UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07890
AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Address of principal executive offices) (Zip code)
Sheri Morris
11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 2/28/21
ITEM 1. Report to Stockholders.
Annual Report to Shareholders | February 28, 2021 | |
Invesco AMT-Free Municipal Income Fund | ||
Nasdaq: A: OPTAX ■ C: OMFCX ■ Y: OMFYX ■ R6: IORAX |
Management’s Discussion of Fund Performance
Performance summary For the year ended February 28, 2021, Class A shares of Invesco AMT-Free Municipal Income Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg Barclays Municipal Bond Index. Your Fund’s long-term performance appears later in this report. | |
Fund vs. Indexes | |
Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. | |
Class A Shares | 0.70% |
Class C Shares | -0.14 |
Class Y Shares | 0.82 |
Class R6 Shares | 1.05 |
Bloomberg Barclays Municipal Bond Index▼ | 1.06 |
U.S. Consumer Price Index■ | 1.68 |
Source(s):▼RIMES Technologies Corp.; ■Bloomberg L.P. |
Market conditions and your Fund The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected twist of the coronavirus (COVID-19) global pandemic that pierced the markets and forced society to navigate uncharted waters in March 2020. Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%, and taxable municipal bonds returned 0.43% during the year.1 The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market. Municipal funds averaged about $10 billion per week in outflows during March.2 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.2 In general, many high-yield municipal funds hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe. Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries – well above the historical norm of approximately 90%.3 The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed which included the Municipal Liquidity Facility (MLF). The CARES | Act also provided $150 billion for state and local governments and established the Disaster Relief Fund. The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to COVID-19, consisting of half of a percentage and a whole percentage point leaving the target range 0.00% to 0.25%.4 Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw municipal market performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate timelines for closures of non-essential businesses. Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF, which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, the availability of the program provided a psychological safety net for the market. As the COVID-19 pandemic continued into fall and winter; most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine. We believe the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform. A highly demanded second stimulus package was signed at the end of 2020. The $900 billion Omnibus Spending and COVID
|
Relief Deal included funding for small businesses, the unemployed, and health care workers. In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment. New municipal issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion.5 Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.5 This uptick can be attributed to recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance. Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, we think mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current on principal and interest, as history has shown. At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February 2021 also brought $34 billion in municipal bond supply, higher than the average supply for the last five years for the month. During the year, security selection in state general obligation bonds and the special tax sector contributed to the Fund’s performance relative to its style-specific benchmark. Security selection in non-rated bonds significantly contributed to the Fund’s relative return. On a state level, security selection in Alabama domiciled bonds also added to the Fund’s relative performance. Conversely, security selection in BBB-rated† bonds detracted from the Fund’s performance relative to its style-specific benchmark over the year. Security selection in local general obligation bonds also detracted from the Fund’s relative performance. On a state level, security selection in Puerto Rico and Virginia holdings was a detractor from the Fund’s relative results. During the year, leverage contributed to the Fund’s performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of inverse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total |
2 | Invesco AMT-Free Municipal Income Fund |
return for shareholders. However, the use of leverage also can expose shareholders to additional volatility. For more information about the Fund’s use of leverage, see the Notes to Financial Statements later in this report. We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of some of the Fund’s investments. Thank you for investing in Invesco AMT-Free Municipal Income Fund and for sharing our long-term investment horizon.
1 Source: Bloomberg Barclays 2 Source: Strategic Insight 3 Source: US Department of the Treasury 4 Source: US Federal Reserve 5 Source: The Bond Buyer † A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s): Joshua Cooney Elizabeth S. Mossow Tim O’Reilly Mark Paris Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is | not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
|
3 | Invesco AMT-Free Municipal Income Fund |
Your Fund’s Long-Term Performance
Results of a $10,000 Investment — Oldest Share Class(es)
Fund and index data from 2/28/11
1 | Source: RIMES Technologies Corp. |
2 | Source: Bloomberg L.P. |
Past performance cannot guarantee future results. The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management | fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does | not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. |
4 | Invesco AMT-Free Municipal Income Fund |
Average Annual Total Returns | Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value. The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.
| ||||
As of 2/28/21, including maximum applicable sales charges | |||||
Class A Shares | |||||
Inception (10/27/76) | 5.80% | ||||
10 Years | 7.80 | ||||
5 Years | 5.77 | ||||
1 Year | -3.61 | ||||
Class C Shares | |||||
Inception (8/29/95) | 4.56% | ||||
10 Years | 7.61 | ||||
5 Years | 5.88 | ||||
1 Year | -1.11 | ||||
Class Y Shares | |||||
Inception (11/29/10) | 7.88% | ||||
10 Years | 8.50 | ||||
5 Years | 6.95 | ||||
1 Year | 0.82 | ||||
Class R6 Shares | |||||
10 Years | 8.32% | ||||
5 Years | 6.81 | ||||
1 Year | 1.05 |
Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester AMT-Free Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester® AMT-Free Municipal Fund. The Fund was subsequently renamed the In-vesco AMT-Free Municipal Income Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses. Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares. Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on |
5 | Invesco AMT-Free Municipal Income Fund |
Supplemental Information
Invesco AMT-Free Municipal Income Fund’s investment objective is to seek tax-free income.
■ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
■ | Unless otherwise noted, all data provided by Invesco. |
■ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report
■ | The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. |
■ | The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US Bureau of Labor Statistics. |
■ | The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
■ | A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. |
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
6 | Invesco AMT-Free Municipal Income Fund |
Fund Information
Portfolio Composition | |
By credit sector | % of total investments |
Revenue Bonds | 77.8% |
General Obligation Bonds | 15.8 |
Other | 4.3 |
Pre-Refunded Bonds | 2.1 |
Top Five Debt Holdings | ||
% of total net assets | ||
1. | Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB | 1.2% |
2. | Los Angeles Unified School District, Series 2018-XF2575, Ctfs. | 0.9 |
3. | Commonwealth of Massachusetts, Series 2016-XF0530, Ctfs. | 0.9 |
4. | New York (City of), NY Water & Sewer System (2nd Generation Resolution), Series 2008 BB-2, VRD RB | 0.9 |
5. | Wisconsin Health & Educational Facilities Authority, Series 2018 XF2541, Revenue Ctfs. | 0.8 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of February 28, 2021. |
7 | Invesco AMT-Free Municipal Income Fund |
Schedule of Investments |
February 28, 2021 |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||||||||||
Municipal Obligations–101.47% Alabama–3.99% Birmingham (City of) & Jefferson (County of), AL Civic Center Authority; Series 2018 A, RB | 5.00 | % | 07/01/2048 | $ | 2,500 | $ | 2,882,050 | ||||||
Birmingham (City of), AL Private Educational Building Authority (Birmingham-Southern College); Series 1996, RB | 6.13 | % | 12/01/2025 | 385 | 349,977 | ||||||||
Birmingham (City of), AL Water Works Board; Series 2016 B, Ref. RB | 5.00 | % | 01/01/2043 | 16,150 | 19,099,151 | ||||||||
Etowah (County of) & Gadsden (City of), AL Health Care Authority (Etowah County Health Department); Series 2007, RB (INS - AGM)(a) | 4.38 | % | 01/01/2032 | 25 | 25,070 | ||||||||
Fort Deposit (Town of), AL Cooperative District; Series 2003, RB | 6.00 | % | 02/01/2036 | 185 | 185,137 | ||||||||
Homewood (City of), AL Educational Building Authority (Samford University); Series 2017 A, Ref. RB | 5.00 | % | 12/01/2047 | 4,500 | 5,193,810 | ||||||||
Jefferson (County of), AL; | |||||||||||||
Series 2013 C, Revenue Wts. (INS - AGM)(a)(b) | 6.90 | % | 10/01/2050 | 8,750 | 8,836,450 | ||||||||
Series 2013 D, Wts. | 6.00 | % | 10/01/2042 | 8,000 | 9,317,680 | ||||||||
Series 2013 D, Wts. | 7.00 | % | 10/01/2051 | 4,000 | 4,762,840 | ||||||||
Series 2013 D, Wts. | 6.50 | % | 10/01/2053 | 7,500 | 8,835,600 | ||||||||
Series 2013 F, Revenue Wts.(b) | 7.75 | % | 10/01/2046 | 20,185 | 20,453,864 | ||||||||
Series 2013 F, Revenue Wts.(b) | 7.90 | % | 10/01/2050 | 20,000 | 20,275,400 | ||||||||
Series 2017, Ref. Wts. | 5.00 | % | 09/15/2035 | 4,500 | 5,371,425 | ||||||||
Mobile (City of), AL Improvement District (McGowin Park); Series 2016 A, RB | 5.25 | % | 08/01/2030 | 200 | 208,350 | ||||||||
105,796,804 | |||||||||||||
Alaska–0.00% | |||||||||||||
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.); Series 2007 C, RB(c) | 5.88 | % | 12/01/2027 | 600 | 30,000 | ||||||||
Northern Tobacco Securitization Corp.; Series 2006 A, RB | 5.00 | % | 06/01/2032 | 90 | 91,454 | ||||||||
121,454 | |||||||||||||
Arizona–2.82% | |||||||||||||
Arizona (State of) Industrial Development Authority; Series 2020 A, RB | 4.00 | % | 11/01/2045 | 2,100 | 2,377,053 | ||||||||
Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2017 A, Ref. RB | 5.00 | % | 07/01/2042 | 675 | 777,843 | ||||||||
Series 2017 A, Ref. RB | 5.00 | % | 07/01/2047 | 925 | 1,057,774 | ||||||||
Series 2017 A, Ref. RB | 5.00 | % | 07/01/2051 | 1,000 | 1,142,930 | ||||||||
Series 2018 A, Ref. RB | 5.00 | % | 07/01/2038 | 500 | 588,455 | ||||||||
Series 2018 A, Ref. RB | 5.00 | % | 07/01/2048 | 1,800 | 2,078,622 | ||||||||
Series 2018 A, Ref. RB | 5.00 | % | 07/01/2052 | 2,125 | 2,449,296 | ||||||||
Arizona (State of) Industrial Development Authority (Provident Group - Eastern Michigan University Parking); | |||||||||||||
Series 2018, RB | 5.00% | 05/01/2048 | 1,100 | 1,130,162 | |||||||||
Series 2018, RB | 5.00 | % | 05/01/2051 | 1,000 | 1,024,170 | ||||||||
Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC); Series 2019 A, RB (INS - BAM)(a) | 5.00 | % | 06/01/2058 | 570 | 663,241 | ||||||||
City of Phoenix Civic Improvement Corp.; Series 2019, RB | 5.00 | % | 07/01/2049 | 6,845 | 8,312,089 | ||||||||
Festival Ranch Community Facilities District (Assessment Districts Nos. 4 & 5); Series 2007, RB | 5.75 | % | 07/01/2032 | 297 | 297,119 | ||||||||
Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona); Series 2017 C, RB | 5.00 | % | 07/01/2037 | 80 | 94,640 | ||||||||
Series 2017 C, RB | 5.00 | % | 07/01/2048 | 145 | 168,228 | ||||||||
Maricopa (County of), AZ Industrial Development Authority (Immanuel Campus of Care); Series 2006 B, Ref. RB(c)(d) | 8.50 | % | 04/20/2041 | 495 | 341,550 | ||||||||
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(e) | 5.00 | % | 07/01/2049 | 800 | 898,320 | ||||||||
Series 2019, Ref. RB(e) | 5.00 | % | 07/01/2054 | 600 | 671,418 | ||||||||
Maricopa County School District No. 24; Series 2007 B, GO Bonds | 5.50 | % | 07/01/2022 | 90 | 90,163 | ||||||||
Merrill Ranch Community Facilities District No. 1 (Assessment Area One); Series 2006, RB | 5.30 | % | 07/01/2030 | 180 | 180,263 | ||||||||
Phoenix (City of), AZ Industrial Development Authority (Espiritu Community Development Corp. Charter School); Series 2006 A, RB | 6.25 | % | 07/01/2036 | 435 | 435,365 | ||||||||
Phoenix (City of), AZ Industrial Development Authority (Great Hearts Academies); Series 2016 A, Ref. RB | 5.00 | % | 07/01/2041 | 1,200 | 1,315,224 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||||||||||
Arizona–(continued) | |||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Rowan University); Series 2012, RB | 5.25 | % | 06/01/2034 | $ | 8,500 | $ | 8,858,105 | ||||||
Phoenix Civic Improvement Corp.; Series 2019 A, RB | 4.00 | % | 07/01/2045 | 2,765 | 2,952,135 | ||||||||
Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools Ref.); | |||||||||||||
Series 2013 Q, Ref. RB | 5.38 | % | 07/01/2031 | 2,715 | 2,799,464 | ||||||||
Pima (County of), AZ Industrial Development Authority (Christian Care Tuscon, Inc.); | |||||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/15/2037 | 550 | 620,719 | ||||||||
Series 2017 C, RB | 5.00 | % | 12/15/2047 | 1,010 | 1,126,200 | ||||||||
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(e) | 5.50 | % | 09/01/2046 | 900 | 925,308 | ||||||||
Pima (County of), AZ Industrial Development Authority (New Plan Learning, Inc.); Series 2011 A, RB | 8.13 | % | 07/01/2041 | 1,400 | 1,399,888 | ||||||||
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB | 5.13 | % | 07/01/2039 | 195 | 203,791 | ||||||||
Series 2019, RB | 5.25 | % | 07/01/2049 | 240 | 249,581 | ||||||||
Pima (County of), AZ Industrial Development Authority (Tuscon Country Day School); Series 2007, Ref. RB | 5.00 | % | 06/01/2037 | 760 | 760,030 | ||||||||
Salt River Project Agricultural Improvement & Power District (Arizona Salt River); Series 2019 A, RB | 4.00 | % | 01/01/2041 | 6,595 | 7,813,031 | ||||||||
Salt Verde Financial Corp.; | |||||||||||||
Series 2007, RB | 5.50 | % | 12/01/2029 | 100 | 130,007 | ||||||||
Series 2007, RB | 5.00 | % | 12/01/2032 | 3,000 | 3,936,120 | ||||||||
Series 2007, RB | 5.00 | % | 12/01/2037 | 11,500 | 15,886,330 | ||||||||
Santa Cruz (County of), AZ Fire District (Rio Rico); Series 2011 B, GO Bonds(f)(g) | 7.00 | % | 07/01/2021 | 930 | 950,720 | ||||||||
Series 2011 B, GO Bonds | 7.00 | % | 07/01/2030 | 70 | 71,417 | ||||||||
74,776,771 | |||||||||||||
Arkansas–0.14% | |||||||||||||
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB | 5.00 | % | 09/01/2044 | 2,000 | 2,426,780 | ||||||||
Cave Springs Municipal Property Owners’ Improvement District No. 3; Series 2007, GO Bonds(c)(d) | 6.25 | % | 02/01/2038 | 1,615 | 1,178,950 | ||||||||
3,605,730 | |||||||||||||
California–8.88% | |||||||||||||
Bay Area Toll Authority; Series 2019 S-8, Ref. RB | 5.00 | % | 04/01/2056 | 5,000 | 6,042,550 | ||||||||
California (State of); | |||||||||||||
Series 2016, GO Bonds | 5.00 | % | 09/01/2045 | 5,000 | 5,988,400 | ||||||||
Series 2016, Ref. GO Bonds | 5.00 | % | 09/01/2037 | 10,085 | 12,179,856 | ||||||||
Series 2017, GO Bonds | 5.00 | % | 08/01/2046 | 8,500 | 10,150,700 | ||||||||
Series 2020, GO Bonds | 3.00 | % | 03/01/2046 | 2,600 | 2,744,404 | ||||||||
Series 2020, GO Bonds | 4.00 | % | 03/01/2046 | 1,500 | 1,732,185 | ||||||||
Series 2020, GO Bonds | 3.00 | % | 03/01/2050 | 1,500 | 1,568,385 | ||||||||
Series 2020, GO Bonds | 4.00 | % | 03/01/2050 | 1,325 | 1,524,227 | ||||||||
California (State of) County Tobacco Securitization Agency; Series 2006 B, RB(h) | 0.00 | % | 06/01/2050 | 129,820 | 18,895,301 | ||||||||
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB | 5.88 | % | 06/01/2035 | 50 | 50,065 | ||||||||
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.); Series 2006 A, RB(h) | 0.00 | % | 06/01/2046 | 7,000 | 1,393,140 | ||||||||
Series 2006 B, RB(h) | 0.00 | % | 06/01/2046 | 6,000 | 1,150,800 | ||||||||
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB | 5.88 | % | 06/01/2043 | 4,410 | 4,415,733 | ||||||||
California (State of) Enterprise Development Authority (Sunpower Corp. - Headquarters); Series 2010, RB | 8.50 | % | 04/01/2031 | 3,375 | 3,380,873 | ||||||||
California (State of) Health Facilities Financing Authority (Sutter Health); | |||||||||||||
Series 2016 B, Ref. RB(f)(g) | 5.00 | % | 11/15/2026 | 4,080 | 5,056,507 | ||||||||
Series 2016 B, Ref. RB | 5.00 | % | 11/15/2046 | 5,920 | 6,895,083 | ||||||||
California (State of) Housing Finance Agency; Series 2019 A-1, RB | 4.25 | % | 01/15/2035 | 171 | 196,504 | ||||||||
Series 2019 A-2, RB | 4.00 | % | 03/20/2033 | 1,965 | 2,206,265 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||||||||||
California–(continued) | |||||||||||||
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); | |||||||||||||
Series 2018, RB (INS - BAM)(a) | 5.00 | % | 05/15/2043 | $ | 4,250 | $ | 5,089,630 | ||||||
California (State of) Municipal Finance Authority (CHF-Riverside II, LLC - UCR North District Phase I | |||||||||||||
Student Housing); Series 2019, RB (INS - BAM)(a) | 5.00 | % | 05/15/2049 | 3,500 | 4,244,765 | ||||||||
California (State of) School Finance Authority (Coastal Academy); Series 2013 A, RB(e) | 5.00 | % | 10/01/2033 | 1,000 | 1,039,380 | ||||||||
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2007-01); Series 2015, Ref. RB | 5.00 | % | 09/01/2030 | 1,385 | 1,551,131 | ||||||||
Cathedral (City of), CA Redevelopment Agency Successor Agency; | |||||||||||||
Series 2014 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 08/01/2032 | 1,450 | 1,628,829 | ||||||||
Series 2014 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 08/01/2033 | 885 | 993,864 | ||||||||
Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB | 5.00 | % | 06/01/2029 | 170 | 206,948 | ||||||||
Inland Empire Tobacco Securitization Corp.; Series 2007 F, RB(e)(h) | 0.00 | % | 06/01/2057 | 345,750 | 16,143,067 | ||||||||
Lammersville Joint Unified School District (Lammersville School District Community Facilities | |||||||||||||
District No. 2007-1 - Improvement Area No. 1 - Mountain House - Shea Homes); Series 2013, RB | 6.00 | % | 09/01/2043 | 2,750 | 3,001,295 | ||||||||
Lammersville Unified School District (Lammersville School District Community Facilities District No. 2002 - Mountain House); Series 2012, Ref. RB | 5.00 | % | 09/01/2025 | 415 | 438,045 | ||||||||
Series 2012, Ref. RB | 5.10 | % | 09/01/2026 | 375 | 395,569 | ||||||||
Series 2012, Ref. RB | 5.15 | % | 09/01/2027 | 885 | 932,427 | ||||||||
Series 2012, Ref. RB | 5.20 | % | 09/01/2028 | 1,000 | 1,052,380 | ||||||||
Series 2012, Ref. RB | 5.25 | % | 09/01/2029 | 500 | 525,845 | ||||||||
Series 2012, Ref. RB | 5.30 | % | 09/01/2030 | 500 | 525,925 | ||||||||
Series 2012, Ref. RB | 5.38 | % | 09/01/2032 | 1,000 | 1,049,690 | ||||||||
Local Public Schools Funding Authority (School Facilities Improvement District No. 2016-1 -Election of 2016); Series 2017 A, GO Bonds (INS - BAM)(a) | 4.00 | % | 08/01/2042 | 3,500 | 3,943,135 | ||||||||
Long Beach (City of), CA Bond Finance Authority; Series 2007 A, RB | 5.50 | % | 11/15/2037 | 2,000 | 2,872,540 | ||||||||
Los Angeles (City of), CA (Community Facilities District No. 8); Series 2010, RB | 5.75 | % | 09/01/2040 | 180 | 183,357 | ||||||||
Los Angeles (City of), CA Department of Airports; Series 2021 B, Ref. RB | 5.00 | % | 05/15/2045 | 5,000 | 6,393,650 | ||||||||
Los Angeles Unified School District; | |||||||||||||
Series 2018-XF2575, Ctfs.(i) | 5.25 | % | 07/01/2042 | 20,000 | 24,514,400 | ||||||||
Series 2020 RYQ, GO Bonds | 4.00 | % | 07/01/2044 | 5,500 | 6,386,820 | ||||||||
Lynwood (City of), CA Redevelopment Agency (Project Area A); Series 2011 A, RB | 7.00 | % | 09/01/2031 | 1,250 | 1,281,063 | ||||||||
M-S-R Energy Authority; Series 2009 B, RB | 7.00 | % | 11/01/2034 | 10,000 | 15,391,200 | ||||||||
Oak Grove School District (Election of 2008); Series 2018 E, Ref. GO Bonds(b) | 5.00 | % | 08/01/2042 | 4,500 | 2,773,935 | ||||||||
Oxnard (City of), CA Financing Authority; | |||||||||||||
Series 2014, Ref. RB (INS - AGM)(a) | 5.00 | % | 06/01/2032 | 1,250 | 1,410,425 | ||||||||
Series 2014, Ref. RB (INS - AGM)(a) | 5.00 | % | 06/01/2033 | 1,500 | 1,690,980 | ||||||||
Series 2014, Ref. RB (INS - AGM)(a) | 5.00 | % | 06/01/2034 | 850 | 956,726 | ||||||||
Paramount Unified School District (Election of 2016); Series 2017 A, GO Bonds (INS - AGM)(a) | 5.25 | % | 08/01/2046 | 2,575 | 3,136,968 | ||||||||
Poway Unified School District Public Financing Authority; | |||||||||||||
Series 2015 B, Ref. RB (INS - BAM)(a) | 5.00 | % | 09/01/2033 | 1,740 | 2,059,220 | ||||||||
Series 2015 B, Ref. RB (INS - BAM)(a) | 5.00 | % | 09/01/2034 | 3,095 | 3,658,321 | ||||||||
Sacramento (City of), CA Municipal Utility District (Green Bonds); Series 2020 H, RB | 4.00 | % | 08/15/2045 | 6,000 | 7,020,720 | ||||||||
San Diego (County of), CA Regional Airport Authority; Series 2019 A, Ref. RB | 5.00 | % | 07/01/2049 | 5,000 | 6,063,150 | ||||||||
San Francisco (City of), CA Public Utilities Commission; Series 2020 C, RB | 4.00 | % | 11/01/2050 | 5,250 | 6,080,497 | ||||||||
San Jose (City of), CA Financing Authority; Series 2011, RB | 5.50 | % | 05/01/2031 | 350 | 352,359 | ||||||||
Santa Cruz (County of), CA Redevelopment Agency; Series 2015 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 09/01/2035 | 1,880 | 2,154,781 | ||||||||
Transbay Joint Powers Authority (Green Bonds); Series 2020 A, RB | 5.00 | % | 10/01/2045 | 2,000 | 2,439,060 | ||||||||
Twin Rivers Unified School District; Series 2020, GO Bonds (INS - AGM)(a)(h) | 0.00 | % | 08/01/2044 | 8,990 | 4,257,394 | ||||||||
University of California; Series 2018 AZ, Ref. RB | 5.00 | % | 05/15/2038 | 5,000 | 6,205,400 | ||||||||
235,615,869 | |||||||||||||
Colorado–2.82% | |||||||||||||
Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB | 5.63 | % | 12/01/2048 | 2,000 | 2,160,280 | ||||||||
BNC Metropolitan District No. 1; Series 2017 A, Ref. GO Bonds (INS - BAM)(a) | 5.00 | % | 12/01/2037 | 550 | 650,864 | ||||||||
Broomfield Village Metropolitan District No. 2; Series 2003, Ref. GO Bonds(d)(j) | 6.25 | % | 12/01/2032 | 3,330 | 2,664,000 | ||||||||
Colorado (State of) Educational & Cultural Facilities Authority; Series 2018 A, Ref. RB | 5.00 | % | 12/01/2038 | 1,000 | 1,208,480 | ||||||||
Colorado (State of) Health Facilities Authority; Series 2016, Ref. RB | 5.00 | % | 01/01/2037 | 1,400 | 1,491,238 | ||||||||
Colorado (State of) Health Facilities Authority (Adventhealth Obligated); Series 2019, Ref. RB | 4.00 | % | 11/15/2043 | 2,000 | 2,284,560 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||||||||||
Colorado–(continued) | |||||||||||||
Colorado (State of) Health Facilities Authority (Commonspirit Health); Series 2019 A-2, Ref. RB | 5.00 | % | 08/01/2044 | $ | 6,515 | $ | 7,891,033 | ||||||
Cottonwood Highlands Metropolitan District No. 1; Series 2019 A, GO Bonds | 5.00 | % | 12/01/2049 | 900 | 955,224 | ||||||||
Denver (City & County of), CO; Series 2018 B, Ref. RB | 5.00 | % | 12/01/2048 | 12,500 | 15,054,750 | ||||||||
E-470 Public Highway Authority; Series 1997 B, RB (INS - NATL)(a)(h) | 0.00 | % | 09/01/2025 | 125 | 119,223 | ||||||||
Ebert Metropolitan District; | |||||||||||||
Series 2018 A-1, GO Bonds (INS - BAM)(a) | 5.00 | % | 12/01/2043 | 7,000 | 8,502,200 | ||||||||
Series 2018 A-2, GO Bonds (INS - BAM)(a) | 5.00 | % | 12/01/2043 | 1,605 | 1,949,433 | ||||||||
Hunters Overlook Metropolitan District No. 5; | |||||||||||||
Series 2019 A, GO Bonds | 5.00 | % | 12/01/2039 | 900 | 969,300 | ||||||||
Series 2019 A, GO Bonds | 5.00 | % | 12/01/2049 | 1,360 | 1,457,118 | ||||||||
Hunting Hill Metropolitan District; Series 2018, Ref. GO Bonds | 5.63 | % | 12/01/2048 | 1,575 | 1,682,683 | ||||||||
Powhaton Road Metropolitan District No. 2; Series 2019 A, GO Bonds | 5.63 | % | 12/01/2048 | 710 | 758,983 | ||||||||
Public Authority for Colorado Energy; | |||||||||||||
Series 2008, RB | 6.25 | % | 11/15/2028 | 1,495 | 1,865,685 | ||||||||
Series 2008, RB | 6.50 | % | 11/15/2038 | 5,000 | 7,495,100 | ||||||||
Rampart Range Metropolitan District No. 1; | |||||||||||||
Series 2017, Ref. RB (INS - AGM)(a) | 5.00 | % | 12/01/2042 | 4,665 | 5,529,751 | ||||||||
Series 2017, Ref. RB (INS - AGM)(a) | 5.00 | % | 12/01/2047 | 1,500 | 1,765,800 | ||||||||
Tallyn’s Reach Metropolitan District No. 3; | |||||||||||||
Series 2013, Ref. GO Bonds(f)(g) | 5.00 | % | 12/01/2023 | 110 | 122,263 | ||||||||
Series 2013, Ref. GO Bonds(f)(g) | 5.13 | % | 12/01/2023 | 250 | 280,410 | ||||||||
Vauxmont Metropolitan District; Series 2020, Ref. GO Bonds (INS - AGM)(a) | 5.00 | % | 12/01/2050 | 1,500 | 1,790,820 | ||||||||
Woodmen Heights Metropolitan District No. 1; | |||||||||||||
Series 2012 A, Ref. GO Bonds | 6.00 | % | 12/01/2041 | 949 | 987,823 | ||||||||
Series 2012 B, Ref. GO Bonds(f)(g) | 7.30 | % | 12/15/2021 | 5,071 | 5,337,515 | ||||||||
74,974,536 | |||||||||||||
Connecticut–0.82% | |||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Fairfield University); Series 2017 | |||||||||||||
R, Ref. RB | 4.00 | % | 07/01/2042 | 6,125 | 6,791,584 | ||||||||
Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); | |||||||||||||
Series 2019 A, Ref. RB | 4.00 | % | 07/01/2041 | 8,555 | 9,488,436 | ||||||||
Series 2019 A, Ref. RB | 4.00 | % | 07/01/2049 | 1,500 | 1,640,700 | ||||||||
Connecticut (State of) Health & Educational Facilities Authority (The Griffin Hospital); Series 2020, G-1, Ref. RB(e) | 5.00 | % | 07/01/2044 | 1,100 | 1,220,912 | ||||||||
Connecticut (State of) Special Tax Revenue; Series 2020 A, RB | 4.00 | % | 05/01/2039 | 1,000 | 1,150,640 | ||||||||
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds (Acquired 03/20/2008; Cost $392,836)(c)(d)(k) | 5.13 | % | 10/01/2036 | 500 | 60,000 | ||||||||
Hamden (Town of), CT; Series 2018 A, Ref. GO Bonds (INS - BAM)(a) | 5.00 | % | 08/15/2030 | 625 | 769,675 | ||||||||
Mashantucket Western Pequot Tribe; Series 2013, RB(c) | 6.05 | % | 07/01/2031 | 11,260 | 731,904 | ||||||||
21,853,851 | |||||||||||||
District of Columbia–1.33% | |||||||||||||
District of Columbia; | |||||||||||||
Series 2006 B-1, RB (INS - NATL)(a) | 5.00 | % | 02/01/2031 | 15 | 15,030 | ||||||||
Series 2019 A, RB | 4.00 | % | 03/01/2044 | 4,335 | 5,033,585 | ||||||||
District of Columbia (Center for Strategic & International Studies, Inc.); Series 2011, RB(f)(g) | 6.38 | % | 03/01/2021 | 1,705 | 1,705,000 | ||||||||
District of Columbia (Gallaudet University); Series 2011, RB(f)(g) | 5.50 | % | 04/01/2021 | 400 | 401,716 | ||||||||
District of Columbia Tobacco Settlement Financing Corp.; | |||||||||||||
Series 2001, RB | 6.50 | % | 05/15/2033 | 1,225 | 1,358,060 | ||||||||
Series 2001, RB | 6.75 | % | 05/15/2040 | 4,385 | 4,511,200 | ||||||||
Series 2006 B, RB(h) | 0.00 | % | 06/15/2046 | 72,125 | 11,158,459 | ||||||||
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(l)(m) | 0.02 | % | 10/01/2039 | 2,585 | 2,585,000 | ||||||||
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); | |||||||||||||
Series 2019 B, Ref. RB | 4.00 | % | 10/01/2044 | 7,815 | 8,658,082 | ||||||||
35,426,132 | |||||||||||||
Florida–5.88% | |||||||||||||
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics); Series 2019, RB | 4.00 | % | 12/01/2049 | 2,055 | 2,294,202 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||||||||||
Florida–(continued) | |||||||||||||
Amelia Concourse Community Development District; Series 2007, RB(c)(d) | 5.75 | % | 05/01/2038 | $ | 1,815 | $ | 1,651,650 | ||||||
Arlington Ridge Community Development District; Series 2006 A, RB | 5.50 | % | 05/01/2036 | 220 | 219,116 | ||||||||
Canaveral Port Authority; Series 2018 B, RB | 5.00 | % | 06/01/2048 | 5,000 | 5,616,500 | ||||||||
Capital Trust Agency, Inc. (Advantage Academy of Hillsborough); | |||||||||||||
Series 2019 A, RB | 5.00 | % | 12/15/2049 | 455 | 497,069 | ||||||||
Series 2019 A, RB | 5.00 | % | 12/15/2054 | 320 | 348,355 | ||||||||
Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.); | |||||||||||||
Series 2018 A, RB(e) | 5.38 | % | 06/15/2038 | 255 | 283,078 | ||||||||
Series 2018 A, RB(e) | 5.38 | % | 06/15/2048 | 480 | 524,818 | ||||||||
Cascades at Groveland Community Development District; Series 2006, RB | 5.30 | % | 05/01/2036 | 815 | 815,758 | ||||||||
Chapel Creek Community Development District; Series 2006 A, RB(c)(d) | 5.50 | % | 05/01/2038 | 1,990 | 1,791,000 | ||||||||
Clearwater Cay Community Development District; Series 2006 A, RB(c)(d) | 5.50 | % | 05/01/2037 | 826 | 470,787 | ||||||||
Creekside Community Development District; Series 2006, RB(c)(d) | 5.20 | % | 05/01/2038 | 2,280 | 1,026,000 | ||||||||
CrossCreek Community Development District; Series 2007 A, RB(c) | 5.60 | % | 05/01/2039 | 5 | 4,079 | ||||||||
East Homestead Community Development District; Series 2013, RB | 5.00 | % | 11/01/2033 | 350 | 364,816 | ||||||||
Greater Lakes/Sawgrass Bay Community Development District; Series 2006 A, RB | 5.50 | % | 05/01/2038 | 780 | 780,281 | ||||||||
Greater Orlando Aviation Authority; Series 2015 XF2019, Revenue Ctfs.(i) | 5.00 | % | 10/01/2032 | 16,000 | 16,054,880 | ||||||||
Heritage Isles Community Development District; Series 1999, RB(c) | 7.10 | % | 10/01/2023 | 195 | 29,250 | ||||||||
Highland Meadows Community Development District; Series 2006 A, RB | 5.50 | % | 05/01/2036 | 95 | 95,059 | ||||||||
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 F, RB | 5.00 | % | 10/01/2043 | 5,000 | 6,030,350 | ||||||||
Indigo Community Development District; Series 2005, RB(c)(d) | 5.75 | % | 05/01/2036 | 375 | 262,500 | ||||||||
Jacksonville (City of), FL (Brooks Rehabilitation); Series 2020, Ref. RB | 5.00 | % | 11/01/2050 | 5,000 | 5,969,900 | ||||||||
Jacksonville (City of), FL Health Facilities Authority; Series 1997 B, RB(f) | 5.25 | % | 08/15/2027 | 30 | 32,127 | ||||||||
JEA Water & Sewer System Revenue; Series 2008 B-1, VRD RB(l) | 0.05 | % | 10/01/2036 | 4,090 | 4,090,000 | ||||||||
Lake (County of), FL (Imagine South Lake Charter School Program); Series 2019, RB(e) | 5.00 | % | 01/15/2054 | 190 | 205,217 | ||||||||
Lake Ashton II Community Development District; Series 2005 A, RB | 5.38 | % | 05/01/2036 | 653 | 636,368 | ||||||||
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); | |||||||||||||
Series 2018 A, RB(e) | 5.50 | % | 07/15/2048 | 565 | 604,273 | ||||||||
Series 2018 A, RB(e) | 5.75 | % | 07/15/2053 | 600 | 656,004 | ||||||||
Lakeland (City of), FL (Florida Southern College); | |||||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 09/01/2029 | 1,255 | 1,322,707 | ||||||||
Series 2012 A, Ref. RB | 5.00 | % | 09/01/2037 | 1,000 | 1,045,350 | ||||||||
Lakeland (City of), FL (Lakeland Regional Health); Series 2015, RB | 5.00 | % | 11/15/2040 | 3,000 | 3,381,360 | ||||||||
Lee Memorial Health System; Series 2019 A-1, Ref. RB | 4.00 | % | 04/01/2037 | 4,000 | 4,579,320 | ||||||||
Lucaya Community Development District; Series 2005, RB | 5.38 | % | 05/01/2035 | 1,200 | 1,201,248 | ||||||||
Magnolia Creek Community Development District; Series 2007 A, RB(c)(d) | 5.90 | % | 05/01/2039 | 1,775 | 319,500 | ||||||||
Magnolia West Community Development District; Series 2017, RB | 5.35 | % | 05/01/2037 | 85 | 85,640 | ||||||||
Miami-Dade (County of), FL; | |||||||||||||
Series 2009, RB (INS - BAM)(a)(h) | 0.00 | % | 10/01/2042 | 6,925 | 3,736,730 | ||||||||
Series 2019 B, RB | 4.00 | % | 10/01/2049 | 17,745 | 20,489,797 | ||||||||
Series 2020 A, RB | 4.00 | % | 07/01/2047 | 5,000 | 5,732,050 | ||||||||
Series 2020 A, Ref. RB | 4.00 | % | 10/01/2039 | 1,675 | 1,948,326 | ||||||||
Series 2020 A, Ref. RB | 4.00 | % | 10/01/2040 | 1,750 | 2,029,737 | ||||||||
Series 2020 A, Ref. RB | 4.00 | % | 10/01/2041 | 1,500 | 1,733,355 | ||||||||
Series 2020 B, RB | 4.00 | % | 07/01/2050 | 5,000 | 5,726,100 | ||||||||
Miami-Dade (County of), FL (Building Better Communities); Series 2016 A, GO Bonds | 4.00 | % | 07/01/2045 | 10,000 | 11,627,400 | ||||||||
Miami-Dade (County of), FL Seaport; Series 2013 A, RB | 5.50 | % | 10/01/2042 | 3,000 | 3,320,430 | ||||||||
Miromar Lakes Community Development District; | |||||||||||||
Series 2012, Ref. RB | 5.38 | % | 05/01/2032 | 735 | 752,743 | ||||||||
Series 2015, Ref. RB | 5.00 | % | 05/01/2035 | 1,215 | 1,289,577 | ||||||||
Monterey/Congress Community Development District; Series 2005 A, RB | 5.38 | % | 05/01/2036 | 2,815 | 2,820,771 | ||||||||
Naturewalk Community Development District; Series 2007 A, RB(c)(d) | 5.50 | % | 05/01/2038 | 335 | 120,600 | ||||||||
Orlando (City of), FL; Series 2008, RB (INS - AGC)(a) | 5.50 | % | 11/01/2038 | 180 | 180,407 | ||||||||
Orlando (City of), FL Utilities Commission; Series 2018 A, RB | 5.00 | % | 10/01/2038 | 3,000 | 3,664,800 | ||||||||
Osceola (County of), FL; Series 2020 A-1, Ref. RB | 5.00 | % | 10/01/2049 | 2,250 | 2,718,832 | ||||||||
Palace Coral Gables Community Development District; | |||||||||||||
Series 2011, RB | 5.00 | % | 05/01/2032 | 450 | 472,856 | ||||||||
Series 2011, RB | 5.63 | % | 05/01/2042 | 1,000 | 1,052,610 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||||||||||
Florida–(continued) | |||||||||||||
Palm River Community Development District; Series 2007 A, RB(c)(d) | 5.38 | % | 05/01/2036 | $ | 510 | $ | 163,200 | ||||||
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates); Series 2019, Ref. IDR | 5.00 | % | 01/01/2049 | 750 | 816,480 | ||||||||
Reunion East Community Development District; | |||||||||||||
Series 2002 A-2, RB(c)(d) | 7.38 | % | 05/01/2033 | 860 | 9 | ||||||||
Series 2005, RB(c)(d) | 5.80 | % | 05/01/2036 | 810 | 8 | ||||||||
Ridgewood Trails Community Development District; Series 2007 A, RB | 5.65 | % | 05/01/2038 | 15 | 15,006 | ||||||||
River Glen Community Development District; Series 2006 A, RB(c)(d) | 5.45 | % | 05/01/2038 | 568 | 568,136 | ||||||||
Santa Rosa (City of), FL Bay Bridge Authority; Series 1996 C, RB (INS - ACA)(a) | 6.25 | % | 07/01/2028 | 263 | 262,951 | ||||||||
South Bay Community Development District; | |||||||||||||
Series 2005 A, RB(c)(d) | 5.95 | % | 05/01/2036 | 1,645 | 16 | ||||||||
Series 2005 A-1, Ref. RB | 5.95 | % | 05/01/2036 | 1,900 | 1,609,775 | ||||||||
Series 2005 A-2, Ref. RB(c)(d) | 6.60 | % | 05/01/2036 | 2,530 | 1,275,297 | ||||||||
Series 2005 B-1, Ref. RB(c) | 5.13 | % | 05/01/2023 | 1,505 | 1,504,924 | ||||||||
Series 2005 B-2, Ref. RB(c)(d) | 6.60 | % | 05/01/2025 | 935 | 470,829 | ||||||||
St. Johns (County of), FL Industrial Development Authority (Bayview); Series 2007 A, Ref. RB | |||||||||||||
(Acquired 02/14/2007; Cost $397,063)(c)(d)(k) | 5.25 | % | 10/01/2041 | 400 | 280,000 | ||||||||
Tampa (City of), FL; | |||||||||||||
Series 2020 A, RB(h) | 0.00 | % | 09/01/2033 | 210 | 151,376 | ||||||||
Series 2020 A, RB(h) | 0.00 | % | 09/01/2034 | 880 | 609,057 | ||||||||
Series 2020 A, RB(h) | 0.00 | % | 09/01/2035 | 750 | 497,273 | ||||||||
Series 2020 A, RB(h) | 0.00 | % | 09/01/2036 | 850 | 539,087 | ||||||||
Series 2020 A, RB(h) | 0.00 | % | 09/01/2037 | 825 | 499,801 | ||||||||
Series 2020 A, RB(h) | 0.00 | % | 09/01/2038 | 1,050 | 606,522 | ||||||||
Series 2020 A, RB(h) | 0.00 | % | 09/01/2039 | 1,000 | 550,790 | ||||||||
Villages of Avignon Community Development District; Series 2007 A, RB(c)(d) | 5.40 | % | 05/01/2037 | 250 | 17,500 | ||||||||
Vista Community Development District; Series 2006 A, RB | 5.38 | % | 05/01/2037 | 3,855 | 3,857,197 | ||||||||
Waterford Estates Community Development District; Series 2006 A, RB(c)(d) | 5.50 | % | 05/01/2037 | 2,031 | 1,421,523 | ||||||||
Water’s Edge Community Development District; | |||||||||||||
Series 2012 A-1, Ref. RB | 5.35 | % | 05/01/2039 | 15 | 15,010 | ||||||||
Series 2012 A-2, Ref. RB | 6.60 | % | 05/01/2039 | 200 | 202,204 | ||||||||
Waterstone Community Development District; | |||||||||||||
Series 2007 A, RB(b)(d) | 6.88 | % | 05/01/2037 | 146 | 102,314 | ||||||||
Series 2007 B, RB(d)(h) | 0.00 | % | 11/01/2028 | 993 | 567,576 | ||||||||
West Villages Improvement District; | |||||||||||||
Series 2005 A-1, RB | 5.75 | % | 05/01/2036 | 3,330 | 3,334,828 | ||||||||
Series 2005 A-2, RB(c)(d) | 5.75 | % | 05/01/2036 | 2,925 | 1,696,500 | ||||||||
Westridge Community Development District; Series 2005, RB(c) | 5.80 | % | 05/01/2037 | 455 | 455,255 | ||||||||
Westside Community Development District; Series 2019 2, RB(c)(d) | 5.65 | % | 05/01/2037 | 555 | 429,825 | ||||||||
Wyld Palms Community Development District; Series 2007 A, RB(c)(d) | 5.50 | % | 05/01/2038 | 1,445 | 346,800 | ||||||||
Zephyr Ridge Community Development District; Series 2006 A, RB(c)(d) | 5.63 | % | 05/01/2037 | 979 | 430,611 | ||||||||
156,003,363 | |||||||||||||
Georgia–1.22% | |||||||||||||
Atlanta (City of), GA; Series 2019 A, RB | 4.00 | % | 07/01/2049 | 9,895 | 11,241,314 | ||||||||
Atlanta (City of), GA Urban Residential Finance Authority (Trestletree Village Apartments); | |||||||||||||
Series 2013 A, RB | 5.00 | % | 11/01/2048 | 565 | 567,057 | ||||||||
Floyd (County of), GA Development Authority (The Spires at Berry College); | |||||||||||||
Series 2018 A, RB | 5.75 | % | 12/01/2033 | 1,055 | 1,023,403 | ||||||||
Series 2018 A, RB | 6.00 | % | 12/01/2038 | 2,145 | 2,072,134 | ||||||||
Series 2018 A, RB | 6.25 | % | 12/01/2048 | 5,280 | 5,045,515 | ||||||||
Series 2018 A, RB | 6.50 | % | 12/01/2053 | 3,040 | 2,979,078 | ||||||||
Fulton (County of), GA Development Authority; Series 2016 A, Ref. RB | 5.00 | % | 07/01/2046 | 3,000 | 3,461,280 | ||||||||
Georgia State Environmental Loan Acquisition Corp.; Series 2011, RB(f)(g) | 5.13 | % | 03/15/2021 | 440 | 440,788 | ||||||||
Main Street Natural Gas, Inc.; Series 2019 A, RB | 5.00 | % | 05/15/2043 | 1,040 | 1,232,670 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||||||||||
Georgia–(continued) | |||||||||||||
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens); | |||||||||||||
Series 2018 A-1, RB | 6.13 | % | 12/01/2038 | $ | 880 | $ | 880,704 | ||||||
Series 2018 A-1, RB | 6.25 | % | 12/01/2048 | 1,230 | 1,223,432 | ||||||||
Series 2018 A-1, RB | 6.38 | % | 12/01/2053 | 1,030 | 1,020,782 | ||||||||
Series 2018 A-2, RB(g) | 5.50 | % | 12/01/2028 | 700 | 694,715 | ||||||||
Randolph (County of), GA; Series 2012 A, GO Bonds(f)(g) | 5.00 | % | 04/01/2022 | 520 | 547,045 | ||||||||
32,429,917 | |||||||||||||
Guam–0.07% | |||||||||||||
Guam (Territory of) Waterworks Authority; Series 2020 A, RB | 5.00 | % | 01/01/2050 | 1,500 | 1,807,485 | ||||||||
Idaho–0.75% | |||||||||||||
American Falls Reservoir District; Series 2000, Ref. VRD RB(l) | 0.09 | % | 02/01/2025 | 19,885 | 19,885,000 | ||||||||
Illinois–7.10% | |||||||||||||
Chicago (City of), IL; Series 2012, RB (INS - BAM)(a) | 4.00 | % | 01/01/2042 | 6,000 | 6,106,560 | ||||||||
Chicago (City of), IL (Chicago O’Hare International Airport); | |||||||||||||
Series 2015 B, Ref. RB | 5.00 | % | 01/01/2034 | 2,500 | 2,877,550 | ||||||||
Series 2018 B, RB | 5.00 | % | 01/01/2053 | 10,000 | 11,864,700 | ||||||||
Chicago (City of), IL (O’Hare International Airport); Series 2016 B, Ref. RB | 5.00 | % | 01/01/2041 | 3,000 | 3,480,630 | ||||||||
Chicago (City of), IL Board of Education; | |||||||||||||
Series 1998 B-1, GO Bonds (INS - NATL)(a)(h) | 0.00 | % | 12/01/2024 | 915 | 871,217 | ||||||||
Series 1999 A, GO Bonds (INS - NATL)(a)(h) | 0.00 | % | 12/01/2024 | 1,405 | 1,337,771 | ||||||||
Series 2016, RB | 6.00 | % | 04/01/2046 | 4,300 | 5,136,006 | ||||||||
Series 2018 A, Ref. GO Bonds (INS - AGM)(a) | 5.00 | % | 12/01/2026 | 775 | 938,246 | ||||||||
Series 2018 A, Ref. GO Bonds (INS - AGM)(a) | 5.00 | % | 12/01/2028 | 2,250 | 2,832,615 | ||||||||
Series 2018 A, Ref. GO Bonds (INS - AGM)(a) | 5.00 | % | 12/01/2031 | 1,000 | 1,228,620 | ||||||||
Series 2018 A, Ref. GO Bonds (INS - AGM)(a) | 5.00 | % | 12/01/2034 | 1,205 | 1,459,990 | ||||||||
Chicago (City of), IL Transit Authority; Series 2020 A, Ref. RB | 5.00 | % | 12/01/2045 | 2,450 | 2,978,098 | ||||||||
Chicago O’Hare International Airport; Series 2020 A, Ref. RB | 4.00 | % | 01/01/2037 | 5,000 | 5,794,950 | ||||||||
Cook (County of), IL; Series 2021 A, Ref. RB | 4.00 | % | 11/15/2040 | 2,750 | 3,198,552 | ||||||||
Cook County Community School District No. 147; Series 2004 A, Ref. GO Bonds (INS - ACA)(a) | 7.13 | % | 06/01/2024 | 2,400 | 2,623,728 | ||||||||
Du Page (County of), IL Special Service Area No. 31; Series 2006, RB | 5.63 | % | 03/01/2036 | 308 | 309,398 | ||||||||
Gilberts (Village of), IL; Series 2014, Ref. RB (INS - AGM)(a) | 5.00 | % | 03/01/2035 | 2,000 | 2,212,780 | ||||||||
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Series 2014 A, RB | 5.38 | % | 03/01/2034 | 690 | 689,857 | ||||||||
Harvey (City of), IL; | |||||||||||||
Series 2007 A, Ref. GO Bonds (Acquired 09/02/2009; Cost $1,773,512)(c)(k) | 5.50 | % | 12/01/2027 | 2,225 | 1,524,125 | ||||||||
Series 2007 A, Ref. GO Bonds (Acquired 09/03/2009; Cost $758,969)(c)(k) | 5.63 | % | 12/01/2032 | 1,000 | 685,000 | ||||||||
Series 2008, RB | 6.88 | % | 08/01/2028 | 3,370 | 3,323,865 | ||||||||
Illinois (State of); | |||||||||||||
Series 2014, GO Bonds | 5.00 | % | 04/01/2025 | 2,000 | 2,197,680 | ||||||||
Series 2014, GO Bonds | 5.00 | % | 02/01/2039 | 1,525 | 1,624,247 | ||||||||
Series 2016, GO Bonds (INS - BAM)(a) | 4.00 | % | 06/01/2041 | 5,000 | 5,303,750 | ||||||||
Series 2017 C, GO Bonds | 5.00 | % | 11/01/2029 | 3,000 | 3,435,330 | ||||||||
Series 2018 A, GO Bonds | 5.00 | % | 05/01/2036 | 2,610 | 2,985,553 | ||||||||
Series 2018 A, Ref. GO Bonds | 5.00 | % | 10/01/2029 | 6,500 | 7,697,625 | ||||||||
Series 2018 A, Ref. GO Bonds | 5.00 | % | 10/01/2032 | 3,000 | 3,496,170 | ||||||||
Series 2018 A, Ref. GO Bonds | 5.00 | % | 10/01/2033 | 750 | 870,188 | ||||||||
Series 2018 B, Ref. GO Bonds | 5.00 | % | 10/01/2029 | 5,000 | 5,921,250 | ||||||||
Series 2020, GO Bonds | 5.50 | % | 05/01/2039 | 3,750 | 4,556,475 | ||||||||
Illinois (State of) Finance Authority; | |||||||||||||
Series 2012 A, RB | 5.75 | % | 10/01/2032 | 500 | 520,705 | ||||||||
Series 2012 A, RB | 6.00 | % | 10/01/2048 | 450 | 466,277 | ||||||||
Illinois (State of) Finance Authority (Carle Foundation); Series 2009 B, VRD RB (LOC - Northern Trust Co.)(l)(m) | 0.02 | % | 02/15/2033 | 5,850 | 5,850,000 | ||||||||
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(l) | 0.01 | % | 12/01/2046 | 3,125 | 3,125,000 | ||||||||
Illinois (State of) Finance Authority (University of Illinois Health Services); | |||||||||||||
Series 2020, RB | 4.00 | % | 10/01/2040 | 950 | 1,069,425 | ||||||||
Series 2020, RB | 4.00 | % | 10/01/2050 | 3,000 | 3,315,090 | ||||||||
Illinois (State of) Regional Transportation Authority; Series 2018 B, RB | 4.00 | % | 06/01/2043 | 1,365 | 1,491,385 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||||||||||
Illinois–(continued) | |||||||||||||
Illinois (State of) Sports Facilities Authority (The); | |||||||||||||
Series 2014, Ref. RB (INS - AGM)(a) | 5.25 | % | 06/15/2032 | $ | 2,000 | $ | 2,226,400 | ||||||
Series 2019, Ref. RB (INS - BAM)(a) | 5.00 | % | 06/15/2028 | 2,520 | 3,132,562 | ||||||||
Series 2019, Ref. RB (INS - BAM)(a) | 5.00 | % | 06/15/2029 | 455 | 574,965 | ||||||||
Series 2019, Ref. RB (INS - BAM)(a) | 5.00 | % | 06/15/2030 | 245 | 307,213 | ||||||||
Illinois (State of) Toll Highway Authority; | |||||||||||||
Series 2019 A, RB | 4.00 | % | 01/01/2044 | 7,785 | 8,802,655 | ||||||||
Series 2020 A, RB | 5.00 | % | 01/01/2041 | 10,000 | 12,568,600 | ||||||||
Jefferson County Township High School District No. 201; | |||||||||||||
Series 2012 A, GO Bonds | 6.50 | % | 12/30/2027 | 895 | 1,200,750 | ||||||||
Series 2012 A, GO Bonds | 6.50 | % | 12/30/2028 | 955 | 1,315,484 | ||||||||
Series 2012 A, GO Bonds | 6.50 | % | 12/30/2031 | 1,160 | 1,704,504 | ||||||||
Lakemoor (Village of), IL; Series 2006, Ref. RB (INS - AGC)(a) | 5.00 | % | 03/01/2027 | 2,845 | 2,851,117 | ||||||||
Lincolnshire (Village of), IL; Series 2004, RB | 6.25 | % | 03/01/2034 | 2,107 | 2,108,285 | ||||||||
Markham (City of), IL; Series 2008 B, GO Bonds | 5.75 | % | 02/01/2028 | 480 | 463,694 | ||||||||
Metropolitan Pier & Exposition Authority; Series 1998 A, RB (INS - AGM)(a) | 5.50 | % | 12/15/2023 | 680 | 730,572 | ||||||||
Northern Illinois Municipal Power Agency; Series 2016 A, Ref. RB | 4.00 | % | 12/01/2041 | 1,050 | 1,134,430 | ||||||||
Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club); Series 2006, RB(c)(d) | 6.00 | % | 03/01/2036 | 554 | 451,510 | ||||||||
Regional Transportation Authority; Series 2018 XF2618, Revenue Ctfs.(i) | 4.00 | % | 06/01/2043 | 18,000 | 19,654,200 | ||||||||
Sales Tax Securitization Corp.; Series 2018 C, Ref. RB (INS - BAM)(a) | 5.25 | % | 01/01/2048 | 5,000 | 6,042,100 | ||||||||
Southwestern Illinois Development Authority; | |||||||||||||
Series 2006, RB | 5.63 | % | 11/01/2026 | 890 | 684,926 | ||||||||
Series 2008 A, Ref. RB(d) | 7.00 | % | 10/01/2022 | 2,995 | 1,737,100 | ||||||||
Stephenson County School District No. 145 Freeport; | |||||||||||||
Series 2018 A, GO Bonds(f)(g) | 5.00 | % | 02/01/2028 | 505 | 641,547 | ||||||||
Series 2018 A, GO Bonds (INS - AGM)(a) | 5.00 | % | 02/01/2032 | 945 | 1,173,085 | ||||||||
Series 2018 A, GO Bonds (INS - AGM)(a) | 5.00 | % | 02/01/2033 | 690 | 853,385 | ||||||||
Series 2018 A, GO Bonds (INS - AGM)(a) | 5.00 | % | 02/01/2034 | 615 | 757,551 | ||||||||
Yorkville (United City of), IL; Series 2013, Ref. RB | 5.00 | % | 03/01/2033 | 1,848 | 1,857,406 | ||||||||
188,374,449 | |||||||||||||
Indiana–1.14% | |||||||||||||
Columbus (City of), IN; Series 2019, RB | 5.63 | % | 05/01/2039 | 3,575 | 3,352,492 | ||||||||
Indiana (State of) Finance Authority; | |||||||||||||
Series 2011, RB(f)(g) | 5.25 | % | 09/15/2021 | 2,885 | 2,963,501 | ||||||||
Series 2011, RB(f)(g) | 6.38 | % | 09/15/2021 | 4,250 | 4,390,760 | ||||||||
Series 2011, RB(f)(g) | 6.50 | % | 09/15/2021 | 4,750 | 4,910,265 | ||||||||
Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB | 5.50 | % | 04/01/2026 | 1,620 | 1,935,349 | ||||||||
Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc. Obligated Group); | |||||||||||||
Series 2008 I, Ref. VRD RB (LOC - Barclays Bank PLC)(l)(m) | 0.01 | % | 11/01/2037 | 1,900 | 1,900,000 | ||||||||
Indiana (State of) Municipal Power Agency; Series 2016 A, Ref. RB | 5.00 | % | 01/01/2037 | 7,500 | 8,897,100 | ||||||||
Indianapolis (City of), IN; Series 2009 A, RB | 7.00 | % | 02/01/2039 | 2,025 | 1,964,007 | ||||||||
30,313,474 | |||||||||||||
Iowa–0.18% | |||||||||||||
Iowa (State of) Finance Authority; | |||||||||||||
Series 2007 B, RB | 5.38 | % | 06/01/2025 | 200 | 189,686 | ||||||||
Series 2007, RB(c) | 5.90 | % | 12/01/2028 | 400 | 20,000 | ||||||||
Series 2012, RB | 5.00 | % | 08/15/2028 | 1,685 | 1,772,704 | ||||||||
Series 2018 B, Ref. RB | 5.00 | % | 02/15/2048 | 1,300 | 1,566,994 | ||||||||
Xenia (City of), IA Rural Water District; Series 2016, Ref. RB | 5.00 | % | 12/01/2036 | 1,000 | 1,149,180 | ||||||||
4,698,564 | |||||||||||||
Kansas–0.04% | |||||||||||||
Pittsburg (City of), KS; Series 2006, RB | 4.90 | % | 04/01/2024 | 1,075 | 974,745 | ||||||||
Kentucky–2.53% | |||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health); | |||||||||||||
Series 2004 C, VRD RB(l) | 0.09 | % | 05/01/2034 | 15,000 | 15,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Kentucky–(continued) | ||||||||||||||
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); | ||||||||||||||
Series 2016 A, Ref. RB (INS - NATL)(a) | 5.00 | % | 09/01/2032 | $ | 5,480 | $ | 6,555,614 | |||||||
Series 2016 A, Ref. RB (INS - NATL)(a) | 5.00 | % | 09/01/2033 | 11,525 | 13,754,050 | |||||||||
Series 2016 A, Ref. RB (INS - NATL)(a) | 5.00 | % | 09/01/2034 | 5,000 | 5,962,400 | |||||||||
Kentucky (Commonwealth of) Property & Building Commission (No. 115); Series 2017, RB | 5.00 | % | 04/01/2037 | 2,500 | 2,951,500 | |||||||||
Kentucky (Commonwealth of) Property & Building Commission (Project No. 115); Series 2017, RB (INS - BAM)(a) | 5.00 | % | 04/01/2038 | 2,500 | 2,976,825 | |||||||||
Kentucky (Commonwealth of) Property & Building Commission (Project No. 119); | ||||||||||||||
Series 2018, RB | 5.00 | % | 05/01/2035 | 1,500 | 1,811,070 | |||||||||
Series 2018, RB | 5.00 | % | 05/01/2036 | 1,170 | 1,409,160 | |||||||||
Series 2018, RB | 5.00 | % | 05/01/2037 | 4,605 | 5,529,684 | |||||||||
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, RB | 5.75 | % | 10/01/2042 | 10,000 | 11,196,300 | |||||||||
Springfield (City of), KY; Series 2004, Ref. RB(c)(d) | 5.75 | % | 10/01/2035 | 15 | 30 | |||||||||
67,146,633 | ||||||||||||||
Louisiana–1.90% | ||||||||||||||
Denham Springs (City of) & Livingston (Parish of), LA Housing & Mortgage Finance Authority; Series 2007, RB (CEP - GNMA) | 5.00 | % | 11/01/2040 | 4 | 4,066 | |||||||||
Louisiana (State of) Public Facilities Authority (19th Judicial District Court Building); Series 2015, Ref. RB (INS - AGM)(a) | 5.00 | % | 06/01/2042 | 2,500 | 2,864,350 | |||||||||
Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans); | ||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2032 | 395 | 371,300 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2033 | 300 | 282,000 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2037 | 345 | 324,300 | |||||||||
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2017, Ref. RB | 5.00 | % | 05/15/2042 | 7,500 | 8,783,400 | |||||||||
Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana State University Nicholson Gateway); Series 2017, RB | 5.00 | % | 07/01/2057 | 1,300 | 1,494,077 | |||||||||
Louisiana (State of) Stadium & Exposition District; Series 2013 A, Ref. RB | 5.00 | % | 07/01/2028 | 50 | 54,626 | |||||||||
Louisiana Housing Corp.; | ||||||||||||||
Series 2009 A, RB | 6.88 | % | 09/01/2029 | 7,935 | 7,415,178 | |||||||||
Series 2009 A, RB | 7.25 | % | 09/01/2039 | 5,000 | 4,483,750 | |||||||||
Louisiana State Citizens Property Insurance Corp.; Series 2012, Ref. RB(f)(g) | 5.00 | % | 06/01/2022 | 1,585 | 1,680,132 | |||||||||
Louisiana State University & Agricultural & Mechanical College Board of Supervisors; Series 2016 A, Ref. RB | 5.00 | % | 07/01/2040 | 4,035 | 4,696,135 | |||||||||
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); | ||||||||||||||
Series 2018 A, RB (INS - AGM)(a) | 5.00 | % | 10/01/2043 | 700 | 829,668 | |||||||||
Series 2018 A, RB (INS - AGM)(a) | 5.00 | % | 10/01/2048 | 1,280 | 1,480,371 | |||||||||
New Orleans (Port of), LA Board of Commissioners; Series 2020 D, RB | 5.00 | % | 04/01/2050 | 9,395 | 11,494,689 | |||||||||
St. John the Baptist (Parish of), LA (Marathon Oil Corp.); | ||||||||||||||
Series 2017, Ref. RB(g) | 2.13 | % | 07/01/2024 | 2,000 | 2,044,380 | |||||||||
Series 2017, Ref. RB(g) | 2.38 | % | 07/01/2026 | 2,000 | 2,072,640 | |||||||||
50,375,062 | ||||||||||||||
Maine–0.75% | ||||||||||||||
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Healthcare | ||||||||||||||
System); Series 2020 A, RB | 4.00 | % | 07/01/2050 | 11,150 | 12,618,901 | |||||||||
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); | ||||||||||||||
Series 2011, RB(f)(g) | 6.75 | % | 07/01/2021 | 2,000 | 2,043,260 | |||||||||
Series 2011, RB(f)(g) | 7.50 | % | 07/01/2021 | 5,000 | 5,120,550 | |||||||||
19,782,711 | ||||||||||||||
Maryland–2.01% | ||||||||||||||
Baltimore (City of), MD (Water); Series 2020 A, RB | 4.00 | % | 07/01/2045 | 2,000 | 2,323,640 | |||||||||
Baltimore (County of), MD (Riderwood Village, Inc.); | ||||||||||||||
Series 2020, Ref. RB | 4.00 | % | 01/01/2045 | 5,250 | 5,750,325 | |||||||||
Series 2020, Ref. RB | 4.00 | % | 01/01/2050 | 6,000 | 6,561,480 | |||||||||
Gaithersburg (City of), MD (Asbury Maryland Obligated Group); Series 2018 A, Ref. RB | 5.00 | % | 01/01/2036 | 1,500 | 1,653,780 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Maryland–(continued) | ||||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority; | ||||||||||||||
Series 2001, RB (INS - AMBAC)(a) | 5.00 | % | 07/01/2034 | $ | 5 | $ | 5,045 | |||||||
Series 2004, RB (INS - AMBAC)(a) | 5.00 | % | 07/01/2034 | 15 | 15,136 | |||||||||
Series 2007, Ref. RB | 4.75 | % | 07/01/2034 | 10 | 10,006 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 06/01/2036 | 400 | 451,292 | |||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (UPMC); | ||||||||||||||
Series 2020 B, RB | 4.00 | % | 04/15/2045 | 5,250 | 5,870,655 | |||||||||
Series 2020 B, RB | 4.00 | % | 04/15/2050 | 5,000 | 5,554,950 | |||||||||
Maryland (State of) Transportation Authority (Transportation Facilities); Series 2020, RB | 4.00 | % | 07/01/2050 | 15,000 | 17,355,900 | |||||||||
Maryland Economic Development Corp.; | ||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 07/01/2034 | 1,000 | 1,042,130 | |||||||||
Series 2016, Ref. RB (INS - AGM)(a) | 5.00 | % | 06/01/2035 | 4,530 | 5,226,850 | |||||||||
Prince George’s (County of), MD; Series 2005, RB | 5.25 | % | 07/01/2035 | 1,613 | 1,627,049 | |||||||||
53,448,238 | ||||||||||||||
Massachusetts–1.45% | ||||||||||||||
Commonwealth of Massachusetts; Series 2016-XF0530, Ctfs.(i) | 5.00 | % | 12/01/2035 | 20,000 | 24,457,200 | |||||||||
Massachusetts (Commonwealth of); Series 2020 E, GO Bonds | 5.00 | % | 11/01/2050 | 6,000 | 7,570,920 | |||||||||
Massachusetts (Commonwealth of) Development Finance Agency; | ||||||||||||||
Series 2011 B, RB(h) | 0.00 | % | 11/15/2056 | 363 | 61,799 | |||||||||
Series 2011, RB | 5.50 | % | 07/01/2026 | 750 | 754,297 | |||||||||
Series 2011, RB | 6.00 | % | 07/01/2031 | 25 | 25,135 | |||||||||
Series 2016 I, Ref. RB | 5.00 | % | 07/01/2036 | 2,000 | 2,306,360 | |||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.); Series 2020 C, Ref. RB (INS - AGM)(a) | 4.00 | % | 10/01/2045 | 3,000 | 3,387,690 | |||||||||
38,563,401 | ||||||||||||||
Michigan–3.18% | ||||||||||||||
Detroit (City of), MI; | ||||||||||||||
Series 2003 B, RB (INS - AGM)(a) | 7.50 | % | 07/01/2033 | 60 | 60,306 | |||||||||
Series 2011 A, RB(f)(g) | 5.00 | % | 07/01/2021 | 1,000 | 1,016,120 | |||||||||
Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 07/01/2048 | 1,350 | 1,516,104 | |||||||||
Detroit (City of), MI Water and Sewerage Department; Series 2012 A, Ref. RB(f)(g) | 5.00 | % | 07/01/2022 | 2,155 | 2,294,472 | |||||||||
Detroit City School District; | ||||||||||||||
Series 2012 A, Ref. GO Bonds | 5.00 | % | 05/01/2028 | 1,100 | 1,159,576 | |||||||||
Series 2012 A, Ref. GO Bonds | 5.00 | % | 05/01/2031 | 680 | 716,747 | |||||||||
Detroit Downtown Development Authority; Series 2018 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 07/01/2043 | 150 | 169,137 | |||||||||
