 I, RB1 | 5.000 | 01/01/2029 | 01/01/2022 | A | 16,200,450 | ||||||||||||
20,500,000 | New York (State of) Thruway Authority; Series 2012 I, RB1 | 5.000 | 01/01/2030 | 01/01/2022 | A | 22,140,615 | ||||||||||||
3,995,000 | New York (State of) Thruway Authority; Series 2018 L, Ref. RB1 | 5.000 | 01/01/2035 | 01/01/2028 | A | 4,950,964 | ||||||||||||
100,000 | New York City Health & Hospitals Corp.; Series 2008 A, Ref. RB1 | 5.500 | 02/15/2021 | 01/31/2020 | A | 100,345 | ||||||||||||
37,400,000 | New York City Health & Hospitals Corp.; Series 2010 A, RB1 | 5.000 | 02/15/2030 | 02/15/2020 | A | 37,558,202 | ||||||||||||
2,215,000 | New York City Housing Development Corp. (Ocean Gate Development); Series 2007 B, RB1 | 5.350 | 06/01/2025 | 06/01/2020 | A | 2,253,120 | ||||||||||||
35,000 | New York City Housing Development Corp.; Series 1999 E, RB1 | 6.250 | 05/01/2036 | 01/31/2020 | A | 35,104 | ||||||||||||
4,725,000 | New York City Housing Development Corp.; Series 2010D-1-A, RB1 | 4.750 | 11/01/2030 | 05/01/2020 | A | 4,775,463 | ||||||||||||
1,850,000 | New York City Housing Development Corp.; Series 2010 F, RB1 | 4.750 | 11/01/2030 | 05/01/2020 | A | 1,869,702 | ||||||||||||
3,000,000 | New York City Housing Development Corp.; Series 2013L-2-A, Ref. RB1 | 3.600 | 11/01/2033 | 11/01/2022 | A | 3,109,770 | ||||||||||||
1,150,000 | New York City Housing Development Corp.; Series 2016C-1-A, RB1 | 1.375 | 05/01/2020 | 01/31/2020 | A | 1,150,241 | ||||||||||||
10,000,000 | New York City Housing Development Corp.; Series 2016, Ref. RB1 | 2.000 | 11/01/2020 | 01/15/2020 | A | 10,011,800 | ||||||||||||
3,560,000 | New York Counties Tobacco Trust I; Series 2000 A, RB1 | 6.500 | 06/01/2035 | 01/31/2020 | A | 3,562,385 | ||||||||||||
3,295,000 | New York Counties Tobacco Trust I; Series 2000 A, RB1 | 6.625 | 06/01/2042 | 01/31/2020 | A | 3,297,010 | ||||||||||||
75,000 | New York Counties Tobacco Trust II; Series 2001, RB1 | 5.625 | 06/01/2035 | 01/31/2020 | A | 75,287 | ||||||||||||
135,000 | New York Counties Tobacco Trust II; Series 2001, RB1 | 5.750 | 06/01/2043 | 01/31/2020 | A | 137,036 | ||||||||||||
985,000 | New York Counties Tobacco Trust III; Series 2003, RB1 | 6.000 | 06/01/2043 | 01/15/2020 | A | 986,704 | ||||||||||||
3,395,000 | New York Counties Tobacco Trust IV; Series 2005 A, Ref. RB1 | 4.750 | 06/01/2026 | 01/15/2020 | A | 3,396,731 | ||||||||||||
545,000 | New York Counties Tobacco Trust VI; Series 2016 A, Ref. RB1 | 5.625 | 06/01/2035 | 07/11/2025 | B | 588,180 |
33 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) | ||||||||||||||||||
$9,940,000 | New York Counties Tobacco Trust VI; Series 2016 A, Ref. RB1 | 6.000% | 06/01/2043 | 03/20/2029 | B | $ | 11,032,207 | |||||||||||
40,000 | New York Counties Tobacco Trust VI; Series 2016 A, Ref. RB1 | 6.250 | 06/01/2025 | 06/05/2021 | B | 40,350 | ||||||||||||
830,000 | New York Counties Tobacco Trust VI; Series 2016 A, Ref. RB1 | 6.450 | 06/01/2040 | 09/30/2034 | B | 963,887 | ||||||||||||
8,040,000 | New York Counties Tobacco Trust VI; Series 2016 A, Ref. RB1 | 6.750 | 06/01/2035 | 03/10/2028 | B | 8,735,782 | ||||||||||||
2,095,000 | New York Counties Tobacco Trust VI; Series 2016A-1, Ref. RB1 | 5.750 | 06/01/2043 | 12/27/2034 | B | 2,522,967 | ||||||||||||
5,000,000 | New York Liberty Development Corp. (4 World Trade Center); Series 2011, Ref. RB1 | 5.000 | 11/15/2031 | 11/15/2021 | A | 5,340,900 | ||||||||||||
10,000 | New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution); Series 1998 F, RB1 | 4.875 | 06/15/2020 | 01/31/2020 | A | 10,029 | ||||||||||||
15,000 | New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution); Series 2004 C, Ref. RB1 | 4.500 | 06/15/2030 | 01/31/2020 | A | 15,038 | ||||||||||||
12,375,000 | New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution); Series 2017 E, RB1 | 5.000 | 06/15/2042 | 06/15/2027 | A | 14,902,222 | ||||||||||||
2,755,000 | New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution); Series 2018 B, RB1 | 5.000 | 06/15/2038 | 06/15/2028 | A | 3,410,056 | ||||||||||||
4,000,000 | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB1 | 4.000 | 07/01/2033 | 07/01/2024 | A | 4,259,480 | ||||||||||||
1,000,000 | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB1 | 5.000 | 07/01/2030 | 07/01/2024 | A | 1,131,580 | ||||||||||||
3,370,000 | New York Transportation Development Corp. (LaGuardia Airport Terminal C & D Redevelopment - Delta Air Lines, Inc.); Series 2018, RB1 | 5.000 | 01/01/2034 | 01/01/2028 | A | 4,036,047 |
34 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) | ||||||||||||||||||
$4,250,000 | New York Transportation Development Corp.; Series 2016 A, RB1 | 5.000% | 07/01/2034 | 07/01/2024 | A | $ | 4,776,235 | |||||||||||
130,000 | Newburgh (City of), NY Industrial Development Agency (Bourne & Kenney Redevelopment Co. LLC); Series 1999 A, RB1 | 5.650 | 08/01/2020 | 02/01/2020 | A | 130,503 | ||||||||||||
2,535,000 | Newburgh (City of), NY Industrial Development Agency (Bourne & Kenney Redevelopment Co. LLC); Series 1999 A, RB1 | 5.750 | 02/01/2032 | 02/01/2020 | A | 2,545,596 | ||||||||||||
320,000 | Niagara Area Development Corp. (Niagara University); Series 2012 A, Ref. RB1 | 5.000 | 05/01/2026 | 05/01/2022 | A | 348,675 | ||||||||||||
750,000 | Niagara Falls (City of), NY; Series 2016, Ref. GO Bonds1 | 5.000 | 05/15/2028 | 05/15/2026 | A | 902,423 | ||||||||||||
850,000 | Niagara Falls (City of), NY; Series 2016, Ref. GO Bonds1 | 5.000 | 05/15/2029 | 05/15/2026 | A | 1,018,156 | ||||||||||||
700,000 | Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2019, Ref. RB1 | 5.000 | 04/01/2031 | 04/01/2029 | A | 862,050 | ||||||||||||
725,000 | Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2019, Ref. RB1 | 5.000 | 04/01/2033 | 04/01/2029 | A | 887,233 | ||||||||||||
2,635,000 | Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. RB1 | 4.000 | 05/15/2029 | 01/31/2020 | A | 2,657,951 | ||||||||||||
385,000 | North Babylon Volunteer Fire Co. Inc.; Series 1997, RB1 | 5.750 | 08/01/2022 | 02/01/2020 | A | 385,943 | ||||||||||||
20,000 | Oneida (County of), NY Industrial Development Agency (Hamilton College Civic Facility); Series 2002, RB1 | 5.000 | 09/15/2024 | 01/31/2020 | A | 20,062 | ||||||||||||
1,000,000 | Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB1 | 4.000 | 12/01/2034 | 12/01/2029 | A | 1,137,230 | ||||||||||||
1,000,000 | Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB1 | 4.000 | 12/01/2035 | 12/01/2029 | A | 1,133,460 | ||||||||||||
1,250,000 | Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB1 | 4.000 | 12/01/2036 | 12/01/2029 | A | 1,412,375 | ||||||||||||
1,000,000 | Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB1 | 4.000 | 12/01/2037 | 12/01/2029 | A | 1,124,830 | ||||||||||||
780,000 | Onondaga (County of), NY Resource Recovery Agency; Series 2019, RB1 | 5.000 | 05/01/2029 | 05/01/2027 | A | 949,759 |
35 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) | ||||||||||||||||||
$275,000 | Onondaga (County of), NY Resource Recovery Agency; Series 2019, RB1 | 5.000% | 05/01/2030 | 05/01/2027 | A | $ | 333,110 | |||||||||||
350,000 | Onondaga (County of), NY Resource Recovery Agency; Series 2019, RB1 | 5.000 | 05/01/2031 | 05/01/2027 | A | 422,037 | ||||||||||||
455,000 | Onondaga (County of), NY Resource Recovery Agency; Series 2019, RB1 | 5.000 | 05/01/2032 | 05/01/2027 | A | 546,887 | ||||||||||||
475,000 | Onondaga (County of), NY Resource Recovery Agency; Series 2019, RB1 | 5.000 | 05/01/2033 | 05/01/2027 | A | 569,117 | ||||||||||||
500,000 | Onondaga (County of), NY Resource Recovery Agency; Series 2019, RB1 | 5.000 | 05/01/2034 | 05/01/2027 | A | 597,505 | ||||||||||||
600,000 | Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); Series 2017, Ref. RB1 | 5.000 | 05/01/2028 | 05/01/2027 | A | 729,696 | ||||||||||||
450,000 | Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); Series 2017, Ref. RB1 | 5.000 | 05/01/2029 | 05/01/2027 | A | 545,189 | ||||||||||||
835,000 | Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); Series 2017, Ref. RB1 | 5.000 | 05/01/2030 | 05/01/2027 | A | 1,007,645 | ||||||||||||
600,000 | Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); Series 2017, Ref. RB1 | 5.000 | 05/01/2032 | 05/01/2027 | A | 718,458 | ||||||||||||
2,250,000 | Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2019, Ref. RB1 | 5.000 | 12/01/2038 | 12/01/2029 | A | 2,879,258 | ||||||||||||
5,865,000 | Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2019, Ref. RB1 | 5.000 | 12/01/2039 | 12/01/2029 | A | 7,484,209 | ||||||||||||
8,025,000 | Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2019, Ref. RB1 | 5.000 | 12/01/2040 | 12/01/2029 | A | 10,211,572 | ||||||||||||
465,000 | Onondaga Civic Development Corp. (Le Moyne College); Series 2012, Ref. RB1 | 5.000 | 07/01/2022 | 07/01/2022 | 505,515 | |||||||||||||
490,000 | Onondaga Civic Development Corp. (Le Moyne College); Series 2012, Ref. RB1 | 5.000 | 07/01/2023 | 07/01/2022 | A | 532,645 | ||||||||||||
515,000 | Onondaga Civic Development Corp. (Le Moyne College); Series 2012, Ref. RB1 | 5.000 | 07/01/2024 | 07/01/2022 | A | 558,811 |
36 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) |
| |||||||||||||||||
$540,000 | Onondaga Civic Development Corp. (Le Moyne College); Series 2012, Ref. RB1 | 5.000% | 07/01/2025 | 07/01/2022 | A | $ | 585,085 | |||||||||||
1,000,000 | Onondaga Civic Development Corp. (Upstate Properties Development, Inc.); Series 2011, RB1 | 5.500 | 12/01/2031 | 12/01/2021 | A | 1,078,970 | ||||||||||||
115,000 | Onondaga Civic Development Corp.; Series 2015, Ref. RB1 | 5.000 | 10/01/2025 | 10/01/2025 | 134,457 | |||||||||||||
825,000 | Orange (County of), NY Industrial Development Agency (St. Luke’s Hospital of Newburgh, New York); Series 2001 A, Ref. RB1 | 5.375 | 12/01/2021 | 01/31/2020 | A | 827,813 | ||||||||||||
485,000 | Orange County Funding Corp. (Mount St. Mary College); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2020 | 07/01/2020 | 493,114 | |||||||||||||
505,000 | Orange County Funding Corp. (Mount St. Mary College); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2021 | 07/01/2021 | 529,563 | |||||||||||||
530,000 | Orange County Funding Corp. (Mount St. Mary College); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2022 | 07/01/2022 | 571,976 | |||||||||||||
730,000 | Orange County Funding Corp. (Mount St. Mary College); Series 2012 B, Ref. RB1 | 5.000 | 07/01/2020 | 07/01/2020 | 742,213 | |||||||||||||
765,000 | Orange County Funding Corp. (Mount St. Mary College); Series 2012 B, Ref. RB1 | 5.000 | 07/01/2021 | 07/01/2021 | 802,210 | |||||||||||||
805,000 | Orange County Funding Corp. (Mount St. Mary College); Series 2012 B, Ref. RB1 | 5.000 | 07/01/2022 | 07/01/2022 | 868,756 | |||||||||||||
650,000 | Otsego County Capital Resource Corp. (Hartwick College); Series 2015 A, Ref. RB1 | 5.000 | 10/01/2022 | 10/01/2022 | 670,794 | |||||||||||||
700,000 | Otsego County Capital Resource Corp. (Hartwick College); Series 2015 A, Ref. RB1 | 5.000 | 10/01/2023 | 10/01/2023 | 728,770 | |||||||||||||
660,000 | Otsego County Capital Resource Corp. (Hartwick College); Series 2015 A, Ref. RB1 | 5.000 | 10/01/2024 | 10/01/2024 | 692,003 | |||||||||||||
155,000 | Poughkeepsie (City of), NY Industrial Development Agency (Eastman & Bixby Redevelopment Co. LLC); Series 2000 A, RB1 | 5.900 | 08/01/2020 | 02/01/2020 | A | 155,552 | ||||||||||||
600,000 | Poughkeepsie (City of), NY; Series 2019, Ref. GO Bonds1 | 5.000 | 06/01/2031 | 06/01/2026 | A | 674,982 | ||||||||||||
295,000 | Ramapo Local Development Corp.; Series 2013, Ref. RB1 | 5.000 | 03/15/2028 | 03/15/2023 | A | 313,930 |
37 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) |
| |||||||||||||||||
$1,200,000 | Rensselaer (County of), NY Industrial Development Agency (Franciscan Heights, L.P.); Series 2004 A, IDR1 | 5.375% | 12/01/2025 | 01/31/2020 | A | $ | 1,203,228 | |||||||||||
15,000 | Rochester (City of), NY; Series 2008 B, Ref. GO Bonds1 | 4.000 | 10/01/2020 | 01/31/2020 | A | 15,035 | ||||||||||||
30,000 | Rochester (City of), NY; Series 2008 B, Ref. GO Bonds1 | 4.250 | 10/01/2024 | 01/31/2020 | A | 30,070 | ||||||||||||
10,000 | Rochester (City of), NY; Series 2008 B, Ref. GO Bonds1 | 4.250 | 10/01/2025 | 01/31/2020 | A | 10,023 | ||||||||||||
575,000 | Rockland (County of), NY; Series 2012 B, GO Bonds1 | 5.000 | 12/15/2020 | 12/15/2020 | 596,856 | |||||||||||||
600,000 | Rockland (County of), NY; Series 2012 B, GO Bonds1 | 5.000 | 12/15/2022 | 12/15/2022 | 666,780 | |||||||||||||
95,000 | Rockland Tobacco Asset Securitization Corp.; Series 2001, RB1 | 5.625 | 08/15/2035 | 01/31/2020 | A | 97,535 | ||||||||||||
195,000 | Saratoga County Capital Resource Corp. (Skidmore College); Series 2014 B, Ref. RB1 | 5.000 | 07/01/2024 | 07/01/2024 | 227,218 | |||||||||||||
300,000 | Spring Valley (Village of), NY; Series 2005, GO Bonds1 | 5.000 | 05/01/2020 | 01/31/2020 | A | 300,969 | ||||||||||||
310,000 | Spring Valley (Village of), NY; Series 2005, GO Bonds1 | 5.000 | 05/01/2021 | 01/31/2020 | A | 311,001 | ||||||||||||
325,000 | Spring Valley (Village of), NY; Series 2005, GO Bonds1 | 5.000 | 05/01/2022 | 01/31/2020 | A | 325,978 | ||||||||||||
335,000 | Spring Valley (Village of), NY; Series 2005, GO Bonds1 | 5.000 | 05/01/2023 | 01/31/2020 | A | 335,982 | ||||||||||||
350,000 | Spring Valley (Village of), NY; Series 2005, GO Bonds1 | 5.000 | 05/01/2024 | 01/31/2020 | A | 350,998 | ||||||||||||
365,000 | Spring Valley (Village of), NY; Series 2005, GO Bonds1 | 5.000 | 05/01/2025 | 01/31/2020 | A | 366,040 | ||||||||||||
385,000 | Spring Valley (Village of), NY; Series 2007, GO Bonds1 | 5.000 | 06/15/2021 | 01/31/2020 | A | 386,244 | ||||||||||||
405,000 | Spring Valley (Village of), NY; Series 2007, GO Bonds1 | 5.000 | 06/15/2022 | 01/31/2020 | A | 406,296 | ||||||||||||
1,050,000 | St. Lawrence (County of), NY Industrial Development Agency (Clarkson University); Series 2012 A, RB1 | 5.250 | 09/01/2033 | 03/01/2022 | A | 1,123,605 | ||||||||||||
300,000 | St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); Series 2012, Ref. RB1 | 5.000 | 07/01/2024 | 01/01/2023 | A | 331,548 | ||||||||||||
920,000 | St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); Series 2012, Ref. RB1 | 5.000 | 07/01/2025 | 01/01/2023 | A | 1,016,747 |
38 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) |
| |||||||||||||||||
$300,000 | St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); Series 2016 A, Ref. RB1 | 5.000% | 07/01/2028 | 07/01/2026 | A | $ | 360,726 | |||||||||||
785,000 | St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2030 | 07/01/2026 | A | 939,402 | ||||||||||||
450,000 | St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2031 | 07/01/2026 | A | 536,490 | ||||||||||||
375,000 | Suffern (Village of), NY; Series 2016, GO Bonds1 | 5.000 | 03/15/2021 | 03/15/2021 | 392,104 | |||||||||||||
395,000 | Suffern (Village of), NY; Series 2016, GO Bonds1 | 5.000 | 03/15/2022 | 03/15/2021 | A | 412,186 | ||||||||||||
310,000 | Suffern (Village of), NY; Series 2016, GO Bonds1 | 5.000 | 03/15/2023 | 03/15/2021 | A | 323,389 | ||||||||||||
475,000 | Suffern (Village of), NY; Series 2016, GO Bonds1 | 5.000 | 03/15/2026 | 03/15/2021 | A | 495,164 | ||||||||||||
105,000 | Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./ Developmental Disabilities Institute, Inc. Civic Facility); Series 2005A-B, RB1 | 6.000 | 10/01/2020 | 01/31/2020 | A | 105,064 | ||||||||||||
105,000 | Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./East End Disability Associates, Inc. Civic Facility); Series 2005A-C, RB1 | 6.000 | 10/01/2020 | 01/31/2020 | A | 105,035 | ||||||||||||
100,000 | Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Life’s W.O.R.C., Inc. Civic Facility); Series 2005A-G, RB1 | 6.000 | 10/01/2020 | 01/31/2020 | A | 100,150 | ||||||||||||
85,000 | Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Suffolk Hostels, Inc. Civic Facility); Series 2005A-F, RB1 | 6.000 | 10/01/2020 | 01/31/2020 | A | 85,042 | ||||||||||||
895,000 | Suffolk (County of), NY Industrial Development Agency (Nissequogue Cogen Partners); Series 1998, Ref. RB1 | 5.500 | 01/01/2023 | 01/25/2020 | A | 903,914 | ||||||||||||
2,330,000 | Suffolk (County of), NY Industrial Development Agency; Series 1996, Ref. RB3,7 | 6.700 | 12/01/2020 | 12/01/2020 | 23 |
39 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) |
| |||||||||||||||||
$200,000 | Suffolk (County of), NY Industrial Development Agency; Series 2007A-C, RB1 | 5.950% | 11/01/2022 | 02/01/2020 | A | $ | 200,054 | |||||||||||
300,000 | Suffolk (County of), NY Industrial Development Agency; Series 2007A-D, RB1 | 5.950 | 11/01/2022 | 02/01/2020 | A | 300,333 | ||||||||||||
300,000 | Suffolk (County of), NY Industrial Development Agency; Series 2007A-F, RB1 | 5.950 | 11/01/2022 | 02/01/2020 | A | 300,306 | ||||||||||||
400,000 | Suffolk County Economic Development Corp. (Family Residences and Essential Enterprises, Inc.); Series 2012B-A, RB1 | 6.750 | 06/01/2027 | 02/11/2022 | A | 410,988 | ||||||||||||
1,145,000 | Suffolk Tobacco Asset Securitization Corp.; Series 2012 B, RB1 | 5.000 | 06/01/2021 | 06/01/2021 | 1,189,449 | |||||||||||||
15,085,000 | Sullivan County Infrastructure Local Development Corp. (Adelaar Infrastructure); Series 2016 A-1, RB1 | 4.850 | 11/01/2031 | 05/23/2025 | A | 15,250,030 | ||||||||||||
2,165,000 | Sullivan County Infrastructure Local Development Corp. (Adelaar Infrastructure); Series 2016 B-1, RB1 | 4.850 | 11/01/2031 | 05/24/2025 | A | 2,188,685 | ||||||||||||
2,115,000 | Sullivan County Infrastructure Local Development Corp. (Adelaar Infrastructure); Series 2016 C-1, RB1 | 4.850 | 11/01/2031 | 05/21/2025 | A | 2,138,138 | ||||||||||||
1,395,000 | Sullivan County Infrastructure Local Development Corp. (Adelaar Infrastructure); Series 2016 D-1, RB1 | 4.850 | 11/01/2031 | 05/17/2025 | A | 1,410,261 | ||||||||||||
5,110,000 | Sullivan County Infrastructure Local Development Corp. (Adelaar Infrastructure); Series 2016 E-1, RB1 | 4.850 | 11/01/2031 | 05/22/2025 | A | 5,165,903 | ||||||||||||
2,205,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB1 | 5.000 | 01/01/2028 | 01/01/2026 | A | 2,477,494 | ||||||||||||
6,000,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB1 | 5.000 | 01/01/2030 | 01/01/2026 | A | 6,678,240 | ||||||||||||
8,825,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB1 | 5.000 | 01/01/2031 | 01/01/2026 | A | 9,771,481 | ||||||||||||
3,800,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB1 | 5.000 | 01/01/2033 | 01/01/2026 | A | 4,174,756 |
40 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) |
| |||||||||||||||||
$770,000 | Town of Hempstead Local Development Corp. (Evergreen Charter School); Series 2019, RB1 | 6.250% | 12/01/2022 | 09/14/2021 | B | $ | 772,949 | |||||||||||
2,470,000 | Town of Hempstead Local Development Corp. (Evergreen Charter School); Series 2019, Ref. RB1 | 6.150 | 12/01/2029 | 11/27/2026 | B | 2,525,377 | ||||||||||||
11,110,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2017 B, Ref. RB1 | 5.000 | 11/15/2036 | 05/15/2027 | A | 13,501,428 | ||||||||||||
10,950,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2018 C, Ref. RB1 | 5.000 | 11/15/2036 | 11/15/2028 | A | 13,677,755 | ||||||||||||
5,000,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2018 C, Ref. RB1 | 5.000 | 11/15/2038 | 11/15/2028 | A | 6,194,550 | ||||||||||||
1,000,000 | Troy (City of), NY Industrial Development Authority (Rensselaer Polytechnic Institute); Series 2002 E, RB1 | 5.000 | 09/01/2031 | 09/01/2021 | A | 1,054,770 | ||||||||||||
3,130,000 | TSASC, Inc.; Series 2016 B, Ref. RB | 5.000 | 06/01/2045 | 06/01/2027 | A | 3,164,618 | ||||||||||||
5,000,000 | TSASC, Inc.; Series 2017 A, RB1 | 5.000 | 06/01/2032 | 06/01/2027 | A | 5,930,950 | ||||||||||||
5,000,000 | TSASC, Inc.; Series 2017 A, Ref. RB1 | 5.000 | 06/01/2030 | 06/01/2027 | A | 5,975,000 | ||||||||||||
5,000,000 | TSASC, Inc.; Series 2017 A, Ref. RB1 | 5.000 | 06/01/2031 | 06/01/2027 | A | 5,951,100 | ||||||||||||
5,000,000 | TSASC, Inc.; Series 2017 A, Ref. RB1 | 5.000 | 06/01/2033 | 06/01/2027 | A | 5,911,350 | ||||||||||||
20,000 | Tuckahoe Union Free School District; Series 2008, GO Bonds1 | 4.250 | 09/01/2026 | 01/31/2020 | A | 20,049 | ||||||||||||
45,000 | Valley Health Development Corp. (Valley Health Services); Series 2000 A, Ref. RB1 | 6.750 | 05/20/2022 | 01/31/2020 | A | 45,216 | ||||||||||||
75,000 | Westhampton Beach Union Free School District; Series 2007, GO Bonds1 | 4.600 | 03/01/2026 | 01/31/2020 | A | 75,240 | ||||||||||||
10,000 | Westhampton Beach Union Free School District; Series 2007, GO Bonds1 | 4.625 | 03/01/2027 | 01/31/2020 | A | 10,027 | ||||||||||||
50,000 | White Plains Housing Development Corp. (Battle Hill Houses, Section 8 Assisted); Series 1996 A, Ref. RB1 | 6.650 | 02/01/2025 | 09/30/2022 | B | 54,241 | ||||||||||||
1,455,000 | Yonkers (City of), NY Industrial Development Agency (Monastery Manor Associates, L.P.); Series 2005, RB1 | 5.000 | 04/01/2025 | 01/31/2020 | A | 1,459,409 | ||||||||||||
2,000,000 | Yonkers (City of), NY; Series 2011 A, GO Bonds1 | 5.000 | 10/01/2023 | 10/01/2021 | A | 2,141,940 |
41 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) |
| |||||||||||||||||
$1,000,000 | Yonkers (City of), NY; Series 2011 A, GO Bonds1 | 5.000% | 10/01/2024 | 10/01/2021 | A | $ | 1,070,970 | |||||||||||
200,000 | Yonkers Economic Development Corp. (Lamartine/Warburton LLC - Charter School of Educational Excellence); Series 2019 A, RB1 | 4.000 | 10/15/2029 | 11/11/2027 | B | 215,608 | ||||||||||||
| 1,531,991,388
|
| ||||||||||||||||
Other Territory—0.0% | ||||||||||||||||||
284,016 | Public Housing Capital Fund Revenue Trust I; Series 2012, RB1
|
| 4.500
|
|
| 07/01/2022
|
|
| 04/11/2021
| B
|
| 287,234
|
| |||||
U.S. Possessions—15.8% | ||||||||||||||||||
33,960,000 | Children’s Trust Fund; Series 2002, RB1 | 5.375 | 05/15/2033 | 01/31/2020 | A | 34,495,210 | ||||||||||||
38,385,000 | Children’s Trust Fund; Series 2002, RB1 | 5.500 | 05/15/2039 | 01/31/2020 | A | 39,090,516 | ||||||||||||
1,350,000 | Guam (Territory of) Power Authority; Series 2012 A, Ref. RB1 | 5.000 | 10/01/2020 | 10/01/2020 | 1,386,139 | |||||||||||||
1,350,000 | Guam (Territory of) Power Authority; Series 2012 A, Ref. RB1 | 5.000 | 10/01/2021 | 10/01/2021 | 1,433,646 | |||||||||||||
3,185,000 | Guam (Territory of) Power Authority; Series 2012 A, Ref. RB1 | 5.000 | 10/01/2025 | 10/01/2022 | A | 3,492,703 | ||||||||||||
2,690,000 | Guam (Territory of) Power Authority; Series 2012 A, Ref. RB1 | 5.000 | 10/01/2026 | 10/01/2022 | A | 2,946,249 | ||||||||||||
4,000,000 | Guam (Territory of) Power Authority; Series 2012 A, Ref. RB1 | 5.000 | 10/01/2030 | 10/01/2022 | A | 4,358,240 | ||||||||||||
1,435,000 | Guam (Territory of); Series 2012B-1, RB1 | 5.000 | 01/01/2027 | 01/01/2022 | A | 1,512,590 | ||||||||||||
3,255,000 | Guam (Territory of); Series 2012B-1, RB1 | 5.000 | 01/01/2028 | 01/01/2022 | A | 3,424,683 | ||||||||||||
400,000 | Massachusetts (State of); Series 2006 A, GOCPI-Linked Bonds, FGIC4,8 | 3.016 | 07/01/2021 | 07/01/2021 | 360,100 | |||||||||||||
11,250,000 | Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, RB | 5.250 | 07/01/2024 | 07/01/2022 | A | 11,801,250 | ||||||||||||
150,000 | Puerto Rico (Commonwealth of) Convention Center District Authority; Series 2006 A, RB, FGIC8 | 5.000 | 07/01/2023 | 07/01/2023 | 128,288 | |||||||||||||
500,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2004 PP, Ref. RB, NPFGC | 5.000 | 07/01/2024 | 01/31/2020 | A | 511,415 | ||||||||||||
285,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2005 RR, RB, NPFGC | 5.000 | 07/01/2021 | 01/31/2020 | A | 289,321 |
42 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
U.S. Possessions (Continued) |
| |||||||||||||||||
$50,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2005 RR, RB, NPFGC | 5.000% | 07/01/2022 | 01/31/2020 | A | $ | 50,882 | |||||||||||
280,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2005 RR, RB | 5.000 | 07/01/2024 | 01/31/2020 | A | 286,392 | ||||||||||||
100,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2005 SS, Ref. RB, NPFGC | 5.000 | 07/01/2022 | 01/31/2020 | A | 101,764 | ||||||||||||