Grand Traverse Academy; Series 2007, Ref. RB | 5.00 | % | 11/01/2022 | 215 | 215,204 | |||||||||
Michigan (State of) Finance Authority; | ||||||||||||||
Series 2005 A, RB | 6.00 | % | 12/01/2035 | 1,155 | 1,155,705 | |||||||||
Series 2008 C, RB(h) | 0.00 | % | 06/01/2058 | 289,275 | 14,041,408 | |||||||||
Series 2010 A, RB | 5.90 | % | 12/01/2030 | 600 | 600,516 | |||||||||
Series 2014 D-6, Ref. RB (INS - NATL)(a) | 5.00 | % | 07/01/2025 | 1,000 | 1,149,570 | |||||||||
Series 2014 D-6, Ref. RB (INS - NATL)(a) | 5.00 | % | 07/01/2026 | 895 | 1,026,619 | |||||||||
Series 2014 D-6, Ref. RB (INS - NATL)(a) | 5.00 | % | 07/01/2027 | 930 | 1,062,785 | |||||||||
Series 2014, Ref. RB(e) | 6.75 | % | 07/01/2044 | 6,000 | 6,271,920 | |||||||||
Series 2015 C, RB | 5.00 | % | 07/01/2034 | 2,200 | 2,575,254 | |||||||||
Series 2018, Ref. RB | 5.75 | % | 11/01/2040 | 635 | 710,559 | |||||||||
Michigan (State of) Finance Authority (CHE Trinity Health Credit Group); Series 2013 MI-4, Ref. RB | 5.00 | % | 12/01/2039 | 5,000 | 6,268,950 | |||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); | ||||||||||||||
Series 2014 C-6, Ref. RB | 5.00 | % | 07/01/2033 | 1,000 | 1,139,220 | |||||||||
Series 2014 D-4, Ref. RB | 5.00 | % | 07/01/2032 | 2,450 | 2,792,829 | |||||||||
Series 2014 D-4, Ref. RB | 5.00 | % | 07/01/2034 | 1,000 | 1,138,160 | |||||||||
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2016, Ref. RB | 5.00 | % | 11/15/2041 | 6,300 | 7,396,389 | |||||||||
Michigan (State of) Strategic Fund; Series 2007, RB | 5.85 | % | 08/31/2027 | 6,074 | 5,696,548 | |||||||||
Michigan State University Board of Trustees; | ||||||||||||||
Series 2019 B, RB | 5.00 | % | 02/15/2044 | 1,180 | 1,450,480 | |||||||||
Series 2019 B, RB | 5.00 | % | 02/15/2048 | 6,650 | 8,129,891 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Michigan–(continued) | ||||||||||||||
Plymouth Educational Center Charter School; | ||||||||||||||
Series 2005, Ref. RB | 5.38 | % | 11/01/2030 | $ | 400 | $ | 277,876 | |||||||
Series 2005, Ref. RB | 5.63 | % | 11/01/2035 | 1,325 | 824,574 | |||||||||
Renaissance Public School Academy; Series 2012 A, RB | 6.00 | % | 05/01/2037 | 500 | 511,285 | |||||||||
Walled Lake Consolidated School District; | ||||||||||||||
Series 2019, GO Bonds | 4.00 | % | 05/01/2039 | 600 | 693,504 | |||||||||
Series 2019, GO Bonds | 4.00 | % | 05/01/2040 | 1,220 | 1,407,026 | |||||||||
Series 2019, GO Bonds | 4.00 | % | 05/01/2041 | 2,485 | 2,857,601 | |||||||||
Series 2019, GO Bonds | 5.00 | % | 05/01/2044 | 3,270 | 4,117,224 | |||||||||
Series 2019, GO Bonds | 5.00 | % | 05/01/2049 | 3,270 | 4,094,759 | |||||||||
84,538,318 | ||||||||||||||
Minnesota–0.23% | ||||||||||||||
Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB | 5.50 | % | 12/01/2048 | 1,050 | 1,076,040 | |||||||||
Duluth (City of), MN Economic Development Authority; Series 2018 A, Ref. RB | 5.00 | % | 02/15/2043 | 2,300 | 2,716,185 | |||||||||
Minnesota (State of) Higher Education Facilities Authority; Series 2017, Ref. RB | 5.00 | % | 10/01/2047 | 900 | 981,108 | |||||||||
Mound (City of), MN Housing & Redevelopment Authority; Series 2006, Ref. RB | 5.00 | % | 02/15/2027 | 721 | 724,079 | |||||||||
St. Paul (City of), MN (Presbyterian Homes Bloomington); Series 2017, Ref. RB | 5.00 | % | 09/01/2042 | 680 | 713,850 | |||||||||
6,211,262 | ||||||||||||||
Mississippi–0.53% | ||||||||||||||
Mississippi (State of) Development Bank; Series 2016, RB | 5.00 | % | 12/01/2046 | 10,000 | 11,843,700 | |||||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2010 K, VRD RB(l) | 0.01 | % | 11/01/2035 | 2,100 | 2,100,000 | |||||||||
13,943,700 | ||||||||||||||
Missouri–0.96% | ||||||||||||||
370/Missouri Bottom Road/Taussig Road Transportation Development District (Hazelwood); Series 2002, RB (Acquired 10/24/2002-02/13/2012; Cost $14,360,000)(c)(d)(k) | 7.20 | % | 05/01/2049 | 14,360 | 4,882,400 | |||||||||
Branson (City of), MO Industrial Development Authority; | ||||||||||||||
Series 2005 A, RB(d) | 7.05 | % | 05/01/2027 | 70 | 49,615 | |||||||||
Series 2007 A, RB(d) | 5.75 | % | 05/01/2026 | 785 | 569,211 | |||||||||
Broadway-Fairview Transportation Development District; Series 2006 A, RB(d)(j) | 5.88 | % | 12/01/2031 | 675 | 438,750 | |||||||||
Chillicothe (City of), MO (South U.S. 65); | ||||||||||||||
Series 2006, RB(d) | 5.50 | % | 04/01/2021 | 90 | 89,402 | |||||||||
Series 2006, RB(d) | 5.63 | % | 04/01/2027 | 400 | 348,460 | |||||||||
Columbia (City of), MO Housing Authority; | ||||||||||||||
Series 2015, RB | 5.00 | % | 12/15/2040 | 580 | 595,590 | |||||||||
Series 2015, RB | 5.13 | % | 12/15/2050 | 1,330 | 1,361,322 | |||||||||
Grindstone Plaza Transportation Development District; Series 2006 A, RB | 5.50 | % | 10/01/2031 | 355 | 310,128 | |||||||||
Hollister (City of), MO; Series 2019, RB(e) | 5.63 | % | 10/01/2039 | 5,335 | 5,563,231 | |||||||||
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(e) | 5.00 | % | 04/01/2046 | 295 | 299,080 | |||||||||
Lee’s Summit (City of), MO Industrial Development Authority; | ||||||||||||||
Series 2007, RB(c)(d) | 5.50 | % | 03/01/2021 | 140 | 86,800 | |||||||||
Series 2007, RB(c)(d) | 5.75 | % | 03/01/2029 | 250 | 155,000 | |||||||||
Maplewood (City of), MO (Maplewood South Redevelopment Area); Series 2005, Ref. RB | 5.75 | % | 11/01/2026 | 2,055 | 2,055,678 | |||||||||
Northwoods Transportation Development District; Series 2006 A, RB | 5.85 | % | 02/01/2031 | 54 | 47,807 | |||||||||
St Louis (County of), MO; Series 2007 A, RB(d) | 5.50 | % | 09/02/2028 | 373 | 167,850 | |||||||||
St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB(e) | 5.00 | % | 10/01/2046 | 1,025 | 1,032,042 | |||||||||
St. Louis (City of), MO; | ||||||||||||||
Series 2006 A, RB(d)(j) | 6.00 | % | 08/04/2025 | 481 | 96,200 | |||||||||
Series 2007, RB(d) | 5.50 | % | 05/29/2028 | 661 | 277,561 | |||||||||
St. Louis (City of), MO Land Clearance for Redevelopment Authority; Series 2018 A, RB | 5.00 | % | 04/01/2048 | 3,250 | 3,567,980 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Missouri–(continued) | ||||||||||||||
St. Louis (County of), MO; | ||||||||||||||
Series 2006, RB(d)(j) | 6.00 | % | 08/21/2026 | $ | 1,391 | $ | 415,430 | |||||||
Series 2006, RB(d) | 5.50 | % | 03/09/2027 | 1,879 | 770,390 | |||||||||
Series 2007 A, RB(d) | 5.50 | % | 01/20/2028 | 758 | 379,000 | |||||||||
Series 2007 B, RB(d)(j) | 5.50 | % | 01/20/2028 | 466 | 111,840 | |||||||||
Series 2008 A, RB(d) | 6.60 | % | 01/21/2028 | 3,255 | 1,464,750 | |||||||||
Series 2008, RB(d)(j) | 6.69 | % | 04/21/2029 | 1,080 | 183,600 | |||||||||
Stone Canyon Community Improvement District; | ||||||||||||||
Series 2007, RB (Acquired 09/23/2011; Cost $560,084)(c)(d)(k) | 5.70 | % | 04/01/2022 | 620 | 161,200 | |||||||||
Series 2007, RB (Acquired 09/23/2011; Cost $287,597)(c)(d)(k) | 5.75 | % | 04/01/2027 | 320 | 83,200 | |||||||||
25,563,517 | ||||||||||||||
Montana–0.03% | ||||||||||||||
Hardin (City of), MT; Series 2006, RB(d)(j) | 6.25 | % | 09/01/2031 | 11,710 | 819,700 | |||||||||
Nebraska–0.59% | ||||||||||||||
Central Plains Energy Project (No. 3); | ||||||||||||||
Series 2012, RB(n) | 5.25 | % | 09/01/2037 | 9,510 | 10,166,665 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 09/01/2037 | 4,000 | 5,480,400 | |||||||||
15,647,065 | ||||||||||||||
Nevada–0.82% | ||||||||||||||
Clark (County of), NV; | ||||||||||||||
Series 2007 A, RB | 5.00 | % | 02/01/2026 | 320 | 323,494 | |||||||||
Series 2007 A, RB | 5.05 | % | 02/01/2031 | 255 | 257,382 | |||||||||
Clark (County of), NV (Stadium Improvement Bonds); Series 2018 A, GO Bonds | 5.00 | % | 05/01/2048 | 2,500 | 2,987,500 | |||||||||
Clark County School District; Series 2018 B, GO Bonds (INS - BAM)(a) | 5.00 | % | 06/15/2036 | 5,280 | 6,545,352 | |||||||||
Las Vegas (City of), NV Convention & Visitors Authority; Series 2018 B, RB | 5.00 | % | 07/01/2043 | 10,000 | 11,713,800 | |||||||||
21,827,528 | ||||||||||||||
New Hampshire–0.47% | ||||||||||||||
Manchester Housing & Redevelopment Authority, Inc.; Series 2000 B, RB (INS - ACA)(a)(h) | 0.00 | % | 01/01/2029 | 305 | 209,346 | |||||||||
New Hampshire (State of) Business Finance Authority; | ||||||||||||||
Series 2019 A, RB(e) | 5.25 | % | 07/01/2039 | 410 | 411,206 | |||||||||
Series 2019 A, RB(e) | 5.63 | % | 07/01/2046 | 230 | 233,496 | |||||||||
Series 2019 A, RB(e) | 5.75 | % | 07/01/2054 | 570 | 581,896 | |||||||||
New Hampshire (State of) Health & Education Facilities Authority (Southern New Hampshire | ||||||||||||||
University); Series 2012, RB(f)(g) | 5.00 | % | 01/01/2022 | 1,500 | 1,560,105 | |||||||||
New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB | 5.00 | % | 08/01/2059 | 3,410 | 5,064,975 | |||||||||
New Hampshire Business Finance Authority; Series 2020-1, Class A | 4.13 | % | 01/20/2034 | 3,942 | 4,426,469 | |||||||||
12,487,493 | ||||||||||||||
New Jersey–8.55% | ||||||||||||||
Atlantic City (City of), NJ; | ||||||||||||||
Series 2017 A, Ref. GO Bonds (INS - BAM)(a) | 5.00 | % | 03/01/2032 | 250 | 295,760 | |||||||||
Series 2017 A, Ref. GO Bonds (INS - BAM)(a) | 5.00 | % | 03/01/2037 | 500 | 583,060 | |||||||||
Series 2017 B, GO Bonds (INS - AGM)(a) | 4.00 | % | 03/01/2042 | 3,510 | 3,813,510 | |||||||||
Casino Reinvestment Development Authority; | ||||||||||||||
Series 2014, Ref. RB (INS - AGM)(a) | 5.00 | % | 11/01/2030 | 2,000 | 2,188,920 | |||||||||
Series 2014, Ref. RB (INS - AGM)(a) | 5.00 | % | 11/01/2032 | 2,000 | 2,171,760 | |||||||||
Hudson (County of), NJ Improvement Authority (Hudson County Courhouse); Series 2020, RB | 4.00 | % | 10/01/2051 | �� | 10,000 | 11,432,600 | ||||||||
New Jersey (State of); | ||||||||||||||
Series 2020 A, GO Bonds | 4.00 | % | 06/01/2030 | 2,880 | 3,428,726 | |||||||||
Series 2020 A, GO Bonds | 4.00 | % | 06/01/2031 | 3,500 | 4,200,665 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New Jersey–(continued) | ||||||||||||||
New Jersey (State of) Economic Development Authority; | ||||||||||||||
Series 2016 AAA, RB | 5.00 | % | 06/15/2041 | $ | 3,000 | $ | 3,427,260 | |||||||
Series 2017 A, RB | 5.00 | % | 07/01/2032 | 500 | 512,150 | |||||||||
Series 2017 A, RB | 5.00 | % | 07/01/2047 | 200 | 202,202 | |||||||||
Series 2017 DDD, RB | 5.00 | % | 06/15/2028 | 1,930 | 2,321,829 | |||||||||
Series 2017 DDD, RB | 5.00 | % | 06/15/2029 | 3,500 | 4,182,290 | |||||||||
Series 2017, Ref. RB (INS - AGM)(a) | 5.00 | % | 06/01/2037 | 1,000 | 1,175,150 | |||||||||
Series 2018 A, RB | 5.00 | % | 06/15/2042 | 3,500 | 4,051,005 | |||||||||
Series 2018 A, RB | 5.00 | % | 06/15/2047 | 735 | 844,412 | |||||||||
Series 2018 A, RB(e) | 6.50 | % | 11/01/2052 | 220 | 258,680 | |||||||||
Series 2018 C, RB | 5.00 | % | 06/15/2031 | 4,855 | 5,790,219 | |||||||||
Series 2019, RB | 4.00 | % | 06/15/2044 | 3,000 | 3,269,190 | |||||||||
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB | 5.13 | % | 06/15/2037 | 980 | 1,206,988 | |||||||||
New Jersey (State of) Health Care Facilities Financing Authority; Series 2015 A, RB (INS - AGM)(a) | 5.00 | % | 07/01/2029 | 2,100 | 2,411,451 | |||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health); Series 2009 B, VRD RB (LOC - JP Morgan Chase Bank N.A.)(l)(m) | 0.01 | % | 07/01/2043 | 10,815 | 10,815,000 | |||||||||
New Jersey (State of) Transportation Trust Fund Authority; | ||||||||||||||
Series 2004 A, RB (INS - NATL)(a) | 5.75 | % | 06/15/2024 | 11,570 | 13,397,713 | |||||||||
Series 2005 B, RB (INS - NATL)(a) | 5.50 | % | 12/15/2021 | 5,975 | 6,218,242 | |||||||||
Series 2008 A, RB(h) | 0.00 | % | 12/15/2038 | 5,680 | 3,407,034 | |||||||||
Series 2009 D, RB | 5.00 | % | 06/15/2032 | 5,015 | 5,620,009 | |||||||||
Series 2011 A, RB(f)(g) | 6.00 | % | 06/15/2021 | 4,555 | 4,629,975 | |||||||||
Series 2016, RN | 5.00 | % | 06/15/2030 | 6,000 | 6,993,180 | |||||||||
Series 2018 A, Ref. RN | 5.00 | % | 06/15/2029 | 6,660 | 7,817,708 | |||||||||
Series 2018 A, Ref. RN | 5.00 | % | 06/15/2030 | 945 | 1,101,426 | |||||||||
Series 2018 A, Ref. RN | 5.00 | % | 06/15/2031 | 880 | 1,022,358 | |||||||||
Series 2020 AA, RB | 4.00 | % | 06/15/2045 | 3,340 | 3,638,730 | |||||||||
Series 2020 AA, RB | 5.00 | % | 06/15/2045 | 1,435 | 1,712,629 | |||||||||
Series 2020 AA, RB | 4.00 | % | 06/15/2050 | 3,785 | 4,102,524 | |||||||||
Series 2020 AA, RB | 5.00 | % | 06/15/2050 | 1,230 | 1,459,690 | |||||||||
New Jersey (State of) Turnpike Authority; | ||||||||||||||
Series 2015 E, RB | 5.00 | % | 01/01/2034 | 7,000 | 8,068,550 | |||||||||
Series 2019 A, RB | 4.00 | % | 01/01/2048 | 10,000 | 11,247,300 | |||||||||
Series 2019 A, RB | 5.00 | % | 01/01/2048 | 3,000 | 3,636,390 | |||||||||
Series 2021 A, RB | 4.00 | % | 01/01/2051 | 2,000 | 2,292,520 | |||||||||
Tobacco Settlement Financing Corp.; | ||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 06/01/2028 | 3,500 | 4,399,430 | |||||||||
Series 2018 A, Ref. RB | 5.00 | % | 06/01/2029 | 4,500 | 5,606,370 | |||||||||
Series 2018 A, Ref. RB | 5.00 | % | 06/01/2030 | 5,000 | 6,178,600 | |||||||||
Series 2018 A, Ref. RB | 5.00 | % | 06/01/2031 | 7,100 | 8,725,119 | |||||||||
Series 2018 A, Ref. RB | 5.00 | % | 06/01/2034 | 13,000 | 15,737,540 | |||||||||
Series 2018 A, Ref. RB | 5.00 | % | 06/01/2035 | 4,000 | 4,827,440 | |||||||||
Series 2018 A, Ref. RB | 5.00 | % | 06/01/2037 | 3,000 | 3,598,710 | |||||||||
Series 2018 A, Ref. RB | 5.00 | % | 06/01/2046 | 6,000 | 6,997,080 | |||||||||
Series 2018 B, Ref. RB | 5.00 | % | 06/01/2046 | 13,700 | 15,829,254 | |||||||||
226,848,348 | ||||||||||||||
New Mexico–0.08% | ||||||||||||||
Boulders Public Improvement District; Series 2015, RB | 5.75 | % | 10/01/2044 | 230 | 238,020 | |||||||||
Trails Public Improvement District; Series 2008, RB | 7.75 | % | 10/01/2038 | 1,775 | 1,774,681 | |||||||||
2,012,701 | ||||||||||||||
New York–12.76% | ||||||||||||||
Hudson Yards Infrastructure Corp.; | ||||||||||||||
Series 2017 XF0549, Revenue Ctfs.(i) | 5.00 | % | 02/15/2037 | 8,500 | 10,049,465 | |||||||||
Series 2017 XF0549, Revenue Ctfs.(i) | 5.00 | % | 02/15/2039 | 7,500 | 8,829,900 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
Metropolitan Transportation Authority; | ||||||||||||||
Series 2015 C-1, Ref. RB | 5.00 | % | 11/15/2035 | $ | 10,500 | $ | 11,982,810 | |||||||
Series 2016 C-1, RB | 5.25 | % | 11/15/2056 | 5,000 | 5,803,650 | |||||||||
Metropolitan Transportation Authority (Green Bonds); | ||||||||||||||
Series 2016 A1, RB | 5.25 | % | 11/15/2056 | 14,375 | 16,494,306 | |||||||||
Subseries 2017 A-1, RB | 5.25 | % | 11/15/2057 | 3,500 | 4,038,860 | |||||||||
MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB | 5.00 | % | 11/15/2056 | 13,150 | 14,286,686 | |||||||||
New York & New Jersey (States of) Port Authority; | ||||||||||||||
Series 2016 198, Ref. RB | 5.25 | % | 11/15/2056 | 10,000 | 11,962,700 | |||||||||
Series 2018, Ref. RB | 5.00 | % | 09/01/2048 | 5,000 | 6,031,400 | |||||||||
New York (City of), NY; | ||||||||||||||
Series 2018 DD1, RB | 5.00 | % | 06/15/2048 | 10,000 | 12,015,500 | |||||||||
Series 2018 E-1, GO Bonds | 5.00 | % | 03/01/2040 | 10,065 | 12,018,717 | |||||||||
New York (City of), NY Municipal Water Finance Authority; | ||||||||||||||
Series 2015 GG, Ref. RB | 5.00 | % | 06/15/2039 | 10,000 | 11,718,100 | |||||||||
Subseries 2012 A-1, VRD RB(l) | 0.01 | % | 06/15/2044 | 2,475 | 2,475,000 | |||||||||
New York (City of), NY Transitional Finance Authority; | ||||||||||||||
Series 2018 S-3, RB | 5.00 | % | 07/15/2043 | 14,000 | 16,859,920 | |||||||||
Series 2019 A-3, RB | 4.00 | % | 05/01/2042 | 5,000 | 5,630,700 | |||||||||
Series 2019 B-1, RB | 4.00 | % | 11/01/2045 | 4,000 | 4,525,400 | |||||||||
Series 2020, RB | 4.00 | % | 05/01/2047 | 5,000 | 5,635,400 | |||||||||
New York (City of), NY Water & Sewer System (2nd Generation Resolution); Series 2008 BB-2, VRD RB(l) | 0.00 | % | 06/15/2039 | 23,000 | 23,000,000 | |||||||||
New York (County of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB | 5.75 | % | 06/01/2043 | 285 | 358,493 | |||||||||
New York (State of) Dormitory Authority; | ||||||||||||||
Series 2015 B, RB | 5.00 | % | 03/15/2033 | 10,000 | 11,853,000 | |||||||||
Series 2015 B, Ref. RB | 5.00 | % | 07/01/2028 | 2,650 | 3,062,949 | |||||||||
Series 2016 A, RB | 5.00 | % | 03/15/2035 | 5,000 | 6,014,400 | |||||||||
Series 2020 D, Ref. RB | 4.00 | % | 02/15/2047 | 7,000 | 7,855,820 | |||||||||
New York (State of) Dormitory Authority (Columbia University); Series 2018 A, RB | 5.00 | % | 10/01/2048 | 14,000 | 20,827,800 | |||||||||
New York (State of) Housing Finance Agency (Clinton Park Housing); Series 2010 A, VRD RB(l) | 0.03 | % | 11/01/2044 | 4,000 | 4,000,000 | |||||||||
New York (State of) Thruway Authority; | ||||||||||||||
Series 2019 B, RB | 4.00 | % | 01/01/2050 | 5,920 | 6,639,280 | |||||||||
Series 2019 B, RB | 4.00 | % | 01/01/2053 | 5,880 | 6,581,837 | |||||||||
New York City Transitional Finance Authority; Series 2020 C-1, RB | 4.00 | % | 05/01/2045 | 5,000 | 5,649,400 | |||||||||
New York Counties Tobacco Trust II; Series 2001, RB | 5.75 | % | 06/01/2043 | 65 | 65,096 | |||||||||
New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2005, Ref. RB | 5.25 | % | 10/01/2035 | 6,075 | 8,512,837 | |||||||||
New York Power Authority; | ||||||||||||||
Series 2020 A, Ref. RB | 4.00 | % | 11/15/2045 | 7,000 | 8,089,620 | |||||||||
Series 2020 A, Ref. RB | 4.00 | % | 11/15/2050 | 10,000 | 11,513,500 | |||||||||
New York State Thruway Authority; Series 2020 N, RB | 4.00 | % | 01/01/2045 | 5,000 | 5,727,050 | |||||||||
New York State Urban Development Corp.; | ||||||||||||||
Series 2020 A, RB | 5.00 | % | 03/15/2041 | 1,800 | 2,241,270 | |||||||||
Series 2020 A, RB | 5.00 | % | 03/15/2042 | 515 | 639,306 | |||||||||
Series 2020 A, RB | 4.00 | % | 03/15/2045 | 4,235 | 4,814,094 | |||||||||
Series 2020 A, RB | 4.00 | % | 03/15/2049 | 9,450 | 10,698,628 | |||||||||
Series 2020 C, Ref. RB | 5.00 | % | 03/15/2047 | 7,000 | 8,636,950 | |||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport); | ||||||||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2036 | 3,000 | 3,700,560 | |||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2038 | 2,750 | 3,386,075 | |||||||||
Series 2020, Ref. RB | 4.00 | % | 12/01/2039 | 1,700 | 1,896,792 | |||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2020 A, RB | 5.00 | % | 11/15/2049 | 3,000 | 3,763,440 | |||||||||
TSASC, Inc.; | ||||||||||||||
Series 2016 B, Ref. RB | 5.00 | % | 06/01/2045 | 5,450 | 5,917,555 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2036 | 2,455 | 2,939,715 | |||||||||
338,743,981 | ||||||||||||||
North Carolina–0.47% | ||||||||||||||
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 H, VRD RB(l) | 0.01 | % | 01/15/2048 | 840 | 840,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
North Carolina–(continued) | ||||||||||||||
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); | ||||||||||||||
Series 2007 B, Ref. VRD RB(l) | 0.01 | % | 01/15/2038 | $ | 2,500 | $ | 2,500,000 | |||||||
Series 2007 C, Ref. VRD RB(l) | 0.01 | % | 01/15/2037 | 3,075 | 3,075,000 | |||||||||
North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB (INS - AGM)(a) | 5.00 | % | 01/01/2038 | 5,000 | 6,140,500 | |||||||||
12,555,500 | ||||||||||||||
Ohio–2.71% | ||||||||||||||
Buckeye Tobacco Settlement Financing Authority; | ||||||||||||||
Series 2020 B-2, Ref. RB | 5.00 | % | 06/01/2055 | 28,330 | 31,899,297 | |||||||||
Series 2020 B-3, Ref. RB(h) | 0.00 | % | 06/01/2057 | 49,575 | 7,433,275 | |||||||||
Cleveland (City of) & Cuyahoga (County of), OH Port Authority; Series 2010, RB | 6.00 | % | 11/15/2035 | 3,445 | 3,459,641 | |||||||||
Cuyahoga (County of), OH (Metrohealth System); | ||||||||||||||
Series 2017, Ref. RB | 5.50 | % | 02/15/2052 | 2,475 | 2,871,842 | |||||||||
Series 2017, Ref. RB | 5.50 | % | 02/15/2057 | 1,050 | 1,215,827 | |||||||||
Greater Cincinnati (Port of), OH Development Authority; | ||||||||||||||
Series 2004, RB | 6.30 | % | 02/15/2024 | 785 | 762,808 | |||||||||
Series 2004, RB | 6.40 | % | 02/15/2034 | 5,860 | 5,220,147 | |||||||||
Greene (County of), OH; | ||||||||||||||
Series 2002 A, RB (INS - ACA)(a) | 5.50 | % | 09/01/2027 | 1,000 | 1,000,990 | |||||||||
Series 2002 A, RB (INS - ACA)(a) | 5.63 | % | 09/01/2032 | 170 | 170,134 | |||||||||
Jeffrey Place New Community Authority; Series 2007 A, RB | 5.00 | % | 12/01/2022 | 195 | 195,259 | |||||||||
Ohio (State of); | ||||||||||||||
Series 2017 A, GO Bonds | 5.00 | % | 03/15/2036 | 5,000 | 5,643,050 | |||||||||
Series 2020 A, Ref. RB | 5.00 | % | 01/15/2050 | 3,905 | 4,777,689 | |||||||||
Ohio (State of) Higher Educational Facility Commission; Series 2018, Ref. RB | 5.25 | % | 01/01/2038 | 1,350 | 1,337,999 | |||||||||
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group); Series 2013 B-2, VRD RB(l) | 0.01 | % | 01/01/2039 | 1,500 | 1,500,000 | |||||||||
Portage (County of), OH Port Authority; Series 2012, RB | 5.00 | % | 12/01/2037 | 4,065 | 4,191,706 | |||||||||
Toledo (City of) & Lucas (County of), OH Port Authority; Series 2007 A, RB | 5.40 | % | 11/01/2036 | 309 | 270,589 | |||||||||
71,950,253 | ||||||||||||||
Oklahoma–0.14% | ||||||||||||||
Carter (County of), OK Public Facilities Authority; Series 2018, RB | 5.00 | % | 09/01/2032 | 3,070 | 3,656,493 | |||||||||
Pennsylvania–6.00% | ||||||||||||||
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University); | ||||||||||||||
Series 2008 A, Ref. VRD RB(l) | 0.01 | % | 12/01/2037 | 675 | 675,000 | |||||||||
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB | 5.00 | % | 04/01/2036 | 2,825 | 3,386,751 | |||||||||
Bethlehem Area School District; Series 2015 A, GO Bonds (INS - BAM)(a) | 5.00 | % | 08/01/2033 | 5,000 | 5,893,050 | |||||||||
Commonwealth Financing Authority; | ||||||||||||||
Series 2018, RB | 5.00 | % | 06/01/2030 | 1,250 | 1,551,463 | |||||||||
Series 2018, RB | 5.00 | % | 06/01/2032 | 3,000 | 3,691,860 | |||||||||
Series 2018, RB | 5.00 | % | 06/01/2033 | 2,000 | 2,449,020 | |||||||||
Series 2018, RB | 5.00 | % | 06/01/2034 | 1,760 | 2,146,901 | |||||||||
Delaware (County of), PA Authority (Neumann University); | ||||||||||||||
Series 2016, Ref. RB | 5.00 | % | 10/01/2031 | 1,425 | 1,601,230 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 10/01/2035 | 2,305 | 2,567,678 | |||||||||
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)(l)(m) | 0.04 | % | 06/01/2037 | 3,180 | 3,180,000 | |||||||||
Geisinger Authority (Geisinger Health System); Series 2020, Ref. RB | 5.00 | % | 04/01/2050 | 5,000 | 6,145,100 | |||||||||
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)(l)(m) | 0.04 | % | 10/15/2025 | 1,810 | 1,810,000 | |||||||||
Pennsylvania (Commonwealth of); | ||||||||||||||
Series 2013 1, GO Bonds | 4.00 | % | 04/01/2032 | 5,000 | 5,299,050 | |||||||||
Series 2018 1, GO Bonds | 5.00 | % | 03/01/2032 | 10,000 | 12,437,100 | |||||||||
Series 2018 1, GO Bonds | 4.00 | % | 03/01/2035 | 12,500 | 14,485,250 | |||||||||
Series 2018 1, GO Bonds (INS - BAM)(a) | 4.00 | % | 03/01/2036 | 4,175 | 4,862,163 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Pennsylvania–(continued) | ||||||||||||||
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); | ||||||||||||||
Series 2012, RB(f)(g) | 5.00 | % | 04/01/2022 | $ | 5,605 | $ | 5,896,516 | |||||||
Series 2016 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 06/01/2032 | 5,000 | 6,047,000 | |||||||||
Series 2016 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 06/01/2033 | 5,000 | 6,040,850 | |||||||||
Pennsylvania (Commonwealth of) Turnpike Commission; | ||||||||||||||
Series 2009 E, RB | 6.38 | % | 12/01/2038 | 1,500 | 1,973,985 | |||||||||
Series 2014 A-3, RB(h) | 0.00 | % | 12/01/2041 | 3,450 | 1,819,012 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 06/01/2030 | 5,000 | 5,912,650 | |||||||||
Series 2017 3, Ref. RB | 5.00 | % | 12/01/2040 | 5,125 | 6,097,315 | |||||||||
Series 2017 B-1, RB | 5.00 | % | 06/01/2042 | 7,750 | 9,079,512 | |||||||||
Series 2018 A-2, RB | 5.00 | % | 12/01/2048 | 7,000 | 8,408,470 | |||||||||
Series 2019 A, RB (INS - AGM)(a) | 4.00 | % | 12/01/2049 | 8,500 | 9,704,450 | |||||||||
Philadelphia (City of), PA; | ||||||||||||||
Series 2017 15, Ref. RB | 5.00 | % | 08/01/2036 | 1,000 | 1,195,460 | |||||||||
Series 2019 B, RB | 5.00 | % | 11/01/2049 | 7,155 | 8,779,185 | |||||||||
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System); Series 2012 A, RB | 5.63 | % | 07/01/2042 | 3,500 | 3,680,775 | |||||||||
Philadelphia (City of), PA Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB(f)(g) | 6.13 | % | 03/15/2023 | 685 | 765,337 | |||||||||
Philadelphia Gas Works Co.; Series 2009 C, Ref. VRD RB (LOC - Barclays Bank PLC)(l)(m) | 0.02 | % | 08/01/2031 | 450 | 450,000 | |||||||||
Philadelphia School District; Series 2016 F, Ref. GO Bonds | 5.00 | % | 09/01/2032 | 1,000 | 1,203,580 | |||||||||
Pottsville (City of), PA Hospital Authority (Lehigh Valley); Series 2016 B, Ref. RB | 5.00 | % | 07/01/2041 | 4,000 | 4,679,240 | |||||||||
Reading School District; | ||||||||||||||
Series 2017, Ref. GO Bonds (INS - AGM)(a) | 5.00 | % | 03/01/2035 | 280 | 336,851 | |||||||||
Series 2017, Ref. GO Bonds (INS - AGM)(a) | 5.00 | % | 03/01/2036 | 255 | 306,133 | |||||||||
Scranton School District; | ||||||||||||||
Series 2017 E, Ref. GO Bonds (INS - BAM)(a) | 5.00 | % | 12/01/2029 | 1,000 | 1,231,710 | |||||||||
Series 2017 E, Ref. GO Bonds (INS - BAM)(a) | 5.00 | % | 12/01/2030 | 1,305 | 1,593,105 | |||||||||
Series 2017 E, Ref. GO Bonds (INS - BAM)(a) | 5.00 | % | 12/01/2032 | 890 | 1,081,199 | |||||||||
Series 2017 E, Ref. GO Bonds (INS - BAM)(a) | 5.00 | % | 12/01/2033 | 710 | 861,109 | |||||||||
159,325,060 | ||||||||||||||
Puerto Rico–7.21% | ||||||||||||||
Puerto Rico (Commonwealth of); | ||||||||||||||
Series 2001 A, Ref. GO Bonds (INS - NATL)(a) | 5.50 | % | 07/01/2021 | 500 | 504,545 | |||||||||
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(a) | 6.00 | % | 07/01/2027 | 1,365 | 1,406,168 | |||||||||
Series 2004 A, GO Bonds (INS - AGC)(a) | 5.00 | % | 07/01/2034 | 5 | 5,169 | |||||||||
Series 2006 A, GO Bonds(c) | 5.25 | % | 07/01/2030 | 4,020 | 3,482,325 | |||||||||
Series 2008 A, GO Bonds(c) | 5.00 | % | 07/01/2023 | 2,610 | 2,247,862 | |||||||||
Series 2008 A, GO Bonds(c) | 5.13 | % | 07/01/2028 | 3,000 | 2,587,500 | |||||||||
Series 2009 B, Ref. GO Bonds(c) | 6.50 | % | 07/01/2037 | 5,000 | 4,381,250 | |||||||||
Series 2009 B, Ref. GO Bonds(c) | 6.00 | % | 07/01/2039 | 6,200 | 5,409,500 | |||||||||
Series 2009 C, Ref. GO Bonds(c) | 6.00 | % | 07/01/2039 | 2,000 | 1,732,500 | |||||||||
Series 2011 A, GO Bonds(c) | 5.75 | % | 07/01/2041 | 3,335 | 2,813,906 | |||||||||
Series 2011 A, Ref. GO Bonds(c) | 6.00 | % | 07/01/2040 | 3,000 | 2,523,750 | |||||||||
Series 2011 C, Ref. GO Bonds(c) | 5.75 | % | 07/01/2036 | 9,000 | 7,256,250 | |||||||||
Series 2011 E, Ref. GO Bonds(c) | 6.00 | % | 07/01/2029 | 4,895 | 4,240,294 | |||||||||
Series 2011 E, Ref. GO Bonds(c) | 5.38 | % | 07/01/2030 | 1,250 | 1,054,688 | |||||||||
Series 2011 E, Ref. GO Bonds(c) | 5.63 | % | 07/01/2033 | 4,000 | 3,375,000 | |||||||||
Series 2012 A, Ref. GO Bonds(c) | 5.25 | % | 07/01/2023 | 3,000 | 2,460,000 | |||||||||
Series 2012 A, Ref. GO Bonds(c) | 5.50 | % | 07/01/2026 | 6,645 | 5,448,900 | |||||||||
Series 2012 A, Ref. GO Bonds(c) | 5.75 | % | 07/01/2028 | 5,000 | 4,100,000 | |||||||||
Series 2012 A, Ref. GO Bonds(c) | 5.50 | % | 07/01/2039 | 8,225 | 6,744,500 | |||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; | ||||||||||||||
Series 2012 A, RB | 5.25 | % | 07/01/2029 | 1,885 | 1,984,358 | |||||||||
Series 2012 A, RB | 5.75 | % | 07/01/2037 | 5,400 | 5,720,220 | |||||||||
Series 2012 A, RB | 5.25 | % | 07/01/2042 | 5,880 | 6,189,935 | |||||||||
Series 2012 A, RB | 6.00 | % | 07/01/2047 | 10,090 | 10,721,533 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Puerto Rico–(continued) | ||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; | ||||||||||||||
Series 2005 RR, RB (INS - NATL)(a) | 5.00 | % | 07/01/2023 | $ | 30 | $ | 30,368 | |||||||
Series 2005 RR, RB (INS - NATL)(a) | 5.00 | % | 07/01/2024 | 260 | 263,190 | |||||||||
Series 2005 SS, Ref. RB (INS - NATL)(a) | 5.00 | % | 07/01/2025 | 4,000 | 4,052,080 | |||||||||
Series 2007 VV, Ref. RB (INS - NATL)(a) | 5.25 | % | 07/01/2025 | 1,690 | 1,825,200 | |||||||||
Series 2008 WW-RSA-1, RB(c) | 5.38 | % | 07/01/2023 | 2,750 | 2,492,187 | |||||||||
Series 2008 WW-RSA-1, RB(c) | 5.25 | % | 07/01/2025 | 1,985 | 1,796,425 | |||||||||
Series 2010 AAA-RSA-1, RB(c) | 5.25 | % | 07/01/2028 | 2,830 | 2,561,150 | |||||||||
Series 2010 CCC-RSA-1, RB(c) | 5.00 | % | 07/01/2022 | 1,850 | 1,669,625 | |||||||||
Series 2010 CCC-RSA-1, RB(c) | 5.00 | % | 07/01/2028 | 2,500 | 2,256,250 | |||||||||
Series 2010 XX, RB(c) | 5.25 | % | 07/02/2040 | 1,670 | 1,511,350 | |||||||||
Series 2010 ZZ-RSA-1, Ref. RB(c) | 5.25 | % | 07/01/2022 | 410 | 371,050 | |||||||||
Series 2010 ZZ-RSA-1, Ref. RB(c) | 5.25 | % | 07/01/2025 | 405 | 366,525 | |||||||||
Series 2016 E-2, RB(c) | 10.00 | % | 07/01/2021 | 500 | 482,500 | |||||||||
Puerto Rico (Commonwealth of) Government Employees Retirement System; Series 2008 A, RB(c) | 6.45 | % | 07/01/2055 | 10,000 | 1,400,000 | |||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; | ||||||||||||||
Series 2003 A-A, RB (INS - AGC)(a) | 5.00 | % | 07/01/2035 | 10 | 10,337 | |||||||||
Series 2003 G, RB (INS - NATL)(a) | 5.00 | % | 07/01/2033 | 20 | 20,322 | |||||||||
Series 2004 I, RB (INS - FGIC)(a)(j) | 5.00 | % | 07/01/2022 | 40 | 36,450 | |||||||||
Series 2007 M, RB(c) | 5.00 | % | 07/01/2046 | 3,500 | 1,251,250 | |||||||||
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; | ||||||||||||||
Series 1995 A, RB | 5.63 | % | 07/01/2022 | 1,040 | 1,040,000 | |||||||||
Series 2002 A, Ref. RB (INS - ACA)(a) | 5.00 | % | 08/01/2032 | 1,230 | 1,233,235 | |||||||||
Series 2012, Ref. RB | 5.00 | % | 10/01/2022 | 190 | 193,960 | |||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; | ||||||||||||||
Series 2005 A, RB (INS - FGIC)(a)(j) | 5.50 | % | 07/01/2024 | 850 | 774,563 | |||||||||
Series 2005 A, RB (INS - FGIC)(a)(j) | 5.50 | % | 07/01/2028 | 750 | 683,438 | |||||||||
Series 2005 A, RB (INS - FGIC)(a)(c)(h) | 0.00 | % | 07/01/2030 | 8,000 | 4,430,320 | |||||||||
Series 2005 A, RB (INS - FGIC)(a)(c)(h) | 0.00 | % | 07/01/2031 | 8,695 | 4,592,351 | |||||||||
Series 2005 B, RB(c) | 5.00 | % | 07/01/2041 | 65 | 8,856 | |||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); | ||||||||||||||
Series 2002 D, RB(c) | 5.38 | % | 07/01/2033 | 4,940 | 4,748,575 | |||||||||
Series 2007 M-2, Ref. RB (INS - AMBAC)(a) | 10.00 | % | 07/01/2035 | 1,910 | 2,010,523 | |||||||||
Series 2007 M-3, Ref. RB (INS - NATL)(a) | 6.00 | % | 07/01/2028 | 10,000 | 10,309,700 | |||||||||
Series 2007 N, RB(c) | 5.00 | % | 07/01/2032 | 3,300 | 3,155,625 | |||||||||
Series 2009 P, Ref. RB(c) | 6.25 | % | 07/01/2026 | 8,575 | 8,414,219 | |||||||||
Series 2012 U, Ref. RB(c) | 5.25 | % | 07/01/2042 | 240 | 213,600 | |||||||||
Puerto Rico Public Finance Corp.; Series 2011 B, RB(c) | 5.50 | % | 08/01/2031 | 5,615 | 84,225 | |||||||||
Puerto Rico Sales Tax Financing Corp.; | ||||||||||||||
Series 2018 A-1, RB(h) | 0.00 | % | 07/01/2046 | 34,472 | 10,598,072 | |||||||||
Series 2018 A-1, RB(h) | 0.00 | % | 07/01/2051 | 28,082 | 6,182,814 | |||||||||
Series 2018 A-1, RB | 4.75 | % | 07/01/2053 | 9,853 | 10,753,860 | |||||||||
Series 2018 A-1, RB | 5.00 | % | 07/01/2058 | 4,400 | 4,873,176 | |||||||||
Series 2019 A-2, RB | 4.54 | % | 07/01/2053 | 387 | 417,043 | |||||||||
Series 2019 A-2, RB | 4.78 | % | 07/01/2058 | 5,172 | 5,655,944 | |||||||||
University of Puerto Rico; | ||||||||||||||
Series 2006 P, Ref. RB (Acquired 10/10/2017; Cost $851,513)(k) | 5.00 | % | 06/01/2026 | 1,305 | 1,272,375 | |||||||||
Series 2006 P, Ref. RB (Acquired 11/15/2018; Cost $790,740)(k) | 5.00 | % | 06/01/2030 | 900 | 873,000 | |||||||||
Series 2006 Q, RB (Acquired 02/13/2019-03/01/2019; Cost $130,900)(k) | 5.00 | % | 06/01/2036 | 150 | 145,500 | |||||||||
191,451,386 | ||||||||||||||
Rhode Island–0.23% | ||||||||||||||
Central Falls Detention Facility Corp.; Series 2005, Ref. RB (Acquired 06/23/2005; Cost $4,862,486)(c)(k) | 7.25 | % | 07/15/2035 | 4,915 | 884,700 | |||||||||
Rhode Island Housing & Mortgage Finance Corp.; Series 1992 10-A, RB | 6.50 | % | 04/01/2027 | 20 | 20,072 | |||||||||
Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB | 5.00 | % | 06/01/2040 | 4,695 | 5,245,958 | |||||||||
6,150,730 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
South Carolina–0.23% | ||||||||||||||
Richland (County of), SC; Series 2004, RB(d) | 6.20 | % | 11/01/2036 | $ | 4,175 | $ | 3,255,080 | |||||||
South Carolina (State of) Public Service Authority; Series 2020 A, Ref. RB | 5.00 | % | 12/01/2043 | 2,200 | 2,753,894 | |||||||||
6,008,974 | ||||||||||||||
South Dakota–0.06% | ||||||||||||||
Educational Enhancement Funding Corp.; Series 2013 B, RB | 5.00 | % | 06/01/2027 | 1,500 | 1,623,840 | |||||||||
Tennessee–1.56% | ||||||||||||||
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health); | ||||||||||||||
Series 2019 A-1, Ref. RB | 4.00 | % | 08/01/2038 | 225 | 255,589 | |||||||||
Series 2019 A-1, Ref. RB | 4.00 | % | 08/01/2044 | 455 | 504,945 | |||||||||
Series 2019 A-2, Ref. RB | 5.00 | % | 08/01/2044 | 340 | 411,811 | |||||||||
Series 2019 A-2, Ref. RB | 5.00 | % | 08/01/2049 | 455 | 548,321 | |||||||||
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); | ||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 07/01/2035 | 2,000 | 2,413,360 | |||||||||
Series 2018 A, Ref. RB | 5.00 | % | 07/01/2036 | 3,000 | 3,608,670 | |||||||||
Series 2018 A, Ref. RB | 5.00 | % | 07/01/2037 | 3,000 | 3,598,050 | |||||||||
Memphis (City of), TN; Series 2020 A, RB | 4.00 | % | 12/01/2050 | 5,000 | 5,825,500 | |||||||||
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(e) | 5.13 | % | 06/01/2036 | 200 | 225,682 | |||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board; Series 2012, RB | 5.00 | % | 11/01/2027 | 500 | 511,980 | |||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center); Series 2016 A, RB | 5.00 | % | 07/01/2046 | 7,000 | 8,076,320 | |||||||||
Tennessee (State of) Metropolitan Nashville Airport Authority; | ||||||||||||||
Series 2019 A, RB | 4.00 | % | 07/01/2049 | 2,500 | 2,831,875 | |||||||||
Series 2019 A, RB | 5.00 | % | 07/01/2049 | 4,750 | 5,855,847 | |||||||||
Tennessee Energy Acquisition Corp.; Series 2006 C, RB | 5.00 | % | 02/01/2027 | 5,665 | 6,780,722 | |||||||||
41,448,672 | ||||||||||||||
Texas–4.63% | ||||||||||||||
Alamo Community College District; Series 2007, GO Bonds (INS - NATL)(a) | 4.50 | % | 08/15/2033 | 5 | 5,014 | |||||||||
Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB | 5.00 | % | 08/15/2038 | 885 | 965,340 | |||||||||
Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB | 5.75 | % | 08/15/2043 | 1,300 | 1,457,820 | |||||||||
Cleveland Independent School District; Series 2020 A, GO Bonds (CEP - Texas Permanent School Fund) | 4.00 | % | 02/15/2052 | 6,500 | 7,626,385 | |||||||||
Dallas (City of), TX (Civic Center Convention Complex); Series 2009, Ref. RB (INS - AGC)(a) | 5.25 | % | 08/15/2034 | 125 | 125,440 | |||||||||
Dallas (County of), TX Flood Control District No. 1; Series 2015, Ref. GO Bonds(e) | 5.00 | % | 04/01/2032 | 1,100 | 1,137,169 | |||||||||
Goose Creek Consolidated Independent School District; Series 2020, GO Bonds (CEP - Texas Permanent School Fund) | 4.00 | % | 02/15/2050 | 8,615 | 10,049,828 | |||||||||
Houston (City of), TX; | ||||||||||||||
Series 2019 A, Ref. GO Bonds | 4.00 | % | 03/01/2049 | 3,870 | 4,342,682 | |||||||||
Series 2020 C, Ref. RB | 4.00 | % | 11/15/2043 | 1,570 | 1,849,476 | |||||||||
Series 2020 C, Ref. RB | 4.00 | % | 11/15/2049 | 10,000 | 11,699,400 | |||||||||
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011, RB(f)(g) | 6.50 | % | 05/15/2021 | 300 | 303,818 | |||||||||
Houston Independent School District; Series 2017, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 5.00 | % | 02/15/2042 | 10,000 | 12,074,900 | |||||||||
Lancaster Independent School District; Series 2015 A, GO Bonds (CEP - Texas Permanent School Fund) | 4.00 | % | 02/15/2045 | 40 | 40,058 | |||||||||
Montgomery (County of), TX Toll Road Authority; | ||||||||||||||
Series 2018, RB | 5.00 | % | 09/15/2043 | 2,000 | 2,225,000 | |||||||||
Series 2018, RB | 5.00 | % | 09/15/2048 | 2,500 | 2,770,775 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Texas–(continued) | ||||||||||||||
New Hope Cultural Education Facilities Finance Corp.; | ||||||||||||||
Series 2013 A, RB(f)(g) | 5.88 | % | 04/01/2023 | $ | 555 | $ | 618,881 | |||||||
Series 2013 A, RB(f)(g) | 6.00 | % | 04/01/2023 | 780 | 871,104 | |||||||||
Series 2016 A, RB | 5.00 | % | 04/01/2036 | 1,355 | 1,469,858 | |||||||||
Series 2016 A-1, RB | 5.00 | % | 07/01/2031 | 140 | 144,683 | |||||||||
Series 2018 A-1, RB (INS - AGM)(a) | 5.00 | % | 07/01/2048 | 250 | 287,503 | |||||||||
Series 2018 A-1, RB (INS - AGM)(a) | 5.00 | % | 07/01/2058 | 850 | 970,615 | |||||||||
Series 2019, RB(e) | 5.00 | % | 08/15/2039 | 425 | 445,277 | |||||||||
Series 2019, RB(e) | 5.00 | % | 08/15/2049 | 150 | 155,960 | |||||||||
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.); | ||||||||||||||
Series 2016, RB | 5.00 | % | 07/01/2046 | 700 | 704,179 | |||||||||
Series 2016, RB | 5.00 | % | 07/01/2051 | 600 | 602,184 | |||||||||
North Texas Tollway Authority; Series 2017 B, Ref. RB (INS - BAM)(a) | 5.00 | % | 01/01/2043 | 10,000 | 11,692,900 | |||||||||
Northwest Independent School District; Series 2015, GO Bonds (CEP - Texas Permanent School Fund) | 5.00 | % | 02/15/2045 | 10,000 | 11,437,700 | |||||||||
San Antonio (City of), TX Water System; Series 2020 A, Ref. RB | 5.00 | % | 05/15/2050 | 6,350 | 7,911,338 | |||||||||
Texas (State of) Water Development Board; Series 2020, RB | 4.00 | % | 04/15/2051 | 10,000 | 11,667,100 | |||||||||
Texas Dormitory Finance Authority, Inc.; | ||||||||||||||
Series 2001 A, RB (INS - ACA)(a) | 5.75 | % | 09/01/2027 | 110 | 109,992 | |||||||||
Series 2001 A, RB (INS - ACA)(a) | 6.00 | % | 09/01/2033 | 485 | 484,098 | |||||||||
Texas Municipal Gas Acquisition & Supply Corp. III; | ||||||||||||||
Series 2021, Ref. RB | 5.00 | % | 12/15/2030 | 2,500 | 3,231,775 | |||||||||
Series 2021, Ref. RB | 5.00 | % | 12/15/2031 | 5,000 | 6,530,750 | |||||||||
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2019 A, Ref. RB | 4.00 | % | 12/31/2039 | 5,000 | 5,676,900 | |||||||||
Texas State Public Finance Authority Charter School Finance Corp. (New Frontiers Charter School); Series 2010 A, RB | 5.80 | % | 08/15/2040 | 1,085 | 1,086,345 | |||||||||
122,772,247 | ||||||||||||||
Utah–0.33% | ||||||||||||||
Murray (City of), UT (IHC Health Services, Inc.); Series 2003 D, VRD RB(l) | 0.01 | % | 05/15/2036 | 6,700 | 6,700,000 | |||||||||
Utah (State of) Charter School Finance Authority; | ||||||||||||||
Series 2018, RB | 5.00 | % | 10/15/2038 | 720 | 835,942 | |||||||||
Series 2019 A, RB(e) | 5.38 | % | 06/15/2049 | 1,110 | 1,135,874 | |||||||||
8,671,816 | ||||||||||||||
Vermont–0.03% | ||||||||||||||
Burlington (City of), VT; Series 2012 A, GO Bonds(f)(g) | 5.00 | % | 11/01/2022 | 795 | 859,053 | |||||||||
Virgin Islands–0.10% | ||||||||||||||
Virgin Islands (Government of) Public Finance Authority; | ||||||||||||||
Series 2012 A, RB (INS - AGM)(a) | 5.00 | % | 10/01/2032 | 1,080 | 1,138,903 | |||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 10/01/2032 | 1,480 | 1,560,719 | |||||||||
2,699,622 | ||||||||||||||
Virginia–0.53% | ||||||||||||||
Celebrate North Community Development Authority; Series 2003 B, RB(c) | 6.75 | % | 03/01/2034 | 333 | 199,800 | |||||||||
Chesapeake Bay Bridge & Tunnel District; Series 2016, RB (INS - AGM)(a) | 5.00 | % | 07/01/2041 | 8,950 | 10,596,352 | |||||||||
Virginia (Commonwealth of) College Building Authority; | ||||||||||||||
Series 2006, RB | 5.00 | % | 06/01/2026 | 950 | 950,390 | |||||||||
Series 2006, RB | 5.00 | % | 06/01/2029 | 990 | 990,168 | |||||||||
Series 2006, RB | 5.00 | % | 06/01/2036 | 585 | 585,035 | |||||||||
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); Series 2018, Ref. RB | 5.00 | % | 09/01/2036 | 715 | 814,142 | |||||||||
14,135,887 | ||||||||||||||
Washington–1.62% | ||||||||||||||
Central Puget Sound Regional Transit Authority (Green Bonds); Series 2016 S-1, RB | 5.00 | % | 11/01/2046 | 10,000 | 14,606,900 | |||||||||
Cowlitz County School District No. 458; Series 2019, GO Bonds (CEP - Oregon School Bond Guaranty) | 4.00 | % | 12/01/2038 | 1,680 | 1,957,637 | |||||||||
Kelso (City of), WA Housing Authority; Series 1998, RB | 5.60 | % | 03/01/2028 | 55 | 55,058 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | Invesco AMT-Free Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Washington–(continued) | ||||||||||||||
King (County of), WA; Series 2020 A, Ref. RB | 4.00 | % | 01/01/2052 | $ | 16,000 | $ | 18,612,160 | |||||||
Tacoma (City of), WA Consolidated Local Improvement Districts; Series 2013, RB | 5.75 | % | 04/01/2043 | 1,461 | 1,461,402 | |||||||||
Washington (State of); Series 2021 A, Ref. GO Bonds | 5.00 | % | 06/01/2039 | 2,750 | 3,534,107 | |||||||||
Washington (State of) Health Care Facilities Authority; Series 2017, Ref. RB | 5.00 | % | 08/15/2031 | 2,250 | 2,680,538 | |||||||||
42,907,802 | ||||||||||||||
West Virginia–0.14% | ||||||||||||||
Brooke (County of), WV; | ||||||||||||||
Series 2011 A, RB | 6.50 | % | 10/01/2031 | 1,960 | 1,921,780 | |||||||||
Series 2011 A, RB | 6.75 | % | 10/01/2037 | 1,885 | 1,833,653 | |||||||||
3,755,433 | ||||||||||||||
Wisconsin–1.46% | ||||||||||||||
Wisconsin (State of) Center District; | ||||||||||||||
Series 2020 D, RB (INS - AGM)(a)(h) | 0.00 | % | 12/15/2050 | 15,850 | 5,504,388 | |||||||||
Series 2020 D, RB (INS - AGM)(a)(h) | 0.00 | % | 12/15/2055 | 8,130 | 2,251,847 | |||||||||
Wisconsin (State of) Public Finance Authority; | ||||||||||||||
Series 2012 A-1, RB | 7.00 | % | 10/01/2042 | 465 | 470,836 | |||||||||
Series 2012 B-1, RB(h) | 0.00 | % | 10/01/2042 | 100 | 78,125 | |||||||||
Series 2012 C-1, RB(h) | 0.00 | % | 10/01/2042 | 200 | 90,250 | |||||||||
Series 2019 A, RB (INS - AGM)(a) | 5.00 | % | 07/01/2036 | 900 | 1,081,926 | |||||||||
Series 2019 A, RB(e) | 5.38 | % | 06/01/2044 | 435 | 436,679 | |||||||||
Series 2019 A, RB(e) | 5.50 | % | 06/01/2054 | 540 | 541,366 | |||||||||
Series 2019 A, RB (INS - AGM)(a) | 5.00 | % | 07/01/2054 | 1,275 | 1,490,896 | |||||||||
Series 2019 A, RB (INS - AGM)(a) | 5.00 | % | 07/01/2058 | 1,400 | 1,635,368 | |||||||||
Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation); | ||||||||||||||
Series 2012 A, RB | 5.75 | % | 07/15/2032 | 395 | 413,395 | |||||||||
Series 2012 A, RB | 6.00 | % | 07/15/2042 | 350 | 365,043 | |||||||||
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB(e) | 5.00 | % | 06/15/2039 | 310 | 335,358 | |||||||||
Wisconsin Center District; Series 2013 A, Ref. RB | 5.00 | % | 12/15/2029 | 1,475 | 1,557,423 | |||||||||
Wisconsin Health & Educational Facilities Authority; Series 2018 XF2541, Revenue Ctfs.(i) | 4.00 | % | 11/15/2034 | 20,000 | 22,427,000 | |||||||||
38,679,900 | ||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(o)–101.47% (Cost $2,600,494,024) | 2,693,270,470 | |||||||||||||
FLOATING RATE NOTE OBLIGATIONS–(2.42)% | ||||||||||||||
Notes with interest and fee rates ranging from 0.57% to 0.65% at 02/28/2021 and contractual maturities of collateral ranging from 10/01/2032 to 06/01/2043 (See Note 1K)(p) | (64,190,000 | ) | ||||||||||||
OTHER ASSETS LESS LIABILITIES–0.95% | 25,184,840 | |||||||||||||
NET ASSETS–100.00% | $ | 2,654,265,310 |
Investment Abbreviations:
ACA | - ACA Financial Guaranty Corp. |
AGC | - Assured Guaranty Corp. |
AGM | - Assured Guaranty Municipal Corp. |
AMBAC | - American Municipal Bond Assurance Corp. |
BAM | - Build America Mutual Assurance Co. |
CEP | - Credit Enhancement Provider |
Ctfs. | - Certificates |
FGIC | - Financial Guaranty Insurance Company |
GNMA | - Government National Mortgage Association |
GO | - General Obligation |
IDR | - Industrial Development Revenue Bonds |
INS | - Insurer |
LOC | - Letter of Credit |
NATL | - National Public Finance Guarantee Corp. |
RB | - Revenue Bonds |
Ref. | - Refunding |
RN | - Revenue Notes |
VRD | - Variable Rate Demand |
Wts. | - Warrants |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | Invesco AMT-Free Municipal Income Fund |
Notes to Schedule of Investments:
(a) | Principal and/or interest payments are secured by the bond insurance company listed. |
(b) | Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
(c) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $127,876,276, which represented 4.82% of the Fund’s Net Assets. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $42,236,711, which represented 1.59% of the Fund’s Net Assets. |
(f) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(g) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(h) | Zero coupon bond issued at a discount. |
(i) | Underlying security related to TOB Trusts entered into by the Fund. See Note 1K. |
(j) | The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun. |
(k) | Restricted security. The aggregate value of these securities at February 28, 2021 was $10,851,500, which represented less than 1% of the Fund’s Net Assets. |
(l) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2021. |
(m) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(n) | Security subject to crossover refunding. |
(o) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(p) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2021. At February 28, 2021, the Fund’s investments with a value of $125,987,045 are held by TOB Trusts and serve as collateral for the $64,190,000 in the floating rate note obligations outstanding at that date. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | Invesco AMT-Free Municipal Income Fund |
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||
Investments in securities, at value | ||
(Cost $2,600,494,024) | $2,693,270,470 | |
Receivable for: | ||
Investments sold | 28,457,296 | |
Fund shares sold | 5,821,839 | |
Interest | 27,181,448 | |
Investments matured, at value (Cost $14,156,736) | 9,095,794 | |
Investment for trustee deferred compensation and | ||
retirement plans | 150,253 | |
Other assets | 1,081,535 | |
Total assets | 2,765,058,635 | |
Liabilities: | ||
Floating rate note obligations | 64,190,000 | |
Payable for: | ||
Investments purchased | 15,187,677 | |
Dividends | 3,767,894 | |
Fund shares reacquired | 12,520,411 | |
Amount due custodian | 13,837,433 | |
Accrued fees to affiliates | 868,439 | |
Accrued interest expense | 4,739 | |
Accrued trustees’ and officers’ fees and benefits | 71,579 | |
Accrued other operating expenses | 194,900 | |
Trustee deferred compensation and retirement plans | 150,253 | |
Total liabilities | 110,793,325 | |
Net assets applicable to shares outstanding | $2,654,265,310 |
Net assets consist of: | ||
Shares of beneficial interest | $ 2,754,420,827 | |
Distributable earnings (loss) | (100,155,517) | |
$ 2,654,265,310 | ||
Net Assets: | ||
Class A | $ 1,659,676,905 | |
Class C | $ 151,778,524 | |
Class Y | $ 835,954,694 | |
Class R6 | $ 6,855,187 | |
Shares outstanding, no par value, with an unlimited number of shares authorized: | ||
Class A | 213,099,180 | |
Class C | 19,651,503 | |
Class Y | 107,717,215 | |
Class R6 | 879,686 | |
Class A: Net asset value per share | $ 7.79 | |
Maximum offering price per share (Net asset value of $7.79 ÷ 95.75%) | $ 8.14 | |
Class C: Net asset value and offering price per share | $ 7.72 | |
Class Y: Net asset value and offering price per share | $ 7.76 | |
Class R6: Net asset value and offering price per share | $ 7.79 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 | Invesco AMT-Free Municipal Income Fund |
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||
Interest | $ | 88,522,823 | ||
Expenses: | ||||
Advisory fees | 9,396,514 | |||
Administrative services fees | 346,760 | |||
Custodian fees | 14,367 | |||
Distribution fees: Class A | 3,606,246 | |||
Class C | 1,842,038 | |||
Interest, facilities and maintenance fees | 1,896,009 | |||
Transfer agent fees — A, C and Y | 2,022,561 | |||
Transfer agent fees — R6 | 67 | |||
Trustees’ and officers’ fees and benefits | 20,284 | |||
Registration and filing fees | 190,624 | |||
Reports to shareholders | 85,639 | |||
Professional services fees | 269,176 | |||
Other | 51,099 | |||
Total expenses | 19,741,384 | |||
Less: Expense offset arrangement(s) | (1,029 | ) | ||
Net expenses | 19,740,355 | |||
Net investment income | 68,782,468 | |||
Realized and unrealized gain (loss) from: | ||||
Net realized gain from unaffiliated investment securities (includes net gains from securities sold to affiliates of $257,109) | 5,172,848 | |||
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | (58,842,670 | ) | ||
Net realized and unrealized gain (loss) | (53,669,822 | ) | ||
Net increase in net assets resulting from operations | $ | 15,112,646 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | Invesco AMT-Free Municipal Income Fund |
Statement of Changes in Net Assets
For the year ended February 28, 2021, period ended February 29, 2020, and the year ended July 31, 2019
Year Ended February 28, 2021 | Seven Months Ended February 29, 2020 | Year Ended July 31, 2019 | ||||||||||
Operations: Net investment income | $ | 68,782,468 | $ | 42,188,576 | $ | 74,348,818 | ||||||
Net realized gain (loss) | 5,172,848 | 3,533,133 | (41,164,578 | ) | ||||||||
Change in net unrealized appreciation (depreciation) | (58,842,670 | ) | 157,904,726 | 142,356,195 | ||||||||
Net increase in net assets resulting from operations | 15,112,646 | 203,626,435 | 175,540,435 | |||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||
Class A | (57,047,035 | ) | (29,897,275 | ) | (42,820,041 | ) | ||||||
Class C | (5,647,293 | ) | (3,915,384 | ) | (9,512,120 | ) | ||||||
Class Y | (28,501,866 | ) | (11,633,670 | ) | (17,750,977 | ) | ||||||
Class R6 | (219,273 | ) | (58,238 | ) | (72 | ) | ||||||
Total distributions from distributable earnings | (91,415,467 | ) | (45,504,567 | ) | (70,083,210 | ) | ||||||
Share transactions–net: | ||||||||||||
Class A | 161,684,440 | 69,799,804 | 170,266,969 | |||||||||
Class C | (70,997,492 | ) | (44,237,501 | ) | (104,038,611 | ) | ||||||
Class Y | 272,493,957 | 37,668,131 | 49,562,422 | |||||||||
Class R6 | 1,437,061 | 5,311,986 | 10,000 | |||||||||
Net increase in net assets resulting from share transactions | 364,617,966 | 68,542,420 | 115,800,780 | |||||||||
Net increase in net assets | 288,315,145 | 226,664,288 | 221,258,005 | |||||||||
Net assets: | ||||||||||||
Beginning of year | 2,365,950,165 | 2,139,285,877 | 1,918,027,872 | |||||||||
End of year | $ | 2,654,265,310 | $ | 2,365,950,165 | $ | 2,139,285,877 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 | Invesco AMT-Free Municipal Income Fund |
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period | Ratio of and/or absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Supplemental ratio of with fee waivers facilities and | Ratio of net to average net assets | Portfolio turnover (c) | |||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $8.04 | $0.22 | $(0.17 | ) | $0.05 | $(0.30 | ) | $7.79 | 0.70 | %(d) | $1,659,677 | 0.84 | %(d)(e) | 0.84 | %(d)(e) | 0.76 | %(d)(e) | 2.86 | %(d)(e) | 20 | % | ||||||||||||||||||
Seven months ended 02/29/20 | 7.50 | 0.15 | 0.55 | 0.70 | (0.16 | ) | 8.04 | 9.44 | 1,551,474 | 0.86 | (f) | 0.86 | (f) | 0.74 | (f) | 3.33 | (f) | 8 | |||||||||||||||||||||
Year ended 07/31/19 | 7.12 | 0.28 | 0.36 | 0.64 | (0.26 | ) | 7.50 | 9.22 | 1,378,279 | 1.02 | 1.02 | 0.80 | 3.86 | 27 | |||||||||||||||||||||||||
Year ended 07/31/18 | 7.05 | 0.29 | 0.07 | 0.36 | (0.29 | ) | 7.12 | 5.24 | 1,144,325 | 1.03 | 1.03 | 0.87 | 4.15 | 20 | |||||||||||||||||||||||||
Year ended 07/31/17 | 7.12 | 0.31 | (0.03 | ) | 0.28 | (0.35 | ) | 7.05 | 4.08 | 1,248,082 | 1.02 | 1.02 | 0.83 | 4.48 | 25 | ||||||||||||||||||||||||
Year ended 07/31/16 | 6.76 | 0.37 | 0.40 | 0.77 | (0.41 | ) | 7.12 | 11.70 | 1,325,385 | 0.94 | 0.94 | 0.82 | 5.30 | 16 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 7.97 | 0.16 | (0.18 | ) | (0.02 | ) | (0.23 | ) | 7.72 | (0.14 | ) | 151,779 | 1.60 | (e) | 1.60 | (e) | 1.52 | (e) | 2.10 | (e) | 20 | ||||||||||||||||||
Seven months ended 02/29/20 | 7.43 | 0.11 | 0.56 | 0.67 | (0.13 | ) | 7.97 | 9.05 | 230,719 | 1.63 | (f) | 1.63 | (f) | 1.51 | (f) | 2.57 | (f) | 8 | |||||||||||||||||||||
Year ended 07/31/19 | 7.06 | 0.22 | 0.36 | 0.58 | (0.21 | ) | 7.43 | 8.34 | 258,540 | 1.78 | 1.78 | 1.56 | 3.10 | 27 | |||||||||||||||||||||||||
Year ended 07/31/18 | 6.99 | 0.23 | 0.07 | 0.30 | (0.23 | ) | 7.06 | 4.49 | 345,676 | 1.80 | 1.80 | 1.64 | 3.38 | 20 | |||||||||||||||||||||||||
Year ended 07/31/17 | 7.07 | 0.26 | (0.04 | ) | 0.22 | (0.30 | ) | 6.99 | 3.19 | 380,460 | 1.78 | 1.78 | 1.59 | 3.73 | 25 | ||||||||||||||||||||||||
Year ended 07/31/16 | 6.71 | 0.31 | 0.41 | 0.72 | (0.36 | ) | 7.07 | 10.96 | 427,045 | 1.69 | 1.69 | 1.57 | 4.54 | 16 | |||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 8.02 | 0.24 | (0.18 | ) | 0.06 | (0.32 | ) | 7.76 | 0.82 | 835,955 | 0.60 | (e) | 0.60 | (e) | 0.52 | (e) | 3.10 | (e) | 20 | ||||||||||||||||||||
Seven months ended 02/29/20 | 7.47 | 0.16 | 0.56 | 0.72 | (0.17 | ) | 8.02 | 9.77 | 578,082 | 0.62 | (f) | 0.62 | (f) | 0.50 | (f) | 3.57 | (f) | 8 | |||||||||||||||||||||
Year ended 07/31/19 | 7.09 | 0.29 | 0.37 | 0.66 | (0.28 | ) | 7.47 | 9.52 | 502,457 | 0.78 | 0.78 | 0.56 | 4.10 | 27 | |||||||||||||||||||||||||
Year ended 07/31/18 | 7.03 | 0.30 | 0.06 | 0.36 | (0.30 | ) | 7.09 | 5.36 | 428,027 | 0.79 | 0.79 | 0.63 | 4.39 | 20 | |||||||||||||||||||||||||
Year ended 07/31/17 | 7.10 | 0.32 | (0.03 | ) | 0.29 | (0.36 | ) | 7.03 | 4.34 | 439,608 | 0.78 | 0.78 | 0.59 | 4.65 | 25 | ||||||||||||||||||||||||
Year ended 07/31/16 | 6.74 | 0.38 | 0.41 | 0.79 | (0.43 | ) | 7.10 | 12.00 | 438,950 | 0.70 | 0.70 | 0.58 | 5.51 | 16 | |||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 8.05 | 0.25 | (0.18 | ) | 0.07 | (0.33 | ) | 7.79 | 0.92 | 6,855 | 0.52 | (e) | 0.52 | (e) | 0.44 | (e) | 3.18 | (e) | 20 | ||||||||||||||||||||
Seven months ended 02/29/20 | 7.50 | 0.16 | 0.56 | 0.72 | (0.17 | ) | 8.05 | 9.74 | 5,675 | 0.59 | (f) | 0.59 | (f) | 0.47 | (f) | 3.60 | (f) | 8 | |||||||||||||||||||||
Period ended 07/31/19(g) | 7.42 | 0.06 | 0.07 | 0.13 | (0.05 | ) | 7.50 | 1.80 | 10 | 0.72 | (f) | 0.72 | (f) | 0.50 | (f) | 4.16 | (f) | 27 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the year ended February 28, 2021. |
(e) | Ratios are based on average daily net assets (000’s omitted) of $1,495,283, $184,204, $706,020 and $5,429 for Class A, Class C, Class Y and Class R6 shares, respectively. |
(f) | Annualized. |
(g) | Commencement date after the close of business on May 24, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | Invesco AMT-Free Municipal Income Fund |
Notes to Financial Statements
February 28, 2021
NOTE 1 – Significant Accounting Policies
Invesco AMT-Free Municipal Income Fund, formerly Invesco Oppenheimer Rochester® AMT-Free Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek tax-free income.
The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for 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. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations - Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C. | Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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 |
33 | Invesco AMT-Free Municipal Income Fund |
the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. | Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
H. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications - Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
K. | Floating Rate Note Obligations - The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by
34 | Invesco AMT-Free Municipal Income Fund |
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.
L. | Other Risks - The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. |
The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.
NOTE 2 – Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets* | Rate |
Up to $200 million | 0.600% |
Next $100 million | 0.550% |
Next $200 million | 0.500% |
Next $250 million | 0.450% |
Next $250 million | 0.400% |
Next $4 billion | 0.350% |
Over $5 billion | 0.330% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.39%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.84%, 1.59%, 0.59% and 0.49%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021, through at least June 30, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
35 | Invesco AMT-Free Municipal Income Fund |
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $105,431 in front-end sales commissions from the sale of Class A shares and $27,790 and $18,235 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3 – Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended February 28, 2021, there were transfers from Level 3 to Level 2 of $1,220,592, due to availability of market data for these securities and from Level 2 to Level 3 of $2,227,700, due to lack of availability of market data for these securities.
Level 1 | Level 2 | Level 3 | Total | |||||
Investments in Securities | ||||||||
Municipal Obligations | $– | $2,658,619,710 | $34,650,760 | $2,693,270,470 | ||||
Other Investments - Assets | ||||||||
Investments Matured | – | 6,882,688 | 2,213,106 | 9,095,794 | ||||
Total Investments | $– | $2,665,502,398 | $36,863,866 | $2,702,366,264 |
A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended February 28, 2021:
Value February 29, 2020 | Purchases at Cost | Proceeds from Sales | Accrued Discounts/ Premiums | Realized Gain (Loss) | Change in Unrealized Appreciation | Transfers into | Transfers out of Level 3 | Value February 28, 2021 | ||||||||||||||||||||||||||||
Municipal Obligations | $ | 37,662,997 | $ | 171,851 | $ | (3,848,245 | ) | $ | 194,876 | $ | (1,894,073 | ) | $ | 1,356,246 | $ | 2,227,700 | $ | (1,220,592 | ) | $ | 34,650,760 | |||||||||||||||
Investments Matured | 2,551,166 | 34,076 | - | - | - | (372,136 | ) | - | - | 2,213,106 | ||||||||||||||||||||||||||
Total | $ | 40,214,163 | $ | 205,927 | $ | (3,848,245 | ) | $ | 194,876 | $ | (1,894,073 | ) | $ | 984,110 | $ | 2,227,700 | $ | (1,220,592 | ) | $ | 36,863,866 |
Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.
NOTE 4 – Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2021, the Fund engaged in securities purchases of $261,253,835 and securities sales of $239,943,626, which resulted in net realized gains of $257,109.
NOTE 5 – Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,029.
36 | Invesco AMT-Free Municipal Income Fund |
NOTE 6 – Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 7 – Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $1.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. Prior to February 25, 2021, the revolving credit and security agreement permitted borrowings up to $2.5 billion. The revolving credit and security agreement is secured by the assets of the Fund.
During the year ended February 28, 2021, the average daily balance of borrowing under the revolving credit and security agreement was $1,044,658 with a weighted interest rate of 3.26%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2021 were $68,614,231 and 1.00%, respectively.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
NOTE 8 – Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Year Ended February 28, 2021, Period Ended February 29, 2020 and the Year Ended July 31, 2019:
Year Ended | Seven months Ended | Year Ended | ||||||||||
February 28, 2021 | February 29, 2020 | July 31, 2019 | ||||||||||
Ordinary income* | $ | 3,746,818 | $ | 1,621,497 | $ | 1,304,758 | ||||||
Ordinary income-tax-exempt | 87,668,649 | 43,883,070 | 68,778,452 | |||||||||
Total distributions | $ | 91,415,467 | $ | 45,504,567 | $ | 70,083,210 |
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Period-End:
2021 | ||||
Undistributed tax-exempt income | $ | 45,721,100 | ||
Net unrealized appreciation — investments | 66,362,736 | |||
Temporary book/tax differences | (210,931 | ) | ||
Capital loss carryforward | (212,028,422 | ) | ||
Shares of beneficial interest | 2,754,420,827 | |||
Total net assets | $ | 2,654,265,310 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to defaulted bonds, bond premium amortization and PIK securities.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward* | |||||||||||
Expiration | Short-Term | Long-Term | Total | ||||||||
Not subject to expiration | $ | 19,206,069 | $ | 192,822,353 | $ | 212,028,422 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
37 | Invesco AMT-Free Municipal Income Fund |
NOTE 9 – Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $647,816,831 and $461,049,716, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
Aggregate unrealized appreciation of investments | $ | 163,126,986 | ||
Aggregate unrealized (depreciation) of investments | (96,764,250 | ) | ||
Net unrealized appreciation of investments | $ | 66,362,736 |
Cost of investments for tax purposes is $2,636,003,528.
NOTE 10 – Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of defaulted bonds, bond premium amortization and market discount, on February 28, 2021, undistributed net investment income was increased by $4,811,410 and undistributed net realized gain (loss) was decreased by $4,811,410. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.
NOTE 11 – Share Information
Summary of Share Activity
Year ended February 28, 2021(a) | Seven months ended February 29, 2020 | Year ended July 31, 2019 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Sold: | ||||||||||||||||||||||||
Class A | 61,094,750 | $ | 471,877,365 | 18,246,658 | $ | 139,874,692 | 50,178,815 | $ | 364,955,299 | |||||||||||||||
Class C | 5,732,126 | 43,862,433 | 1,851,867 | 14,037,060 | 4,487,667 | 32,043,254 | ||||||||||||||||||
Class Y | 68,477,245 | 523,740,609 | 12,532,149 | 95,781,433 | 20,301,881 | 145,423,152 | ||||||||||||||||||
Class R6(b) | 480,189 | 3,700,385 | 717,794 | 5,423,876 | 1,348 | 10,000 | ||||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||||||||||
Class A | 4,017,965 | 30,705,945 | 3,378,316 | 25,910,666 | 5,040,556 | 36,388,723 | ||||||||||||||||||
Class C | 411,433 | 3,104,388 | 420,443 | 3,195,660 | 1,106,864 | 7,903,014 | ||||||||||||||||||
Class Y | 2,093,077 | 15,969,933 | 1,295,804 | 9,907,542 | 2,048,456 | 14,735,837 | ||||||||||||||||||
Class R6(b) | 27,632 | 212,488 | 7,135 | 55,427 | - | - | ||||||||||||||||||
Automatic conversion of Class C shares to Class A shares: | ||||||||||||||||||||||||
Class A | 10,819,285 | 83,813,426 | 5,360,877 | 40,964,301 | - | - | ||||||||||||||||||
Class C | (10,905,225 | ) | (83,813,426 | ) | (5,403,995 | ) | (40,964,301 | ) | - | - | ||||||||||||||
Reacquired: | ||||||||||||||||||||||||
Class A | (55,723,623 | ) | (424,712,296 | ) | (17,909,321 | ) | (136,949,855 | ) | (32,194,363 | ) | (231,077,053 | ) | ||||||||||||
Class C | (4,523,280 | ) | (34,150,887 | ) | (2,707,809 | ) | (20,505,920 | ) | (19,794,957 | ) | (143,984,879 | ) | ||||||||||||
Class Y | (34,969,896 | ) | (267,216,585 | ) | (8,945,093 | ) | (68,020,844 | ) | (15,452,038 | ) | (110,596,567 | ) | ||||||||||||
Class R6(b) | (333,517 | ) | (2,475,812 | ) | (20,895 | ) | (167,317 | ) | - | - | ||||||||||||||
Net increase in share activity | 46,698,161 | $ | 364,617,966 | 8,823,930 | $ | 68,542,420 | 15,724,229 | $ | 115,800,780 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
(b) | Commencement date after the close of business on May 24, 2019. |
NOTE 12 – Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
38 | Invesco AMT-Free Municipal Income Fund |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco AMT-Free Municipal Income Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco AMT-Free Municipal Income Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statement of changes in net assets for the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019, and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Financial Highlights |
For the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019 for Class A, Class C and Class Y |
For the year ended February 28, 2021, the seven months ended February 29, 2020 and the period May 24, 2019 (commencement of operations) through July 31, 2019 for Class R6 |
The financial statements of Invesco AMT-Free Municipal Income Fund (formerly known as Oppenheimer Rochester® AMT-Free Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
39 | Invesco AMT-Free Municipal Income Fund |
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
ACTUAL | HYPOTHETICAL (5% annual return before expenses) | |||||||||||||||||||||||
Beginning Account Value (09/01/20) | Ending Account Value (02/28/21)1 | Expenses Paid During Period2 | Ending Account Value (02/28/21) | Expenses Paid During Period2 | Annualized Expense Ratio | |||||||||||||||||||
Class A | $1,000.00 | $1,023.80 | $4.22 | $1,020.63 | $4.21 | 0.84 | % | |||||||||||||||||
Class C | 1,000.00 | 1,018.80 | 8.01 | 1,016.86 | 8.00 | 1.60 | ||||||||||||||||||
Class Y | 1,000.00 | 1,025.00 | 3.01 | 1,021.82 | 3.01 | 0.60 | ||||||||||||||||||
Class R6 | 1,000.00 | 1,024.10 | 2.56 | 1,022.27 | 2.56 | 0.51 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
40 | Invesco AMT-Free Municipal Income Fund |
Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | |
Qualified Dividend Income* | 0.00% |
Qualified Business Income (199A) | 0.00% |
Corporate Dividends Received Deduction* | 0.00% |
Business Interest Income* | 0.00% |
U.S. Treasury Obligations* | 0.00% |
Tax-Exempt Interest Dividends* | 95.90% |
* | The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
41 | Invesco AMT-Free Municipal Income Fund |
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
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 Trustee | ||||
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) | 191 | 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. |
T-1 | Invesco AMT-Free Municipal Income Fund |
Trustees and Officers–(continued)
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 | ||||
Christopher L. Wilson - 1957 Trustee and Chair | 2017 | Retired | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) |
Beth Ann Brown - 1968 | 2019 | Independent Consultant | 191 | Director, Board of |
Trustee | 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 | Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and President and Director of Grahamtastic Connection (non-profit) | ||
Jack M. Fields - 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine |
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization);Eisenhower Foundation (non-profit) |
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 | Invesco AMT-Free Municipal Income Fund |
Trustees and Officers—(continued)
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) | ||||
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 | 191 | 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 |
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP |
Prema Mathai-Davis - 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None |
Joel W. Motley - 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); |
T-3 | Invesco AMT-Free Municipal Income Fund |
Trustees and Officers—(continued)
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 – 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth
| 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership |
Robert C. Troccoli – 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None |
Daniel S. Vandivort –1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None |
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 | 191 | 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) |
T-4 | Invesco AMT-Free Municipal Income Fund |
Trustees and Officers–(continued)
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 |
Officers | ||||
Sheri Morris - 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 | Invesco AMT-Free Municipal Income Fund |
Trustees and Officers–(continued)
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 |
Officers–(continued) | ||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
T-6 | Invesco AMT-Free Municipal Income Fund |
Trustees and Officers–(continued)
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 |
Officers–(continued) | ||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A |
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A |
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A |
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A |
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | 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’s sub-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 77002-5678 |
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian |
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018 | 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 | State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801 |
T-7 | Invesco AMT-Free Municipal Income Fund |
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Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. | ||
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | O-ROAFM-AR-1 |
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Annual Report to Shareholders | February 28, 2021 | |||
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Invesco California Municipal Fund | ||||
Nasdaq: | ||||
A: OPCAX ∎ C: OCACX ∎ Y: OCAYX ∎ R6: IORCX |
Management’s Discussion of Fund Performance
Performance summary | ||||
For the year ended February 28, 2021, Class A shares of Invesco California Municipal Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Barclays Municipal Bond Index. |
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Your Fund’s long-term performance appears later in this report. |
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Fund vs. Indexes | ||||
Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
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Class A Shares | 1.11 | % | ||
Class C Shares | 0.36 | |||
Class Y Shares | 1.36 | |||
Class R6 Shares | 1.38 | |||
Bloomberg Barclays Municipal Bond Indexq | 1.06 | |||
U.S. Consumer Price Index∎ | 1.68 | |||
Source(s): qRIMES Technologies Corp.; ∎ Bloomberg L.P. |
Market conditions and your Fund
The state of California built up robust reserves prior to the onset of the pandemic last year, mitigating the fiscal impact of the economic downturn on the state’s fiscal condition. The state also took a conservative approach in adopting its FY ’21 budget when it originally projected that tax revenues would decline. The state’s fiscal condition is much better than what was reflected in the budget as revenues have far exceeded original estimates. In its latest budget update, the state has increased its FY ’21 revenue estimate by $28.2 billion, a 22.5% increase over the original budget estimate.1
The state’s revenue growth was driven by its massive and diverse state economy, accounting for 14.6% of the national gross domestic product (GDP).2 While unemployment rates rose to over 16% from a pre-pandemic low of 3.9%, unemployment rates have dropped back to 9.0%.3 State tax revenues have continued to grow despite the high unemployment rate as the impact on high-wage earning has been less severe, and high-income taxpayers have benefited from robust financial market gains. California’s fiscal condition has benefited from conservative budgeting that recognizes that California’s tax structure is sensitive to economic cycles. The state has limited its expenditure growth and plans to utilize its revenue windfall to continue to build reserves and to target spending for one-time offsets benefiting residents and programs that were impacted by the pandemic. The state has also been able to maintain rating stability through a period of potential credit volatility. Moody’s, Standard & Poors and Fitch have maintained their respective Aa2, AA-, and AA rating† on the state’s General Obligation bonds and each agency affirmed their ratings and Stable outlooks in February 2021.
The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected
twist of the coronavirus (COVID-19) global pandemic that pierced the markets and forced society to navigate uncharted waters in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%, and taxable municipal bonds returned 0.43% during the year.4
The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.5 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.5 In general, many high-yield municipal funds hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries – well above the historical norm of approximately 90%.6
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings
in March in response to COVID-19, consisting of half of a percentage and a whole percentage point leaving the target range 0.00% to 0.25%.7
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw municipal market performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate timelines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF, which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, the availability of the program provided a psychological safety net for the market.
As the COVID-19 pandemic continued into fall and winter; most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.
We believe the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform.
A highly demanded second stimulus package was signed at the end of the 2020. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New municipal issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion.8 Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.8 This uptick can be attributed to recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance.
Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, mainly because most issuers have a rainy-day
2 Invesco California Municipal Fund
fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current on principal and interest, as history has shown.
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February 2021 also brought $34 billion in municipal bond supply, higher than the average supply for the last five years for the month.
During the year, security selection in nonrated bonds contributed to the Fund’s performance relative to its style-specific benchmark. The Fund’s preference for revenue bonds over general obligation bonds also benefited its relative performance. At the sector level, security selection in the tobacco settlement and education sectors contributed to the Fund’s relative performance.
Conversely, security selection in AA-rated† bonds detracted from the Fund’s performance relative to its style-specific benchmark over the year. Security selection in local and state general obligation bonds detracted from the Fund’s relative performance.
During the year, leverage contributed to the Fund’s performance relative to its stylespecific benchmark. The Fund achieved a leveraged position through the use of inverse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to 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. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of some of the Fund’s investments.
Thank you for investing in Invesco California Municipal Fund and for sharing our long-term investment horizon.
1 Source: State of California
2 Source: US Bureau of Economic Analysis
3 Source: US Bureau of Labor Statistics
4 Source: Bloomberg Barclays
5 Source: Strategic Insight
6 Source: US Department of the Treasury
7 Source: US Federal Reserve
8 Source: The Bond Buyer
† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s):
Michael Camarella
Scott Cottier
Mark DeMitry
Tim O’Reilly
Mark Paris
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 Invesco California Municipal Fund
Your Fund’s Long-Term Performance
Results of a $10,000 Investment — Oldest Share Class(es)
Fund and index data from 2/28/11
1 Source: RIMES Technologies Corp.
2 Source: Bloomberg L.P.
Past performance cannot guarantee future results.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management
fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does
not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 Invesco California Municipal Fund
Average Annual Total Returns |
| |||
As of 2/28/21, including maximum applicable sales charges | ||||
Class A Shares | ||||
Inception (11/3/88) | 5.52 | % | ||
10 Years | 6.81 | |||
5 Years | 4.85 | |||
1 Year | -3.16 | |||
Class C Shares | ||||
Inception (11/1/95) | 4.69 | % | ||
10 Years | 6.62 | |||
5 Years | 4.95 | |||
1 Year | -0.62 | |||
Class Y Shares | ||||
Inception (11/29/10) | 7.01 | % | ||
10 Years | 7.53 | |||
5 Years | 6.02 | |||
1 Year | 1.36 | |||
Class R6 Shares | ||||
10 Years | 7.34 | % | ||
5 Years | 5.89 | |||
1 Year | 1.38 |
Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester California Municipal Fund (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester® California Municipal Fund. The Fund was subsequently renamed the Invesco California Municipal Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.
Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent monthend performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on
Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information
5 Invesco California Municipal Fund
Supplemental Information
Invesco California Municipal Fund’s investment objective is to seek tax-free income.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fund reports. |
About indexes used in this report
∎ | The Bloomberg Barclays Municipal Bond Index is an unmanaged index considerate representative of the tax-exempt bond market. |
∎ | The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US Bureau of Labor Statistics. |
∎ | The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
∎ | A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. |
|
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
6 Invesco California Municipal Fund
Fund Information
Portfolio Composition
By credit sector | % of total investments | |
Revenue Bonds | 77.4% | |
General Obligation Bonds | 19.2 | |
Pre-Refunded Bonds | 3.4 |
Top Five Debt Holdings
% of total net assets | ||||
1. | San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 E, RB | 1.8% | ||
2. | San Bernardino Community College District, Series 2019 A, GO Bonds | 1.5 | ||
3. | Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019, RB | 1.4 | ||
4. | California (State of), CA Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.), Series 2006 C, RB | 1.2 | ||
5. | California Municipal Finance Authority, Series 2020-XF2863, Ctfs. | 1.2 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of February 28, 2021.
7 Invesco California Municipal Fund
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
Municipal Obligations–102.37% | ||||||||||||||||
California–96.79% | ||||||||||||||||
ABAG Finance Authority for Nonprofit Corps. (Sharp Healthcare); Series 2014 A, RB | 5.00% | 08/01/2043 | $ | 500 | $ | 545,750 | ||||||||||
Adelanto (City of), CA Community Facilities District; Series 2015 A, RB | 5.00% | 09/01/2045 | 1,000 | 1,108,630 | ||||||||||||
Adelanto (City of), CA Improvement Agency; Series 1993 B, Ref. RB (INS - FGIC)(a) | 5.50% | 12/01/2023 | 15 | 15,086 | ||||||||||||
Adelanto (City of), CA Public Utility Authority; | 5.00% | 07/01/2024 | 915 | 917,727 | ||||||||||||
Series 2014 A, RB | 5.00% | 07/01/2039 | 5,710 | 6,005,721 | ||||||||||||
Series 2017 A, Ref. RB (INS - AGM)(a) | 5.00% | 07/01/2039 | 2,000 | 2,411,500 | ||||||||||||
Anaheim (City of), CA Public Financing Authority (Anaheim Convention Center Expansion); | 5.00% | 05/01/2034 | 1,350 | 1,487,376 | ||||||||||||
Anaheim (City of), CA Public Financing Authority (Electric System Distribution Facilities); | 5.38% | 04/01/2021 | 1,300 | 1,305,525 | ||||||||||||
Atwater (City of), CA; | 5.00% | 05/01/2040 | 1,250 | 1,468,900 | ||||||||||||
Series 2017 A, Ref. RB (INS - AGM)(a) | 5.00% | 05/01/2043 | 1,300 | 1,517,893 | ||||||||||||
Bakersfield (City of), CA (Assessment District No. 07-2); Series 2008, RB | 7.38% | 09/02/2028 | 990 | 1,003,108 | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area); | 5.00% | 04/01/2056 | 3,465 | 4,053,565 | ||||||||||||
Series 2017, Ref. RB | 4.00% | 04/01/2037 | 1,720 | 1,983,452 | ||||||||||||
Series 2017, Ref. RB | 4.00% | 04/01/2049 | 630 | 712,612 | ||||||||||||
Beaumont (City of), CA (Community Facilities District No. 2016-1); | 5.00% | 09/01/2030 | 125 | 145,874 | ||||||||||||
Series 2019, RB | 5.00% | 09/01/2031 | 140 | 162,386 | ||||||||||||
Series 2019, RB | 5.00% | 09/01/2049 | 775 | 872,549 | ||||||||||||
Beaumont (City of), CA Financing Authority; Series 1994 A, RB | 7.00% | 09/01/2023 | 5 | 5,013 | ||||||||||||
Beaumont (City of), CA Financing Authority (Improvement Area No. 17A); Series 2013 B, RB | 5.00% | 09/01/2034 | 635 | 683,520 | ||||||||||||
Beaumont (City of), CA Financing Authority (Improvement Area No. 17B); Series 2011 A, RB(b)(c) | 6.38% | 09/01/2021 | 1,500 | 1,545,855 | ||||||||||||
Beaumont (City of), CA Financing Authority (Improvement Area No. 19A); Series 2015 B, Ref. RB | 5.00% | 09/01/2025 | 1,560 | 1,775,639 | ||||||||||||
Beaumont (City of), CA Financing Authority (Improvement Area No. 19C); Series 2013 A, RB | 5.00% | 09/01/2036 | 745 | 800,167 | ||||||||||||
Beaumont (City of), CA Financing Authority (Improvement Area No. 8C); | 5.13% | 09/01/2022 | 115 | 123,463 | ||||||||||||
Series 2012 A, RB(b)(c) | 5.25% | 09/01/2022 | 120 | 129,055 | ||||||||||||
Series 2012 A, RB(b)(c) | 5.63% | 09/01/2022 | 250 | 270,265 | ||||||||||||
Series 2012 A, RB(b)(c) | 5.88% | 09/01/2022 | 4,405 | 4,778,544 | ||||||||||||
Beverly Hills Unified School District (Election of 2008); | 0.00% | 08/01/2026 | 1,465 | 1,396,541 | ||||||||||||
Series 2009, GO Bonds(e) | 0.00% | 08/01/2032 | 3,045 | 2,486,029 | ||||||||||||
Blythe (City of), CA Community Facilities District No. 2004-1; Series 2005, RB | 5.30% | 09/01/2035 | 500 | 508,455 | ||||||||||||
Blythe (City of), CA Redevelopment Agency Successor Agency (Project No. 1); | 9.75% | 05/01/2038 | 2,055 | 2,079,043 | ||||||||||||
Series 2015, Ref. RB | 5.00% | 05/01/2038 | 1,000 | 1,125,820 | ||||||||||||
Brea (City of), CA Redevelopment Agency; Series 2011 A, RB(b)(c)(e) | 0.00% | 08/01/2021 | 11,240 | 4,492,106 | ||||||||||||
Calexico (City of), CA Community Facilities District No. 2005-1; | 5.50% | 09/01/2036 | 2,500 | 700,000 | ||||||||||||
Series 2006, RB(f) | 5.55% | 09/01/2036 | 2,325 | 651,000 | ||||||||||||
Calexico (City of), CA Community Redevelopment Agency Successor Agency (Merged Central Business District & Residential Redevelopment Project Area); Series 2011, RB(b)(c) | 7.25% | 08/01/2021 | 35 | 36,031 | ||||||||||||
California (County of), CA Tobacco Securitization Agency; | 4.00% | 06/01/2037 | 550 | 652,476 | ||||||||||||
Series 2020 A, Ref. RB | 4.00% | 06/01/2039 | 1,200 | 1,414,896 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
California (State of); | 5.50% | 10/01/2022 | $ | 5 | $ | 5,022 | ||||||||||
Series 1996, GO Bonds (INS - AMBAC)(a) | 5.25% | 06/01/2021 | 10 | 10,127 | ||||||||||||
Series 2000, GO Bonds | 5.75% | 05/01/2030 | 5 | 5,021 | ||||||||||||
Series 2011, GO Bonds | 5.00% | 09/01/2032 | 2,450 | 2,508,800 | ||||||||||||
Series 2011, GO Bonds | 5.00% | 10/01/2041 | 2,500 | 2,568,400 | ||||||||||||
Series 2012, Ref. GO Bonds | 5.00% | 02/01/2038 | 3,550 | 3,698,141 | ||||||||||||
Series 2015, GO Bonds | 5.00% | 08/01/2045 | 1,000 | 1,172,450 | ||||||||||||
Series 2016, GO Bonds(d) | 5.00% | 09/01/2045 | 3,400 | 4,070,140 | ||||||||||||
Series 2017, Ref. GO Bonds | 5.00% | 08/01/2035 | 14,370 | 17,728,378 | ||||||||||||
Series 2017, Ref. GO Bonds | 5.00% | 08/01/2036 | 10,000 | 12,064,200 | ||||||||||||
Series 2020, GO Bonds | 4.00% | 03/01/2046 | 6,600 | 7,621,614 | ||||||||||||
Series 2020, Ref. GO Bonds | 3.00% | 11/01/2040 | 3,500 | 3,781,050 | ||||||||||||
California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - Orange Coast College); | 5.25% | 05/01/2048 | 665 | 706,084 | ||||||||||||
Series 2018, RB | 5.25% | 05/01/2053 | 2,500 | 2,646,525 | ||||||||||||
California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB(g) | 5.00% | 04/01/2049 | 4,555 | 5,138,086 | ||||||||||||
California (State of) Community Housing Agency (Serenity at Larkspur); Series 2020 A, RB(g) | 5.00% | 02/01/2050 | 4,500 | 5,123,745 | ||||||||||||
California (State of) Community Housing Agency (Stonridge Apartments); Series 2021 A, RB(g) | 4.00% | 02/01/2056 | 3,000 | 3,189,330 | ||||||||||||
California (State of) County Tobacco Securitization Agency; | 5.10% | 06/01/2028 | 580 | 580,435 | ||||||||||||
Series 2007 D, RB(e)(g) | 0.00% | 06/01/2057 | 45,600 | 3,623,832 | ||||||||||||
Series 2007 E, RB(e)(g) | 0.00% | 06/01/2057 | 51,500 | 3,436,080 | ||||||||||||
Series 2007 F, RB(e)(g) | 0.00% | 06/01/2057 | 55,250 | 3,543,735 | ||||||||||||
Series 2014, Ref. RB | 4.00% | 06/01/2029 | 4,490 | 4,510,250 | ||||||||||||
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); | 5.88% | 06/01/2035 | 12,065 | 12,080,684 | ||||||||||||
Series 2002, RB | 6.00% | 06/01/2042 | 18,700 | 18,724,310 | ||||||||||||
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.); | 6.00% | 06/01/2035 | 9,640 | 9,652,532 | ||||||||||||
Series 2002, RB | 6.13% | 06/01/2038 | 9,700 | 9,705,432 | ||||||||||||
Series 2006 A, RB(e) | 0.00% | 06/01/2046 | 62,110 | 12,361,132 | ||||||||||||
Series 2006 C, RB(e) | 0.00% | 06/01/2055 | 71,700 | 6,795,726 | ||||||||||||
Series 2006 D, RB(e) | 0.00% | 06/01/2055 | 309,500 | 22,903,000 | ||||||||||||
California (State of) County Tobacco Securitization Agency (Merced County Tobacco Funding Corp.); Series 2020, Ref. RB | 5.00% | 06/01/2050 | 1,870 | 2,171,968 | ||||||||||||
California (State of) County Tobacco Securitization Agency (Sonoma County Securitization Corp.); | 4.00% | 06/01/2049 | 1,380 | 1,583,771 | ||||||||||||
Series 2020, Ref. RB(e) | 0.00% | 06/01/2055 | 7,050 | 1,685,655 | ||||||||||||
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB | 5.88% | 06/01/2043 | 1,875 | 1,877,437 | ||||||||||||
California (State of) Educational Facilities Authority (Loma Linda University); | 5.00% | 04/01/2042 | 1,715 | 1,983,295 | ||||||||||||
Series 2017 A, Ref. RB | 5.00% | 04/01/2047 | 1,000 | 1,148,690 | ||||||||||||
California (State of) Educational Facilities Authority (Pepperdine University); Series 2016, Ref. RB | 5.00% | 10/01/2049 | 5,000 | 5,835,450 | ||||||||||||
California (State of) Educational Facilities Authority (Stanford University); Series 2010, RB(d) | 5.25% | 04/01/2040 | 4,520 | 6,609,280 | ||||||||||||
California (State of) Educational Facilities Authority (University of San Francisco); | 6.13% | 10/01/2021 | 615 | 635,873 | ||||||||||||
Series 2011, Ref. RB(b)(c) | 6.13% | 10/01/2021 | 635 | 656,933 | ||||||||||||
Series 2018 A, RB | 5.00% | 10/01/2043 | 2,730 | 3,277,720 | ||||||||||||
California (State of) Enterprise Development Authority (Sunpower Corp. - Headquarters); | 8.50% | 04/01/2031 | 2,500 | 2,504,350 | ||||||||||||
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); | 5.00% | 11/15/2031 | 1,300 | 1,545,596 | ||||||||||||
Series 2015, Ref. RB | 5.00% | 11/15/2032 | 1,250 | 1,484,662 | ||||||||||||
Series 2015, Ref. RB | 5.00% | 11/15/2033 | 1,000 | 1,186,290 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles); | 5.00% | 08/15/2047 | $ | 1,715 | $ | 1,993,242 | ||||||||||
California (State of) Health Facilities Financing Authority (City of Hope); Series 2019, RB | 5.00% | 11/15/2049 | 1,690 | 2,012,249 | ||||||||||||
California (State of) Health Facilities Financing Authority (Commonspirit Health); Series 2020 A, Ref. RB | 4.00% | 04/01/2049 | 7,060 | 8,014,088 | ||||||||||||
California (State of) Health Facilities Financing Authority (Community Program for Persons with Developmental Disabilities); Series 2011 A, RB (INS - Cal-Mortgage)(a) | 6.25% | 02/01/2026 | 2,030 | 2,038,790 | ||||||||||||
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford); Series 2017, RB | 4.00% | 11/15/2047 | 560 | 616,151 | ||||||||||||
California (State of) Health Facilities Financing Authority (On Lok Senior Health Services); | 5.00% | 08/01/2040 | 700 | 857,913 | ||||||||||||
Series 2020, Ref. RB | 5.00% | 08/01/2050 | 1,000 | 1,204,370 | ||||||||||||
California (State of) Health Facilities Financing Authority (St. Joseph Health System); Series 2013 A, RB | 5.00% | 07/01/2037 | 1,000 | 1,088,840 | ||||||||||||
California (State of) Health Facilities Financing Authority (Stanford Hospital); Series 2008 A-2, Ref. RB(b)(c) | 5.25% | 11/15/2021 | 2,000 | 2,072,340 | ||||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health); | 5.00% | 11/15/2048 | 10,000 | 11,856,400 | ||||||||||||
Series 2018 A, RB | 5.00% | 11/15/2048 | 3,000 | 3,550,710 | ||||||||||||
California (State of) Housing Finance Agency; | 4.25% | 01/15/2035 | 6,552 | 7,517,669 | ||||||||||||
Series 2019 A-2, RB | 4.00% | 03/20/2033 | 8,796 | 9,878,543 | ||||||||||||
California (State of) Housing Finance Agency (Verdant at Green Valley); Series 2019 A, RB(g) | 5.00% | 08/01/2049 | 5,360 | 6,070,790 | ||||||||||||
California (State of) Municipal Finance Authority; | 5.00% | 11/01/2029 | 990 | 1,130,362 | ||||||||||||
Series 2019 A, Ref. RB(g) | 5.00% | 11/01/2039 | 1,475 | 1,619,152 | ||||||||||||
Series 2019 A, Ref. RB(g) | 5.00% | 11/01/2049 | 1,700 | 1,837,836 | ||||||||||||
Series 2020 B, RB | 4.00% | 09/01/2043 | 755 | 810,659 | ||||||||||||
Series 2020 B, RB | 4.00% | 09/01/2050 | 1,095 | 1,165,781 | ||||||||||||
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB | 5.00% | 06/01/2046 | 2,515 | 2,769,342 | ||||||||||||
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); | 5.00% | 06/01/2038 | 280 | 312,934 | ||||||||||||
Series 2018 A, RB(g) | 5.00% | 06/01/2048 | 705 | 774,012 | ||||||||||||
California (State of) Municipal Finance Authority (California Baptist University); Series 2016 A, RB(g) | 5.00% | 11/01/2046 | 1,000 | 1,107,820 | ||||||||||||
California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.); | 5.25% | 08/15/2039 | 2,665 | 2,926,730 | ||||||||||||
Series 2014 A, RB | 5.25% | 08/15/2049 | 1,420 | 1,548,638 | ||||||||||||
Series 2014 B, RB | 5.88% | 08/15/2049 | 705 | 756,627 | ||||||||||||
California (State of) Municipal Finance Authority (Caritas Projects); | 5.50% | 08/15/2047 | 6,500 | 6,804,980 | ||||||||||||
Series 2017 A, Ref. RB | 4.00% | 08/15/2037 | 1,055 | 1,160,648 | ||||||||||||
California (State of) Municipal Finance Authority (Casa Griffin Apartments); Series 2011 A-1, RB | 5.75% | 10/01/2034 | 250 | 252,708 | ||||||||||||
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB | 5.00% | 05/15/2043 | 5,900 | 6,904,888 | ||||||||||||
California (State of) Municipal Finance Authority (CHF-Riverside I, LLC - UCR Dundee-Glasgow Student Housing); Series 2018, RB | 5.00% | 05/15/2043 | 3,000 | 3,504,030 | ||||||||||||
California (State of) Municipal Finance Authority (CHF-Riverside II, LLC - UCR North District Phase I Student Housing); Series 2019, RB (INS - BAM)(a) | 5.00% | 05/15/2049 | 2,660 | 3,226,021 | ||||||||||||
California (State of) Municipal Finance Authority (Community Medical Centers); | 5.00% | 02/01/2034 | 3,750 | 4,373,850 | ||||||||||||
Series 2017 A, Ref. RB | 5.00% | 02/01/2035 | 4,000 | 4,656,560 | ||||||||||||
Series 2017 A, Ref. RB | 5.00% | 02/01/2036 | 2,000 | 2,322,380 | ||||||||||||
Series 2017 A, Ref. RB | 5.00% | 02/01/2037 | 1,000 | 1,158,140 | ||||||||||||
Series 2017 A, Ref. RB | 5.00% | 02/01/2042 | 625 | 716,406 | ||||||||||||
Series 2017 A, Ref. RB | 5.00% | 02/01/2047 | 1,380 | 1,570,274 | ||||||||||||
California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 A, Ref. RB | 5.00% | 07/01/2047 | 1,000 | 1,153,020 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
California (State of) Municipal Finance Authority (Emerson College); | 5.75% | 01/01/2022 | $ | 2,315 | $ | 2,418,967 | ||||||||||
Series 2011, RB(b)(c) | 6.00% | 01/01/2022 | 1,000 | 1,046,730 | ||||||||||||
California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento & Nevada); | 5.75% | 01/01/2022 | 145 | 146,992 | ||||||||||||
Series 2012, RB(g) | 6.63% | 01/01/2032 | 1,070 | 1,084,520 | ||||||||||||
Series 2012, RB(g) | 6.88% | 01/01/2042 | 2,135 | 2,159,019 | ||||||||||||
California (State of) Municipal Finance Authority (Humangood Obligation Group); Series 2019 A, Ref. RB | 5.00% | 10/01/2044 | 1,695 | 1,969,997 | ||||||||||||
California (State of) Municipal Finance Authority (Linxs APM); | 5.00% | 12/31/2036 | 8,000 | 9,601,280 | ||||||||||||
Series 2018 A, RB(h) | 5.00% | 12/31/2038 | 2,005 | 2,394,030 | ||||||||||||
Series 2018 A, RB(h) | 5.00% | 12/31/2043 | 15,200 | 17,942,688 | ||||||||||||
Series 2018 A, RB(h) | 5.00% | 12/31/2047 | 3,000 | 3,522,690 | ||||||||||||
California (State of) Municipal Finance Authority (Mt. San Antonio Gardens); Series 2019, Ref. RB | 5.00% | 11/15/2049 | 2,750 | 3,104,255 | ||||||||||||
California (State of) Municipal Finance Authority (OCEAA); Series 2008 A, RB | 7.00% | 10/01/2039 | 1,500 | 1,503,150 | ||||||||||||
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II); Series 2018 A, RB(d) | 5.00% | 06/01/2048 | 5,360 | 6,388,852 | ||||||||||||
California (State of) Municipal Finance Authority (Palmdale Aerospace Academy (The)); Series 2018 A, RB(g) | 5.00% | 07/01/2049 | 600 | 666,732 | ||||||||||||
California (State of) Municipal Finance Authority (Southwestern Law School); | 6.50% | 11/01/2031 | 600 | 620,766 | ||||||||||||
Series 2011, RB | 6.50% | 11/01/2041 | 1,250 | 1,289,200 | ||||||||||||
California (State of) Municipal Finance Authority (Touro College and University System); Series 2014 A, RB | 5.25% | 01/01/2034 | 620 | 670,369 | ||||||||||||
California (State of) Municipal Finance Authority (Town and Country Manor); Series 2019, Ref. RB (INS - Cal-Mortgage)(a) | 5.00% | 07/01/2049 | 5,885 | 7,037,342 | ||||||||||||
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing); Series 2019, RB (INS - BAM)(a) | 5.00% | 05/15/2052 | 5,875 | 7,120,735 | ||||||||||||
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, Ref. RB(h) | 4.00% | 07/15/2029 | 16,780 | 18,813,065 | ||||||||||||
California (State of) Municipal Finance Authority (University of La Verne); Series 2017 A, Ref. RB | 5.00% | 06/01/2043 | 600 | 706,734 | ||||||||||||
California (State of) Municipal Finance Authority (Waste Management, Inc.); Series 2019 A, RB(c)(h) | 2.40% | 10/01/2029 | 8,000 | 8,812,720 | ||||||||||||
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB | 5.00% | 08/01/2039 | 1,500 | 1,643,250 | ||||||||||||
California (State of) Pollution Control Finance Authority; Series 2012, RB(g)(h) | 5.00% | 07/01/2037 | 3,000 | 3,185,010 | ||||||||||||
California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC); | 7.00% | 12/01/2027 | 3,500 | 1,750,000 | ||||||||||||
Series 2017, RB (Acquired 08/15/2017; Cost $2,000,000)(g)(h)(i)(j) | 8.00% | 12/01/2027 | 2,000 | 600,000 | ||||||||||||
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds); | 7.50% | 07/01/2032 | 1,425 | 926,250 | ||||||||||||
Series 2017, RB(g)(h)(i) | 8.00% | 07/01/2039 | 1,900 | 1,235,000 | ||||||||||||
Series 2020, RB(g)(h) | 7.50% | 07/01/2032 | 420 | 382,969 | ||||||||||||
California (State of) Pollution Control Financing Authority (San Diego County Water Authority); Series 2019, Ref. RB(g) | 5.00% | 11/21/2045 | 3,500 | 4,110,505 | ||||||||||||
California (State of) Pollution Control Financing Authority (Waste Management, Inc.); Series 2015 B-1, Ref. RB(h) | 3.00% | 11/01/2025 | 1,500 | 1,663,125 | ||||||||||||
California (State of) Public Finance Authority (California Crosspoint Academy); Series 2020 A, RB(g) | 5.13% | 07/01/2055 | 5,000 | 5,215,200 | ||||||||||||
California (State of) Public Finance Authority (Crossroads Christian Schools); Series 2020, RB(g) | 5.00% | 01/01/2056 | 1,000 | 1,024,050 | ||||||||||||
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital); Series 2017, Ref. RB | 5.00% | 10/15/2047 | 1,000 | 1,128,470 | ||||||||||||
California (State of) Public Finance Authority (LaVerne Elementary Preparatory Academy); Series 2019 A, RB(g) | 5.00% | 06/15/2049 | 1,400 | 1,436,988 | ||||||||||||
California (State of) Public Finance Authority (Trinity Classical Academy); | 5.00% | 07/01/2036 | 400 | 419,692 | ||||||||||||
Series 2019 A, RB(g) | 5.00% | 07/01/2044 | 630 | 647,237 | ||||||||||||
Series 2019 A, RB(g) | 5.00% | 07/01/2054 | 1,600 | 1,628,384 | ||||||||||||
California (State of) Public Works Board; | 5.00% | 12/01/2031 | 1,250 | 1,294,775 | ||||||||||||
Series 2016 D, Ref. RB | 4.00% | 04/01/2033 | 11,905 | 13,737,299 | ||||||||||||
California (State of) Public Works Board (Department of Corrections & Rehabilitation); Series 2011 C, RB(b) | 5.75% | 10/01/2031 | 2,000 | 2,064,360 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
California (State of) Public Works Board (Various Capital); Series 2011 A, RB | 5.13% | 10/01/2031 | $ | 2,000 | $ | 2,057,120 | ||||||||||
California (State of) Public Works Board (Various Correctional Facilities); Series 2014 A, RB | 5.00% | 09/01/2039 | 3,000 | 3,429,210 | ||||||||||||
California (State of) School Finance Authority (Alliance for College-Ready Public Schools); | 6.30% | 07/01/2043 | 840 | 916,532 | ||||||||||||
Series 2015, RB(g) | 5.00% | 07/01/2045 | 1,265 | 1,413,701 | ||||||||||||
California (State of) School Finance Authority (Aspire Public Schools); | 5.00% | 08/01/2045 | 1,000 | 1,117,420 | ||||||||||||
Series 2016, Ref. RB(g) | 5.00% | 08/01/2046 | 750 | 837,525 | ||||||||||||
California (State of) School Finance Authority (Escuela Popular); Series 2017, RB(g) | 6.25% | 07/01/2037 | 1,250 | 1,393,275 | ||||||||||||
California (State of) School Finance Authority (Granada Hills Charter Obligated Group); Series 2019, RB(g) | 5.00% | 07/01/2043 | 2,000 | 2,209,860 | ||||||||||||
California (State of) School Finance Authority (Green Dot Public Schools); | 5.00% | 08/01/2045 | 1,500 | 1,639,755 | ||||||||||||
Series 2018 A, RB(g) | 5.00% | 08/01/2038 | 1,000 | 1,170,450 | ||||||||||||
California (State of) School Finance Authority (KIPP LA); | 5.00% | 07/01/2045 | 500 | 557,460 | ||||||||||||
Series 2017 A, RB(g) | 5.00% | 07/01/2037 | 590 | 694,890 | ||||||||||||
Series 2017 A, RB(g) | 5.00% | 07/01/2047 | 1,240 | 1,435,263 | ||||||||||||
California (State of) School Finance Authority (Kipp Socal Public Schools); Series 2019 A, RB(g) | 5.00% | 07/01/2049 | 1,700 | 2,042,839 | ||||||||||||
California (State of) School Finance Authority (New Designs Charter School); Series 2012 A, RB | 5.25% | 06/01/2032 | 1,550 | 1,597,895 | ||||||||||||
California (State of) Statewide Communities Development Authority; | 7.00% | 07/01/2022 | 5 | 5,012 | ||||||||||||
Series 2003, RB(e)(h) | 0.00% | 09/01/2028 | 100 | 57,998 | ||||||||||||
Series 2003, RB(e)(h) | 0.00% | 09/01/2034 | 100 | 33,432 | ||||||||||||
Series 2017, RB | 5.00% | 09/02/2037 | 1,140 | 1,292,954 | ||||||||||||
Series 2017, RB | 5.00% | 09/02/2046 | 1,265 | 1,411,702 | ||||||||||||
Series 2020 B, RB | 4.00% | 09/02/2050 | 880 | 931,718 | ||||||||||||
Series 2020, RB | 4.00% | 09/01/2040 | 400 | 433,124 | ||||||||||||
Series 2020, RB | 4.00% | 09/01/2050 | 7,720 | 8,265,878 | ||||||||||||
Series 2020, RB(g) | 7.25% | 09/01/2050 | 4,255 | 4,473,877 | ||||||||||||
California (State of) Statewide Communities Development Authority (Adventist Health System); | 5.00% | 03/01/2033 | 775 | 907,153 | ||||||||||||
Series 2015, Ref. RB | 5.00% | 03/01/2045 | 2,315 | 2,642,850 | ||||||||||||
California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools - 47th and Main); Series 2012 A, RB | 6.38% | 07/01/2047 | 2,000 | 2,024,820 | ||||||||||||
California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools); Series 2012, RB | 6.10% | 07/01/2032 | 820 | 830,545 | ||||||||||||
California (State of) Statewide Communities Development Authority (California Baptist University); | 5.13% | 11/01/2023 | 440 | 466,127 | ||||||||||||
Series 2017 A, Ref. RB(g) | 5.00% | 11/01/2041 | 875 | 992,959 | ||||||||||||
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2002-1); Series 2002 1, RB(h) | 6.75% | 09/01/2037 | 50 | 50,068 | ||||||||||||
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2007-01); Series 2015, Ref. RB | 5.00% | 09/01/2037 | 2,660 | 2,937,278 | ||||||||||||
California (State of) Statewide Communities Development Authority (Community Facilities District No. 97-1); Series 1997, RB(e) | 0.00% | 09/01/2022 | 25 | 23,510 | ||||||||||||
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2017, Ref. RB | 5.00% | 04/01/2047 | 3,390 | 3,794,156 | ||||||||||||
California (State of) Statewide Communities Development Authority (Henry Mayo Newhall Memorial Hospital); Series 2014 A, RB (INS - AGM)(a) | 5.25% | 10/01/2043 | 600 | 662,214 | ||||||||||||
California (State of) Statewide Communities Development Authority (Heritage Park at Cathedral City Apartments); Series 2002 NN-1, RB (INS - AMBAC)(a)(h) | 5.20% | 06/01/2036 | 2,555 | 2,560,417 | ||||||||||||
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital); Series 2014 B, Ref. RB | 5.00% | 07/01/2044 | 750 | 829,823 | ||||||||||||
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2016 A, Ref. RB | 5.00% | 08/15/2051 | 3,000 | 3,434,010 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); | 5.00% | 06/01/2046 | $ | 1,000 | $ | 1,077,740 | ||||||||||
Series 2019, RB(g) | 5.00% | 06/01/2034 | 375 | 431,194 | ||||||||||||
Series 2019, RB(g) | 5.00% | 06/01/2039 | 100 | 113,418 | ||||||||||||
Series 2019, RB(g) | 5.00% | 06/01/2051 | 295 | 328,235 | ||||||||||||
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); | 5.50% | 12/01/2054 | 1,500 | 1,652,325 | ||||||||||||
Series 2016 A, RB(g) | 5.25% | 12/01/2056 | 830 | 929,102 | ||||||||||||
Series 2018 A, RB(g) | 5.50% | 12/01/2058 | 5,000 | 5,866,350 | ||||||||||||
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California); | 5.00% | 01/01/2043 | 1,000 | 1,172,020 | ||||||||||||
Series 2018; RB | 5.00% | 01/01/2048 | 495 | 576,190 | ||||||||||||
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); | 5.25% | 07/01/2039 | 1,640 | 1,809,592 | ||||||||||||
Series 2019, RB(g) | 5.25% | 07/01/2049 | 3,375 | 3,658,770 | ||||||||||||
California (State of) Statewide Communities Development Authority (Pacific Highlands Ranch); Series 2019, RB | 5.00% | 09/02/2049 | 650 | 748,716 | ||||||||||||
California (State of) Statewide Communities Development Authority (Sand Creek); | 4.00% | 09/01/2041 | 550 | 602,492 | ||||||||||||
Series 2021, RB | 4.00% | 09/01/2051 | 1,125 | 1,215,900 | ||||||||||||
California (State of) Statewide Communities Development Authority (Statewide Community Infrastructure Program); Series 2019 B, RB | 5.00% | 09/02/2049 | 1,500 | 1,719,300 | ||||||||||||
California (State of) Statewide Communities Development Authority (Terraces at San Joaquin Garden); Series 2012, RB(b)(c) | 5.63% | 10/01/2022 | 1,000 | 1,085,570 | ||||||||||||
California (State of) Statewide Communities Development Authority (Total Road Improvement Program); Series 2012 A, COP(b)(c) | 6.00% | 06/01/2022 | 2,845 | 3,049,328 | ||||||||||||
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments - CHF-Irvine, LLC); | 5.38% | 05/15/2038 | 2,000 | 2,016,100 | ||||||||||||
Series 2016, Ref. RB | 5.00% | 05/15/2040 | 1,200 | 1,364,916 | ||||||||||||
California (State of) Statewide Communities Development Authority (Yucaipa Valley Water Reservoir); Series 2014, RB | 6.00% | 09/02/2044 | 2,815 | 2,912,005 | ||||||||||||
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); | 6.00% | 05/01/2037 | 8,625 | 8,658,120 | ||||||||||||
Series 2002 B, RB | 6.00% | 05/01/2037 | 1,045 | 1,049,013 | ||||||||||||
Series 2002 B, RB | 6.00% | 05/01/2043 | 705 | 711,260 | ||||||||||||
Series 2002, RB | 6.00% | 05/01/2043 | 45 | 45,400 | ||||||||||||
Series 2006 A, RB(e) | 0.00% | 06/01/2046 | 8,000 | 1,692,080 | ||||||||||||
California (State of), CA Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(e) | 0.00% | 06/01/2055 | 332,360 | 26,269,734 | ||||||||||||
California (State of), CA Tobacco Securitization Agency (Los Angeles County Securitization Corp.); | 4.00% | 06/01/2049 | 2,710 | 3,096,559 | ||||||||||||
Series 2020 B-1, Ref. RB | 5.00% | 06/01/2049 | 1,140 | 1,371,146 | ||||||||||||
Series 2020 B-2, Ref. RB(e) | 0.00% | 06/01/2055 | 22,000 | 4,206,620 | ||||||||||||
California Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group); | 5.00% | 11/01/2041 | 6,265 | 6,941,683 | ||||||||||||
Series 2015, Ref. RB | 5.00% | 11/01/2035 | 1,000 | 1,114,180 | ||||||||||||
California Municipal Finance Authority; Series 2020-XF2863, Ctfs.(d) | 5.00% | 06/01/2048 | 21,000 | 25,015,410 | ||||||||||||
California Public Finance Authority (Henry Mayo Newhall Hospital); Series 2017, Ref. RB | 5.00% | 10/15/2037 | 1,000 | 1,145,070 | ||||||||||||
California State University; Series 2012 A, RB(b)(c)(d) | 5.00% | 11/01/2022 | 6,750 | 7,297,358 | ||||||||||||
California Statewide Communities Development Authority (Statewide Community Infrastructure Program); Series 2019 C, RB | 5.00% | 09/02/2049 | 700 | 802,340 | ||||||||||||
Calimesa (City of), CA Community Facilities District No. 2018-1 (Summerwind Trails); | 4.00% | 09/01/2045 | 605 | 660,152 | ||||||||||||
Series 2020, RB | 4.00% | 09/01/2050 | 575 | 624,899 | ||||||||||||
Carlsbad (City of), CA (Assessment District No. 96-1); Series 1998, RB | 5.50% | 09/02/2028 | 20 | 20,407 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
Carson (City of), CA Public Financing Authority; Series 2019, RB | 5.00% | 09/02/2030 | $ | 545 | $ | 693,638 | ||||||||||
Central Basin Municipal Water District; Series 2018 A, Ref. RB | 5.00% | 08/01/2044 | 3,035 | 3,185,748 | ||||||||||||
Cerritos Community College District (Election of 2012); Series 2018 B, GO Bonds | 4.00% | 08/01/2043 | 1,870 | 2,115,045 | ||||||||||||
Chino (City of), CA Public Financing Authority; | 5.00% | 09/01/2034 | 1,100 | 1,282,215 | ||||||||||||
Series 2015 A, Ref. RB (INS - AGM)(a) | 5.00% | 09/01/2035 | 865 | 1,006,635 | ||||||||||||
Chino Community Facilities District; | 4.00% | 09/01/2040 | 170 | 184,787 | ||||||||||||
Series 2020, RB | 4.00% | 09/01/2051 | 705 | 753,708 | ||||||||||||
Chino Valley Unified School District; | 4.00% | 08/01/2045 | 3,000 | 3,469,620 | ||||||||||||
Series 2020 B, GO Bonds | 5.00% | 08/01/2055 | 10,995 | 13,832,150 | ||||||||||||
Clovis (City of), CA; | 5.25% | 08/01/2030 | 1,060 | 1,262,301 | ||||||||||||
Series 2015, Ref. RB (INS - AGM)(a) | 5.25% | 08/01/2031 | 500 | 594,470 | ||||||||||||
Clovis (City of), CA Public Financing Authority; Series 2008 A, RB (INS - NATL)(a) | 4.63% | 08/01/2029 | 35 | 35,104 | ||||||||||||
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)(a)(e) | 0.00% | 08/01/2029 | 735 | 637,590 | ||||||||||||
Coachella (City of), CA (Community Facilities District No. 2018-1); | 5.00% | 09/01/2030 | 585 | 673,826 | ||||||||||||
Series 2018, RB(g) | 5.00% | 09/01/2038 | 1,090 | 1,222,849 | ||||||||||||
Series 2018, RB(g) | 5.00% | 09/01/2048 | 2,015 | 2,255,269 | ||||||||||||
Series 2018, RB(g) | 5.00% | 09/01/2053 | 1,525 | 1,687,473 | ||||||||||||
Compton (City of), CA Public Finance Authority; Series 2008, Ref. RB (INS - AMBAC)(a) | 5.25% | 09/01/2027 | 1,000 | 1,001,930 | ||||||||||||
Compton Unified School District; | 0.00% | 06/01/2035 | 1,300 | 890,253 | ||||||||||||
Series 2019 B, GO Bonds (INS - BAM)(a)(e) | 0.00% | 06/01/2041 | 6,250 | 3,389,187 | ||||||||||||
Series 2019 B, GO Bonds (INS - BAM)(a)(e) | 0.00% | 06/01/2042 | 4,335 | 2,254,894 | ||||||||||||
Series 2019 B, GO Bonds (INS - BAM)(a) | 4.00% | 06/01/2049 | 14,140 | 15,879,503 | ||||||||||||
Corona Community Facilities District (Bedford Improvement Area No. 1); | 4.00% | 09/01/2040 | 285 | 312,292 | ||||||||||||
Series 2020, RB | 4.00% | 09/01/2045 | 460 | 499,155 | ||||||||||||
Series 2020, RB | 4.00% | 09/01/2050 | 1,035 | 1,119,528 | ||||||||||||
Corona-Norco Unified School District (Community Facilities District No. 17-1); Series 2020, RB | 4.00% | 09/01/2050 | 350 | 384,328 | ||||||||||||
CSCDA Community Improvement Authority; Series 2021, RB(g) | 4.00% | 08/01/2056 | 1,000 | 1,082,340 | ||||||||||||
CSCDA Community Improvement Authority (Renaissance at City Center); Series 2020 A, RB(g) | 5.00% | 07/01/2051 | 3,250 | 3,804,710 | ||||||||||||
Daly City (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); | 5.00% | 12/15/2037 | 50 | 50,165 | ||||||||||||
Series 2007 C, Ref. RB | 6.50% | 12/15/2047 | 895 | 896,280 | ||||||||||||
Dehesa School District; Series 2014 A, GO Bonds | 5.50% | 06/01/2044 | 1,220 | 1,363,350 | ||||||||||||
Dixon (City of), CA Improvement Area No. 1 (Community Facilities District No. 2019-1); | 4.00% | 09/01/2036 | 200 | 217,498 | ||||||||||||
Series 2020, RB | 4.00% | 09/01/2040 | 400 | 430,040 | ||||||||||||
Series 2020, RB | 4.00% | 09/01/2050 | 1,000 | 1,060,430 | ||||||||||||
Eastern Municipal Water District (Community Facilities District No. 2016-75); | 4.00% | 09/01/2030 | 75 | 84,911 | ||||||||||||
Series 2021, RB | 4.00% | 09/01/2050 | 385 | 417,767 | ||||||||||||
El Segundo Unified School District (Election of 2008); Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2033 | 4,430 | 3,433,161 | ||||||||||||
Emeryville (City of), CA Public Financing Authority (Alameda County); | 5.00% | 09/01/2032 | 445 | 501,439 | ||||||||||||
Series 2014 A, Ref. RB (INS - AGM)(a) | 5.00% | 09/01/2033 | 385 | 433,425 | ||||||||||||
Series 2014 A, Ref. RB (INS - AGM)(a) | 5.00% | 09/01/2034 | 500 | 562,415 | ||||||||||||
Escondido Union School District (Election of 2014); Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 1,690 | 1,900,996 | ||||||||||||
Etiwanda School District; Series 2020 A, GO Bonds | 4.00% | 08/01/2049 | 4,000 | 4,534,480 | ||||||||||||
Etiwanda School District Community Facilities District No. 2018-1 (Day Creek Square Public Facilities); | 4.00% | 09/01/2045 | 510 | 555,854 | ||||||||||||
Series 2020, RB | 4.00% | 09/01/2050 | 705 | 766,180 | ||||||||||||
Fairfield (City of), CA Community Facilities District No. 2007-1 (Fairfield Commons); Series 2008, RB | 6.88% | 09/01/2038 | 865 | 892,126 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
Fontana (City of), CA (Community Facilities District No. 80); Series 2017, RB | 5.00% | 09/01/2046 | $ | 1,000 | $ | 1,145,100 | ||||||||||
Fontana (City of), CA (The Meadows); | 4.00% | 09/01/2045 | 530 | 581,315 | ||||||||||||
Series 2020, RB | 4.00% | 09/01/2050 | 635 | 694,881 | ||||||||||||
Foothill-Eastern Transportation Corridor Agency; Series 2015, Ref. RB (INS - AGM)(a)(e) | 0.00% | 01/15/2035 | 2,745 | 1,953,452 | ||||||||||||
Fremont Community Facilities District No. 1 (Pacific Commons); Series 2015, Ref. RB | 5.00% | 09/01/2035 | 815 | 913,419 | ||||||||||||
Fullerton (City of), CA Community Facilities District No. 1 (Amerige Heights); | 5.00% | 09/01/2026 | 1,960 | 2,095,769 | ||||||||||||
Series 2012, Ref. RB | 5.00% | 09/01/2032 | 1,090 | 1,161,766 | ||||||||||||
Gilroy Unified School District (Election of 2008); | 0.00% | 08/01/2029 | 615 | 552,399 | ||||||||||||
Series 2009 A, GO Bonds (INS - AGC)(a)(e) | 0.00% | 08/01/2029 | 4,735 | 4,152,264 | ||||||||||||
Series 2009 A, GO Bonds(b)(e) | 0.00% | 08/01/2031 | 2,235 | 1,918,837 | ||||||||||||
Series 2009 A, GO Bonds (INS - AGC)(a)(e) | 0.00% | 08/01/2031 | 1,415 | 1,170,686 | ||||||||||||
Glendale Community College District; Series 2020 B, GO Bonds | 4.00% | 08/01/2050 | 9,600 | 11,012,064 | ||||||||||||
Glendora (City of), CA Public Finance Authority; Series 2003 A, | 5.00% | 09/01/2024 | 1,800 | 1,805,400 | ||||||||||||
Golden State Tobacco Securitization Corp.; | 5.30% | 06/01/2037 | 1,995 | 2,075,598 | ||||||||||||
Series 2013 A, RB | 5.00% | 06/01/2030 | 2,000 | 2,164,340 | ||||||||||||
Series 2015 A, Ref. RB | 5.00% | 06/01/2040 | 3,195 | 3,655,943 | ||||||||||||
Series 2015 A, Ref. RB | 5.00% | 06/01/2045 | 1,165 | 1,332,084 | ||||||||||||
Series 2017 A-1, Ref. RB | 5.00% | 06/01/2029 | 1,000 | 1,217,340 | ||||||||||||
Series 2018 A-1, Ref. RB | 5.00% | 06/01/2047 | 10,240 | 10,593,075 | ||||||||||||
Series 2018 A-2, Ref. RB | 5.00% | 06/01/2047 | 10,000 | 10,344,800 | ||||||||||||
Hollister (City of), CA Redevelopment Agency Successor Agency; | 5.00% | 10/01/2030 | 1,600 | 1,825,104 | ||||||||||||
Series 2014, Ref. RB (INS - BAM)(a) | 5.00% | 10/01/2032 | 1,305 | 1,485,416 | ||||||||||||
Hollister Joint Powers Financing Authority; Series 2016, Ref. RB (INS - AGM)(a) | 5.00% | 06/01/2036 | 1,270 | 1,513,573 | ||||||||||||
Hollister School District (Election of 2016); Series 2019 B, GO Bonds | 4.00% | 09/01/2046 | 3,675 | 4,077,780 | ||||||||||||
Imperial (County of), CA (Community Facilities District No. 2004-2 - Improvement Area No. 1); Series 2007, RB | 5.90% | 09/01/2037 | 1,430 | 1,457,728 | ||||||||||||
Independent Cities Finance Authority (Hacienda Valley Estates); Series 2014, Ref. RB | 5.00% | 11/15/2034 | 885 | 969,579 | ||||||||||||
Independent Cities Finance Authority (Rancho del Sol and Grandview East); Series 2012, Ref. RB | 5.50% | 05/15/2047 | 1,000 | 1,032,500 | ||||||||||||
Independent Cities Finance Authority (Union City Tropics); Series 2019, Ref. RB | 5.00% | 05/15/2048 | 1,000 | 1,191,950 | ||||||||||||
Inglewood (City of), CA Redevelopment Agency (Merged Redevelopment); Series 1998 A, Ref. RB (INS - AMBAC)(a) | 5.25% | 05/01/2023 | 460 | 495,333 | ||||||||||||
Inglewood Unified School District; | 4.00% | 08/01/2038 | 550 | 617,678 | ||||||||||||
Series 2019 C, GO Bonds (INS - BAM)(a) | 4.00% | 08/01/2039 | 690 | 773,345 | ||||||||||||
Inland Empire Tobacco Securitization Corp.; | 0.00% | 06/01/2036 | 8,000 | 2,962,560 | ||||||||||||
Series 2007 C-2, RB(e) | 0.00% | 06/01/2047 | 14,000 | 2,452,100 | ||||||||||||
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 1); | 5.00% | 09/01/2044 | 445 | 493,598 | ||||||||||||
Series 2014, RB | 5.00% | 09/01/2049 | 445 | 492,170 | ||||||||||||
Irvine Ranch Water District; Series 2016, RB(d) | 5.25% | 02/01/2046 | 4,305 | 5,265,316 | ||||||||||||
Irvine Unified School District (Community Facilities District No. 01-1); Series 2015, Ref. RB (INS - BAM)(a) | 5.00% | 09/01/2038 | 3,500 | 3,971,660 | ||||||||||||
Irvine Unified School District (Community Facilities District No. 09-1); | 5.00% | 09/01/2047 | 500 | 583,610 | ||||||||||||
Series 2018 A, Ref. RB | 5.00% | 09/01/2045 | 1,000 | 1,169,640 | ||||||||||||
Series 2019 A, RB (INS - BAM)(a) | 4.00% | 09/01/2044 | 3,600 | 4,068,144 | ||||||||||||
Jurupa Community Services District; Series 2021 A, RB | 4.00% | 09/01/2050 | 710 | 776,506 | ||||||||||||
Lake Elsinore (City of), CA; Series 2019, RB | 5.00% | 09/01/2050 | 1,000 | 1,123,670 | ||||||||||||
Lake Elsinore (City of), CA Public Financing Authority (Canyon Hills IA C); | 5.00% | 09/01/2032 | 630 | 660,511 | ||||||||||||
Series 2012 C, RB | 5.00% | 09/01/2037 | 335 | 349,837 | ||||||||||||
Lake Elsinore (City of), CA Public Financing Authority (Villages at Wasson Canyon); Series 2012 A, RB | 5.25% | 09/01/2038 | 1,175 | 1,230,648 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