830,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2005 SS, Ref. RB, NPFGC | 5.000 | 07/01/2023 | 01/31/2020 | A | 846,791 | ||||||||||||
5,000,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2008WW-RSA-1, RB3 | 5.250 | 07/01/2025 | 07/01/2025 | 3,812,500 | |||||||||||||
100,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2010 DDD, Ref. RB3 | 5.000 | 07/01/2022 | 07/01/2022 | 76,000 | |||||||||||||
1,501,242 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2016E-1, RB3 | 10.000 | 01/01/2021 | 01/01/2021 | 1,287,315 | |||||||||||||
1,501,243 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2016E-2, RB3 | 10.000 | 07/01/2021 | 07/01/2021 | 1,287,316 | |||||||||||||
500,414 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2016E-2, RB3 | 10.000 | 01/01/2022 | 01/01/2022 | 429,105 | |||||||||||||
500,414 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2016E-4, RB3 | 10.000 | 07/01/2022 | 07/01/2022 | 429,105 | |||||||||||||
90,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority (Puerto Rico State Infrastructure Bank); Series 1998, RB3 | 5.000 | 07/01/2022 | 07/01/2022 | 12,375 | |||||||||||||
425,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority (Puerto Rico State Infrastructure Bank); Series 1998, RB3 | 5.000 | 07/01/2028 | 02/20/2026 | B | 58,437 | ||||||||||||
50,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority (Puerto Rico State Infrastructure Bank); Series 1998, RB, NPFGC1 | 5.000 | 07/01/2028 | 07/01/2020 | A | 50,627 | ||||||||||||
835,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2002 D, RB1 | 5.000 | 07/01/2027 | 01/31/2020 | A | 857,061 |
43 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
U.S. Possessions (Continued) |
| |||||||||||||||||
$135,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2003, RB3 | 5.000% | 07/01/2023 | 07/01/2023 | $ | 18,562 | ||||||||||||
90,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2003, RB3 | 5.000 | 07/01/2028 | 08/06/2026 | B | 12,375 | ||||||||||||
230,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2003, RB3 | 5.750 | 07/01/2020 | 07/01/2020 | 31,625 | |||||||||||||
5,060,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2003, RB9 | 5.750 | 07/01/2021 | 07/01/2021 | 4,327,565 | |||||||||||||
7,995,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2003, RB3 | 5.750 | 07/01/2022 | 07/01/2022 | 1,099,312 | |||||||||||||
100,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2004 I, RB, FGIC8 | 5.000 | 07/01/2023 | 07/01/2023 | 85,525 | |||||||||||||
160,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2004 I, RB, FGIC8 | 5.000 | 07/01/2025 | 07/01/2025 | 136,840 | |||||||||||||
4,355,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2005 K, RB3 | 5.000 | 07/01/2021 | 07/01/2021 | 2,014,187 | |||||||||||||
12,275,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2005 K, RB3 | 5.000 | 07/01/2023 | 07/01/2023 | 5,677,187 | |||||||||||||
12,760,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2005 K, RB3 | 5.000 | 07/01/2024 | 07/01/2024 | 5,901,500 | |||||||||||||
14,545,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2005 K, RB3 | 5.000 | 07/01/2025 | 07/01/2025 | 6,727,062 | |||||||||||||
85,000 | Puerto Rico (Commonwealth of) Housing Finance Authority (Capital Fund Modernization Program); Series 2003, RB1 | 5.000 | 12/01/2020 | 01/31/2020 | A | 87,632 | ||||||||||||
20,400,000 | Puerto Rico (Commonwealth of) Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority; Series 2000, RB | 6.625 | 06/01/2026 | 01/31/2020 | A | 20,935,500 | ||||||||||||
650,000 | 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 | 669,331 |
44 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||
U.S. Possessions (Continued) |
| |||||||||||||||
$365,000 | 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 | $ 365,460 | |||||||||||
500,000 | 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 | 519,000 | |||||||||||
650,000 | 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 | 673,075 | |||||||||||
415,000 | Puerto Rico (Commonwealth of) Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority; Series 2012, Ref. RB1 | 5.000 | 10/01/2022 | 10/01/2022 | 415,818 | |||||||||||
1,495,000 | Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ryder Memorial Hospital); Series 1994 A, RB | 6.700 | 05/01/2024 | 06/17/2022 | B | 1,301,816 | ||||||||||
885,000 | Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB3 | 6.250 | 10/01/2024 | 11/15/2022 | B | 179,212 | ||||||||||
20,000 | Puerto Rico (Commonwealth of) Municipal Finance Agency; Series 2002 A, RB1 | 4.750 | 08/01/2022 | 02/01/2020 | A | 20,452 | ||||||||||
500,000 | Puerto Rico (Commonwealth of) Municipal Finance Agency; Series 2002 A, RB, AGC1 | 5.000 | 08/01/2027 | 02/01/2020 | A | 513,210 | ||||||||||
70,000 | Puerto Rico (Commonwealth of) Municipal Finance Agency; Series 2002 A, RB, AGC1 | 5.250 | 08/01/2021 | 02/01/2020 | A | 71,304 | ||||||||||
10,000,000 | Puerto Rico (Commonwealth of) Municipal Finance Agency; Series 2005 A, RB | 5.250 | 08/01/2024 | 08/01/2024 | 9,304,000 | |||||||||||
275,000 | Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); Series 2002 D, Ref. RB3 | 5.125 | 07/01/2024 | 12/31/2023 | B | 245,438 | ||||||||||
1,270,000 | Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); Series 2007 M, Ref. RB3 | 6.250 | 07/01/2023 | 07/01/2023 | 1,179,513 |
45 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal | Coupon | Maturity | Effective Maturity* | Value | ||||||||||
U.S. Possessions (Continued) | ||||||||||||||
$30,000 | Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); Series 2007 N, Ref. RB3 | 5.500% | 07/01/2025 | 07/01/2025 | $ 27,187 | |||||||||
10,000,000 | Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2004 I, RB3 | 5.250 | 07/01/2029 | 05/03/2028 | B | 8,975,000 | ||||||||
1,400,000 | Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2007 M, Ref. RB3 | 10.000 | 07/01/2034 | 07/01/2034 | 1,351,000 | |||||||||
1,250,000 | Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2007M-2, Ref. RB | 10.000 10 | 07/01/2035 | 01/31/2020 | A | 1,321,688 | ||||||||
50,000 | Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2009 P, Ref. RB3 | 6.250 | 07/01/2026 | 07/01/2026 | 46,313 | |||||||||
25,000 | Puerto Rico (Commonwealth of); Series 1998, GO Bonds3 | 5.000 | 07/01/2028 | 07/01/2026 | B | 20,000 | ||||||||
500,000 | Puerto Rico (Commonwealth of); Series 2004 A, GO Bonds, AGC1 | 5.250 | 07/01/2020 | 01/31/2020 | A | 507,515 | ||||||||
6,155,000 | Puerto Rico (Commonwealth of); Series 2006 A, GO Bonds4 | 3.016 | 07/01/2020 | 07/01/2020 | 6,149,214 | |||||||||
2,715,000 | Puerto Rico (Commonwealth of); Series 2006 A, GO Bonds3 | 5.250 | 07/01/2022 | 07/01/2022 | 2,199,150 | |||||||||
165,000 | Puerto Rico (Commonwealth of); Series 2007 A, GO Bonds3 | 5.000 | 07/01/2024 | 07/01/2024 | 133,444 | |||||||||
15,000 | Puerto Rico (Commonwealth of); Series 2007 A, GO Bonds3 | 5.250 | 07/01/2029 | 07/01/2029 | 12,150 | |||||||||
440,000 | Puerto Rico (Commonwealth of); Series 2007 A, Ref. GO Bonds, NPFGC | 5.500 | 07/01/2020 | 07/01/2020 | 447,256 | |||||||||
13,100,000 | Puerto Rico (Commonwealth of); Series 2008 A, Ref. GO Bonds3 | 5.500 | 07/01/2023 | 07/01/2023 | 10,627,375 | |||||||||
1,400,000 | Puerto Rico (Commonwealth of); Series 2011 E, Ref. GO Bonds3 | 5.375 | 07/01/2030 | 07/01/2030 | 1,060,500 | |||||||||
240,000 | Puerto Rico (Commonwealth of); Series 2012 A, Ref. GO Bonds3 | 5.500 | 07/01/2026 | 07/01/2026 | 172,200 | |||||||||
105,030,000 | Puerto Rico Public Finance Corp.; Series 2011 A, RB3 | 6.500 | 08/01/2028 | 12/12/2027 | B | 4,332,488 | ||||||||
5,930,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 3.971 11 | 07/01/2027 | 08/15/2026 | B | 4,742,458 | ||||||||
246,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 3.973 11 | 07/01/2024 | 07/09/2023 | B | 216,222 | ||||||||
6,759,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 4.440 11 | 07/01/2029 | 01/12/2029 | B | 5,023,897 | ||||||||
487,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB1 | 4.500 | 07/01/2034 | 07/01/2025 | A | 520,881 | ||||||||
19,081,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 4.542 11 | 07/01/2031 | 01/10/2031 | B | 13,124,293 |
46 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||
U.S. Possessions (Continued) |
| |||||||||||||||
$246,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB1 | 4.550% | 07/01/2040 | 07/01/2028A | $ | 255,304 | ||||||||||
1,809,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB1 | 4.750 | 07/01/2053 | 07/01/2028A | 1,893,155 | |||||||||||
2,074,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB1 | 5.000 | 07/01/2058 | 07/01/2028A | 2,205,761 | |||||||||||
665,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 5.090 | 11 | 07/01/2033 | 12/21/2032B | 423,891 | ||||||||||
1,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 5.894 | 11 | 07/01/2046 | 12/21/2042A | 269 | ||||||||||
1,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 5.951 | 11 | 07/01/2051 | 07/01/2028A | 196 | ||||||||||
2,504,000 | Puerto Rico Sales Tax Financing Corp.; Series 2019A-2, RB1 | 4.329 | 07/01/2040 | 07/01/2028A | 2,544,615 | |||||||||||
75,000 | Puerto Rico Sales Tax Financing Corp.; Series 2019A-2, RB1 | 4.536 | 07/01/2053 | 07/01/2028A | 76,828 | |||||||||||
1,004,000 | Puerto Rico Sales Tax Financing Corp.; Series 2019A-2, RB1 | 4.784 | 07/01/2058 | 07/01/2028A | 1,045,305 | |||||||||||
810,000 | Tobacco Settlement Financing Corp.; Series 2001, RB1 | 5.000 | 05/15/2031 | 01/31/2020A | 811,717 | |||||||||||
8,500,000 | University of Puerto Rico; Series 2006 P, Ref. RB | 5.000 | 06/01/2022 | 01/31/2020A | 8,500,000 | |||||||||||
7,410,000 | University of Puerto Rico; Series 2006 Q, RB | 5.000 | 06/01/2023 | 06/01/2023 | 7,400,738 | |||||||||||
300,000 | University of Puerto Rico; Series 2006 Q, RB | 5.000 | 06/01/2030 | 12/22/2028B | 298,125 | |||||||||||
660,000 | Virgin Islands (Government of) (Matching Fund Loan Note - Diago); Series 2009 A, RB | 6.750 | 10/01/2037 | 01/31/2020A | 661,267 | |||||||||||
1,500,000 | Virgin Islands (Government of) Public Finance Authority (Federal Highway Grant Anticipation Revenue Loan Note); Series 2015, RB1 | 5.000 | 09/01/2033 | 09/01/2025A | 1,651,680 | |||||||||||
50,000 | Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note); Series 2006, Ref. RB1 | 5.000 | 10/01/2027 | 01/31/2020A | 50,840 | |||||||||||
280,000 | Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note); Series 2006, Ref. RB1 | 5.000 | 10/01/2028 | 01/31/2020A | 284,696 | |||||||||||
230,000 | Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note); Series 2012, Ref. RB1 | 4.000 | 10/01/2022 | 12/08/2021B | 240,143 | |||||||||||
585,000 | Virgin Islands (Government of) Public Finance Authority (Virgin Islands Matching Fund Loan Note); Series 2010 A, RB | 5.000 | 10/01/2020 | 10/01/2020 | 589,364 |
47 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
U.S. Possessions (Continued) |
| |||||||||||||||||
$20,000 | Virgin Islands (Government of) Public Finance Authority (Virgin Islands Matching Fund Loan Notes); Series 2009 C, Ref. RB | 5.000% | 10/01/2022 | 01/31/2020 | A | $ | 20,050 | |||||||||||
3,380,000 | Virgin Islands (Government of) Public Finance Authority; Series 2006, RB1 | 5.000 | 10/01/2023 | 01/31/2020 | A | 3,437,054 | ||||||||||||
850,000 | Virgin Islands (Government of) Public Finance Authority; Series 2006, RB1 | 5.000 | 10/01/2024 | 01/31/2020 | A | 864,340 | ||||||||||||
3,760,000 | Virgin Islands (Government of) Public Finance Authority; Series 2006, RB1 | 5.000 | 10/01/2025 | 01/31/2020 | A | 3,823,318 | ||||||||||||
1,715,000 | Virgin Islands (Government of) Public Finance Authority; Series 2006, RB1 | 5.000 | 10/01/2026 | 01/31/2020 | A | 1,743,812 | ||||||||||||
100,000 | Virgin Islands (Government of) Water & Power Authority (Electric System); Series 2003, RB | 4.500 | 07/01/2020 | 01/31/2020 | A | 100,176 | ||||||||||||
125,000 | Virgin Islands (Government of) Water & Power Authority (Electric System); Series 2003, RB | 4.500 | 07/01/2028 | 01/31/2020 | A | 125,153 | ||||||||||||
277,386,549 | ||||||||||||||||||
Total Municipal Bonds and Notes (Cost $1,880,155,493) |
| 1,809,665,171 | ||||||||||||||||
Shares |
| |||||||||||||||||
Common Stock—0.3% |
| |||||||||||||||||
2,137 CMS Liquidating Trust7,12,13 (Cost $6,838,400) 5,342,500 |
| |||||||||||||||||
Total Investments, at Value (Cost $1,886,993,893)—103.1% |
| 1,815,007,671 | ||||||||||||||||
Floating Rate Note Obligations—(2.7) Note with interest and fee rate of 1.68% at 12/31/2019 and contractual maturity of collateral of 08/01/202014 |
| (48,250,000 | ) | |||||||||||||||
Borrowings—(1.2) |
| (21,600,000 | ) | |||||||||||||||
Net Other Assets (Liabilities)—0.8 |
| 14,770,723 | ||||||||||||||||
Net Assets—100.0% |
| $ | 1,759,928,394 | |||||||||||||||
Footnotes to Schedule of Investments
*Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed.
A. Average life due to mandatory, or expected, sinking fund principal payments prior to maturity.
B. Optional call date; corresponds to the most conservative yield calculation.
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 segregated for collateral to cover borrowings. See Note 10 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.
48 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
3. 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.
4. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.
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. 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.
7. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.
8. 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.
9. 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.
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. Zero coupon bond reflects effective yield on the original acquisition date.
12.Non-income producing security.
13. Received as a result of a corporate action.
14. Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at December 31, 2019. At December 31, 2019, the Fund’s investments with a value of $107,345,065 are held by TOB Trusts and serve as collateral for the $48,250,000 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. | |
CPI | Consumer Price Index | |
FGIC | Financial Guaranty Insurance Co. | |
FHA | Federal Housing Agency/Authority | |
GO | General Obligation | |
IDR | Industrial Development Revenue Bonds | |
JFK | John Fitzgerald Kennedy | |
MTA | Metropolitan Transportation Authority | |
NPFGC | National Public Finance Guarantee Corp. | |
NYC | New York City | |
RB | Revenue Bonds | |
Ref | Refunding | |
YMCA | Young Men’s Christian Assoc. |
See accompanying Notes to Financial Statements.
49 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
STATEMENT OF ASSETS AND LIABILITIESDecember 31, 2019
| ||||
Assets | ||||
Investments, at value (cost $1,886,993,893) —see accompanying schedule of investments | $ | 1,815,007,671 | ||
| ||||
Cash | 2,758,613 | |||
| ||||
Receivables and other assets: | ||||
Interest | 19,487,248 | |||
Shares of beneficial interest sold | 3,008,193 | |||
Investments matured, at value (cost $5,612,673) | 3,808,640 | |||
Other | 483,242 | |||
|
| |||
Total assets |
| 1,844,553,607
|
| |
| ||||
Liabilities | ||||
Payables and other liabilities: | ||||
Payable for short-term floating rate notes issued | 48,250,000 | |||
Payable for borrowings | 21,600,000 | |||
Investments purchased | 7,325,315 | |||
Shares of beneficial interest redeemed | 5,601,406 | |||
Dividends | 549,361 | |||
Distribution and service plan fees | 448,344 | |||
Trustees’ compensation | 431,155 | |||
Transfer and shareholder servicing agent fees | 231,796 | |||
Shareholder communications | 58,091 | |||
Advisory fees | 19,351 | |||
Interest expense on borrowings | 12,607 | |||
Administration fees | 412 | |||
Other | 97,375 | |||
|
| |||
Total liabilities |
| 84,625,213
|
| |
| ||||
Net Assets | $ | 1,759,928,394 | ||
|
| |||
| ||||
Composition of Net Assets | ||||
Shares of beneficial interest | $ | 2,194,898,906 | ||
| ||||
Total accumulated loss | (434,970,512) | |||
|
| |||
Net Assets | $ | 1,759,928,394 | ||
|
|
50 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM 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 $1,338,074,411 and 436,839,617 shares of beneficial interest outstanding)
| $ | 3.06 | ||
Maximum offering price per share (net asset value plus sales charge of 2.50% of offering price)
| $
| 3.14
|
| |
| ||||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $197,113,460 and 64,743,818 shares of beneficial interest outstanding)
| $
| 3.04
|
| |
| ||||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $224,615,363 and 73,324,428 shares of beneficial interest outstanding)
| $
| 3.06
|
| |
| ||||
Class R6 Shares:
| ||||
Net asset value, redemption price and offering price per share (based on net assets of $125,160 and 40,847 shares of beneficial interest outstanding) | $ | 3.06 |
See accompanying Notes to Financial Statements.
51 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
OF OPERATIONSFor the Year Ended December 31, 2019
| ||||
Investment Income | ||||
Interest | $ | 67,037,001 | ||
| ||||
Expenses | ||||
Advisory fees | 7,058,633 | |||
| ||||
Administration fees | 150,310 | |||
| ||||
Distribution and service plan fees: | ||||
Class A | 3,085,497 | |||
Class C | 2,944,415 | |||
| ||||
Transfer and shareholder servicing agent fees: | ||||
Class A | 1,026,484 | |||
Class C | 251,567 | |||
Class Y | 163,390 | |||
Class R6 | 9 | |||
| ||||
Shareholder communications: | ||||
Class A | 46,525 | |||
Class C | 10,130 | |||
Class Y | 7,922 | |||
Class R6 | 1 | |||
| ||||
Borrowing fees | 1,279,060 | |||
| ||||
Interest expense and fees on short-term floating rate notes issued | 1,003,113 | |||
| ||||
Interest expense on borrowings | 296,925 | |||
| ||||
Trustees’ compensation | 36,195 | |||
| ||||
Custodian fees and expenses | 12,619 | |||
| ||||
Other | 221,576 | |||
Total expenses | 17,594,371 | |||
Less waivers and reimbursement of expenses | (2) | |||
Net expenses | 17,594,369 | |||
| ||||
Net Investment Income | 49,442,632 | |||
| ||||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on investment transactions | (11,691,002) | |||
| ||||
Net change in unrealized appreciation/(depreciation) on investment transactions | 84,069,674 | |||
| ||||
Net Increase in Net Assets Resulting from Operations | $ | 121,821,304 | ||
|
|
See accompanying Notes to Financial Statements.
52 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
STATEMENT OF CHANGES IN NET ASSETS
Year Ended | Year Ended | |||||||
December 31, 2019 | December 31, 2018 | |||||||
| ||||||||
Operations | ||||||||
Net investment income | $ | 49,442,632 | $ | 45,206,669 | ||||
| ||||||||
Net realized gain (loss) | (11,691,002) | (292,371,191) | ||||||
| ||||||||
Net change in unrealized appreciation/(depreciation) | 84,069,674 | 417,629,558 | ||||||
|
| |||||||
Net increase in net assets resulting from operations |
| 121,821,304
|
|
| 170,465,036
|
| ||
| ||||||||
Dividends and/or Distributions to Shareholders | ||||||||
Distributions to shareholders from distributable earnings: | ||||||||
Class A | (42,982,279) | (37,821,447) | ||||||
Class B | — | (5,903) | ||||||
Class C | (7,207,733) | (9,960,071) | ||||||
Class Y | (7,338,117) | (5,349,116) | ||||||
Class R6 | (613) | — | ||||||
|
| |||||||
Total distributions from distributable earnings |
| (57,528,742)
|
|
| (53,136,537)
|
| ||
| ||||||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | 125,612,091 | (109,496,975) | ||||||
Class B | — | (1,242,260) | ||||||
Class C | (194,003,712) | (82,979,675) | ||||||
Class Y | 47,252,278 | 17,794,762 | ||||||
Class R6 | 124,586 | — | ||||||
|
| |||||||
Total beneficial interest transactions |
| (21,014,757)
|
|
| (175,924,148)
|
| ||
| ||||||||
Net Assets | ||||||||
Total increase (decrease) | 43,277,805 | (58,595,649) | ||||||
| ||||||||
Beginning of period | 1,716,650,589 | 1,775,246,238 | ||||||
|
| |||||||
End of period | $ | 1,759,928,394 | $ | 1,716,650,589 | ||||
|
|
See accompanying Notes to Financial Statements.
53 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM 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. 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.
54 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Class C | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||||||
| ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||
Net asset value, beginning of period | $2.93 | $2.74 | $2.93 | $3.00 | $3.14 | |||||||||||||
| ||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income1 | 0.06 | 0.06 | 0.06 | 0.08 | 0.09 | |||||||||||||
Net realized and unrealized gain (loss) | 0.13 | 0.20 | (0.18) | (0.06) | (0.13) | |||||||||||||
|
| |||||||||||||||||
Total from investment operations | 0.19 | 0.26 | (0.12) | 0.02 | (0.04) | |||||||||||||
| ||||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||
Dividends from net investment income | (0.08) | (0.07) | (0.07) | (0.09) | (0.10) | |||||||||||||
| ||||||||||||||||||
Net asset value, end of period | $3.04 | $2.93 | $2.74 | $2.93 | $3.00 | |||||||||||||
|
| |||||||||||||||||
| ||||||||||||||||||
Total Return, at Net Asset Value2 | 6.51% | 9.63% | (4.27)% | 0.55% | (1.45)% | |||||||||||||
| ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||
Net assets, end of period (in thousands) | $197,113 | $377,338 | $432,706 | $670,317 | $787,924 | |||||||||||||
| ||||||||||||||||||
Average net assets (in thousands) | $294,020 | $401,597 | $574,072 | $741,999 | $911,014 | |||||||||||||
| ||||||||||||||||||
Ratios to average net assets:3 | ||||||||||||||||||
Net investment income | 2.15% | 2.02% | 2.13% | 2.54% | 2.97% | |||||||||||||
Expenses excluding specific expenses listed below | 1.51% | 1.61% | 1.57% | 1.63% | 1.53% | |||||||||||||
Interest and fees from borrowings | 0.09% | 0.12% | 0.12% | 0.08% | 0.05% | |||||||||||||
Interest and fees on short-term floating rate notes issued4 | 0.06% | 0.06% | 0.02% | 0.02% | 0.02% | |||||||||||||
|
| |||||||||||||||||
Total expenses | 1.66% | 1.79% | 1.71% | 1.73% | 1.60% | |||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.66% | 1.79% | 1.71% | 1.73% | 1.60% | |||||||||||||
| ||||||||||||||||||
Portfolio turnover rate5 | 11% | 36% | 9% | 21% | 9% |
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 NEW YORK MUNICIPAL FUND |
FINANCIAL HIGHLIGHTSContinued
Class Y | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||||||
| ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||
Net asset value, beginning of period | $2.95 | $2.76 | $2.95 | $3.01 | $3.16 | |||||||||||||
| ||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income1 | 0.10 | 0.09 | 0.09 | 0.11 | 0.12 | |||||||||||||
Net realized and unrealized gain (loss) | 0.12 | 0.20 | (0.18) | (0.05) | (0.14) | |||||||||||||
|
| |||||||||||||||||
Total from investment operations | 0.22 | 0.29 | (0.09) | 0.06 | (0.02) | |||||||||||||
| ||||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||
Dividends from net investment income | (0.11) | (0.10) | (0.10) | (0.12) | (0.13) | |||||||||||||
| ||||||||||||||||||
Net asset value, end of period | $3.06 | $2.95 | $2.76 | $2.95 | $3.01 | |||||||||||||
|
| |||||||||||||||||
| ||||||||||||||||||
Total Return, at Net Asset Value2 | 7.53% | 10.65% | (3.28)% | 1.89% | (0.77)% | |||||||||||||
| ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||
Net assets, end of period (in thousands) | $224,615 | $170,457 | $142,546 | $166,668 | $154,422 | |||||||||||||
| ||||||||||||||||||
Average net assets (in thousands) | $201,623 | $152,814 | $184,382 | $159,564 | $193,158 | |||||||||||||
| ||||||||||||||||||
Ratios to average net assets:3 | ||||||||||||||||||
Net investment income | 3.15% | 3.02% | 3.04% | 3.53% | 3.97% | |||||||||||||
Expenses excluding specific expenses listed below | 0.51% | 0.60% | 0.57% | 0.63% | 0.53% | |||||||||||||
Interest and fees from borrowings | 0.09% | 0.12% | 0.12% | 0.08% | 0.05% | |||||||||||||
Interest and fees on short-term floating rate notes issued4 | 0.06% | 0.06% | 0.02% | 0.02% | 0.02% | |||||||||||||
|
| |||||||||||||||||
Total expenses | 0.66% | 0.78% | 0.71% | 0.73% | 0.60% | |||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.66% | 0.78% | 0.71% | 0.73% | 0.60% | |||||||||||||
| ||||||||||||||||||
Portfolio turnover rate5 | 11% | 36% | 9% | 21% | 9% |
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.
56 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Class R6 | | Period Ended December 31, 2019 | 1 | |
| ||||
Per Share Operating Data | ||||
Net asset value, beginning of period | $3.05 | |||
| ||||
Income (loss) from investment operations: | ||||
Net investment income2 | 0.06 | |||
Net realized and unrealized gain | 0.02 | |||
|
|
| ||
Total from investment operations | 0.08 | |||
| ||||
Dividends and/or distributions to shareholders: | ||||
Dividends from net investment income | (0.07) | |||
| ||||
Net asset value, end of period | $3.06 | |||
|
|
| ||
| ||||
Total Return, at Net Asset Value3 | 2.79% | |||
| ||||
Ratios/Supplemental Data | ||||
Net assets, end of period (in thousands) | $125 | |||
| ||||
Average net assets (in thousands) | $33 | |||
| ||||
Ratios to average net assets:4 | ||||
Net investment income | 3.20% | |||
Expenses excluding specific expenses listed below | 0.47% | |||
Interest and fees from borrowings | 0.09% | |||
Interest and fees on short-term floating rate notes issued5 | 0.06% | |||
|
|
| ||
Total expenses | 0.62% | |||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.61% | |||
| ||||
Portfolio turnover rate6 | 11% |
1. For the period from after the close of business on May 24, 2019 (inception of offering) to December 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.
57 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTSDecember 31, 2019
Note 1 - Significant Accounting Policies
Invesco Oppenheimer Rochester Limited Term New York Municipal Fund (the “Fund”) is a series portfolio of AIMTax-Exempt Funds (InvescoTax-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 anopen-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 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.
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 afront-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 asinstitution-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
58 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
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 andnon-cash dividend income received in the form of securitiesin-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 theex-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
59 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTSContinued
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 theex-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 Rule12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other
60 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
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 theperiod-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 the holders of the floating rate notes to tender their notes at par at the next interest rate
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NOTES TO FINANCIAL STATEMENTSContinued
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 Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging
62 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
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 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
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NOTES TO FINANCIAL STATEMENTSContinued
securities.
There is some risk that a portion or all of the interest received from certaintax-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 $100 million | 0.50% | |||
Next $150 million | 0.45 | |||
Next $1.75 billion | 0.40 | |||
Next $3 billion | 0.39 | |||
Next $5 billion | 0.38 | |||
Over $10 billion | 0.37 |
*The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.
For the year ended December 31, 2019, the effective advisory fees incurred by the Fund was 0.40%. From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $2,817,814 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 mastersub-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 separatesub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “AffiliatedSub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such AffiliatedSub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such AffiliatedSub-Adviser(s). Invesco has also entered into aSub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.
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 0.82%, 1.57%, 0.57%, and 0.47%, respectively, of the Fund’s average
64 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
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 ornon-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 year ended December 31, 2019, the Adviser reimbursed Fund expenses of $2 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 year ended December 31, 2019, 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 orsub-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 year ended December 31, 2019, 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 Rule12b-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. 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
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NOTES TO FINANCIAL STATEMENTSContinued
the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended December 31, 2019, 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 year ended December 31, 2019, IDI advised the Fund that IDI retained $29,331 infront-end sales commissions from the sale of Class A shares and $1,641 and $3,878 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. From the beginning of the fiscal year to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $20,263 in front–end sales commissions from the sale of Class A shares and $1,637 and $3,903 from Class A and Class C shares, respectively, 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 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 December 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity
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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— Unadjusted Quoted Prices | Level 2— Other Significant | Level 3— Significant Unobservable Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Municipal Bonds and Notes | ||||||||||||||||
New York | $ | — | $ | 1,531,991,365 | $ | 23 | $ | 1,531,991,388 | ||||||||
Other Territory | — | 287,234 | — | 287,234 | ||||||||||||
U.S. Possessions | — | 277,386,549 | — | 277,386,549 | ||||||||||||
Common Stock | — | — | 5,342,500 | 5,342,500 | ||||||||||||
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| |||||||||||||||
Total Investments, at Value | — | 1,809,665,148 | 5,342,523 | 1,815,007,671 | ||||||||||||
Other Financial Instruments: | ||||||||||||||||
Investments Matured | $ | — | $ | 3,808,640 | $ | 0 | $ | 3,808,640 | ||||||||
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Total Assets | $ | — | $ | 1,813,473,788 | $ | 5,342,523 | $ | 1,818,816,311 | ||||||||
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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 | $ | 7,816 | ||
Payments Made to Retired Trustees | 21,437 | |||
Accumulated Liability as of December 31, 2019 | 169,946 |
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
67 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTSContinued
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 atperiod-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 – Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:
2019 | 2018 | |||||||
Ordinary income | $ | 576,143 | $ | 456,743 | ||||
Tax exempt dividends | 56,952,599 | 52,679,794 | ||||||
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| |||||||
Total distributions | $ | 57,528,742 | $ | 53,136,537 | ||||
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Tax Components of Net Assets atPeriod-End: | ||||||||
2019 | ||||||||
Undistributed ordinary income | $ | 72,125 | ||||||
Undistributedtax-exempt Income | 40,294,717 | |||||||
Net unrealized appreciation (depreciation) - investments | (85,554,569) | |||||||
Temporary book/tax differences | (428,319) | |||||||
Capital loss carryforward | (389,354,471) | |||||||
Shares of beneficial interest | 2,194,898,911 | |||||||
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Total net assets | $ | 1,759,928,394 | ||||||
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The difference between book-basis andtax-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 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. Capital losses generated in years
68 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
beginning after December 22, 2010 can be carried forward for an unlimited period, whereas 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 December 31, 2019, which expires as follows:
Capital Loss Carryforward* | ||||||||
Expiration | Short-Term | Long-Term | Total | |||||
Not subject to expiration | $ 30,053,232 | $ 359,301,239 | $ | 389,354,471 |
* 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 yearended December 31, 2019 was $191,248,166 and $236,948,667, 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 reportingperiod-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments | $ | 82,149,980 | ||
Aggregate unrealized (depreciation) of investments | (167,704,549) | |||
|
| |||
Net unrealized depreciation of investments | $ | (85,554,569) | ||
|
|
Cost of investments for tax purposes is$1,904,370,880.
Note 8 – Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of defaulted bonds, on December 31, 2019, undistributed net investment income was increased by $4,994,979 and undistributed net realized gain (loss) was decreased by $4,994,979. 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:
69 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTSContinued
Year Ended December 31, 20191 | Year Ended December 31, 2018 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 38,639,062 | $ | 117,325,551 | 29,152,121 | $ | 84,391,195 | ||||||||||
Automatic Conversion | ||||||||||||||||
Class C to Class A Shares | 51,971,451 | 159,265,381 | — | — | ||||||||||||
Dividends and/or distributions reinvested | 11,929,412 | 36,361,392 | 10,950,809 | 31,613,916 | ||||||||||||
Redeemed | (61,599,101 | ) | (187,340,233) | (78,888,530) | (225,502,086) | |||||||||||
|
| |||||||||||||||
Net increase (decrease) | 40,940,824 | $ | 125,612,091 | (38,785,600) | $ | (109,496,975) | ||||||||||
|
| |||||||||||||||
Class B | ||||||||||||||||
Sold | — | $ | — | 1 | $ | 3 | ||||||||||
Dividends and/or distributions reinvested | — | — | 1,597 | 4,448 | ||||||||||||
Redeemed2 | — | — | (445,799) | (1,246,711) | ||||||||||||
|
| |||||||||||||||
Net increase (decrease) | — | $ | — | (444,201) | $ | (1,242,260) | ||||||||||
|
| |||||||||||||||
Class C | ||||||||||||||||
Sold | 7,643,214 | $ | 23,018,840 | 5,791,966 | $ | 16,578,900 | ||||||||||
Dividends and/or distributions reinvested | 2,035,685 | 6,144,165 | 3,051,986 | 8,756,445 | ||||||||||||
Automatic Conversion | (52,309,312 | ) | (159,265,381) | — | — | |||||||||||
Class C to Class A Shares | ||||||||||||||||
Redeemed | (21,200,802 | ) | (63,901,336) | (38,083,748) | (108,315,020) | |||||||||||
|
| |||||||||||||||
Net increase (decrease) | (63,831,215 | ) | $ | (194,003,712) | (29,239,796) | $ | (82,979,675) | |||||||||
|
| |||||||||||||||
Class Y | ||||||||||||||||
Sold | 28,162,858 | $ | 85,436,352 | 23,800,981 | $ | 68,691,083 | ||||||||||
Dividends and/or distributions reinvested | 2,189,621 | 6,676,525 | 1,628,222 | 4,709,200 | ||||||||||||
Redeemed | (14,756,792 | ) | (44,860,599) | (19,387,728) | (55,605,521) | |||||||||||
|
| |||||||||||||||
Net increase (decrease) | 15,595,687 | $ | 47,252,278 | 6,041,475 | $ | 17,794,762 | ||||||||||
|
| |||||||||||||||
Class R63 | ||||||||||||||||
Sold | 40,727 | $ | 124,218 | — | $ | — | ||||||||||
Dividends and/or distributions reinvested | 120 | 368 | — | — | ||||||||||||
Redeemed | — | — | — | — | ||||||||||||
|
| |||||||||||||||
Net increase (decrease) | 40,847 | $ | 124,586 | — | $ | — | ||||||||||
|
|
1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 57% 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. 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
70 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Act, 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 January 1, 2019 to May 24, 2019, the Fund incurred fees of $728,913. The average daily balance borrowings under this agreement was $26,896,528 with a average interest rate of 2.57%.
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 December 31, 2019, the Fund incurred fees of $639,234. The average daily balance of borrowings under this agreement is $1,503,620 with a average interest rate of 2.17%. 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 year ended December 31, 2019 were $48,250,000 and 2.08%, respectively.
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 itspro-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 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
71 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTSContinued
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.
72 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of AIMTax-Exempt Funds (InvescoTax-Exempt Funds) and
Shareholders of Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund (one of the funds constituting AIMTax-Exempt Funds (InvescoTax-Exempt Funds), referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations and the statement of changes in net assets for the year ended December 31, 2019, including the related notes, and the financial highlights for the period ended December 31, 2019 (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 December 31, 2019, the results of its operations and changes in its net assets for the year ended December 31, 2019 and the financial highlights for the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund (formerly known as Oppenheimer Rochester® Limited Term New York Municipal Fund) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 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 February 22, 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
73 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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 December 31, 2019 by correspondence with the custodian and brokers; when replies 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
February 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.
74 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Form1099-DIV, Form1042-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 December 31, 2019:
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* | 99.00% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
75 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM 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 FormN-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s FormsN-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 recent12-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.
76 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
The address of each trustee and officer is AIMTax-Exempt Funds (InvescoTax-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 Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
INTERESTED PERSON | ||||||||
Martin L. Flanagan1— 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and 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) | 229 | None | ||||
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.
|
77 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
TRUSTEES AND OFFICERSContinued
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
INDEPENDENT TRUSTEES | ||||||||
Bruce L. Crockett – 1944 Trustee and Chair | 2003 | Chairman, Crockett Technologies Associates (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 | 229 | Director 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 Trustee | 2010 | Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization | 229 | Board member of the Illinois Manufacturers’ Association | ||||
Beth Ann Brown – 1968 Trustee | 2019 | Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 229 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit) | ||||
Jack M. Fields – 1952 Trustee | 2003 | Chief Executive Officer, Twenty First Century 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 | 229 | None |
78 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
INDEPENDENT TRUSTEES (CONTINUED) | ||||||||
Cynthia Hostetler —1962 Trustee | 2017 | Non-Executive Director and Trustee of a 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 | 229 | Vulcan 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 Trustee | 2016 | Professor and Dean, Mays Business School - Texas A&M University
Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank | 229 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||
Elizabeth Krentzman – 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory 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.; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 229 | Trustee of the University of Florida National Board Foundation and Audit Committee Member; 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 |
79 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
TRUSTEES AND OFFICERSContinued
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
INDEPENDENT TRUSTEES (CONTINUED) | ||||||||
Anthony J. LaCava, Jr. – 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 229 | Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP | ||||
Prema Mathai-Davis – 1950 Trustee | 2003 | Retired
Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor) | 229 | None | ||||
Joel W. Motley – 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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) | 229 | Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism) | ||||
Teresa M. Ressel — 1962 Trustee | 2017 | Non-executive director and trustee of a 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 | 229 | Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier) | ||||
Ann Barnett Stern – 1957 Trustee | 2017 | President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution)
Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; | 229 | Federal Reserve Bank of Dallas |
80 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
INDEPENDENT TRUSTEES (CONTINUED) | ||||||||
Ann Barnett Stern (Continued) | Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP |
| ||||||
Robert C. Troccoli – 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP | 229 | None | ||||
Daniel S. Vandivort –1954 Trustee | 2019 | Treasurer, Chairman of the Audit and Finance 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 | 229 | Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds | ||||
James D. Vaughn – 1945 Trustee | 2019 | Retired
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 | 229 | Board 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 – 1957 Trustee, Vice Chair and Chair Designate | 2017 | Retired
Formerly: Director, TD Asset Management USA 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.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments | 229 | ISO New England, Inc.(non-profit organization managing regional electricity market) |
81 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
TRUSTEES AND OFFICERSContinued
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
OTHER OFFICERS | ||||||||
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer | 2003 | Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and 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 | N/A | N/A | ||||
Russell C. Burk — 1958 Senior Vice President and Senior Officer | 2005 | Senior Vice President and Senior Officer, The Invesco Funds | N/A | N/A | ||||
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President 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 | N/A | N/A |
82 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
OTHER 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. |
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Andrew R. Schlossberg – 1974 Senior Vice President | 2019 | Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and 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 | N/A | N/A |
83 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
TRUSTEES AND OFFICERSContinued
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
OTHER OFFICERS (CONTINUED) | ||||||||
Andrew R. Schlossberg (Continued) | 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 |
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John M. Zerr — 1962 Senior Vice President | 2006 | Chief Operating Officer of the Americas; 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 | N/A | N/A |
84 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
OTHER 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) |
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Gregory G. McGreevey - 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; 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
Formerly: Senior Vice President, Invesco | N/A | N/A |
85 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
TRUSTEES AND OFFICERSContinued
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
OTHER OFFICERS (CONTINUED) | ||||||||
Gregory G. McGreevey (Continued) | Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds |
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Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer | 2008 | Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal 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
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 | N/A | N/A | ||||
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and | N/A | N/A |
86 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
OTHER OFFICERS (CONTINUED) | ||||||||
Crissie M. Wisdom (Continued) | Controls and Risk Analysis Manager for Invesco Investment Services, Inc.
Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc. |
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Robert R. Leveille – 1969 Chief Compliance Officer | 2016 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds | N/A | N/A |
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’ssub-advisers.
Office of the Fund | Investment Adviser | Distributor | Auditors | |||
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 | Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309 | Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 | PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021 | |||
Counsel to the Fund | Counsel to the | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018 | Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001 | Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 | Citibank, N.A. 111 Wall Street New York, NY 10005 |
87 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
INVESCO’S PRIVACY NOTICE | ||||
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Invesco recognizes the importance of protecting your personal and financial information when you visit our website located atwww.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
88 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK 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/orde-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, andweb-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 orde-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, visitwww.aboutcookies.org.
89 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND |
INVESCO’S PRIVACY NOTICE Continued | ||||
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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
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You may also contact us to:
90 INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK 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 NEW YORK MUNICIPAL 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.
|
Invesco Distributors, Inc. |
O-ROLTNYM-AR-1 022720 |
| Annual Report 12/31/2019
| |
Invesco Oppenheimer Rochester® Municipals 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® Fund Municipals. 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 at800-959-4246.
Class A Shares
AVERAGE ANNUAL TOTAL RETURNS AT 12/31/19
Class A Shares of the Fund | ||||||||||||
Without Sales Charge | With Sales Charge | Bloomberg Barclays Municipal Index | ||||||||||
1-Year | 12.97 | % | 8.18 | % | 7.54 | % | ||||||
5-Year | 6.73 | 5.80 | 3.53 | |||||||||
10-Year | 6.31 | 5.85 | 4.34 |
Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recentmonth-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 MUNICIPALS FUND
PERFORMANCE SUMMARY
The Fund’s Class A shares (without sales charge) returned 12.97% 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 7.54%.
MARKET CONDITIONS AND YOUR FUND
The State of New York benefits from a broad-based and well-diversified economy, with a median household income higher than the US national median. During 2Q19 the state’s gross domestic product rose to $1.73 trillion, making New York the third-largest economy in the US.1 The state’s strong economic standing is primarily driven by the significance of the financial services industry to the economic base. New York’s exposure to financial services has also historically made the state’s economy susceptible to market volatility.
As of November 2019, the New York’s unemployment rate was 4.0%, which is higher than the national unemployment rate of 3.5%.2 New York has improved its financial management practices in recent years by enactingon-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. That said, 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 this fiscal year. Investment grade municipal bonds returned 7.54% and high yield municipal bonds returned 10.68% during the fiscal year.3
The fiscal year was characterized by supportive technical conditions (supply and demand balances) as new issuance of municipal bonds totaled $421 billion, surpassing $400 billion for the fourth time since 2010 — up 21.7% from the previous fiscal year.4 Flows into the municipal bond asset class were positive for the last 52 weeks of the fiscal year.5 A consistently positive flow pattern, coupled with continued limited supply, resulted in strong performance across the municipal bond market. Fund flows totaled $93.6 billion from January 2019 through December 2019.5
4 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
For the fiscal year, the high yield municipal bond market outperformed the investment grade bond segment, led by improved price discovery on Puerto Rico bonds as a result of developments in the commonwealth’s debt restructuring, as well as strong performance of high yield general obligation securities.
Municipal bonds withstood considerable headwinds during the fiscal year, including interest rate volatility that saw the10-year US Treasury yield trade from as low as 1.47% and as high as 2.79%, ending the year at 1.92%.6 Additionally, the US government shutdown, which lasted 35 days at the beginning of the fiscal year, along with ongoingUS-China trade negotiations and Brexit developments, created a challenging market environment. Despite these challenges, the municipal bond market performed positively for the fiscal year as technical conditions continued to provide tailwinds.
Concerns early in the year regarding future interest rate hikes led to an increased demand for US Treasuries and investment grade municipal bonds alike, and yields continued to fall as high yield securities rallied. The yield curve for30-year,AAA-rated municipal bonds continued to flatten as trade tensions between the US and China increased worries about inflationary pressures.
US Federal Reserve (the Fed) raised the federal funds rate two times in September and December 2018 before lowering it in July 2019.7 However, the Fed’s dovish stance
at the beginning of calendar year 2019 took the market by surprise, leading economists to change their predictions from two interest rate increases in 2019, to just one. Despite favorable growth and labor trends, the Fed ultimately reversed course and lowered the federal funds rate in July and again in September, citing uncertainty about the global economic outlook. The US Treasury curve was inverted during the first quarter of 2019 with the yield on the2-year US Treasury note exceeding the10-year note.6 Economist views were mixed as to whether this inversion, the first since December 2005, signaled a possible recession.
Investors affected by the Tax Cuts and Jobs Acts of 2017, which instituted a $10,000 cap on state and local tax deductions, poured into the municipal market with a record 52 consecutive weeks of positive flows into the asset class.5
At the close of the fiscal year, we believed municipal fundamentals remained strong and viewed the ongoing impact of the Tax Cut and Jobs Act as a potential market factor. As a result, we believe demand for municipal bond investments could remain strong as retail investors continue to seektax-exempt income.
Over the fiscal year, security selection in many sectors – including tobacco, sales tax revenue, and highways/commuter facilities, the Fund’s largest, fifth largest, and second largest sectors, respectively - significantly contributed to the Fund’s performance. General Obligation
5 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
and municipal leases, among other sectors, were also strong contributors to the Fund’s performance. The sector selection of real estate management and development, less than 1% of the Fund’s holdings, 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, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise, 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 Municipals Fund and for sharing our long-term investment horizon.
1 Source: Bureau of Economic Analysis
2Source: Bureau of Labor Statistics
3 Source: FactSet Research Systems Inc.
4 Source: The Bond Buyer
5 Source: Lipper US Fund Flows
6 Source: US Department of the Treasury
7 Source: US Federal Reserve
Portfolio Managers: Troy Willis, Mark Paris
6 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
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.
7 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
TOP TEN CATEGORIES
Tobacco Master Settlement Agreement | 11.7% | |||
Highways/Commuter Facilities | 11.1 | |||
Higher Education | 9.8 | |||
Special Tax | 8.5 | |||
Sales Tax Revenue | 7.8 | |||
General Obligation | 7.7 | |||
Marine/Aviation Facilities | 7.6 | |||
Water Utilities | 4.3 | |||
Electric Utilities | 3.7 | |||
Hospital/Healthcare | 3.3 |
Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019 and are based on total market value of investments.
CREDIT ALLOCATION
NRSRO- Rated | Adviser- Rated | Total | ||||||||||
AAA | 2.3 | % | 0.4 | % | 2.7 | % | ||||||
AA | 43.0 | 0.0 | 43.0 | |||||||||
A | 13.1 | 0.0 | 13.1 | |||||||||
BBB | 10.5 | 5.2 | 15.7 | |||||||||
BB or lower | 11.0 | 14.5 | 25.5 | |||||||||
Total | 79.9 | % | 20.1 | % | 100.0 | % |
The percentages above are based on the market value of the securities as of December 31, 2019 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.
For more current Fund holdings, please visit invesco.com.
8 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Share Class Performance
AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 12/31/19
Inception Date | 1-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||
Class A (RMUNX) | 5/15/86 | 12.97 | % | 6.73 | % | 6.31 | % | 6.44 | % | |||||||||||
Class C (RMUCX) | 3/17/97 | 12.10 | 5.87 | 5.43 | 5.12 | |||||||||||||||
Class Y (RMUYX) | 4/28/00 | 13.25 | 6.94 | 6.49 | 5.91 | |||||||||||||||
Class R6 (IORUX)* | 5/24/19 | 13.13 | 6.75 | 6.32 | N/A | |||||||||||||||
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 12/31/19
|
| |||||||||||||||||||
Inception Date | 1-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||
Class A (RMUNX) | 5/15/86 | 8.18 | % | 5.80 | % | 5.85 | % | 6.30 | % | |||||||||||
Class C (RMUCX) | 3/17/97 | 11.10 | 5.87 | 5.43 | 5.12 | |||||||||||||||
Class Y (RMUYX) | 4/28/00 | 13.25 | 6.94 | 6.49 | 5.91 | |||||||||||||||
Class R6 (IORUX)* | 5/24/19 | 13.13 | 6.75 | 6.32 | 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 the12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.
9 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recentmonth-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 applicablefront-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 the1-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 the12b-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, 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, anon-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 the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.
10 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS 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 byMSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share ofnon-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.
11 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
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 entire6-month period ended December 31, 2019.