Lake Elsinore Unified School District Community Facilities District No. 2006-2 (Improvement Area No. C); Series 2020, RB | 4.00% | 09/01/2050 | $ | 4,015 | $ | 4,408,791 | ||||||||||
| ||||||||||||||||
Lake Elsniore (City of) CA Community Facilities District No. 2006-1 (Improvement Area II); | 4.00% | 09/01/2045 | 835 | 890,394 | ||||||||||||
| ||||||||||||||||
Lake Elsniore (City of), CA Community Facilities District No. 2006-1 (Improvement Area II); | 4.00% | 09/01/2040 | 760 | 820,982 | ||||||||||||
| ||||||||||||||||
Lammersville Joint Unified School District; | 4.00% | 09/01/2039 | 250 | 275,753 | ||||||||||||
| ||||||||||||||||
Series 2020, RB | 4.00% | 09/01/2045 | 810 | 884,227 | ||||||||||||
| ||||||||||||||||
Series 2020, RB | 4.00% | 09/01/2049 | 730 | 795,153 | ||||||||||||
| ||||||||||||||||
Series 2020, RB | 4.00% | 09/01/2050 | 1,000 | 1,088,030 | ||||||||||||
| ||||||||||||||||
Lammersville Unified School District (Lammersville School District Community Facilities District No. 2002 - Mountain House); | 5.00% | 09/01/2025 | 420 | 443,323 | ||||||||||||
| ||||||||||||||||
Series 2012, Ref. RB | 5.10% | 09/01/2026 | 375 | 395,569 | ||||||||||||
| ||||||||||||||||
Series 2012, Ref. RB | 5.15% | 09/01/2027 | 885 | 932,427 | ||||||||||||
| ||||||||||||||||
Series 2012, Ref. RB | 5.20% | 09/01/2028 | 1,000 | 1,052,380 | ||||||||||||
| ||||||||||||||||
Series 2012, Ref. RB | 5.25% | 09/01/2029 | 500 | 525,845 | ||||||||||||
| ||||||||||||||||
Series 2012, Ref. RB | 5.30% | 09/01/2030 | 500 | 525,925 | ||||||||||||
| ||||||||||||||||
Series 2012, Ref. RB | 5.38% | 09/01/2032 | 1,000 | 1,049,690 | ||||||||||||
| ||||||||||||||||
Lathrop (City of), CA (Community Facilities District No. 03-2); Series 2003, RB | 7.00% | 09/01/2033 | 3,425 | 3,437,638 | ||||||||||||
| ||||||||||||||||
Lennox School District; Series 2014, COP (INS - BAM)(a) | 5.00% | 10/01/2034 | 1,000 | 1,052,400 | ||||||||||||
| ||||||||||||||||
Lincoln (City of), CA Community Facilities District No. 2006-1 (Improvement Area No. 1); | 4.00% | 09/01/2030 | 155 | 175,179 | ||||||||||||
| ||||||||||||||||
Series 2021, RB | 4.00% | 09/01/2034 | 210 | 233,944 | ||||||||||||
| ||||||||||||||||
Series 2021, RB | 4.00% | 09/01/2038 | 270 | 297,886 | ||||||||||||
| ||||||||||||||||
Series 2021, RB | 4.00% | 09/01/2043 | 320 | 349,510 | ||||||||||||
| ||||||||||||||||
Long Beach (City of), CA; | 5.00% | 06/01/2040 | 2,500 | 2,507,850 | ||||||||||||
| ||||||||||||||||
Series 2015, RB | 5.00% | 05/15/2045 | 2,370 | 2,602,852 | ||||||||||||
| ||||||||||||||||
Series 2017 A, RB(h) | 5.00% | 05/15/2037 | 1,300 | 1,523,002 | ||||||||||||
| ||||||||||||||||
Series 2017 A, RB(h) | 5.00% | 05/15/2040 | 14,670 | 17,084,975 | ||||||||||||
| ||||||||||||||||
Long Beach (City of), CA (Green Bonds); Series 2017 B, RB(h) | 5.00% | 05/15/2043 | 8,210 | 9,500,366 | ||||||||||||
| ||||||||||||||||
Long Beach (City of), CA Bond Finance Authority; | 5.50% | 11/15/2028 | 50 | 64,882 | ||||||||||||
| ||||||||||||||||
Series 2007 A, RB | 5.50% | 11/15/2037 | 1,000 | 1,436,270 | ||||||||||||
| ||||||||||||||||
Long Beach (City of), CA Bond Finance Authority (Aquarium of the Pacific); Series 2012, Ref. RB | 5.00% | 11/01/2029 | 2,000 | 2,053,860 | ||||||||||||
| ||||||||||||||||
Long Beach (City of), CA Bond Finance Authority (Natural Gas Purchase); | 5.50% | 11/15/2032 | 2,665 | 3,633,008 | ||||||||||||
| ||||||||||||||||
Long Beach Unified School District; Series 2017 A, GO Bonds | 5.00% | 08/01/2036 | 8,175 | 9,829,048 | ||||||||||||
| ||||||||||||||||
Los Alamitos Unified School District; | 5.95% | 08/01/2034 | 1,200 | 1,350,588 | ||||||||||||
| ||||||||||||||||
Series 2013, GO Bonds(k) | 6.01% | 08/01/2040 | 1,660 | 1,772,017 | ||||||||||||
| ||||||||||||||||
Los Angeles (City of), CA Community Facilities District No. 4 (Playa Vista - Phase 1); Series 2014, Ref. RB | 5.00% | 09/01/2031 | 590 | 672,783 | ||||||||||||
| ||||||||||||||||
Los Angeles (City of), CA Department of Airports; | 5.00% | 05/15/2033 | 4,365 | 5,047,511 | ||||||||||||
| ||||||||||||||||
Series 2015 A, RB(h) | 5.00% | 05/15/2034 | 5,795 | 6,693,399 | ||||||||||||
| ||||||||||||||||
Series 2018 B, Ref. RB(h) | 5.00% | 05/15/2032 | 3,500 | 4,348,925 | ||||||||||||
| ||||||||||||||||
Series 2018 B, Ref. RB(d)(h) | 5.00% | 05/15/2033 | 15,145 | 18,736,788 | ||||||||||||
| ||||||||||||||||
Series 2018 B, Ref. RB(d)(h) | 5.00% | 05/15/2034 | 12,000 | 14,797,680 | ||||||||||||
| ||||||||||||||||
Series 2018 C, RB(h) | 5.00% | 05/15/2038 | 2,500 | 3,000,975 | ||||||||||||
| ||||||||||||||||
Series 2021 A, Ref. RB(h) | 5.00% | 05/15/2046 | 5,000 | 6,223,200 | ||||||||||||
| ||||||||||||||||
Series 2021 A, Ref. RB(h) | 5.00% | 05/15/2051 | 10,000 | 12,432,800 | ||||||||||||
| ||||||||||||||||
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); | 5.00% | 05/15/2043 | 3,000 | 3,251,370 | ||||||||||||
| ||||||||||||||||
Series 2019, RB(h) | 5.00% | 05/15/2049 | 24,745 | 29,587,844 | ||||||||||||
| ||||||||||||||||
Los Angeles (City of), CA Department of Water & Power; | 5.00% | 07/01/2041 | 8,250 | 9,882,510 | ||||||||||||
| ||||||||||||||||
Series 2017 C, RB | 5.00% | 07/01/2042 | 15,525 | 18,761,652 | ||||||||||||
| ||||||||||||||||
Series 2017 C, RB(d) | 5.00% | 07/01/2047 | 16,500 | 19,786,140 | ||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
Los Angeles (City of), CA Harbor Department; Series 2014 A, Ref. RB(h) | 5.00% | 08/01/2036 | $ | 1,000 | $ | 1,120,180 | ||||||||||
| ||||||||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds); Series 2019 A, RB | 5.00% | 07/01/2044 | 7,000 | 8,656,970 | ||||||||||||
| ||||||||||||||||
Los Angeles Community College District (Election of 2008); Series 2013 F, GO Bonds(b)(c) | 4.00% | 08/01/2023 | 10,000 | 10,914,600 | ||||||||||||
| ||||||||||||||||
Los Angeles County Schools Regionalized Business Services Corp. (Los Angeles County Schools Pooled Financing Program); Series 1999 A, COP (INS - AMBAC)(a)(e) | 0.00% | 08/01/2024 | 1,265 | 1,218,119 | ||||||||||||
| ||||||||||||||||
Lynwood (City of), CA Public Financing Authority (Measure M); Series 2019 A, RB (INS - AGM)(a) | 5.25% | 06/01/2048 | 3,185 | 3,811,744 | ||||||||||||
| ||||||||||||||||
Madera (County of), CA (Valley Children’s Hospital); Series 1995, COP (INS - NATL)(a) | 5.75% | 03/15/2028 | 85 | 85,282 | ||||||||||||
| ||||||||||||||||
Madera (County of), CA Community Facilities District No. 2017-1 (Tesoro Viejo); | 4.00% | 09/01/2045 | 2,060 | 2,193,179 | ||||||||||||
| ||||||||||||||||
Series 2020, RB | 4.00% | 09/01/2051 | 3,560 | 3,772,959 | ||||||||||||
| ||||||||||||||||
Madera Unified School District; Series 2019, GO Bonds | 4.00% | 08/01/2044 | 8,945 | 10,061,247 | ||||||||||||
| ||||||||||||||||
Manteca Unified School District; | 4.00% | 08/01/2042 | 9,325 | 10,565,878 | ||||||||||||
| ||||||||||||||||
Series 2020 C, GO Bonds | 4.00% | 08/01/2045 | 2,750 | 3,144,762 | ||||||||||||
| ||||||||||||||||
Marina (City of), CA Redevelopment Agency Successor Agency; | 5.00% | 09/01/2038 | 250 | 282,643 | ||||||||||||
| ||||||||||||||||
Series 2020 A, RB | 4.00% | 09/01/2040 | 700 | 754,362 | ||||||||||||
| ||||||||||||||||
Series 2020 B, RB | 4.00% | 09/01/2040 | 700 | 753,431 | ||||||||||||
| ||||||||||||||||
Maywood (City of), CA Public Financing Authority (Infrastructure Refinancing); Series 2008 A, Ref. RB | 7.00% | 09/01/2038 | 50 | 50,029 | ||||||||||||
| ||||||||||||||||
McFarland Unified School District (Election of 2012); Series 2014 A, GO Bonds(b)(c) | 5.50% | 11/01/2024 | 1,750 | 2,078,510 | ||||||||||||
| ||||||||||||||||
Mendota (City of), CA Joint Powers Financing Authority; Series 2005, RB | 5.15% | 07/01/2035 | 1,375 | 1,376,897 | ||||||||||||
| ||||||||||||||||
Menifee Union School District; | 5.00% | 09/01/2044 | 1,500 | 1,692,810 | ||||||||||||
| ||||||||||||||||
Series 2020 C, GO Bonds (INS - AGM)(a) | 3.00% | 08/01/2040 | 1,500 | 1,603,035 | ||||||||||||
| ||||||||||||||||
Series 2020 C, GO Bonds (INS - AGM)(a) | 3.00% | 08/01/2045 | 2,200 | 2,315,588 | ||||||||||||
| ||||||||||||||||
Menifee Union School District (Community Facilities District No. 2006-2); Series 2020, Ref. RB | 4.00% | 09/01/2045 | 705 | 766,617 | ||||||||||||
| ||||||||||||||||
Menifee Union School District (Community Facilities District No. 2011-1 - Improvement Area No. 3); | 5.00% | 09/01/2043 | 1,000 | 1,127,120 | ||||||||||||
| ||||||||||||||||
Series 2018, RB | 5.00% | 09/01/2048 | 1,500 | 1,682,955 | ||||||||||||
| ||||||||||||||||
Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS - AGC)(a)(e) | 0.00% | 08/01/2035 | 940 | 672,852 | ||||||||||||
| ||||||||||||||||
Menifee Union School District Public Financing Authority; Series 2017 A, RB (INS - NATL)(a) | 5.00% | 09/01/2033 | 1,000 | 1,158,890 | ||||||||||||
| ||||||||||||||||
Merced City School District (Election of 2014); Series 2018, GO Bonds | 5.00% | 08/01/2048 | 3,020 | 3,678,571 | ||||||||||||
| ||||||||||||||||
Moorpark Unified School District (Election of 2008); Series 2009 A, GO Bonds (INS - AGC)(a)(e) | 0.00% | 08/01/2031 | 840 | 680,778 | ||||||||||||
| ||||||||||||||||
Moreno Valley Unified School District (Community Facilities District No. 2004-4); Series 2015, RB | 5.00% | 09/01/2045 | 2,050 | 2,272,691 | ||||||||||||
| ||||||||||||||||
Moreno Valley Unified School District (Community Facilities District No. 2015-2); | 5.00% | 09/01/2044 | 435 | 484,603 | ||||||||||||
| ||||||||||||||||
Series 2019, RB | 5.00% | 09/01/2048 | 485 | 538,884 | ||||||||||||
| ||||||||||||||||
Mountain House Public Financing Authority (Green Bonds); | 4.00% | 12/01/2045 | 2,825 | 3,200,216 | ||||||||||||
| ||||||||||||||||
Series 2020 A, RB (INS - BAM)(a) | 4.00% | 12/01/2050 | 6,000 | 6,765,120 | ||||||||||||
| ||||||||||||||||
Series 2020 A, RB (INS - BAM)(a) | 4.00% | 12/01/2055 | 6,500 | 7,299,695 | ||||||||||||
| ||||||||||||||||
Series 2020 B, RB (INS - BAM)(a) | 4.00% | 12/01/2040 | 1,940 | 2,220,679 | ||||||||||||
| ||||||||||||||||
Series 2020 B, RB (INS - BAM)(a) | 4.00% | 12/01/2043 | 2,800 | 3,175,228 | ||||||||||||
| ||||||||||||||||
Mountain View Shoreline Regional Park Community; Series 2018 A, RB (INS - AGM)(a) | 5.00% | 08/01/2048 | 2,000 | 2,387,180 | ||||||||||||
| ||||||||||||||||
M-S-R Public Power Agency; Series 1991 E, RB(b) | 6.00% | 07/01/2022 | 40 | 41,928 | ||||||||||||
| ||||||||||||||||
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(k) | 6.25% | 08/01/2043 | 2,035 | 2,215,891 | ||||||||||||
| ||||||||||||||||
Murrieta (City of), CA (Community Facilities District No. 2005-5); Series 2017, RB | 5.00% | 09/01/2042 | 655 | 752,359 | ||||||||||||
| ||||||||||||||||
National (City of), CA Community Development Commission (National City Redevelopment); Series 2011, RB(b)(c) | 7.00% | 08/01/2021 | 1,500 | 1,542,585 | ||||||||||||
| ||||||||||||||||
Norco (City of), CA Community Redevelopment Agency Successor Agency (Project Area No. 1); Series 2014, Ref. RB (INS - BAM)(a) | 5.00% | 03/01/2030 | 1,500 | 1,679,025 | ||||||||||||
| ||||||||||||||||
Northern California Energy Authority; Series 2018 A, RB(c) | 4.00% | 07/01/2024 | 10,000 | 11,010,700 | ||||||||||||
| ||||||||||||||||
Northern California Tobacco Securitization Authority; Series 2021 A, Ref. RB | 4.00% | 06/01/2049 | 3,755 | 4,309,463 | ||||||||||||
| ||||||||||||||||
Northern Humboldt Union High School District (Election of 2010); | 6.50% | 08/01/2021 | 1,250 | 1,282,937 | ||||||||||||
| ||||||||||||||||
Series 2015 C, GO Bonds(b)(c) | 5.00% | 08/01/2025 | 4,115 | 4,924,379 | ||||||||||||
| ||||||||||||||||
Northern Inyo (County of), CA Local Hospital District; Series 2010, RB | 6.38% | 12/01/2025 | 2,000 | 2,005,240 | ||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
Oak Grove School District (Election of 2008); | 5.00% | 08/01/2038 | $ | 8,680 | $ | 5,517,876 | ||||||||||
| ||||||||||||||||
Series 2018 E, Ref. GO Bonds(k) | 5.00% | 08/01/2042 | 5,755 | 3,547,555 | ||||||||||||
| ||||||||||||||||
Oakland Unified School District (County of Alameda); Series 2015 A, GO Bonds | 5.00% | 08/01/2040 | 1,070 | 1,229,430 | ||||||||||||
| ||||||||||||||||
Oceanside Unified School District (Election of 2008); Series 2019 E, GO Bonds | 4.00% | 08/01/2048 | 2,500 | 2,801,175 | ||||||||||||
| ||||||||||||||||
Ontario (City of), CA Community Facilities District No. 25 (Park Place Facilities Phase II); | 5.00% | 09/01/2049 | 1,000 | 1,122,220 | ||||||||||||
| ||||||||||||||||
Ontario (City of), CA Community Facilities District No. 40 (Emerald Park Facilities); Series 2020, RB | 4.00% | 09/01/2050 | 780 | 866,915 | ||||||||||||
| ||||||||||||||||
Ontario (City of), CA Community Facilities District No. 43 (Park Place Facilities Phase IV); Series 2020, RB | 4.00% | 09/01/2050 | 1,000 | 1,100,610 | ||||||||||||
| ||||||||||||||||
Ontario (City of), CA Community Facilities District No. 45; | 4.00% | 09/01/2043 | 280 | 308,826 | ||||||||||||
| ||||||||||||||||
Series 2020, RB | 4.00% | 09/01/2051 | 1,110 | 1,215,550 | ||||||||||||
| ||||||||||||||||
Orange (County of), CA (Community Facilities District No. 2016-1); Series 2016 A, RB | 5.00% | 08/15/2031 | 1,350 | 1,573,303 | ||||||||||||
| ||||||||||||||||
Orange (County of), CA Community Facilities District (Village of Esencia); | 4.00% | 08/15/2045 | 845 | 923,965 | ||||||||||||
| ||||||||||||||||
Series 2020, RB | 4.00% | 08/15/2050 | 700 | 762,958 | ||||||||||||
| ||||||||||||||||
Orange (County of), CA Community Facilities District No. 2015-1 (Esencia Village); | 5.00% | 08/15/2035 | 125 | 141,096 | ||||||||||||
| ||||||||||||||||
Series 2015 A, RB | 5.25% | 08/15/2045 | 1,810 | 2,036,829 | ||||||||||||
| ||||||||||||||||
Orange (County of), CA Community Facilities District No. 2016-1 (Esencia Village); Series 2016 A, RB | 5.00% | 08/15/2046 | 2,000 | 2,256,560 | ||||||||||||
| ||||||||||||||||
Orange (County of), CA Local Transportation Authority; Series 2019, RB | 5.00% | 02/15/2041 | 14,055 | 17,503,113 | ||||||||||||
| ||||||||||||||||
Oxnard (City of), CA Financing Authority; | 5.00% | 06/01/2032 | 1,250 | 1,410,425 | ||||||||||||
| ||||||||||||||||
Series 2014, Ref. RB (INS - AGM)(a) | 5.00% | 06/01/2033 | 1,500 | 1,690,980 | ||||||||||||
| ||||||||||||||||
Series 2014, Ref. RB (INS - AGM)(a) | 5.00% | 06/01/2034 | 850 | 956,726 | ||||||||||||
| ||||||||||||||||
Palm Desert (City of), CA Financing Authority (Project Area No. 2); Series 2003, RB (INS - NATL)(a) | 5.00% | 08/01/2033 | 40 | 40,496 | ||||||||||||
| ||||||||||||||||
Palm Springs (City of), CA Community Redevelopment Agency Successor Agency; Series 2014, Ref. RB (INS - AGM)(a) | 5.00% | 09/01/2032 | 445 | 505,204 | ||||||||||||
| ||||||||||||||||
Palmdale (City of), CA (Community Facilities District No. 05-1); | 6.25% | 09/01/2035 | 4,160 | 4,209,171 | ||||||||||||
| ||||||||||||||||
Series 2007 A, Ref. RB | 6.13% | 09/01/2037 | 5,145 | 5,199,743 | ||||||||||||
| ||||||||||||||||
Palomar Community College District; Series 2010, GO Bonds(k) | 6.38% | 08/01/2045 | 3,330 | 3,586,810 | ||||||||||||
| ||||||||||||||||
Palomar Health; Series 2017, Ref. RB | 5.00% | 11/01/2042 | 4,835 | 5,464,227 | ||||||||||||
| ||||||||||||||||
Perris Elementary School District (Election of 2014); | 6.00% | 08/01/2029 | 235 | 275,641 | ||||||||||||
| ||||||||||||||||
Series 2014 A, GO Bonds (INS - BAM)(a) | 6.00% | 08/01/2030 | 290 | 339,723 | ||||||||||||
| ||||||||||||||||
Perris Union High School District; | 4.00% | 09/01/2043 | 10,225 | 11,878,076 | ||||||||||||
| ||||||||||||||||
Series 2019 A, GO Bonds (INS - AGM)(a) | 4.00% | 09/01/2048 | 12,930 | 14,907,773 | ||||||||||||
| ||||||||||||||||
Series 2019, Ref. COP (INS - BAM)(a) | 5.00% | 10/01/2048 | 3,000 | 3,650,340 | ||||||||||||
| ||||||||||||||||
Piedmont Unified School District; Series 2019, GO Bonds | 3.00% | 08/01/2045 | 4,375 | 4,641,131 | ||||||||||||
| ||||||||||||||||
Pixley Union School District (Election of 2014); Series 2014 A, GO Bonds (INS - AGM)(a) | 5.25% | 08/01/2044 | 1,000 | 1,137,970 | ||||||||||||
| ||||||||||||||||
Pomona Unified School District; Series 2001 A, Ref. GO Bonds(b)(c) | 6.15% | 08/01/2021 | 50 | 52,736 | ||||||||||||
| ||||||||||||||||
Poway Unified School District (Del Sur East II); Series 2020, RB (INS - AGM)(a) | 4.00% | 09/01/2050 | 4,255 | 4,785,811 | ||||||||||||
| ||||||||||||||||
Poway Unified School District Public Financing Authority; Series 2015 B, Ref. RB (INS - BAM)(a) | 5.00% | 09/01/2035 | 1,965 | 2,318,838 | ||||||||||||
| ||||||||||||||||
Rancho Cordova (City of), CA; | 4.00% | 09/01/2046 | 225 | 241,567 | ||||||||||||
| ||||||||||||||||
Series 2021, RB | 4.00% | 09/01/2050 | 200 | 214,358 | ||||||||||||
| ||||||||||||||||
Rancho Cordova (City of), CA Community Facilities District No. 2003-1 (Sunridge Anatolia); Series 2012, Ref. RB | 5.00% | 09/01/2027 | 1,000 | 1,059,510 | ||||||||||||
| ||||||||||||||||
Ravenswood School District; | 5.00% | 08/01/2031 | 500 | 611,165 | ||||||||||||
| ||||||||||||||||
Series 2018, GO Bonds | 5.00% | 08/01/2033 | 500 | 609,980 | ||||||||||||
| ||||||||||||||||
Series 2018, GO Bonds | 5.00% | 08/01/2035 | 750 | 912,308 | ||||||||||||
| ||||||||||||||||
Redding (City of), CA Redevelopment Agency (Canby-Hilltop-Cypress Redevelopment); Series 2003 A, RB (INS - NATL)(a) | 5.00% | 09/01/2023 | 1,400 | 1,404,410 | ||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
Regents of the University of California; | 5.00% | 05/15/2038 | $ | 15,000 | $ | 16,446,600 | ||||||||||
| ||||||||||||||||
Series 2016 L, Ref. RB(d) | 5.00% | 05/15/2041 | 3,420 | 4,027,734 | ||||||||||||
| ||||||||||||||||
Series 2018 O, Ref. RB | 5.00% | 05/15/2048 | 3,000 | 3,644,160 | ||||||||||||
| ||||||||||||||||
Series 2021 BH, Ref. RB | 4.00% | 05/15/2046 | 14,320 | 16,994,690 | ||||||||||||
| ||||||||||||||||
Series 2021 Q, RB | 4.00% | 05/15/2051 | 15,000 | 17,098,350 | ||||||||||||
| ||||||||||||||||
Rialto Unified School District; | 0.00% | 08/01/2042 | 8,125 | �� | 4,282,850 | |||||||||||
| ||||||||||||||||
Series 2019 A, GO Bonds (INS - BAM)(a)(e) | 0.00% | 08/01/2043 | 4,500 | 2,278,170 | ||||||||||||
| ||||||||||||||||
Rio Hondo Community College District (Election of 2004); Series 2010 C, GO Bonds(k) | 6.63% | 08/01/2042 | 10,530 | 13,567,484 | ||||||||||||
| ||||||||||||||||
Riverbank (City of), CA Redevelopment Agency; Series 2007 B, RB(i) | 5.00% | 08/01/2032 | 331 | 297,935 | ||||||||||||
| ||||||||||||||||
Riverside (City of), CA (Community Facilities District No. 92-1); Series 2005 A, RB | 5.30% | 09/01/2034 | 1,050 | 1,060,657 | ||||||||||||
| ||||||||||||||||
Riverside (County of), CA Community Facilities District No. 07-2 (Clinton Keith); | 5.00% | 09/01/2044 | 1,000 | 1,117,180 | ||||||||||||
| ||||||||||||||||
Series 2017, RB | 5.00% | 09/01/2045 | 535 | 615,614 | ||||||||||||
| ||||||||||||||||
Riverside (County of), CA Public Financing Authority (Desert Communities and Interstate 215 Corridor); | 5.00% | 10/01/2034 | 1,000 | 1,192,420 | ||||||||||||
| ||||||||||||||||
Series 2017 A, Ref. RB (INS - BAM)(a) | 4.00% | 10/01/2040 | 500 | 555,980 | ||||||||||||
| ||||||||||||||||
Riverside (County of), CA Redevelopment Successor Agency (Jurupa Valley Redevelopment); | 6.50% | 10/01/2021 | 1,325 | 1,373,561 | ||||||||||||
| ||||||||||||||||
Series 2011 B, RB(b)(c) | 6.75% | 10/01/2021 | 1,200 | 1,245,720 | ||||||||||||
| ||||||||||||||||
Series 2011, RB(b)(c) | 7.75% | 10/01/2024 | 1,000 | 1,256,960 | ||||||||||||
| ||||||||||||||||
Series 2011, RB(b)(c) | 8.00% | 10/01/2024 | 1,000 | 1,263,780 | ||||||||||||
| ||||||||||||||||
Riverside Unified School District; Series 2019 B, GO Bonds | 3.00% | 08/01/2039 | 4,250 | 4,471,892 | ||||||||||||
| ||||||||||||||||
Riverside Unified School District (Community Facilities District No. 32); | 4.00% | 09/01/2045 | 290 | 316,254 | ||||||||||||
| ||||||||||||||||
Series 2020, RB | 4.00% | 09/01/2050 | 610 | 663,314 | ||||||||||||
| ||||||||||||||||
Riverside Unified School District (Election of 2016); | 3.00% | 08/01/2038 | 1,740 | 1,834,604 | ||||||||||||
| ||||||||||||||||
Series 2019 B, GO Bonds | 3.00% | 08/01/2040 | 2,770 | 2,908,888 | ||||||||||||
| ||||||||||||||||
Romoland School District (Community Facilities District No. 2004-1); Series 2015, Ref. RB | 5.00% | 09/01/2038 | 1,000 | 1,120,960 | ||||||||||||
| ||||||||||||||||
Roseville (City of), CA (Villages at Sierra Vista Community Facilities District No. 1 - Public Facilities); | 4.00% | 09/01/2039 | 375 | 407,171 | ||||||||||||
| ||||||||||||||||
Series 2020, RB | 4.00% | 09/01/2045 | 350 | 375,295 | ||||||||||||
| ||||||||||||||||
Series 2020, RB | 4.00% | 09/01/2050 | 475 | 508,117 | ||||||||||||
| ||||||||||||||||
Ross Valley School District; Series 2011 A, GO Bonds(l) | 5.50% | 08/01/2041 | 1,000 | 1,021,400 | ||||||||||||
| ||||||||||||||||
Sacramento (City of), CA (Convention Center Complex); Series 2018 A, RB | 5.00% | 06/01/2043 | 2,000 | 2,361,420 | ||||||||||||
| ||||||||||||||||
Sacramento (City of), CA (North Natomas Community Facilities District No. 4); | 5.00% | 09/01/2032 | 1,290 | 1,463,982 | ||||||||||||
| ||||||||||||||||
Series 2015, Ref. RB | 5.00% | 09/01/2033 | 1,200 | 1,356,924 | ||||||||||||
| ||||||||||||||||
Sacramento (City of), CA Financing Authority; Series 1999 A, RB | 6.25% | 09/01/2023 | 765 | 787,797 | ||||||||||||
| ||||||||||||||||
Sacramento (County of), CA; | 5.00% | 07/01/2038 | 2,200 | 2,631,926 | ||||||||||||
| ||||||||||||||||
Series 2018 C, Ref. RB(h) | 5.00% | 07/01/2039 | 9,495 | 11,333,422 | ||||||||||||
| ||||||||||||||||
Sacramento (County of), CA Housing Authority; Series 2002 C, RB (INS - AMBAC)(a)(h) | 5.25% | 06/01/2027 | 865 | 866,081 | ||||||||||||
| ||||||||||||||||
San Bernardino (City of), CA Joint Powers Financing Authority; Series 1999, Ref. COP (INS - NATL)(a) | 5.50% | 09/01/2024 | 10 | 10,037 | ||||||||||||
| ||||||||||||||||
San Bernardino Community College District; Series 2019 A, GO Bonds | 4.00% | 08/01/2049 | 27,735 | 31,624,002 | ||||||||||||
| ||||||||||||||||
San Bernardino Mountains Community Hospital District; | 5.00% | 02/01/2027 | 925 | 926,730 | ||||||||||||
| ||||||||||||||||
Series 2007 A, COP | 5.00% | 02/01/2037 | 3,235 | 3,239,432 | ||||||||||||
| ||||||||||||||||
San Buenaventura (City of), CA (Community Memorial Health System); | 8.00% | 12/01/2031 | 3,000 | 3,141,180 | ||||||||||||
| ||||||||||||||||
Series 2011, RB | 7.50% | 12/01/2041 | 4,030 | 4,199,300 | ||||||||||||
| ||||||||||||||||
San Diego (City of), CA Housing Authority; Series 2011 B, RB | 5.00% | 05/01/2029 | 3,000 | 3,017,430 | ||||||||||||
| ||||||||||||||||
San Diego (City of), CA Public Facilities Financing Authority; Subseries 2012 A, Ref. RB(b)(c) | 5.00% | 08/01/2022 | 1,295 | 1,383,863 | ||||||||||||
| ||||||||||||||||
San Diego (County of), CA Redevelopment Agency; Series 2005 A, Ref. RB(h) | 5.75% | 12/01/2032 | 4,950 | 4,964,751 | ||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
San Diego (County of), CA Regional Airport Authority; | 5.00% | 07/01/2037 | $ | 1,000 | $ | 1,192,200 | ||||||||||
| ||||||||||||||||
Series 2019 B, Ref. RB(h) | 4.00% | 07/01/2044 | 1,000 | 1,112,250 | ||||||||||||
| ||||||||||||||||
Series 2019 B, Ref. RB(h) | 5.00% | 07/01/2049 | 4,000 | 4,769,920 | ||||||||||||
| ||||||||||||||||
San Diego (County of), CA Regional Transportation Commission; Series 2014 A, RB(b)(c)(d) | 5.00% | 04/01/2024 | 2,980 | 3,406,170 | ||||||||||||
| ||||||||||||||||
San Diego (County of), CA Water Authority; | 5.00% | 05/01/2034 | 10,000 | 12,049,700 | ||||||||||||
| ||||||||||||||||
Series 2016 B, Ref. RB | 5.00% | 05/01/2037 | 10,125 | 12,132,484 | ||||||||||||
| ||||||||||||||||
San Diego (County of), CA Water Authority (Green Bonds); Series 2016 A, Ref. RB | 5.00% | 05/01/2033 | 10,000 | 12,072,200 | ||||||||||||
| ||||||||||||||||
San Diego Community College District (Election of 2006); Series 2011, GO Bonds(b)(c) | 5.00% | 08/01/2021 | 2,500 | 2,550,675 | ||||||||||||
| ||||||||||||||||
San Diego Unified School District; Series 2020 M-2, GO Bonds | 4.00% | 07/01/2050 | 10,000 | 11,570,600 | ||||||||||||
| ||||||||||||||||
San Diego Unified School District (Election of 2012); Series 2017 I, GO Bonds | 4.00% | 07/01/2047 | 14,155 | 16,163,736 | ||||||||||||
| ||||||||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); | 5.25% | 05/01/2028 | 550 | 554,510 | ||||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB(h) | 5.00% | 05/01/2031 | 1,000 | 1,051,030 | ||||||||||||
| ||||||||||||||||
Series 2017 A, RB(h) | 5.00% | 05/01/2042 | 1,930 | 2,275,624 | ||||||||||||
| ||||||||||||||||
Series 2017 A, RB(h) | 5.00% | 05/01/2047 | 5,275 | 6,174,757 | ||||||||||||
| ||||||||||||||||
Series 2018 D, RB(h) | 5.00% | 05/01/2043 | 12,020 | 14,337,937 | ||||||||||||
| ||||||||||||||||
Series 2018 D, RB(h) | 5.00% | 05/01/2048 | 8,250 | 9,775,342 | ||||||||||||
| ||||||||||||||||
Series 2019 E, RB(h) | 5.00% | 05/01/2050 | 31,575 | 37,825,271 | ||||||||||||
| ||||||||||||||||
San Francisco (City & County of), CA Community Facilities District No. 2016-1; | 4.00% | 09/01/2042 | 550 | 594,842 | ||||||||||||
| ||||||||||||||||
Series 2020, RB | 4.00% | 09/01/2050 | 1,025 | 1,096,463 | ||||||||||||
| ||||||||||||||||
San Francisco (City & County of), CA Public Utilities Commission; Series 2018 B, RB | 5.00% | 10/01/2043 | 7,250 | 8,877,117 | ||||||||||||
| ||||||||||||||||
San Francisco (City & County of), CA Redevelopment Agency Successor Agency; Series 2013 B, RB | 5.00% | 08/01/2031 | 500 | 524,830 | ||||||||||||
| ||||||||||||||||
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Hunters Point Shipyard Phase One Improvements); Series 2014, Ref. RB | 5.00% | 08/01/2044 | 2,925 | 3,095,615 | ||||||||||||
| ||||||||||||||||
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Mission Bay South Redevelopment); Series 2014 A, RB | 5.00% | 08/01/2043 | 1,060 | 1,172,349 | ||||||||||||
| ||||||||||||||||
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); Series 2013 A, Ref. RB | 5.00% | 08/01/2033 | 500 | 523,925 | ||||||||||||
| ||||||||||||||||
San Francisco (City of), CA Bay Area Rapid Transit District; Series 2012 A, RB(b)(c) | 5.00% | 07/01/2022 | 730 | 777,143 | ||||||||||||
| ||||||||||||||||
San Francisco (City of), CA Bay Area Rapid Transit District (Election of 2016 Green Bond); Series 2017 A-1, GO Bonds(d) | 5.00% | 08/01/2047 | 3,425 | 4,141,065 | ||||||||||||
| ||||||||||||||||
San Francisco (City of), CA Public Utilities Commission; Series 2020 C, RB | 4.00% | 11/01/2050 | 16,935 | 19,613,948 | ||||||||||||
| ||||||||||||||||
San Francisco Community College District; Series 2020 A, GO Bonds | 4.00% | 06/15/2045 | 9,240 | 10,746,212 | ||||||||||||
| ||||||||||||||||
San Gorgonio Memorial Health Care District; Series 2014, Ref. GO Bonds | 5.00% | 08/01/2032 | 500 | 545,535 | ||||||||||||
| ||||||||||||||||
San Jacinto Unified School District Financing Authority; Series 2017, Ref. RB | 5.00% | 09/01/2043 | 250 | 277,968 | ||||||||||||
| ||||||||||||||||
San Joaquin Hills Transportation Corridor Agency; | 5.00% | 01/15/2044 | 1,730 | 1,925,023 | ||||||||||||
| ||||||||||||||||
Series 2014 B, Ref. RB | 5.25% | 01/15/2044 | 2,000 | 2,229,760 | ||||||||||||
| ||||||||||||||||
San Jose (City of), CA; Series 2011 A-1, RB(h) | 5.00% | 03/01/2025 | 1,000 | 1,002,190 | ||||||||||||
| ||||||||||||||||
San Jose (City of), CA (El Parador Apartments); Series 2000 A, RB(h) | 6.20% | 01/01/2041 | 3,150 | 3,151,669 | ||||||||||||
| ||||||||||||||||
San Jose (City of), CA (Fallen Leaves Apartments); Series 2002 J-1, RB (INS - AMBAC)(a)(h) | 5.10% | 12/01/2032 | 4,025 | 4,029,146 | ||||||||||||
| ||||||||||||||||
San Jose (City of), CA (Improvement District No. 99-218SJ); Series 2001 24-Q, RB | 5.88% | 09/02/2023 | 35 | 36,541 | ||||||||||||
| ||||||||||||||||
San Jose (City of), CA (Orvieto Family Apartments); Series 2010 B-1, RB | 4.75% | 08/01/2029 | 5,175 | 5,187,782 | ||||||||||||
| ||||||||||||||||
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, GO Bonds (INS - AGM)(a)(e) | 0.00% | 09/01/2031 | 3,110 | 2,583,632 | ||||||||||||
| ||||||||||||||||
San Leandro Unified School District; Series 2019 B, GO Bonds (INS - BAM)(a) | 4.00% | 08/01/2043 | 5,000 | 5,713,400 | ||||||||||||
| ||||||||||||||||
San Luis Obispo (County of), CA Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS - AGM)(a) | 5.00% | 08/01/2030 | 1,500 | 1,529,460 | ||||||||||||
| ||||||||||||||||
San Marcos Unified School District; Series 2019, RB | 5.00% | 09/01/2048 | 750 | 841,478 | ||||||||||||
| ||||||||||||||||
San Mateo (City of), CA Foster School District (Election 2008); Series 2010, GO Bonds(k) | 6.63% | 08/01/2042 | 1,010 | 1,107,172 | ||||||||||||
| ||||||||||||||||
San Mateo (County of), CA Joint Powers Financing Authority; Series 2018 A, RB | 5.00% | 07/15/2043 | 18,075 | 21,836,227 | ||||||||||||
| ||||||||||||||||
San Mateo County Community College District; Series 2018 B, GO Bonds | 5.00% | 09/01/2045 | 10,000 | 12,301,800 | ||||||||||||
| ||||||||||||||||
San Mateo Foster (City of), CA Public Financing Authority (Clean Water Program); Series 2019, RB | 4.00% | 08/01/2044 | 5,000 | 5,811,850 | ||||||||||||
| ||||||||||||||||
San Rafael Elementary School District; Series 2019 C, GO Bonds | 4.00% | 08/01/2047 | 2,950 | 3,318,307 | ||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
Santa Barbara (County of), CA; | 5.00% | 12/01/2037 | $ | 12,695 | $ | 15,321,342 | ||||||||||
| ||||||||||||||||
Series 2018 B, COP(h) | 5.00% | 12/01/2038 | 5,000 | 6,010,650 | ||||||||||||
| ||||||||||||||||
Santa Clara (City of), CA Redevelopment Agency; Series 2011, RB(b)(c) | 5.75% | 06/01/2021 | 3,000 | 3,041,880 | ||||||||||||
| ||||||||||||||||
Santa Clara (County of), CA Housing Authority; | 5.85% | 08/01/2031 | 1,000 | 1,003,090 | ||||||||||||
| ||||||||||||||||
Series 2001 A, RB(h) | 6.00% | 08/01/2041 | 2,070 | 2,118,210 | ||||||||||||
| ||||||||||||||||
Series 2010 A-1, RB (CEP - FHLMC) | 4.75% | 11/01/2027 | 4,010 | 4,012,887 | ||||||||||||
| ||||||||||||||||
Santa Clarita Community College District; Series 2019, GO Bonds | 3.00% | 08/01/2044 | 1,410 | 1,487,508 | ||||||||||||
| ||||||||||||||||
Santa Margarita Water District (Community Facilities District No. 2013-1); | 5.63% | 09/01/2036 | 960 | 1,045,891 | ||||||||||||
| ||||||||||||||||
Series 2013, RB | 5.63% | 09/01/2043 | 960 | 1,042,205 | ||||||||||||
| ||||||||||||||||
Santa Monica (City of), CA Redevelopment Agency; | 5.88% | 07/01/2036 | 1,750 | 1,796,165 | ||||||||||||
| ||||||||||||||||
Series 2011, RB | 5.88% | 07/01/2042 | 2,600 | 2,666,404 | ||||||||||||
| ||||||||||||||||
Santaluz Community Facilities District No. 2 (Improvement Area No. 1); | 5.00% | 09/01/2028 | 820 | 839,090 | ||||||||||||
| ||||||||||||||||
Series 2011 A, Ref. RB | 5.00% | 09/01/2029 | 710 | 726,607 | ||||||||||||
| ||||||||||||||||
Series 2011 A, Ref. RB | 5.10% | 09/01/2030 | 460 | 470,985 | ||||||||||||
| ||||||||||||||||
Saugus Union School District Financing Authority; Series 2021 A, RB (INS - BAM)(a) | 4.00% | 09/01/2049 | 1,250 | 1,396,487 | ||||||||||||
| ||||||||||||||||
Sebastopol Union School District; | 4.00% | 08/01/2041 | 500 | 559,345 | ||||||||||||
| ||||||||||||||||
Series 2020 A, GO Bonds | 5.00% | 08/01/2049 | 2,535 | 3,047,983 | ||||||||||||
| ||||||||||||||||
Signal Hill (City of), CA Redevelopment Agency Successor Agency; Series 2011, RB | 7.00% | 10/01/2026 | 1,720 | 1,728,118 | ||||||||||||
| ||||||||||||||||
Silicon Valley Tobacco Securitization Authority (Santa Clara); | 0.00% | 06/01/2036 | 22,420 | 9,627,372 | ||||||||||||
| ||||||||||||||||
Series 2007 A, RB(e) | 0.00% | 06/01/2041 | 10,000 | 3,218,700 | ||||||||||||
| ||||||||||||||||
Series 2007 B, RB(e) | 0.00% | 06/01/2047 | 12,650 | 2,785,909 | ||||||||||||
| ||||||||||||||||
Series 2007 C, RB(e) | 0.00% | 06/01/2056 | 60,800 | 6,830,880 | ||||||||||||
| ||||||||||||||||
Simi Valley Unified School District; Series 2019 B, GO Bonds | 4.00% | 08/01/2048 | 2,000 | 2,273,200 | ||||||||||||
| ||||||||||||||||
Simi Valley Unified School District (Election of 2004); | 0.00% | 08/01/2028 | 3,480 | 3,104,926 | ||||||||||||
| ||||||||||||||||
Series 2007 C, GO Bonds (INS - AGM)(a)(e) | 0.00% | 08/01/2030 | 2,765 | 2,320,692 | ||||||||||||
| ||||||||||||||||
South El Monte (City of), CA Improvement District Successor Agency; Series 2015 A, Ref. RB (INS - AGM)(a) | 5.00% | 08/01/2035 | 4,150 | 4,746,438 | ||||||||||||
| ||||||||||||||||
South Orange (County of), CA Public Financing Authority (Ladera Ranch); Series 2014 A, Ref. RB | 5.00% | 08/15/2034 | 895 | 928,133 | ||||||||||||
| ||||||||||||||||
Southern California Public Power Authority; | 5.25% | 11/01/2022 | 470 | 508,343 | ||||||||||||
| ||||||||||||||||
Series 2007 A, RB | 5.25% | 11/01/2023 | 50 | 56,323 | ||||||||||||
| ||||||||||||||||
Series 2007 A, RB | 5.25% | 11/01/2026 | 250 | 307,338 | ||||||||||||
| ||||||||||||||||
Series 2007 A, RB | 5.25% | 11/01/2027 | 2,255 | 2,831,739 | ||||||||||||
| ||||||||||||||||
Series 2007 A, RB | 5.00% | 11/01/2028 | 205 | 258,218 | ||||||||||||
| ||||||||||||||||
Series 2007 A, RB | 5.00% | 11/01/2029 | 165 | 210,532 | ||||||||||||
| ||||||||||||||||
Series 2007 A, RB | 5.00% | 11/01/2033 | 2,085 | 2,790,397 | ||||||||||||
| ||||||||||||||||
Series 2014 A, RB | 5.00% | 07/01/2035 | 13,000 | 14,754,610 | ||||||||||||
| ||||||||||||||||
Southern California Public Power Authority (Milford Wind Corridor Phase II); | 5.25% | 07/01/2031 | 2,100 | 2,134,734 | ||||||||||||
| ||||||||||||||||
Series 2011-1, RB | 5.25% | 07/01/2029 | 2,100 | 2,134,881 | ||||||||||||
| ||||||||||||||||
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); | 5.00% | 06/01/2039 | 750 | 940,612 | ||||||||||||
| ||||||||||||||||
Series 2019, Ref. RB | 5.00% | 06/01/2048 | 6,000 | 7,303,320 | ||||||||||||
| ||||||||||||||||
Series 2019, Ref. RB(e) | 0.00% | 06/01/2054 | 20,000 | 3,744,400 | ||||||||||||
| ||||||||||||||||
Southern Mono Health Care District; Series 2012, Ref. GO Bonds | 5.00% | 08/01/2021 | 790 | 805,610 | ||||||||||||
| ||||||||||||||||
Stockton (City of), CA Redevelopment Agency Successor Agency; Series 2016 A, Ref. RB (INS - AGM)(a) | 5.00% | 09/01/2034 | 1,000 | 1,160,260 | ||||||||||||
| ||||||||||||||||
Sulphur Springs Union School District; Series 2020, RB | 4.00% | 09/01/2050 | 1,225 | 1,304,184 | ||||||||||||
| ||||||||||||||||
Susanville (City of), CA (Natural Gas Enterprise Ref.); Series 2019, Ref. RB (INS - AGM)(a) | 4.00% | 06/01/2045 | 3,325 | 3,701,224 | ||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
California–(continued) | ||||||||||||||||
Tahoe-Truckee Unified School District; | 5.00% | 08/01/2039 | $ | 3,000 | $ | 3,603,510 | ||||||||||
| ||||||||||||||||
Series 2016 B, GO Bonds | 5.00% | 08/01/2041 | 950 | 1,137,245 | ||||||||||||
| ||||||||||||||||
Tejon Ranch Public Facilities Finance Authority; Series 2020, RB | 4.00% | 09/01/2050 | 4,750 | 5,005,265 | ||||||||||||
| ||||||||||||||||
Tobacco Securitization Authority of Southern California; Series 2006, RB(e) | 0.00% | 06/01/2046 | 3,000 | 611,550 | ||||||||||||
| ||||||||||||||||
Transbay Joint Powers Authority (Green Bonds); | 5.00% | 10/01/2037 | 600 | 747,864 | ||||||||||||
| ||||||||||||||||
Series 2020 A, RB | 5.00% | 10/01/2040 | 1,000 | 1,236,260 | ||||||||||||
| ||||||||||||||||
Series 2020 A, RB | 5.00% | 10/01/2045 | 1,000 | 1,219,530 | ||||||||||||
| ||||||||||||||||
Series 2020 A, RB | 5.00% | 10/01/2049 | 1,100 | 1,336,423 | ||||||||||||
| ||||||||||||||||
Series 2020 B, RB | 5.00% | 10/01/2035 | 250 | 298,660 | ||||||||||||
| ||||||||||||||||
Series 2020 B, RB | 5.00% | 10/01/2038 | 300 | 354,801 | ||||||||||||
| ||||||||||||||||
Tustin Unified School District (Community Facilities District No. 97-1); Series 2015, Ref. RB (INS - BAM)(a) | 5.00% | 09/01/2038 | 2,000 | 2,311,540 | ||||||||||||
| ||||||||||||||||
Twentynine Palms (City of), CA Redevelopment Agency Successor Agency; | 7.13% | 09/01/2021 | 375 | 387,840 | ||||||||||||
| ||||||||||||||||
Series 2011 A-4, RB(b)(c) | 7.40% | 09/01/2021 | 500 | 517,805 | ||||||||||||
| ||||||||||||||||
Series 2011 B, RB(b)(c) | 7.40% | 09/01/2021 | 415 | 429,778 | ||||||||||||
| ||||||||||||||||
Series 2011 B, RB(b)(c) | 7.65% | 09/01/2021 | 425 | 440,661 | ||||||||||||
| ||||||||||||||||
University of California; | 5.00% | 05/15/2037 | 12,840 | 15,400,938 | ||||||||||||
| ||||||||||||||||
Series 2017 AV, RB | 5.00% | 05/15/2042 | 5,000 | 6,017,050 | ||||||||||||
| ||||||||||||||||
Series 2018 AZ, Ref. RB | 5.00% | 05/15/2043 | 16,000 | 19,627,200 | ||||||||||||
| ||||||||||||||||
Series 2018 AZ, Ref. RB | 4.00% | 05/15/2048 | 2,000 | 2,279,000 | ||||||||||||
| ||||||||||||||||
Series 2018 AZ, Ref. RB | 5.00% | 05/15/2048 | 4,000 | 4,874,000 | ||||||||||||
| ||||||||||||||||
Series 2020 BE, Ref. RB | 4.00% | 05/15/2047 | 12,975 | 15,180,880 | ||||||||||||
| ||||||||||||||||
Upland (City of), CA Community Facilities District No. 2003-2 (Improvement Area No. 2); | 5.00% | 09/01/2029 | 1,030 | 1,151,715 | ||||||||||||
| ||||||||||||||||
Series 2015, Ref. RB | 5.00% | 09/01/2030 | 1,080 | 1,199,923 | ||||||||||||
| ||||||||||||||||
Upland (City of), CA Community Facilities District No. 2015-1 (Improvement Area No. 1); Series 2019 A, RB | 4.00% | 09/01/2049 | 750 | 810,630 | ||||||||||||
| ||||||||||||||||
Upland Community Facilities District; | 4.00% | 09/01/2040 | 260 | 283,327 | ||||||||||||
| ||||||||||||||||
Series 2021 A, RB | 4.00% | 09/01/2045 | 165 | 177,487 | ||||||||||||
| ||||||||||||||||
Series 2021 A, RB | 4.00% | 09/01/2051 | 260 | 278,626 | ||||||||||||
| ||||||||||||||||
Valley (City of), CA Sanitary District; Series 2005, RB | 5.20% | 09/02/2030 | 1,320 | 1,344,341 | ||||||||||||
| ||||||||||||||||
Vernon (City of), CA; | 5.13% | 08/01/2033 | 1,000 | 1,042,280 | ||||||||||||
| ||||||||||||||||
Series 2012 A, RB | 5.50% | 08/01/2041 | 4,000 | 4,168,880 | ||||||||||||
| ||||||||||||||||
Vernon (City of), CA Redevelopment Agency; Series 2005, RB (INS - NATL)(a) | 5.00% | 09/01/2035 | 65 | 66,273 | ||||||||||||
| ||||||||||||||||
Victor Valley Community College District (Election of 2008); Series 2020 D, GO Bonds | 4.00% | 08/01/2050 | 12,850 | 14,541,831 | ||||||||||||
| ||||||||||||||||
Victorville (City of), CA (Community Facilities District No. 07-01); Series 2012 A, RB | 5.35% | 09/01/2042 | 485 | 497,562 | ||||||||||||
| ||||||||||||||||
Vista Unified School District; Series 2019 A, GO Bonds | 4.00% | 08/01/2044 | 1,000 | 1,148,120 | ||||||||||||
| ||||||||||||||||
West Contra Costa Unified School District; Series 2005, GO Bonds (INS - NATL)(a)(e) | 0.00% | 08/01/2025 | 2,500 | 2,389,525 | ||||||||||||
| ||||||||||||||||
West Covina Public Financing Authority; Series 2018 A, Ref. RB | 5.00% | 05/01/2031 | 445 | 540,946 | ||||||||||||
| ||||||||||||||||
West Hollywood (City of), CA Community Development Department (East Side Redevelopment); Series 2011 A, RB | 7.50% | 09/01/2042 | 1,500 | 1,552,020 | ||||||||||||
| ||||||||||||||||
West Patterson Financing Authority (Community Facilities Distrct No. 2015-1); | 5.25% | 09/01/2035 | 610 | 671,189 | ||||||||||||
| ||||||||||||||||
Series 2015, RB | 5.25% | 09/01/2045 | 1,550 | 1,685,160 | ||||||||||||
| ||||||||||||||||
West Sacramento (City of), CA; Series 2019, RB | 5.00% | 09/01/2037 | 860 | 977,313 | ||||||||||||
| ||||||||||||||||
West Sacramento (City of), CA (Community Facilities District No. 29); Series 2019, RB | 5.00% | 09/01/2044 | 1,065 | 1,197,816 | ||||||||||||
| ||||||||||||||||
Western Riverside (County of), CA Water & Wastewater Financing Authority (Eastern Municipal | ||||||||||||||||
| ||||||||||||||||
Water District Improvement); Series 2009, RB (INS - AGC)(a) | 5.63% | 09/01/2039 | 1,000 | 1,003,760 | ||||||||||||
| ||||||||||||||||
Whittier (City of), CA (Presbyterian Intercommunity Hospital, Inc.); Series 2014, RB | 5.00% | 06/01/2044 | 1,500 | 1,668,015 | �� | |||||||||||
| ||||||||||||||||
Woodland (City of), CA Community Facilities District 1; Series 2019, RB | 5.00% | 09/01/2044 | 2,280 | 2,567,964 | ||||||||||||
| ||||||||||||||||
Woodland (City of), CA Finance Authority; | 6.00% | 03/01/2036 | 2,300 | 2,309,545 | ||||||||||||
| ||||||||||||||||
Series 2011, RB | 6.00% | 03/01/2041 | 1,500 | 1,506,015 | ||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
California–(continued) | ||||||||||||||||
Yosemite Community College District (Election of 2004); Series 2008 C, GO Bonds (INS - AGM)(a)(e) | 0.00% | 08/01/2024 | $ | 4,685 | $ | 4,565,345 | ||||||||||
| ||||||||||||||||
Yuba Community College District; Series 2017, Ref. GO Bonds | 4.00% | 08/01/2047 | 4,285 | 4,819,982 | ||||||||||||
| ||||||||||||||||
2,082,482,496 | ||||||||||||||||
| ||||||||||||||||
Guam–0.83% | ||||||||||||||||
A.B. Won Pat International Airport Authority; Series 2013 C, RB (INS - AGM)(a)(h) | 6.13% | 10/01/2043 | 2,500 | 2,747,400 | ||||||||||||
| ||||||||||||||||
Guam (Territory of); Series 2011 A, RB | 5.13% | 01/01/2042 | 1,500 | 1,534,200 | ||||||||||||
| ||||||||||||||||
Guam (Territory of) Department of Education (John F. Kennedy); Series 2020, Ref. COP | 5.00% | 02/01/2040 | 2,750 | 2,943,847 | ||||||||||||
| ||||||||||||||||
Guam (Territory of) International Airport Authority; | 6.00% | 10/01/2034 | 1,000 | 1,097,770 | ||||||||||||
| ||||||||||||||||
Series 2013 C, RB(h) | 6.25% | 10/01/2034 | 1,000 | 1,071,660 | ||||||||||||
| ||||||||||||||||
Guam (Territory of) Power Authority; | 5.00% | 10/01/2023 | 250 | 267,653 | ||||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00% | 10/01/2024 | 320 | 342,058 | ||||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00% | 10/01/2030 | 570 | 605,374 | ||||||||||||
| ||||||||||||||||
Guam (Territory of) Waterworks Authority; | 5.00% | 07/01/2035 | 765 | 838,333 | ||||||||||||
| ||||||||||||||||
Series 2020 A, RB | 5.00% | 01/01/2050 | 3,460 | 4,169,265 | ||||||||||||
| ||||||||||||||||
Port Authority of Guam; Series 2018 A, RB | 5.00% | 07/01/2048 | 1,825 | 2,123,679 | ||||||||||||
| ||||||||||||||||
17,741,239 | ||||||||||||||||
| ||||||||||||||||
Northern Mariana Islands–0.11% | ||||||||||||||||
Northern Mariana Island Ports Authority; Series 2005 A, RB(h) | 5.50% | 03/15/2031 | 1,675 | 1,524,317 | ||||||||||||
| ||||||||||||||||
Northern Mariana Islands (Commonwealth of) Ports Authority; Series 1998 A, RB(h) | 6.25% | 03/15/2028 | 890 | 840,534 | ||||||||||||
| ||||||||||||||||
2,364,851 | ||||||||||||||||
| ||||||||||||||||
Puerto Rico–4.41% | ||||||||||||||||
Children’s Trust Fund; | ||||||||||||||||
Series 2002, RB | 5.38% | 05/15/2033 | 3,570 | 3,591,920 | ||||||||||||
| ||||||||||||||||
Series 2002, RB | 5.50% | 05/15/2039 | 8,655 | 8,867,394 | ||||||||||||
| ||||||||||||||||
Series 2002, RB | 5.63% | 05/15/2043 | 730 | 733,745 | ||||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of); | 5.25% | 07/01/2030 | 500 | 433,125 | ||||||||||||
| ||||||||||||||||
Series 2009 B, Ref. GO Bonds(i) | 6.50% | 07/01/2037 | 3,000 | 2,628,750 | ||||||||||||
| ||||||||||||||||
Series 2009 B, Ref. GO Bonds(i) | 5.75% | 07/01/2038 | 1,020 | 886,125 | ||||||||||||
| ||||||||||||||||
Series 2009 B, Ref. GO Bonds(i) | 6.00% | 07/01/2039 | 2,500 | 2,181,250 | ||||||||||||
| ||||||||||||||||
Series 2011 C, Ref. GO Bonds (INS - AGM)(a) | 6.00% | 07/01/2036 | 80 | 84,098 | ||||||||||||
| ||||||||||||||||
Series 2011 C, Ref. GO Bonds(i) | 6.50% | 07/01/2040 | 1,000 | 856,250 | ||||||||||||
| ||||||||||||||||
Series 2011 E, Ref. GO Bonds(i) | 5.38% | 07/01/2030 | 1,450 | 1,223,438 | ||||||||||||
| ||||||||||||||||
Series 2012 A, Ref. GO Bonds(i) | 5.50% | 07/01/2026 | 5,000 | 4,100,000 | ||||||||||||
| ||||||||||||||||
Series 2012 A, Ref. GO Bonds(i) | 5.50% | 07/01/2027 | 1,615 | 1,324,300 | ||||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2008 A, RB | 6.13% | 07/01/2024 | 2,070 | 2,259,674 | ||||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; | 5.00% | 07/01/2042 | 4,000 | 3,610,000 | ||||||||||||
| ||||||||||||||||
Series 2012 A, RB(i) | 5.05% | 07/01/2042 | 1,000 | 902,500 | ||||||||||||
| ||||||||||||||||
Series 2013 A, RB(i) | 6.75% | 07/01/2036 | 7,350 | 6,780,375 | ||||||||||||
| ||||||||||||||||
Series 2016 E-2, RB(i) | 10.00% | 07/01/2021 | 454 | 437,562 | ||||||||||||
| ||||||||||||||||
Series 2016 E-2, RB(i) | 10.00% | 01/01/2022 | 151 | 145,854 | ||||||||||||
| ||||||||||||||||
Series 2016 E-4, RB(i) | 10.00% | 07/01/2022 | 151 | 145,853 | ||||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2007 CC, Ref. RB(i) | 5.50% | 07/01/2030 | 2,500 | 2,056,250 | ||||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 1995 A, RB | 5.63% | 07/01/2022 | 635 | 635,000 | ||||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB(h) | 6.63% | 06/01/2026 | 6,055 | 6,266,925 | ||||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System); | 5.13% | 04/01/2032 | 170 | 172,678 | ||||||||||||
| ||||||||||||||||
Series 2012, Ref. RB | 5.38% | 04/01/2042 | 225 | 228,938 | ||||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(i) | 6.50% | 10/01/2037 | 1,220 | 491,050 | ||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Invesco California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Puerto Rico–(continued) | ||||||||||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); Series 2009 P, Ref. RB(i) | 6.75% | 07/01/2036 | $ | 5,000 | $ | 4,981,250 | ||||||||||
| ||||||||||||||||
Puerto Rico Sales Tax Financing Corp.; | 0.00% | 07/01/2024 | 213 | 200,454 | ||||||||||||
| ||||||||||||||||
Series 2018 A-1, RB(e) | 0.00% | 07/01/2027 | 1,524 | 1,341,562 | ||||||||||||
| ||||||||||||||||
Series 2018 A-1, RB(e) | 0.00% | 07/01/2031 | 1,616 | 1,240,910 | ||||||||||||
| ||||||||||||||||
Series 2018 A-1, RB(e) | 0.00% | 07/01/2033 | 11,974 | 8,513,873 | ||||||||||||
| ||||||||||||||||
Series 2018 A-1, RB | 4.50% | 07/01/2034 | 419 | 457,301 | ||||||||||||
| ||||||||||||||||
Series 2018 A-1, RB | 4.55% | 07/01/2040 | 342 | 372,797 | ||||||||||||
| ||||||||||||||||
Series 2018 A-1, RB(e) | 0.00% | 07/01/2046 | 8,788 | 2,701,783 | ||||||||||||
| ||||||||||||||||
Series 2018 A-1, RB(e) | 0.00% | 07/01/2051 | 13,879 | 3,055,739 | ||||||||||||
| ||||||||||||||||
Series 2018 A-1, RB | 4.75% | 07/01/2053 | 2,510 | 2,739,489 | ||||||||||||
| ||||||||||||||||
Series 2018 A-1, RB | 5.00% | 07/01/2058 | 11,595 | 12,841,926 | ||||||||||||
| ||||||||||||||||
Series 2019 A-2, RB | 4.33% | 07/01/2040 | 2,154 | 2,316,950 | ||||||||||||
| ||||||||||||||||
Series 2019 A-2, RB | 4.54% | 07/01/2053 | 65 | 70,046 | ||||||||||||
| ||||||||||||||||
Series 2019 A-2, RB | 4.78% | 07/01/2058 | 865 | 945,938 | ||||||||||||
| ||||||||||||||||
University of Puerto Rico; Series 2006 P, Ref. RB (Acquired 08/07/2017; Cost $1,423,500)(j) | 5.00% | 06/01/2030 | 2,190 | 2,124,300 | ||||||||||||
| ||||||||||||||||
94,947,372 | ||||||||||||||||
| ||||||||||||||||
Virgin Islands–0.23% | ||||||||||||||||
Virgin Islands (Government of) Port Authority; | 5.00% | 09/01/2029 | 1,645 | 1,601,819 | ||||||||||||
| ||||||||||||||||
Series 2014 A, Ref. RB(h) | 5.00% | 09/01/2033 | 1,500 | 1,423,140 | ||||||||||||
| ||||||||||||||||
Virgin Islands (Government of) Public Finance Authority; Series 2015, RB(g) | 5.00% | 09/01/2030 | 1,000 | 1,116,770 | ||||||||||||
| ||||||||||||||||
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2012 A, RB | 5.00% | 10/01/2032 | 840 | 832,213 | ||||||||||||
| ||||||||||||||||
4,973,942 | ||||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(m)-102.37% (Cost $2,058,403,267) | 2,202,509,900 | |||||||||||||||
| ||||||||||||||||
FLOATING RATE NOTE OBLIGATIONS-(3.87)% | ||||||||||||||||
Notes with interest and fee rates ranging from 0.57% to 0.62% at 02/28/2021 and contractual maturities of collateral ranging from 05/15/2033 to 04/01/2056 (See Note 1K)(n) | (83,160,000 | ) | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS LESS LIABILITIES–1.50% | 32,263,381 | |||||||||||||||
| ||||||||||||||||
NET ASSETS–100.00% | $ | 2,151,613,281 | ||||||||||||||
|
Investment Abbreviations:
ABAG | - Association of Bay Area Governments | |
AGC | - Assured Guaranty Corp. | |
AGM | - Assured Guaranty Municipal Corp. | |
AMBAC | - American Municipal Bond Assurance Corp. | |
BAM | - Build America Mutual Assurance Co. | |
CEP | - Credit Enhancement Provider | |
COP | - Certificates of Participation | |
Ctfs. | - Certificates | |
FGIC | - Financial Guaranty Insurance Company | |
FHLMC | - Federal Home Loan Mortgage Corp. | |
GO | - General Obligation | |
INS | - Insurer | |
NATL | - National Public Finance Guarantee Corp. | |
RB | - Revenue Bonds | |
Ref. | - Refunding |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Invesco California Municipal Fund
Notes to Schedule of Investments:
(a) | Principal and/or interest payments are secured by the bond insurance company listed. |
(b) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(c) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(d) | Underlying security related to TOB Trusts entered into by the Fund. See Note 1K. |
(e) | Zero coupon bond issued at a discount. |
(f) | The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun. |
(g) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $109,563,174, which represented 5.09% of the Fund’s Net Assets. |
(h) | Security subject to the alternative minimum tax. |
(i) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $37,993,117, which represented 1.77% of the Fund’s Net Assets. |
(j) | Restricted security. The aggregate value of these securities at February 28, 2021 was $4,474,300, which represented less than 1% of the Fund’s Net Assets. |
(k) | Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
(l) | Security subject to crossover refunding. |
(m) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(n) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2021. At February 28, 2021, the Fund’s investments with a value of $149,054,184 are held by TOB Trusts and serve as collateral for the $83,160,000 in the floating rate note obligations outstanding at that date. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Invesco California Municipal Fund
Statement of Assets and Liabilities |
February 28, 2021 |
Assets: | ||||
Investments in securities, at value (Cost $2,058,403,267) | $ | 2,202,509,900 | ||
| ||||
Cash | 53,008,850 | |||
| ||||
Receivable for: | ||||
Investments sold | 715,450 | |||
| ||||
Fund shares sold | 6,296,279 | |||
| ||||
Interest | 21,733,511 | |||
| ||||
Investments matured, at value (Cost $1,461,298) | 1,383,684 | |||
| ||||
Investment for trustee deferred compensation and retirement plans | 177,878 | |||
| ||||
Other assets | 644,354 | |||
| ||||
Total assets | 2,286,469,906 | |||
| ||||
Liabilities: | ||||
Floating rate note obligations | 83,160,000 | |||
| ||||
Payable for: | ||||
Investments purchased | 35,801,660 | |||
| ||||
Dividends | 2,628,867 | |||
| ||||
Fund shares reacquired | 12,094,932 | |||
| ||||
Accrued fees to affiliates | 844,285 | |||
| ||||
Accrued interest expense | 3,954 | |||
| ||||
Accrued trustees’ and officers’ fees and benefits | 54,439 | |||
| ||||
Accrued other operating expenses | 28,196 | |||
| ||||
Trustee deferred compensation and retirement plans | 240,292 | |||
| ||||
Total liabilities | 134,856,625 | |||
| ||||
Net assets applicable to shares outstanding | $ | 2,151,613,281 | ||
|
Net assets consist of: | ||||
Shares of beneficial interest | $ | 2,260,846,112 | ||
| ||||
Distributable earnings (loss) | (109,232,831 | ) | ||
| ||||
$ | 2,151,613,281 | |||
| ||||
Net Assets: | ||||
Class A | $ | 1,443,969,409 | ||
| ||||
Class C | $ | 153,595,241 | ||
| ||||
Class Y | $ | 550,591,407 | ||
| ||||
Class R6 | $ | 3,457,224 | ||
| ||||
Shares outstanding, no par value, with an unlimited number of shares authorized: |
| |||
Class A | 158,902,908 | |||
| ||||
Class C | 16,986,921 | |||
| ||||
Class Y | 60,577,938 | |||
| ||||
Class R6 | 379,966 | |||
| ||||
Class A: | ||||
Net asset value per share | $ | 9.09 | ||
| ||||
Maximum offering price per share | $ | 9.49 | ||
| ||||
Class C: | ||||
Net asset value and offering price per share | $ | 9.04 | ||
| ||||
Class Y: | ||||
Net asset value and offering price per share | $ | 9.09 | ||
| ||||
Class R6: | ||||
Net asset value and offering price per share | $ | 9.10 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Invesco California Municipal Fund
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||
Interest | $ | 77,509,924 | ||
Expenses: | ||||
Advisory fees | 7,841,249 | |||
Administrative services fees | 280,252 | |||
Custodian fees | 6,579 | |||
Distribution fees: | 3,155,166 | |||
Class C | 1,656,913 | |||
Interest, facilities and maintenance fees | 1,885,772 | |||
Transfer agent fees – A, C and Y | 1,631,824 | |||
Transfer agent fees – R6 | 1,011 | |||
Trustees’ and officers’ fees and benefits | 29,428 | |||
Registration and filing fees | 105,422 | |||
Reports to shareholders | 12,913 | |||
Professional services fees | 106,565 | |||
Other | 24,400 | |||
Total expenses | 16,737,494 | |||
Less: Expense offset arrangement(s) | (581 | ) | ||
Net expenses | 16,736,913 | |||
Net investment income | 60,773,011 | |||
Realized and unrealized gain (loss) from: | ||||
Net realized gain (loss) from unaffiliated investment securities | (4,844,558 | ) | ||
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | (22,279,131 | ) | ||
Net realized and unrealized gain (loss) | (27,123,689 | ) | ||
Net increase in net assets resulting from operations | $ | 33,649,322 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Invesco California Municipal Fund
Statement of Changes in Net Assets
For the year ended February 28, 2021, period ended February 29, 2020, and the year ended July 31, 2019
Year Ended February 28, 2021 | Seven Months Ended February 29, 2020 | Year Ended July 31, 2019 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 60,773,011 | $ | 29,806,539 | $ | 56,686,292 | ||||||
| ||||||||||||
Net realized gain (loss) | (4,844,558 | ) | (1,010,755 | ) | (29,187,470 | ) | ||||||
| ||||||||||||
Change in net unrealized appreciation (depreciation) | (22,279,131 | ) | 75,128,977 | 82,004,332 | ||||||||
| ||||||||||||
Net increase in net assets resulting from operations | 33,649,322 | 103,924,761 | 109,503,154 | |||||||||
| ||||||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||
Class A | (40,437,428 | ) | (19,251,432 | ) | (30,155,500 | ) | ||||||
| ||||||||||||
Class C | (4,029,126 | ) | (2,730,345 | ) | (5,911,816 | ) | ||||||
| ||||||||||||
Class Y | (16,402,660 | ) | (8,743,592 | ) | (11,261,499 | ) | ||||||
| ||||||||||||
Class R6 | (64,883 | ) | (1,023 | ) | (71 | ) | ||||||
| ||||||||||||
Total distributions from distributable earnings | (60,934,097 | ) | (30,726,392 | ) | (47,328,886 | ) | ||||||
| ||||||||||||
Share transactions-net: | ||||||||||||
Class A | 394,199,028 | 54,639,224 | 133,380,488 | |||||||||
| ||||||||||||
Class C | (35,286,425 | ) | 7,393,994 | (37,309,597 | ) | |||||||
| ||||||||||||
Class Y | 85,319,405 | 60,028,560 | 154,328,324 | |||||||||
| ||||||||||||
Class R6 | 2,515,266 | 908,651 | 10,000 | |||||||||
| ||||||||||||
Net increase in net assets resulting from share transactions | 446,747,274 | 122,970,429 | 250,409,215 | |||||||||
| ||||||||||||
Net increase in net assets | 419,462,499 | 196,168,798 | 312,583,483 | |||||||||
| ||||||||||||
Net assets: | ||||||||||||
Beginning of year | 1,732,150,782 | 1,535,981,984 | 1,223,398,501 | |||||||||
| ||||||||||||
End of year | $ | 2,151,613,281 | $ | 1,732,150,782 | $ | 1,535,981,984 | ||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Invesco California Municipal Fund
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees) | Ratio of net investment income to average net assets | Portfolio turnover (c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $ | 9.28 | $ | 0.28 | $ | (0.18 | ) | $ | 0.10 | $ | (0.29 | ) | $ | 9.09 | 1.11 | % | $ | 1,443,969 | 0.86 | %(d) | 0.86 | %(d) | 0.76 | %(d) | 3.15 | %(d) | 28 | % | |||||||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 8.87 | 0.17 | 0.41 | 0.58 | (0.17 | ) | 9.28 | 6.63 | 1,061,154 | 0.93 | (e) | 0.93 | (e) | 0.76 | (e) | 3.18 | (e) | 11 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 8.49 | 0.37 | 0.32 | 0.69 | (0.31 | ) | 8.87 | 8.35 | 960,939 | 1.13 | 1.13 | 0.81 | 4.36 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 8.49 | 0.36 | (0.04 | ) | 0.32 | (0.32 | ) | 8.49 | 3.95 | 789,596 | 1.06 | 1.06 | 0.85 | 4.26 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 8.61 | 0.38 | (0.09 | ) | 0.29 | (0.41 | ) | 8.49 | 3.55 | 899,847 | 1.19 | 1.19 | 0.95 | 4.46 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 8.21 | 0.43 | 0.42 | 0.85 | (0.45 | ) | 8.61 | 10.67 | 925,807 | 1.20 | 1.20 | 1.06 | 5.10 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 9.23 | 0.21 | (0.18 | ) | 0.03 | (0.22 | ) | 9.04 | 0.36 | 153,595 | 1.61 | (d) | 1.61 | (d) | 1.51 | (d) | 2.40 | (d) | 28 | ||||||||||||||||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 8.83 | 0.13 | 0.40 | 0.53 | (0.13 | ) | 9.23 | 6.08 | 193,922 | 1.69 | (e) | 1.69 | (e) | 1.52 | (e) | 2.42 | (e) | 11 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 8.45 | 0.31 | 0.32 | 0.63 | (0.25 | ) | 8.83 | 7.58 | 178,207 | 1.89 | 1.89 | 1.57 | 3.60 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 8.45 | 0.29 | (0.03 | ) | 0.26 | (0.26 | ) | 8.45 | 3.18 | 206,268 | 1.82 | 1.82 | 1.61 | 3.50 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 8.57 | 0.31 | (0.08 | ) | 0.23 | (0.35 | ) | 8.45 | 2.67 | 235,727 | 1.95 | 1.95 | 1.71 | 3.72 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 8.18 | 0.36 | 0.42 | 0.78 | (0.39 | ) | 8.57 | 9.89 | 259,836 | 1.95 | 1.95 | 1.81 | 4.35 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 9.28 | 0.31 | (0.19 | ) | 0.12 | (0.31 | ) | 9.09 | 1.36 | 550,591 | 0.61 | (d) | 0.61 | (d) | 0.51 | (d) | 3.40 | (d) | 28 | ||||||||||||||||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 8.87 | 0.18 | 0.41 | 0.59 | (0.18 | ) | 9.28 | 6.78 | 476,142 | 0.69 | (e) | 0.69 | (e) | 0.52 | (e) | 3.42 | (e) | 11 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 8.49 | 0.40 | 0.31 | 0.71 | (0.33 | ) | 8.87 | 8.61 | 397 | 0.88 | 0.88 | 0.56 | 4.60 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 8.49 | 0.38 | (0.04 | ) | 0.34 | (0.34 | ) | 8.49 | 4.20 | 227,535 | 0.82 | 0.82 | 0.61 | 4.50 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 8.61 | 0.39 | (0.08 | ) | 0.31 | (0.43 | ) | 8.49 | 3.80 | 235,031 | 0.94 | 0.94 | 0.70 | 4.63 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 8.21 | 0.45 | 0.42 | 0.87 | (0.47 | ) | 8.61 | 10.93 | 173,862 | 0.95 | 0.95 | 0.81 | 5.33 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 9.29 | 0.31 | (0.19 | ) | 0.12 | (0.31 | ) | 9.10 | 1.38 | 3,457 | 0.58 | (d) | 0.58 | (d) | 0.48 | (d) | 3.43 | (d) | 28 | ||||||||||||||||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 8.88 | 0.18 | 0.42 | 0.60 | (0.19 | ) | 9.29 | 6.83 | 933 | 0.71 | (e) | 0.71 | (e) | 0.54 | (e) | 3.40 | (e) | 11 | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended 07/31/19(f) | 8.80 | 0.08 | 0.06 | 0.14 | (0.06 | ) | 8.88 | 1.62 | 10 | 0.84 | (e) | 0.84 | (e) | 0.52 | (e) | 4.64 | (e) | 37 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended February 28, 2021, the portfolio turnover calculation excludes the value of securities purchased of $367,457,266 in connection with the acquisition of Invesco California Tax-Free Income Fund into the Fund. |
(d) | Ratios are based on average daily net assets (000’s omitted) of $1,282,256, $165,691, $483,328 and $1,904 for Class A, Class C, Class Y and Class R6 shares, respectively. |
(e) | Annualized. |
(f) | Commencement date after the close of business on May 24, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Invesco California Municipal Fund
Notes to Financial Statements
February 28, 2021
NOTE 1–Significant Accounting Policies
Invesco California Municipal Fund, formerly Invesco Oppenheimer Rochester® California Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.