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 December 31, 2019” 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 asfront-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 MUNICIPALS FUND
Actual | Beginning Account Value July 1, 2019 | Ending Account Value December 31, 2019 | Expenses Paid During 6 Months Ended December 31, 2019 | |||||||||
Class A | $ | 1,000.00 | $ | 1,029.50 | $ | 5.13 | ||||||
Class C | 1,000.00 | 1,025.60 | 8.87 | |||||||||
Class Y | 1,000.00 | 1,030.10 | 3.90 | |||||||||
Class R6 | 1,000.00 | 1,030.80 | 3.79 | |||||||||
Hypothetical | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,020.16 | 5.10 | |||||||||
Class C | 1,000.00 | 1,016.48 | 8.83 | |||||||||
Class Y | 1,000.00 | 1,021.37 | 3.88 | |||||||||
Class R6 | 1,000.00 | 1,021.48 | 3.78 |
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended December 31, 2019 are as follows:
Class | Expense Ratios | |||
Class A | 1.00 | % | ||
Class C | 1.73 | |||
Class Y | 0.76 | |||
Class R6 | 0.74 |
The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. 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 MUNICIPALS FUND
SCHEDULE OF INVESTMENTSDecember 31, 2019
Principal Amount | Coupon | Maturity | Value | |||||||||
Municipal Bonds and Notes—105.0% | ||||||||||||
New York—87.3% | ||||||||||||
$1,750,000 | Albany (County of), NY Airport Authority; Series 2018 A, RB1 | 5.000% | 12/15/2043 | $ | 2,106,107 | |||||||
2,585,000 | Albany (County of), NY Airport Authority; Series 2018 A, RB1 | 5.000 | 12/15/2048 | 3,091,401 | ||||||||
335,000 | Albany (County of), NY Airport Authority; Series 2018 B, RB1 | 5.000 | 12/15/2033 | 406,573 | ||||||||
250,000 | Albany (County of), NY Airport Authority; Series 2018 B, RB1 | 5.000 | 12/15/2034 | 302,415 | ||||||||
320,000 | Albany (County of), NY Industrial Development Agency (Rehabilitation Support Services, Inc. (The)); Series 1993 A, RB1 | 8.375 | 06/01/2023 | 320,618 | ||||||||
1,760,000 | Albany (County of), NY Industrial Development Agency (Sage Colleges (The)); Series 1999 A, RB | 5.300 | 04/01/2029 | 1,723,990 | ||||||||
315,000 | Albany (County of), NY Parking Authority; Series 2018 A, Ref. RB1 | 5.000 | 07/15/2025 | 370,654 | ||||||||
300,000 | Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2027 | 366,276 | ||||||||
200,000 | Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2032 | 239,688 | ||||||||
2,575,000 | Amherst Development Corp. (Daemen College); Series 2018, Ref. RB1 | 4.000 | 10/01/2037 | 2,683,768 | ||||||||
2,345,000 | Amherst Development Corp. (Daemen College); Series 2018, Ref. RB1 | 5.000 | 10/01/2043 | 2,638,406 | ||||||||
2,000,000 | Amherst Development Corp. (Daemen College); Series 2018, Ref. RB1 | 5.000 | 10/01/2048 | 2,242,420 | ||||||||
1,000,000 | Amherst Development Corp. (UBF Faculty-Student Housing Corp. - Greiner & Hadley Refunding Projects at SUNY Buffalo); Series 2017 A, Ref. RB1 | 5.000 | 10/01/2045 | 1,186,520 | ||||||||
47,000,000 | Battery Park (City of), NY Authority; Series 2019D-1, Ref. VRD RB1 | 1.540 2 | 11/01/2038 | 47,000,000 | ||||||||
3,000,000 | Battery Park City Authority; Series 2019, RB1 | 4.000 | 11/01/2044 | 3,448,710 | ||||||||
2,620,000 | Brookhaven (City of), NY Industrial Development Agency (Enecon Corp.); Series 2007 B, RB1 | 6.300 | 11/01/2033 | 2,629,956 | ||||||||
1,235,000 | Brookhaven Local Development Corp. (Jefferson’s Ferry); Series 2016, Ref. RB1 | 5.250 | 11/01/2036 | 1,437,824 | ||||||||
2,750,000 | Brooklyn Arena Local Development Corp. (Barclays Center); Series 2016 A, Ref. RB1 | 5.000 | 07/15/2026 | 3,227,042 | ||||||||
2,250,000 | Brooklyn Arena Local Development Corp. (Barclays Center); Series 2016 A, Ref. RB1 | 5.000 | 07/15/2028 | 2,640,172 | ||||||||
7,500,000 | Brooklyn Arena Local Development Corp. (Barclays Center); Series 2016 A, Ref. RB1 | 5.000 | 07/15/2030 | 8,720,700 | ||||||||
77,535,000 | Brooklyn Arena Local Development Corp. (Barclays Center); Series 2016 A, Ref. RB1 | 5.000 | 07/15/2042 | 87,416,836 | ||||||||
1,770,000 | Buffalo & Erie County Industrial Land Development Corp. (Buffalo State College Foundation Housing Corp.); Series 2011, RB1 | 5.375 | 10/01/2041 | 1,857,562 |
14 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$870,000 | Buffalo & Erie County Industrial Land Development Corp. (Buffalo State College Foundation Housing Corp.); Series 2011, RB1 | 6.000% | 10/01/2031 | $ | 920,173 | |||||||||
500,000 | Buffalo & Erie County Industrial Land Development Corp. (Catholic Health System); Series 2015, RB1 | 5.250 | 07/01/2035 | 583,125 | ||||||||||
1,500,000 | Buffalo & Erie County Industrial Land Development Corp. (Charter School for Applied Technology); Series 2017 A, Ref. RB1 | 4.500 | 06/01/2027 | 1,676,865 | ||||||||||
840,000 | Buffalo & Erie County Industrial Land Development Corp. (Charter School for Applied Technology); Series 2017 A, Ref. RB1 | 5.000 | 06/01/2035 | 943,975 | ||||||||||
140,000 | Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); Series 2018, Ref. RB1 | 5.000 | 10/01/2032 | 170,031 | ||||||||||
150,000 | Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); Series 2018, Ref. RB1 | 5.000 | 10/01/2033 | 181,726 | ||||||||||
500,000 | Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); Series 2018, Ref. RB1 | 5.000 | 10/01/2037 | 598,655 | ||||||||||
300,000 | Buffalo (City of), NY Municipal Water Finance Authority; Series 2015 A, Ref. RB1 | 5.000 | 07/01/2029 | 354,201 | ||||||||||
150,000 | Buffalo (City of), NY Municipal Water Finance Authority; Series 2015 A, Ref. RB1 | 5.000 | 07/01/2030 | 176,209 | ||||||||||
210,000 | Buffalo (City of), NY Municipal Water Finance Authority; Series 2015 A, Ref. RB1 | 5.000 | 07/01/2031 | 246,013 | ||||||||||
245,000 | Buffalo (City of), NY Municipal Water Finance Authority; Series 2015 A, Ref. RB1 | 5.000 | 07/01/2032 | 286,003 | ||||||||||
1,525,000 | Build NYC Resource Corp. (Bronx Lighthouse Charter School); Series 2018, RB1 | 5.000 | 06/01/2038 | 1,695,358 | ||||||||||
2,415,000 | Build NYC Resource Corp. (Bronx Lighthouse Charter School); Series 2018, RB1 | 5.000 | 06/01/2048 | 2,666,015 | ||||||||||
8,000,000 | Build NYC Resource Corp. (Chapin School); Series 2017, Ref. RB1 | 5.000 | 11/01/2047 | 11,633,840 | ||||||||||
1,300,000 | Build NYC Resource Corp. (Children’s Aid Society (The)); Series 2019, RB1 | 4.000 | 07/01/2049 | 1,448,096 | ||||||||||
880,000 | Build NYC Resource Corp. (Manhattan College); Series 2017, Ref. RB1 | 5.000 | 08/01/2032 | 1,060,497 | ||||||||||
1,500,000 | Build NYC Resource Corp. (Manhattan College); Series 2017, Ref. RB1 | 5.000 | 08/01/2036 | 1,789,515 | ||||||||||
4,430,000 | Build NYC Resource Corp. (Manhattan College); Series 2017, Ref. RB1 | 5.000 | 08/01/2047 | 5,195,548 | ||||||||||
1,100,000 | Build NYC Resource Corp. (Methodist Hospital); Series 2014, Ref. RB1 | 5.000 | 07/01/2026 | 1,258,554 | ||||||||||
500,000 | Build NYC Resource Corp. (Methodist Hospital); Series 2014, Ref. RB1 | 5.000 | 07/01/2030 | 564,640 | ||||||||||
1,100,000 | Build NYC Resource Corp. (New Dawn Charter Schools); Series 2019, RB1 | 5.625 | 02/01/2039 | 1,173,557 |
15 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$1,330,000 | Build NYC Resource Corp. (New Dawn Charter Schools); Series 2019, RB1 | 5.750% | 02/01/2049 | $ | 1,413,856 | |||||||||
1,500,000 | Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB1 | 4.500 | 01/01/2025 | 1,659,780 | ||||||||||
3,250,000 | Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB1 | 5.000 | 01/01/2035 | 3,570,580 | ||||||||||
860,000 | Build NYC Resource Corp. (YMCA of Greater New York); Series 2012, RB1 | 5.000 | 08/01/2032 | 921,077 | ||||||||||
2,430,000 | Bushnell’s Basin Fire Association Inc.; Series 2005 B, RB1 | 5.750 | 11/01/2030 | 2,430,364 | ||||||||||
200,000 | Cattaraugus (County of), NY (St. Bonaventure University); Series 2014, RB1 | 5.000 | 05/01/2034 | 221,656 | ||||||||||
250,000 | Cattaraugus (County of), NY (St. Bonaventure University); Series 2014, RB1 | 5.000 | 05/01/2039 | 275,300 | ||||||||||
510,000 | Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2030 | 584,909 | ||||||||||
540,000 | Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2031 | 614,828 | ||||||||||
95,000 | Chautauqua (City & County of), NY Utility District; Series 2006, GO Bonds1 | 5.000 | 06/01/2023 | 95,251 | ||||||||||
105,000 | Chautauqua (City & County of), NY Utility District; Series 2006, GO Bonds1 | 5.000 | 06/01/2025 | 105,272 | ||||||||||
400,000 | Chemung (County of), NY Industrial Development Agency (Hathorn Redevelopment Co.); Series 2001 A, IDR1 | 4.850 | 07/01/2023 | 401,704 | ||||||||||
1,515,000 | Chemung (County of), NY Industrial Development Agency (Hathorn Redevelopment Co.); Series 2001 A, IDR1 | 5.000 | 07/01/2033 | 1,520,196 | ||||||||||
1,525,000 | �� | City of Albany Capital Resource Corp. (College of St. Rose (The)); Series 2011 A, RB1 | 5.375 | 07/01/2026 | 1,575,965 | |||||||||
1,315,000 | City of Albany Capital Resource Corp. (College of St. Rose (The)); Series 2011 A, RB1 | 5.625 | 07/01/2031 | 1,357,672 | ||||||||||
8,165,000 | City of Albany Capital Resource Corp. (College of St. Rose (The)); Series 2011 A, RB1 | 5.875 | 07/01/2041 | 8,416,074 | ||||||||||
400,000 | City of Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2028 | 486,264 | ||||||||||
550,000 | City of Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2029 | 665,989 | ||||||||||
350,000 | City of Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2030 | 422,103 | ||||||||||
350,000 | City of Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.); Series 2016 A, Ref. RB1 | 5.000 | 05/01/2031 | 420,647 | ||||||||||
1,000,000 | Dutchess (County of), NY Water & Wastewater Authority; Series 1998 1, RB | 5.392 3 | 06/01/2027 | 880,710 |
16 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$650,000 | Dutchess County Local Development Corp. (Health Quest Systems, Inc.); Series 2010 A, RB1 | 5.750% | 07/01/2040 | $ | 664,761 | |||||||||
1,195,000 | Dutchess County Local Development Corp. (Health Quest Systems, Inc.); Series 2014 A, RB1 | 5.000 | 07/01/2044 | 1,391,972 | ||||||||||
1,255,000 | Dutchess County Local Development Corp. (Health Quest Systems, Inc.); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2030 | 1,498,457 | ||||||||||
2,715,000 | Dutchess County Local Development Corp. (Health Quest Systems, Inc.); Series 2016 B, RB1 | 5.000 | 07/01/2035 | 3,196,750 | ||||||||||
25,775,000 | Dutchess County Local Development Corp. (Health Quest Systems, Inc.); Series 2016 B, RB1 | 5.000 | 07/01/2046 | 29,734,555 | ||||||||||
2,335,000 | Dutchess County Local Development Corp. (Marist College); Series 2015 A, RB1 | 5.000 | 07/01/2036 | 2,726,183 | ||||||||||
680,000 | Dutchess County Local Development Corp. (Nuvance Health); Series 2019 B, RB1 | 4.000 | 07/01/2044 | 754,521 | ||||||||||
1,700,000 | Dutchess County Local Development Corp. (Nuvance Health); Series 2019 B, RB1 | 4.000 | 07/01/2049 | 1,874,131 | ||||||||||
840,000 | Dutchess County Local Development Corp. (Vassar College); Series 2017, Ref. RB1 | 5.000 | 07/01/2034 | 1,019,878 | ||||||||||
840,000 | Dutchess County Local Development Corp. (Vassar College); Series 2017, Ref. RB1 | 5.000 | 07/01/2036 | 1,015,526 | ||||||||||
1,205,000 | Dutchess County Local Development Corp. (Vassar College); Series 2017, Ref. RB1 | 5.000 | 07/01/2037 | 1,451,519 | ||||||||||
2,535,000 | Dutchess County Local Development Corp. (Vassar College); Series 2017, Ref. RB1 | 5.000 | 07/01/2042 | 3,026,207 | ||||||||||
1,565,000 | East Rochester Housing Authority (Jefferson Park Association L.P.); Series 1999, RB1 | 6.750 | 03/01/2030 | 1,565,344 | ||||||||||
2,270,000 | Elmira (City of), NY Housing Authority (Eastgate Apartments L.P.); Series 2007, RB1 | 6.250 | 06/01/2044 | 2,272,134 | ||||||||||
95,000 | Erie (County of), NY Industrial Development Agency (Episcopal Church Home & Affiliates Life Care Community, Inc.); Series 1998 A, RB1 | 6.000 | 02/01/2028 | 95,368 | ||||||||||
5,000,000 | Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB1 | 5.000 | 06/01/2038 | 5,001,000 | ||||||||||
194,300,000 | Erie Tobacco Asset Securitization Corp.; Series 2005 D, RB | 7.190 3 | 06/01/2055 | 12,332,221 | ||||||||||
724,000,000 | Erie Tobacco Asset Securitization Corp.; Series 2006 A, RB | 7.645 3 | 06/01/2060 | 17,665,600 | ||||||||||
300,000 | Franklin (County of), NY Solid Waste Management Authority; Series 2015 A, RB1 | 5.000 | 06/01/2025 | 347,622 | ||||||||||
910,000 | Franklin (County of), NY Solid Waste Management Authority; Series 2019, RB1 | 4.000 | 06/01/2025 | 1,007,870 | ||||||||||
950,000 | Franklin (County of), NY Solid Waste Management Authority; Series 2019, RB1 | 4.000 | 06/01/2026 | 1,062,404 | ||||||||||
985,000 | �� | Franklin (County of), NY Solid Waste Management Authority; Series 2019, RB1 | 4.000 | 06/01/2027 | 1,110,548 | |||||||||
55,000 | Genesee (County of), NY Industrial Development Agency (United Memorial Medical Center); Series 2007, Ref. RB1 | 5.000 | 12/01/2032 | 55,090 |
17 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$5,495,000 | Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A, RB1 | 5.500% | 07/01/2044 | $ | 5,782,883 | |||||||||
9,530,000 | Hempstead Town Local Development Corp. (Evergreen Charter School); Series 2019, Ref. RB1 | 6.800 | 12/01/2044 | 9,758,815 | ||||||||||
1,700,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2014, RB1 | 5.000 | 07/01/2029 | 1,920,014 | ||||||||||
1,500,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2014, RB1 | 5.000 | 07/01/2034 | 1,665,315 | ||||||||||
1,250,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2014, RB1 | 5.000 | 07/01/2039 | 1,376,912 | ||||||||||
1,000,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2014, RB1 | 5.000 | 07/01/2044 | 1,094,750 | ||||||||||
475,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2017, Ref. RB1 | 5.000 | 07/01/2029 | 572,755 | ||||||||||
425,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2017, Ref. RB1 | 5.000 | 07/01/2030 | 508,444 | ||||||||||
390,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2017, Ref. RB1 | 5.000 | 07/01/2031 | 462,817 | ||||||||||
700,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2017, Ref. RB1 | 5.000 | 07/01/2032 | 827,925 | ||||||||||
730,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2017, Ref. RB1 | 5.000 | 07/01/2035 | 856,947 | ||||||||||
570,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2017, Ref. RB1 | 5.000 | 07/01/2036 | 667,886 | ||||||||||
650,000 | Hempstead Town Local Development Corp. (Molloy College); Series 2017, Ref. RB1 | 5.000 | 07/01/2038 | 757,172 | ||||||||||
13,125,000 | Hudson Yards Infrastructure Corp.; Series 2012 A, RB1 | 5.750 | 02/15/2047 | 13,762,612 | ||||||||||
15,705,000 | Hudson Yards Infrastructure Corp.; Series 2017 A, RB1 | 5.000 | 02/15/2039 | 18,816,318 | ||||||||||
11,000,000 | Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB1 | 5.000 | 02/15/2038 | 13,207,370 | ||||||||||
26,500,000 | Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB4 | 5.000 | 02/15/2042 | 31,525,460 | ||||||||||
19,880,000 | Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB1 | 5.000 | 02/15/2042 | 23,667,538 | ||||||||||
20,000,000 | Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB1 | 5.000 | 02/15/2042 | 23,956,400 | ||||||||||
30,750,000 | Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB1 | 5.000 | 02/15/2045 | 36,420,300 | ||||||||||
4,000,000 | Jefferson County Civic Facility Development Corp. (Samaritan Medical Center); Series 2017 A, Ref. RB1 | 5.000 | 11/01/2037 | 4,654,040 | ||||||||||
435,000 | Lockport (City of), NY; Series 2014, GO Bonds1 | 5.000 | 10/15/2020 | 448,050 | ||||||||||
455,000 | Lockport (City of), NY; Series 2014, GO Bonds1 | 5.000 | 10/15/2021 | 485,062 | ||||||||||
480,000 | Lockport (City of), NY; Series 2014, GO Bonds1 | 5.000 | 10/15/2022 | 528,638 | ||||||||||
505,000 | Lockport (City of), NY; Series 2014, GO Bonds1 | 5.000 | 10/15/2023 | 572,079 | ||||||||||
530,000 | Lockport (City of), NY; Series 2014, GO Bonds1 | 5.000 | 10/15/2024 | 617,196 | ||||||||||
20,000,000 | Long Island Power Authority; Series 2012 A, RB1 | 5.000 | 09/01/2042 | 21,672,800 |
18 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$12,315,000 | Long Island Power Authority; Series 2014 A, Ref. RB1 | 5.000% | 09/01/2039 | $ | 14,052,523 | |||||||||
14,530,000 | Long Island Power Authority; Series 2014 A, Ref. RB1 | 5.000 | 09/01/2044 | 16,427,182 | ||||||||||
6,280,000 | Long Island Power Authority; Series 2016 B, Ref. RB1 | 5.000 | 09/01/2035 | 7,504,223 | ||||||||||
3,750,000 | Long Island Power Authority; Series 2016 B, Ref. RB1 | 5.000 | 09/01/2036 | 4,471,012 | ||||||||||
12,335,000 | Long Island Power Authority; Series 2016 B, Ref. RB1 | 5.000 | 09/01/2041 | 14,540,745 | ||||||||||
8,760,000 | Long Island Power Authority; Series 2016 B, Ref. RB1 | 5.000 | 09/01/2046 | 10,252,354 | ||||||||||
750,000 | Long Island Power Authority; Series 2017, RB1 | 5.000 | 09/01/2029 | 932,032 | ||||||||||
1,500,000 | Long Island Power Authority; Series 2017, RB1 | 5.000 | 09/01/2030 | 1,853,895 | ||||||||||
3,405,000 | Long Island Power Authority; Series 2017, RB1 | 5.000 | 09/01/2037 | 4,118,688 | ||||||||||
14,000,000 | Long Island Power Authority; Series 2017, RB1 | 5.000 | 09/01/2042 | 16,806,580 | ||||||||||
25,000,000 | Long Island Power Authority; Series 2017, RB1 | 5.000 | 09/01/2047 | 29,785,000 | ||||||||||
12,925,000 | Long Island Power Authority; Series 2017, RB1 | 5.000 | 09/01/2047 | 15,338,873 | ||||||||||
2,815,000 | Long Island Power Authority; Series 2018, RB1 | 5.000 | 09/01/2032 | 3,509,798 | ||||||||||
2,000,000 | Long Island Power Authority; Series 2018, RB1 | 5.000 | 09/01/2036 | 2,460,340 | ||||||||||
7,000,000 | Long Island Power Authority; Series 2018, RB1 | 5.000 | 09/01/2037 | 8,580,180 | ||||||||||
5,000,000 | Long Island Power Authority; Series 2018, RB1 | 5.000 | 09/01/2038 | 6,110,200 | ||||||||||
4,000,000 | Long Island Power Authority; Series 2018, RB1 | 5.000 | 09/01/2039 | 4,875,960 | ||||||||||
6,090,000 | Metropolitan Transportation Authority (Climate Bond Certified); Series 2017A-1, RB1 | 5.250 | 11/15/2057 | 7,259,584 | ||||||||||
21,000,000 | Metropolitan Transportation Authority (Climate Bond Certified); Series 2017, RB4 | 5.250 | 11/15/2057 | 25,356,450 | ||||||||||
3,570,000 | Metropolitan Transportation Authority (Climate Bond Certified); Series 2017, RB1 | 5.250 | 11/15/2057 | 4,315,023 | ||||||||||
3,500,000 | Metropolitan Transportation Authority; Series 2002D-1, Ref. RB1 | 5.000 | 11/01/2028 | 3,854,375 | ||||||||||
100,000 | Metropolitan Transportation Authority; Series 2012 D, Ref. RB1 | 4.000 | 11/15/2032 | 105,613 | ||||||||||
17,675,000 | Metropolitan Transportation Authority; Series 2012 D, Ref. RB1 | 5.000 | 11/15/2030 | 19,468,482 | ||||||||||
2,150,000 | Metropolitan Transportation Authority; Series 2012 D, Ref. RB1 | 5.000 | 11/15/2032 | 2,361,259 | ||||||||||
11,670,000 | Metropolitan Transportation Authority; Series 2012 F, Ref. RB1 | 5.000 | 11/15/2030 | 12,854,155 | ||||||||||
1,350,000 | Metropolitan Transportation Authority; Series 2012 H, RB1 | 5.000 | 11/15/2025 | 1,491,048 | ||||||||||
940,000 | Metropolitan Transportation Authority; Series 2012 H, RB1 | 5.000 | 11/15/2033 | 1,031,189 | ||||||||||
4,000,000 | Metropolitan Transportation Authority; Series 2013 C, RB1 | 5.000 | 11/15/2038 | 4,413,400 | ||||||||||
5,135,000 | Metropolitan Transportation Authority; Series 2014 B, RB1 | 5.250 | 11/15/2039 | 5,848,970 | ||||||||||
9,000,000 | Metropolitan Transportation Authority; Series 2015 B, Ref. RB1 | 5.250 | 11/15/2055 | 10,362,060 |
19 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$6,540,000 | Metropolitan Transportation Authority; Series 2015C-1, Ref. RB1 | 5.250% | 11/15/2030 | $ | 7,828,053 | |||||||||
10,000,000 | Metropolitan Transportation Authority; Series 2015D-1, Ref. RB1 | 5.000 | 11/15/2033 | 11,744,900 | ||||||||||
23,860,000 | Metropolitan Transportation Authority; Series 2016 A1, RB4 | 5.250 | 11/15/2056 | 27,844,898 | ||||||||||
5,000,000 | Metropolitan Transportation Authority; Series 2016 B, Ref. RB1 | 5.000 | 11/15/2037 | 5,928,550 | ||||||||||
3,955,000 | Metropolitan Transportation Authority; Series 2016B-1, Ref. RB1 | 5.000 | 11/15/2036 | 4,763,442 | ||||||||||
10,345,000 | Metropolitan Transportation Authority; Series 2016B-1, Ref. RB1 | 5.000 | 11/15/2056 | 12,137,685 | ||||||||||
16,170,000 | Metropolitan Transportation Authority; Series 2016C-1, RB1 | 5.000 | 11/15/2056 | 18,638,674 | ||||||||||
20,830,000 | Metropolitan Transportation Authority; Series 2016C-1, RB1 | 5.250 | 11/15/2056 | 24,580,441 | ||||||||||
18,000,000 | Metropolitan Transportation Authority; Series 2017C-1, Ref. RB1 | 5.000 | 11/15/2031 | 22,264,920 | ||||||||||
24,700,000 | Metropolitan Transportation Authority; Series 2017C-1, Ref. RB1 | 5.000 | 11/15/2034 | 30,229,342 | ||||||||||
8,665,000 | Metropolitan Transportation Authority; Series 2017 D, Ref. RB1 | 5.000 | 11/15/2031 | 10,642,960 | ||||||||||
2,295,000 | Metropolitan Transportation Authority; Series 2017 D, Ref. RB1 | 5.000 | 11/15/2033 | 2,795,769 | ||||||||||
5,695,000 | Metropolitan Transportation Authority; Series 2017 D, Ref. RB1 | 5.000 | 11/15/2035 | 6,887,248 | ||||||||||
7,900,000 | Metropolitan Transportation Authority; Series 2019A-2, Ref. RB1 | 5.000 | 11/15/2044 | 9,467,202 | ||||||||||
15,000,000 | Metropolitan Transportation Authority; Series 2019 B, Ref. RB1 | 5.000 | 11/15/2052 | 17,741,550 | ||||||||||
2,210,000 | Monroe (County of), NY Industrial Development Agency (Parma Senior Housing Associates, L.P.); Series 2005 A, RB1 | 6.500 | 12/01/2042 | 2,210,928 | ||||||||||
1,000,000 | Monroe (County of), NY Industrial Development Agency (Rochester Schools Modernization); Series 2015, RB1 | 5.000 | 05/01/2030 | 1,186,600 | ||||||||||
1,500,000 | Monroe (County of), NY Industrial Development Agency (Rochester Schools Modernization); Series 2015, RB1 | 5.000 | 05/01/2031 | 1,772,940 | ||||||||||
2,570,000 | Monroe (County of), NY Industrial Development Agency (Volunteers of America of Western New York, Inc.); Series 1998, RB1 | 5.750 | 08/01/2028 | 2,572,262 | ||||||||||
375,000 | Monroe County Industrial Development Corp. (Highland Hospital of Rochester); Series 2015, Ref. RB1 | 5.000 | 07/01/2034 | 442,702 | ||||||||||
890,000 | Monroe County Industrial Development Corp. (Monroe Community College); Series 2014, Ref. RB1 | 5.000 | 01/15/2038 | 988,888 |
20 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$850,000 | Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2011, RB1 | 5.000% | 10/01/2026 | $ | 908,794 | |||||||||
500,000 | Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2011, RB1 | 5.250 | 10/01/2031 | 536,740 | ||||||||||
1,840,000 | Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2011, RB1 | 5.500 | 10/01/2041 | 1,983,134 | ||||||||||
50,000 | Monroe County Industrial Development Corp. (Rochester General Hospital (The)); Series 2013 A, RB1 | 5.000 | 12/01/2037 | 54,366 | ||||||||||
2,010,000 | Monroe County Industrial Development Corp. (Rochester General Hospital (The)); Series 2013 A, RB1 | 5.000 | 12/01/2042 | 2,176,609 | ||||||||||
5,000,000 | Monroe County Industrial Development Corp. (Rochester General Hospital); Series 2017, RB1 | 5.000 | 12/01/2046 | 5,744,600 | ||||||||||
850,000 | Monroe County Industrial Development Corp. (St. John Fisher College); Series 2011, RB1 | 5.625 | 06/01/2026 | 899,470 | ||||||||||
1,495,000 | Monroe County Industrial Development Corp. (St. John Fisher College); Series 2011, RB1 | 6.000 | 06/01/2034 | 1,591,472 | ||||||||||
500,000 | Monroe County Industrial Development Corp. (St. John Fisher College); Series 2014 A, RB1 | 5.000 | 06/01/2029 | 567,995 | ||||||||||
1,515,000 | Monroe County Industrial Development Corp. (St. John Fisher College); Series 2014 A, RB1 | 5.000 | 06/01/2044 | 1,688,786 | ||||||||||
960,000 | Monroe County Industrial Development Corp. (St. John Fisher College); Series 2014 A, RB1 | 5.500 | 06/01/2034 | 1,111,027 | ||||||||||
5,000,000 | Monroe County Industrial Development Corp. (Unity Hospital of Rochester (The)); Series 2010, Ref. RB1 | 5.500 | 08/15/2040 | 5,231,400 | ||||||||||
15,100,000 | Monroe County Industrial Development Corp. (Unity Hospital of Rochester (The)); Series 2010, Ref. RB1 | 5.750 | 08/15/2035 | 15,892,599 | ||||||||||
180,000 | Monroe County Industrial Development Corp. (University of Rochester); Series 2015 A, Ref. RB1 | 5.000 | 07/01/2028 | 215,784 | ||||||||||
1,500,000 | Monroe County Industrial Development Corp. (University of Rochester); Series 2015 A, Ref. RB1 | 5.000 | 07/01/2032 | 1,776,915 | ||||||||||
1,000,000 | Monroe County Industrial Development Corp. (University of Rochester); Series 2015 A, Ref. RB1 | 5.000 | 07/01/2033 | 1,181,250 | ||||||||||
650,000,000 | Monroe Tobacco Asset Securitization Corp.; Series 2006 A, RB | 7.699 3 | 06/01/2061 | 22,230,000 | ||||||||||
63,245,000 | MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB1 | 5.000 | 11/15/2056 | 70,019,172 | ||||||||||
802,824 | Municipal Assistance Corp. for the City of Troy; Series 1996 C, RB | 5.732 3 | 07/15/2021 | 788,341 | ||||||||||
1,218,573 | Municipal Assistance Corp. for the City of Troy; Series 1996 C, RB | 5.740 3 | 01/15/2022 | 1,188,523 | ||||||||||
2,101,661 | Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside); Series 2014 C, RB5 | 2.000 | 01/01/2049 | 315,249 | ||||||||||
75,000 | Nassau (County of), NY Industrial Development Agency; Series 2006A-A, RB1 | 6.000 | 06/01/2021 | 75,045 |
21 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$160,000 | Nassau (County of), NY Industrial Development Agency; Series 2006A-D, RB1 | 6.000% | 06/01/2021 | $ | 160,096 | |||||||||
70,000 | Nassau (County of), NY Industrial Development Agency; Series 2007A-C, RB1 | 5.950 | 11/01/2022 | 70,008 | ||||||||||
90,000 | Nassau (County of), NY Industrial Development Agency; Series 2007A-F, RB1 | 5.950 | 11/01/2022 | 90,010 | ||||||||||
60,000 | Nassau (County of), NY Industrial Development Agency; Series 2007A-G, RB1 | 6.150 | 11/01/2022 | 60,009 | ||||||||||
4,025,000 | Nassau (County of), NY; Series 2015 B, GO Bonds1 | 5.000 | 04/01/2030 | 4,601,943 | ||||||||||
1,000,000 | Nassau (County of), NY; Series 2016 A, Ref. GO Bonds1 | 5.000 | 01/01/2038 | 1,167,450 | ||||||||||
6,625,000 | Nassau (County of), NY; Series 2016 C, GO Bonds1 | 5.000 | 04/01/2037 | 7,795,373 | ||||||||||
6,965,000 | Nassau (County of), NY; Series 2016 C, GO Bonds1 | 5.000 | 04/01/2038 | 8,132,752 | ||||||||||
3,335,000 | Nassau (County of), NY; Series 2018 A, GO Bonds1 | 5.000 | 04/01/2040 | 4,008,136 | ||||||||||
16,665,000 | Nassau (County of), NY; Series 2018 A, GO Bonds1 | 5.000 | 04/01/2043 | 19,883,011 | ||||||||||
6,050,000 | Nassau (County of), NY; Series 2018 B, GO Bonds1 | 5.000 | 07/01/2040 | 7,300,354 | ||||||||||
8,510,000 | Nassau (County of), NY; Series 2018 B, GO Bonds1 | 5.000 | 07/01/2045 | 10,161,025 | ||||||||||
12,765,000 | Nassau (County of), NY; Series 2018 B, GO Bonds1 | 5.000 | 07/01/2049 | 15,198,137 | ||||||||||
300,000 | Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB1 | 5.000 | 07/01/2033 | 333,636 | ||||||||||
1,585,000 | Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center Inc.); Series 2018 A2, Ref. RB1 | 5.200 | 12/01/2037 | 1,662,332 | ||||||||||
1,000,000 | Nassau County Tobacco Settlement Corp.; Series 2006A-2, RB1 | 5.250 6 | 06/01/2026 | 999,140 | ||||||||||
105,975,000 | Nassau County Tobacco Settlement Corp.; Series 2006 C, RB | 6.219 3 | 06/01/2046 | 13,693,030 | ||||||||||
923,215,000 | Nassau County Tobacco Settlement Corp.; Series 2006 D, RB | 5.661 3 | 06/01/2060 | 27,908,789 | ||||||||||
40,000,000 | Nassau County Tobacco Settlement Corp.; Series 2006 E, RB | 6.349 3 | 06/01/2060 | 1,208,400 | ||||||||||
17,100,000 | New Rochelle (City of), NY (70 Nardozzi/City DPW); Series 2018A-2, RB1 | 5.125 | 08/01/2050 | 18,077,436 | ||||||||||
1,000,000 | New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010 8, RB1 | 6.000 | 12/01/2036 | 1,045,030 | ||||||||||
345,000 | New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010 8, RB1 | 6.500 | 12/01/2028 | 360,787 |
22 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$20,250,000 | New York & New Jersey (States of) Port Authority; Series 2010 163, RB4 | 5.000% | 07/15/2039 | $ | 20,641,644 | |||||||||
21,515,000 | New York & New Jersey (States of) Port Authority; Series 2011 166, RB4 | 5.000 | 01/15/2041 | 22,266,344 | ||||||||||
2,720,000 | New York & New Jersey (States of) Port Authority; Series 2011 169, RB1 | 5.000 | 10/15/2036 | 2,884,043 | ||||||||||
15,000,000 | New York & New Jersey (States of) Port Authority; Series 2011, RB4 | 5.250 | 07/15/2036 | 15,611,100 | ||||||||||
400,000 | New York & New Jersey (States of) Port Authority; Series 2012 172, RB1 | 5.000 | 10/01/2034 | 429,144 | ||||||||||
8,340,000 | New York & New Jersey (States of) Port Authority; Series 2014 186, Ref. RB1 | 5.000 | 10/15/2033 | 9,567,982 | ||||||||||
9,170,000 | New York & New Jersey (States of) Port Authority; Series 2014 186, Ref. RB1 | 5.000 | 10/15/2034 | 10,518,540 | ||||||||||
7,000,000 | New York & New Jersey (States of) Port Authority; Series 2016 197, Ref. RB1 | 5.000 | 11/15/2035 | 8,320,410 | ||||||||||
5,550,000 | New York & New Jersey (States of) Port Authority; Series 2016 197, Ref. RB1 | 5.000 | 11/15/2036 | 6,582,078 | ||||||||||
10,000,000 | New York & New Jersey (States of) Port Authority; Series 2016 197, Ref. RB1 | 5.000 | 11/15/2041 | 11,722,700 | ||||||||||
28,000,000 | New York & New Jersey (States of) Port Authority; Series 2016 198, Ref. RB4 | 5.250 | 11/15/2056 | 33,453,974 | ||||||||||
3,000,000 | New York & New Jersey (States of) Port Authority; Series 2017 200, Ref. RB1 | 5.000 | 10/15/2047 | 3,565,740 | ||||||||||
10,000,000 | New York & New Jersey (States of) Port Authority; Series 2018 207, Ref. RB1 | 4.000 | 03/15/2035 | 11,244,100 | ||||||||||
1,700,000 | New York & New Jersey (States of) Port Authority; Series 2018 211, Ref. RB1 | 4.000 | 09/01/2038 | 1,936,725 | ||||||||||
12,475,000 | New York & New Jersey (States of) Port Authority; Series 2018, Ref. RB1 | 5.000 | 09/01/2048 | 15,166,107 | ||||||||||
7,750,000 | New York & New Jersey (States of) Port Authority; Series 2019, RB1 | 4.000 | 11/01/2041 | 8,675,505 | ||||||||||
19,400,000 | New York & New Jersey (States of) Port Authority; Series 2019, RB1 | 4.000 | 11/01/2041 | 22,223,476 | ||||||||||
10,325,000 | New York & New Jersey (States of) Port Authority; Series 2019, RB1 | 4.000 | 11/01/2047 | 11,481,297 | ||||||||||
16,835,000 | New York & New Jersey (States of), NY Port Authority (JFK International Air Terminal LLC); Series 1997 6, RB1 | 5.750 | 12/01/2022 | 17,618,838 | ||||||||||
32,175,000 | New York & New Jersey (States of), NY Port Authority (JFK International Air Terminal LLC); Series 1997 6, RB1 | 5.750 | 12/01/2025 | 33,451,704 | ||||||||||
950,000 | New York (City of), NY Industrial Development Agency (1996 Comprehensive Care Management Corp.); Series 1998 C, RB1 | 6.375 | 11/01/2028 | 950,399 | ||||||||||
2,390,000 | New York (City of), NY Industrial Development Agency (1996 Comprehensive Care Management Corp.); Series 1998, RB1 | 6.375 | 11/01/2028 | 2,391,171 |
23 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$670,000 | New York (City of), NY Industrial Development Agency (Allied Metal Spinning Corp.); Series 1997 B, RB1 | 7.125% | 12/01/2027 | $ | 671,863 | |||||||||
7,700,000 | New York (City of), NY Industrial Development Agency (Child School (The)); Series 2003, RB1 | 7.550 | 06/01/2033 | 7,805,028 | ||||||||||
1,000,000 | New York (City of), NY Industrial Development Agency (Comprehensive Care Management); Series 2005C-2, RB1 | 6.000 | 05/01/2026 | 1,000,260 | ||||||||||
2,800,000 | New York (City of), NY Industrial Development Agency (Comprehensive Care Management); Series 2005E-2, RB1 | 6.125 | 11/01/2035 | 2,800,140 | ||||||||||
4,790,000 | New York (City of), NY Industrial Development Agency (Cool Wind Ventilation Corp.); Series 2007A-2, IDR1 | 6.075 | 11/01/2027 | 4,844,510 | ||||||||||
1,020,000 | New York (City of), NY Industrial Development Agency (Gourmet Boutique); Series 2006, IDR1 | 10.000 | 05/01/2021 | 994,877 | ||||||||||
6,800,000 | New York (City of), NY Industrial Development Agency (Guttmacher Institute, Inc.); Series 2007 B, RB1 | 5.750 | 12/01/2036 | 6,811,288 | ||||||||||
200,000 | New York (City of), NY Industrial Development Agency (Independent Living Association, Inc.); Series 2005 A, RB1 | 6.200 | 07/01/2020 | 200,140 | ||||||||||
9,385,000 | New York (City of), NY Industrial Development Agency (MediSys Health Network, Inc.); Series 1999, RB1 | 6.250 | 03/15/2024 | 9,385,188 | ||||||||||
230,000 | New York (City of), NY Industrial Development Agency (Special Needs Facilities Pooled Program); Series 1999A-1, RB1 | 6.650 | 07/01/2023 | 230,453 | ||||||||||
130,000 | New York (City of), NY Industrial Development Agency (Special Needs Facilities Pooled Program); Series 2005A-1, RB1 | 4.750 | 07/01/2020 | 130,007 | ||||||||||
200,000 | New York (City of), NY Industrial Development Agency (Special Needs Facilities Pooled Program); Series 2007B-1, RB1 | 5.250 | 07/01/2022 | 200,094 | ||||||||||
5,000,000 | New York (City of), NY Industrial Development Agency (United Jewish Appeal); Series 2004, RB1 | 5.000 | 07/01/2034 | 5,359,100 | ||||||||||
6,800,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB1,7 | 2.604 | 03/01/2022 | 6,901,524 | ||||||||||
170,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB1 | 5.000 | 03/01/2031 | 171,765 | ||||||||||
270,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB1 | 5.000 | 03/01/2036 | 272,805 | ||||||||||
18,110,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB1 | 5.000 | 03/01/2046 | 18,297,801 | ||||||||||
16,500,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2009 A, RB1 | 7.000 | 03/01/2049 | 16,665,000 | ||||||||||
22,900,000 | New York (City of), NY Industrial Development Agency (Yeled Yalda Early Childhood); Series 2007 B, RB1 | 5.725 | 11/01/2037 | 22,908,702 |
24 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$22,255,000 | New York (City of), NY Industrial Development Agency; Series 1997, RB1 | 6.200% | 10/01/2022 | $ | 24,463,809 | |||||||||
7,300,000 | New York (City of), NY Municipal Water Finance Authority; Series 2011 EE, RB4 | 5.375 | 06/15/2043 | 7,588,429 | ||||||||||
14,270,000 | New York (City of), NY Municipal Water Finance Authority; Series 2011 EE, RB4 | 5.375 | 06/15/2043 | 14,833,819 | ||||||||||
31,750,000 | New York (City of), NY Municipal Water Finance Authority; Series 2011 EE, RB4 | 5.500 | 06/15/2043 | 33,120,454 | ||||||||||
5,485,000 | New York (City of), NY Municipal Water Finance Authority; Series 2017 DD, RB1 | 5.250 | 06/15/2047 | 6,654,841 | ||||||||||
515,000 | New York (City of), NY Municipal Water Finance Authority; Series 2017 EE, Ref. RB1 | 5.000 | 06/15/2037 | 624,623 | ||||||||||
20,000,000 | New York (City of), NY Municipal Water Finance Authority; Series 2018DD-1, RB4 | 5.000 | 06/15/2048 | 24,075,100 | ||||||||||
6,225,000 | New York (City of), NY Municipal Water Finance Authority; Series 2019CC-1, RB1 | 4.000 | 06/15/2049 | 7,022,298 | ||||||||||
20,360,000 | New York (City of), NY Municipal Water Finance Authority; Series 2019CC-1, RB1 | 5.000 | 06/15/2049 | 25,253,933 | ||||||||||
10,000,000 | New York (City of), NY Municipal Water Finance Authority; Series 2020 AA, Ref. RB1 | 4.000 | 06/15/2040 | 11,441,600 | ||||||||||
4,800,000 | New York (City of), NY Municipal Water Finance Authority; Series 2020BB-1, RB1 | 4.000 | 06/15/2049 | 5,414,784 | ||||||||||
2,105,000 | New York (City of), NY Transitional Finance Authority; Series 2011 D, RB1 | 5.250 | 02/01/2030 | 2,197,852 | ||||||||||
15,000,000 | New York (City of), NY Transitional Finance Authority; Series 2011S-1, RB4 | 5.250 | 07/15/2037 | 15,904,013 | ||||||||||
25,000,000 | New York (City of), NY Transitional Finance Authority; Series 2012S-1, RB4 | 5.000 | 07/15/2037 | 27,145,000 | ||||||||||
5,695,000 | New York (City of), NY Transitional Finance Authority; Series 2015E-1, RB1 | 5.000 | 02/01/2041 | 6,573,340 | ||||||||||
5,405,000 | New York (City of), NY Transitional Finance Authority; Series 2015S-2, RB1 | 5.000 | 07/15/2035 | 6,356,280 | ||||||||||
2,388,000 | New York (City of), NY Transitional Finance Authority; Series 2016E-1, RB1 | 5.000 | 02/01/2040 | 2,828,705 | ||||||||||
650,000 | New York (City of), NY Transitional Finance Authority; Series 2016S-1, RB1 | 5.000 | 07/15/2029 | 780,787 | ||||||||||
7,165,000 | New York (City of), NY Transitional Finance Authority; Series 2016S-1, RB1 | 5.000 | 07/15/2043 | 8,420,165 | ||||||||||
10,000,000 | New York (City of), NY Transitional Finance Authority; Series 2017A-E-1, RB1 | 5.000 | 02/01/2039 | 11,972,200 | ||||||||||
5,180,000 | New York (City of), NY Transitional Finance Authority; Series 2017 C, Ref. RB1 | 5.000 | 11/01/2033 | 6,318,460 | ||||||||||
5,000,000 | New York (City of), NY Transitional Finance Authority; Series 2017E-1, RB1 | 5.000 | 02/01/2043 | 5,934,900 | ||||||||||
7,310,000 | New York (City of), NY Transitional Finance Authority; Series 2017F-1, RB1 | 5.000 | 05/01/2039 | 8,794,149 | ||||||||||
5,000,000 | New York (City of), NY Transitional Finance Authority; Series 2017S-2, Ref. RB1 | 5.000 | 07/15/2035 | 6,083,950 |
25 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$44,000,000 | New York (City of), NY Transitional Finance Authority; Series 2018S-1, RB1 | 5.000% | 07/15/2043 | $ | 53,225,920 | |||||||||
7,500,000 | New York (City of), NY Transitional Finance Authority; Series 2018S-3, RB1 | 5.000 | 07/15/2043 | 9,072,600 | ||||||||||
11,165,000 | New York (City of), NY Transitional Finance Authority; Series 2018S-3, RB1 | 5.250 | 07/15/2045 | 13,746,013 | ||||||||||
6,370,000 | New York (City of), NY Trust for Cultural Resources (Juilliard School (The)); Series 2018 A, Ref. RB1 | 4.000 | 01/01/2039 | 7,292,758 | ||||||||||
1,645,000 | New York (City of), NY Trust for Cultural Resources (Juilliard School (The)); Series 2018 A, Ref. RB1 | 5.000 | 01/01/2033 | 2,098,938 | ||||||||||
1,745,000 | New York (City of), NY Trust for Cultural Resources (Juilliard School (The)); Series 2018 A, Ref. RB1 | 5.000 | 01/01/2034 | 2,221,507 | ||||||||||
2,250,000 | New York (City of), NY Trust for Cultural Resources (Juilliard School (The)); Series 2018 A, Ref. RB1 | 5.000 | 01/01/2037 | 2,840,265 | ||||||||||
1,830,000 | New York (City of), NY Trust for Cultural Resources (Juilliard School (The)); Series 2018 A, Ref. RB1 | 5.000 | 01/01/2038 | 2,300,438 | ||||||||||
5,000 | New York (City of), NY; Series 1990 I, GO Bonds1 | 7.750 | 08/15/2028 | 5,039 | ||||||||||
10,000 | New York (City of), NY; Series 1997 C, GO Bonds1 | 5.500 | 11/15/2037 | 10,035 | ||||||||||
230,000 | New York (City of), NY; Series 2002 D, GO Bonds1 | 5.250 | 06/01/2027 | 230,748 | ||||||||||
380,000 | New York (City of), NY; Series 2002 D, GO Bonds1 | 5.375 | 06/01/2032 | 381,277 | ||||||||||
5,000 | New York (City of), NY; Series 2003 F, GO Bonds1 | 5.320 6 | 01/15/2028 | 5,017 | ||||||||||
46,475,000 | New York (City of), NY; Series 2010G-4, VRD GO Bonds1 | 1.700 2 | 03/01/2039 | 46,475,000 | ||||||||||
2,500,000 | New York (City of), NY; Series 2012A-1, GO Bonds1 | 5.000 | 10/01/2029 | 2,746,100 | ||||||||||
350,000 | New York (City of), NY; Series 2012A-1, GO Bonds1 | 5.000 | 10/01/2030 | 384,318 | ||||||||||
3,300,000 | New York (City of), NY; Series 2012A-1, GO Bonds1 | 5.000 | 10/01/2033 | 3,614,589 | ||||||||||
1,915,000 | New York (City of), NY; Series 2012A-1, GO Bonds1 | 5.000 | 10/01/2034 | 2,096,829 | ||||||||||
10,000,000 | New York (City of), NY; Series 2012D-1, GO Bonds4 | 5.000 | 10/01/2034 | 10,638,875 | ||||||||||
30,000,000 | New York (City of), NY; Series 2014I-3, VRD GO Bonds1 | 1.680 2 | 03/01/2044 | 30,000,000 | ||||||||||
10,000,000 | New York (City of), NY; Series 2015F-1, GO Bonds1 | 5.000 | 06/01/2035 | 11,708,600 | ||||||||||
10,000,000 | New York (City of), NY; Series 2015 FF, Ref. RB1 | 5.000 | 06/15/2039 | 11,681,900 | ||||||||||
5,200,000 | New York (City of), NY; Series 2016B-1, GO Bonds1 | 5.000 | 12/01/2038 | 6,205,160 | ||||||||||
4,000,000 | New York (City of), NY; Series 2017A-1, GO Bonds1 | 5.000 | 08/01/2038 | 4,741,440 | ||||||||||
3,000,000 | New York (City of), NY; Series 2017B-1, GO Bonds1 | 5.000 | 10/01/2037 | 3,638,790 |
26 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$18,815,000 | New York (City of), NY; Series 2017B-1, GO Bonds1 | 5.000% | 12/01/2041 | $ | 22,285,239 | |||||||||
38,115,000 | New York (City of), NY; Series 2017BB-1, RB1 | 5.000 | 06/15/2046 | 45,620,225 | ||||||||||
1,000,000 | New York (City of), NY; Series 2017CC-1, RB1 | 5.000 | 06/15/2048 | 1,194,290 | ||||||||||
6,000,000 | New York (City of), NY; Series 2017 DD, RB1 | 5.000 | 06/15/2047 | 7,105,560 | ||||||||||
10,000,000 | New York (City of), NY; Series 2017, Ref. RB1 | 5.000 | 06/15/2038 | 12,100,700 | ||||||||||
25,000,000 | New York (City of), NY; Series 2018E-1, GO Bonds1 | 5.000 | 03/01/2044 | 30,082,250 | ||||||||||
22,660,000 | New York (City of), NY; Series 2018 EE, Ref. RB1 | 5.000 | 06/15/2040 | 27,623,446 | ||||||||||
15,000,000 | New York (City of), NY; Series 2018F-1, GO Bonds1 | 5.000 | 04/01/2045 | 18,050,100 | ||||||||||
10,000,000 | New York (City of), NY; Series 2019A-1, GO Bonds1 | 4.000 | 08/01/2042 | 11,292,800 | ||||||||||
28,090,000 | New York (City of), NY; Series 2019B-1, GO Bonds1 | 4.000 | 10/01/2040 | 31,932,993 | ||||||||||
8,000,000 | New York (City of), NY; Series 2019FF-2, Ref. RB1 | 4.000 | 06/15/2041 | 9,076,000 | ||||||||||
10,325,000 | New York (State of) Dormitory Authority (Alliance Long Island AGYS, Inc.); Series 2015 A2, Ref. RB1 | 5.350 | 12/01/2035 | 10,783,533 | ||||||||||
4,800,000 | New York (State of) Dormitory Authority (Alliance Long Island AGYS, Inc.); Series 2015 B1, Ref. RB1 | 6.175 | 12/01/2031 | 4,874,880 | ||||||||||
850,000 | New York (State of) Dormitory Authority (Brooklyn Law School); Series 2012 A, RB1 | 5.000 | 07/01/2027 | 933,776 | ||||||||||
850,000 | New York (State of) Dormitory Authority (Brooklyn Law School); Series 2012 A, RB1 | 5.000 | 07/01/2028 | 933,776 | ||||||||||
430,000 | New York (State of) Dormitory Authority (Brooklyn Law School); Series 2012 A, RB1 | 5.000 | 07/01/2029 | 472,381 | ||||||||||
430,000 | New York (State of) Dormitory Authority (Brooklyn Law School); Series 2012 A, RB1 | 5.000 | 07/01/2030 | 472,381 | ||||||||||
260,000 | New York (State of) Dormitory Authority (Catholic Health System Obligated Group); Series 2012 B, RB1 | 5.000 | 07/01/2032 | 280,017 | ||||||||||
500,000 | New York (State of) Dormitory Authority (Catholic Health System); Series 2012 A, RB1 | 5.000 | 07/01/2032 | 538,495 | ||||||||||
20,000 | New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Pooled Loan Program); Series 2005 A, RB1 | 5.000 | 07/01/2034 | 20,065 | ||||||||||
115,000 | New York (State of) Dormitory Authority (Columbia University); Series 2015, RB1 | 5.000 | 10/01/2045 | 174,745 | ||||||||||
300,000 | New York (State of) Dormitory Authority (Culinary Institute of America); Series 2012, RB1 | 5.000 | 07/01/2034 | 323,019 | ||||||||||
25,000 | New York (State of) Dormitory Authority (Educational Housing Services - SUNY Student Housing); Series 2005, RB1 | 5.250 | 07/01/2030 | 30,660 | ||||||||||
200,000 | New York (State of) Dormitory Authority (Fordham University); Series 2014, RB1 | 5.000 | 07/01/2030 | 229,942 | ||||||||||
1,200,000 | New York (State of) Dormitory Authority (Fordham University); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2041 | 1,405,308 | ||||||||||
650,000 | New York (State of) Dormitory Authority (Fordham University); Series 2017, Ref. RB1 | 5.000 | 07/01/2030 | 803,972 |
27 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$800,000 | New York (State of) Dormitory Authority (Fordham University); Series 2017, Ref. RB1 | 5.000% | 07/01/2031 | $ | 984,656 | |||||||||
750,000 | New York (State of) Dormitory Authority (Fordham University); Series 2017, Ref. RB1 | 5.000 | 07/01/2032 | 919,425 | ||||||||||
15,915,000 | New York (State of) Dormitory Authority (General Purpose); Series 2011 A, RB4 | 5.000 | 03/15/2034 | 16,613,530 | ||||||||||
150,000 | New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai); Series 2015 A, Ref. RB1 | 5.000 | 07/01/2034 | 173,823 | ||||||||||
2,800,000 | New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai); Series 2015 A, Ref. RB1 | 5.000 | 07/01/2040 | 3,197,936 | ||||||||||
3,000,000 | New York (State of) Dormitory Authority (Iona College); Series 2012 A, RB1 | 5.000 | 07/01/2032 | 3,211,980 | ||||||||||
5,570,000 | New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB1 | 4.000 | 08/01/2036 | 6,193,840 | ||||||||||
2,050,000 | New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB1 | 4.000 | 08/01/2037 | 2,273,225 | ||||||||||
9,535,000 | New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB1 | 5.000 | 08/01/2034 | 11,535,538 | ||||||||||
6,695,000 | New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB1 | 5.000 | 08/01/2035 | 8,066,069 | ||||||||||
30,000 | New York (State of) Dormitory Authority (Municipal Health Facilities Improvement Program); Series 2006 A, RB1 | 4.500 | 05/15/2036 | 30,075 | ||||||||||
1,000,000 | New York (State of) Dormitory Authority (New School (The)); Series 2010, RB1 | 5.750 | 07/01/2050 | 1,023,220 | ||||||||||
4,395,000 | New York (State of) Dormitory Authority (New School (The)); Series 2011, Ref. RB1 | 5.000 | 07/01/2031 | 4,625,122 | ||||||||||
2,100,000 | New York (State of) Dormitory Authority (New School (The)); Series 2015 A, Ref. RB1 | 5.000 | 07/01/2040 | 2,406,621 | ||||||||||
5,050,000 | New York (State of) Dormitory Authority (New School (The)); Series 2016 A, Ref. RB1 | 4.000 | 07/01/2043 | 5,489,148 | ||||||||||
1,545,000 | New York (State of) Dormitory Authority (New School (The)); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2030 | 1,864,104 | ||||||||||
3,490,000 | New York (State of) Dormitory Authority (New School (The)); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2035 | 4,148,598 | ||||||||||
2,490,000 | New York (State of) Dormitory Authority (New School (The)); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2036 | 2,951,148 | ||||||||||
6,535,000 | New York (State of) Dormitory Authority (New School (The)); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2037 | 7,718,881 | ||||||||||
2,905,000 | New York (State of) Dormitory Authority (New School (The)); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2041 | 3,398,443 | ||||||||||
6,330,000 | New York (State of) Dormitory Authority (New School (The)); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2046 | 7,349,067 |
28 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$5,890,000 | New York (State of) Dormitory Authority (New York University); Series 2015 A, Ref. RB1 | 5.000% | 07/01/2045 | $ | 6,836,523 | |||||||||
2,500,000 | New York (State of) Dormitory Authority (New York University); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2035 | 3,021,250 | ||||||||||
5,000,000 | New York (State of) Dormitory Authority (New York University); Series 2017 A, Ref. RB1 | 4.000 | 07/01/2036 | 5,679,600 | ||||||||||
4,260,000 | New York (State of) Dormitory Authority (New York University); Series 2019 A, RB1 | 5.000 | 07/01/2042 | 5,350,432 | ||||||||||
25,540,000 | New York (State of) Dormitory Authority (New York University); Series 2019 A, RB1 | 5.000 | 07/01/2049 | 31,746,475 | ||||||||||
1,515,000 | New York (State of) Dormitory Authority (Northwell Health Obligated Group); Series 2015 A, Ref. RB1 | 5.000 | 05/01/2033 | 1,777,762 | ||||||||||
2,475,000 | New York (State of) Dormitory Authority (NYU Hospitals Center); Series 2014, Ref. RB1 | 5.000 | 07/01/2036 | 2,822,886 | ||||||||||
3,200,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 5.000 | 12/01/2029 | 3,810,464 | ||||||||||
1,900,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 5.000 | 12/01/2030 | 2,250,474 | ||||||||||
1,200,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 5.000 | 12/01/2032 | 1,415,340 | ||||||||||
1,700,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 5.000 | 12/01/2033 | 2,001,087 | ||||||||||
1,300,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 5.000 | 12/01/2035 | 1,522,118 | ||||||||||
800,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 5.000 | 12/01/2036 | 934,456 | ||||||||||
800,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB1 | 5.000 | 12/01/2037 | 931,848 | ||||||||||
1,000,000 | New York (State of) Dormitory Authority (Pratt Institute); Series 2015 A, Ref. RB1 | 5.000 | 07/01/2034 | 1,133,920 | ||||||||||
500,000 | New York (State of) Dormitory Authority (Pratt Institute); Series 2016, Ref. RB1 | 5.000 | 07/01/2046 | 577,135 | ||||||||||
4,940,000 | New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2019 A, RB1 | 4.000 | 07/01/2044 | 5,503,308 | ||||||||||
4,700,000 | New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2019 A, RB1 | 5.000 | 07/01/2049 | 5,707,163 | ||||||||||
18,765,000 | New York (State of) Dormitory Authority (Rockefeller University); Series 2019 C, Ref. RB1 | 4.000 | 07/01/2049 | 21,188,687 | ||||||||||
10,800,000 | New York (State of) Dormitory Authority (Rockefeller University); Series 2019, RB1 | 5.000 | 07/01/2050 | 13,391,892 | ||||||||||
270,000 | New York (State of) Dormitory Authority (St. John’s University); Series 2012 A, RB1 | 5.000 | 07/01/2028 | 296,611 | ||||||||||
5,600,000 | New York (State of) Dormitory Authority (St. John’s University); Series 2012 B, RB1 | 5.000 | 07/01/2030 | 6,095,432 | ||||||||||