The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations - Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C. | Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
30 Invesco California Municipal Fund
D. | Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders“ exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
H. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
K. | Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, there by 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 out perform 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 note screated 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 in to reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with,“covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund where in 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.
31 Invesco California Municipal Fund
The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to re purchase 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 a typical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.
L. | Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. |
The Fund may invest in lower-quality debt securities,i.e.,“ junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.
The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to height enedvolatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the“ Adviser“or“Invesco”). Effective May 15, 2020, under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets* | Rate | |||
First $500 million | 0.480 | % | ||
Next $250 million | 0.455 | % | ||
Next $250 million | 0.425 | % | ||
Next $500 million | 0.380 | % | ||
Next $500 million | 0.370 | % | ||
Next $500 million | 0.355 | % | ||
Next $1.5 billion | 0.350 | % | ||
Over $4 billion | 0.330 | % |
* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
Prior to May 15, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows: |
Average Daily Net Assets* | Rate | |||
Up to $200 million | 0.600 | % | ||
Next $100 million | 0.550 | % | ||
Next $200 million | 0.500 | % | ||
Next $250 million | 0.450 | % | ||
Next $250 million | 0.400 | % | ||
Next $4 billion | 0.350 | % | ||
Over $5 billion | 0.330 | % |
* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.41% .
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the
32 Invesco California Municipal Fund
Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.96%, 1.71%, 0.70% and 0.60%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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.The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $100,904 in front-end sales commissions from the sale of Class A shares and $89,368 and $47,129 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 - | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 - | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 - | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Obligations | $- | $ | 2,202,509,900 | $- | $ | 2,202,509,900 | ||||||||||
Other Investments - Assets | ||||||||||||||||
Investments Matured | - | 1,383,684 | - | 1,383,684 | ||||||||||||
Total Investments | $- | $ | 2,203,893,584 | $- | $ | 2,203,893,584 |
NOTE 4—Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers
33 Invesco California Municipal Fund
complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2021, the Fund engaged in securities purchases of $2,531,609.
NOTE 5—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $581.
NOTE 6—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 7—Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $1.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. Prior to February 25, 2021, the revolving credit and security agreement permitted borrowings up to $2.5 billion. The revolving credit and security agreement is secured by the assets of the Fund.
During the year ended February 28, 2021, the average daily balance of borrowing under the revolving credit and security agreement was $9,251,507 with a weighted interest rate of 0.94%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees. At February 28, 2021, the Fund had no borrowings outstanding under this agreement.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2021 were $95,925,385 and 0.90%, respectively.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
NOTE 8—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Year Ended February 28, 2021, Period Ended February 29, 2020 and the Year Ended July 31, 2019:
Year Ended February 28, 2021 | Seven months Ended February 29, 2020 | Year Ended July 31, 2019 | |||||||||||||
Ordinary income* | $ | 360,393 | $ | 499,507 | $ | 839,163 | |||||||||
Ordinary income-tax-exempt | 60,573,704 | 30,226,885 | 46,489,723 | ||||||||||||
Total distributions | $ | 60,934,097 | $ | 30,726,392 | $ | 47,328,886 |
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Period-End:
2021 | ||||
Undistributed tax-exempt income | $ | 16,697,720 | ||
Net unrealized appreciation – investments | 141,168,854 | |||
Temporary book/tax differences | (266,363 | ) | ||
Capital loss carryforward | (266,833,042 | ) | ||
Shares of beneficial interest | 2,260,846,112 | |||
Total net assets | $ | 2,151,613,281 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to book to tax accretion and amortization differences, tax treatment defaulted bonds and wash sales.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
34 Invesco California Municipal Fund
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward* | ||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||
Not subject to expiration | $ | 52,001,902 | $ | 214,831,140 | $ | 266,833,042 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 9—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $489,511,897 and $474,315,040, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
| ||||
Aggregate unrealized appreciation of investments | $ | 159,572,779 | ||
| ||||
Aggregate unrealized (depreciation) of investments | (18,403,925 | ) | ||
| ||||
Net unrealized appreciation of investments | $ | 141,168,854 | ||
|
Cost of investments for tax purposes is $2,062,724,730.
NOTE 10—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of accretion and amortization differences and market discount, on February 28, 2021, undistributed net investment income was decreased by $45,714, undistributed net realized gain (loss) was decreased by $684,116 and shares of beneficial interest was increased by $729,832. Further, as a result of tax deferrals acquired in the reorganization of Invesco California Tax Free Income Fund into the Fund, undistributed net investment income was increased by $621,774, undistributed net realized gain (loss) was decreased by $14,152,790 and shares of beneficial interest was increased by $13,531,016. These reclassifications had no effect on the net assets of the Fund.
NOTE 11—Share Information
Summary of Share Activity | ||||||||||||||||||||||||
Year ended February 28, 2021(a) | Seven months ended February 29, 2020 | Year ended July 31, 2019 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Sold: | ||||||||||||||||||||||||
Class A | 29,684,400 | $ | 268,388,992 | 12,206,873 | $ | 109,812,597 | 28,923,618 | $ | 249,959,488 | |||||||||||||||
Class C | 4,306,222 | 38,754,973 | 4,032,115 | 36,117,284 | 5,872,239 | 50,511,948 | ||||||||||||||||||
Class Y | 31,496,202 | 282,230,690 | 15,727,912 | 142,355,048 | 27,955,569 | 239,928,995 | ||||||||||||||||||
Class R6(b) | 256,233 | 2,343,915 | 99,265 | 908,289 | 1,136 | 10,000 | ||||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||||||||||
Class A | 2,459,878 | 22,101,239 | 1,770,304 | 15,971,603 | 2,796,750 | 23,999,964 | ||||||||||||||||||
Class C | 267,845 | 2,379,349 | 246,177 | 2,210,072 | 554,096 | 4,728,073 | ||||||||||||||||||
Class Y | 983,775 | 8,824,867 | 747,168 | 6,741,872 | 944,182 | 8,122,319 | ||||||||||||||||||
Class R6(b) | 5,374 | 48,449 | 48 | 446 | - | - | ||||||||||||||||||
Automatic conversion of Class C shares to Class A shares: | ||||||||||||||||||||||||
Class A | 3,795,832 | 34,484,606 | 1,771,376 | 15,906,779 | - | - | ||||||||||||||||||
Class C | (3,814,713 | ) | (34,484,606 | ) | (1,779,313 | ) | (15,906,779 | ) | - | - | ||||||||||||||
Issued in connection with acquisitions:(c) | ||||||||||||||||||||||||
Class A | 40,236,928 | 349,996,685 | - | - | - | - | ||||||||||||||||||
Class Y | 5,414,342 | 47,110,781 | - | - | - | - | ||||||||||||||||||
Class R6 | 208,402 | 1,815,163 | - | - | - | - |
35 Invesco California Municipal Fund
Summary of Share Activity | ||||||||||||||||||||||||
Year ended February 28, 2021(a) | Seven months ended February 29, 2020 | Year ended July 31, 2019 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Reacquired: | ||||||||||||||||||||||||
Class A | (31,664,365 | ) | $ | (280,772,494 | ) | (9,684,094 | ) | $ | (87,051,755 | ) | (16,436,313 | ) | $ | (140,578,964 | ) | |||||||||
Class C | (4,775,842 | ) | (41,936,141 | ) | (1,677,703 | ) | (15,026,583 | ) | (10,658,531 | ) | (92,549,618 | ) | ||||||||||||
Class Y | (28,627,744 | ) | (252,846,933 | ) | (9,883,638 | ) | (89,068,360 | ) | (10,983,254 | ) | (93,722,990 | ) | ||||||||||||
Class R6(b) | (190,483 | ) | (1,692,261 | ) | (9 | ) | (84 | ) | - | - | ||||||||||||||
Net increase in share activity | 50,042,286 | $ | 446,747,274 | 13,576,481 | $ | 122,970,429 | 28,969,492 | $ | 250,409,215 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
(b) | Commencement date after the close of business on May 24, 2019. |
(c) | After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco California Tax Free Income Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 45,859,672 shares of the Fund for 33,867,426 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $398,922,629, including $25,097,572 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,459,382,623 and $1,858,305,252 immediately after the acquisition. |
The pro forma results of operations for the year ended February 28, 2021, assuming the reorganization had been completed on March 1, 2020, the beginning of the annual reporting period are as follows:
Net investment income | $ | 63,386,976 | ||
| ||||
Net realized/unrealized gains | (52,317,319 | ) | ||
| ||||
Change in net assets resulting from operations | $ | 11,069,657 |
As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.
NOTE 12–Coronavirus (COVID-19)Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
36 Invesco California Municipal Fund
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco California Municipal Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco California Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statement of changes in net assets for the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019, and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Financial Highlights
|
For the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019 for Class A, Class C and Class Y For the year ended February 28, 2021, the seven months ended February 29, 2020 and the period May 24, 2019 (commencement of operations) through July 31, 2019 for Class R6
|
The financial statements of Invesco California Municipal Fund (formerly known as Oppenheimer Rochester® California Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
37 Invesco California Municipal Fund
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 =8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
ACTUAL |
HYPOTHETICAL (5% annual return before expenses) | |||||||||||
Beginning Account Value (09/01/20) |
Ending Account Value (02/28/21)1 |
Expenses Paid During Period2 | Ending Account Value (02/28/21) | Expenses Paid During Period2 | Annualized Expense Ratio | |||||||
Class A | $1,000.00 | $1,019.80 | $4.21 | $1,020.63 | $4.21 | 0.84% | ||||||
Class C | 1,000.00 | 1,015.00 | 7.94 | 1,016.91 | 7.95 | 1.59 | ||||||
Class Y | 1,000.00 | 1,021.00 | 3.01 | 1,021.82 | 3.01 | 0.60 | ||||||
Class R6 | 1,000.00 | 1,021.10 | 2.81 | 1,022.02 | 2.81 | 0.56 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
38 Invesco California Municipal Fund
Tax Information
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | ||||||
Qualified Dividend Income* | 0.00 | % | ||||
Qualified Business Income | 0.00 | % | ||||
Corporate Dividends Received Deduction* | 0.00 | % | ||||
Business Interest Income* | 0.00 | % | ||||
U.S. Treasury Obligations* | 0.00 | % | ||||
Tax-Exempt Interest Dividends* | 99.41 | % | ||||
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
39 Invesco California Municipal Fund
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex | Other Directorship(s) Held by Trustee During Past 5 | ||||
Interested Trustee | ||||||||
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) | 191 | 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. |
T-1 Invesco California Municipal Fund
Trustees and Officers–(continued)
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 Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees | ||||||||
Christopher L. Wilson – 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, (non-profit organization managing regional electricity market) | ||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and President and Director of Grahamtastic Connection (non- profit) | ||||
Jack M. Fields – 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors Baylor College of Medicine | ||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization);Eisenhower Foundation (non-profit) | ||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 Invesco California Municipal Fund
Trustees and Officers–(continued)
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 Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees–(continued) | ||||||||
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 | 191 | 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 | ||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
Prema Mathai-Davis – 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
Joel W. Motley – 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles cotextmpany); |
T-3 Invesco California Municipal Fund
Trustees and Officers–(continued)
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 Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees–(continued) | ||||||||
Ann Barnett Stern – 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
Robert C. Troccoli – 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
Daniel S. Vandivort –1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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 | 191 | 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) |
T-4 Invesco California Municipal Fund
Trustees and Officers–(continued)
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 Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Officers | ||||||||
Sheri Morris — 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 Invesco California Municipal Fund
Trustees and Officers–(continued)
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 Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Officers–(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
T-6 Invesco California Municipal Fund
Trustees and Officers–(continued)
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 | ||||
Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds
| N/A | N/A | ||||
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments
| N/A | N/A | ||||
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.
| N/A | N/A | ||||
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)
| N/A | N/A | ||||
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)
| 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’s sub-advisers.
Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 | Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309 | Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 | Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678 | |||
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018 | Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001 | Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 | Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801 |
T-7 Invesco California Municipal Fund
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∎ | Fund reports and prospectuses |
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Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 8009594246 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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 8009594246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. |
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | O-ROCAM-AR-1 |
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Annual Report to Shareholders
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February 28, 2021 | |||
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Invesco Environmental Focus Municipal Fund | ||||
Nasdaq: | ||||
A: OPAMX ∎ C: OPCMX ∎ Y: OPYMX ∎ R6: IOMUX |
Management’s Discussion of Fund Performance
Performance summary |
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For the year ended February 28, 2021, Class A shares of Invesco Environmental Focus Municipal Fund (the Fund), at net asset value (NAV), underperformed the S&P Municipal Bond 5+ Year Investment Grade Index. Your Fund’s long-term performance appears later in this report.
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Fund vs. Indexes |
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Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
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Class A Shares | 0.46 | % | ||
Class C Shares | -0.01 | |||
Class Y Shares | 0.78 | |||
Class R6 Shares | 0.88 | |||
S&P Municipal Bond Index▼* | 1.22 | |||
Bloomberg Barclays Municipal Bond Index▼* | 1.06 | |||
S&P Municipal Bond 5+ Year Investment Grade Index▼ | 0.95 | |||
U.S. Consumer Price Index∎ | 1.68 | |||
Lipper General Municipal Debt Funds Indext | 0.77 | |||
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg L.P.; tLipper Inc. * Effective September 4, 2020, the Fund changed its benchmark from the Bloomberg Barclays Municipal Bond Index to the S&P Municipal Bond Index. This change was made to better align with the Fund’s risk profile.
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Market conditions and your Fund
The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected twist of the coronavirus (COVID-19) global pandemic that pierced the markets and forced society to navigate uncharted waters in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%, and taxable municipal bonds returned 0.43% during the year.1
The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.2 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.2 In general, many high-yield municipal funds hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries – well above the historical norm of approximately 90%.3
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to COVID-19, consisting of half of a percentage and a whole percentage point leaving the target range 0.00% to 0.25%.4
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw municipal market performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate timelines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF, which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, the availability of the program provided a psychological safety net for the market.
As the COVID-19 pandemic continued into fall and winter; most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US
Presidential election and medical advancements toward a vaccine.
We believe the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform.
A highly demanded second stimulus package was signed at the end of 2020. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New municipal issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion.5 Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.5 This uptick can be attributed to recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance.
Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, we think mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current on principal and interest, as history has shown.
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, the bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February 2021 also brought $34 billion in municipal bond supply, higher than the average supply for the last five years for the month.
During the year, an overweight exposure in BB and B- rated† bonds contributed to the Fund’s performance relative to its style-specific benchmark. At the sector level, an overweight exposure and security selection in the incremental tax and multi-family housing sectors contributed to the Fund’s relative performance. On a state level, security selection in Minnesota and Illinois domiciled issues contributed to the Fund’s relative performance.
An underweight allocation to state and local general obligation bonds detracted from
2 Invesco Environmental Focus Municipal Fund
the Fund’s performance relative to the style-specific benchmark during the year. And underweight allocation to AAA and AA- rated† bonds detracted from the Fund’s performance relative to its style-specific benchmark over the year. On a state level, security selection in New York and Ohio holdings were a detractor from the Fund’s relative results.
During the period the fund converted to an environmental focus strategy. The strategy change will likely result in a lower yield under certain market conditions, but also lower volatility and increased downside risk protection that the Fund has had historically. We believe that over the long-term the fund’s environmental overlay will be a positive contributor to risk-adjusted performance. During the period, the change of strategy did not have a material impact on performance.
We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of some of the Fund’s investments.
Thank you for investing in Invesco Environmental Focus Municipal Fund and for sharing our long-term investment horizon.
1 Source: Bloomberg Barclays
2 Source: Strategic Insight
3 Source: US Department of the Treasury
4 Source: US Federal Reserve
5 Source: The Bond Buyer
† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s):
Tim Benzel
Eddie Bernhardt
Tim O’Reilly
Mark Paris
Galen True
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opin ions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 Invesco Environmental Focus Municipal Fund
Your Fund’s Long-Term Performance
Results of a $10,000 Investment – Oldest Share Class(es)
Fund and index data from 2/28/11
1 Source: RIMES Technologies Corp.
2 Source: Lipper Inc.
3 Source: Bloomberg L.P.
* | Effective September 4, 2020 the Fund changed its benchmark from the Bloomberg Barclays Municipal Bond Index to the S&P Municipal Bond Index. This change was made to better align with the Fund’s risk profile. |
Past performance cannot guarantee future results.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management
fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does
not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 Invesco Environmental Focus Municipal Fund
Average Annual Total Returns |
| |||
As of 2/28/21, including maximum applicable sales charges |
| |||
Class A Shares | ||||
Inception (11/7/06) | 4.03 | % | ||
10 Years | 5.31 | |||
5 Years | 3.30 | |||
1 Year | -3.84 | |||
Class C Shares | ||||
Inception (11/7/06) | 3.89 | % | ||
10 Years | 5.14 | |||
5 Years | 3.54 | |||
1 Year | -0.99 | |||
Class Y Shares | ||||
Inception (7/29/11) | 5.38 | % | ||
5 Years | 4.36 | |||
1 Year | 0.78 | |||
Class R6 Shares | ||||
10 Years | 5.84 | % | ||
5 Years | 4.33 | |||
1 Year | 0.88 |
Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Municipal Fund. The Fund was subsequently renamed the Invesco Environmental Focus Municipal Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.
Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do
not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.
5 Invesco Environmental Focus Municipal Fund
Supplemental Information
Invesco Environmental Focus Municipal Fund’s investment objective is to seek to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report
∎ | The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market. |
∎ | The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US Bureau of Labor Statistics. |
∎ | The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. |
∎ | The S&P Municipal Bond 5+ Year Investment Grade Index seeks to measure the performance of investment-grade US municipal bonds with maturities equal to or greater than five years. |
∎ | The Lipper General Municipal Debt Funds Index is an unmanaged index considered representative of general municipal debt funds tracked by Lipper. |
∎ | The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
∎ | A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. |
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
6 Invesco Environmental Focus Municipal Fund
Fund Information
Portfolio Composition
By credit sector
| % of total investments
| |
Revenue Bonds | 88.3% | |
General Obligation Bonds | 11.3 | |
Pre-Refunded Bonds | 0.4 |
Top Five Debt Holdings
% of total net assets
| ||
1. Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB | 2.2% | |
2. Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB | 2.0 | |
3. Dallas (City of), TX Area Rapid Transit, Series 2020 A, Ref. RB | 1.7 | |
4. Wisconsin (State of) Public Finance Authority, Series 2018, RB | 1.7 | |
5. Austin Community College District Public Facility Corp. (Highland Campus Building 3000), Series 2018, RB | 1.6 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of February 28, 2021.
7 Invesco Environmental Focus Municipal Fund
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Municipal Obligations-94.73% | ||||||||||||||||
Alaska-0.82% | ||||||||||||||||
Alaska Municipal Bond Bank Authority; Series 2018 1, RB(a) | 5.00% | 02/01/2034 | $1,000 | $ 1,203,350 | ||||||||||||
Arizona-1.38% | ||||||||||||||||
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project); Series 2018 A, RB(b) | 5.25% | 12/15/2038 | 100 | 110,689 | ||||||||||||
Festival Ranch Community Facilities District; | ||||||||||||||||
Series 2019, GO Bonds (INS - AGM)(c) | 4.00% | 07/15/2034 | 300 | 339,375 | ||||||||||||
Series 2019, Ref. GO Bonds (INS - AGM)(c) | 4.00% | 07/15/2034 | 350 | 395,938 | ||||||||||||
Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter School); Series 2018, RB(b) | 6.00 | % | 07/01/2052 | 1,000 | 1,167,390 | |||||||||||
2,013,392 | ||||||||||||||||
California-10.38% | ||||||||||||||||
California (State of); | ||||||||||||||||
Series 2015 C, Ref. GO Bonds | 5.00% | 09/01/2028 | 1,565 | 1,866,638 | ||||||||||||
Series 2019, Ref. GO Bonds | 5.00% | 11/01/2037 | 1,500 | 1,896,120 | ||||||||||||
Series 2020, GO Bonds | 3.00% | 11/01/2050 | 1,000 | 1,048,300 | ||||||||||||
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds); | ||||||||||||||||
Series 2019, RB | 5.00% | 08/01/2044 | 1,000 | 1,227,560 | ||||||||||||
Series 2019, RB | 5.00% | 08/01/2049 | 1,500 | 1,830,735 | ||||||||||||
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds); Series 2020 A, RB | 4.00% | 12/01/2043 | 1,200 | 1,395,840 | ||||||||||||
Sacramento (City of), CA Municipal Utility District (Green Bonds); Series 2020 H, RB | 4.00% | 08/15/2045 | 1,000 | 1,170,120 | ||||||||||||
San Francisco (City of), CA Public Utilities Commission; Series 2020 C, RB | 4.00% | 11/01/2050 | 1,000 | 1,158,190 | ||||||||||||
San Francisco Bay Area Rapid Transit District (Green Bonds); Series 2020 C-1, GO Bonds | 4.00% | 08/01/2045 | 1,000 | 1,168,170 | ||||||||||||
Southern California Public Power Authority (Tieton Hydropower); Series 2020 A, Ref. RB | 4.00% | 07/01/2039 | 1,000 | 1,175,730 | ||||||||||||
Transbay Joint Powers Authority (Green Bonds); Series 2020 A, RB | 5.00% | 10/01/2049 | 1,000 | 1,214,930 | ||||||||||||
15,152,333 | ||||||||||||||||
Colorado-2.36% | ||||||||||||||||
Aurora (City of), CO (Green Bonds); Series 2016, Ref. RB | 5.00% | 08/01/2032 | 250 | 301,165 | ||||||||||||
Colorado (State of); Series 2020 R, COP | 4.00% | 03/15/2045 | 1,000 | 1,146,940 | ||||||||||||
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2020 A, Ref. RB | 4.00% | 07/15/2035 | 1,250 | 1,469,075 | ||||||||||||
Hunting Hill Metropolitan District; Series 2018, Ref. GO Bonds | 5.63% | 12/01/2048 | 500 | 534,185 | ||||||||||||
3,451,365 | ||||||||||||||||
Connecticut-0.81% | ||||||||||||||||
Connecticut (State of); Series 2020 A, GO Bonds | 4.00% | 01/15/2038 | 1,000 | 1,161,090 | ||||||||||||
South Central Connecticut Regional Water Authority; Series 2008, RB (INS - AGM)(c) | 4.50% | 08/01/2038 | 15 | 15,038 | ||||||||||||
1,176,128 | ||||||||||||||||
Florida-1.53% | ||||||||||||||||
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(a)(b) | 7.38% | 01/01/2049 | 1,000 | 970,700 | ||||||||||||
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB(b) | 5.75% | 07/15/2053 | 100 | 109,334 | ||||||||||||
Miami-Dade (County of), FL; Series 2019 B, RB | 4.00% | 10/01/2049 | 1,000 | 1,154,680 | ||||||||||||
2,234,714 | ||||||||||||||||
Georgia-3.69% | ||||||||||||||||
Atlanta (City of), GA (Beltline); Series 2016 A, Ref. RB | 5.00% | 01/01/2026 | 1,275 | 1,279,628 | ||||||||||||
Floyd (County of), GA Development Authority (The Spires at Berry College); | ||||||||||||||||
Series 2018 A, RB | 5.75% | 12/01/2033 | 100 | 97,005 | ||||||||||||
Series 2018 A, RB | 6.00% | 12/01/2038 | 115 | 111,094 | ||||||||||||
Series 2018 A, RB | 6.25% | 12/01/2048 | 285 | 272,343 | ||||||||||||
Series 2018 A, RB | 6.50% | 12/01/2053 | 165 | 161,693 | ||||||||||||
Houston (County of), GA Hospital Authority (Houston Hospitals, Inc.); Series 2016 A, Ref. RB | 5.00% | 10/01/2031 | 1,780 | 1,930,944 | ||||||||||||
Municipal Electric Authority of Georgia; Series 2018 HH, Ref. RB | 5.00% | 01/01/2044 | 1,000 | 1,188,600 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco Environmental Focus Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Georgia-(continued) | ||||||||||||||||
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens); | ||||||||||||||||
Series 2018 A-1, RB | 6.38% | 12/01/2053 | $ | 250 | $ | 247,763 | ||||||||||
Series 2018 A-2, RB(d) | 5.50% | 12/01/2028 | 100 | 99,245 | ||||||||||||
5,388,315 | ||||||||||||||||
Illinois-2.83% | ||||||||||||||||
Chicago (City of), IL Transit Authority; Series 2020 A, Ref. RB | 5.00% | 12/01/2045 | 1,000 | 1,215,550 | ||||||||||||
Chicago Park District; Series 2020 C, GO Bonds (INS - BAM)(c) | 4.00% | 01/01/2040 | 1,000 | 1,131,970 | ||||||||||||
Illinois (State of) Finance Authority (Green Bonds); Series 2020, RB | 4.00% | 07/01/2038 | 1,500 | 1,783,245 | ||||||||||||
4,130,765 | ||||||||||||||||
Iowa-1.39% | ||||||||||||||||
Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB | 6.00% | 10/01/2048 | 100 | 103,144 | ||||||||||||
Iowa (State of) Finance Authority (Green Bonds); Series 2020 A, RB | 5.00% | 08/01/2049 | 1,500 | 1,923,765 | ||||||||||||
2,026,909 | ||||||||||||||||
Kansas–0.69% | ||||||||||||||||
Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2019, Ref. RB | 5.00% | 05/15/2050 | 1,000 | 1,011,330 | ||||||||||||
Louisiana-2.26% | ||||||||||||||||
New Orleans (City of), LA; | ||||||||||||||||
Series 2020 B, RB | 5.00% | 06/01/2045 | 1,500 | 1,839,615 | ||||||||||||
Series 2020 B, RB | 4.00% | 06/01/2050 | 1,300 | 1,466,478 | ||||||||||||
3,306,093 | ||||||||||||||||
Maryland-2.82% | ||||||||||||||||
Baltimore (City of), MD (Water); Series 2019 A, RB | 4.00% | 07/01/2044 | 1,080 | 1,248,664 | ||||||||||||
Maryland (State of) Stadium Authority (Baltimore (City of), MD Public Schools) (Green Bonds); Series 2020, RB | 5.00 | % | 05/01/2047 | 1,000 | 1,405,960 | |||||||||||
Montgomery (County of), MD Housing Opportunities Commission; Series 2021 A, RB | 2.10% | 07/01/2052 | 1,500 | 1,460,040 | ||||||||||||
4,114,664 | ||||||||||||||||
Massachusetts-3.97% | ||||||||||||||||
Massachusetts (Commonwealth of); | ||||||||||||||||
Series 2018 E, GO Bonds | 5.00% | 09/01/2037 | 1,000 | 1,257,570 | ||||||||||||
Series 2020 E, GO Bonds | 5.00% | 11/01/2050 | 1,000 | 1,261,820 | ||||||||||||
Series 2020, GO Bonds | 5.00% | 07/01/2045 | 1,000 | 1,260,720 | ||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency; Series 2007, RB | 4.50% | 09/01/2036 | 5 | 5,013 | ||||||||||||
Massachusetts (State of) Housing Finance Agency; Series 2020 D-1, RB | 2.65% | 12/01/2055 | 2,000 | 2,013,880 | ||||||||||||
5,799,003 | ||||||||||||||||
Michigan-2.22% | ||||||||||||||||
Great Lakes Water Authority; Series 2020 A, RB | 5.00% | 07/01/2045 | 1,750 | 2,140,985 | ||||||||||||
Michigan (State of) Finance Authority; Series 2017, Ref. RB | 5.25% | 02/01/2032 | 1,000 | 1,095,520 | ||||||||||||
3,236,505 | ||||||||||||||||
Minnesota-9.66% | ||||||||||||||||
Anoka (County of), MN Housing & Redevelopment Authority (Woodland Park Apartments); Series 2011 A, RB | 5.00% | 04/01/2027 | 1,000 | 1,002,740 | ||||||||||||
Brooklyn Park (City of), MN (Athlos Leadership Academy); Series 2015, RB | 5.50% | 07/01/2035 | 650 | 695,312 | ||||||||||||
Buffalo (City of), MN (Central MN Senior Housing); | ||||||||||||||||
Series 2006 A, Ref. RB | 5.38% | 09/01/2026 | 320 | 320,064 | ||||||||||||
Series 2006 A, Ref. RB | 5.50% | 09/01/2033 | 10 | 10,002 | ||||||||||||
Chisago (City of), MN (CDL Homes LLC); Series 2013 B, RB | 6.00% | 08/01/2043 | 1,000 | 1,049,310 | ||||||||||||
Cokato (City of), MN (Cokato Charitable Trust); Series 2006 A, Ref. RB | 5.25% | 12/01/2026 | 175 | 175,021 | ||||||||||||
Dakota (County of), MN Community Development Agency (Ebenezer Ridges Assisted Living); Series 2013 A, RB | 5.75% | 11/01/2033 | 750 | 761,010 | ||||||||||||
Dakota (County of), MN Community Development Agency (Sanctuary at Est St. Paul); Series 2015, RB | 6.00% | 08/01/2035 | 2,300 | 2,064,273 | ||||||||||||
Hayward (City of), MN (St. John’s Lutheran Home of Albert Lea); Series 2014, Ref. RB | 5.38% | 10/01/2044 | 500 | 487,905 | ||||||||||||
International Falls (City of), MN; Series 1999, Ref. RB(a) | 6.85% | 12/01/2029 | 115 | 115,135 | ||||||||||||
Little Canada (City of), MN (PHS/Mayfield LLC); Series 2010, Ref. RB | 6.00% | 12/01/2030 | 250 | 250,073 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco Environmental Focus Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Minnesota-(continued) | ||||||||||||||||
Maplewood (City of), MN (VOA Care Centers); Series 2005 A, Ref. RB | 5.38% | 10/01/2024 | $ | 430 | $ | 430,034 | ||||||||||
Minneapolis & St. Paul (Cities of), MN Housing Finance Board; | ||||||||||||||||
Series 2006 A2, RB (CEP - GNMA)(a) | 5.00% | 12/01/2038 | 0 | 178 | ||||||||||||
Series 2007 A-1, RB (CEP - GNMA)(a) | 5.25% | 12/01/2040 | 0 | 153 | ||||||||||||
Series 2007 A-2, RB (CEP - GNMA)(a) | 5.52% | 03/01/2041 | 5 | 5,021 | ||||||||||||
Minnesota (State of) Higher Education Facilities Authority; Series 2017, Ref. RB | 5.00% | 10/01/2040 | 500 | 550,885 | ||||||||||||
Minnesota (State of) Housing Finance Agency; Series 2013 B-1, RB | 5.30% | 08/01/2044 | 1,050 | 1,118,628 | ||||||||||||
Ramsey (City of), MN (Pact Charter School); Series 2013 A, Ref. RB | 5.50% | 12/01/2033 | 1,000 | 1,022,760 | ||||||||||||
St. Louis (City of), MN Park Economic Development Authority (Hoigaard Village); Series 2010, RB | 5.00% | 02/01/2023 | 125 | 125,136 | ||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority; Series 2004, RB | 6.25% | 03/01/2029 | 274 | 241,202 | ||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Nova Classical Academy); Series 2011 A, RB | 6.38% | 09/01/2031 | 375 | 383,550 | ||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (University Westgate Station); Series 2015 B, RB | 5.25% | 04/01/2043 | 500 | 507,745 | ||||||||||||
St. Paul (City of), MN Port Authority; Series 2007 1, RB | 5.00% | 08/01/2036 | 1,375 | 1,376,265 | ||||||||||||
Stillwater (City of), MN (Orleans Homes); | ||||||||||||||||
Series 2007, RB(a) | 5.38% | 02/01/2032 | 900 | 900,882 | ||||||||||||
Series 2007, RB(a) | 5.50% | 02/01/2042 | 510 | 510,357 | ||||||||||||
14,103,641 | ||||||||||||||||
Missouri-1.07% | ||||||||||||||||
Boone (County of), MO (Boone Hospital Center); Series 2016, Ref. RB | 5.00% | 08/01/2031 | 900 | 980,928 | ||||||||||||
Missouri (State of) Health & Educational Facilities Authority (Maryville University St. Louis); Series 2019 A, RB | 5.00% | 06/15/2045 | 500 | 584,000 | ||||||||||||
1,564,928 | ||||||||||||||||
New Hampshire-0.71% | ||||||||||||||||
New Hampshire (State of) Business Finance Authority (Covanta Green Bonds); Series 2020 B, Ref. RB(a)(b)(d) | 3.75% | 07/02/2040 | 1,000 | 1,033,920 | ||||||||||||
New Jersey-3.92% | ||||||||||||||||
New Jersey (State of); Series 2020 A, GO Bonds | 4.00% | 06/01/2031 | 1,000 | 1,200,190 | ||||||||||||
New Jersey (State of) Economic Development Authority; | ||||||||||||||||
Series 2018 A, RB(b) | 6.50% | 11/01/2052 | 100 | 117,582 | ||||||||||||
Series 2020 D, Ref. RB(a)(d) | 1.10% | 12/01/2027 | 2,135 | 2,115,806 | ||||||||||||
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB | 5.13 | % | 06/15/2037 | 91 | 112,078 | |||||||||||
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds); Series 2020 A, RB | 4.00 | % | 07/01/2050 | 2,000 | 2,183,460 | |||||||||||
5,729,116 | ||||||||||||||||
New York-10.06% | ||||||||||||||||
Metropolitan Transportation Authority; Series 2014 B, RB | 5.00% | 11/15/2044 | 2,000 | 2,179,340 | ||||||||||||
Metropolitan Transportation Authority (Green Bonds); | ||||||||||||||||
Series 2017 B, Ref. RB | 5.00% | 11/15/2025 | 1,110 | 1,303,407 | ||||||||||||
Series 2020 C-1, RB | 5.00% | 11/15/2050 | 1,000 | 1,177,410 | ||||||||||||
New York (State of) Housing Finance Agency (Climate Bond Certified/Sustainability Bonds); Series 2019 P, RB | 3.05% | 11/01/2049 | 1,000 | 1,023,430 | ||||||||||||
New York City Housing Development Corp.; | ||||||||||||||||
Series 2020 A-1-C, RB | 2.80% | 11/01/2045 | 1,000 | 1,025,660 | ||||||||||||
Series 2020 C, RB | 2.75% | 02/01/2051 | 2,000 | 2,013,160 | ||||||||||||
New York City Housing Development Corp. (Sustainable Neighborhoods); Series 2019 G-1-B, Ref. RB | 3.00% | 11/01/2044 | 1,000 | 1,030,500 | ||||||||||||
New York Power Authority; Series 2020 A, Ref. RB | 4.00% | 11/15/2050 | 1,000 | 1,151,350 | ||||||||||||
New York State Environmental Facilities Corp. (Casella Waste Systems, Inc.); Series 2020, RB(a)(d) | 2.75% | 09/02/2025 | 2,000 | 2,060,860 | ||||||||||||
New York State Urban Development Corp.; Series 2020 A, RB | 4.00% | 03/15/2049 | 1,525 | 1,726,498 | ||||||||||||
14,691,615 | ||||||||||||||||
North Carolina-0.01% | ||||||||||||||||
Nash Health Care Systems; Series 2003, RB (INS - AGM)(c) | 5.00% | 11/01/2030 | 10 | 10,029 | ||||||||||||
Ohio-1.92% | ||||||||||||||||
American Municipal Power, Inc. (Green Bonds, Solar Electricity); Series 2020 A, RB | 4.00% | 02/15/2044 | 1,000 | 1,132,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco Environmental Focus Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Ohio-(continued) | ||||||||||||||||
Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB(d)(e) | 8.00% | 07/01/2022 | $ | 490 | $ | 536,148 | ||||||||||
Ohio (State of) Higher Educational Facility Commission (University Findlay); Series 2019, Ref. RB | 5.00% | 03/01/2039 | 1,000 | 1,128,380 | ||||||||||||
2,796,528 | ||||||||||||||||
Pennsylvania-6.12% | ||||||||||||||||
Allegheny (County of), PA; Series 2020 C-78, GO Bonds | 4.00% | 11/01/2049 | 1,000 | 1,165,570 | ||||||||||||
Chester (County of), PA Industrial Development Authority (Longwood Gardens); | ||||||||||||||||
Series 2019, RB | 5.00% | 12/01/2044 | 1,500 | 1,840,920 | ||||||||||||
Series 2019, RB | 4.00% | 12/01/2049 | 1,500 | 1,699,050 | ||||||||||||
Dallas Area Municipal Authority (Misericordia University); | ||||||||||||||||
Series 2019, Ref. RB | 5.00% | 05/01/2039 | 145 | 166,647 | ||||||||||||
Series 2019, Ref. RB | 5.00% | 05/01/2048 | 560 | 633,326 | ||||||||||||
Philadelphia (City of), PA Authority for Industrial Development (La Salle University); Series 2017, Ref. RB | 5.00% | 05/01/2036 | 1,000 | 1,077,940 | ||||||||||||
Pittsburgh (City of), PA Water & Sewer Authority; Series 2020 B, RB (INS - AGM)(c) | 4.00% | 09/01/2050 | 1,250 | 1,441,300 | ||||||||||||
State Public School Building Authority (School District of Philidelphia (The)); Series 2016 A, Ref. RB (INS - AGM)(c) | 5.00% | 06/01/2031 | 750 | 907,980 | ||||||||||||
8,932,733 | ||||||||||||||||
Rhode Island-2.02% | ||||||||||||||||
Rhode Island Housing and Mortgage Finance Corp.; | ||||||||||||||||
Series 2021 B, RB | 2.15% | 10/01/2040 | 2,000 | 1,951,320 | ||||||||||||
Series 2021, RB(d) | 0.45% | 10/01/2023 | 1,000 | 999,270 | ||||||||||||
2,950,590 | ||||||||||||||||
Tennessee-2.46% | ||||||||||||||||
Memphis (City of), TN; Series 2020 A, RB | 4.00% | 12/01/2050 | 1,000 | 1,165,100 | ||||||||||||
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(b) | 5.13% | 06/01/2036 | 100 | 112,841 | ||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center); Series 2016 A, RB | 5.00% | 07/01/2046 | 2,000 | 2,307,520 | ||||||||||||
3,585,461 | ||||||||||||||||
Texas-6.40% | ||||||||||||||||
Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB | 5.75% | 08/15/2043 | 100 | 112,140 | ||||||||||||
Austin (City of), TX; Series 2020 C, Ref. RB | 5.00% | 11/15/2050 | 1,000 | 1,280,000 | ||||||||||||
Austin Community College District Public Facility Corp. (Highland Campus Building 3000); Series 2018, RB | 5.00% | 08/01/2042 | 2,000 | 2,384,120 | ||||||||||||
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB | 6.13% | 08/15/2048 | 500 | 575,240 | ||||||||||||
Dallas (City of), TX Area Rapid Transit; Series 2020 A, Ref. RB | 5.00% | 12/01/2045 | 2,000 | 2,512,100 | ||||||||||||
San Antonio (City of), TX; Series 2020 C, RB | 4.00% | 05/15/2050 | 1,000 | 1,150,650 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2016, Ref. RB | 5.00 | % | 05/15/2045 | 1,250 | 1,332,087 | |||||||||||
9,346,337 | ||||||||||||||||
Vermont-0.84% | ||||||||||||||||
University of Vermont and State Agricultural College (Green Bonds); Series 2019 A, RB | 5.00% | 10/01/2044 | 1,000 | 1,230,160 | ||||||||||||
Virginia-2.29% | ||||||||||||||||
Charles City (County of), VA Economic Development Authority (Wate Management, Inc.); Series 2004 A, RB | 2.88% | 02/01/2029 | 2,000 | 2,222,340 | ||||||||||||
Farmville (Town of), VA Industrial Development Authority (Longwood University Student Housing); Series 2018 A, Ref. RB | 5.00 | % | 01/01/2055 | 1,000 | 1,126,720 | |||||||||||
3,349,060 | ||||||||||||||||
Washington-5.68% | ||||||||||||||||
Central Puget Sound Regional Transit Authority (Green Bonds); Series 2016 S-1, RB | 5.00% | 11/01/2046 | 2,000 | 2,921,380 | ||||||||||||
Washington (State of) Economic Development Finance Authority (Green Bonds); Series 2020 A, RB(a)(b) | 5.63% | 12/01/2040 | 2,000 | 2,136,720 | ||||||||||||
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center); Series 2017, Ref. RB | 5.00% | 08/15/2035 | 2,745 | 3,231,139 | ||||||||||||
8,289,239 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco Environmental Focus Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Wisconsin-4.42% | ||||||||||||
Public Finance Authority (Barton College); Series 2018 A, RB | 5.00% | 03/01/2048 | $ | 500 | $ 513,355 | |||||||
Public Finance Authority (Beyond Boone LLC - Appalachian State University); Series 2019 A, RB (INS - AGM)(c) | 5.00% | 07/01/2035 | 500 | 602,965 | ||||||||
Public Finance Authority (The Evergreens Obligated Group); Series 2019 A, Ref. RB | 5.00% | 11/15/2044 | 1,000 | 1,132,790 | ||||||||
Somers (Village of), WI; Series 2018 B, Ref. RB | 4.85% | 06/01/2036 | 1,235 | 1,340,061 | ||||||||
Wisconsin (State of) Public Finance Authority; | ||||||||||||
Series 2018, RB (INS - AGM)(c) | 5.00% | 07/01/2058 | 2,100 | 2,431,716 | ||||||||
Series 2019 A, RB(b) | 5.38% | 06/01/2044 | 100 | 100,386 | ||||||||
Series 2019 A, RB(b) | 5.50% | 06/01/2054 | 100 | 100,253 | ||||||||
Series 2019 A, RB (INS - AGM)(c) | 5.00% | 07/01/2058 | 100 | 116,812 | ||||||||
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB(b) | 5.00% | 06/15/2039 | 100 | 108,180 | ||||||||
6,446,518 | ||||||||||||
TOTAL INVESTMENTS IN SECURITIES(f) -94.73% (Cost $134,408,380) | 138,304,741 | |||||||||||
OTHER ASSETS LESS LIABILITIES-5.27% | 7,690,902 | |||||||||||
NET ASSETS-100.00% | $145,995,643 |
Investment Abbreviations: | ||
AGM | – Assured Guaranty Municipal Corp. | |
BAM | – Build America Mutual Assurance Co. | |
CEP | – Credit Enhancement Provider | |
COP | – Certificates of Participation | |
GNMA | – Government National Mortgage Association | |
GO | – General Obligation | |
INS | – Insurer | |
RB | – Revenue Bonds | |
Ref. | – Refunding |
Notes to Schedule of Investments:
(a) | Security subject to the alternative minimum tax. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $6,067,995, which represented 4.16% of the Fund’s Net Assets. |
(c) | Principal and/or interest payments are secured by the bond insurance company listed. |
(d) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(e) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(f) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco Environmental Focus Municipal Fund
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||||
Investments in securities, at value | $138,304,741 | |||
| ||||
Cash | 6,688,934 | |||
| ||||
Receivable for: | ||||
Investments sold | 13,000 | |||
| ||||
Fund shares sold | 226,346 | |||
| ||||
Interest | 1,304,683 | |||
| ||||
Investment for trustee deferred compensation and retirement plans | 11,328 | |||
| ||||
Other assets | 20,008 | |||
| ||||
Total assets | 146,569,040 | |||
| ||||
Liabilities: | ||||
Payable for: | ||||
Dividends | 118,321 | |||
| ||||
Fund shares reacquired | 354,186 | |||
| ||||
Accrued fees to affiliates | 48,523 | |||
| ||||
Accrued trustees’ and officers’ fees and benefits | 2,208 | |||
| ||||
Accrued other operating expenses | 38,831 | |||
| ||||
Trustee deferred compensation and retirement plans | 11,328 | |||
| ||||
Total liabilities | 573,397 | |||
| ||||
Net assets applicable to shares outstanding | $ | 145,995,643 | ||
| ||||
Net assets consist of: | ||||
Shares of beneficial interest | $ | 137,554,701 | ||
| ||||
Distributable earnings | 8,440,942 | |||
| ||||
$ | 145,995,643 | |||
|
Net Assets: | ||||
Class A | $ | 89,193,964 | ||
| ||||
Class C | $ | 13,981,851 | ||
| ||||
Class Y | $ | 42,809,620 | ||
| ||||
Class R6 | $ | 10,208 | ||
| ||||
Shares outstanding, no par value, with an unlimited number of shares authorized: |
| |||
Class A | 6,575,374 | |||
| ||||
Class C | 1,031,280 | |||
| ||||
Class Y | 3,156,694 | |||
| ||||
Class R6 | 752 | |||
| ||||
Class A: | ||||
Net asset value per share | $ | 13.56 | ||
| ||||
Maximum offering price per share | $ | 14.16 | ||
| ||||
Class C: | ||||
Net asset value and offering price per share | $ | 13.56 | ||
| ||||
Class Y: | ||||
Net asset value and offering price per share | $ | 13.56 | ||
| ||||
Class R6: | ||||
Net asset value and offering price per share | $ | 13.57 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco Environmental Focus Municipal Fund
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||
Interest | $ | 4,925,443 | ||
| ||||
Expenses: | ||||
Advisory fees | 552,107 | |||
| ||||
Administrative services fees | 20,758 | |||
| ||||
Custodian fees | 496 | |||
| ||||
Distribution fees: | ||||
Class A | 199,497 | |||
| ||||
Class C | 213,861 | |||
| ||||
Interest, facilities and maintenance fees | 78,393 | |||
| ||||
Transfer agent fees – A, C and Y | 127,336 | |||
| ||||
Transfer agent fees – R6 | 10 | |||
| ||||
Trustees’ and officers’ fees and benefits | 19,428 | |||
| ||||
Registration and filing fees | 108,237 | |||
| ||||
Reports to shareholders | 47,025 | |||
| ||||
Professional services fees | 48,416 | |||
| ||||
Other | 11,524 | |||
| ||||
Total expenses | 1,427,088 | |||
| ||||
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | (332,483 | ) | ||
| ||||
Net expenses | 1,094,605 | |||
| ||||
Net investment income | 3,830,838 | |||
| ||||
Realized and unrealized gain (loss) from: | ||||
Net realized gain from unaffiliated investment securities (includes net gains from securities sold to affiliates of $443,095) | 5,004,005 | |||
| ||||
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | (9,139,527 | ) | ||
| ||||
Net realized and unrealized gain (loss) | (4,135,522 | ) | ||
| ||||
Net increase (decrease) in net assets resulting from operations | $ | (304,684 | ) | |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco Environmental Focus Municipal Fund
Statement of Changes in Net Assets
For the year ended February 28, 2021, period ended February 29, 2020, and the year ended March 31, 2019
Year Ended | Eleven Months Ended | Year Ended | ||||||||||
February 28, 2021 | February 29, 2020 | March 31, 2019 | ||||||||||
| ||||||||||||
Operations: | ||||||||||||
Net investment income | $ 3,830,838 | $ 3,069,923 | $ 3,860,811 | |||||||||
| ||||||||||||
Net realized gain (loss) | 5,004,005 | 1,153,639 | (1,639,412 | ) | ||||||||
| ||||||||||||
Change in net unrealized appreciation (depreciation) | (9,139,527) | 7,365,193 | 4,969,872 | |||||||||
| ||||||||||||
Net increase (decrease) in net assets resulting from operations | (304,684) | 11,588,755 | 7,191,271 | |||||||||
| ||||||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||
Class A | (2,166,103) | (2,144,983) | (1,997,175 | ) | ||||||||
| ||||||||||||
Class B | – | – | (559 | ) | ||||||||
| ||||||||||||
Class C | (471,112) | (674,596) | (802,080 | ) | ||||||||
| ||||||||||||
Class Y | (1,225,047) | (1,191,838) | (987,797 | ) | ||||||||
| ||||||||||||
Class R6 | (308) | (295) | – | |||||||||
| ||||||||||||
Total distributions from distributable earnings | (3,862,570) | (4,011,712) | (3,787,611 | ) | ||||||||
| ||||||||||||
Share transactions-net: | ||||||||||||
Class A | 10,197,641 | 22,395,949 | (7,832,734 | ) | ||||||||
| ||||||||||||
Class B | – | – | (210,614 | ) | ||||||||
| ||||||||||||
Class C | (11,860,168) | (1,095,766) | (4,327,783 | ) | ||||||||
| ||||||||||||
Class Y | (2,370,603) | 18,333,720 | (2,214,502 | ) | ||||||||
| ||||||||||||
Class R6 | – | 10,000 | – | |||||||||
| ||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (4,033,130) | 39,643,903 | (14,585,633 | ) | ||||||||
| ||||||||||||
Net increase (decrease) in net assets | (8,200,384) | 47,220,946 | (11,181,973 | ) | ||||||||
| ||||||||||||
Net assets: | ||||||||||||
Beginning of year | 154,196,027 | 106,975,081 | 118,157,054 | |||||||||
| ||||||||||||
End of year | $145,995,643 | $154,196,027 | $106,975,081 | |||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco Environmental Focus Municipal Fund
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of fee waivers and/or | Supplemental to average | Ratio of net investment income to average net assets | Portfolio turnover (c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $ | 13.87 | $ | 0.36 | $ | (0.30 | ) | $ | 0.06 | $ | (0.37 | ) | $ | 13.56 | 0.46 | % | $ | 89,194 | 0.75 | %(d) | 0.95 | %(d) | 0.70 | %(d) | 2.69 | %(d) | 63 | % | |||||||||||||||||||||||||||||||||||||
Eleven months ended 02/29/20 | 13.09 | 0.33 | 0.88 | 1.21 | (0.43 | ) | 13.87 | 9.36 | 81,165 | 0.86 | (e) | 0.92 | (e) | 0.76 | (e) | 2.65 | (e) | 14 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 03/31/19 | 12.68 | 0.48 | 0.40 | 0.88 | (0.47 | ) | 13.09 | 7.12 | 54,800 | 0.99 | 1.19 | 0.95 | 3.76 | 79 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 03/31/18 | 12.71 | 0.45 | (0.01 | ) | 0.44 | (0.47 | ) | 12.68 | 3.49 | 60,899 | 0.98 | 1.13 | 0.95 | 3.49 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 03/31/17 | 13.12 | 0.49 | (0.43 | ) | 0.06 | (0.47 | ) | 12.71 | 0.37 | 73,607 | 0.96 | 1.16 | 1.00 | 3.73 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 03/31/16 | 13.16 | 0.44 | 0.01 | 0.45 | (0.49 | ) | 13.12 | 3.51 | 84,636 | 0.97 | 1.26 | 1.09 | 3.40 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 13.86 | 0.28 | (0.29 | ) | (0.01 | ) | (0.29 | ) | 13.56 | (0.01 | ) | 13,982 | 1.30 | (d) | 1.70 | (d) | 1.25 | (d) | 2.14 | (d) | 63 | ||||||||||||||||||||||||||||||||||||||||||||
Eleven months ended 02/29/20 | 13.08 | 0.26 | 0.87 | 1.13 | (0.35 | ) | 13.86 | 8.77 | 26,381 | 1.62 | (e) | 1.68 | (e) | 1.31 | (e) | 2.10 | (e) | 14 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 03/31/19 | 12.66 | 0.39 | 0.41 | 0.80 | (0.38 | ) | 13.08 | 6.47 | 25,961 | 1.75 | 1.95 | 1.62 | 3.10 | 79 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 03/31/18 | 12.70 | 0.35 | (0.02 | ) | 0.33 | (0.37 | ) | 12.66 | 2.65 | 29,457 | 1.73 | 1.88 | 1.70 | 2.73 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 03/31/17 | 13.11 | 0.39 | (0.43 | ) | (0.04 | ) | (0.37 | ) | 12.70 | (0.38 | ) | 33,510 | 1.73 | 1.93 | 1.75 | 2.99 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 03/31/16 | 13.14 | 0.35 | 0.01 | 0.36 | (0.39 | ) | 13.11 | 2.83 | 37,744 | 1.72 | 2.01 | 1.84 | 2.65 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 13.86 | 0.39 | (0.29 | ) | 0.10 | (0.40 | ) | 13.56 | 0.78 | 42,810 | 0.50 | (d) | 0.70 | (d) | 0.45 | (d) | 2.94 | (d) | 63 | ||||||||||||||||||||||||||||||||||||||||||||||
Eleven months ended 02/29/20 | 13.09 | 0.36 | 0.87 | 1.23 | (0.46 | ) | 13.86 | 9.54 | 46,639 | 0.62 | (e) | 0.68 | (e) | 0.51 | (e) | 2.91 | (e) | 14 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 03/31/19 | 12.68 | 0.49 | 0.41 | 0.90 | (0.49 | ) | 13.09 | 7.26 | 26,214 | 0.74 | 0.94 | 0.82 | 3.89 | 79 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 03/31/18 | 12.71 | 0.45 | (0.00 | )(f) | 0.45 | (0.48 | ) | 12.68 | 3.57 | 27,590 | 0.72 | 0.87 | 0.87 | 3.55 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 03/31/17 | 13.12 | 0.50 | (0.43 | ) | 0.07 | (0.48 | ) | 12.71 | 0.45 | 21,199 | 0.73 | 0.93 | 0.93 | 3.81 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 03/31/16 | 13.16 | 0.45 | 0.01 | 0.46 | (0.50 | ) | 13.12 | 3.60 | 18,298 | 0.72 | 1.01 | 1.01 | 3.49 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 13.87 | 0.41 | (0.30 | ) | 0.11 | (0.41 | ) | 13.57 | 0.88 | 10 | 0.40 | (d) | 0.71 | (d) | 0.35 | (d) | 3.04 | (d) | 63 | ||||||||||||||||||||||||||||||||||||||||||||||
Period ended 02/29/20(g) | 13.29 | 0.31 | 0.66 | 0.97 | (0.39 | ) | 13.87 | 7.42 | 10 | 0.57 | (e) | 0.63 | (e) | 0.41 | (e) | 3.00 | (e) | 14 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Ratios are based on average daily net assets (000’s omitted) of $80,264, $21,386, $41,556 and $10 for Class A, Class C, Class Y and Class R6 shares, respectively. |
(e) | Annualized. |
(f) | Amount represents less than $(0.005) per share. |
(g) | Commencement date after the close of business on May 24, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco Environmental Focus Municipal Fund
Notes to Financial Statements
February 28, 2021
NOTE 1–Significant Accounting Policies
Invesco Environmental Focus Municipal Fund, formerly Invesco Oppenheimer Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
Effective September 4, 2020, the investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital. Prior to September 4, 2020, the investment objective was to seek tax-free income.