20,000 | New York (State of) Dormitory Authority (St. John’s University); Series 2012 B, RB1 | 5.000 | 07/01/2030 | 21,971 |
29 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$400,000 | New York (State of) Dormitory Authority (St. John’s University); Series 2015 A, Ref. RB1 | 5.000% | 07/01/2034 | $ | 466,024 | |||||||||
1,585,000 | New York (State of) Dormitory Authority (State University Dormitory Facilities); Series 2010 A, RB1 | 5.000 | 07/01/2035 | 1,617,144 | ||||||||||
3,000,000 | New York (State of) Dormitory Authority (State University Dormitory Facilities); Series 2010 A, RB1 | 5.000 | 07/01/2040 | 3,060,840 | ||||||||||
4,000,000 | New York (State of) Dormitory Authority (State University of New York); Series 2015 B, Ref. RB1 | 5.000 | 07/01/2045 | 4,606,720 | ||||||||||
5,020,000 | New York (State of) Dormitory Authority (State University of New York); Series 2019, RB1 | 4.000 | 07/01/2049 | 5,600,814 | ||||||||||
2,875,000 | New York (State of) Dormitory Authority (Touro College & University System); Series 2017, RB1 | 5.000 | 01/01/2033 | 3,318,296 | ||||||||||
4,045,000 | New York (State of) Dormitory Authority (Touro College & University System); Series 2017, RB1 | 5.000 | 01/01/2038 | 4,607,012 | ||||||||||
4,375,000 | New York (State of) Dormitory Authority (Touro College and University System); Series 2014 A, RB1 | 5.500 | 01/01/2039 | 4,824,925 | ||||||||||
5,135,000 | New York (State of) Dormitory Authority (Touro College and University System); Series 2014 A, RB1 | 5.500 | 01/01/2044 | 5,624,674 | ||||||||||
16,140,000 | New York (State of) Dormitory Authority (United Cerebral Palsy Association); Series 2017 A, RB1 | 5.500 | 12/01/2047 | 16,614,032 | ||||||||||
25,010,000 | New York (State of) Dormitory Authority (United Cerebral Palsy Association); Series 2017 A2, RB1 | 5.375 | 09/01/2050 | 26,057,669 | ||||||||||
7,540,000 | New York (State of) Dormitory Authority (United Cerebral Palsy Association); Series 2017 A2, Ref. RB1 | 5.375 | 10/01/2042 | 7,990,741 | ||||||||||
135,000 | New York (State of) Dormitory Authority (University of Rochester); Series 2009 A, RB1 | 5.750 6 | 07/01/2039 | 135,482 | ||||||||||
5,220,000 | New York (State of) Dormitory Authority (Yeshiva University); Series 2009, RB1 | 5.000 | 09/01/2038 | 5,230,231 | ||||||||||
2,785,000 | New York (State of) Dormitory Authority (Yeshiva University); Series 2009, Ref. RB1 | 5.000 | 09/01/2034 | 2,790,821 | ||||||||||
22,500,000 | New York (State of) Dormitory Authority; Series 2015 A, Ref. RB1 | 5.000 | 07/01/2048 | 26,068,500 | ||||||||||
3,005,000 | New York (State of) Dormitory Authority; Series 2015A-1, Ref. RB1 | 4.800 | 12/01/2023 | 3,070,419 | ||||||||||
11,710,000 | New York (State of) Dormitory Authority; Series 2015 B, RB1 | 5.000 | 02/15/2042 | 13,445,071 | ||||||||||
5,000,000 | New York (State of) Dormitory Authority; Series 2015 E, Ref. RB1 | 5.000 | 03/15/2036 | 5,873,500 | ||||||||||
27,995,000 | New York (State of) Dormitory Authority; Series 2016 A, RB1 | 5.000 | 02/15/2040 | 33,148,880 | ||||||||||
2,970,000 | New York (State of) Dormitory Authority; Series 2017 A, RB1 | 5.000 | 03/15/2041 | 3,557,674 | ||||||||||
2,145,000 | New York (State of) Dormitory Authority; Series 2017 A, Ref. RB1 | 5.000 | 02/15/2037 | 2,582,237 |
30 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$9,000,000 | New York (State of) Dormitory Authority; Series 2017 A, Ref. RB1 | 5.000% | 02/15/2038 | $ | 10,799,370 | |||||||||
20,000,000 | New York (State of) Dormitory Authority; Series 2017 B, RB1 | 5.000 | 03/15/2038 | 24,127,400 | ||||||||||
11,025,000 | New York (State of) Dormitory Authority; Series 2017 B, Ref. RB1 | 5.000 | 02/15/2041 | 13,282,589 | ||||||||||
10,115,000 | New York (State of) Dormitory Authority; Series 2018 A, RB1 | 4.000 | 07/01/2037 | 11,584,305 | ||||||||||
1,680,000 | New York (State of) Dormitory Authority; Series 2018 A, RB1 | 5.000 | 07/01/2038 | 2,088,626 | ||||||||||
33,330,000 | New York (State of) Dormitory Authority; Series 2018 A, RB1 | 5.000 | 03/15/2044 | 40,160,650 | ||||||||||
10,835,000 | New York (State of) Dormitory Authority; Series 2018 E, Ref. RB1 | 5.000 | 03/15/2048 | 13,111,650 | ||||||||||
14,800,000 | New York (State of) Dormitory Authority; Series 2019 A, Ref. RB1 | 4.000 | 03/15/2048 | 16,474,176 | ||||||||||
20,000,000 | New York (State of) Dormitory Authority; Series 2019 A, Ref. RB1 | 5.000 | 03/15/2047 | 24,339,200 | ||||||||||
40,000,000 | New York (State of) Dormitory Authority; Series 2020 D, Ref. RB1,8 | 4.000 | 02/15/2047 | 44,946,400 | ||||||||||
895,000 | New York (State of) Housing Finance Agency (Golden Age Apartments); Series 2006 A, RB1 | 5.000 | 02/15/2037 | 896,539 | ||||||||||
145,000 | New York (State of) Housing Finance Agency (Highland Avenue Senior Apartments); Series 2007 A, RB1 | 5.000 | 02/15/2039 | 145,219 | ||||||||||
115,000 | New York (State of) Housing Finance Agency (Horizons at Wawayanda); Series 2007 A, RB1 | 5.150 | 11/01/2040 | 115,215 | ||||||||||
1,710,000 | New York (State of) Housing Finance Agency (Secured Mortgage Program); Series 2001 K, RB1 | 5.650 | 02/15/2034 | 1,713,916 | ||||||||||
2,080,000 | New York (State of) Housing Finance Agency (Secured Mortgage Program); Series 2002 A, RB1 | 5.375 | 02/15/2035 | 2,084,701 | ||||||||||
310,000 | New York (State of) Housing Finance Agency (Tiffany Gardens); Series 2005 A, RB1 | 5.125 | 08/15/2037 | 311,178 | ||||||||||
2,000,000 | New York (State of) Housing Finance Agency; Series 2010 A, RB1 | 5.000 | 11/01/2042 | 2,014,720 | ||||||||||
7,340,000 | New York (State of) Housing Finance Agency; Series 2014 C, RB1 | 4.000 | 11/01/2046 | 7,568,935 | ||||||||||
3,080,000 | New York (State of) Housing Finance Agency; Series 2014 G, RB1 | 4.000 | 05/01/2047 | 3,202,430 | ||||||||||
2,295,000 | New York (State of) Housing Finance Agency; Series 2015 C, RB1 | 4.150 | 05/01/2048 | 2,425,379 | ||||||||||
7,650,000 | New York (State of) Thruway Authority; Series 2012 I, RB1 | 5.000 | 01/01/2032 | 8,262,230 | ||||||||||
7,340,000 | New York (State of) Thruway Authority; Series 2014 K, Ref. RB1 | 5.000 | 01/01/2030 | 8,593,966 | ||||||||||
37,465,000 | New York (State of) Thruway Authority; Series 2016 A, RB1 | 5.000 | 01/01/2046 | 43,608,511 | ||||||||||
38,695,000 | New York (State of) Thruway Authority; Series 2016 A, RB1 | 5.250 | 01/01/2056 | 45,118,757 |
31 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$1,055,000 | New York (State of) Thruway Authority; Series 2018 L, Ref. RB1 | 5.000% | 01/01/2033 | $ | 1,313,211 | |||||||||
1,860,000 | New York (State of) Thruway Authority; Series 2018 L, Ref. RB1 | 5.000 | 01/01/2034 | 2,310,511 | ||||||||||
2,115,000 | New York (State of) Thruway Authority; Series 2018 L, Ref. RB1 | 5.000 | 01/01/2035 | 2,621,098 | ||||||||||
10,000,000 | New York (State of) Thruway Authority; Series 2019 B, RB1 | 4.000 | 01/01/2045 | 11,174,200 | ||||||||||
15,000,000 | New York (State of) Thruway Authority; Series 2019 B, Ref. RB1 | 4.000 | 01/01/2041 | 16,944,600 | ||||||||||
25,000,000 | New York (State of) Thruway Authority; Series 2019 B, Ref. RB1 | 4.000 | 01/01/2045 | 28,169,500 | ||||||||||
20,000,000 | New York (State of) Thruway Authority; Series 2019 B, Ref. RB1 | 4.000 | 01/01/2045 | 22,535,600 | ||||||||||
5,030,000 | New York City Housing Development Corp.; Series 2014C-1-A, RB1 | 4.300 | 11/01/2047 | 5,249,258 | ||||||||||
6,935,000 | New York Convention Center Development Corp. (Hotel Unit Fee Secured); Series 2015, Ref. RB1 | 5.000 | 11/15/2040 | 8,169,430 | ||||||||||
4,500,000 | New York Convention Center Development Corp.; Series 2015, Ref. RB1 | 5.000 | 11/15/2045 | 5,264,415 | ||||||||||
4,220,000 | New York Convention Center Development Corp.; Series 2016 A, RB1 | 5.000 | 11/15/2041 | 5,023,826 | ||||||||||
5,105,000 | New York Counties Tobacco Trust I; Series 2000 A, RB1 | 6.500 | 06/01/2035 | 5,108,420 | ||||||||||
19,230,000 | New York Counties Tobacco Trust I; Series 2000 A, RB1 | 6.625 | 06/01/2042 | 19,241,730 | ||||||||||
2,745,000 | New York Counties Tobacco Trust II; Series 2001, RB1 | 5.625 | 06/01/2035 | 2,755,513 | ||||||||||
9,025,000 | New York Counties Tobacco Trust II; Series 2001, RB1 | 5.750 | 06/01/2043 | 9,161,097 | ||||||||||
15,000 | New York Counties Tobacco Trust III; Series 2003, RB1 | 6.000 | 06/01/2043 | 15,026 | ||||||||||
66,335,000 | New York Counties Tobacco Trust IV; Series 2005 D, RB | 4.900 3 | 06/01/2050 | 10,237,481 | ||||||||||
154,690,000 | New York Counties Tobacco Trust IV; Series 2005 E, RB | 5.391 3 | 06/01/2055 | 8,627,061 | ||||||||||
608,700,000 | New York Counties Tobacco Trust IV; Series 2005 F, RB | 5.822 3 | 06/01/2060 | 19,113,180 | ||||||||||
198,195,000 | New York Counties Tobacco Trust V; Series 2005S-3, RB | 6.845 3 | 06/01/2055 | 12,194,938 | ||||||||||
1,790,900,000 | New York Counties Tobacco Trust V; Series 2005 S4B, RB | 6.732 3 | 06/01/2060 | 58,365,430 | ||||||||||
3,105,000 | New York Counties Tobacco Trust VI; Series 2016 A, Ref. RB1 | 6.000 | 06/01/2043 | 3,446,177 | ||||||||||
1,195,000 | New York Counties Tobacco Trust VI; Series 2016 A, Ref. RB1 | 6.250 | 06/01/2025 | 1,205,444 | ||||||||||
3,005,000 | New York Counties Tobacco Trust VI; Series 2016 A, Ref. RB1 | 6.450 | 06/01/2040 | 3,489,737 |
32 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$4,000,000 | New York Counties Tobacco Trust VI; Series 2016A-1, Ref. RB1 | 5.750% | 06/01/2043 | $ | 4,817,120 | |||||||||
13,875,000 | New York Counties Tobacco Trust VI; Series 2016 A2, Ref. RB1 | 5.000 | 06/01/2051 | 14,476,898 | ||||||||||
3,750,000 | New York Counties Tobacco Trust VI; Series 2016A-2B, Ref. RB1 | 5.000 | 06/01/2045 | 4,014,825 | ||||||||||
1,000,000 | New York Counties Tobacco Trust VI; Series 2016 B, Ref. RB1 | 5.000 | 06/01/2036 | 1,104,960 | ||||||||||
870,000 | New York Counties Tobacco Trust VI; Series 2016 B, Ref. RB1 | 5.000 | 06/01/2041 | 949,013 | ||||||||||
1,000,000 | New York Liberty Development Corp. (4 World Trade Center); Series 2011, Ref. RB1 | 5.000 | 11/15/2031 | 1,068,180 | ||||||||||
4,000,000 | New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 2, Ref. RB1 | 5.000 | 09/15/2043 | 4,281,360 | ||||||||||
15,000,000 | New York Liberty Development Corp. (Bank of America Tower at 1 Bryant Park); Series 2010, Ref. RB4 | 5.125 | 01/15/2044 | 15,006,600 | ||||||||||
62,345,000 | New York Liberty Development Corp. (Bank of America Tower at 1 Bryant Park); Series 2010, Ref. RB4 | 5.625 | 01/15/2046 | 62,442,095 | ||||||||||
52,615,000 | New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2005, Ref. RB1 | 5.250 | 10/01/2035 | 71,708,983 | ||||||||||
10,375,000 | New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2007, RB1 | 5.500 | 10/01/2037 | 14,746,610 | ||||||||||
15,000,000 | New York Liberty Development Corp.; Series 2011, Ref. RB1 | 5.750 | 11/15/2051 | 16,206,300 | ||||||||||
5,000,000 | New York State Environmental Facilities Corp. (2010 Master Financing Program); Series 2017 C, RB1 | 5.000 | 08/15/2047 | 5,998,500 | ||||||||||
19,030,000 | New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution Bonds); Series 2017 A, Ref. RB1 | 5.000 | 06/15/2046 | 22,777,197 | ||||||||||
1,000,000 | New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution); Series 2016 A, Ref. RB1 | 5.000 | 06/15/2032 | 1,213,270 | ||||||||||
5,470,000 | New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution); Series 2018 B, RB1 | 5.000 | 06/15/2043 | 6,687,841 | ||||||||||
20,000,000 | New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority); Series 2017 E, RB4 | 5.000 | 06/15/2047 | 23,875,250 | ||||||||||
4,000,000 | New York State Urban Development Corp.; Series 2016 A, Ref. RB1 | 5.000 | 03/15/2035 | 4,756,840 | ||||||||||
5,000,000 | New York State Urban Development Corp.; Series 2017C-2, Ref. RB1 | 5.000 | 03/15/2036 | 6,091,550 | ||||||||||
19,200,000 | New York State Urban Development Corp.; Series 2017C-2, Ref. RB1 | 5.000 | 03/15/2037 | 23,328,000 |
33 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$18,040,000 | New York State Urban Development Corp.; Series 2017C-3, Ref. RB1 | 5.000% | 03/15/2041 | $ | 21,681,915 | |||||||||
20,000,000 | New York State Urban Development Corp.; Series 2019 A, RB1 | 5.000 | 03/15/2043 | 24,301,200 | ||||||||||
11,885,000 | New York State Urban Development Corp.; Series 2019 A, Ref. RB1 | 4.000 | 03/15/2043 | 13,409,132 | ||||||||||
10,000,000 | New York State Urban Development Corp.; Series 2019 A, Ref. RB1 | 4.000 | 03/15/2045 | 11,267,100 | ||||||||||
25,000,000 | New York State Urban Development Corp.; Series 2019 A, Ref. RB1 | 4.000 | 03/15/2046 | 28,116,250 | ||||||||||
21,555,000 | New York State Urban Development Corp.; Series 2019 A, Ref. RB1 | 5.000 | 03/15/2039 | 26,902,796 | ||||||||||
10,935,000 | New York State Urban Development Corp.; Series 2019 A, Ref. RB1 | 5.000 | 03/15/2040 | 13,599,641 | ||||||||||
11,600,000 | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB1 | 4.000 | 07/01/2035 | 12,408,636 | ||||||||||
3,500,000 | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB1 | 4.000 | 07/01/2036 | 3,736,425 | ||||||||||
5,375,000 | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB1 | 4.000 | 07/01/2037 | 5,727,009 | ||||||||||
36,250,000 | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB1 | 5.000 | 07/01/2041 | 40,403,163 | ||||||||||
30,345,000 | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB1 | 5.000 | 07/01/2046 | 33,743,943 | ||||||||||
79,650,000 | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB1 | 5.250 | 01/01/2050 | 89,259,773 | ||||||||||
5,565,000 | New York Transportation Development Corp. (LaGuardia Airport Terminal C & D Redevelopment - Delta Air Lines, Inc.); Series 2018, RB1 | 5.000 | 01/01/2034 | 6,664,867 | ||||||||||
500,000 | Niagara Area Development Corp. (Niagara University); Series 2012 A, RB1 | 5.000 | 05/01/2035 | 544,805 | ||||||||||
850,000 | Niagara Area Development Corp. (Niagara University); Series 2012 A, RB1 | 5.000 | 05/01/2042 | 926,169 | ||||||||||
280,000 | Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2014 A, Ref. RB1 | 5.000 | 04/01/2021 | 292,919 | ||||||||||
780,000 | Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2019, Ref. RB1 | 5.000 | 04/01/2035 | 948,207 | ||||||||||
750,000 | Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2019, Ref. RB1 | 5.000 | 04/01/2037 | 906,068 |
34 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$720,000 | Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2019, Ref. RB1 | 5.000% | 04/01/2039 | $ | 863,546 | |||||||||
695,000 | North Tonawanda Housing Development Corp. (Bishop Gibbons Apartments - Section 8); Series 1994 B, Ref. RB1 | 7.375 | 12/15/2021 | 754,332 | ||||||||||
1,070,000 | Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB1 | 4.000 | 12/01/2038 | 1,199,930 | ||||||||||
3,420,000 | Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB1 | 4.000 | 12/01/2049 | 3,772,670 | ||||||||||
760,000 | Oneida County Local Development Corp. (Utica College); Series 2019, Ref. RB1 | 4.000 | 07/01/2039 | 826,834 | ||||||||||
1,050,000 | Oneida County Local Development Corp. (Utica College); Series 2019, Ref. RB1 | 5.000 | 07/01/2028 | 1,294,472 | ||||||||||
1,160,000 | Oneida County Local Development Corp. (Utica College); Series 2019, Ref. RB1 | 5.000 | 07/01/2030 | 1,433,632 | ||||||||||
1,215,000 | Oneida County Local Development Corp. (Utica College); Series 2019, Ref. RB1 | 5.000 | 07/01/2031 | 1,493,843 | ||||||||||
775,000 | Oneida County Local Development Corp. (Utica College); Series 2019, Ref. RB1 | 5.000 | 07/01/2032 | 948,980 | ||||||||||
1,340,000 | Oneida County Local Development Corp. (Utica College); Series 2019, Ref. RB1 | 5.000 | 07/01/2033 | 1,633,433 | ||||||||||
1,410,000 | Oneida County Local Development Corp. (Utica College); Series 2019, Ref. RB1 | 5.000 | 07/01/2034 | 1,711,768 | ||||||||||
3,250,000 | Oneida County Local Development Corp. (Utica College); Series 2019, Ref. RB1 | 5.000 | 07/01/2049 | 3,825,933 | ||||||||||
1,110,000 | Onondaga (County of), NY Industrial Development Agency (Free Library); Series 2008, RB1 | 5.125 | 03/01/2030 | 1,116,804 | ||||||||||
1,115,000 | Onondaga (County of), NY Industrial Development Agency (Free Library); Series 2008, RB1 | 5.125 | 03/01/2037 | 1,121,880 | ||||||||||
1,300,000 | Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); Series 2017, Ref. RB1 | 5.000 | 05/01/2033 | 1,551,732 | ||||||||||
840,000 | Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); Series 2017, Ref. RB1 | 5.000 | 05/01/2034 | 1,000,667 | ||||||||||
1,150,000 | Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); Series 2017, Ref. RB1 | 5.000 | 05/01/2037 | 1,359,714 | ||||||||||
650,000 | Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); Series 2017, Ref. RB1 | 5.000 | 05/01/2040 | 762,398 | ||||||||||
5,400,000 | Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2019, Ref. RB1 | 4.000 | 12/01/2041 | 6,262,866 |
35 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$9,000,000 | Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2019, Ref. RB1 | 4.000% | 12/01/2047 | $ | 10,327,140 | |||||||||
9,870,000 | Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2019, Ref. RB1 | 4.000 | 12/01/2049 | 11,320,100 | ||||||||||
10,630,000 | Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2019, Ref. RB1 | 5.000 | 12/01/2043 | 13,426,859 | ||||||||||
15,750,000 | Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2019, Ref. RB1 | 5.000 | 12/01/2045 | 19,825,943 | ||||||||||
2,000,000 | Onondaga Civic Development Corp. (Le Moyne College); Series 2010, RB1 | 5.375 | 07/01/2040 | 2,033,980 | ||||||||||
1,000,000 | Onondaga Civic Development Corp. (Le Moyne College); Series 2012, Ref. RB1 | 5.000 | 07/01/2032 | 1,068,900 | ||||||||||
3,465,000 | Onondaga Civic Development Corp. (Upstate Properties Development, Inc.); Series 2011, RB1 | 5.250 | 12/01/2041 | 3,716,559 | ||||||||||
740,000 | Orange (County of), NY Industrial Development Agency (Cornwall Hospital (The)); Series 2001 B, Ref. RB1 | 5.375 | 12/01/2021 | 742,220 | ||||||||||
2,235,000 | Orange (County of), NY Industrial Development Agency (Cornwall Hospital (The)); Series 2001 B, Ref. RB1 | 5.375 | 12/01/2026 | 2,241,012 | ||||||||||
6,330,000 | Orange (County of), NY Industrial Development Agency (St. Luke’s Hospital of Newburgh, New York); Series 2001 A, Ref. RB1 | 5.375 | 12/01/2026 | 6,352,282 | ||||||||||
1,320,000 | Orange County Funding Corp. (Mount St. Mary College); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2037 | 1,397,603 | ||||||||||
1,435,000 | Orange County Funding Corp. (Mount St. Mary College); Series 2012 A, Ref. RB1 | 5.000 | 07/01/2042 | 1,512,217 | ||||||||||
4,150,000 | Orange County Funding Corp.; Series 2013, RB1 | 6.500 | 01/01/2046 | 4,289,897 | ||||||||||
3,205,000 | Otsego County Capital Resource Corp. (Hartwick College); Series 2015 A, Ref. RB1 | 5.000 | 10/01/2030 | 3,322,880 | ||||||||||
2,000,000 | Otsego County Capital Resource Corp. (Hartwick College); Series 2015 A, Ref. RB1 | 5.000 | 10/01/2035 | 2,051,000 | ||||||||||
8,065,000 | Otsego County Capital Resource Corp. (Hartwick College); Series 2015 A, Ref. RB1 | 5.000 | 10/01/2045 | 8,144,521 | ||||||||||
10,805,000 | Oyster Bay (Town of), NY; Series 2018 B, GO Bonds1 | 3.250 | 02/01/2031 | 11,309,053 | ||||||||||
5,000,000 | Oyster Bay (Town of), NY; Series 2018 B, GO Bonds1 | 3.250 | 02/01/2032 | 5,213,250 | ||||||||||
9,585,000 | Oyster Bay (Town of), NY; Series 2018 B, GO Bonds1 | 4.000 | 02/01/2033 | 10,599,476 | ||||||||||
2,755,000 | Poughkeepsie (City of), NY Industrial Development Agency (Eastman & Bixby Redevelopment Co. LLC); Series 2000 A, RB1 | 6.000 | 08/01/2032 | 2,764,064 | ||||||||||
2,525,000 | Ramapo Local Development Corp.; Series 2013, Ref. RB1 | 5.000 | 03/15/2033 | 2,661,502 |
36 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$1,500,000 | Rensselaer (County of), NY Industrial Development Agency (Franciscan Heights, L.P.); Series 2004 A, IDR1 | 5.375% | 12/01/2036 | $ | 1,504,050 | |||||||||
1,300,000 | Riverhead (City of), NY Industrial Development Agency; Series 2013, RB1 | 7.000 | 08/01/2048 | 1,457,573 | ||||||||||
50,000 | Rochester (City of), NY; Series 2008 B, Ref. GO Bonds1 | 4.000 | 10/01/2021 | 50,121 | ||||||||||
3,515,000 | Saratoga County Capital Resource Corp. (Skidmore College); Series 2018, RB1 | 5.000 | 07/01/2048 | 4,209,705 | ||||||||||
10,720,000 | Schenectady County Capital Resource Corp. (Union College); Series 2017, Ref. RB1 | 5.000 | 01/01/2047 | 12,556,765 | ||||||||||
4,775,000 | St. Lawrence (County of), NY Industrial Development Agency (Clarkson University); Series 2011, RB1 | 5.375 | 09/01/2041 | 5,036,002 | ||||||||||
520,000 | St. Lawrence (County of), NY Industrial Development Agency (Clarkson University); Series 2011, RB1 | 6.000 | 09/01/2034 | 555,823 | ||||||||||
1,510,000 | St. Lawrence (County of), NY Industrial Development Agency (Clarkson University); Series 2012 A, RB1 | 5.000 | 09/01/2041 | 1,599,649 | ||||||||||
3,860,000 | St. Lawrence (County of), NY Industrial Development Agency (Curran Renewable Energy, LLC); Series 2007 B, RB1 | 7.250 | 12/01/2029 | 3,477,744 | ||||||||||
1,280,000 | St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); Series 2012, RB1 | 5.000 | 07/01/2030 | 1,406,374 | ||||||||||
1,355,000 | St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); Series 2012, RB1 | 5.000 | 07/01/2031 | 1,488,088 | ||||||||||
540,000 | St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); Series 2016 A, Ref. RB1 | 5.000 | 07/01/2036 | 638,734 | ||||||||||
205,000 | Suffern (Village of), NY; Series 2016, GO Bonds1 | 5.000 | 03/15/2020 | 206,564 | ||||||||||
465,000 | Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Adults and Children with Learning and Developmental Disabilities, Inc. Civic Facility); Series 2006A-A, RB1 | 5.950 | 10/01/2021 | 465,623 | ||||||||||
640,000 | Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Adults and Children with Learning and Developmental Disabilities, Inc. Civic Facility); Series 2006A-B, RB1 | 5.950 | 10/01/2021 | 640,858 | ||||||||||
180,000 | Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Adults and Children with Learning and Developmental Disabilities, Inc. Civic Facility); Series 2006A-C, RB1 | 5.950 | 10/01/2021 | 180,241 |
37 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$130,000 | Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Adults and Children with Learning and Developmental Disabilities, Inc. Civic Facility); Series 2006A-D1, RB1 | 5.950% | 10/01/2021 | $ | 130,174 | |||||||||
270,000 | Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Adults and Children with Learning and Developmental Disabilities, Inc. Civic Facility); Series 2006A-D2, RB1 | 6.000 | 10/01/2031 | 270,146 | ||||||||||
435,000 | Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Adults and Children with Learning and Developmental Disabilities, Inc. Civic Facility); Series 2006A-E, RB1 | 5.950 | 10/01/2021 | 435,583 | ||||||||||
40,000 | Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./ Independent Group Home Living Program, Inc. Civic Facility); Series 2005A-E, RB1 | 6.000 | 10/01/2020 | 40,010 | ||||||||||
60,000 | Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./ Life’s W.O.R.C., Inc. Civic Facility); Series 2005A-G, RB1 | 6.000 | 10/01/2020 | 60,090 | ||||||||||
13,585,000 | Suffolk (County of), NY Industrial Development Agency (Nissequogue Cogen Partners); Series 1998, Ref. RB1 | 5.500 | 01/01/2023 | 13,720,307 | ||||||||||
130,000 | Suffolk (County of), NY Industrial Development Agency; Series 2007A-C, RB1 | 5.950 | 11/01/2022 | 130,035 | ||||||||||
40,000 | Suffolk (County of), NY Industrial Development Agency; Series 2007A-D, RB1 | 5.950 | 11/01/2022 | 40,044 | ||||||||||
50,000 | Suffolk (County of), NY Industrial Development Agency; Series 2007A-F, RB1 | 5.950 | 11/01/2022 | 50,051 | ||||||||||
6,405,000 | Suffolk County Economic Development Corp. (Catholic Health Services of Long Island); Series 2011, Ref. RB1 | 5.000 | 07/01/2028 | 6,751,190 | ||||||||||
560,000 | Suffolk County Economic Development Corp. (Family Residences and Essential Enterprises, Inc.); Series 2012B-A, RB1 | 6.750 | 06/01/2027 | 575,383 | ||||||||||
4,200,000 | Suffolk County Economic Development Corp.; Series 2010 A, RB1 | 7.375 | 12/01/2040 | 4,358,256 | ||||||||||
69,295,000 | Suffolk Tobacco Asset Securitization Corp.; Series 2008 C, RB | 6.625 6 | 06/01/2044 | 72,774,302 | ||||||||||
227,265,000 | Suffolk Tobacco Asset Securitization Corp.; Series 2008 D, RB | 7.996 3 | 06/01/2048 | 24,467,350 | ||||||||||
40,865,000 | Sullivan (County of), NY (Adelia Infrastructure); Series 2016 A2, RB1 | 5.350 | 11/01/2049 | 41,421,173 | ||||||||||
5,830,000 | Sullivan (County of), NY (Adelia Infrastructure); Series 2016 B2, RB1 | 5.350 | 11/01/2049 | 5,909,346 | ||||||||||
5,760,000 | Sullivan (County of), NY (Adelia Infrastructure); Series 2016 C2, RB1 | 5.350 | 11/01/2049 | 5,838,394 |
38 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$3,780,000 | Sullivan (County of), NY (Adelia Infrastructure); Series 2016 D2, RB1 | 5.350% | 11/01/2049 | $ | 3,831,446 | |||||||||
13,865,000 | Sullivan (County of), NY (Adelia Infrastructure); Series 2016 E2, RB1 | 5.350 | 11/01/2049 | 14,053,703 | ||||||||||
1,500,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB1 | 5.000 | 01/01/2028 | 1,685,370 | ||||||||||
3,475,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB1 | 5.000 | 01/01/2029 | 3,881,992 | ||||||||||
2,000,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB1 | 5.000 | 01/01/2030 | 2,226,080 | ||||||||||
2,000,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB1 | 5.000 | 01/01/2031 | 2,214,500 | ||||||||||
6,250,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB1 | 5.000 | 01/01/2032 | 6,884,313 | ||||||||||
14,400,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB1 | 5.000 | 01/01/2033 | 15,820,128 | ||||||||||
16,100,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB1 | 5.000 | 01/01/2035 | 17,586,674 | ||||||||||
3,800,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB1 | 5.000 | 01/01/2036 | 4,129,346 | ||||||||||
10,050,000 | Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016, Ref. RB1 | 5.000 | 01/01/2034 | 11,012,388 | ||||||||||
1,875,000 | Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); Series 2013 A, RB | 5.000 | 07/01/2032 | 1,239,844 | ||||||||||
1,800,000 | Town of Hempstead Local Development Corp. (Adelphi University); Series 2019, Ref. RB1 | 4.000 | 02/01/2039 | 2,027,736 | ||||||||||
400,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2012 B, Ref. RB1 | 5.000 | 11/15/2028 | 443,756 | ||||||||||
1,500,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2013 A, Ref. RB1 | 5.000 | 11/15/2029 | 1,684,215 | ||||||||||
10,000,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2016 A, Ref. RB1 | 5.000 | 11/15/2041 | 11,774,700 | ||||||||||
4,000,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2016 A, Ref. RB1 | 5.000 | 11/15/2046 | 4,680,560 | ||||||||||
4,455,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2017 A, RB1 | 5.000 | 11/15/2037 | 5,395,629 | ||||||||||
1,515,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2017 A, RB1 | 5.000 | 11/15/2038 | 1,830,559 | ||||||||||
17,095,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2017 A, RB1 | 5.000 | 11/15/2047 | 20,313,989 | ||||||||||
2,790,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2017 B, Ref. RB1 | 5.000 | 11/15/2034 | 3,407,260 | ||||||||||
9,100,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2017 B, Ref. RB1 | 5.000 | 11/15/2038 | 10,995,439 | ||||||||||
25,870,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2017C-2, Ref. RB1 | 5.000 | 11/15/2042 | 31,360,131 | ||||||||||
20,000,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2018 A, Ref. RB4 | 5.000 | 11/15/2044 | 24,127,800 |
39 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
New York (Continued) | ||||||||||||||
$3,000,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2018 A, Ref. RB1 | 5.000% | 11/15/2044 | $ | 3,625,350 | |||||||||
10,000,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2018 A, Ref. RB1 | 5.000 | 11/15/2046 | 12,045,700 | ||||||||||
5,270,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2018 C, Ref. RB1 | 5.000 | 11/15/2035 | 6,606,261 | ||||||||||
4,000,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2019 A, RB1 | 5.000 | 11/15/2049 | 4,893,760 | ||||||||||
20,750,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2019 C, RB1 | 4.000 | 11/15/2042 | 23,703,348 | ||||||||||
20,750,000 | Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2019 C, RB1 | 4.000 | 11/15/2043 | 23,648,568 | ||||||||||
17,465,000 | Troy Capital Resource Corp. (Rensselaer Polytechnic Institute); Series 2010 A, RB1 | 5.000 | 09/01/2030 | 17,907,563 | ||||||||||
1,590,000 | Troy Capital Resource Corp. (Rensselaer Polytechnic Institute); Series 2010 A, RB1 | 5.125 | 09/01/2040 | 1,631,594 | ||||||||||
10,000,000 | TSASC, Inc.; Series 2016 B, Ref. RB | 5.000 | 06/01/2045 | 10,110,600 | ||||||||||
14,195,000 | TSASC, Inc.; Series 2016 B, Ref. RB | 5.000 | 06/01/2048 | 14,327,439 | ||||||||||
5,300,000 | TSASC, Inc.; Series 2017 A, Ref. RB1 | 5.000 | 06/01/2041 | 5,943,314 | ||||||||||
930,000 | Westchester (County of), NY Industrial Development Agency (Clearview School (The)); Series 2005 B, RB1 | 7.250 | 01/01/2035 | 930,288 | ||||||||||
1,700,000 | Westchester County Healthcare Corp.; Series 2011 B, RB1 | 5.125 | 11/01/2041 | 1,778,132 | ||||||||||
4,350,000 | Westchester County Healthcare Corp.; Series 2014 A, RB1 | 5.000 | 11/01/2044 | 4,779,389 | ||||||||||
2,165,000 | Westchester County Local Development Corp. (Sarah Lawrence College); Series 2016 A, Ref. RB1 | 4.000 | 06/01/2030 | 2,361,149 | ||||||||||
2,190,000 | Westchester County Local Development Corp. (Sarah Lawrence College); Series 2016 A, Ref. RB1 | 4.000 | 06/01/2031 | 2,381,713 | ||||||||||
1,500,000 | Westchester County Local Development Corp. (Wartburg Senior Housing); Series 2015 A, Ref. RB1 | 5.000 | 06/01/2030 | 1,606,935 | ||||||||||
18,410,000 | Westchester Local Development Corp. (Westchester Medical Center Obligated Group); Series 2016, Ref. RB1 | 5.000 | 11/01/2046 | 20,639,451 | ||||||||||
14,450,000 | Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB1 | 5.000 | 06/01/2045 | 14,771,802 | ||||||||||
1,040,000 | Yonkers (City of), NY Parking Authority; Series 1999 A, RB1 | 6.000 | 06/15/2024 | 1,042,673 | ||||||||||
4,796,073,229 | ||||||||||||||
U.S. Possessions—17.7% | ||||||||||||||
2,769,880,000 | Children’s Trust Fund; Series 2008 A, RB | 7.622 3 | 05/15/2057 | 138,604,795 | ||||||||||
2,709,200,000 | Children’s Trust; Series 2008 B, RB | 8.372 3 | 05/15/2057 | 87,209,148 | ||||||||||
1,735,000 | Guam (Territory of) Government Waterworks Authority; Series 2013, RB1 | 5.250 | 07/01/2025 | 1,935,358 | ||||||||||
1,230,000 | Guam (Territory of) Power Authority; Series 2012 A, Ref. RB1 | 5.000 | 10/01/2023 | 1,350,085 |
40 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
U.S. Possessions (Continued) | ||||||||||||||
$1,560,000 | Guam (Territory of) Power Authority; Series 2012 A, Ref. RB1 | 5.000% | 10/01/2024 | $ | 1,712,069 | |||||||||
345,000 | Guam Housing Corp.; Series 1998 A, RB1 | 5.750 | 09/01/2031 | 355,347 | ||||||||||
5,485,000 | Northern Mariana Islands (Commonwealth of) Ports Authority; Series 1998 A, RB1 | 6.250 | 03/15/2028 | 5,361,587 | ||||||||||
6,585,000 | Northern Mariana Islands (Commonwealth of); Series 2007 A, Ref. GO Bonds1 | 5.000 | 06/01/2030 | 6,585,000 | ||||||||||
715,000 | Northern Mariana Islands (Commonwealth of); Series 2007 B, Ref. GO Bonds1 | 5.000 | 10/01/2022 | 715,536 | ||||||||||
49,000,000 | Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2008 A, RB, AGC | 5.125 | 07/01/2047 | 50,442,070 | ||||||||||
25,135,000 | Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2008 A, RB | 6.000 | 07/01/2044 | 25,637,700 | ||||||||||
19,435,000 | Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2008 A, RB | 6.125 6 | 07/01/2024 | 20,892,625 | ||||||||||
1,580,000 | Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, RB | 5.250 | 07/01/2029 | 1,655,445 | ||||||||||
5,885,000 | Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, RB | 5.250 | 07/01/2042 | 6,136,584 | ||||||||||
3,250,000 | Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, RB | 6.000 | 07/01/2047 | 3,445,812 | ||||||||||
510,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2005 RR, RB | 5.000 | 07/01/2024 | 521,643 | ||||||||||
1,500,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2016E-1, RB5 | 10.000 | 01/01/2021 | 1,286,250 | ||||||||||
1,500,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2016E-2, RB5 | 10.000 | 07/01/2021 | 1,286,250 | ||||||||||
500,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2016E-2, RB5 | 10.000 | 01/01/2022 | 428,750 | ||||||||||
500,000 | Puerto Rico (Commonwealth of) Electric Power Authority; Series 2016E-4, RB5 | 10.000 | 07/01/2022 | 428,750 | ||||||||||
24,895,000 | Puerto Rico (Commonwealth of) Government Employees Retirement System; Series 2008 A, RB5 | 6.150 | 07/01/2038 | 9,709,050 | ||||||||||
7,500,000 | Puerto Rico (Commonwealth of) Government Employees Retirement System; Series 2008 B, RB5 | 6.300 | 07/01/2037 | 2,925,000 | ||||||||||
4,945,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2003AA-2, Ref. RB5 | 5.300 | 07/01/2035 | 4,462,862 | ||||||||||
8,980,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2003 G, RB5 | 5.000 | 07/01/2033 | 4,153,250 | ||||||||||
1,840,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2003 G, RB5 | 5.000 | 07/01/2042 | 851,000 | ||||||||||
1,120,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2003 H, Ref. RB5 | 5.450 | 07/01/2035 | 518,000 | ||||||||||
9,515,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2003, RB5 | 5.000 | 07/01/2028 | 1,308,312 | ||||||||||
270,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2003, RB5 | 5.750 | 07/01/2020 | 37,125 |
41 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
U.S. Possessions (Continued) | ||||||||||||||
$6,500,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2005 K, RB5 | 5.000% | 07/01/2027 | $ | 3,006,250 | |||||||||
1,145,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2005 K, RB5 | 5.000 | 07/01/2030 | 529,562 | ||||||||||
2,600,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2005 L, Ref. RB, NPFGC1 | 5.250 | 07/01/2023 | 2,781,116 | ||||||||||
915,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2005 L, Ref. RB, FGIC9 | 5.250 | 07/01/2030 | 782,554 | ||||||||||
78,610,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2007 M, RB5 | 5.000 | 07/01/2046 | 36,357,125 | ||||||||||
3,235,000 | Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2007 N, Ref. RB, NPFGC1 | 5.250 | 07/01/2032 | 3,541,096 | ||||||||||
780,000 | Puerto Rico (Commonwealth of) Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority; Series 2000, RB | 6.625 | 06/01/2026 | 800,475 | ||||||||||
6,285,000 | Puerto Rico (Commonwealth of) Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority; Series 2006, RB1 | 5.000 | 03/01/2036 | 6,288,457 | ||||||||||
875,000 | Puerto Rico (Commonwealth of) Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority; Series 2012, Ref. RB1 | 5.125 | 04/01/2032 | 891,336 | ||||||||||
1,200,000 | Puerto Rico (Commonwealth of) Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority; Series 2012, Ref. RB1 | 5.375 | 04/01/2042 | 1,221,552 | ||||||||||
365,000 | Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System); Series 2002, Ref. RB1 | 5.375 | 12/01/2021 | 365,515 | ||||||||||
3,045,000 | Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ryder Memorial Hospital); Series 1994 A, RB | 6.700 | 05/01/2024 | 2,651,525 | ||||||||||
5,490,000 | Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (University Plaza); Series 2000 A, RB, NPFGC | 5.000 | 07/01/2033 | 5,552,147 | ||||||||||
650,000 | Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Pollution Control Facilities Financing Authority; Series 2012, Ref. RB1 | 5.000 | 10/01/2031 | 679,159 | ||||||||||
200,000 | Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Pollution Control Facilities Financing Authority; Series 2012, Ref. RB1 | 5.000 | 10/01/2042 | 202,304 |
42 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||||
U.S. Possessions (Continued) | ||||||||||||||
$675,000 | Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 B, RB5 | 5.000% | 07/01/2037 | $ | 139,219 | |||||||||
141,985,000 | Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 B, RB5 | 5.000 | 07/01/2041 | 29,284,406 | ||||||||||
25,255,000 | Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2006 B, RB5 | 5.000 | 07/01/2031 | 5,208,844 | ||||||||||
17,490,000 | Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2006 B, RB5 | 5.000 | 07/01/2037 | 3,607,313 | ||||||||||
41,740,000 | Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2006 B, RB5 | 5.000 | 07/01/2046 | 8,608,875 | ||||||||||
1,680,000 | Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2007 A, RB5 | 6.500 | 10/01/2037 | 340,200 | ||||||||||
70,355,000 | Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); Series 2004 I, RB5 | 5.000 | 07/01/2036 | 60,681,188 | ||||||||||
7,500,000 | Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2007 N, RB5 | 5.000 | 07/01/2037 | 6,665,625 | ||||||||||
4,400,000 | Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2009 P, Ref. RB5 | 6.500 | 07/01/2030 | 4,059,000 | ||||||||||
7,500,000 | Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2009 P, Ref. RB5 | 6.750 | 07/01/2036 | 6,975,000 | ||||||||||
850,000 | Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2009 Q, RB5 | 5.500 | 07/01/2037 | 762,875 | ||||||||||
2,000,000 | Puerto Rico (Commonwealth of); Series 2003 A, GO Bonds5 | 5.000 | 07/01/2033 | 1,605,000 | ||||||||||
1,270,000 | Puerto Rico (Commonwealth of); Series 2003C-7, Ref. GO Bonds, NPFGC1 | 6.000 | 07/01/2028 | 1,310,348 | ||||||||||
2,500,000 | Puerto Rico (Commonwealth of); Series 2006 B, Ref. GO Bonds5 | 5.250 | 07/01/2032 | 2,025,000 | ||||||||||
5,000,000 | Puerto Rico (Commonwealth of); Series 2008 A, GO Bonds5 | 5.375 | 07/01/2033 | 4,012,500 | ||||||||||
2,200,000 | Puerto Rico (Commonwealth of); Series 2008 A, Ref. GO Bonds5 | 5.250 | 07/01/2026 | 1,751,750 | ||||||||||
22,700,000 | Puerto Rico (Commonwealth of); Series 2008 A, Ref. GO Bonds5 | 5.500 | 07/01/2032 | 18,216,750 | ||||||||||
770,000 | Puerto Rico (Commonwealth of); Series 2009 B, Ref. GO Bonds5 | 5.875 | 07/01/2036 | 627,550 | ||||||||||
390,000 | Puerto Rico (Commonwealth of); Series 2009 C, Ref. GO Bonds5 | 6.000 | 07/01/2039 | 312,000 | ||||||||||
1,000,000 | Puerto Rico (Commonwealth of); Series 2011 A, Ref. GO Bonds5 | 6.000 | 07/01/2028 | 773,750 | ||||||||||
3,670,000 | Puerto Rico (Commonwealth of); Series 2011 A, Ref. GO Bonds5 | 6.000 | 07/01/2040 | 2,839,662 | ||||||||||
25,000,000 | Puerto Rico (Commonwealth of); Series 2011 C, Ref. GO Bonds5 | 5.750 | 07/01/2036 | 18,656,250 | ||||||||||
2,700,000 | Puerto Rico (Commonwealth of); Series 2011 C, Ref. GO Bonds5 | 6.000 | 07/01/2035 | 2,062,125 | ||||||||||
3,205,000 | Puerto Rico (Commonwealth of); Series 2011 E, Ref. GO Bonds5 | 5.625 | 07/01/2033 | 2,439,806 |
43 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
Principal Amount | Coupon | Maturity | Value | |||||||||||
U.S. Possessions (Continued) | ||||||||||||||
$3,000,000 | Puerto Rico (Commonwealth of); Series 2012 A, Ref. GO Bonds5 | 5.750% | 07/01/2028 | $ | 2,152,500 | |||||||||
15,820,000 | Puerto Rico (Commonwealth of); Series 2012 A, Ref. RB5 | 5.000 | 07/01/2041 | 10,797,150 | ||||||||||
5,000,000 | Puerto Rico (Commonwealth of); Series 2012 A, Ref. RB5 | 5.500 | 07/01/2039 | 3,587,500 | ||||||||||
11,810,000 | Puerto Rico Public Finance Corp.; Series 2011 B, RB5 | 5.500 | 08/01/2031 | 487,163 | ||||||||||
3,204,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 3.973 3 | 07/01/2024 | 2,816,156 | ||||||||||
6,118,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 4.259 3 | 07/01/2027 | 4,892,809 | ||||||||||
4,327,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB1 | 4.550 | 07/01/2040 | 4,490,647 | ||||||||||
5,963,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 4.560 3 | 07/01/2029 | 4,432,238 | ||||||||||
23,361,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB1 | 4.750 | 07/01/2053 | 24,447,754 | ||||||||||
7,685,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 4.839 3 | 07/01/2031 | 5,285,897 | ||||||||||
57,456,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB1 | 5.000 | 07/01/2058 | 61,106,180 | ||||||||||
8,649,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 5.090 3 | 07/01/2033 | 5,513,132 | ||||||||||
99,234,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 5.741 3 | 07/01/2046 | 26,709,823 | ||||||||||
50,840,000 | Puerto Rico Sales Tax Financing Corp.; Series 2018A-1, RB | 5.747 3 | 07/01/2051 | 9,985,993 | ||||||||||
54,577,000 | Puerto Rico Sales Tax Financing Corp.; Series 2019A-2, RB1 | 4.329 | 07/01/2040 | 55,462,239 | ||||||||||
976,000 | Puerto Rico Sales Tax Financing Corp.; Series 2019A-2, RB1 | 4.536 | 07/01/2053 | 999,785 | ||||||||||
13,060,000 | Puerto Rico Sales Tax Financing Corp.; Series 2019A-2, RB1 | 4.784 | 07/01/2058 | 13,597,288 | ||||||||||
7,280,000 | University of Puerto Rico; Series 2006 P, Ref. RB | 5.000 | 06/01/2030 | 7,234,500 | ||||||||||
4,555,000 | University of Puerto Rico; Series 2006 Q, RB | 5.000 | 06/01/2026 | 4,532,225 | ||||||||||
24,375,000 | University of Puerto Rico; Series 2006 Q, RB | 5.000 | 06/01/2030 | 24,222,656 | ||||||||||
67,190,000 | University of Puerto Rico; Series 2006 Q, RB | 5.000 | 06/01/2036 | 66,770,063 | ||||||||||
1,500,000 | Virgin Islands (Government of) Public Finance Authority (Federal Highway Grant Anticipation Revenue Loan Note); Series 2015, RB1 | 5.000 | 09/01/2033 | 1,651,680 | ||||||||||
2,555,000 | Virgin Islands (Government of) Public Finance Authority; Series 2012 A, RB1 | 5.000 | 10/01/2032 | 2,777,949 |
44 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Principal Amount | Coupon | Maturity | Value | |||||||||
U.S. Possessions (Continued) | ||||||||||||
$2,180,000 Virgin Islands (Government of) Public Finance Authority; Series 2012 A, Ref. RB1 | 5.000% | 10/01/2032 | $ | 2,370,227 | ||||||||
974,894,166 | ||||||||||||
Total Municipal Bonds and Notes (Cost $5,999,371,171) | 5,770,967,395 | |||||||||||
Shares | ||||||||||||
Common Stock—0.1% | ||||||||||||
1,401 CMS Liquidating Trust10,11,12(Cost $4,483,200) | 3,502,500 | |||||||||||
Total Investments, at Value (Cost $6,003,854,371)—105.1% | 5,774,469,895 | |||||||||||
Floating Rate Note Obligations—(5.2) | ||||||||||||
Notes with interest and fee rates ranging from 1.63% to 1.72% at 12/31/2019 and contractual maturities of collateral ranging from 06/15/2020 to 11/15/205713 | (283,955,000 | ) | ||||||||||
Borrowings—(0.2) | (13,200,000 | ) | ||||||||||
Net Other Assets (Liabilities)—0.3 | 16,661,133 | |||||||||||
Net Assets—100.0% | $ | 5,493,976,028 | ||||||||||
Footnotes to Schedule of Investments
1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 10 of the accompanying Notes.
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. Zero coupon bond reflects effective yield on the original acquisition date.
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. 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. 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. 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.
10.Non-income producing security.
11. Received as a result of a corporate action.
12. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.
13.Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at December 31, 2019. At December 31, 2019, the Fund’s investments with a value of $452,070,835 are held by TOB Trusts and serve as collateral for the $283,955,000 in the floating rate note obligations outstanding at that date.
45 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
SCHEDULE OF INVESTMENTSContinued
To simplify the listings of securities, abbreviations are used per the table below:
AGC | Assured Guaranty Corp. | |
FGIC | Financial Guaranty Insurance Co. | |
GO | General Obligation | |
IDR | Industrial Development Revenue Bonds | |
JFK | John Fitzgerald Kennedy | |
MTA | Metropolitan Transportation Authority | |
NPFGC | National Public Finance Guarantee Corp. | |
NYC | New York City | |
NYU | New York University | |
RB | Revenue Bonds | |
Ref. | Refunding | |
SUNY | State University of New York | |
UBF | University of Buffalo Foundation | |
VRD | Variable Rate Demand | |
YMCA | Young Men’s Christian Assoc. |
See accompanying Notes to Financial Statements.
46 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
STATEMENT OF ASSETS AND LIABILITIESDecember 31, 2019
Assets | ||||
Investments, at value (cost $6,003,854,371) — see accompanying schedule of investments | $ | 5,774,469,895 | ||
Cash | 10,884,711 | |||
Receivables and other assets: | ||||
Interest | 58,341,230 | |||
Shares of beneficial interest sold | 3,450,932 | |||
Investments matured, at value (cost $3,000,000) | 2,452,500 | |||
Other | 1,092,218 | |||
|
|
| ||
Total assets
|
| 5,850,691,486
|
| |
Liabilities | ||||
Payables and other liabilities: | ||||
Payable for short-term floating rate notes issued | 283,955,000 | |||
Payable for borrowings | 13,200,000 | |||
Investments purchased | 44,914,400 | |||
Shares of beneficial interest redeemed | 9,532,183 | |||
Dividends | 2,001,080 | |||
Distribution and service plan fees | 1,304,401 | |||
Trustees’ compensation | 912,646 | |||
Transfer and shareholder servicing agent fees | 510,609 | |||
Shareholder communications | 96,429 | |||
Advisory fees | 68,652 | |||
Interest expense on borrowings | 28,782 | |||
Administration fees | 1,309 | |||
Other | 189,967 | |||
|
|
| ||
Total liabilities
|
| 356,715,458
|
| |
Net Assets | $ | 5,493,976,028 | ||
|
|
| ||
Composition of Net Assets | ||||
Shares of beneficial interest | $ | 6,238,408,786 | ||
Total accumulated loss | (744,432,758 | ) | ||
|
|
| ||
Net Assets | $ | 5,493,976,028 | ||
|
|
|
47 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
STATEMENT OF ASSETS AND LIABILITIESContinued
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $4,406,601,594 and 262,676,360 shares of beneficial interest outstanding) | $ | 16.78 | ||
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price) | $ | 17.52 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $471,952,051 and 28,212,431 shares of beneficial interest outstanding) | $ | 16.73 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $610,433,175 and 36,377,848 shares of beneficial interest outstanding) | $ | 16.78 | ||
Class R6 Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $4,989,208 and 297,365 shares of beneficial interest outstanding) | $ | 16.78 |
See accompanying Notes to Financial Statements.
48 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
OPERATIONSFor the Year Ended December 31, 2019
Investment Income | ||||
Interest | $ | 257,787,602 | ||
Expenses | ||||
Advisory fees | 24,338,657 | |||
Administration fees | 464,005 | |||
Distribution and service plan fees: | ||||
Class A | 10,145,813 | |||
Class C | 6,048,906 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 3,147,578 | |||
Class C | 479,835 | |||
Class Y | 391,599 | |||
Class R6 | 293 | |||
Shareholder communications: | ||||
Class A | 86,829 | |||
Class C | 11,658 | |||
Class Y | 12,064 | |||
Class R6 | 19 | |||
Interest expense and fees on short-term floating rate notes issued | 9,032,973 | |||
Borrowing fees | 4,296,710 | |||
Interest expense on borrowings | 586,711 | |||
Trustees’ compensation | 89,766 | |||
Custodian fees and expenses | 46,055 | |||
Other | 689,465 | |||
|
|
| ||
Total expenses | 59,868,936 | |||
Less waivers and reimbursement of expenses | (129 | ) | ||
|
|
| ||
Net expenses
|
| 59,868,807
|
| |
Net Investment Income
|
| 197,918,795
|
| |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on investment transactions | (31,411,998 | ) | ||
Net change in unrealized appreciation/(depreciation) on investment transactions | 465,838,776 | |||
Net Increase in Net Assets Resulting from Operations | $ | 632,345,573 | ||
|
|
|
49 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
STATEMENT OF CHANGES IN NET ASSETS
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |||||||
Operations | ||||||||
Net investment income | $ | 197,918,795 | $ | 178,556,166 | ||||
Net realized gain (loss) | (31,411,998 | ) | (252,599,569 | ) | ||||
Net change in unrealized appreciation/(depreciation) | 465,838,776 | 497,137,176 | ||||||
|
|
| ||||||
Net increase in net assets resulting from operations
|
| 632,345,573
|
|
| 423,093,773
|
| ||
Dividends and/or Distributions to Shareholders | ||||||||
Distributions to shareholders from distributable earnings: | ||||||||
Class A | (138,273,202 | ) | (134,885,883 | ) | ||||
Class B | — | (28,609 | ) | |||||
Class C | (15,652,667 | ) | (19,810,554 | ) | ||||
Class Y | (18,613,060 | ) | (13,955,899 | ) | ||||
Class R6 | (18,778 | ) | — | |||||
|
|
| ||||||
Total distributions from distributable earnings
|
| (172,557,707
| )
|
| (168,680,945
| )
| ||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | 244,938,860 | (367,334,163 | ) | |||||
Class B | — | (3,864,090 | ) | |||||
Class C | (295,103,307 | ) | (93,987,317 | ) | ||||
Class Y | 146,694,293 | 73,882,123 | ||||||
Class R6 | 4,971,989 | — | ||||||
|
|
| ||||||
Total beneficial interest transactions
|
| 101,501,835
|
|
| (391,303,447
| )
| ||
Net Assets | ||||||||
Total increase (decrease) | 561,289,701 | (136,890,619 | ) | |||||
Beginning of period | 4,932,686,327 | 5,069,576,946 | ||||||
|
|
| ||||||
End of period | $ | 5,493,976,028 | $ | 4,932,686,327 | ||||
|
|
|
See accompanying Notes to Financial Statements.