The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for 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. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations - Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C. | Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to |
17 Invesco Environmental Focus Municipal Fund
shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining the credit agreement. |
H. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications - Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
K. | Other Risks - The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs. |
The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.
The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.
The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.
Because the Fund evaluates environmental focus factors to assess and exclude certain investments for non-financial reasons, it may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under the Fund’s environmental focus scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, the Fund may underperform funds that do not screen or score companies based on environmental focus factors or funds that use a different environmental focus scoring methodology. Information used by the Fund to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, the Fund’s assessment of a company, based on the company’s level of involvement in a particular industry or the company’s environmental focus score, may differ from that of other funds or an investor. As a result, the companies deemed eligible for inclusion in the Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable environmental focus characteristics if different metrics were used to evaluate them.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets* | Rate | |||
First $500 million | 0.400 | % | ||
Next $500 million | 0.350 | % | ||
Next $500 million | 0.300 | % | ||
Over $1.5 billion | 0.280 | % |
* | 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. |
18 Invesco Environmental Focus Municipal Fund
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.39%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.
The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.70%, 1.25%, 0.45% and 0.35%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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.
The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.
For the year ended February 28, 2021, the Adviser waived advisory fees of $205,137 and reimbursed class level expenses of $71,602, $18,734, $37,000 and $10 of Class A, Class C, Class Y and Class R6 shares, respectively.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $6,824 in front-end sales commissions from the sale of Class A shares and $2,256 and $2,212 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of February 28, 2021, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4–Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2021, the Fund engaged in securities purchases of $2,374,953 and securities sales of $2,007,063, which resulted in net realized gains of $443,095.
19 Invesco Environmental Focus Municipal Fund
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6–Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $1.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. Prior to February 25, 2021, the revolving credit and security agreement permitted borrowings up to $2.5 billion. The revolving credit and security agreement is secured by the assets of the Fund. At February 28, 2021, the Fund had no borrowings outstanding under this agreement.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Year Ended February 28, 2021, Period Ended February 29, 2020 and the Year Ended March 31, 2019:
Year Ended February 28, 2021 | Eleven months Ended February 29, 2020 | Year Ended March 31, 2019 | ||||||||||
| ||||||||||||
Ordinary income* | $ 8,038 | $ 80,299 | $ 23,111 | |||||||||
| ||||||||||||
Ordinary income-tax-exempt | 3,854,532 | 3,931,413 | 3,764,500 | |||||||||
| ||||||||||||
Total distributions | $3,862,570 | $4,011,712 | $3,787,611 | |||||||||
|
* Includes short-term capital gain distributions, if any.
Tax Components of Net Assets at Period-End: | ||||
2021 | ||||
| ||||
Undistributed long-term capital gain | $ | 4,305,838 | ||
| ||||
Undistributed tax-exempt income | 33,804 | |||
| ||||
Net unrealized appreciation – investments | 4,110,252 | |||
| ||||
Temporary book/tax differences | (8,952 | ) | ||
| ||||
Shares of beneficial interest | 137,554,701 | |||
| ||||
Total net assets | $ | 145,995,643 | ||
|
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to market premium.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund does not have a capital loss carryforward as of February 28, 2021.
NOTE 8–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $89,250,936 and $95,961,979, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
| ||||
Aggregate unrealized appreciation of investments | $ | 5,101,701 | ||
| ||||
Aggregate unrealized (depreciation) of investments | (991,449 | ) | ||
| ||||
Net unrealized appreciation of investments | $ | 4,110,252 | ||
|
Cost of investments for tax purposes is $134,194,489.
20 Invesco Environmental Focus Municipal Fund
NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of defaulted bonds, bond market discounts and market premium, on February 28, 2021, undistributed net investment income was decreased by $23,350, undistributed net realized gain was increased by $15,521 and shares of beneficial interest was increased by $7,829. This reclassification had no effect on the net assets of the Fund.
NOTE 10–Share Information
Summary of Share Activity | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Year ended February 28, 2021(a) | Eleven months ended February 29, 2020 | Year ended March 31, 2019 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
| ||||||||||||||||||||||||
Sold: | ||||||||||||||||||||||||
Class A | 1,055,113 | $ | 13,990,085 | 1,899,512 | $ | 25,519,851 | 726,167 | $ | 9,223,717 | |||||||||||||||
| ||||||||||||||||||||||||
Class C | 222,090 | 2,959,522 | 333,673 | 4,487,095 | 146,550 | 1,854,845 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Y | 1,019,308 | 13,549,026 | 1,782,338 | 23,991,014 | 786,739 | 9,966,222 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class R6(b) | - | - | 752 | 10,000 | - | - | ||||||||||||||||||
| ||||||||||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||||||||||
Class A | 100,442 | 1,338,846 | 152,451 | 2,056,568 | 149,349 | 1,894,492 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class B(c) | - | - | - | - | 45 | 559 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | 26,950 | 356,669 | 48,411 | 651,816 | 60,702 | 768,925 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Y | 56,727 | 755,342 | 87,834 | 1,185,612 | 76,949 | 976,084 | ||||||||||||||||||
| ||||||||||||||||||||||||
Automatic conversion of Class C shares to Class A shares: | ||||||||||||||||||||||||
Class A | 911,793 | 12,388,914 | 179,911 | 2,425,101 | - | - | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | (912,300 | ) | (12,388,914 | ) | (180,028 | ) | (2,425,101 | ) | - | - | ||||||||||||||
| ||||||||||||||||||||||||
Reacquired: | ||||||||||||||||||||||||
Class A | (1,344,475 | ) | (17,520,204 | ) | (565,574 | ) | (7,605,571 | ) | (1,492,917 | ) | (18,950,943 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class B(c) | - | - | - | - | (16,688 | ) | (211,173 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Class C | (208,407 | ) | (2,787,445 | ) | (283,987 | ) | (3,809,576 | ) | (548,716 | ) | (6,951,553 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class Y | (1,283,182 | ) | (16,674,971 | ) | (509,167 | ) | (6,842,906 | ) | (1,037,368 | ) | (13,156,808 | ) | ||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) in share activity | (355,941 | ) | $ | (4,033,130 | ) | 2,946,126 | $ | 39,643,903 | (1,149,188 | ) | $ | (14,585,633 | ) | |||||||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 64% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
(b) | Commencement date after the close of business on May 24, 2019. |
(c) | All outstanding Class B shares converted to Class A shares on June 1, 2018. |
NOTE 11–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
21 Invesco Environmental Focus Municipal Fund
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Environmental Focus Municipal Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Environmental Focus Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statement of changes in net assets for the year ended February 28, 2021 and the eleven months ended February 29, 2020, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for the year ended February 28, 2021 and the eleven months ended February 29, 2020, and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Financial Highlights |
For the year ended February 28, 2021 and the eleven months ended February 29, 2020 for Class A, Class C and Class Y |
For the year ended February 28, 2021 and the period May 24, 2019 (commencement of operations) through February 29, 2020 for Class R6 |
The financial statements of Invesco Environmental Focus Municipal Fund (formerly known as Oppenheimer Municipal Fund) as of and for the year ended March 31, 2019 and the financial highlights for each of the periods ended on or prior to March 31, 2019 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated May 15, 2019 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
22 Invesco Environmental Focus Municipal Fund
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
ACTUAL | HYPOTHETICAL (5% annual return before expenses) | |||||||||||
Beginning Account Value (09/01/20) | Ending Account Value (02/28/21)1 | Expenses Paid During Period2 | Ending Account Value (02/28/21) | Expenses Paid During Period2 | Annualized Expense Ratio | |||||||
Class A | $1,000.00 | $1,017.50 | $3.75 | $1,021.08 | $3.76 | 0.75% | ||||||
Class C | 1,000.00 | 1,014.80 | 6.49 | 1,018.35 | 6.51 | 1.30 | ||||||
Class Y | 1,000.00 | 1,018.70 | 2.50 | 1,022.32 | 2.51 | 0.50 | ||||||
Class R6 | 1,000.00 | 1,019.90 | 2.00 | 1,022.81 | 2.01 | 0.40 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
23 Invesco Environmental Focus Municipal Fund
Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | ||||||
Qualified Dividend Income* | 0.00 | % | ||||
Corporate Dividends Received Deduction* | 0.00 | % | ||||
Qualified Business Income* | 0.00 | % | ||||
U.S. Treasury Obligations* | 0.00 | % | ||||
Business Interest Income* | 0.00 | % | ||||
TaxExempt Percentage | 99.79 | % |
* | The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
24 Invesco Environmental Focus Municipal Fund
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Interested Trustee | ||||||||
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) | 191 | 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. |
T-1 Invesco Environmental Focus Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees | ||||||||
Christopher L. Wilson - 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and President and Director of Grahamtastic Connection (non- profit) | ||||
Jack M. Fields - 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine | ||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization);Eisenhower Foundation (non-profit) | ||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 Invesco Environmental Focus Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees–(continued) | ||||||||
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 | 191 | 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 | ||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
Prema Mathai-Davis - 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
Joel W. Motley - 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); |
T-3 Invesco Environmental Focus Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees–(continued) | ||||||||
Ann Barnett Stern - 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
Robert C. Troccoli - 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
Daniel S. Vandivort - 1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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 | 191 | 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) |
T-4 Invesco Environmental Focus Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Officers | ||||||||
Sheri Morris - 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 Invesco Environmental Focus Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Officers–(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée | N/A | N/A | ||||
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) |
T-6 Invesco Environmental Focus Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A | ||||
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A | ||||
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | 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’s sub-advisers.
Office of the Fund | Investment Adviser | Distributor | Auditors | |||
11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP | |||
Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 | |||
Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5678 | ||||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company | |||
2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street | |||
Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |
T-7 Invesco Environmental Focus 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.
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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. |
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | O-MUNI-AR-1 |
| ||||
Annual Report to Shareholders
| February 28, 2021
| |||
| ||||
Invesco High Yield Municipal Fund | ||||
Nasdaq: | ||||
A: ACTHX ∎ C: ACTFX ∎ Y: ACTDX ∎ R5: ACTNX ∎ R6: ACTSX |
Management’s Discussion of Fund Performance
Performance summary | ||||
For the year ended February 28, 2021, Class A shares of Invesco High Yield Municipal Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco High Yield Municipal Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
|
| |||
Fund vs. Indexes | ||||
Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
| |||
Class A Shares | -0.25 | % | ||
Class C Shares | -0.99 | |||
Class Y Shares | 0.01 | |||
Class R5 Shares | -0.02 | |||
Class R6 Shares | 0.14 | |||
S&P Municipal Bond High Yield Index▼ (Broad Market Index) | 3.07 | |||
Custom Invesco High Yield Municipal Index∎ (Style-Specific Index) | 2.67 | |||
Lipper High Yield Municipal Debt Funds Index◆ (Peer Group Index) | 0.75 | |||
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc. |
|
Market conditions and your Fund
The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected twist of the coronavirus (COVID-19) global pandemic that pierced the markets and forced society to navigate uncharted waters in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%, and taxable municipal bonds returned 0.43% during the year.1
The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.2 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.2 In general, many high-yield municipal funds hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries – well above the historical norm of approximately 90%.3
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facili-
ties established by the Fed which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to COVID-19, consisting of half of a percentage and a whole percentage point leaving the target range 0.00% to 0.25%.4
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw municipal market performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate timelines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF, which enabled two issuers per state, city or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, the availability of the program provided a psychological safety net for the market.
As the COVID-19 pandemic continued into fall and winter; most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.
We believe, the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill
and an infrastructure package, as well as health care and tax reform.
A highly demanded second stimulus package was signed at the end of 2020. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New municipal issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion.5 Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.5 This uptick is can be attributed to recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance.
Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current on principal and interest, as history has shown.
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February 2021 also brought $34 billion in municipal bond supply, higher than the average supply for the last five years for the month.
During the year, an overweight exposure and security selection in the public power sector added to relative return. Slight overweight exposure to BB and B-rated† issues was additive to relative return over the period. On a state level, security selection among Puerto Rico and Colorado domiciled issues contributed to relative performance.
Conversely, overweight exposure to investment-grade bonds detracted from relative return during the year. Underweight exposure in the dedicated tax sector and a slight overweight in tobacco settlement bonds detracted from relative return. On a state level, a slight overweight among Illinois and Ohio domiciled issues detracted from relative performance.
During the year, leverage contributed to the Fund’s performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of inverse
2 | Invesco High Yield Municipal Fund |
floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to 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. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of some of the Fund’s investments.
Thank you for investing in Invesco High Yield Municipal Fund and for sharing our long-term investment horizon.
1 Source: Bloomberg Barclays
2 Source: Strategic Insight
3 Source: US Department of the Treasury
4 Source: US Federal Reserve
5 Source: The Bond Buyer
† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s):
John (Jack) Connelly
Tim O’Reilly
Mark Paris James Phillips
John Schorle
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of
Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opin ions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 | Invesco High Yield Municipal Fund |
Your Fund’s Long-Term Performance
Results of a $10,000 Investment — Oldest Share Class(es)
Fund and index data from 2/28/11
1 Source: RIMES Technologies Corp.
2 Source: Invesco, RIMES Technologies Corp.
3 Source: Lipper Inc.
Past performance cannot guarantee future results.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management
fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does
not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 | Invesco High Yield Municipal Fund |
Average Annual Total Returns |
| |||
As of 2/28/21, including maximum applicable sales charges |
| |||
Class A Shares |
| |||
Inception (1/2/86) | 5.86 | % | ||
10 Years | 6.21 | |||
5 Years | 3.98 | |||
1 Year | -4.46 | |||
Class C Shares |
| |||
Inception (12/10/93) | 5.27 | % | ||
10 Years | 6.05 | |||
5 Years | 4.12 | |||
1 Year | -1.94 | |||
Class Y Shares |
| |||
Inception (3/1/06) | 5.22 | % | ||
10 Years | 6.93 | |||
5 Years | 5.17 | |||
1 Year | 0.01 | |||
Class R5 Shares |
| |||
10 Years | 6.98 | % | ||
5 Years | 5.12 | |||
1 Year | -0.02 | |||
Class R6 Shares |
| |||
10 Years | 6.80 | % | ||
5 Years | 5.14 | |||
1 Year | 0.14 |
Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen High Yield Municipal Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen High Yield Municipal Fund (renamed Invesco High Yield Municipal Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.
Class R5 shares incepted on April 30, 2012. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will
fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had fees not been waived and/or expenses reimbursed currently or in the past, returns would have been lower. See current prospectus for more information.
5 | Invesco High Yield Municipal Fund |
Supplemental Information
Invesco High Yield Municipal Fund’s investment objective is to seek federal tax-exempt current income and taxable capital appreciation.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report
∎ | The S&P Municipal Bond High Yield Index is an unmanaged index considered representative of municipal bonds that are not rated or are rated below investment grade. |
∎ | The Custom Invesco High Yield Municipal Index is composed of 80% S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index. |
∎ | The Lipper High Yield Municipal Debt Funds Index is an unmanaged index considered representative of high-yield municipal debt funds tracked by Lipper. |
∎ | The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
∎ | A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. | ||
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
6 | Invesco High Yield Municipal Fund |
Fund Information
Portfolio Composition |
| ||||
By credit sector | % of total investments | ||||
Revenue Bonds | 84.3 | % | |||
General Obligation Bonds | 11.6 | ||||
Pre-Refunded Bonds | 4.1 | ||||
Top Five Debt Holdings |
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% of total net assets
| |||||
1. Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB | 1.0 | % | |||
2. Jefferson (County of), AL, Series 2013 F, Revenue Wts. | 0.9 | ||||
3. Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority, Series 2012 A, RB | 0.9 | ||||
4. Chicago (City of), IL, Series 2017 A, Ref. GO Bonds | 0.7 | ||||
5. Children’s Trust Fund, Series 2005 A, RB | 0.7 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of February 28, 2021.
7 | Invesco High Yield Municipal Fund |
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Municipal Obligations–109.78% | ||||||||||||||||
Alabama–3.39% | ||||||||||||||||
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB | 6.00% | 06/01/2050 | $ | 8,650 | $ | 8,991,588 | ||||||||||
Birmingham (City of), AL Water Works Board; Series 2015 A, Ref. RB(a)(b)(c) | 5.00% | 01/01/2025 | 12,750 | 14,902,838 | ||||||||||||
Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB(d) | 5.75% | 10/01/2049 | 8,500 | 9,670,365 | ||||||||||||
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); | 5.50% | 01/01/2028 | 1,390 | 932,231 | ||||||||||||
Series 2007, RB(e) | 5.50% | 01/01/2043 | 21,290 | 14,142,521 | ||||||||||||
Series 2008 A, RB(e) | 6.88% | 01/01/2043 | 4,470 | 2,972,461 | ||||||||||||
Series 2011 A, RB(e) | 7.50% | 01/01/2047 | 2,600 | 1,728,818 | ||||||||||||
Series 2012 A, RB(e) | 5.63% | 01/01/2042 | 6,575 | 4,369,219 | ||||||||||||
Jefferson (County of), AL; | 6.50% | 10/01/2038 | 7,000 | 7,098,070 | ||||||||||||
Series 2013 C, Wts. (INS - AGM)(f)(g) | 6.60% | 10/01/2042 | 11,700 | 11,817,468 | ||||||||||||
Series 2013 F, Revenue Wts.(f) | 7.50% | 10/01/2039 | 27,640 | 28,003,190 | ||||||||||||
Series 2013 F, Revenue Wts.(f) | 7.75% | 10/01/2046 | 95,055 | 96,321,133 | ||||||||||||
Series 2013 F, Revenue Wts.(f) | 7.90% | 10/01/2050 | 64,150 | 65,033,345 | ||||||||||||
Lower Alabama Gas District (The); Series 2016 A, RB(c) | 5.00% | 09/01/2046 | 24,000 | 33,732,480 | ||||||||||||
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(h) | 4.50% | 05/01/2032 | 20,655 | 22,993,766 | ||||||||||||
Series 2019 A, Ref. IDR(h) | 5.25% | 05/01/2044 | 23,500 | 26,754,985 | ||||||||||||
349,464,478 | ||||||||||||||||
Alaska–0.36% | ||||||||||||||||
Alaska (State of) Municipal Bond Bank Authority (Master Resolution); | 5.50% | 10/01/2046 | 505 | 607,500 | ||||||||||||
Series 2017 A, RB(c) | 5.50% | 10/01/2046 | 22,000 | 26,450,380 | ||||||||||||
Northern Tobacco Securitization Corp.; | 0.00% | 06/01/2046 | 27,225 | 5,535,387 | ||||||||||||
Series 2006 C, RB(i) | 0.00% | 06/01/2046 | 20,860 | 4,106,708 | ||||||||||||
36,699,975 | ||||||||||||||||
American Samoa–0.16% | ||||||||||||||||
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB | 6.63% | 09/01/2035 | 14,345 | 16,491,873 | ||||||||||||
Arizona–2.29% | ||||||||||||||||
Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2019, RB(h) | 5.00% | 07/01/2049 | 1,000 | 1,120,580 | ||||||||||||
Arizona (State of) Industrial Development Authority (American Charter Schools Foundation); | 6.00% | 07/01/2037 | 13,845 | 16,828,182 | ||||||||||||
Series 2017, Ref. RB(h) | 6.00% | 07/01/2047 | 19,510 | 23,307,817 | ||||||||||||
Arizona (State of) Industrial Development Authority (Basis Schools); | 5.13% | 07/01/2037 | 1,180 | 1,319,275 | ||||||||||||
Series 2017 D, Ref. RB(h) | 5.00% | 07/01/2051 | 3,300 | 3,661,779 | ||||||||||||
Series 2017 G, Ref. RB(h) | 5.00% | 07/01/2037 | 1,105 | 1,249,888 | ||||||||||||
Series 2017 G, Ref. RB(h) | 5.00% | 07/01/2051 | 1,000 | 1,109,630 | ||||||||||||
Series 2017-A, Ref. RB(h) | 5.38% | 07/01/2050 | 6,000 | 6,675,000 | ||||||||||||
Arizona (State of) Industrial Development Authority (Doral Academy of Nevada - Fire Mesa & Red Rock Campus); Series 2019 A, IDR(h) | 5.00% | 07/15/2039 | 2,650 | 2,986,206 | ||||||||||||
Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community); | 5.00% | 01/01/2043 | 3,250 | 3,040,765 | ||||||||||||
Series 2019 A, RB | 4.50% | 01/01/2049 | 4,500 | 3,800,250 | ||||||||||||
Series 2019 A, RB | 5.00% | 01/01/2054 | 1,250 | 1,124,050 | ||||||||||||
Series 2019 B, RB | 5.00% | 01/01/2034 | 1,730 | 1,494,097 | ||||||||||||
Series 2019 B, RB | 5.00% | 01/01/2035 | 1,820 | 1,558,357 | ||||||||||||
Series 2019 B, RB | 5.00% | 01/01/2049 | 2,125 | 1,602,951 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Arizona–(continued) | ||||||||||||||||
Arizona (State of) Industrial Development Authority (Kaizen Education Foundation); | 5.70% | 07/01/2047 | $ | 9,730 | $ | 10,837,274 | ||||||||||
Series 2016, RB(h) | 5.80% | 07/01/2052 | 4,920 | 5,491,015 | ||||||||||||
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2017 A, Ref. RB(h) | 5.25% | 07/01/2052 | 500 | 514,840 | ||||||||||||
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); Series 2019, RB(h) | 5.00% | 07/01/2054 | 6,210 | 6,467,777 | ||||||||||||
Arizona (State of) Industrial Development Authority (Linder Village); | 5.00% | 06/01/2031 | 6,000 | 6,196,380 | ||||||||||||
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project); | 5.25% | 12/15/2038 | 1,015 | 1,123,493 | ||||||||||||
Series 2018 A, RB(h) | 5.50% | 12/15/2048 | 2,265 | 2,509,054 | ||||||||||||
Glendale (City of), AZ Industrial Development Authority (Sun Health Services); Series 2019 A, Ref. RB | 5.00% | 11/15/2048 | 14,170 | 16,322,848 | ||||||||||||
Glendale (City of), AZ Industrial Development Authority (Terraces of Phoenix); Series 2018 A, Ref. RB | 5.00% | 07/01/2048 | 1,500 | 1,559,250 | ||||||||||||
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); | 4.00% | 11/15/2027 | 1,935 | 2,049,513 | ||||||||||||
Series 2017, Ref. RB | 5.00% | 11/15/2040 | 1,485 | 1,595,425 | ||||||||||||
Series 2017, Ref. RB | 5.00% | 11/15/2045 | 9,390 | 10,033,872 | ||||||||||||
Series 2018, RB | 5.00% | 11/15/2053 | 5,970 | 6,398,706 | ||||||||||||
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(h) | 5.00% | 07/01/2054 | 1,950 | 2,182,109 | ||||||||||||
Maricopa (County of), AZ Industrial Development Authority (Paradise Schools); | 5.00% | 07/01/2036 | 2,475 | 2,732,474 | ||||||||||||
Series 2016, Ref. RB(h) | 5.00% | 07/01/2047 | 1,525 | 1,655,342 | ||||||||||||
Peoria (City of), AZ Industrial Development Authority (Sierra Winds Life Care Community); | 5.50% | 11/15/2034 | 3,695 | 3,691,157 | ||||||||||||
Series 2014, Ref. RB (Acquired 11/06/2014; Cost $ 6,015,000)(j) | 5.75% | 11/15/2040 | 6,015 | 6,016,383 | ||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Basis Schools); | 5.00% | 07/01/2045 | 3,515 | 3,795,392 | ||||||||||||
Series 2016 A, Ref. RB(h) | 5.00% | 07/01/2046 | 3,925 | 4,236,449 | ||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Choice Academies); Series 2012, RB | 5.63% | 09/01/2042 | 2,850 | 2,936,298 | ||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(h) | 6.75% | 07/01/2044 | 5,250 | 6,052,200 | ||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Phoenix Collegiate Academy); Series 2012, RB | 5.63% | 07/01/2042 | 2,770 | 2,847,920 | ||||||||||||
Pima (County of), AZ Industrial Development Authority (Acclaim Charter School); | 5.70% | 12/01/2026 | 1,460 | 1,461,095 | ||||||||||||
Series 2006, RB | 5.80% | 12/01/2036 | 4,385 | 4,384,912 | ||||||||||||
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); | 5.38% | 06/15/2035 | 2,370 | 2,569,862 | ||||||||||||
Series 2015, Ref. RB(h) | 5.63% | 06/15/2045 | 3,500 | 3,784,760 | ||||||||||||
Series 2017, RB(h) | 4.13% | 06/15/2029 | 1,500 | 1,520,700 | ||||||||||||
Series 2017, RB(h) | 5.00% | 06/15/2047 | 1,000 | 1,017,010 | ||||||||||||
Series 2019, Ref. RB(h) | 5.00% | 06/15/2052 | 2,150 | 2,252,770 | ||||||||||||
Pima (County of), AZ Industrial Development Authority (Career Success Schools); | 5.50% | 05/01/2040 | 1,125 | 1,179,956 | ||||||||||||
Series 2020, Ref. RB(h) | 5.75% | 05/01/2050 | 5,000 | 5,247,750 | ||||||||||||
Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School); Series 2014, Ref. RB | 7.25% | 05/01/2044 | 3,000 | 3,280,290 | ||||||||||||
Pima (County of), AZ Industrial Development Authority (Imagine East Mesa Charter Schools); Series 2019, RB(h) | 5.00% | 07/01/2049 | 1,500 | 1,578,645 | ||||||||||||
Pima (County of), AZ Industrial Development Authority (Premier Charter High School); | 7.00% | 07/01/2045 | 3,242 | 3,141,354 | ||||||||||||
Series 2016 B, Ref. RB(k) | 2.07% | 07/01/2045 | 1,735 | 520,607 | ||||||||||||
Series 2016 C, Ref. RB(k) | 2.07% | 07/01/2045 | 1,036 | 10,355 | ||||||||||||
Pima (County of), AZ Industrial Development Authority (Riverbend Prep); Series 2010, RB(h) | 7.00% | 09/01/2037 | 3,358 | 3,363,037 | ||||||||||||
Sundance Community Facilities District (Assessment District No. 2); Series 2003, RB(h) | 7.13% | 07/01/2027 | 525 | 525,478 | ||||||||||||
Sundance Community Facilities District (Assessment District No. 3); Series 2004, RB | 6.50% | 07/01/2029 | 122 | 122,068 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Arizona–(continued) | ||||||||||||||||
Tempe (City of), AZ Industrial Development Authority (Friendship Village); | 6.25% | 12/01/2042 | $ | 4,225 | $ | 4,299,318 | ||||||||||
Series 2012 A, Ref. RB | 6.25% | 12/01/2046 | 4,100 | 4,169,044 | ||||||||||||
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU); | 6.13% | 10/01/2047 | 2,800 | 2,982,728 | ||||||||||||
Series 2017 A, RB(h) | 6.13% | 10/01/2052 | 2,800 | 2,974,664 | ||||||||||||
Town of Florence, Inc. (The) Industrial Development Authority (Legacy Traditional School - Queen Creek and Casa Grande Campuses); | 5.75% | 07/01/2033 | 3,000 | 3,259,860 | ||||||||||||
Series 2013, RB | 6.00% | 07/01/2043 | 3,625 | 3,937,004 | ||||||||||||
235,707,265 | ||||||||||||||||
Arkansas–0.16% | ||||||||||||||||
Arkansas (State of) Development Finance Authority (Big River Steel); Series 2019, RB(d)(h) | 4.50% | 09/01/2049 | 15,000 | 16,162,950 | ||||||||||||
California–12.07% | ||||||||||||||||
ABAG Finance Authority for Nonprofit Corps. (Episcopal Senior Communities); Series 2012 A, Ref. RB | 5.00% | 07/01/2047 | 6,000 | 6,176,460 | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area); Series 2017 F-1, RB(c) | 5.00% | 04/01/2056 | 21,000 | 24,567,060 | ||||||||||||
California (State of); | 3.00% | 03/01/2046 | 8,195 | 8,643,267 | ||||||||||||
Series 2020, GO Bonds(c) | 4.00% | 03/01/2046 | 3,500 | 4,038,650 | ||||||||||||
Series 2020, GO Bonds | 3.00% | 03/01/2050 | 1,315 | 1,374,951 | ||||||||||||
Series 2020-XM0848, Ctfs.(c) | 3.00% | 03/01/2050 | 4,000 | 4,179,040 | ||||||||||||
Series 2020-XM0849, Ctfs.(c) | 4.00% | 03/01/2040 | 10,000 | 11,727,300 | ||||||||||||
Series 2020-XM0849, Ctfs.(c) | 4.00% | 03/01/2050 | 5,250 | 6,034,770 | ||||||||||||
California (State of) Community Housing Agency (Excelsior Charter Schools); | 5.00% | 06/15/2050 | 1,540 | 1,649,494 | ||||||||||||
Series 2020 A, RB(h) | 5.00% | 06/15/2055 | 1,030 | 1,100,256 | ||||||||||||
California (State of) Educational Facilities Authority (Stanford University); | 5.00% | 05/01/2045 | 15,000 | 21,874,350 | ||||||||||||
Series 2012 U-2, Ref. RB(c) | 5.00% | 10/01/2032 | 8,745 | 12,094,073 | ||||||||||||
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Subseries 2017 A-2, RB(c) | 5.00% | 11/01/2047 | 10,000 | 14,369,500 | ||||||||||||
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB | 5.00% | 06/01/2046 | 1,500 | 1,651,695 | ||||||||||||
California (State of) Municipal Finance Authority (California Baptist University); | 5.00% | 11/01/2036 | 1,500 | 1,690,935 | ||||||||||||
Series 2016 A, RB(h) | 5.00% | 11/01/2046 | 1,500 | 1,661,730 | ||||||||||||
California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento & Nevada); | 6.63% | 01/01/2032 | 1,000 | 1,013,570 | ||||||||||||
Series 2012, RB(h) | 6.88% | 01/01/2042 | 1,500 | 1,516,875 | ||||||||||||
California (State of) Municipal Finance Authority (Santa Rosa Academy); | 5.75% | 07/01/2030 | 5,505 | 5,774,525 | ||||||||||||
Series 2012 A, RB | 6.00% | 07/01/2042 | 5,355 | 5,600,741 | ||||||||||||
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing); Series 2019, RB (INS - BAM)(g) | 5.00% | 05/15/2052 | 1,375 | 1,666,555 | ||||||||||||
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, Ref. RB(d) | 4.00% | 07/15/2029 | 15,960 | 17,893,714 | ||||||||||||
California (State of) Pollution Control Finance Authority; | 5.00% | 07/01/2037 | 13,500 | 14,332,545 | ||||||||||||
Series 2012, RB(d)(h) | 5.00% | 11/21/2045 | 20,710 | 21,955,706 | ||||||||||||
California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC); Series 2016, RB (Acquired 01/22/2016-09/26/2017; Cost $9,847,500)(d)(e)(h)(j) | 7.00% | 12/01/2027 | 9,925 | 4,962,500 | ||||||||||||
California (State of) Pollution Control Financing Authority (San Diego County Water Authority); Series 2019, Ref. RB(h) | 5.00% | 11/21/2045 | 11,650 | 13,682,109 | ||||||||||||
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital); Series 2017, Ref. RB | 5.00% | 10/15/2047 | 10,170 | 11,476,540 | ||||||||||||
California (State of) School Finance Authority (Alliance for College-Ready Public Schools); Series 2013 A, RB | 6.40% | 07/01/2048 | 3,000 | 3,275,400 | ||||||||||||
California (State of) School Finance Authority (Aspire Public Schools); Series 2016, Ref. RB(h) | 5.00% | 08/01/2046 | 2,500 | 2,791,750 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
California–(continued) | ||||||||||||||||
California (State of) School Finance Authority (New Designs Charter School); | 5.50% | 06/01/2042 | $ | 5,000 | $ | 5,138,000 | ||||||||||
Series 2019 A, RB(h) | 5.00% | 06/01/2040 | 750 | 821,858 | ||||||||||||
Series 2019 A, RB(h) | 5.00% | 06/01/2050 | 1,060 | 1,148,478 | ||||||||||||
California (State of) School Finance Authority (TEACH Public Schools); Series 2019 A, RB(h) | 5.00% | 06/01/2049 | 750 | 801,608 | ||||||||||||
California (State of) Statewide Communities Development Authority (California Baptist University); | 7.25% | 11/01/2021 | 1,500 | 1,569,810 | ||||||||||||
Series 2011, RB(a)(b) | 7.50% | 11/01/2021 | 5,500 | 5,765,100 | ||||||||||||
Series 2014 A, RB | 6.13% | 11/01/2033 | 1,560 | 1,729,073 | ||||||||||||
California (State of) Statewide Communities Development Authority (Creative Child Care & Team Charter); Series 2015, RB(h) | 6.75% | 06/01/2045 | 6,700 | 7,171,744 | ||||||||||||
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB | 5.25% | 11/15/2034 | 4,350 | 4,533,961 | ||||||||||||
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); Series 2016, Ref. RB(h) | 5.00% | 06/01/2036 | 4,250 | 4,655,322 | ||||||||||||
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); | 5.25% | 12/01/2044 | 3,000 | 3,294,720 | ||||||||||||
Series 2016 A, RB(h) | 5.25% | 12/01/2056 | 55,945 | 62,624,833 | ||||||||||||
Series 2018, RB(h) | 5.25% | 12/01/2043 | 5,510 | 6,442,402 | ||||||||||||
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB(h) | 5.25% | 07/01/2052 | 1,450 | 1,568,712 | ||||||||||||
California (State of) Statewide Communities Development Authority (Terraces at San Joaquin Garden); Series 2012, RB(a)(b) | 6.00% | 10/01/2022 | 4,680 | 5,104,991 | ||||||||||||
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); | 6.00% | 05/01/2043 | 15,000 | 15,133,200 | ||||||||||||
Series 2006 A, RB(i) | 0.00% | 06/01/2046 | 181,950 | 38,484,244 | ||||||||||||
Series 2006 C, RB(h)(i) | 0.00% | 06/01/2055 | 50,000 | 4,374,000 | ||||||||||||
California (State of), CA Tobacco Securitization Agency (Los Angeles County Securitization Corp.); | 4.00% | 06/01/2049 | 1,000 | 1,140,860 | ||||||||||||
Series 2020 B-2, Ref. RB(i) | 0.00% | 06/01/2055 | 13,780 | 2,634,874 | ||||||||||||
California (State of), CA Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2006 A, RB(i) | 0.00% | 06/01/2046 | 25,000 | 5,976,750 | ||||||||||||
California Educational Facilities Authority; Series 2010, RB(c) | 5.25% | 10/01/2032 | 6,255 | 9,146,249 | ||||||||||||
California Public Finance Authority (Henry Mayo Newhall Hospital); Series 2017, Ref. RB | 5.00% | 10/15/2037 | 3,430 | 3,927,590 | ||||||||||||
Fairfield (City of), CA Community Facilities District No. 2007-1 (Fairfield Commons); | 6.50% | 09/01/2023 | 855 | 881,454 | ||||||||||||
Series 2008, RB | 6.75% | 09/01/2028 | 2,550 | 2,632,441 | ||||||||||||
Series 2008, RB | 6.88% | 09/01/2038 | 4,440 | 4,579,238 | ||||||||||||
Foothill-Eastern Transportation Corridor Agency; | 6.00% | 01/15/2024 | 20,000 | 23,235,800 | ||||||||||||
Series 2014 A, Ref. RB (INS - AGM)(g)(i) | 0.00% | 01/15/2036 | 61,010 | 41,943,765 | ||||||||||||
Series 2014 A, Ref. RB (INS - AGM)(g)(i) | 0.00% | 01/15/2037 | 20,000 | 13,260,200 | ||||||||||||
Series 2014 A, Ref. RB(f) | 6.85% | 01/15/2042 | 5,000 | 5,819,950 | ||||||||||||
Series 2014 C, Ref. RB(a)(b) | 6.50% | 01/15/2024 | 10,750 | 12,461,292 | ||||||||||||
Golden State Tobacco Securitization Corp.; | 5.30% | 06/01/2037 | 47,000 | 48,898,800 | ||||||||||||
Series 2007 B, RB(i) | 0.00% | 06/01/2047 | 99,705 | 21,889,236 | ||||||||||||
Series 2018 A-1, Ref. RB | 5.00% | 06/01/2047 | 38,170 | 39,486,102 | ||||||||||||
Series 2018 A-2, Ref. RB | 5.00% | 06/01/2047 | 40,470 | 41,865,406 | ||||||||||||
Inland Empire Tobacco Securitization Corp.; | 0.00% | 06/01/2036 | 173,915 | 64,404,202 | ||||||||||||
Series 2007 D, RB(i) | 0.00% | 06/01/2057 | 46,635 | 3,524,673 | ||||||||||||
Los Angeles (City of), CA Community Facilities District No. 3 (Cascades Business Park); Series 1997, RB | 6.40% | 09/01/2022 | 165 | 167,627 | ||||||||||||
Los Angeles (City of), CA Department of Airports; | 5.00% | 05/15/2040 | 4,500 | 5,683,185 | ||||||||||||
Series 2021 A, Ref. RB(d) | 5.00% | 05/15/2041 | 4,835 | 6,085,138 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
California–(continued) | ||||||||||||||||
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); Series 2018 A, RB(c)(d)(l) | 5.25% | 05/15/2048 | $ | 26,000 | $ | 31,376,280 | ||||||||||
Los Angeles Department of Water; Series 2012 B, RB(c) | 5.00% | 07/01/2043 | 66,530 | 70,600,306 | ||||||||||||
Los Angeles Unified School District; Series 2020 RYQ, GO Bonds | 4.00% | 07/01/2044 | 14,495 | 16,832,174 | ||||||||||||
National (City of), CA Community Development Commission (National City Redevelopment); Series 2011, RB(a)(b) | 7.00% | 08/01/2021 | 4,750 | 4,884,852 | ||||||||||||
Regents of the University of California; Series 2014 AM, RB(c) | 5.00% | 05/15/2044 | 34,545 | 39,027,214 | ||||||||||||
Riverside (County of), CA Transportation Commission; Series 2013 A, RB | 5.75% | 06/01/2048 | 7,000 | 7,630,770 | ||||||||||||
San Bernardino City Unified School District; | 0.00% | 08/01/2036 | 7,650 | 5,237,266 | ||||||||||||
Series 2011 D, GO Bonds (INS - AGM)(g)(i) | 0.00% | 08/01/2037 | 13,130 | 8,677,092 | ||||||||||||
Series 2011 D, GO Bonds (INS - AGM)(g)(i) | 0.00% | 08/01/2038 | 13,515 | 8,634,328 | ||||||||||||
Series 2011 D, GO Bonds (INS - AGM)(g)(i) | 0.00% | 08/01/2039 | 13,895 | 8,565,156 | ||||||||||||
Series 2011 D, GO Bonds (INS - AGM)(g)(i) | 0.00% | 08/01/2040 | 14,280 | 8,486,461 | ||||||||||||
Series 2011 D, GO Bonds (INS - AGM)(g)(i) | 0.00% | 08/01/2041 | 14,080 | 8,058,266 | ||||||||||||
San Buenaventura (City of), CA (Community Memorial Health System); | 8.00% | 12/01/2031 | 9,875 | 10,339,717 | ||||||||||||
Series 2011, RB | 7.50% | 12/01/2041 | 21,980 | 22,903,380 | ||||||||||||
San Diego Unified School District (Election of 2008); Series 2012 E, GO Bonds(f) | 5.25% | 07/01/2042 | 10,000 | 9,013,800 | ||||||||||||
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); | 0.00% | 08/01/2036 | 5,710 | 2,538,381 | ||||||||||||
Series 2013 C, RB(i) | 0.00% | 08/01/2038 | 2,000 | 778,240 | ||||||||||||
Series 2013 C, RB(i) | 0.00% | 08/01/2043 | 17,000 | 4,885,290 | ||||||||||||
San Joaquin Hills Transportation Corridor Agency; | 5.25% | 01/15/2044 | 7,000 | 7,804,160 | ||||||||||||
Series 2014 B, Ref. RB | 5.25% | 01/15/2049 | 11,000 | 12,221,990 | ||||||||||||
San Jose (City of), CA; | 5.00% | 03/01/2041 | 10,000 | 11,773,100 | ||||||||||||
Series 2017 A, Ref. RB(c)(d)(l) | 5.00% | 03/01/2047 | 20,000 | 23,387,400 | ||||||||||||
San Jose (City of), CA (Helzer Courts Apartments); Series 1999 A, RB(d) | 6.40% | 12/01/2041 | 13,708 | 13,718,418 | ||||||||||||
Santee School District; Series 2006 D, GO Bonds (INS - AGC)(a)(i) | 0.00% | 08/01/2038 | 4,355 | 2,909,575 | ||||||||||||
Savanna Elementary School District (Election of 2008); Series 2012 B, GO Bonds (INS - AGM)(f)(g) | 6.75% | 02/01/2052 | 7,500 | 7,680,750 | ||||||||||||
Silicon Valley Tobacco Securitization Authority (Santa Clara); | 0.00% | 06/01/2036 | 10,000 | 4,294,100 | ||||||||||||
Series 2007 A, RB(i) | 0.00% | 06/01/2047 | 20,000 | 4,576,600 | ||||||||||||
Southern California Logistics Airport Authority; | 6.15% | 12/01/2043 | 4,400 | 4,513,916 | ||||||||||||
Series 2008 A, RB | 6.00% | 12/01/2033 | 1,475 | 1,513,188 | ||||||||||||
Series 2008 A, RB(i) | 0.00% | 12/01/2045 | 18,085 | 5,305,416 | ||||||||||||
Series 2008 A, RB(i) | 0.00% | 12/01/2046 | 18,085 | 5,033,236 | ||||||||||||
Series 2008 A, RB(i) | 0.00% | 12/01/2047 | 18,085 | 4,769,557 | ||||||||||||
Series 2008 A, RB(i) | 0.00% | 12/01/2048 | 18,085 | 4,517,995 | ||||||||||||
Series 2008 A, RB(i) | 0.00% | 12/01/2049 | 18,085 | 4,277,645 | ||||||||||||
Series 2008 A, RB(i) | 0.00% | 12/01/2050 | 18,085 | 4,048,689 | ||||||||||||
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); | 0.00% | 06/01/2046 | 30,000 | 6,345,000 | ||||||||||||
Series 2019, Ref. RB | 5.00% | 06/01/2048 | 4,500 | 5,477,490 | ||||||||||||
Series 2019, Ref. RB(i) | 0.00% | 06/01/2054 | 19,300 | 3,613,346 | ||||||||||||
University of California; Series 2017 M, RB(c) | 5.00% | 05/15/2047 | 50,890 | 60,600,830 | ||||||||||||
Vallejo (City of), CA Public Financing Authority (Hiddenbrooke Improvement District); Series 2004 A, RB | 5.80% | 09/01/2031 | 3,430 | 3,475,447 | ||||||||||||
Victor Valley Union High School District (Election of 2008); Series 2013 B, GO Bonds(a)(b)(i) | 0.00% | 08/01/2023 | 74,825 | 15,695,147 | ||||||||||||
1,244,804,917 | ||||||||||||||||
Colorado–8.15% | ||||||||||||||||
3rd and Havana Metropolitan District; | 5.25% | 12/01/2049 | 4,200 | 4,454,562 | ||||||||||||
Series 2020 B, GO Bonds | 7.75% | 12/15/2049 | 1,925 | 2,011,837 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Colorado–(continued) | ||||||||||||||||
64th Ave ARI Authority; Series 2020, RB | 6.50% | 12/01/2043 | $ | 14,000 | $ | 15,023,120 | ||||||||||
Amber Creak Metropolitan District; Series 2017 B, GO Bonds | 7.75% | 12/15/2047 | 463 | 484,854 | ||||||||||||
Aurora Crossroads Metropolitan District No. 2; | 5.00% | 12/01/2050 | 2,000 | 2,128,520 | ||||||||||||
Series 2020 B, GO Bonds | 7.75% | 12/15/2050 | 3,500 | 3,671,955 | ||||||||||||
Banning Lewis Ranch Metropolitan District No. 1; | 5.38% | 12/01/2048 | 2,500 | 2,670,550 | ||||||||||||
Series 2018 B, GO Bonds | 7.75% | 12/15/2041 | 630 | 672,166 | ||||||||||||
Banning Lewis Ranch Metropolitan District No. 4; | 5.75% | 12/01/2048 | 5,000 | 5,389,750 | ||||||||||||
Series 2018 B, GO Bonds | 8.00% | 12/15/2048 | 2,063 | 2,197,590 | ||||||||||||
Banning Lewis Ranch Metropolitan District No. 5; | 5.75% | 12/01/2048 | 2,195 | 2,366,012 | ||||||||||||
Series 2018 B, GO Bonds | 8.00% | 12/15/2048 | 511 | 544,338 | ||||||||||||
Base Village Metropolitan District No. 2; Series 2016 B, Ref. GO Bonds | 6.50% | 12/15/2048 | 2,830 | 2,354,136 | ||||||||||||
Belford North Metropolitan District; Series 2020 B, GO Bonds | 8.50% | 12/15/2050 | 6,500 | 6,836,310 | ||||||||||||
Bella Mesa Metropolitan District; Series 2020 A, GO Bonds(f)(h) | 6.75% | 12/01/2049 | 3,785 | 2,992,610 | ||||||||||||
Belleview Village Metropolitan District; Series 2020, GO Bonds | 4.95% | 12/01/2050 | 870 | 920,382 | ||||||||||||
Bennett Ranch Metropolitan District No. 1; Series 2021 B, GO Bonds | 7.50% | 12/15/2051 | 1,221 | 1,230,328 | ||||||||||||
Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB | 5.63% | 12/01/2048 | 10,000 | 10,801,400 | ||||||||||||
Brighton Crossing Metropolitan District No. 4; Series 2017 B, GO Bonds | 7.00% | 12/15/2047 | 670 | 700,425 | ||||||||||||
Brighton Crossing Metropolitan District No. 6; Series 2020 A, GO Bonds | 5.00% | 12/01/2050 | 2,000 | 2,100,700 | ||||||||||||
Broadway Station Metropolitan District No. 2; Series 2019 B, GO Bonds(f) | 7.50% | 12/01/2048 | 7,075 | 4,993,959 | ||||||||||||
Broadway Station Metropolitan District No. 3; Series 2019, GO Bonds(f) | 7.50% | 12/01/2049 | 30,465 | 20,088,316 | ||||||||||||
Bromley Park Metropolitan District No. 2; Series 2018 C, Ref. GO Bonds | 7.85% | 12/15/2047 | 6,408 | 6,473,298 | ||||||||||||
Broomfield Village Metropolitan District No. 2; Series 2003, Ref. GO Bonds(k)(m) | 6.25% | 12/01/2032 | 3,330 | 2,664,000 | ||||||||||||
Buffalo Highlands Metropolitan District; | 5.25% | 12/01/2038 | 1,000 | 1,064,030 | ||||||||||||
Series 2018 A, Ref. GO Bonds | 5.38% | 12/01/2048 | 1,750 | 1,857,100 | ||||||||||||
Series 2018 B, Ref. GO Bonds | 7.63% | 12/15/2046 | 1,226 | 1,263,307 | ||||||||||||
Buffalo Ridge Metropolitan District; Series 2018 B, GO Bonds | 7.38% | 12/15/2047 | 3,230 | 3,453,774 | ||||||||||||
Canyons Metropolitan District No. 5; | 6.00% | 12/01/2037 | 1,750 | 1,851,220 | ||||||||||||
Series 2017 A, Ref. GO Bonds | 6.13% | 12/01/2047 | 4,735 | 5,008,778 | ||||||||||||
Series 2017 B, GO Bonds | 8.00% | 12/15/2047 | 3,500 | 3,672,445 | ||||||||||||
Centerra Metropolitan District No. 1; Series 2020 A, Ref. GO Bonds | 5.00% | 12/01/2051 | 7,375 | 7,930,632 | ||||||||||||
Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2018, Ref. RB | 5.25% | 12/01/2048 | 5,550 | 5,905,977 | ||||||||||||
Citadel on Colfax Business Improvement District; | 5.35% | 12/01/2050 | 2,900 | 3,024,816 | ||||||||||||
Series 2020 B, RB | 7.88% | 12/15/2050 | 465 | 481,224 | ||||||||||||
City Center West Commercial Metropolitan District; | 7.00% | 12/01/2049 | 4,000 | 4,448,600 | ||||||||||||
Series 2020 B, GO Bonds | 9.00% | 12/15/2049 | 581 | 641,935 | ||||||||||||
City Center West Residential Metropolitan District No. 2; Series 2019 B, GO Bonds | 7.75% | 12/15/2049 | 1,425 | 1,494,440 | ||||||||||||
Clear Creek Station Metropolitan District No. 2; Series 2017 B, GO Bonds | 7.38% | 12/15/2047 | 500 | 524,665 | ||||||||||||
Colliers Hill Metropolitan District No. 1; Series 2019 B, Ref. GO Bonds | 8.00% | 12/15/2048 | 2,500 | 2,663,200 | ||||||||||||
Colorado (State of) Educational & Cultural Facilities Authority (Community Leadership Academy); | 6.25% | 07/01/2028 | 1,510 | 1,514,636 | ||||||||||||
Series 2008, RB | 6.50% | 07/01/2038 | 1,000 | 1,002,810 | ||||||||||||
Series 2013, RB | 7.45% | 08/01/2048 | 2,245 | 2,488,605 | ||||||||||||
Colorado (State of) Health Facilities Authority (Christian Living Communities); Series 2011, RB | 6.38% | 01/01/2041 | 1,615 | 1,659,299 | ||||||||||||
Colorado (State of) Health Facilities Authority (Commonspirit Health); | 5.00% | 08/01/2038 | 5,000 | 6,152,050 | ||||||||||||
Series 2019 A-2, Ref. RB | 4.00% | 08/01/2049 | 11,800 | 13,036,994 | ||||||||||||
Colorado (State of) Health Facilities Authority (Frasier Meadows Retirement Community); Series 2017 B, RB | 5.00% | 05/15/2048 | 1,500 | 1,578,180 | ||||||||||||
Colorado (State of) Health Facilities Authority (SCL Health System); Series 2013 A, RB(c) | 5.00% | 01/01/2044 | 21,000 | 22,846,740 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Colorado–(continued) | ||||||||||||||||
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center); | 5.75% | 12/01/2035 | $ | 1,650 | $ | 1,688,297 | ||||||||||
Series 2015 A, Ref. RB(h) | 6.13% | 12/01/2045 | 2,300 | 2,363,940 | ||||||||||||
Series 2015 A, Ref. RB(h) | 6.25% | 12/01/2050 | 4,070 | 4,195,600 | ||||||||||||
Colorado (State of) Health Facilities Authority (Volunteers of America Care); | 5.20% | 07/01/2022 | 300 | 300,078 | ||||||||||||
Series 2007 A, RB | 5.25% | 07/01/2027 | 3,260 | 3,260,456 | ||||||||||||
Series 2007 A, RB | 5.30% | 07/01/2037 | 3,985 | 3,752,117 | ||||||||||||
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); | 4.00% | 07/15/2038 | 350 | 406,693 | ||||||||||||
Series 2020 A, Ref. RB | 4.00% | 07/15/2039 | 800 | 978,048 | ||||||||||||
Series 2020 A, Ref. RB | 4.00% | 07/15/2040 | 500 | 612,260 | ||||||||||||
Colorado Crossing Metropolitan District No. 2; | 5.00% | 12/01/2047 | 14,614 | 15,222,381 | ||||||||||||
Series 2020 A-2, GO Bonds | 5.00% | 12/01/2050 | 13,000 | 13,311,350 | ||||||||||||
Series 2020 B, GO Bonds(h) | 7.50% | 12/15/2050 | 3,495 | 3,562,139 | ||||||||||||
Colorado International Center Metropolitan District No. 14; Series 2018, Ref. GO Bonds | 5.88% | 12/01/2046 | 13,500 | 14,530,860 | ||||||||||||
Colorado International Center Metropolitan District No. 4; | 6.00% | 12/01/2047 | 30,920 | 25,273,390 | ||||||||||||
Series 2019 A-2, GO Bonds(f) | 6.25% | 12/01/2048 | 15,075 | 12,918,220 | ||||||||||||
Series 2019 B-2, GO Bonds | 8.75% | 12/15/2048 | 1,997 | 2,130,539 | ||||||||||||
Copperleaf Metropolitan District No. 6; Series 2018 A, GO Bonds | 5.25% | 12/01/2048 | 2,000 | 2,122,440 | ||||||||||||
Subseries 2018 B, GO Bonds | 7.50% | 12/15/2048 | 820 | 868,749 | ||||||||||||
Cottonwood Highlands Metropolitan District No. 1; Series 2019 B, GO Bonds | 8.75% | 12/15/2049 | 2,095 | 2,248,857 | ||||||||||||
Creekside Village Metropolitan District; Series 2019, GO Bonds | 7.75% | 12/15/2049 | 616 | 649,209 | ||||||||||||
Crowfoot Valley Ranch Metropolitan District No. 2; | 5.63% | 12/01/2038 | 3,555 | 3,847,008 | ||||||||||||
Series 2018 A, GO Bonds | 5.75% | 12/01/2048 | 9,665 | 10,418,387 | ||||||||||||
Series 2018 B, GO Bonds | 8.00% | 12/15/2048 | 1,630 | 1,729,593 | ||||||||||||
Dacono Urban Renewal Authority; Series 2020, RB | 6.25% | 12/01/2039 | 3,010 | 3,179,222 | ||||||||||||
Denver (City & County of), CO; | 5.00% | 12/01/2029 | 24,580 | 30,686,655 | ||||||||||||
Series 2018 A, RB(c)(d) | 5.00% | 12/01/2036 | 25,865 | 31,262,508 | ||||||||||||
Series 2018 A, Ref. RB(c)(d) | 5.25% | 12/01/2043 | 17,500 | 21,190,575 | ||||||||||||
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(d) | 5.00% | 10/01/2032 | 43,840 | 46,561,587 | ||||||||||||
Denver (City of), CO Convention Center Hotel Authority; | 5.00% | 12/01/2032 | 1,000 | 1,151,230 | ||||||||||||
Series 2016, Ref. RB | 5.00% | 12/01/2040 | 250 | 282,090 | ||||||||||||
Denver Gateway Center Metropolitan District; | 5.63% | 12/01/2048 | 2,130 | 2,276,374 | ||||||||||||
Series 2018 B, GO Bonds | 7.88% | 12/15/2048 | 1,855 | 1,973,813 | ||||||||||||
Denver International Business Center Metropolitan District No. 1; Series 2019 B, GO Bonds | 6.00% | 12/01/2048 | 2,300 | 2,486,760 | ||||||||||||
Douglas (County of), CO Sierra Ridge Metropolitan District No. 2; Series 2016 B, GO Bonds | 7.63% | 12/15/2046 | 1,500 | 1,558,665 | ||||||||||||
Elbert (County of), CO & Highway 86 Commercial Metropolitan District; Series 2008 A, RB(k)(m) | 7.50% | 12/01/2032 | 4,500 | 4,050,000 | ||||||||||||
Erie Commons Metropolitan District No. 2; Series 2019 B, Ref. GO Bonds | 6.95% | 12/15/2054 | 3,100 | 3,230,293 | ||||||||||||
Evan’s Place Metropolitan District; | 5.00% | 12/01/2040 | 550 | 583,583 | ||||||||||||
Series 2020 MDD, GO Bonds | 5.00% | 12/01/2050 | 1,585 | 1,651,633 | ||||||||||||
Flying Horse Metropolitan District No. 3; Series 2019, Ref. GO Bonds(h) | 6.00% | 12/01/2049 | 2,970 | 3,143,686 | ||||||||||||
Forest Trace Metropolitan District No. 3; Series 2020 B, GO Bonds | 7.88% | 12/15/2049 | 933 | 983,475 | ||||||||||||
Fourth Street Crossing Business Improvement District; Series 2019 B, RB | 8.00% | 12/15/2049 | 700 | 736,974 | ||||||||||||
Gardens at East Iliff Metropolitan District; | 5.00% | 12/01/2049 | 2,065 | 2,192,431 | ||||||||||||
Series 2019 A, GO Bonds | 8.50% | 12/15/2049 | 680 | 708,492 | ||||||||||||
Gardens on Havana Metropolitan District No. 3 (The); | 5.13% | 12/01/2037 | 1,070 | 1,126,432 | ||||||||||||
Series 2017 A, RB | 5.25% | 12/01/2047 | 1,015 | 1,066,674 | ||||||||||||
Series 2017 B, RB | 7.75% | 12/15/2047 | 1,000 | 1,052,410 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Colorado–(continued) | ||||||||||||||||
Grandby Ranch Metropolitan District; Series 2018, Ref. GO Bonds(h) | 5.50% | 12/01/2052 | $ | 5,490 | $ | 5,834,717 | ||||||||||
Green Valley Ranch East Metropolitan District No. 6; Series 2020 A, GO Bonds | 5.88% | 12/01/2050 | 3,550 | 3,836,911 | ||||||||||||
Hance Ranch Metropolitan District; | 5.00% | 12/01/2040 | 565 | 587,956 | ||||||||||||
Series 2020, GO Bonds | 5.13% | 12/01/2050 | 1,810 | 1,868,228 | ||||||||||||
Haskins Station Metropolitan District; | 5.00% | 12/01/2039 | 690 | 738,003 | ||||||||||||
Series 2019 A, GO Bonds | 5.00% | 12/01/2049 | 1,125 | 1,190,171 | ||||||||||||
Series 2019 B, Ref. GO Bonds | 8.75% | 12/15/2049 | 1,328 | 1,391,412 | ||||||||||||
Hess Ranch Metropolitan District No. 6; | 5.00% | 12/01/2049 | 5,000 | 5,383,500 | ||||||||||||
Series 2020 A-2, GO Bonds(f) | 5.75% | 12/01/2049 | 9,000 | 6,876,900 | ||||||||||||
Series 2020 B, GO Bonds | 8.00% | 12/15/2049 | 4,683 | 4,988,847 | ||||||||||||
Home Place Metropolitan District; Series 2020 B, GO Bonds | 8.25% | 12/15/2050 | 834 | 893,631 | ||||||||||||
Homestead Hills Metropolitan District; | 5.00% | 12/01/2050 | 2,220 | 2,366,342 | ||||||||||||
Series 2020 B, GO Bonds | 8.00% | 12/15/2050 | 722 | 753,652 | ||||||||||||
Independence Metropolitan District No. 3; | 6.25% | 12/01/2049 | 8,095 | 8,729,891 | ||||||||||||
Series 2019 B, GO Bonds | 9.00% | 12/15/2049 | 4,230 | 4,496,871 | ||||||||||||
Independence Water & Sanitation District; Series 2019, RB | 7.25% | 12/01/2038 | 5,270 | 5,712,206 | ||||||||||||
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB | 5.75% | 12/15/2050 | 6,910 | 7,317,966 | ||||||||||||
Johnston (Town of), CO Plaza Metropolitan District; | 5.25% | 12/01/2036 | 4,000 | 4,158,160 | ||||||||||||
Series 2016 A, RB | 5.38% | 12/01/2046 | 12,000 | 12,467,160 | ||||||||||||
Johnstown Village Metropolitan District No. 2; | 5.00% | 12/01/2050 | 2,000 | 2,118,480 | ||||||||||||
Series 2020 B, GO Bonds(h) | 7.75% | 12/15/2050 | 711 | 742,504 | ||||||||||||
Jones District Community Authority Board; Series 2020 A, RB(f) | 5.75% | 12/01/2050 | 6,815 | 5,608,541 | ||||||||||||
Karl’s Farm Metropolitan District No. 2; | 5.38% | 12/01/2040 | 640 | 688,314 | ||||||||||||
Series 2020 A, GO Bonds(h) | 5.63% | 12/01/2050 | 1,615 | 1,731,910 | ||||||||||||
Kinston Metropolitan District No. 5; | 5.13% | 12/01/2050 | 2,850 | 3,065,802 | ||||||||||||
Series 2020 B, GO Bonds | 7.50% | 12/15/2052 | 3,800 | 4,031,154 | ||||||||||||
Lakes at Centerra Metropolitan District No. 2; | 5.13% | 12/01/2037 | 2,700 | 2,868,831 | ||||||||||||
Series 2018 A, GO Bonds | 5.25% | 12/01/2047 | 4,970 | 5,263,677 | ||||||||||||
Series 2018 B, GO Bonds | 7.63% | 12/15/2047 | 1,795 | 1,901,156 | ||||||||||||
Lanterns Rock Creek Metropolitan District; Series 2020, GO Bonds | 6.25% | 08/01/2045 | 1,495 | 1,575,999 | ||||||||||||
Leyden Rock Metropolitan District No. 10; | 7.25% | 12/15/2045 | 500 | 519,785 | ||||||||||||
Series 2017 C, Ref. GO Bonds | 10.75% | 12/15/2049 | 1,025 | 1,056,201 | ||||||||||||
Mayfield Metropolitan District; | 5.75% | 12/01/2050 | 1,190 | 1,296,767 | ||||||||||||
Series 2020 B, GO Bonds | 8.25% | 12/15/2050 | 622 | 672,171 | ||||||||||||
Series 2020 C, GO Bonds | 3.00% | 12/15/2050 | 767 | 245,954 | ||||||||||||
Meadowbrook Crossing Metropolitan District; | 5.25% | 12/01/2049 | 3,355 | 3,598,070 | ||||||||||||
Series 2020 B, Ref. GO Bonds(h) | 7.75% | 12/15/2049 | 494 | 525,646 | ||||||||||||
Meadowlark Metropolitan District; | 4.88% | 12/01/2040 | 525 | 556,421 | ||||||||||||
Series 2020 A, GO Bonds | 5.13% | 12/01/2050 | 755 | 802,074 | ||||||||||||
Series 2020 B, GO Bonds | 7.63% | 12/15/2050 | 607 | 637,271 | ||||||||||||
Mirabelle Metropolitan District No. 2; Series 2020 B, GO Bonds | 7.38% | 12/15/2049 | 1,473 | 1,536,192 | ||||||||||||
Montrose (County of), CO (The Homestead at Montrose, Inc.); | 6.75% | 02/01/2022 | 55 | 54,997 | ||||||||||||
Series 2003 A, RB | 7.00% | 02/01/2025 | 800 | 799,664 | ||||||||||||
Series 2003 A, RB | 7.00% | 02/01/2038 | 6,200 | 6,032,166 | ||||||||||||
Mountain Sky Metropolitan District; Series 2020 A, GO Bonds | 5.00% | 12/01/2049 | 980 | 1,039,917 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Colorado–(continued) | ||||||||||||||||
Neu Towne Metropolitan District; Series 2018 B, Ref. GO Bonds | 7.75% | 12/15/2046 | $ | 2,285 | $ | 2,418,855 | ||||||||||
North Holly Metropolitan District; | 5.50% | 12/01/2048 | 1,260 | 1,340,300 | ||||||||||||
Series 2018 B, GO Bonds | 7.88% | 12/15/2048 | 1,015 | 1,077,260 | ||||||||||||
North Park Metropolitan District No. 1; | 5.50% | 12/01/2034 | 8,340 | 8,975,591 | ||||||||||||
Seires 2018 A-2, RB | 5.85% | 12/01/2048 | 9,000 | 9,653,490 | ||||||||||||
Series 2018 A-1, RB | 5.38% | 12/01/2034 | 5,650 | 6,062,280 | ||||||||||||
Series 2018 A-1, RB | 5.75% | 12/01/2048 | 3,850 | 4,120,039 | ||||||||||||
North Range Metropolitan District No. 2; | 5.63% | 12/01/2037 | 3,270 | 3,469,993 | ||||||||||||
Series 2017 A, Ref. GO Bonds | 5.75% | 12/01/2047 | 4,885 | 5,172,336 | ||||||||||||
Series 2017 B, GO Bonds | 7.75% | 12/15/2047 | 2,830 | 2,983,584 | ||||||||||||
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds | 5.25% | 12/01/2050 | 7,320 | 7,903,111 | ||||||||||||
Painted Prairie Metropolitain District No. 2; Series 2018, GO Bonds | 5.25% | 12/01/2048 | 3,000 | 3,151,740 | ||||||||||||
Palisade Metropolitan District No. 2; Series 2019, GO Bonds | 7.25% | 12/15/2049 | 3,712 | 3,904,319 | ||||||||||||
Promontory Metropolitan District No. 3; Series 2020 A, GO Bonds | 6.25% | 12/01/2050 | 1,040 | 1,094,465 | ||||||||||||
Raindance Metropolitan District No. 2; Series 2019 B, GO Bonds | 7.50% | 12/15/2049 | 2,290 | 2,399,622 | ||||||||||||
Reata Ridge Village Metropolitan District No. 2; Series 2019 B-3, GO Bonds | 8.00% | 12/15/2049 | 615 | 645,221 | ||||||||||||
Remuda Ranch Metropolitan District; Series 2020 B, GO Bonds | 7.63% | 12/15/2050 | 574 | 587,064 | ||||||||||||
Riverdale Peaks II Metropolitan District; Series 2005, GO Bonds(k) | 6.50% | 12/01/2035 | 1,000 | 500,000 | ||||||||||||
RM Mead Metropolitan District; | 5.25% | 12/01/2050 | 4,370 | 4,613,584 | ||||||||||||
Series 2020 B, GO Bonds | 8.00% | 12/15/2050 | 610 | 637,462 | ||||||||||||
Rock Canyon Metropolitan District; | 5.00% | 12/01/2049 | 1,637 | 1,733,239 | ||||||||||||
Series 2020 B, GO Bonds | 8.75% | 12/15/2049 | 398 | 419,974 | ||||||||||||
Sabell Metropolitan District; Series 2020 A, GO Bonds(h) | 5.00% | 12/01/2050 | 1,055 | 1,132,448 | ||||||||||||
Settler’s Crossing Metropolitan District No. 1; Series 2020 A, GO Bonds(h) | 5.00% | 12/01/2040 | 1,000 | 1,073,810 | ||||||||||||
Series 2020 A, GO Bonds(h) | 5.13% | 12/01/2050 | 1,630 | 1,749,984 | ||||||||||||
Series 2020 B, GO Bonds | 7.63% | 12/15/2050 | 598 | 630,489 | ||||||||||||
Severance Shores Metropolitan District No. 4; Series 2020 B, GO Bonds | 8.25% | 12/15/2049 | 805 | 856,770 | ||||||||||||
Silver Peaks Metropolitan District No. 3; | 5.00% | 12/01/2050 | 600 | 626,580 | ||||||||||||
Series 2020 B, GO Bonds | 7.00% | 12/15/2050 | 500 | 509,825 | ||||||||||||
South Aurora Regional Improvement Authority; Series 2018, RB | 6.25% | 12/01/2057 | 2,815 | 3,006,251 | ||||||||||||
Spring Valley Metropolitan District No. 3; | ||||||||||||||||
Series 2020 A, GO Bonds | 5.00% | 12/01/2049 | 1,360 | 1,452,466 | ||||||||||||
Series 2020 B, GO Bonds | 8.50% | 12/15/2049 | 1,331 | 1,404,391 | ||||||||||||
St. Vrain Lakes Metropolitan District No. 2; Series 2017 B, GO Bonds | 7.63% | 12/15/2047 | 1,080 | 1,151,582 | ||||||||||||
STC Metropolitan District No. 2; Series 2019 B, GO Bonds | 8.00% | 12/15/2049 | 3,954 | 4,159,015 | ||||||||||||
Sterling Ranch Community Authority Board; | 7.50% | 12/15/2047 | 6,500 | 6,857,565 | ||||||||||||
Series 2020 B, RB | 7.13% | 12/15/2050 | 725 | 771,270 | ||||||||||||
Tailholt Metropolitan District No. 3; | 6.00% | 12/01/2048 | 7,545 | 8,062,587 | ||||||||||||
Series 2018 B, GO Bonds | 8.13% | 12/15/2048 | 1,647 | 1,755,735 | ||||||||||||
Talon Pointe Metropolitan District; | 5.25% | 12/01/2039 | 3,260 | 3,545,902 | ||||||||||||
Series 2019 A, Ref. GO Bonds | 5.25% | 12/01/2051 | 5,345 | 5,755,496 | ||||||||||||
Series 2019 B, Ref. GO Bonds | 8.00% | 12/15/2051 | 2,595 | 2,742,993 | ||||||||||||
Three Springs Metropolitan District No. 1; Series 2020 B, Ref. GO Bonds | 7.13% | 12/15/2050 | 1,695 | 1,728,324 | ||||||||||||
Timberleaf Metropolitan District; Series 2020 B, GO Bonds | 8.25% | 12/15/2050 | 777 | 835,508 | ||||||||||||
Trails at Crowfoot Metropolitan District No. 3; | 5.00% | 12/01/2039 | 1,000 | 1,067,980 | ||||||||||||
Series 2019, GO Bonds | 9.00% | 12/15/2049 | 3,140 | 3,299,543 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Colorado–(continued) | ||||||||||||||||
Transport Metropolitan District No. 3; | 5.00% | 12/01/2041 | $ | 1,000 | $ | 1,066,460 | ||||||||||
Series 2021 A-1, GO Bonds | 5.00% | 12/01/2051 | 4,960 | 5,201,056 | ||||||||||||
Series 2021 A-2, GO Bonds(f) | 5.50% | 12/01/2051 | 3,000 | 2,384,400 | ||||||||||||
Tuscan Foothills Village Metropolitan District; Series 2019 A, GO Bonds(f) | 6.25% | 12/01/2049 | 1,240 | 1,262,407 | ||||||||||||
University of Colorado; Series 2014 A, RB(a)(b)(c) | 5.00% | 06/01/2024 | 16,835 | 19,319,004 | ||||||||||||
Velocity Metropolitan District No. 5; Series 2020 A-2, GO Bonds(f) | 6.00% | 12/01/2050 | 13,100 | 9,207,990 | ||||||||||||
Villages at Castle Rock Metropolitan District No. 6 (Cobblestone Ranch); Series 2007, GO Bonds(i) | 0.00% | 12/01/2037 | 83,945 | 27,289,527 | ||||||||||||
Villages at Johnstown Metropolitan District No. 3; | 5.00% | 12/01/2050 | 1,020 | 1,061,096 | ||||||||||||
Series 2020 B, GO Bonds | 7.50% | 12/15/2050 | 843 | 859,691 | ||||||||||||
Vista Ridge Metropolitan District; Series 2006 B, Ref. GO Bonds(a)(b) | 9.50% | 12/01/2021 | 1,000 | 1,085,430 | ||||||||||||
Wagons West Metropolitan District; | 5.00% | 12/01/2049 | 1,685 | 1,785,898 | ||||||||||||
Series 2020 B-3, GO Bonds | 8.50% | 12/15/2049 | 553 | 576,856 | ||||||||||||
Waterstone Metropolitan District No. 1; Series 2020 A, GO Bonds | 6.00% | 12/01/2049 | 15,680 | 17,467,206 | ||||||||||||
Westerly Metropolitan District No. 4; | 5.00% | 12/01/2050 | 1,000 | 1,017,800 | ||||||||||||
Series 2021 A2, GO Bonds(f) | 5.75% | 12/01/2050 | 1,000 | 739,530 | ||||||||||||
Series 2021 B, GO Bonds | 8.00% | 12/15/2050 | 4,238 | 4,165,361 | ||||||||||||
Wild Plum Metropolitan District; | 5.00% | 12/01/2049 | 600 | 646,356 | ||||||||||||
Series 2019 B, GO Bonds(h) | 7.75% | 12/15/2049 | 505 | 540,693 | ||||||||||||
Willow Springs Metropolitan District; Series 2019 B, GO Bonds | 7.75% | 12/15/2049 | 650 | 681,532 | ||||||||||||
840,823,272 | ||||||||||||||||
Connecticut–0.16% | ||||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); | 4.00% | 07/01/2041 | 2,365 | 2,623,045 | ||||||||||||
Series 2019 A, Ref. RB | 4.00% | 07/01/2049 | 3,000 | 3,281,400 | ||||||||||||
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds (Acquired 11/16/2006 - 02/04/2020; Cost $4,834,778)(e)(j)(k) | 5.13% | 10/01/2036 | 7,935 | 952,200 | ||||||||||||
Hamden (Town of), CT (Whitney Center); Series 2019, Ref. RB | 5.00% | 01/01/2050 | 9,000 | 9,139,230 | ||||||||||||
15,995,875 | ||||||||||||||||
Delaware–0.16% | ||||||||||||||||
Delaware (State of) Economic Development Authority (Aspira of Delaware Charter Operations, Inc.); Series 2016 A, RB | 5.00% | 06/01/2051 | 2,200 | 2,339,458 | ||||||||||||
Delaware (State of) Economic Development Authority (Newark Charter School); Series 2012, RB | 5.00% | 09/01/2042 | 1,350 | 1,382,805 | ||||||||||||
Millsboro (Town of), DE (Plantation Lakes Special Development District); | 5.13% | 07/01/2038 | 8,000 | 8,645,680 | ||||||||||||
Series 2018, Ref. RB(h) | 5.25% | 07/01/2048 | 4,100 | 4,387,656 | ||||||||||||
16,755,599 | ||||||||||||||||
District of Columbia–1.15% | ||||||||||||||||
District of Columbia; Series 2014 C, GO Bonds(c) | 5.00% | 06/01/2038 | 21,000 | 23,750,580 | ||||||||||||
District of Columbia (Center for Strategic & International Studies, Inc.); Series 2011, RB(a)(b) | 6.63% | 03/01/2021 | 5,150 | 5,150,000 | ||||||||||||
District of Columbia (Gallaudet University); Series 2011, RB(a)(b) | 5.50% | 04/01/2021 | 3,000 | 3,012,870 | ||||||||||||
District of Columbia (Ingleside at Rock Creek); | 5.00% | 07/01/2032 | 500 | 519,750 | ||||||||||||
Series 2017 A, RB | 5.00% | 07/01/2037 | 2,650 | 2,717,734 | ||||||||||||
Series 2017 A, RB | 5.00% | 07/01/2052 | 10,485 | 10,540,780 | ||||||||||||
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB | 5.00% | 10/01/2045 | 7,750 | 7,663,200 | ||||||||||||
District of Columbia Tobacco Settlement Financing Corp.; | 0.00% | 06/15/2046 | 100,920 | 21,334,488 | ||||||||||||
Series 2006 C, RB(i) | 0.00% | 06/15/2055 | 60,320 | 5,526,519 | ||||||||||||
District of Columbia Water & Sewer Authority; Series 2013 A, RB(a)(b)(c) | 5.00% | 10/01/2023 | 27,000 | 30,296,700 | ||||||||||||
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB | 4.00% | 10/01/2049 | 7,500 | 8,256,225 | ||||||||||||
118,768,846 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Florida–5.71% | ||||||||||||||||
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.); | 5.00% | 11/15/2024 | $ | 3,020 | $ | 3,012,722 | ||||||||||
Series 2014, RB | 5.63% | 11/15/2029 | 1,000 | 999,570 | ||||||||||||
Series 2014, RB | 6.00% | 11/15/2029 | 4,000 | 4,015,360 | ||||||||||||
Series 2014, RB | 6.00% | 11/15/2034 | 2,500 | 2,476,725 | ||||||||||||
Series 2014, RB | 6.25% | 11/15/2044 | 22,145 | 21,477,550 | ||||||||||||
Series 2014, RB | 6.38% | 11/15/2049 | 5,130 | 5,000,929 | ||||||||||||
Alachua (County of), FL Health Facilities Authority (Oak Hammock at the University of Florida); | 8.00% | 10/01/2032 | 1,000 | 1,096,490 | ||||||||||||
Series 2012 A, Ref. RB | 8.00% | 10/01/2042 | 2,500 | 2,722,400 | ||||||||||||
Series 2012 A, Ref. RB | 8.00% | 10/01/2046 | 2,000 | 2,174,660 | ||||||||||||
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs); | 8.00% | 11/15/2031 | 3,640 | 3,653,068 | ||||||||||||
Series 2011 A, RB | 8.13% | 11/15/2041 | 15,205 | 15,222,030 | ||||||||||||
Series 2011 A, RB | 8.13% | 11/15/2046 | 19,100 | 19,117,572 | ||||||||||||
Atlantic Beach (City of), FL (Fleet Landing); | 5.00% | 11/15/2043 | 1,100 | 1,231,725 | ||||||||||||
Series 2018 A, RB | 5.00% | 11/15/2048 | 5,000 | 5,577,500 | ||||||||||||
Broward (County of), FL; Series 2017, RB(c)(d)(l) | 5.00% | 10/01/2042 | 12,045 | 14,141,432 | ||||||||||||
Buckeye Park Community Development District; Series 2008 A, RB(e)(k) | 7.88% | 05/01/2038 | 4,900 | 2,107,000 | ||||||||||||
Cape Coral (City of), FL Health Facilities Authority (Gulf Care, Inc.); | 5.88% | 07/01/2040 | 1,165 | 1,234,364 | ||||||||||||
Series 2015, Ref. RB(h) | 6.00% | 07/01/2045 | 6,000 | 6,347,700 | ||||||||||||
Series 2015, Ref. RB(h) | 6.00% | 07/01/2050 | 5,360 | 5,659,838 | ||||||||||||
Capital Trust Agency (H-Bay Ministries, Inc.- Superior Residences); | 4.00% | 07/01/2038 | 2,750 | 1,511,345 | ||||||||||||
Series 2018 A-1, RB | 4.00% | 07/01/2043 | 1,000 | 549,350 | ||||||||||||
Series 2018 A-1, RB | 4.13% | 07/01/2053 | 2,000 | 1,098,300 | ||||||||||||
Series 2018 B, RB | 5.00% | 07/01/2043 | 500 | 199,060 | ||||||||||||
Series 2018 B, RB | 5.00% | 07/01/2053 | 1,100 | 437,844 | ||||||||||||
Capital Trust Agency (Sarasota-Manatee Jewish Housing Council, Inc.); | 5.00% | 07/01/2037 | 1,000 | 1,033,340 | ||||||||||||
Series 2017, Ref. RB(h) | 5.00% | 07/01/2046 | 600 | 610,050 | ||||||||||||
Capital Trust Agency (Tallahassee Tapestry); | 6.75% | 12/01/2035 | 5,405 | 2,162,000 | ||||||||||||
Series 2015, RB(e)(h) | 7.00% | 12/01/2045 | 2,000 | 800,000 | ||||||||||||
Series 2015, RB(e)(h) | 7.13% | 12/01/2050 | 1,000 | 400,000 | ||||||||||||
Capital Trust Agency (University Bridge LLC Student Housing); Series 2018 A, RB(h) | 5.25% | 12/01/2043 | 15,850 | 18,133,192 | ||||||||||||
Capital Trust Agency, Inc. (Franklin Academy); | 5.00% | 12/15/2050 | 1,955 | 2,101,293 | ||||||||||||
Series 2020, RB(h) | 5.00% | 12/15/2055 | 2,845 | 3,052,144 | ||||||||||||
Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences); Series 2018 A-1, RB | 5.00% | 07/01/2048 | 5,660 | 3,110,227 | ||||||||||||
Capital Trust Agency, Inc. (University Bridge LLC Student Housing); | 4.00% | 12/01/2028 | 4,110 | 4,448,047 | ||||||||||||
Series 2018 A, RB(h) | 5.25% | 12/01/2058 | 15,500 | 17,508,800 | ||||||||||||
Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities); Series 2019, RB(d)(h) | 5.00% | 10/01/2049 | 2,420 | 2,652,998 | ||||||||||||
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); | 8.13% | 05/15/2044 | 6,670 | 5,160,912 | ||||||||||||
Series 2014 A, RB (Acquired 12/16/2013 - 12/19/2013; Cost $43,950,403)(e)(h)(j) | 8.25% | 05/15/2049 | 44,570 | 34,486,037 | ||||||||||||
Series 2015 A, RB (Acquired 06/30/2015; Cost $345,000)(e)(h)(j) | 5.50% | 05/15/2025 | 345 | 266,944 | ||||||||||||
Series 2015 A, RB (Acquired 06/30/2015; Cost $875,000)(e)(h)(j) | 6.25% | 05/15/2035 | 875 | 677,031 | ||||||||||||
Series 2015 A, RB (Acquired 06/30/2015; Cost $3,000,000)(e)(h)(j) | 6.50% | 05/15/2049 | 3,000 | 2,321,250 | ||||||||||||
County of Broward FL Airport System Revenue; Series 2020-XL0136, Ctfs.(c)(d) | 4.00% | 10/01/2049 | 14,000 | 15,434,160 | ||||||||||||
County of Miami-Dade FL Water & Sewer System Revenue; Series 2019 XX1109, Revenue Ctfs.(c)(l) | 4.00% | 10/01/2049 | 17,500 | 20,192,025 | ||||||||||||
East Homestead Community Development District; Series 2013, RB | 5.63% | 11/01/2043 | 2,000 | 2,093,840 | ||||||||||||
Florida (State of) Mid-Bay Bridge Authority; Series 2011 A, RB(a)(b) | 7.25% | 10/01/2021 | 14,000 | 14,576,520 | ||||||||||||
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(d)(h) | 7.38% | 01/01/2049 | 25,000 | 24,267,500 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Florida–(continued) | ||||||||||||||||
Florida Development Finance Corp. (Palm Bay Academy, Inc.); | 0.00% | 05/15/2037 | $ | 2,235 | $ | 253,010 | ||||||||||
Series 2017, Ref. RB(h) | 6.38% | 05/15/2037 | 2,705 | 2,360,194 | ||||||||||||
Florida Development Finance Corp. (Renaissance Charter School, Inc.); | 6.00% | 06/15/2032 | 4,250 | 4,418,215 | ||||||||||||
Series 2012 A, RB(h) | 6.13% | 06/15/2043 | 4,250 | 4,396,965 | ||||||||||||
Series 2015, RB(h) | 6.13% | 06/15/2046 | 14,035 | 15,721,724 | ||||||||||||
Florida Development Finance Corp. (Sculptor Charter School); | 7.25% | 10/01/2038 | 2,375 | 2,383,550 | ||||||||||||
Series 2012, RB | 7.00% | 10/01/2026 | 70 | 71,870 | ||||||||||||
Series 2012, RB | 7.25% | 10/01/2041 | 595 | 609,738 | ||||||||||||
Florida Development Finance Corp. (Virgin Trains USA Passenger Rail); | 6.25% | 01/01/2024 | 14,410 | 14,192,697 | ||||||||||||
Series 2019 A, Ref. RB(b)(d)(h) | 6.38% | 01/01/2026 | 43,480 | 42,281,256 | ||||||||||||
Series 2019 A, Ref. RB(b)(d)(h) | 6.50% | 01/01/2029 | 6,310 | 6,054,445 | ||||||||||||
Gramercy Farms Community Development District; | 5.25% | 05/01/2039 | 1,335 | 3,351 | ||||||||||||
Series 2007 A-2, RB(e) | 5.25% | 05/01/2039 | 1,700 | 4,267 | ||||||||||||
Series 2011, Ref. RB(f)(k) | 6.75% | 05/01/2039 | 20,120 | 11,066,000 | ||||||||||||
Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); Series 2018 A, RB | 6.25% | 04/01/2049 | 13,980 | 6,578,848 | ||||||||||||
Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital); Series 2020, RB | 4.00% | 08/01/2045 | 1,500 | 1,681,935 | ||||||||||||
Kendall Breeze West Community Development District; Series 2004, RB | 5.88% | 05/01/2034 | 1,020 | 1,021,071 | ||||||||||||
Lake (County of), FL (Lakeside at Waterman Village); | 5.75% | 08/15/2050 | 10,000 | 10,660,100 | ||||||||||||
Series 2020 A, Ref. RB | 5.75% | 08/15/2055 | 6,000 | 6,349,440 | ||||||||||||
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); | 5.50% | 07/15/2048 | 2,250 | 2,406,398 | ||||||||||||
Series 2018 A, RB(h) | 5.75% | 07/15/2053 | 2,030 | 2,219,480 | ||||||||||||
Lee (County of), FL Industrial Development Authority (Cypress Cove Healthpark); | 5.25% | 10/01/2022 | 4,500 | 4,851,720 | ||||||||||||
Series 2012, Ref. RB(a)(b) | 5.75% | 10/01/2022 | 10,100 | 10,969,004 | ||||||||||||
Series 2012, Ref. RB(a)(b) | 6.50% | 10/01/2022 | 10,000 | 10,965,100 | ||||||||||||
Lee (County of), FL Industrial Development Authority (Lee County Community Charter Schools, LLC); | 5.50% | 06/15/2032 | 1,880 | 1,914,404 | ||||||||||||
Series 2012, IDR | 5.75% | 06/15/2042 | 3,210 | 3,260,140 | ||||||||||||
Miami-Dade (County of), FL; | 0.00% | 10/01/2035 | 12,000 | 7,907,160 | ||||||||||||
Series 2009, RB(i) | 0.00% | 10/01/2042 | 42,215 | 20,790,043 | ||||||||||||
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami); Series 2018 A, RB(c) | 5.00% | 04/01/2053 | 13,500 | 15,726,690 | ||||||||||||
Miami-Dade (County of), FL Health Facilities Authority (Miami Children’s Hospital); | 6.00% | 08/01/2030 | 135 | 135,466 | ||||||||||||
Series 2010, Ref. RB | 6.13% | 08/01/2042 | 65 | 65,204 | ||||||||||||
Orange (County of), FL Housing Finance Authority (Alhambra Trace Apartments); Series 1998 C, RB | 7.00% | 04/01/2028 | 1,070 | 1,071,808 | ||||||||||||
Orange (County of), FL Housing Finance Authority (Governors Manor Apartments); Series 2001 F-4, RB | 7.25% | 10/01/2031 | 3,320 | 3,327,337 | ||||||||||||
Orange (County of), FL Housing Finance Authority (Lake Davis Apartments); Series 2001 F-1, RB | 7.25% | 10/01/2031 | 690 | 691,525 | ||||||||||||
Orange (County of), FL Housing Finance Authority (Lake Jennie Phase I); Series 2001 F-2, RB | 7.25% | 10/01/2031 | 180 | 180,398 | ||||||||||||
Orange (County of), FL Housing Finance Authority (Lake Jennie Phase II); Series 2001 F-3, RB | 7.25% | 10/01/2031 | 690 | 691,525 | ||||||||||||
Orange (County of), FL Housing Finance Authority (Mellonville Trace Apartments); Series 2001 F-5, RB | 7.25% | 10/01/2031 | 265 | 265,586 | ||||||||||||
Orlando (City of), FL; Series 2014 A, RB(a)(b)(c) | 5.00% | 05/01/2024 | 20,305 | 23,190,137 | ||||||||||||
Osceola (County of), FL; Series 2020 A-1, Ref. RB | 4.00% | 10/01/2054 | 4,100 | 4,545,629 | ||||||||||||
Palm Beach (County of), FL Health Facilities Authority (Sinai Residences of Boca Raton); Series 2014 A, RB | 7.50% | 06/01/2049 | 2,750 | 2,969,203 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Florida–(continued) | ||||||||||||||||
Pinellas (County of), FL Educational Facilities Authority (Pinellas Preparatory Academy); | 6.13% | 09/15/2021 | $ | 160 | $ | 165,042 | ||||||||||
Series 2011 A, RB(a)(b) | 7.13% | 09/15/2021 | 3,250 | 3,365,115 | ||||||||||||
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates); Series 2019, Ref. IDR | 5.00% | 01/01/2049 | 4,690 | 5,105,722 | ||||||||||||
Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB(d)(h) | 5.88% | 01/01/2033 | 7,000 | 7,391,370 | ||||||||||||
Reunion East Community Development District; | 7.38% | 05/01/2033 | 145 | 1 | ||||||||||||
Series 2005, RB(e)(k) | 5.80% | 05/01/2036 | 1,716 | 17 | ||||||||||||
Series 2015-1, RB | 6.60% | 05/01/2033 | 40 | 40,768 | ||||||||||||
Series 2015-2, RB | 6.60% | 05/01/2036 | 1,550 | 1,570,956 | ||||||||||||
Sterling Hill Community Development District; Series 2003 A, RB(k)(m) | 6.20% | 05/01/2035 | 1,375 | 824,806 | ||||||||||||
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB | 5.00% | 12/01/2055 | 4,000 | 4,425,040 | ||||||||||||
Tampa Bay Water; Series 2001 A, RB (INS - NATL)(c)(g) | 6.00% | 10/01/2029 | 13,440 | 18,664,934 | ||||||||||||
Treeline Preserve Community Development District; Series 2007 A, RB(e)(k) | 6.80% | 05/01/2039 | 4,895 | 2,447,500 | ||||||||||||
588,806,748 | ||||||||||||||||
Georgia–0.79% | ||||||||||||||||
Atlanta (City of), GA Water & Wastewater Revenue; Series 2015, Ref. RB(c) | 5.00% | 11/01/2040 | 37,555 | 43,485,686 | ||||||||||||
Clayton (County of), GA Development Authority (Delta Air Lines, Inc.); Series 2009 A, RB | 8.75% | 06/01/2029 | 4,200 | 4,222,633 | ||||||||||||
Fulton (County of), GA Residential Care Facilities for the Elderly Authority (Canterbury Court); | 5.00% | 04/01/2047 | 2,740 | 2,789,101 | ||||||||||||
Series 2019 A, Ref. RB(h) | 5.00% | 04/01/2054 | 1,660 | 1,681,962 | ||||||||||||
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4); Series 2019 A, RB | 5.00% | 01/01/2049 | 15,000 | 17,722,050 | ||||||||||||
Marietta (City of), GA Developing Authority (Life University, Inc.); | 5.00% | 11/01/2037 | 6,000 | 6,478,680 | ||||||||||||
Series 2017 A, Ref. RB(h) | 5.00% | 11/01/2047 | 4,480 | 4,750,323 | ||||||||||||
81,130,435 | ||||||||||||||||
Idaho–0.26% | ||||||||||||||||
Gooding Industrial Development Corp. (Intrepid Technology & Resources); Series 2006, RB (Acquired 11/03/2006; Cost $7,640,000)(d)(e)(j)(k) | 7.50% | 11/01/2024 | 7,640 | 0 | ||||||||||||
Idaho (State of) Health Facilities Authority (Terraces of Boise); | 7.00% | 10/01/2024 | 550 | 471,449 | ||||||||||||
Series 2014 A, RB | 7.38% | 10/01/2029 | 100 | 85,379 | ||||||||||||
Series 2014 A, RB (Acquired 01/15/2014 - 09/18/2020; Cost $15,116,177)(j) | 8.00% | 10/01/2044 | 17,030 | 14,565,929 | ||||||||||||
Series 2014 A, RB (Acquired 01/15/2014 - 05/22/2020; Cost $10,874,921)(j) | 8.13% | 10/01/2049 | 12,000 | 10,234,080 | ||||||||||||
Idaho (State of) Housing & Finance Association (North Star Charter School); Series 2014 B, Ref. RB(h)(i) | 0.00% | 07/01/2049 | 9,112 | 1,783,882 | ||||||||||||
27,140,719 | ||||||||||||||||
Illinois–10.62% | ||||||||||||||||
Bartlett (Village of), IL (Quarry Redevelopment); Series 2007, Ref. RB | 5.60% | 01/01/2023 | 1,925 | 1,927,464 | ||||||||||||
Bolingbrook (Village of), IL; | 6.25% | 01/01/2024 | 2,947 | 2,812,417 | ||||||||||||
Series 2005, RB | 6.00% | 01/01/2026 | 4,500 | 4,126,050 | ||||||||||||
Bolingbrook (Village of), IL Special Service Area No. 2005-1; Series 2019, Ref. RB | 5.25% | 03/01/2041 | 4,000 | 4,137,120 | ||||||||||||
Burbank (City of), IL (Intercultural Montessori Language School); Series 2015, RB(h) | 6.25% | 09/01/2045 | 4,000 | 4,324,360 | ||||||||||||
Chicago (City of), IL; | 5.50% | 01/01/2034 | 3,145 | 3,491,579 | ||||||||||||
Series 2003 B, Ref. GO Bonds | 5.50% | 01/01/2032 | 2,150 | 2,397,143 | ||||||||||||
Series 2003 B, Ref. GO Bonds | 5.50% | 01/01/2033 | 3,000 | 3,337,050 | ||||||||||||
Series 2003 B, Ref. GO Bonds | 5.50% | 01/01/2034 | 2,160 | 2,398,032 | ||||||||||||
Series 2005 D, Ref. GO Bonds | 5.50% | 01/01/2037 | 6,075 | 6,728,609 | ||||||||||||
Series 2007 E, Ref. GO Bonds | 5.50% | 01/01/2035 | 2,500 | 2,772,100 | ||||||||||||
Series 2007 F, Ref. GO Bonds | 5.50% | 01/01/2035 | 10,640 | 11,798,058 | ||||||||||||
Series 2007 G, Ref. GO Bonds | 5.50% | 01/01/2035 | 375 | 415,815 | ||||||||||||
Series 2007 G, Ref. GO Bonds | 5.50% | 01/01/2042 | 400 | 442,124 | ||||||||||||
Series 2011, COP | 7.13% | 05/01/2021 | 339 | 338,656 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Illinois–(continued) | ||||||||||||||||
Series 2011, COP | 7.13% | 05/01/2025 | $ | 18,885 | $ | 18,886,511 | ||||||||||
Series 2012 A, GO Bonds | 5.00% | 01/01/2033 | 3,500 | 3,583,580 | ||||||||||||
Series 2014 A, Ref. GO Bonds | 5.25% | 01/01/2033 | 3,250 | 3,509,253 | ||||||||||||
Series 2014, RB(c) | 5.00% | 01/01/2044 | 16,755 | 18,567,723 | ||||||||||||
Series 2015 A, GO Bonds | 5.50% | 01/01/2034 | 4,440 | 4,929,288 | ||||||||||||
Series 2015 A, GO Bonds | 5.50% | 01/01/2035 | 2,000 | 2,217,680 | ||||||||||||
Series 2017 A, Ref. GO Bonds | 6.00% | 01/01/2038 | 64,150 | 76,054,315 | ||||||||||||
Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP(k) | 7.46% | 02/15/2026 | 2,034 | 1,508,214 | ||||||||||||
Chicago (City of), IL (Lakeshore East); Series 2003, RB | 6.63% | 12/01/2022 | 976 | 978,420 | ||||||||||||
Chicago (City of), IL (O’Hare International Airport); | 5.00% | 01/01/2047 | 27,500 | 31,436,625 | ||||||||||||
Series 2017 D, RB(c)(d) | 5.00% | 01/01/2052 | 9,960 | 11,357,488 | ||||||||||||
Chicago (City of), IL Board of Education; | 5.00% | 12/01/2041 | 3,315 | 3,384,980 | ||||||||||||
Series 2012 A, GO Bonds | 5.00% | 12/01/2042 | 12,280 | 12,838,249 | ||||||||||||
Series 2017 H, GO Bonds | 5.00% | 12/01/2046 | 3,000 | 3,416,970 | ||||||||||||
Series 2018 D, Ref. GO Bonds | 5.00% | 12/01/2046 | 23,170 | 25,016,767 | ||||||||||||
Chicago (City of), IL Metropolitan Water Reclamation District; Series 2016 C, GO Bonds(c) | 5.00% | 12/01/2045 | 19,750 | 23,510,795 | ||||||||||||
Chicago (City of), IL Transit Authority; Series 2014, RB(c) | 5.25% | 12/01/2049 | 27,000 | 31,271,670 | ||||||||||||
Chicago (State of) Board of Education; | 5.50% | 12/01/2039 | 13,000 | 13,330,850 | ||||||||||||
Series 2015 C, GO Bonds | 5.25% | 12/01/2039 | 23,310 | 25,579,694 | ||||||||||||
Chicago O’Hare International Airport; Series 2018 A, Ref. RB(d) | 5.00% | 01/01/2053 | 5,000 | 5,858,250 | ||||||||||||
Cook (County of), IL; Series 2018, RB(c) | 5.25% | 11/15/2036 | 7,750 | 9,492,278 | ||||||||||||
East Dundee (Village of), IL (Route 25 South Redevelopment); Series 2012, RB | 5.63% | 12/01/2031 | 1,530 | 1,533,794 | ||||||||||||
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Series 2014 A, RB | 5.38% | 03/01/2034 | 1,380 | 1,379,714 | ||||||||||||
Gilberts Special Service Area No. 25 (The Conservancy); Series 2018 A, RB(f) | 6.00% | 03/01/2048 | 13,121 | 13,436,822 | ||||||||||||
Illinois (State of); | 5.50% | 07/01/2027 | 5,105 | 5,513,859 | ||||||||||||
Series 2013, GO Bonds | 5.25% | 07/01/2030 | 4,965 | 5,324,019 | ||||||||||||
Series 2013, GO Bonds | 5.50% | 07/01/2033 | 1,520 | 1,629,030 | ||||||||||||
Series 2013, GO Bonds | 5.50% | 07/01/2038 | 9,000 | 9,598,500 | ||||||||||||
Series 2016, GO Bonds | 5.00% | 11/01/2028 | 10,700 | 12,278,250 | ||||||||||||
Series 2016, GO Bonds | 4.00% | 06/01/2033 | 3,150 | 3,349,899 | ||||||||||||
Series 2016, Ref. GO Bonds | 5.00% | 02/01/2025 | 4,775 | 5,375,313 | ||||||||||||
Series 2016, Ref. GO Bonds | 5.00% | 02/01/2026 | 4,775 | 5,474,920 | ||||||||||||
Series 2016, Ref. GO Bonds | 5.00% | 02/01/2027 | 12,145 | 14,177,830 | ||||||||||||
Series 2017 A, GO Bonds | 5.00% | 12/01/2034 | 5,125 | 5,848,138 | ||||||||||||
Series 2017 C, GO Bonds | 5.00% | 11/01/2029 | 10,350 | 11,851,888 | ||||||||||||
Series 2017 D, GO Bonds(c)(l) | 5.00% | 11/01/2023 | 33,000 | 36,057,450 | ||||||||||||
Series 2017 D, GO Bonds | 5.00% | 11/01/2025 | 21,000 | 23,879,100 | ||||||||||||
Series 2017 D, GO Bonds | 5.00% | 11/01/2026 | 7,500 | 8,621,850 | ||||||||||||
Series 2017 D, GO Bonds | 5.00% | 11/01/2027 | 13,000 | 15,146,690 | ||||||||||||
Series 2018 A, GO Bonds | 6.00% | 05/01/2028 | 6,985 | 8,762,752 | ||||||||||||
Series 2020, GO Bonds | 5.75% | 05/01/2045 | 8,750 | 10,699,587 | ||||||||||||
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(d) | 8.00% | 06/01/2032 | 4,020 | 4,024,342 | ||||||||||||
Illinois (State of) Finance Authority (Collegiate Housing Foundation - DeKalb II, LLC - Northern Illinois University); Series 2011, RB | 6.88% | 10/01/2043 | 7,000 | 7,105,910 | ||||||||||||
Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB(h) | 6.00% | 12/01/2045 | 3,715 | 4,110,908 | ||||||||||||
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); | 5.00% | 11/01/2035 | 3,000 | 3,371,160 | ||||||||||||
Series 2019 A, Ref. RB | 5.00% | 11/01/2040 | 6,660 | 7,409,916 | ||||||||||||
Series 2019 A, Ref. RB | 5.00% | 11/01/2049 | 34,075 | 37,518,619 | ||||||||||||
Illinois (State of) Finance Authority (Montgomery Place); | 5.25% | 05/15/2037 | 6,795 | 7,008,295 | ||||||||||||
Series 2017, Ref. RB | 5.25% | 05/15/2048 | 12,770 | 12,964,742 | ||||||||||||
Illinois (State of) Finance Authority (Navistar International Corp.); Series 2020, Ref. RB(b)(h) | 4.75% | 08/01/2030 | 19,975 | 21,333,500 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Illinois–(continued) | ||||||||||||||||
Illinois (State of) Finance Authority (Norwegian American Hospital, Inc.); | 7.63% | 09/15/2028 | $ | 2,600 | $ | 2,600,364 | ||||||||||
Series 2008, RB | 7.75% | 09/15/2038 | 8,055 | 8,089,073 | ||||||||||||
Illinois (State of) Finance Authority (Park Place of Elmhurst); | 6.20% | 05/15/2030 | 969 | 871,695 | ||||||||||||
Series 2016 A, RB (Acquired 04/01/2016-09/11/2020; Cost $11,260,786)(j) | 6.24% | 05/15/2038 | 12,534 | 11,280,600 | ||||||||||||
Series 2016 A, RB (Acquired 04/01/2016-09/11/2020; Cost $23,041,800)(j) | 6.33% | 05/15/2048 | 25,911 | 23,320,350 | ||||||||||||
Series 2016 A, RB (Acquired 04/01/2016-09/11/2020; Cost $21,836,113)(j) | 6.44% | 05/15/2055 | 24,651 | 22,186,350 | ||||||||||||
Series 2016, RB (Acquired 04/01/2016-09/11/2020; Cost $885,015)(e)(j) | 2.00% | 05/15/2055 | 8,392 | 251,768 | ||||||||||||
Illinois (State of) Finance Authority (Peace Village); Series 2013, RB(a)(b) | 7.00% | 08/15/2023 | 12,210 | 14,028,802 | ||||||||||||
Illinois (State of) Finance Authority (Plymouth Place); | 6.00% | 05/15/2043 | 10,600 | 11,356,098 | ||||||||||||
Series 2015, Ref. RB | 5.25% | 05/15/2045 | 1,850 | 1,941,446 | ||||||||||||
Series 2015, Ref. RB | 5.25% | 05/15/2050 | 4,810 | 5,047,758 | ||||||||||||
Illinois (State of) Finance Authority (Rogers Park Montessori School); | 6.00% | 02/01/2034 | 750 | 798,488 | ||||||||||||
Series 2014, Ref. RB | 6.13% | 02/01/2045 | 1,500 | 1,585,515 | ||||||||||||
Illinois (State of) Finance Authority (Roosevelt University); | 5.50% | 04/01/2037 | 9,170 | 9,185,772 | ||||||||||||
Series 2018 B, Ref. RB(h) | 6.13% | 04/01/2058 | 6,000 | 7,089,900 | ||||||||||||
Series 2019 A, RB(h) | 6.13% | 04/01/2049 | 5,000 | 5,941,350 | ||||||||||||
Series 2019 A, RB(h) | 6.13% | 04/01/2058 | 15,350 | 18,138,327 | ||||||||||||
Illinois (State of) Finance Authority (Rush University Medical Center); | 5.00% | 11/15/2038 | 2,500 | 2,830,900 | ||||||||||||
Series 2015 B, Ref. RB | 5.00% | 11/15/2039 | 3,700 | 4,184,552 | ||||||||||||
Illinois (State of) Finance Authority (Three Crowns Park); | 5.00% | 02/15/2032 | 985 | 992,535 | ||||||||||||
Series 2017, Ref. RB | 5.25% | 02/15/2037 | 2,365 | 2,389,005 | ||||||||||||
Series 2017, Ref. RB | 5.25% | 02/15/2047 | 7,500 | 7,395,225 | ||||||||||||
Illinois (State of) Finance Authority (United Neighborhood Organization Charter School Network, Inc.); | 6.88% | 10/01/2031 | 2,595 | 2,658,422 | ||||||||||||
Series 2011, Ref. RB | 7.13% | 10/01/2041 | 1,000 | 1,022,540 | ||||||||||||
Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB(c) | 5.25% | 10/01/2052 | 27,000 | 28,960,470 | ||||||||||||
Illinois (State of) Finance Authority (Villa St. Benedict); | 6.13% | 11/15/2035 | 9,210 | 10,308,661 | ||||||||||||
Series 2015, Ref. RB | 6.38% | 11/15/2043 | 10,700 | 11,958,641 | ||||||||||||
Illinois (State of) Housing Development Authority (Stonebridge of Gurnee); Series 2016 A, RB(h) | 5.45% | 01/01/2046 | 5,000 | 4,626,250 | ||||||||||||
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); | 0.00% | 12/15/2038 | 29,950 | 17,406,940 | ||||||||||||
Series 2012 A, RB | 5.00% | 06/15/2042 | 2,000 | 2,080,960 | ||||||||||||
Series 2012 B, RB(i) | 0.00% | 12/15/2051 | 13,165 | 4,462,145 | ||||||||||||
Series 2012, RB(i) | 0.00% | 12/15/2050 | 35,755 | 12,585,402 | ||||||||||||
Series 2015, RB(i) | 0.00% | 12/15/2052 | 31,000 | 10,112,820 | ||||||||||||
Series 2017 B, Ref. RB(f) | 4.95% | 12/15/2047 | 3,000 | 2,422,200 | ||||||||||||
Series 2017 B, Ref. RB(i) | 0.00% | 12/15/2054 | 20,000 | 6,040,000 | ||||||||||||
Series 2020, Ref. RB | 5.00% | 12/15/2045 | 680 | 812,178 | ||||||||||||
Series 2020, Ref. RB | 5.00% | 06/15/2050 | 13,700 | 16,279,436 | ||||||||||||
Malta (Village of), IL (Prairie Springs); Series 2006, RB(k)(m) | 5.75% | 12/30/2025 | 1,800 | 576,000 | ||||||||||||
Matteson (Village of), IL; Series 2015, RB | 6.50% | 12/01/2035 | 1,220 | 1,327,006 | ||||||||||||
Metropolitan Pier & Exposition Authority (McCormick Place Expansion); | 0.00% | 12/15/2040 | 25,000 | 13,383,000 | ||||||||||||
Series 2015 A, RB | 5.00% | 06/15/2053 | 4,000 | 4,501,160 | ||||||||||||
Series 2017, RB | 5.00% | 06/15/2057 | 10,000 | 11,680,300 | ||||||||||||
Metropolitan Pier & Exposition Authority (McCormick); Series 2002 A, RB (INS - NATL)(g)(i) | 0.00% | 06/15/2034 | 5,000 | 3,465,900 | ||||||||||||
Metropolitan Water Reclamation District of Greater Chicago; Series 2015 A, GO Bonds(c) | 5.00% | 12/01/2044 | 31,000 | 35,508,640 | ||||||||||||
Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB | 5.00% | 01/01/2039 | 2,000 | 2,022,940 | ||||||||||||
Pingree Grove (Village of), IL (Cambridge Lakes Learning Center); Series 2011, RB(a)(b) | 8.50% | 06/01/2021 | 3,290 | 3,356,853 | ||||||||||||
Plano (City of), IL Special Service Area No. 10 (Lakewood Springs Club); Series 2007, RB(e)(k) | 5.80% | 03/01/2037 | 5,615 | 617,650 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Illinois–(continued) | ||||||||||||||||
Railsplitter Tobacco Settlement Authority; Series 2010, RB(a)(b) | 6.00% | 06/01/2021 | $ | 17,050 | $ | 17,296,884 | ||||||||||
Sales Tax Securitization Corp.; Series 2018 C, Ref. RB | 5.25% | 01/01/2048 | 15,000 | 17,960,100 | ||||||||||||
Southwestern Illinois Development Authority (US Steel Corp.); Series 2012, RB(d) | 5.75% | 08/01/2042 | 1,945 | 2,018,443 | ||||||||||||
St. Charles (City of), IL Special Service Area No. 21; Series 1998, RB | 6.63% | 03/01/2028 | 735 | 735,485 | ||||||||||||
Volo (Village of), IL Special Service Area No. 17; Series 2017, Ref. RB | 5.50% | 03/01/2047 | 1,210 | 1,249,845 | ||||||||||||
Yorkville (United City of), IL Special Service Area No. 2006-113 (Cannonball/Beecher Road); Series 2007, RB | 5.75% | 03/01/2028 | 2,975 | 2,977,767 | ||||||||||||
1,094,883,885 | ||||||||||||||||
Indiana–0.63% | ||||||||||||||||
Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB | 5.50% | 04/01/2046 | 5,785 | 6,589,057 | ||||||||||||
Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2015 A, Ref. RB(c) | 5.00% | 12/01/2040 | 15,750 | 17,766,000 | ||||||||||||
Indiana (State of) Finance Authority (Irvington Community School); | 5.90% | 07/01/2038 | 1,000 | 1,046,450 | ||||||||||||
Series 2018 A, Ref. RB(h) | 6.00% | 07/01/2048 | 2,750 | 2,882,578 | ||||||||||||
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB | 5.00% | 06/01/2039 | 7,145 | 7,362,708 | ||||||||||||
Indianapolis (City of), IN (Ritter Affordable Assisted Living); Series 2014, RB (Acquired 04/25/2014; Cost $5,410,000)(j) | 6.90% | 12/01/2033 | 5,410 | 5,162,709 | ||||||||||||
Valparaiso (City of), IN (Pratt Paper, LLC); | 6.75% | 01/01/2034 | 10,785 | 12,181,226 | ||||||||||||
Series 2013, RB(d) | 7.00% | 01/01/2044 | 11,000 | 12,363,340 | ||||||||||||
65,354,068 | ||||||||||||||||
Iowa–2.35% | ||||||||||||||||
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); | 5.25% | 12/01/2025 | 47,390 | 52,059,810 | ||||||||||||
Series 2013, Ref. RB(b) | 5.25% | 12/01/2037 | 14,010 | 15,537,090 | ||||||||||||
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2016, RB | 5.00% | 05/15/2047 | 4,500 | 5,005,980 | ||||||||||||
Iowa (State of) Tobacco Settlement Authority; | 5.60% | 06/01/2034 | 31,350 | 31,792,976 | ||||||||||||
Series 2005 C, RB | 5.50% | 06/01/2042 | 28,435 | 28,836,787 | ||||||||||||
Series 2005 C, RB | 5.63% | 06/01/2046 | 33,390 | 33,861,800 | ||||||||||||
Series 2005 D, RB(i) | 0.00% | 06/01/2046 | 181,600 | 38,428,376 | ||||||||||||
Series 2005 E, RB(i) | 0.00% | 06/01/2046 | 215,990 | 36,904,051 | ||||||||||||
242,426,870 | ||||||||||||||||
Kansas–0.38% | ||||||||||||||||
Olathe (City of), KS (West Village Center); | 5.45% | 09/01/2022 | 1,140 | 1,133,320 | ||||||||||||
Series 2007, RB | 5.50% | 09/01/2026 | 2,835 | 2,751,849 | ||||||||||||
Roeland Park (City of), KS (TDD No. 1); | 5.75% | 12/01/2025 | 399 | 267,458 | ||||||||||||
Series 2006 A, RB(k)(m) | 5.88% | 12/01/2025 | 749 | 501,907 | ||||||||||||
Roeland Park (City of), KS (TDD No. 2); Series 2006 B, RB(k)(m) | 5.88% | 12/01/2025 | 900 | 630,103 | ||||||||||||
Wichita (City of), KS (Larksfield Place); | 7.13% | 12/15/2036 | 1,000 | 1,069,810 | ||||||||||||
Series 2013 III, Ref. RB | 7.38% | 12/15/2043 | 5,000 | 5,347,650 | ||||||||||||
Wichita (City of), KS (Presbyterian Manors, Inc.); | 6.38% | 05/15/2043 | 5,000 | 5,302,950 | ||||||||||||
Series 2013 IV-A, RB | 6.50% | 05/15/2048 | 11,000 | 11,688,270 | ||||||||||||
Series 2014 IV-A, RB | 5.63% | 05/15/2044 | 1,850 | 1,949,660 | ||||||||||||
Series 2014 IV-A, RB | 5.63% | 05/15/2049 | 2,750 | 2,892,202 | ||||||||||||
Series 2019, Ref. RB | 5.00% | 05/15/2050 | 3,265 | 3,301,992 | ||||||||||||
Wyandotte (County of), KS Unified Government (Legends Apartments Garage & West Lawn); Series 2018, RB | 4.50% | 06/01/2040 | 2,025 | 2,081,660 | ||||||||||||
38,918,831 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Kentucky–0.80% | ||||||||||||||||
Christian (County of), KY (Jennie Stuart Medical Center, Inc.); | 5.38% | 02/01/2036 | $ | 13,245 | $ | 14,666,718 | ||||||||||
Series 2016, Ref. RB | 5.50% | 02/01/2044 | 12,020 | 13,203,610 | ||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System); Series 2017 B, RB | 5.00% | 08/15/2046 | 7,855 | 9,186,344 | ||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Home Independent Living II, Inc.); | 7.00% | 05/15/2021 | 2,500 | 2,534,175 | ||||||||||||
Series 2011, RB(a)(b) | 7.25% | 05/15/2021 | 3,050 | 3,093,249 | ||||||||||||
Series 2011, RB(a)(b) | 7.38% | 05/15/2021 | 1,000 | 1,014,430 | ||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Homes of Kentucky, Inc.); Series 2012, Ref. RB | 5.38% | 11/15/2032 | 1,600 | 1,619,712 | ||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB | 5.00% | 06/01/2041 | 4,000 | 4,349,280 | ||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green); | 5.50% | 11/15/2035 | 1,200 | 1,219,754 | ||||||||||||
Series 2015, Ref. RB | 5.75% | 11/15/2045 | 2,350 | 2,382,573 | ||||||||||||
Series 2015, Ref. RB | 5.75% | 11/15/2050 | 4,650 | 4,702,919 | ||||||||||||
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing); | 6.60% | 07/01/2039 | 9,000 | 10,495,620 | ||||||||||||
Series 2013 C, RB(f) | 6.75% | 07/01/2043 | 5,000 | 5,812,950 | ||||||||||||
Series 2013 C, RB(f) | 6.88% | 07/01/2046 | 7,000 | 8,152,550 | ||||||||||||
82,433,884 | ||||||||||||||||
Louisiana–0.58% | ||||||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority; | 6.00% | 11/15/2030 | 2,250 | 2,501,100 | ||||||||||||
Series 2015 A, Ref. RB | 6.00% | 11/15/2035 | 4,135 | 4,521,250 | ||||||||||||
Series 2015 A, Ref. RB | 6.25% | 11/15/2045 | 8,985 | 9,770,918 | ||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Cameron Parish, Louisiana Gomesa) (Green Bonds); Series 2018, RB(h) | 5.65% | 11/01/2037 | 4,295 | 4,840,078 | ||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Lafourche Parish Gomesa); Series 2019, RB(h) | 3.95% | 11/01/2043 | 4,475 | 4,567,096 | ||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Livingston Parish Gomesha) (Green Bonds); Series 2018, Ref. RB(h) | 5.38% | 11/01/2038 | 665 | 735,437 | ||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. Mary Parish Gomesa); Series 2019, RB(h) | 4.40% | 11/01/2044 | 3,870 | 4,054,444 | ||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Terrebonne Parish Gomesa Project); Series 2018 A, RB(h) | 5.50% | 11/01/2039 | 2,620 | 2,852,237 | ||||||||||||
Louisiana (State of) Local Government Environmental Facilities and Community Development Authority (Vermilion (Parish of), LA Gomesa) (Green Bonds); Series 2019, RB(h) | 4.63% | 11/01/2038 | 2,080 | 2,223,021 | ||||||||||||
New Orleans (City of), LA Aviation Board (North Terminal); Series 2017 B, RB(c)(d)(l) | 5.00% | 01/01/2048 | 17,750 | 20,263,933 | ||||||||||||
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010, RB(h) | 6.35% | 07/01/2040 | 3,000 | 3,800,610 | ||||||||||||
60,130,124 | ||||||||||||||||
Maine–0.43% | ||||||||||||||||
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Healthcare System); | 5.00% | 07/01/2041 | 5,000 | 5,402,450 | ||||||||||||
Series 2016 A, RB | 5.00% | 07/01/2046 | 3,705 | 3,973,205 | ||||||||||||
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Medical Center Obligated Group); Series 2013, RB | 5.00% | 07/01/2043 | 16,300 | 16,985,741 | ||||||||||||
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); | 6.75% | 07/01/2021 | 14,930 | 15,252,936 | ||||||||||||
Series 2011, RB(a)(b) | 7.50% | 07/01/2021 | 2,500 | 2,560,275 | ||||||||||||
44,174,607 | ||||||||||||||||
Maryland–0.27% | ||||||||||||||||
Anne Arundel (County of), MD (The Villages at Two Rivers); Series 2014, RB | 5.25% | 07/01/2044 | 2,145 | 2,220,268 | ||||||||||||
Baltimore (City of), MD (Convention Center Hotel); Series 2017, Ref. RB | 5.00% | 09/01/2032 | 3,135 | 3,229,583 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Maryland–(continued) | ||||||||||||||||
Howard (County of), MD (Annapolis Junction Town Center); | 5.80% | 02/15/2034 | $ | 720 | $ | 717,379 | ||||||||||
Series 2014, RB | 6.10% | 02/15/2044 | 1,420 | 1,404,394 | ||||||||||||
Howard (County of), MD (Vantage House Facility); Series 2016, Ref. RB | 5.00% | 04/01/2046 | 2,710 | 2,738,184 | ||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare); Series 2011 A, RB | 6.13% | 01/01/2036 | 1,500 | 1,572,420 | ||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Frederick Health System); Series 2020, Ref. RB | 4.00% | 07/01/2045 | 1,000 | 1,123,010 | ||||||||||||
Maryland Economic Development Corp.; Series 2020, RB | 4.00% | 09/01/2050 | 4,000 | 4,277,200 | ||||||||||||
Prince George’s (County of), MD (Westphalia Town Center); | 5.13% | 07/01/2039 | 1,300 | 1,421,420 | ||||||||||||
Series 2018, RB(h) | 5.25% | 07/01/2048 | 2,100 | 2,294,943 | ||||||||||||
Rockville (City of), MD (Ingleside at King Farm); | 5.00% | 11/01/2037 | 1,250 | 1,315,700 | ||||||||||||
Series 2017 B, RB | 5.00% | 07/01/2024 | 500 | 517,135 | ||||||||||||
Series 2017 B, RB | 5.00% | 11/01/2042 | 4,600 | 4,787,312 | ||||||||||||
27,618,948 | ||||||||||||||||
Massachusetts–1.04% | ||||||||||||||||
Collegiate Charter School of Lowell; | 5.00% | 06/15/2049 | 1,750 | 1,890,490 | ||||||||||||
Series 2019, RB | 5.00% | 06/15/2054 | 1,620 | 1,746,797 | ||||||||||||
Massachusetts (Commonwealth of); Series 2004 A, Ref. GO Bonds (INS - AMBAC)(c)(g) | 5.50% | 08/01/2030 | 32,040 | 43,740,688 | ||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (GF/Pilgrim, Inc.); Series 1998, RB (Acquired 10/28/1998; Cost $2,755,000)(j) | 6.75% | 10/01/2028 | 2,755 | 2,729,103 | ||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Lawrence General Hospital); Series 2017, Ref. RB | 5.00% | 07/01/2047 | 2,700 | 2,468,259 | ||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB(c) | 5.50% | 07/01/2032 | 5,015 | 7,155,953 | ||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center); Series 2020, Ref. RB(h) | 5.00% | 07/15/2046 | 500 | 565,885 | ||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Whitney Academy); Series 2000, RB | 7.50% | 09/01/2030 | 1,850 | 1,850,555 | ||||||||||||
University of Massachusetts Building Authority; Series 2017 1, RB(c) | 5.25% | 11/01/2047 | 36,580 | 44,747,217 | ||||||||||||
106,894,947 | ||||||||||||||||
Michigan–0.92% | ||||||||||||||||
Advanced Technology Academy; Series 2019, Ref. RB | 5.00% | 11/01/2044 | 900 | 954,477 | ||||||||||||
Charyl Stockwell Academy; | 5.50% | 10/01/2035 | 2,740 | 2,839,654 | ||||||||||||
Series 2015, Ref. RB | 5.75% | 10/01/2045 | 3,500 | 3,665,445 | ||||||||||||
Dearborn Economic Development Corp. (Henry Ford Village, Inc.); | 7.00% | 11/15/2028 | 5,100 | 3,187,500 | ||||||||||||
Series 2008, Ref. RB (Acquired 09/12/2008 - 11/12/2009; Cost $7,281,933)(e)(j) | 7.13% | 11/15/2043 | 7,700 | 4,812,500 | ||||||||||||
Series 2017, RB (Acquired 09/21/2017; Cost $4,930,000)(e)(h)(j) | 7.50% | 11/15/2044 | 4,930 | 3,081,250 | ||||||||||||
Detroit (City of), MI Water and Sewerage Department; Series 2012 A, Ref. RB(a)(b) | 5.00% | 07/01/2022 | 12,725 | 13,548,562 | ||||||||||||
Detroit Community High School; | 5.65% | 11/01/2025 | 630 | 550,948 | ||||||||||||
Series 2005, RB | 5.75% | 11/01/2030 | 1,000 | 778,320 | ||||||||||||
Grand Blanc Academy; Series 2000, COP | 7.75% | 02/01/2030 | 1,590 | 1,477,062 | ||||||||||||
Kentwood Economic Development Corp. (Holland Home); | 5.63% | 11/15/2032 | 3,500 | 3,639,265 | ||||||||||||
Series 2012, Ref. RB | 5.63% | 11/15/2041 | 4,160 | 4,303,353 | ||||||||||||
Michigan (State of) Finance Authority; Series 2020 B-2, Ref. RB(i) | 0.00% | 06/01/2065 | 19,000 | 2,347,260 | ||||||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); | 5.00% | 07/01/2031 | 7,000 | 7,984,480 | ||||||||||||
Series 2014 D-4, Ref. RB | 5.00% | 07/01/2032 | 4,000 | 4,559,720 | ||||||||||||
Series 2014 D-4, Ref. RB | 5.00% | 07/01/2034 | 8,700 | 9,901,992 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Michigan–(continued) | ||||||||||||||||
Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.); | 5.00% | 07/01/2036 | $ | 1,970 | $ | 1,938,795 | ||||||||||
Series 2016, RB(h) | 5.00% | 07/01/2046 | 1,000 | 933,310 | ||||||||||||
Series 2016, RB(h) | 5.00% | 07/01/2051 | 2,000 | 1,842,060 | ||||||||||||
Michigan Strategic Fund (Evangelical Homes); Series 2013, Ref. RB | 5.50% | 06/01/2047 | 6,350 | 6,494,716 | ||||||||||||
Saline Economic Development Corp. (Evangelical Homes of Michigan); Series 2013, Ref. RB | 5.50% | 06/01/2047 | 6,735 | 6,888,491 | ||||||||||||
Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.); | 5.00% | 07/01/2036 | 4,550 | 4,477,928 | ||||||||||||
Series 2016 A, Ref. RB(h) | 5.00% | 07/01/2046 | 2,000 | 1,866,620 | ||||||||||||
Series 2016 A, Ref. RB(h) | 5.00% | 07/01/2051 | 2,795 | 2,574,279 | ||||||||||||
94,647,987 | ||||||||||||||||
Minnesota–1.26% | ||||||||||||||||
Anoka (City of), MN (The Homestead at Anoka, Inc.); Series 2017, Ref. RB | 5.50% | 11/01/2046 | 3,700 | 4,020,420 | ||||||||||||
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB | 4.00% | 07/01/2037 | 375 | 396,461 | ||||||||||||