50 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Class A | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $15.35 | $14.59 | $14.68 | $14.68 | $15.35 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.62 | 0.55 | 0.57 | 0.76 | 0.97 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.35 | 0.73 | 0.04 | 0.12 | (0.68) | |||||||||||||||
Total from investment operations | 1.97 | 1.28 | 0.61 | 0.88 | 0.29 | |||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (0.54) | (0.52) | (0.70) | (0.88) | (0.96) | |||||||||||||||
Net asset value, end of period | $16.78 | $15.35 | $14.59 | $14.68 | $14.68 | |||||||||||||||
Total Return, at Net Asset Value2 | 12.97% | 8.88% | 4.11% | 6.06% | 1.94% | |||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in millions) | $4,407 | $3,807 | $3,975 | $4,425 | $4,464 | |||||||||||||||
Average net assets (in millions) | $4,193 | $3,914 | $4,420 | $4,553 | $4,794 | |||||||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income | 3.78% | 3.64% | 3.79% | 5.05% | 6.42% | |||||||||||||||
Expenses excluding specific expenses listed below | 0.80% | 0.87% | 0.83% | 0.80% | 0.73% | |||||||||||||||
Interest and fees from borrowings | 0.09% | 0.15% | 0.11% | 0.08% | 0.06% | |||||||||||||||
Interest and fees on short-term floating rate notes issued4 | 0.17% | 0.19% | 0.08% | 0.09% | 0.07% | |||||||||||||||
Total expenses | 1.06% | 1.21% | 1.02% | 0.97% | 0.86% | |||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.06% | 1.21% | 1.02% | 0.97% | 0.86% | |||||||||||||||
Portfolio turnover rate5 | 25% | 26% | 23% | 33% | 13% |
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.
51 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
FINANCIAL HIGHLIGHTSContinued
Class C | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $15.31 | $14.55 | $14.64 | $14.64 | $15.32 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.49 | 0.44 | 0.45 | 0.63 | 0.84 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.35 | 0.73 | 0.04 | 0.12 | (0.69) | |||||||||||||||
Total from investment operations | 1.84 | 1.17 | 0.49 | 0.75 | 0.15 | |||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (0.42) | (0.41) | (0.58) | (0.75) | (0.83) | |||||||||||||||
Net asset value, end of period | $16.73 | $15.31 | $14.55 | $14.64 | $14.64 | |||||||||||||||
Total Return, at Net Asset Value2 | 12.10% | 8.09% | 3.32% | 5.18% | 1.02% | |||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in millions) | $472 | $705 | $761 | $865 | $841 | |||||||||||||||
Average net assets (in millions) | $604 | $733 | $851 | $875 | $887 | |||||||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income | 3.02% | 2.88% | 3.02% | 4.19% | 5.57% | |||||||||||||||
Expenses excluding specific expenses listed below | 1.56% | 1.62% | 1.62% | 1.66% | 1.58% | |||||||||||||||
Interest and fees from borrowings | 0.09% | 0.15% | 0.11% | 0.08% | 0.06% | |||||||||||||||
Interest and fees on short-term floating rate notes issued4 | 0.17% | 0.19% | 0.08% | 0.09% | 0.07% | |||||||||||||||
Total expenses | 1.82% | 1.96% | 1.81% | 1.83% | 1.71% | |||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.82% | 1.96% | 1.81% | 1.83% | 1.71% | |||||||||||||||
Portfolio turnover rate5 | 25% | 26% | 23% | 33% | 13% |
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.
52 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Class Y | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $15.35 | $14.60 | $14.68 | $14.68 | $15.35 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.66 | 0.59 | 0.59 | 0.77 | 0.99 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.35 | 0.72 | 0.06 | 0.13 | (0.68) | |||||||||||||||
Total from investment operations | 2.01 | 1.31 | 0.65 | 0.90 | 0.31 | |||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (0.58) | (0.56) | (0.73) | (0.90) | (0.98) | |||||||||||||||
Net asset value, end of period | $16.78 | $15.35 | $14.60 | $14.68 | $14.68 | |||||||||||||||
Total Return, at Net Asset Value2 | 13.25% | 9.07% | 4.41% | 6.22% | 2.09% | |||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in millions) | $610 | $421 | $330 | $263 | $212 | |||||||||||||||
Average net assets (in millions) | $528 | $382 | $330 | $238 | $229 | |||||||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income | 4.02% | 3.88% | 3.94% | 5.17% | 6.57% | |||||||||||||||
Expenses excluding specific expenses listed below | 0.56% | 0.62% | 0.62% | 0.66% | 0.58% | |||||||||||||||
Interest and fees from borrowings | 0.09% | 0.15% | 0.11% | 0.08% | 0.06% | |||||||||||||||
Interest and fees on short-term floating rate notes issued4 | 0.17% | 0.19% | 0.08% | 0.09% | 0.07% | |||||||||||||||
Total expenses | 0.82% | 0.96% | 0.81% | 0.83% | 0.71% | |||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.82% | 0.96% | 0.81% | 0.83% | 0.71% | |||||||||||||||
Portfolio turnover rate5 | 25% | 26% | 23% | 33% | 13% |
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 MUNICIPALS FUND
FINANCIAL HIGHLIGHTSContinued
Class R6 | Period Ended | |||
Per Share Operating Data | ||||
Net asset value, beginning of period | $16.44 | |||
Income (loss) from investment operations: | ||||
Net investment income2 | 0.40 | |||
Net realized and unrealized gain | 0.29 | |||
|
|
| ||
Total from investment operations | 0.69 | |||
Dividends and/or distributions to shareholders: | ||||
Dividends from net investment income | (0.35) | |||
Net asset value, end of period | $16.78 | |||
|
|
| ||
Total Return, at Net Asset Value3 | 4.20% | |||
Ratios/Supplemental Data | ||||
Net assets, end of period (in millions) | $5 | |||
Average net assets (in millions) | $1 | |||
Ratios to average net assets:4 | ||||
Net investment income | 4.07% | |||
Expenses excluding specific expenses listed below | 0.54% | |||
Interest and fees from borrowings | 0.09% | |||
Interest and fees on short-term floating rate notes issued5 | 0.17% | |||
|
|
| ||
Total expenses | 0.80% | |||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.78% | |||
Portfolio turnover rate6 | 25% |
1. For the period from after the close of business on May 24, 2019 (inception of offering) to December 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.
54 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
NOTES TO FINANCIAL STATEMENTSDecember 31, 2019
Note 1 - Significant Accounting Policies
Invesco Oppenheimer Rochester Municipals Fund (the “Fund”) is a series portfolio of AIMTax-Exempt Funds (InvescoTax-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 anopen-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 Fund Municipals (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.
The Fund’s investment objective is to seektax-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 afront-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 asinstitution-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
55 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
NOTES TO FINANCIAL STATEMENTSContinued
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 andnon-cash dividend income received in the form of securitiesin-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 theex-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
56 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
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 theex-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 Rule12b-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 |
57 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
NOTES TO FINANCIAL STATEMENTSContinued
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 theperiod-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 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 |
58 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
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 Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and
59 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
NOTES TO FINANCIAL STATEMENTSContinued
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 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.
60 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
There is some risk that a portion or all of the interest received from certaintax-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 $100 million | 0.54 | % | ||
Next $150 million | 0.52 | |||
Next $1.75 billion | 0.47 | |||
Next $3 billion | 0.46 | |||
Next $3 billion | 0.45 | |||
Next $6 billion | 0.44 | |||
Over $14 billion | 0.42 |
*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 yearended December 31, 2019, the effective advisory fees incurred by the Fund was 0.46%.
From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $9,416,726in 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 mastersub-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 separatesub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “AffiliatedSub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such AffiliatedSub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such AffiliatedSub-Adviser(s). Invesco has also entered into aSub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.
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) ofClass A, Class C, Class Y, and Class R6 shares to 0.86%, 1.62%, 0.62%, and 0.52%, respectively, of the Fund’s average
61 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
NOTES TO FINANCIAL STATEMENTSContinued
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 ornon-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 yearended December 31, 2019, the Adviser reimbursed fund expenses of $129for 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 yearended December 31, 2019, 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 orsub-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 yearended December 31, 2019, 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 Rule12b-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. 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
62 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the yearended December 31, 2019, 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 theyearended December 31, 2019, IDI advised the Fund that IDI retained $169,342 infront-end sales commissions from the sale of Class A shares and $11,517 and $21,404 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. From the beginning of the fiscal year to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $165,929 in front–end sales commissions from the sale of Class A shares and $2,265 and $13,299 from Class A and Class C shares, respectively, 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 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 December 31, 2019.
The level assigned to the securities valuations may not be an indication of the risk or liquidity
63 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
NOTES TO FINANCIAL STATEMENTSContinued
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— Unadjusted Quoted Prices | Level 2— Other Significant | Level 3— Unobservable Inputs | Value | |||||||||||||||
|
| |||||||||||||||||
Assets Table | ||||||||||||||||||
Investments, at Value: | ||||||||||||||||||
Municipal Bonds and Notes | ||||||||||||||||||
New York | $ | — | $ | 4,796,073,229 | $ | — | $ | 4,796,073,229 | ||||||||||
U.S. Possessions | — | 974,894,166 | — | 974,894,166 | ||||||||||||||
Common Stock | — | — | 3,502,500 | 3,502,500 | ||||||||||||||
|
|
| ||||||||||||||||
Total Investments, at Value | — | 5,770,967,395 | 3,502,500 | 5,774,469,895 | ||||||||||||||
Other Financial Instruments: | ||||||||||||||||||
Investments Matured | $ | — | $ | 2,452,500 | $ | — | $ | 2,452,500 | ||||||||||
|
|
| ||||||||||||||||
Total Assets | $ | — | $ | 5,773,419,895 | $ | 3,502,500 | $ | 5,776,922,395 | ||||||||||
|
|
|
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 | $ | 23,925 | ||
Payments Made to Retired Trustees | 46,653 | |||
Accumulated Liability as of December 31, 2019 | 376,755 |
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).
64 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS 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 atperiod-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 Paid During the Fiscal Years Ended December 31, 2019 and 2018:
2019 | 2018 | |||||||
| ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 5,814,291 | $ | 3,105,482 | ||||
Ordinary income -Tax-Exempt | 166,743,416 | 165,575,463 | ||||||
|
| |||||||
Total distributions | $ | 172,557,707 | $ | 168,680,945 | ||||
|
|
Tax Components of Net Assets atPeriod-End:
2019 | ||||
| ||||
Undistributed ordinary income | $ | 1,008,081 | ||
Undistributedtax-exempt income | 119,306,828 | |||
Net unrealized appreciation (depreciation) - investments | (266,952,230) | |||
Temporary book/tax differences | (907,468) | |||
Capital loss carryforward | (596,887,963) | |||
Shares of beneficial interest | 6,238,408,780 | |||
|
| |||
Total net assets | $ | 5,493,976,028 | ||
|
|
The difference between book-basis andtax-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 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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be
65 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
NOTES TO FINANCIAL STATEMENTSContinued
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 December 31, 2019, which expires as follows:
Capital Loss Carryforward* | ||||||||||||
| ||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||
| ||||||||||||
Not subject to expiration | $ | 125,089,155 | $ | 471,798,808 | $ | 596,887,963 |
* 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 theyear ended December 31, 2019 was $1,397,313,721 and $1,551,130,232, 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 reportingperiod-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
| ||||
Aggregate unrealized appreciation of investments | $ | 265,972,551 | ||
Aggregate unrealized (depreciation) of investments | (532,924,781) | |||
|
| |||
Net unrealized depreciation of investments | $ | (266,952,230) | ||
|
|
Cost of investments for tax purposes is$6,043,874,625.
Note 8 - Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of defaulted bonds and tender option bonds sales, on December 31, 2019,undistributed net investment income was increased by $20,828,355 and undistributed net realized gain (loss) was decreased by $20,828,355. 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:
66 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Year Ended December 31, 20191 | Year Ended December 31, 2018 | |||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||
Class A | ||||||||||||||||||||
Sold | 22,263,978 | $ | 366,055,217 | 15,464,611 | $ | 234,508,501 | ||||||||||||||
Automatic Conversion Class C to Class A Shares | 16,359,187 | 271,641,351 | — | — | ||||||||||||||||
Dividends and/or distributions reinvested | 7,190,270 | 118,291,142 | 7,475,115 | 113,509,138 | ||||||||||||||||
Redeemed | (31,084,981 | ) | (511,048,850 | ) | (47,368,405 | ) | (715,351,802 | ) | ||||||||||||
Net increase (decrease) | 14,728,454 | $ | 244,938,860 | (24,428,679 | ) | $ | (367,334,163 | ) | ||||||||||||
Class B | ||||||||||||||||||||
Sold | — | $ | — | 3 | $ | 14 | ||||||||||||||
Dividends and/or distributions reinvested | — | — | 1,672 | 24,601 | ||||||||||||||||
Redeemed2 | — | — | (261,778 | ) | (3,888,705 | ) | ||||||||||||||
Net increase (decrease) | — | $ | — | (260,103 | ) | $ | (3,864,090 | ) | ||||||||||||
Class C | ||||||||||||||||||||
Sold | 5,278,747 | $ | 86,258,641 | 3,936,180 | $ | 59,623,637 | ||||||||||||||
Dividends and/or distributions reinvested | 858,543 | 13,981,744 | 1,185,076 | 17,928,741 | ||||||||||||||||
Automatic Conversion Class C to Class A Shares | (16,400,229 | ) | (271,641,351 | ) | — | — | ||||||||||||||
Redeemed | (7,593,038 | ) | (123,702,341 | ) | (11,370,110 | ) | (171,539,695 | ) | ||||||||||||
Net increase (decrease) | (17,855,977 | ) | $ | (295,103,307 | ) | (6,248,854 | ) | $ | (93,987,317 | ) | ||||||||||
Class Y | ||||||||||||||||||||
Sold | 13,429,030 | $ | 220,190,773 | 10,279,646 | $ | 156,336,049 | ||||||||||||||
Dividends and/or distributions reinvested | 978,897 | 16,137,032 | 781,804 | 11,895,719 | ||||||||||||||||
Redeemed | (5,456,754 | ) | (89,633,512 | ) | (6,220,539 | ) | (94,349,645 | ) | ||||||||||||
Net increase (decrease) | 8,951,173 | $ | 146,694,293 | 4,840,911 | $ | 73,882,123 | ||||||||||||||
Class R63 | ||||||||||||||||||||
Sold | 298,058 | $ | 4,983,613 | — | $ | — | ||||||||||||||
Dividends and/or distributions reinvested | 1,107 | 18,566 | — | — | ||||||||||||||||
Redeemed | (1,800 | ) | (30,190 | ) | — | — | ||||||||||||||
Net increase (decrease) | 297,365 | $ | 4,971,989 | — | $ | — | ||||||||||||||
1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 56% 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. 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,
67 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
NOTES TO FINANCIAL STATEMENTSContinued
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 January 1, 2019 to May 24, 2019, the Fund incurred fees of $2,105,528. The average daily balance borrowings under this agreement were $51,216,667with a average interest rate of 2.59%.
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 December 31, 2019, the Fund incurred fees of $2,007,104. The average daily balance of borrowings under this agreement is $4,467,421with a average interest rate of 1.98%. 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 year ended December 31, 2019 were $399,108,000 and 2.26%, respectively.
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 itspro-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 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
68 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
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.
69 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of AIMTax-Exempt Funds (InvescoTax-Exempt Funds) and Shareholders of Invesco Oppenheimer Rochester® Municipals 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® Municipals Fund (one of the funds constituting AIMTax-Exempt Funds (InvescoTax-Exempt Funds), referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations and the statement of changes in net assets for the year ended December 31, 2019, including the related notes, and the financial highlights for the period ended December 31, 2019 (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 December 31, 2019, the results of its operations and changes in its net assets for the year ended December 31, 2019 and the financial highlights for the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of Invesco Oppenheimer Rochester® Municipals Fund (formerly known as Oppenheimer Rochester® Municipals Fund) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 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 February 22, 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
70 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers; when replies 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
February 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.
71 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Form1099-DIV, Form1042-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 December 31, 2019:
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* | 96.63 | % |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
72 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS 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 FormN-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s FormsN-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 recent12-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.
73 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
The address of each trustee and officer is AIMTax-Exempt Funds (InvescoTax-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 Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
INTERESTED PERSON | ||||||||
Martin L. Flanagan1— 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and 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 | 229 | None | ||||
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 |
74 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
INDEPENDENT TRUSTEES | ||||||||
Bruce L. Crockett – 1944 Trustee and Chair | 2003 | Chairman, Crockett Technologies Associates (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 | 229 | Director 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 Trustee | 2010 | Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization | 229 | Board member of the Illinois Manufacturers’ Association | ||||
Beth Ann Brown – 1968 Trustee | 2019 | Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 229 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection (non-profit) | ||||
Jack M. Fields – 1952 Trustee | 2003 | Chief Executive Officer, Twenty First Century 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 | 229 | None |
75 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
TRUSTEES AND OFFICERSContinued
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
INDEPENDENT TRUSTEES (CONTINUED) | ||||||||
Cynthia Hostetler —1962 Trustee | 2017 | Non-Executive Director and Trustee of a 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 | 229 | Vulcan 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 Trustee | 2016 | Professor and Dean, Mays Business School - Texas A&M University
Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank | 229 | Insperity, Inc. (formerly known as Administaff) (human resources provider)
| ||||
Elizabeth Krentzman – 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory 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.; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 229 | Trustee of the University of Florida National Board Foundation and Audit Committee Member; 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 |
76 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
INDEPENDENT TRUSTEES (CONTINUED) | ||||||||
Anthony J. LaCava, Jr. – 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 229 | Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP | ||||
Prema Mathai-Davis – 1950 Trustee | 2003 | Retired
Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor) | 229 | None | ||||
Joel W. Motley – 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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) | 229 | Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism) | ||||
Teresa M. Ressel — 1962 Trustee | 2017 | Non-executive director and trustee of a 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 | 229 | Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier) | ||||
Ann Barnett Stern – 1957 Trustee | 2017 | President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution)
Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; | 229 | Federal Reserve Bank of Dallas |
77 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
TRUSTEES AND OFFICERSContinued
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
INDEPENDENT TRUSTEES (CONTINUED) | ||||||||
Ann Barnett Stern (Continued) | Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP | |||||||
Robert C. Troccoli – 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP | 229 | None | ||||
Daniel S. Vandivort –1954 Trustee | 2019 | Treasurer, Chairman of the Audit and Finance 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 | 229 | Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds | ||||
James D. Vaughn – 1945 Trustee | 2019 | Retired
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 | 229 | Board 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 – 1957 Trustee, Vice Chair and Chair Designate | 2017 | Retired
Formerly: Director, TD Asset Management USA 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.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments | 229 | ISO New England, Inc.(non-profit organization managing regional electricity market) |
78 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
OTHER OFFICERS | ||||||||
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer | 2003 | Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and 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 | N/A | N/A | ||||
Russell C. Burk — 1958 Senior Vice President and Senior Officer | 2005 | Senior Vice President and Senior Officer, The Invesco Funds | N/A | N/A | ||||
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President 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 | N/A | N/A |
79 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
TRUSTEES AND OFFICERSContinued
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
OTHER 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 – 1974 Senior Vice President | 2019 | Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and 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 | N/A | N/A |
80 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
OTHER OFFICERS (CONTINUED) | ||||||||
Andrew R. Schlossberg (Continued) | 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 | |||||||
John M. Zerr — 1962 Senior Vice President | 2006 | Chief Operating Officer of the Americas; 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 | N/A | N/A |
81 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
TRUSTEES AND OFFICERSContinued
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
OTHER 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 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; 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
Formerly: Senior Vice President, Invesco | N/A | N/A |
82 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
OTHER OFFICERS (CONTINUED) | ||||||||
Gregory G. McGreevey (Continued) | Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | |||||||
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer | 2008 | Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal 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
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 | N/A | N/A | ||||
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and | N/A | N/A |
83 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
TRUSTEES AND OFFICERSContinued
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
OTHER OFFICERS (CONTINUED) | ||||||||
Crissie M. Wisdom (Continued) | Controls and Risk Analysis Manager for Invesco Investment Services, Inc.
Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc. | |||||||
Robert R. Leveille – 1969 Chief Compliance Officer | 2016 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds | N/A | N/A |
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’ssub-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 |
84 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
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Invesco recognizes the importance of protecting your personal and financial information when you visit our website located atwww.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
85 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
INVESCO’S PRIVACY NOTICEContinued
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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/orde-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, andweb-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 orde-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, visitwww.aboutcookies.org.
86 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS 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:
87 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND
INVESCO’S PRIVACY NOTICEContinued
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· | 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.
88 INVESCO OPPENHEIMER ROCHESTER MUNICIPALS 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.
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
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Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
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Invesco Distributors, Inc. | O-ROM-AR-1 022720 |
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, Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Robert C. Troccoli and James Vaughn are “independent” within the meaning of that term as used in FormN-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 Senior Associate, a PwC Manager and a PwC Director each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule2-01(c)(1) of RegulationS-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 and one PwC Manager. 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 responsibilities 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 83open-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 havepre-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 Rule2-01 of
RegulationS-X (“Rule2-01”) 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 certainnon-audit services including, expert legal services to one Oppenheimer Fund, custody of client assets in connection with payroll services, anon-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 ofnon-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 thePre-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 thePre-Reorganization Relationship and Services, would conclude that thePre-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 oversee.
Mitigating factors that PwC and the Audit Committees considered in reaching their respective conclusions included, among others, the following factors:
● | none of thePre-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; |
● | thePre-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 thePre-Reorganization Services affected the operations or financial reporting of the New Invesco Funds; |
● | thePre-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 thePre-Reorganization Services were not material to MassMutual, Invesco or PwC. |
(a) to (d)
Fees Billed by PwC Related to the Registrant
PwC billed the series of the Registrant with a fiscal year end of December 31, 2019 (each a “Fund”) aggregate fees for services rendered to these Funds as shown in the following table. Each Fund is newly organized and was created, respectively, for the purpose of acquiring the assets and liabilities of a corresponding predecessor fund (each, a “Reorganization”). Each Reorganization was consummated after the close of business on May 24, 2019, prior to which each Fund had not yet commenced operations. Accordingly, the information shown in the following table has been provided for the periods since each Fund’s commencement of operations. The Audit Committeepre-approved all audit andnon-audit services provided to the Funds.
Fees Billed for Services Rendered to the Registrant for fiscal year end 2019 | ||||||||
Audit Fees | $ | 97,080 | ||||||
Audit-Related Fees | $ | 0 | ||||||
Tax Fees(1) | $ | 21,024 | ||||||
All Other Fees | $ | 0 | ||||||
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| |||||||
Total Fees | $ | 118,104 |
(1) | Tax Fees for the fiscal year ended December 31, 2019 include 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”), each Fund’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to each Fund (“Invesco Affiliates”) aggregate fees forpre-approvednon-audit services rendered to Invesco and Invesco Affiliates for the periods since each Fund’s commencement of operations as shown in the following table. The Audit Committeepre-approved allnon-audit services provided to Invesco and Invesco Affiliates.
Fees Billed for Non-Audit Services Rendered to Invesco and to bePre-Approved by the Registrant’s Audit Committee | |||||
Audit-Related Fees(1) | $ | 690,000 | |||
Tax Fees | $ | 0 | |||
All Other Fees | $ | 0 | |||
|
| ||||
Total Fees | $ | 690,000 |
(1) | Audit-Related Fees for the fiscal year ended December 31, 2019 include fees billed related to reviewing controls at a service organization. |
(e)(1)
PRE-APPROVAL OF AUDIT ANDNON-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 thepre-approval of audit andnon-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 andnon-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule2-01 of RegulationS-X requires that the Audit Committee alsopre-approve a Service Affiliate’s engagement of the Auditor fornon-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 maypre-approve audit andnon-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 generalpre-approvals without consideration of specificcase-by-case services (“general pre-approvals”) and pre-approvals on acase-by-case basis (“specific pre-approvals”). Any services requiringpre-approval that are not within the scope of generalpre-approvals hereunder are subject to specificpre-approval. These Procedures also address the delegation by the Audit Committee ofpre-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 specificpre-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
1 Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable toclosed-end funds managed by Invesco and listed on NYSE.
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 specificallypre-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 SpecificPre-Approval ofNon-Audit Fund Services |
The Audit Committee will consider, at least annually, the list of GeneralPre-ApprovedNon-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 GeneralPre-ApprovedNon-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 GeneralPre-ApprovedNon-Audit Services have not received generalpre-approval and require specificpre-approval. Each request for specificpre-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 topre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.
IV. | Non-Audit Service Types |
The Audit Committee may provide either general or specificpre-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 specificpre-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 orfee-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 maypre-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 |
Rule2-01 of RegulationS-X requires that the Audit Committeepre-approve a Service Affiliate’s engagement of the Auditor fornon-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 specificpre-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 GeneralPre-ApprovedNon-Audit Services have not received generalpre-approval and require specificpre-approval.
Each request for specificpre-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 thepre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule2-201 of
RegulationS-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 requirespre-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 fornon-audit services, whether or not subject topre-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 andnon-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under generalpre-approval or specificpre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximumpre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specificpre-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, topre-approve audit andnon-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 andpre-approve any proposed services or engagements.
Notwithstanding the foregoing, the Audit Committee mustpre-approve: (a) anynon-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 topre-approve any services or engagements that are not required to bepre-approved pursuant to the de minimis exception provided for in Rule2-01(c)(7)(i)(C) of RegulationS-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements arepre-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 bepre-approved pursuant to the de minimis exception provided for inRule 2-01(c)(7)(i)(C) of RegulationS-X.
On at least an annual basis, the Auditor will provide the Audit Committee with a summary of allnon-audit services provided to any entity in the investment company complex (as defined in section2-01(f)(14) of RegulationS-X, including the Funds and Service Affiliates) that were notpre-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 followingnon-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 followingnon-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, orcontribution-in-kind reports; |
● | Actuarial services; and |
● | Internal audit outsourcing services. |
(e)(2) There were no amounts that werepre-approved by the Audit Committee pursuant to the de minimis exception under Rule2-01 of RegulationS-X.
(f) Not applicable.
(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregatenon-audit fees of $4,089,000 for the fiscal year ended December 31, 2019 fornon-audit services not required to bepre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregatenon-audit fees of $4,800,024
PwC provided audit services to the Investment Company complex of approximately $34 million.
(h) The Audit Committee also has considered whether the provision ofnon-audit services that were rendered to Invesco and Invesco Affiliates that were not required to bepre-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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BYCLOSED-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 February 12, 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 Rule30a-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 February 12, 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 FormN-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 Rule30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
13(a) (1) | Code of Ethics. | |
13(a) (2) | Certifications of principal executive officer and principal financial officer as required by Rule30a-2(a) under the Investment Company Act of 1940. | |
13(a) (3) | Not applicable. | |
13(a) (4) | Not applicable. | |
13(b) | Certifications of principal executive officer and principal financial officer as required by Rule30a-2(b) under the Investment Company Act of 1940. |
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: AIMTax-Exempt Funds (InvescoTax-Exempt Funds)
By: | /s/ Sheri Morris | |||
Sheri Morris | ||||
Principal Executive Officer | ||||
Date: | March 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: | March 6, 2020 | |||
By: | /s/ Kelli Gallegos | |||
Kelli Gallegos | ||||
Principal Financial Officer | ||||
Date: | March 6, 2020 |