Bloomington (City of), MN Port Authority (Radisson Blu Mall of America, LLC); | 8.00% | 12/01/2025 | 1,260 | 1,260,819 | ||||||||||||
Series 2010, RB | 9.00% | 12/01/2035 | 10,290 | 10,296,483 | ||||||||||||
Brooklyn Park (City of), MN (Athlos Leadership Academy); | 5.50% | 07/01/2035 | 840 | 898,556 | ||||||||||||
Series 2015, RB | 5.50% | 07/01/2040 | 2,250 | 2,387,430 | ||||||||||||
Series 2015, RB | 5.75% | 07/01/2046 | 2,800 | 2,978,024 | ||||||||||||
Carlton (City of), MN (Inter-Faith Care Center); Series 2006, Ref. RB | 5.70% | 04/01/2036 | 2,000 | 1,954,440 | ||||||||||||
Deephaven (City of), MN (Seven Hills Preparatory Academy); Series 2017, RB | 5.00% | 10/01/2049 | 1,200 | 1,230,768 | ||||||||||||
Minneapolis (City of), MN (Riverton Community Housing); | 5.50% | 08/01/2049 | 6,500 | 6,828,965 | ||||||||||||
Series 2018, RB(h) | 4.75% | 08/01/2043 | 600 | 618,156 | ||||||||||||
Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB | 6.88% | 12/01/2048 | 6,000 | 6,453,780 | ||||||||||||
Sartell (City of), MN (Country Manor Campus LLC); Series 2013, RB | 5.38% | 09/01/2043 | 5,000 | 5,088,050 | ||||||||||||
St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, Ref. RB (Acquired 12/26/2018; Cost $26,750,000)(b)(e)(h)(j) | 6.00% | 07/01/2027 | 26,750 | 28,169,355 | ||||||||||||
St. Paul (City of), MN (Presbyterian Homes Bloomington); Series 2017, Ref. RB | 5.00% | 09/01/2042 | 500 | 524,890 | ||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. RB | 6.50% | 03/01/2029 | 810 | 811,288 | ||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts); | 6.00% | 10/01/2035 | 2,695 | 2,874,325 | ||||||||||||
Series 2015, RB | 6.25% | 10/01/2045 | 4,275 | 4,552,276 | ||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy Project); | 5.00% | 12/01/2043 | 4,170 | 4,678,281 | ||||||||||||
Series 2018, RB | 5.13% | 12/01/2049 | 7,560 | 8,486,932 | ||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy); | 5.75% | 09/01/2046 | 1,000 | 1,155,400 | ||||||||||||
Series 2016, Ref. RB | 6.00% | 09/01/2051 | 3,550 | 4,136,886 | ||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB | 5.00% | 12/01/2055 | 4,000 | 4,159,360 | ||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Marian Center); Series 2007 A, Ref. RB | 5.38% | 05/01/2043 | 5,000 | 4,999,950 | ||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Nova Classical Academy); Series 2011 A, RB | 6.38% | 09/01/2031 | 1,000 | 1,022,800 | ||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom East Campus); | 4.35% | 10/01/2038 | 1,185 | 1,192,146 | ||||||||||||
Series 2018, Ref. RB | 5.00% | 10/01/2043 | 1,000 | 1,020,320 | ||||||||||||
Series 2018, Ref. RB | 4.65% | 10/01/2048 | 1,500 | 1,509,360 | ||||||||||||
Vadnais Heights (City of), MN (Agriculture & Food Sciences Academy); | 5.50% | 12/01/2038 | 3,335 | 3,641,987 | ||||||||||||
Series 2018 A, Ref. RB | 5.88% | 12/01/2048 | 4,500 | 4,943,790 | ||||||||||||
Series 2018 A, Ref. RB | 6.50% | 12/01/2053 | 4,315 | 4,901,020 | ||||||||||||
Series 2018 B, Ref. RB | 6.75% | 12/01/2025 | 510 | 516,186 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Minnesota–(continued) | ||||||||||||||||
West St. Paul (City of), MN (Walker Westwood Ridge Campus); | 5.00% | 11/01/2037 | $ | 400 | $ | 411,016 | ||||||||||
Series 2017, Ref. RB | 5.00% | 11/01/2049 | 1,275 | 1,290,772 | ||||||||||||
Series 2017, Ref. RB | 4.75% | 11/01/2052 | 375 | 375,289 | ||||||||||||
129,785,981 | ||||||||||||||||
Mississippi–0.07% | ||||||||||||||||
Mississippi Development Bank (Hancock County Gomesa) (Green Bonds); Series 2019, RB(h) | 4.55% | 11/01/2039 | 2,250 | 2,378,048 | ||||||||||||
Tunica (County of), MS; Series 2019, Ref. RB | 6.00% | 10/01/2040 | 5,000 | 5,164,100 | ||||||||||||
7,542,148 | ||||||||||||||||
Missouri–1.69% | ||||||||||||||||
370/Missouri Bottom Road/Taussig Road Transportation Development District (Hazelwood); | 7.00% | 05/02/2022 | 1,750 | 595,000 | ||||||||||||
Series 2002, RB(e)(k) | 7.20% | 05/01/2049 | 5,250 | 1,785,000 | ||||||||||||
Ballwin (City of), MO (Ballwin Town Center); Series 2002 A, Ref. RB(k) | 6.50% | 10/01/2022 | 2,330 | 932,136 | ||||||||||||
Branson Hills Infrastructure Facilities Community Improvement District; | 5.50% | 04/01/2022 | 3,170 | 760,800 | ||||||||||||
Series 2007 A, RB (Acquired 11/12/2009 - 10/27/2015; Cost $4,104,120)(j)(k) | 5.50% | 04/01/2027 | 6,055 | 1,453,200 | ||||||||||||
Chillicothe (City of), MO (South U.S. 65); Series 2006, RB(k) | 5.50% | 04/01/2021 | 235 | 233,437 | ||||||||||||
Dardenne Town Square Transportation Development District; Series 2006 A, RB(k)(m) | 5.00% | 05/01/2036 | 3,190 | 1,276,000 | ||||||||||||
Grandview (City of), MO Industrial Development Authority (Grandview Crossing); Series 2006, RB(k)(m) | 5.75% | 12/01/2028 | 1,250 | 212,500 | ||||||||||||
I-470 Western Gateway Transportation Development District; | 5.25% | 12/01/2048 | 5,415 | 5,660,083 | ||||||||||||
Series 2019 B, RB(h) | 7.75% | 12/15/2048 | 3,853 | 4,007,043 | ||||||||||||
Kansas City (City of), MO Industrial Development Authority; Series 2020-XL0150, RB (INS - AGM)(c)(d)(g) | 5.00% | 03/01/2057 | 40,000 | 48,344,400 | ||||||||||||
Kansas City (City of), MO Industrial Development Authority (Brentwood Manor Apartments); Series 2002 B, RB(d) | 5.25% | 10/15/2038 | 1,975 | 1,750,265 | ||||||||||||
Kansas City (City of), MO Industrial Development Authority (Northwoods Apartments); Series 2004 A, RB(d) | 6.45% | 05/01/2040 | 1,853 | 1,855,705 | ||||||||||||
Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel); Series 2018 B, RB(h) | 5.00% | 02/01/2050 | 2,550 | 2,691,576 | ||||||||||||
Kansas City Industrial Development Authority; Series 2020-XL0156, Ctfs.(c)(d) | 4.00% | 03/01/2050 | 15,000 | 16,544,850 | ||||||||||||
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); | 5.25% | 05/15/2050 | 11,500 | 12,393,320 | ||||||||||||
Series 2017, Ref. RB | 5.25% | 05/15/2037 | 1,285 | 1,410,840 | ||||||||||||
Series 2017, Ref. RB | 5.25% | 05/15/2042 | 1,000 | 1,085,730 | ||||||||||||
Lee’s Summit (City of), MO Industrial Development Authority (John Knox Village Obligated Group); | 5.25% | 08/15/2039 | 3,000 | 3,171,300 | ||||||||||||
Series 2018, Ref. RB | 5.00% | 08/15/2032 | 1,020 | 1,122,632 | ||||||||||||
Liberty (City of), MO (Liberty Commons); Series 2015 A, RB(h) | 6.00% | 06/01/2046 | 6,170 | 6,374,351 | ||||||||||||
Maplewood (City of), MO (Maplewood South Redevelopment Area); Series 2005, Ref. RB | 5.75% | 11/01/2026 | 1,325 | 1,325,437 | ||||||||||||
Missouri (State of) Health & Educational Facilities Authority (Truman Medical Center, Inc.); Series 2017 B, RB(h) | 4.25% | 12/01/2042 | 5,460 | 5,842,910 | ||||||||||||
Missouri (State of) Health & Educational Facilities Authority (Washington University); | 5.00% | 11/15/2021 | 6,210 | 6,422,381 | ||||||||||||
Series 2011 B, RB(a)(b)(c) | 5.00% | 11/15/2021 | 10,500 | 10,859,100 | ||||||||||||
St. Louis (City of), MO Industrial Development Authority (Ballpark Village Development); Series 2017 A, Ref. RB | 4.75% | 11/15/2047 | 1,500 | 1,428,885 | ||||||||||||
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); | 5.00% | 09/01/2038 | 5,500 | 6,123,700 | ||||||||||||
Series 2018 A, RB | 5.13% | 09/01/2048 | 12,345 | 13,648,632 | ||||||||||||
Series 2018 A, RB | 5.13% | 09/01/2049 | 6,475 | 7,155,846 | ||||||||||||
Series 2018 A, RB | 5.25% | 09/01/2053 | 5,500 | 6,097,080 | ||||||||||||
St. Louis (County of), MO Industrial Development Authority (Grand Center Redevelopment); Series 2011, RB | 6.38% | 12/01/2025 | 1,930 | 1,932,355 | ||||||||||||
174,496,494 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Montana–0.03% | ||||||||||||||||
Kalispell (City of), MT (Immanuel Lutheran Corp.); | 5.25% | 05/15/2037 | $ | 1,000 | $ | 1,029,770 | ||||||||||
Series 2017, Ref. RB | 5.25% | 05/15/2052 | 2,320 | 2,347,956 | ||||||||||||
3,377,726 | ||||||||||||||||
Nebraska–0.22% | ||||||||||||||||
Central Plains Energy Project (No. 3); Series 2012, RB(n) | 5.00% | 09/01/2042 | 21,715 | 23,133,641 | ||||||||||||
Nevada–0.40% | ||||||||||||||||
Clark (County of), NV (Homestead Boulder City); Series 1997, RB | 6.50% | 12/01/2027 | 2,735 | 2,737,899 | ||||||||||||
Clark (County of), NV (Stadium Improvement Bonds); Series 2018 A, GO Bonds(c) | 5.00% | 05/01/2048 | 16,650 | 19,884,429 | ||||||||||||
Director of the State of Nevada Department of Business & Industry (Somerset Academy); | 5.00% | 12/15/2038 | 1,000 | 1,057,390 | ||||||||||||
Series 2018 A, RB(h) | 5.00% | 12/15/2048 | 3,000 | 3,141,300 | ||||||||||||
Las Vegas (City of), NV; Series 2016, RB(h) | 4.38% | 06/15/2035 | 4,000 | 4,004,720 | ||||||||||||
Nevada (State of) Department of Business & Industry (Fulcrum Sierra Biofuels, LLC) (Green Bonds); Series 2017, RB(d)(h) | 6.25% | 12/15/2037 | 1,000 | 975,560 | ||||||||||||
Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor); | 0.00% | 07/01/2058 | 37,500 | 5,808,375 | ||||||||||||
Series 2018 D, Ref. RB(h)(i) | 0.00% | 07/01/2058 | 13,000 | 1,334,450 | ||||||||||||
Tahoe-Douglas Visitors Authority; Series 2020, RB | 5.00% | 07/01/2051 | 2,000 | 2,241,900 | ||||||||||||
41,186,023 | ||||||||||||||||
New Hampshire–0.16% | ||||||||||||||||
New Hampshire (State of) Business Finance Authority (Covanta Green Bonds); Series 2020 B, Ref. RB(b)(d)(h) | 3.75% | 07/02/2040 | 3,470 | 3,587,702 | ||||||||||||
New Hampshire (State of) Business Finance Authority (Covanta); Series 2020 A, Ref. RB(b)(h) | 3.63% | 07/02/2040 | 2,130 | 2,200,269 | ||||||||||||
New Hampshire (State of) Health & Education Facilities Authority (Rivermead); | 6.63% | 07/01/2021 | 620 | 633,051 | ||||||||||||
Series 2011 A, RB(a)(b) | 6.88% | 07/01/2021 | 2,125 | 2,171,474 | ||||||||||||
New Hampshire Business Finance Authority (Convanta); Series 2018 C, Ref. RB(d)(h) | 4.88% | 11/01/2042 | 7,500 | 7,874,475 | ||||||||||||
16,466,971 | ||||||||||||||||
New Jersey–5.10% | ||||||||||||||||
New Jersey (State of) Economic Development Authority; | 5.25% | 06/15/2027 | 10,000 | 11,600,700 | ||||||||||||
Series 2017 B, Ref. RB | 5.00% | 11/01/2024 | 13,000 | 14,929,720 | ||||||||||||
Series 2017 B, Ref. RB | 5.00% | 11/01/2026 | 23,695 | 28,481,626 | ||||||||||||
New Jersey (State of) Economic Development Authority (Beloved Community Charter School, Inc.); | 5.00% | 06/15/2049 | 1,110 | 1,189,853 | ||||||||||||
Series 2019 A, RB(h) | 5.00% | 06/15/2054 | 725 | 774,866 | ||||||||||||
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); | 5.25% | 09/15/2029 | 52,065 | 55,337,285 | ||||||||||||
Series 2000 A, RB(d) | 5.63% | 11/15/2030 | 20,000 | 22,355,800 | ||||||||||||
Series 2012, RB(d) | 5.75% | 09/15/2027 | 34,325 | 35,690,792 | ||||||||||||
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.); | 6.00% | 07/01/2032 | 1,800 | 1,872,468 | ||||||||||||
Series 2012 A, RB | 6.10% | 07/01/2044 | 3,950 | 4,086,868 | ||||||||||||
Series 2012 C, RB | 5.00% | 07/01/2032 | 1,370 | 1,403,798 | ||||||||||||
Series 2012 C, RB | 5.30% | 07/01/2044 | 4,500 | 4,597,695 | ||||||||||||
New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); Series 2017, Ref. RB(d) | 5.00% | 10/01/2047 | 7,730 | 8,602,872 | ||||||||||||
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); | 5.38% | 01/01/2043 | 22,110 | 24,364,999 | ||||||||||||
Series 2013, RB(d) | 5.63% | 01/01/2052 | 22,695 | 25,112,698 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New Jersey–(continued) | ||||||||||||||||
New Jersey (State of) Transportation Trust Fund Authority; | 0.00% | 12/15/2031 | $ | 46,780 | $ | 37,124,140 | ||||||||||
Series 2008 A, RB(i) | 0.00% | 12/15/2035 | 13,000 | 8,754,720 | ||||||||||||
Series 2009 A, RB(i) | 0.00% | 12/15/2038 | 63,105 | 37,852,272 | ||||||||||||
Series 2010 A, RB(i) | 0.00% | 12/15/2029 | 2,110 | 1,753,853 | ||||||||||||
Series 2010 A, RB(i) | 0.00% | 12/15/2030 | 8,620 | 6,928,497 | ||||||||||||
Series 2010 A, RB(i) | 0.00% | 12/15/2031 | 15,965 | 12,389,159 | ||||||||||||
Series 2010 A, RB(i) | 0.00% | 12/15/2036 | 45,555 | 29,497,318 | ||||||||||||
Series 2012 AA, RB | 5.00% | 06/15/2038 | 9,000 | 9,375,300 | ||||||||||||
Series 2013 AA, RB | 5.00% | 06/15/2044 | 3,645 | 3,894,938 | ||||||||||||
Series 2018 A, Ref. RB | 5.00% | 12/15/2035 | 4,390 | 5,245,743 | ||||||||||||
Series 2018 A, Ref. RB | 5.00% | 12/15/2036 | 1,200 | 1,427,184 | ||||||||||||
Series 2019 BB, RB | 5.00% | 06/15/2044 | 8,500 | 9,910,405 | ||||||||||||
Series 2019, RB | 5.25% | 06/15/2043 | 10,000 | 11,861,300 | ||||||||||||
Series 2019, Ref. RB | 5.00% | 12/15/2039 | 6,300 | 7,524,657 | ||||||||||||
Series 2020 AA, RB | 4.00% | 06/15/2035 | 1,500 | 1,696,860 | ||||||||||||
Series 2020 AA, RB | 4.00% | 06/15/2036 | 1,270 | 1,428,445 | ||||||||||||
Series 2020 AA, RB | 4.00% | 06/15/2037 | 3,600 | 4,026,816 | ||||||||||||
Series 2020 AA, RB | 5.00% | 06/15/2037 | 4,000 | 4,894,960 | ||||||||||||
Series 2020 AA, RB | 4.00% | 06/15/2045 | 14,275 | 15,551,756 | ||||||||||||
Series 2020 AA, RB | 5.00% | 06/15/2045 | 5,565 | 6,641,661 | ||||||||||||
Series 2020 AA, RB | 4.00% | 06/15/2050 | 10,515 | 11,397,103 | ||||||||||||
Series 2020 AA, RB | 5.00% | 06/15/2050 | 4,770 | 5,660,750 | ||||||||||||
Subseries 2016 A-1, RN | 5.00% | 06/15/2028 | 2,000 | 2,366,760 | ||||||||||||
New Jersey (State of) Turnpike Authority; | 5.00% | 01/01/2040 | 11,000 | 13,231,460 | ||||||||||||
Series 2019 A, RB | 4.00% | 01/01/2048 | 5,000 | 5,623,650 | ||||||||||||
Series 2019 A, RB(c) | 5.00% | 01/01/2048 | 23,425 | 28,375,405 | ||||||||||||
New Jersey Transportation Trust Fund Authority; Series 2012 A, RB | 5.00% | 06/15/2042 | 1,000 | 1,039,780 | ||||||||||||
525,876,932 | ||||||||||||||||
New Mexico–0.38% | ||||||||||||||||
New Mexico (State of) Hospital Equipment Loan Council (Gerald Champion); Series 2012, Ref. RB | 5.50% | 07/01/2042 | 10,000 | 10,412,400 | ||||||||||||
New Mexico (State of) Hospital Equipment Loan Council (Haverland Charter Lifestyle Group); Series 2013, RB | 5.00% | 07/01/2042 | 4,625 | 4,754,361 | ||||||||||||
New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion); | 5.00% | 07/01/2039 | 1,225 | 1,380,624 | ||||||||||||
Series 2019 A, RB | 5.00% | 07/01/2049 | 7,050 | 7,852,431 | ||||||||||||
RHA Housing Development Corp. (Woodleaf Apartments); Series 1997 A, Ref. RB (CEP - GNMA) | 7.13% | 12/15/2027 | 1,495 | 1,497,766 | ||||||||||||
Winrock Town Center Tax Increment Development District No. 1; | 6.00% | 05/01/2040 | 7,838 | 7,968,895 | ||||||||||||
Series 2020, RB(h) | 8.00% | 05/01/2040 | 5,510 | 5,571,326 | ||||||||||||
39,437,803 | ||||||||||||||||
New York–12.71% | ||||||||||||||||
Amherst (Town of), NY Industrial Development Agency (Shaary Zedek); Series 2006 A, Ref. RB | 7.00% | 06/15/2036 | 1,795 | 1,795,215 | ||||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center); | 0.00% | 07/15/2034 | 14,345 | 9,826,325 | ||||||||||||
Series 2009, RB(i) | 0.00% | 07/15/2044 | 23,805 | 11,336,179 | ||||||||||||
Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School); | 5.00% | 08/01/2037 | 1,325 | 1,474,447 | ||||||||||||
Series 2017 A, RB | 5.00% | 08/01/2047 | 3,790 | 4,150,429 | ||||||||||||
Series 2017 A, RB | 5.00% | 08/01/2052 | 790 | 862,743 | ||||||||||||
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(d)(h) | 5.50% | 12/31/2040 | 13,140 | 14,069,918 | ||||||||||||
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB | 5.00% | 06/01/2045 | 10,000 | 10,009,800 | ||||||||||||
Hudson Yards Infrastructure Corp.; Series 2017 A, RB(c) | 5.00% | 02/15/2039 | 21,060 | 24,794,359 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
Metropolitan Transportation Authority; | 5.00% | 11/01/2027 | $ | 4,750 | $ | 5,043,978 | ||||||||||
Series 2019 D-1, RB | 5.00% | 09/01/2022 | 1,520 | 1,614,346 | ||||||||||||
Series 2020, RB (INS - AGM)(c)(g)(l) | 4.00% | 11/15/2049 | 30,640 | 34,468,774 | ||||||||||||
Series 2020-XM0835, Ctfs. (INS - AGM)(c)(g) | 4.00% | 11/15/2047 | 20,000 | 22,499,200 | ||||||||||||
Series 2020-XX1156, RB(c)(l) | 4.00% | 11/15/2053 | 27,500 | 29,811,375 | ||||||||||||
Metropolitan Transportation Authority (Green Bonds); | 5.25% | 11/15/2056 | 9,115 | 10,458,825 | ||||||||||||
Series 2019 C, RB (INS - AGM)(g) | 4.00% | 11/15/2045 | 310 | 349,258 | ||||||||||||
Series 2020 C-1, RB | 4.75% | 11/15/2045 | 10,000 | 11,519,400 | ||||||||||||
Series 2020 C-1, RB | 5.00% | 11/15/2050 | 5,000 | 5,887,050 | ||||||||||||
Series 2020 D1, RB | 5.00% | 11/15/2044 | 10,000 | 11,985,100 | ||||||||||||
Series 2020, Ref. RB | 5.00% | 11/15/2030 | 4,000 | 5,114,280 | ||||||||||||
Monroe County Industrial Development Corp. (St. Ann’s Community); | 5.00% | 01/01/2040 | 1,000 | 1,097,590 | ||||||||||||
Series 2019, Ref. RB | 5.00% | 01/01/2050 | 11,250 | 12,231,450 | ||||||||||||
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside); | 6.50% | 01/01/2032 | 6,866 | 3,776,438 | ||||||||||||
Series 2014 A, RB(j) | 6.70% | 01/01/2049 | 26,580 | 14,618,746 | ||||||||||||
Series 2014 C, RB (Acquired 12/13/2007 - 03/21/2014; Cost $0)(e)(j) | 2.00% | 01/01/2049 | 13,770 | 1,377,004 | ||||||||||||
Nassau County Tobacco Settlement Corp.; | 5.00% | 06/01/2035 | 10,290 | 10,425,519 | ||||||||||||
Series 2006 A-3, RB | 5.13% | 06/01/2046 | 61,730 | 62,735,581 | ||||||||||||
Series 2006 B, RB(i) | 0.00% | 06/01/2046 | 105,990 | 25,031,658 | ||||||||||||
New York & New Jersey (States of) Port Authority; | 5.00% | 10/15/2028 | 10,760 | 11,074,730 | ||||||||||||
Series 2021, Ref. RB(d) | 4.00% | 07/15/2046 | 3,090 | 3,493,152 | ||||||||||||
Two Hundred Series 2017, Ref. RB(c) | 5.25% | 10/15/2057 | 20,000 | 23,716,600 | ||||||||||||
Two Hundred Seventh Series 2018, Ref. RB(c)(d)(l) | 5.00% | 09/15/2029 | 22,235 | 27,558,726 | ||||||||||||
Series 2011, RB(c)(d) | 5.00% | 10/15/2027 | 15,400 | 15,850,450 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority; | 5.00% | 06/15/2047 | 16,470 | 17,780,518 | ||||||||||||
Series 2014 BB, RB(c) | 5.00% | 06/15/2046 | 15,050 | 16,480,202 | ||||||||||||
New York (City of), NY Transitional Finance Authority; | 5.00% | 05/01/2042 | 25,775 | 28,166,920 | ||||||||||||
Subseries 2012 F-1, RB(c) | 5.00% | 05/01/2039 | 14,000 | 14,726,180 | ||||||||||||
Subseries 2013, RB(c) | 5.00% | 11/01/2042 | 17,340 | 19,290,750 | ||||||||||||
New York (County of), NY Tobacco Trust V; | 0.00% | 06/01/2038 | 65,990 | 23,817,770 | ||||||||||||
Series 2005 S-2, RB(i) | 0.00% | 06/01/2050 | 45,500 | 6,680,765 | ||||||||||||
Series 2005 S-3, RB(i) | 0.00% | 06/01/2055 | 225,000 | 20,767,500 | ||||||||||||
New York (State of) Dormitory Authority; | 5.00% | 03/15/2041 | 26,940 | 30,300,765 | ||||||||||||
Series 2015 C, RB(a)(b) | 5.00% | 09/15/2025 | 40 | 47,924 | ||||||||||||
Series 2018 E, RB(c) | 5.00% | 03/15/2045 | 35,050 | 42,322,875 | ||||||||||||
New York (State of) Dormitory Authority (General Purpose); Series 2011 C, RB(c) | 5.00% | 03/15/2031 | 15,000 | 15,052,200 | ||||||||||||
New York (State of) Dormitory Authority (Sales Tax); Series 2015 B-C, RB(a)(c) | 5.00% | 03/15/2045 | 49,140 | 57,172,918 | ||||||||||||
New York (State of) Metropolitan Transportation Authority; Series 2012 C, RB | 5.00% | 11/15/2028 | 8,355 | 8,875,266 | ||||||||||||
New York City Transitional Finance Authority; Series 2020 C-1, RB | 4.00% | 05/01/2040 | 500 | 573,330 | ||||||||||||
New York Convention Center Development Corp. (Hotel Unit Fee Secured); Series 2016 A, RB(i) | 0.00% | 11/15/2047 | 12,525 | 4,789,435 | ||||||||||||
New York Liberty Development Corp. (3 World Trade Center); | 5.00% | 11/15/2044 | 37,160 | 40,424,506 | ||||||||||||
Series 2014, Class 2, Ref. RB(h) | 5.38% | 11/15/2040 | 2,500 | 2,775,975 | ||||||||||||
Series 2014, Class 3, Ref. RB(h) | 7.25% | 11/15/2044 | 49,000 | 54,071,500 | ||||||||||||
New York State Dormitory Authority; Series 2020-XM0922, RB (INS - AGM)(c)(g) | 3.00% | 09/01/2050 | 14,775 | 14,827,008 | ||||||||||||
New York State Thruway Authority; Series 2020-XM0831, Ctfs.(c) | 4.00% | 01/01/2053 | 15,000 | 16,777,800 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
New York State Urban Development Corp.; | 5.00% | 03/15/2043 | $ | 26,175 | $ | 28,402,754 | ||||||||||
Series 2013 A-1, RB(c) | 5.00% | 03/15/2045 | 46,015 | 55,670,327 | ||||||||||||
Series 2020 A, RB | 4.00% | 03/15/2045 | 1,900 | 2,159,806 | ||||||||||||
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); | 5.25% | 08/01/2031 | 9,615 | 11,551,846 | ||||||||||||
Series 2020, Ref. RB(d) | 5.38% | 08/01/2036 | 8,730 | 10,371,938 | ||||||||||||
New York Transportation Development Corp. (American Airlines, Inc.); | 5.00% | 08/01/2026 | �� | 14,725 | 14,982,393 | |||||||||||
Series 2016, Ref. RB(d) | 5.00% | 08/01/2031 | 3,775 | 3,837,665 | ||||||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment); | 5.00% | 01/01/2023 | 2,000 | 2,138,300 | ||||||||||||
Series 2018, RB(d) | 5.00% | 01/01/2028 | 10,000 | 12,167,700 | ||||||||||||
Series 2018, RB(d) | 5.00% | 01/01/2034 | 4,905 | 5,790,598 | ||||||||||||
Series 2018, RB(d) | 4.00% | 01/01/2036 | 4,500 | 4,955,355 | ||||||||||||
Series 2018, RB(d) | 5.00% | 01/01/2036 | 3,065 | 3,600,854 | ||||||||||||
Series 2020, RB(d) | 5.00% | 10/01/2035 | 3,200 | 3,950,112 | ||||||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc.-Laguardia); | 4.00% | 10/01/2030 | 2,500 | 2,910,225 | ||||||||||||
Series 2020, RB(d) | 5.00% | 10/01/2040 | 8,000 | 9,724,720 | ||||||||||||
Series 2020, RB(d) | 4.38% | 10/01/2045 | 58,000 | 66,468,000 | ||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); | 5.00% | 07/01/2046 | 37,950 | 42,250,494 | ||||||||||||
Series 2016 A, RB(d) | 5.25% | 01/01/2050 | 5,420 | 6,075,820 | ||||||||||||
Series 2018, RB(d) | 5.00% | 01/01/2022 | 4,000 | 4,129,600 | ||||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport); | 5.00% | 12/01/2034 | 4,290 | 5,332,770 | ||||||||||||
Series 2020, Ref. RB | 5.00% | 12/01/2036 | 3,600 | 4,440,672 | ||||||||||||
Series 2020, Ref. RB | 5.00% | 12/01/2038 | 3,350 | 4,124,855 | ||||||||||||
Series 2020, Ref. RB | 4.00% | 12/01/2041 | 2,500 | 2,786,100 | ||||||||||||
Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB(d)(h) | 4.75% | 11/01/2042 | 2,390 | 2,502,617 | ||||||||||||
Rockland Tobacco Asset Securitization Corp.; Series 2005 C, RB(h)(i) | 0.00% | 08/15/2060 | 368,350 | 19,249,971 | ||||||||||||
Suffolk Tobacco Asset Securitization Corp.; Series 2008 B, RB | 6.00% | 06/01/2048 | 7,915 | 7,926,714 | ||||||||||||
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); | 5.00% | 07/01/2027 | 1,985 | 992,500 | ||||||||||||
Series 2013 A, RB (Acquired 10/26/2017 - 02/21/2019; Cost $5,626,797)(j)(m) | 5.00% | 07/01/2038 | 5,700 | 2,850,000 | ||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2020 A, RB | 4.00% | 11/15/2054 | 5,000 | 5,637,900 | ||||||||||||
TSASC, Inc.; | 5.00% | 06/01/2045 | 20,325 | 22,068,682 | ||||||||||||
Series 2016 B, Ref. RB | 5.00% | 06/01/2048 | 2,500 | 2,691,225 | ||||||||||||
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB(d)(h) | 7.00% | 06/01/2046 | 55,500 | 58,081,305 | ||||||||||||
Westchester County Healthcare Corp.; Series 2014 A, RB | 5.00% | 11/01/2044 | 4,331 | 4,654,906 | ||||||||||||
Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB | 5.13% | 06/01/2051 | 9,405 | 10,638,372 | ||||||||||||
1,310,897,848 | ||||||||||||||||
North Carolina–0.56% | ||||||||||||||||
North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, RB(d) | 5.00% | 06/30/2054 | 1,000 | 1,092,420 | ||||||||||||
North Carolina (State of) Medical Care Commission (Aldersgate); Series 2013, Ref. RB | 6.25% | 07/01/2035 | 3,750 | 3,940,837 | ||||||||||||
North Carolina (State of) Medical Care Commission (WhiteStone); Series 2011 A, RB(a)(b) | 7.75% | 03/01/2021 | 2,000 | 2,000,000 | ||||||||||||
North Carolina Capital Facilities Finance Agency; Series 2015 B, Ref. RB(a)(b)(c) | 5.00% | 10/01/2025 | 29,400 | 35,324,394 | ||||||||||||
North Carolina Medical Care Commission (Salemtowne Project); | 5.00% | 10/01/2038 | 1,185 | 1,286,223 | ||||||||||||
Series 2018 A, RB | 5.00% | 10/01/2048 | 13,080 | 14,046,743 | ||||||||||||
57,690,617 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
North Dakota–0.04% | ||||||||||||||||
Burleigh (County of), ND (University of Mary); | 5.10% | 04/15/2036 | $ | 1,500 | $ | 1,570,680 | ||||||||||
Series 2016, RB | 5.20% | 04/15/2046 | 2,000 | 2,079,960 | ||||||||||||
3,650,640 | ||||||||||||||||
Ohio–4.98% | ||||||||||||||||
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB | 5.25% | 11/15/2041 | 3,800 | 4,422,934 | ||||||||||||
Buckeye Tobacco Settlement Financing Authority; | 6.25% | 06/01/2022 | 21,205 | 22,810,643 | ||||||||||||
Series 2020 A-2, Ref. RB | 4.00% | 06/01/2048 | 10,000 | 11,178,700 | ||||||||||||
Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 89,800 | 101,113,903 | ||||||||||||
Series 2020 B-3, Ref. RB(i) | 0.00% | 06/01/2057 | 203,195 | 30,467,058 | ||||||||||||
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB | 6.75% | 01/01/2044 | 13,900 | 14,885,510 | ||||||||||||
Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB(d) | 5.38% | 09/15/2027 | 4,190 | 4,200,056 | ||||||||||||
Columbus-Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(h) | 5.00% | 06/01/2028 | 4,000 | 4,222,560 | ||||||||||||
County of Montgomery OH; Series 2020-XX1133, Ctfs.(c)(l) | 4.00% | 11/15/2042 | 16,780 | 18,429,810 | ||||||||||||
Cuyahoga (County of), OH (Metrohealth System); | 5.25% | 02/15/2047 | 26,990 | 31,008,001 | ||||||||||||
Series 2017, Ref. RB | 5.50% | 02/15/2052 | 35,165 | 40,803,356 | ||||||||||||
Series 2017, Ref. RB | 5.00% | 02/15/2057 | 10,000 | 11,147,700 | ||||||||||||
Series 2017, Ref. RB | 5.50% | 02/15/2057 | 15,070 | 17,450,005 | ||||||||||||
Darke (County of), OH (Wayne Healthcare); Series 2019 A, RB | 5.00% | 09/01/2049 | 2,000 | 2,207,180 | ||||||||||||
Franklin (County of), OH (First Community Village Obligated Group); Series 2013, Ref. RB | 5.63% | 07/01/2047 | 7,200 | 6,954,984 | ||||||||||||
Franklin (County of), OH (Wesley Communities); | 5.25% | 11/15/2040 | 1,000 | 1,122,330 | ||||||||||||
Series 2020, Ref. RB | 5.25% | 11/15/2055 | 6,300 | 6,923,196 | ||||||||||||
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center); | 5.00% | 12/01/2039 | 715 | 739,803 | ||||||||||||
Series 2019, RB | 5.00% | 12/01/2051 | 2,500 | 2,577,525 | ||||||||||||
Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB(a)(b) | 8.00% | 07/01/2022 | 34,330 | 37,563,199 | ||||||||||||
Hamilton (County of), OH (Life Enriching Communities); Series 2012, RB | 5.00% | 01/01/2032 | 2,250 | 2,350,373 | ||||||||||||
Hamilton (County of), OH (UC Health); Series 2020, RB | 5.00% | 09/15/2050 | 5,000 | 6,097,900 | ||||||||||||
Hancock (County of), OH (Blanchard Valley Regional Health Center); Series 2011 A, RB(a)(b) | 6.25% | 06/01/2021 | 5,850 | 5,936,814 | ||||||||||||
Hickory Chase Community Authority; Series 2019, Ref. RB(h) | 5.00% | 12/01/2040 | 1,410 | 1,493,345 | ||||||||||||
Marion (County of), OH (United Church Homes, Inc.); | 5.00% | 12/01/2039 | 1,150 | 1,242,759 | ||||||||||||
Series 2019, Ref. RB | 5.13% | 12/01/2049 | 3,545 | 3,785,422 | ||||||||||||
Montgomery (County of), OH (Trousdale Foundation Properties); | 6.00% | 04/01/2038 | 7,270 | 3,427,587 | ||||||||||||
Series 2018 A, RB(h) | 6.25% | 04/01/2049 | 2,115 | 995,298 | ||||||||||||
Montgomery (County of), OH Hospital Facilities (Premier Health Partners Obligated Group); Series 2019 A, Ref. RB | 4.00% | 11/15/2045 | 2,420 | 2,641,236 | ||||||||||||
Muskingum (County of), OH (Genesis Healthcare System); | 5.00% | 02/15/2044 | 37,060 | 38,503,116 | ||||||||||||
Series 2013, RB | 5.00% | 02/15/2048 | 3,120 | 3,236,626 | ||||||||||||
Norwood (City of), OH (Cornerstone at Norwood); Series 2006, RB | 6.20% | 12/01/2031 | 7,340 | 7,344,551 | ||||||||||||
Ohio (State of) Air Quality Development Authority; Series 2019, RB(d)(h) | 5.00% | 07/01/2049 | 20,250 | 21,701,318 | ||||||||||||
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 D, Ref. PCR(b) | 4.25% | 09/15/2021 | 2,000 | 2,035,740 | ||||||||||||
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(d)(h) | 4.50% | 01/15/2048 | 500 | 556,070 | ||||||||||||
Southeastern Ohio (State of) Port Authority (Memorial Health Systems); | 5.00% | 12/01/2035 | 1,750 | 1,876,963 | ||||||||||||
Series 2015, Ref. RB | 5.00% | 12/01/2043 | 6,695 | 7,081,569 | ||||||||||||
Southern Ohio Port Authority (Purecycle); | 6.25% | 12/01/2025 | 6,000 | 6,225,660 | ||||||||||||
Series 2020 A, RB(d)(h) | 6.50% | 12/01/2030 | 10,000 | 10,615,500 | ||||||||||||
Series 2020 A, RB(d)(h) | 7.00% | 12/01/2042 | 10,000 | 10,652,700 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Ohio–(continued) | ||||||||||||||||
Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University); Series 2015, Ref. RB | 6.00% | 03/01/2045 | $ | 5,000 | $ | 5,415,950 | ||||||||||
513,444,950 | ||||||||||||||||
Oklahoma–1.69% | ||||||||||||||||
Atoka (County of), OK Health Care Authority (Atoka Memorial Hospital); Series 2007, RB (Acquired 08/30/2007; Cost $3,265,000)(j) | 6.63% | 10/01/2037 | 3,265 | 2,612,000 | ||||||||||||
Comanche (County of), OK Hospital Authority; Series 2015, Ref. RB | 5.00% | 07/01/2027 | 1,800 | 1,975,968 | ||||||||||||
Oklahoma (State of) Development Finance Authority (Inverness Village Community); | 5.75% | 01/01/2027 | 1,025 | 11,748 | ||||||||||||
Series 2012, Ref. RB (Acquired 05/03/2012 - 10/30/2013; Cost $4,237,510)(e)(j)(k) | 6.00% | 01/01/2032 | 4,191 | 48,030 | ||||||||||||
Series 2013, Ref. RB (Acquired 06/19/2013 - 12/02/2016; Cost $5,264,710)(e)(j)(k) | 5.75% | 01/01/2037 | 5,379 | 61,639 | ||||||||||||
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB(c)(l) | 5.50% | 08/15/2052 | 33,500 | 39,565,175 | ||||||||||||
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); | 5.00% | 08/01/2047 | 10,500 | 4,357,500 | ||||||||||||
Series 2017, RB (Acquired 06/07/2018 - 03/07/2019; Cost $18,706,000)(e)(j) | 5.00% | 08/01/2052 | 20,000 | 8,300,000 | ||||||||||||
Series 2017, RB (Acquired 06/13/2018 - 06/27/2018; Cost $2,094,363)(e)(j) | 5.25% | 08/01/2057 | 2,190 | 908,850 | ||||||||||||
Oklahoma (State of) Development Finance Authority (Sommerset); Series 2015, RB | 5.00% | 07/01/2035 | 1,200 | 1,317,708 | ||||||||||||
Oklahoma Development Finance Authority; Series 2018 B, RB(c)(l) | 5.50% | 08/15/2057 | 15,210 | 17,924,225 | ||||||||||||
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch); | 6.88% | 11/01/2046 | 2,469 | 12,344 | ||||||||||||
Series 2016 A, RB(e) | 6.63% | 11/30/2049 | 1,164 | 5,823 | ||||||||||||
Series 2016 A, RB(e) | 7.00% | 11/01/2051 | 2,429 | 12,145 | ||||||||||||
Series 2016 B-1, RB(e) | 5.25% | 11/30/2049 | 1,664 | 8,318 | ||||||||||||
Tulsa (City of), OK Municipal Airport Trust; | 5.50% | 06/01/2035 | 18,625 | 19,890,382 | ||||||||||||
Series 2001 A, Ref. RB(d) | 5.50% | 12/01/2035 | 15,000 | 16,011,600 | ||||||||||||
Series 2001 B, Ref. RB(d) | 5.50% | 12/01/2035 | 51,025 | 54,466,126 | ||||||||||||
Tulsa (City of), OK Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(b)(d) | 5.00% | 06/01/2025 | 6,500 | 7,149,350 | ||||||||||||
174,638,931 | ||||||||||||||||
Oregon–0.09% | ||||||||||||||||
Clackamas (County of), OR Hospital Facility Authority (Willamette View); | 5.00% | 11/15/2032 | 500 | 549,445 | ||||||||||||
Series 2017 A, Ref. RB | 5.00% | 11/15/2037 | 500 | 542,325 | ||||||||||||
Series 2017 A, Ref. RB | 5.00% | 11/15/2052 | 2,750 | 2,938,045 | ||||||||||||
Salem (City of), OR Hospital Facility Authority (Capital Manor, Inc.); | 5.63% | 05/15/2032 | 250 | 259,917 | ||||||||||||
Series 2012, Ref. RB | 6.00% | 05/15/2042 | 1,990 | 2,067,829 | ||||||||||||
Series 2012, Ref. RB | 6.00% | 05/15/2047 | 3,250 | 3,372,785 | ||||||||||||
9,730,346 | ||||||||||||||||
Pennsylvania–1.57% | ||||||||||||||||
Allegheny (County of), PA Industrial Development Authority (Propel Charter School - Montour); Series 2010 A, RB | 6.75% | 08/15/2035 | 1,100 | 1,103,586 | ||||||||||||
Allegheny (County of), PA Industrial Development Authority (Propel Charter School-McKeesport); Series 2010 B, RB | 6.38% | 08/15/2035 | 1,220 | 1,223,331 | ||||||||||||
Allentown Neighborhood Improvement Zone Development Authority (615 Waterfront); Series 2021, RB(h) | 6.00% | 05/01/2042 | 5,315 | 6,444,810 | ||||||||||||
Beaver (County of), PA Industrial Development Authority (FirstEnergy Nuclear Generation); Series 2006 A, Ref. PCR(b)(m) | 4.38% | 07/01/2022 | 925 | 952,750 | ||||||||||||
Berks (County of), PA Industrial Development Authority (Tower Health); | 4.00% | 11/01/2047 | 4,000 | 3,985,200 | ||||||||||||
Series 2017, Ref. RB | 5.00% | 11/01/2050 | 22,545 | 24,530,313 | ||||||||||||
Berks (County of), PA Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB | 5.00% | 11/01/2040 | 3,830 | 3,916,903 | ||||||||||||
Chester (County of), PA Industrial Development Authority (Collegium Charter School); | 5.25% | 10/15/2032 | 2,320 | 2,434,956 | ||||||||||||
Series 2012 A, Ref. RB | 5.38% | 10/15/2042 | 4,230 | 4,420,350 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Pennsylvania–(continued) | ||||||||||||||||
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); | 5.00% | 12/01/2038 | $ | 1,750 | $ | 1,892,222 | ||||||||||
Series 2018, Ref. RB | 5.00% | 12/01/2043 | 2,500 | 2,675,300 | ||||||||||||
Series 2018, Ref. RB | 5.00% | 12/01/2048 | 2,500 | 2,651,300 | ||||||||||||
Series 2019, RB | 5.00% | 12/01/2054 | 1,000 | 1,056,440 | ||||||||||||
Lehigh (County of), PA General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB | 5.25% | 07/01/2042 | 3,430 | 3,520,278 | ||||||||||||
Lehigh (County of), PA General Purpose Authority (Kidspeace Obligation Group); | 7.50% | 02/01/2044 | 5,048 | 5,066,817 | ||||||||||||
Series 2014 B, RB(f) | 7.50% | 02/01/2044 | 1,379 | 573,144 | ||||||||||||
Series 2014 C, RB(e) | 0.00% | 02/01/2044 | 4,122 | 412 | ||||||||||||
Montgomery (County of), PA Industrial Development Authority (Albert Einstein Healthcare); Series 2015, Ref. RB | 5.25% | 01/15/2046 | 4,000 | 4,381,400 | ||||||||||||
Montgomery (County of), PA Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB(a)(b) | 7.00% | 12/01/2021 | 6,000 | 6,304,020 | ||||||||||||
Pennsylvania (Commonwealth of); First Series 2014, GO Bonds(c) | 5.00% | 06/15/2034 | 15,450 | 17,553,981 | ||||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(d) | 5.50% | 11/01/2044 | 4,000 | 4,152,600 | ||||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (PPL Energy Supply); Series 2009 A, Ref. RB | 6.40% | 12/01/2038 | 14,200 | 12,523,832 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission; | 5.00% | 12/01/2044 | 5,000 | 6,145,450 | ||||||||||||
Series 2020-XX1134, Ctfs.(c)(l) | 5.00% | 12/01/2049 | 7,000 | 8,527,190 | ||||||||||||
Subseries 2013 B-2, RB(f) | 6.00% | 12/01/2037 | 7,000 | 6,855,100 | ||||||||||||
Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter School, Inc.); Series 2019 A, RB | 5.00% | 06/15/2049 | 1,390 | 1,480,086 | ||||||||||||
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group); | 5.00% | 07/01/2037 | 4,575 | 4,799,678 | ||||||||||||
Series 2017, Ref. RB | 5.00% | 07/01/2049 | 8,815 | 9,059,793 | ||||||||||||
Philadelphia (City of), PA Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB | 7.25% | 06/15/2043 | 5,500 | 6,296,510 | ||||||||||||
Philadelphia (City of), PA Industrial Development Authority (MaST I Charter School); | 5.25% | 08/01/2046 | 2,410 | 2,665,098 | ||||||||||||
Series 2016 A, Ref. RB | 5.38% | 08/01/2051 | 3,950 | 4,381,774 | ||||||||||||
161,574,624 | ||||||||||||||||
Puerto Rico–10.57% | ||||||||||||||||
Children’s Trust Fund; | 5.38% | 05/15/2033 | 11,375 | 11,444,842 | ||||||||||||
Series 2002, RB | 5.50% | 05/15/2039 | 27,590 | 28,267,059 | ||||||||||||
Series 2002, RB | 5.63% | 05/15/2043 | 5,415 | 5,442,779 | ||||||||||||
Series 2005 A, RB(i) | 0.00% | 05/15/2050 | 473,480 | 73,190,538 | ||||||||||||
Puerto Rico (Commonwealth of); | 5.13% | 07/01/2031 | 3,635 | 3,135,187 | ||||||||||||
Series 2003 A, GO Bonds(e) | 5.00% | 07/01/2033 | 1,980 | 1,705,275 | ||||||||||||
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(g) | 6.00% | 07/01/2027 | 21,000 | 21,633,362 | ||||||||||||
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(g) | 6.00% | 07/01/2028 | 4,500 | 4,639,365 | ||||||||||||
Series 2004 A, GO Bonds(e) | 5.00% | 07/01/2025 | 55 | 47,506 | ||||||||||||
Series 2004 A, GO Bonds(e) | 5.00% | 07/01/2029 | 530 | 457,788 | ||||||||||||
Series 2006 A, GO Bonds(e) | 5.25% | 07/01/2024 | 360 | 311,850 | ||||||||||||
Series 2006 A, GO Bonds(e) | 5.25% | 07/01/2026 | 115 | 99,619 | ||||||||||||
Series 2006 B, Ref. GO Bonds(e) | 5.00% | 07/01/2035 | 2,910 | 2,513,512 | ||||||||||||
Series 2006, Ref. GO Bonds(e) | 5.00% | 07/01/2031 | 2,215 | 1,907,669 | ||||||||||||
Series 2007 A, GO Bonds(e) | 5.00% | 07/01/2021 | 415 | 358,456 | ||||||||||||
Series 2007 A, GO Bonds(e) | 5.00% | 07/01/2022 | 470 | 405,963 | ||||||||||||
Series 2007 A, GO Bonds(e) | 5.00% | 07/01/2023 | 195 | 168,431 | ||||||||||||
Series 2007 A, GO Bonds(e) | 5.00% | 07/01/2024 | 125 | 107,969 | ||||||||||||
Series 2007 A, GO Bonds(e) | 5.00% | 07/01/2027 | 220 | 190,025 | ||||||||||||
Series 2007 A, GO Bonds(e) | 5.25% | 07/01/2029 | 860 | 744,975 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Puerto Rico–(continued) | ||||||||||||||||
Series 2007 A, GO Bonds(e) | 5.25% | 07/01/2030 | $ | 115 | $ | 99,619 | ||||||||||
Series 2007 A, GO Bonds(e) | 5.25% | 07/01/2032 | 65 | 56,306 | ||||||||||||
Series 2007 A, GO Bonds(e) | 5.25% | 07/01/2033 | 500 | 433,125 | ||||||||||||
Series 2007 A, GO Bonds(e) | 5.25% | 07/01/2034 | 165 | 142,931 | ||||||||||||
Series 2007 A, GO Bonds(e) | 5.00% | 12/10/2049 | 190 | 163,400 | ||||||||||||
Series 2008 A, Ref. GO Bonds(e) | 5.25% | 07/01/2025 | 285 | 246,169 | ||||||||||||
Series 2009 B, Ref. GO Bonds(e) | 6.50% | 07/01/2037 | 6,165 | 5,402,081 | ||||||||||||
Series 2009 B, Ref. GO Bonds(e) | 5.75% | 07/01/2038 | 1,095 | 951,281 | ||||||||||||
Series 2009 C, Ref. GO Bonds(e) | 6.00% | 07/01/2039 | 175 | 151,594 | ||||||||||||
Series 2011 A, GO Bonds(e) | 5.75% | 07/01/2041 | 2,500 | 2,109,375 | ||||||||||||
Series 2011 E, Ref. GO Bonds(e) | 6.00% | 07/01/2029 | 8,400 | 7,276,500 | ||||||||||||
Series 2011 E, Ref. GO Bonds(e) | 5.63% | 07/01/2032 | 225 | 189,844 | ||||||||||||
Series 2012 A, Ref. GO Bonds(e) | 5.00% | 07/01/2021 | 2,820 | 2,294,775 | ||||||||||||
Series 2012 A, Ref. GO Bonds(e) | 5.13% | 07/01/2037 | 12,695 | 10,282,950 | ||||||||||||
Series 2012 A, Ref. GO Bonds(e) | 5.50% | 07/01/2039 | 5,520 | 4,526,400 | ||||||||||||
Series 2012 A, Ref. GO Bonds(e) | 5.00% | 07/01/2041 | 32,255 | 25,199,219 | ||||||||||||
Series 2014 A, GO Bonds(e) | 8.00% | 07/01/2035 | 37,485 | 29,191,444 | ||||||||||||
Series 2020 C, Ref. GO Bonds(e) | 6.00% | 07/01/2032 | 1,225 | 1,013,688 | ||||||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; | 6.13% | 07/01/2024 | 13,522 | 14,761,021 | ||||||||||||
Series 2012 A, RB | 5.50% | 07/01/2028 | 2,395 | 2,529,120 | ||||||||||||
Series 2012 A, RB | 5.25% | 07/01/2029 | 5,520 | 5,810,959 | ||||||||||||
Series 2012 A, RB | 5.00% | 07/01/2033 | 6,000 | 6,296,520 | ||||||||||||
Series 2012 A, RB | 5.13% | 07/01/2037 | 11,975 | 12,586,443 | ||||||||||||
Series 2012 A, RB | 5.75% | 07/01/2037 | 9,230 | 9,777,339 | ||||||||||||
Series 2012 A, RB | 5.25% | 07/01/2042 | 85,865 | 90,390,944 | ||||||||||||
Series 2012 A, RB | 6.00% | 07/01/2047 | 1,800 | 1,912,662 | ||||||||||||
Series 2020 A, Ref. RB(h) | 5.00% | 07/01/2047 | 40,000 | 46,390,800 | ||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; | 5.00% | 07/01/2023 | 755 | 764,264 | ||||||||||||
Series 2007 TT, RB(e) | 5.00% | 07/01/2023 | 515 | 464,788 | ||||||||||||
Series 2007 TT, RB(e) | 5.00% | 07/01/2026 | 6,685 | 6,033,212 | ||||||||||||
Series 2007 TT, RB(e) | 5.00% | 07/01/2027 | 2,350 | 2,120,875 | ||||||||||||
Series 2007 TT, RB(e) | 5.00% | 07/01/2032 | 16,805 | 15,145,712 | ||||||||||||
Series 2007 UU, Ref. RB(o) | 0.84% | 07/01/2025 | 4,250 | 3,570,000 | ||||||||||||
Series 2007 UU, Ref. RB (3 mo. USD LIBOR + 0.70%)(p) | 0.86% | 07/01/2031 | 2,050 | 1,722,000 | ||||||||||||
Series 2007 VV, Ref. RB (INS - NATL)(g) | 5.25% | 07/01/2024 | 4,560 | 4,863,650 | ||||||||||||
Series 2007 VV, Ref. RB (INS - NATL)(g) | 5.25% | 07/01/2030 | 9,275 | 10,294,693 | ||||||||||||
Series 2007 VV, Ref. RB (INS - AGM)(g) | 5.25% | 07/01/2031 | 20,000 | 24,418,800 | ||||||||||||
Series 2007 VV, Ref. RB (INS - NATL)(g) | 5.25% | 07/01/2032 | 6,275 | 7,048,770 | ||||||||||||
Series 2008 WW, RB(e) | 5.00% | 07/01/2028 | 13,620 | 12,292,050 | ||||||||||||
Series 2008 WW, RB(e) | 5.50% | 07/01/2038 | 9,685 | 8,789,137 | ||||||||||||
Series 2008 WW-RSA-1, RB(e) | 5.38% | 07/01/2023 | 825 | 747,656 | ||||||||||||
Series 2008 WW-RSA-1, RB(e) | 5.25% | 07/01/2033 | 2,200 | 1,991,000 | ||||||||||||
Series 2010 AAA, RB(e) | 5.25% | 07/01/2021 | 2,355 | 2,131,275 | ||||||||||||
Series 2010 AAA, RB(e) | 5.25% | 07/01/2025 | 840 | 760,200 | ||||||||||||
Series 2010 AAA, RB(e) | 5.25% | 07/01/2031 | 1,350 | 1,221,750 | ||||||||||||
Series 2010 CCC, RB(e) | 5.00% | 07/01/2025 | 325 | 293,313 | ||||||||||||
Series 2010 CCC, RB(e) | 5.25% | 07/01/2026 | 14,455 | 13,081,775 | ||||||||||||
Series 2010 CCC, RB(e) | 5.00% | 07/01/2028 | 960 | 828,000 | ||||||||||||
Series 2010 CCC, RB(e) | 5.25% | 07/01/2028 | 7,600 | 6,878,000 | ||||||||||||
Series 2010 CCC-RSA-1, RB(e) | 5.00% | 07/01/2022 | 530 | 478,325 | ||||||||||||
Series 2010 DDD, Ref. RB(e) | 5.00% | 07/01/2021 | 11,020 | 9,945,550 | ||||||||||||
Series 2010 DDD, Ref. RB(e) | 3.75% | 07/01/2022 | 1,780 | 1,553,050 | ||||||||||||
Series 2010 DDD, Ref. RB(e) | 5.00% | 07/01/2022 | 1,575 | 1,421,438 | ||||||||||||
Series 2010 DDD, Ref. RB(e) | 5.00% | 07/01/2023 | 1,150 | 1,037,875 | ||||||||||||
Series 2010 EEE, RB(e) | 6.05% | 07/01/2032 | 895 | 761,869 | ||||||||||||
Series 2010 XX, RB(e) | 4.63% | 07/01/2025 | 620 | 558,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Puerto Rico–(continued) | ||||||||||||||||
Series 2010 XX, RB(e) | 5.25% | 07/01/2035 | $ | 6,799 | $ | 6,153,095 | ||||||||||
Series 2010 XX, RB(e) | 5.25% | 07/01/2040 | 1,340 | 1,160,775 | ||||||||||||
Series 2010 XX, RB(e) | 5.25% | 07/02/2040 | 11,600 | 10,498,000 | ||||||||||||
Series 2010 XX-RSA-1, RB(e) | 5.25% | 07/01/2026 | 385 | 348,425 | ||||||||||||
Series 2010 YY, RB(e) | 6.13% | 07/01/2040 | 1,200 | 1,023,000 | ||||||||||||
Series 2010 ZZ, Ref. RB(e) | 4.38% | 07/01/2021 | 550 | 495,000 | ||||||||||||
Series 2010 ZZ, Ref. RB(e) | 4.50% | 07/01/2023 | 475 | 427,500 | ||||||||||||
Series 2010 ZZ, Ref. RB(e) | 5.25% | 07/01/2024 | 65 | 58,825 | ||||||||||||
Series 2010 ZZ, Ref. RB(e) | 5.25% | 07/01/2026 | 875 | 783,156 | ||||||||||||
Series 2010 ZZ, Ref. RB(e) | 5.00% | 07/01/2028 | 310 | 279,775 | ||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 5.00% | 07/01/2021 | 550 | 496,375 | ||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 5.00% | 07/01/2022 | 345 | 311,363 | ||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 5.00% | 07/01/2024 | 340 | 306,850 | ||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 4.63% | 07/01/2025 | 640 | 576,000 | ||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 5.00% | 07/01/2026 | 435 | 392,588 | ||||||||||||
Series 2012 A, RB(e) | 4.80% | 07/02/2029 | 2,260 | 2,034,000 | ||||||||||||
Series 2012 A, RB(e) | 5.00% | 07/02/2029 | 3,535 | 3,190,337 | ||||||||||||
Series 2012 A, RB(e) | 5.00% | 07/01/2042 | 25,280 | 22,815,200 | ||||||||||||
Series 2012 A, RB(e) | 5.05% | 07/01/2042 | 3,095 | 2,793,237 | ||||||||||||
Series 2013 A, RB(e) | 7.00% | 07/01/2033 | 6,030 | 5,577,750 | ||||||||||||
Series 2013 A, RB(e) | 6.75% | 07/01/2036 | 15,090 | 13,920,525 | ||||||||||||
Series 2013 A, RB(e) | 7.00% | 07/01/2040 | 2,675 | 2,474,375 | ||||||||||||
Series 2013 A, RB(e) | 7.00% | 07/01/2043 | 20,415 | 18,883,875 | ||||||||||||
Series 2013 A-RSA, RB(e) | 7.25% | 07/01/2030 | 2,120 | 1,966,300 | ||||||||||||
Series 2016 E-2, RB(e) | 10.00% | 07/01/2021 | 9,939 | 9,591,272 | ||||||||||||
Series 2016 E-2, RB(e) | 10.00% | 01/01/2022 | 3,866 | 3,731,021 | ||||||||||||
Series 2016 E-4, RB(e) | 10.00% | 07/01/2022 | 2,593 | 2,502,442 | ||||||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; | 4.75% | 07/01/2038 | 2,231 | 797,583 | ||||||||||||
Series 2003 G, RB(e) | 5.00% | 07/01/2033 | 9,340 | 3,339,050 | ||||||||||||
Series 2003 G, RB(e) | 5.00% | 07/01/2042 | 7,500 | 2,681,250 | ||||||||||||
Series 2003 H, Ref. RB(e) | 5.00% | 07/01/2028 | 180 | 64,350 | ||||||||||||
Series 2003 H, Ref. RB(e) | 5.00% | 07/01/2035 | 175 | 62,563 | ||||||||||||
Series 2003 H, Ref. RB(e) | 5.45% | 07/01/2035 | 4,480 | 1,601,600 | ||||||||||||
Series 2004 J, RB(e) | 4.80% | 07/01/2024 | 220 | 78,650 | ||||||||||||
Series 2005 K, RB(e) | 5.00% | 07/01/2021 | 2,510 | 897,325 | ||||||||||||
Series 2005 K, RB(e) | 5.00% | 07/01/2022 | 9,655 | 3,451,662 | ||||||||||||
Series 2005 K, RB(e) | 5.00% | 07/01/2023 | 12,275 | 4,388,312 | ||||||||||||
Series 2005 K, RB(e) | 5.00% | 07/01/2026 | 155 | 55,413 | ||||||||||||
Series 2005 K, RB(e) | 5.00% | 07/01/2027 | 3,585 | 1,281,638 | ||||||||||||
Series 2007 M, RB(e) | 5.00% | 07/01/2021 | 4,120 | 1,472,900 | ||||||||||||
Series 2007 M, RB(e) | 5.00% | 07/01/2024 | 2,565 | 916,988 | ||||||||||||
Series 2007 M, RB(e) | 5.00% | 07/01/2027 | 520 | 185,900 | ||||||||||||
Series 2007 M, RB(e) | 5.00% | 07/01/2032 | 4,850 | 1,733,875 | ||||||||||||
Series 2007 M, RB(e) | 5.00% | 07/01/2037 | 530 | 189,475 | ||||||||||||
Series 2007 M, RB(e) | 5.00% | 07/01/2046 | 3,565 | 1,274,488 | ||||||||||||
Series 2007 N, Ref. RB(e) | 5.50% | 07/01/2021 | 2,000 | 715,000 | ||||||||||||
Series 2007 N, Ref. RB(e) | 5.50% | 07/01/2022 | 4,790 | 1,712,425 | ||||||||||||
Series 2007 N, Ref. RB(e) | 5.50% | 07/01/2023 | 3,580 | 1,279,850 | ||||||||||||
Series 2007 N, Ref. RB(e) | 5.50% | 07/01/2025 | 3,130 | 1,118,975 | ||||||||||||
Series 2007 N, Ref. RB(e) | 5.50% | 07/01/2026 | 5,195 | 1,857,213 | ||||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB(d) | 6.63% | 06/01/2026 | 21,245 | 21,988,575 | ||||||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2009 Q, RB(e) | 5.63% | 07/01/2039 | 2,000 | 1,935,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Puerto Rico–(continued) | ||||||||||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); | 6.00% | 07/01/2024 | $ | 7,970 | $ | 8,188,298 | ||||||||||
Series 2007 N, RB(e) | 5.00% | 07/01/2037 | 8,900 | 8,477,250 | ||||||||||||
Series 2011 S, RB(e) | 5.75% | 07/01/2022 | 3,115 | 3,017,656 | ||||||||||||
Series 2011 S, RB(e) | 6.00% | 07/01/2041 | 25,640 | 24,999,000 | ||||||||||||
Series 2012 U, Ref. RB(e) | 5.25% | 07/01/2042 | 27,275 | 24,274,750 | ||||||||||||
Puerto Rico Sales Tax Financing Corp.; | 0.00% | 07/01/2029 | 1,927 | 1,594,303 | ||||||||||||
Series 2018 A-1, RB(i) | 0.00% | 07/01/2031 | 2,484 | 1,907,439 | ||||||||||||
Series 2018 A-1, RB(i) | 0.00% | 07/01/2033 | 10,296 | 7,320,765 | ||||||||||||
Series 2018 A-1, RB | 4.50% | 07/01/2034 | 10,162 | 11,090,908 | ||||||||||||
Series 2018 A-1, RB | 4.55% | 07/01/2040 | 4,089 | 4,457,214 | ||||||||||||
Series 2018 A-1, RB(i) | 0.00% | 07/01/2046 | 77,342 | 23,777,923 | ||||||||||||
Series 2018 A-1, RB(i) | 0.00% | 07/01/2051 | 285,874 | 62,940,879 | ||||||||||||
Series 2018 A-1, RB | 4.75% | 07/01/2053 | 30,479 | 33,265,588 | ||||||||||||
Series 2018 A-1, RB | 5.00% | 07/01/2058 | 37,864 | 41,935,952 | ||||||||||||
Series 2019 A-2, RB | 4.33% | 07/01/2040 | 55,009 | 59,170,430 | ||||||||||||
Series 2019 A-2, RB | 4.54% | 07/01/2053 | 314 | 338,376 | ||||||||||||
Series 2019 A-2, RB | 4.78% | 07/01/2058 | 25,223 | 27,583,116 | ||||||||||||
1,090,386,674 | ||||||||||||||||
Rhode Island–0.00% | ||||||||||||||||
Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB | 5.00% | 06/01/2050 | 30 | 33,138 | ||||||||||||
South Carolina–0.06% | ||||||||||||||||
South Carolina (State of) Jobs-Economic Development Authority (High Point Academy Project); Series 2018 A, RB(h) | 5.75% | 06/15/2049 | 2,000 | 2,229,300 | ||||||||||||
South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes); | 5.00% | 05/01/2043 | 1,000 | 1,011,780 | ||||||||||||
Series 2013, RB | 5.13% | 05/01/2048 | 2,000 | 2,024,960 | ||||||||||||
Series 2017, Ref. RB | 5.00% | 05/01/2042 | 250 | 258,142 | ||||||||||||
South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Homeat Still Hopes); Series 2018 A, Ref. RB | 5.00% | 04/01/2048 | 1,085 | 1,157,717 | ||||||||||||
6,681,899 | ||||||||||||||||
Tennessee–0.49% | ||||||||||||||||
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB | 5.63% | 06/01/2035 | 13,000 | 13,601,640 | ||||||||||||
Memphis (City of) & Shelby (County of), TN Economic Development Growth Engine Industrial Development Board (Graceland); | 5.50% | 07/01/2037 | 250 | 247,048 | ||||||||||||
Series 2017 A, Ref. RB | 5.63% | 01/01/2046 | 750 | 741,675 | ||||||||||||
Nashville (City of) & Davidson (County of), TN Health and Educational Facilities Board of Metropolitan Government (Trousdale Foundation Properties); | 6.00% | 04/01/2038 | 14,875 | 7,013,116 | ||||||||||||
Series 2018 A, RB(h) | 6.25% | 04/01/2049 | 19,400 | 9,129,446 | ||||||||||||
Shelby (County of), TN Health, Educational & Housing Facilities Board (Kirby Pines); Series 1997 A, RB | 6.38% | 11/15/2025 | 1,815 | 1,815,853 | ||||||||||||
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor); | 5.50% | 09/01/2047 | 16,300 | 16,054,196 | ||||||||||||
Series 2016 A, Ref. RB(h) | 5.00% | 09/01/2031 | 750 | 747,577 | ||||||||||||
Series 2016 A, Ref. RB(h) | 5.00% | 09/01/2037 | 1,145 | 1,096,601 | ||||||||||||
50,447,152 | ||||||||||||||||
Texas–5.89% | ||||||||||||||||
Angelina & Neches River Authority Industrial Development Corp. (Aspen Power LLC); Series 2007 A, RB(d)(e)(k) | 6.50% | 11/01/2029 | 9,265 | 93 | ||||||||||||
Arlington Higher Education Finance Corp. (Leadership Prep School); Series 2016 A, RB | 5.00% | 06/15/2046 | 1,325 | 1,330,419 | ||||||||||||
Arlington Higher Education Finance Corp. (Newman International Academy); Series 2021, RB | 5.00% | 08/15/2051 | 1,000 | 1,049,410 | ||||||||||||
Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, RB | 7.13% | 03/01/2044 | 2,000 | 2,166,080 | ||||||||||||
Bexar County Housing Finance Corp. (Woodland Ridge Apartments); Series 2002 A, RB(d) | 7.00% | 01/01/2039 | 3,450 | 3,455,520 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Texas–(continued) | ||||||||||||||||
Brazoria County Health Facilities Development Corp. (Brazosport Regional Health System); Series 2012, Ref. RB(a)(b) | 5.25% | 07/01/2022 | $ | 7,100 | $ | 7,573,215 | ||||||||||
Series 2012, Ref. RB(a)(b) | 5.50% | 07/01/2022 | 13,410 | 14,348,298 | ||||||||||||
Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC); | 7.00% | 03/01/2039 | 9,600 | 10,252,992 | ||||||||||||
Series 2019, RB(d)(h) | 9.00% | 03/01/2039 | 1,200 | 1,384,776 | ||||||||||||
Calhoun County Navigation Industrial Development Authority (Max Midstream Texas, LLC); Series 2020 A, RN(d)(h) | 7.00% | 07/27/2021 | 14,260 | 14,259,430 | ||||||||||||
Clifton Higher Education Finance Corp. (International Leadership of Texas); | 5.75% | 08/15/2038 | 1,000 | 1,146,580 | ||||||||||||
Series 2015, RB | 5.75% | 08/15/2045 | 8,000 | 9,089,040 | ||||||||||||
Series 2018 D, RB | 5.75% | 08/15/2033 | 6,190 | 7,159,849 | ||||||||||||
Series 2018 D, RB | 6.00% | 08/15/2038 | 14,250 | 16,488,817 | ||||||||||||
Series 2018 D, RB | 6.13% | 08/15/2048 | 28,950 | 33,306,396 | ||||||||||||
Grand Parkway Transportation Corp.; | 5.25% | 10/01/2023 | 24,405 | 27,541,775 | ||||||||||||
Series 2013 B, RB(f) | 5.85% | 10/01/2048 | 17,000 | 19,157,130 | ||||||||||||
Grand Prairie Housing Finance Corp.; | 7.75% | 01/01/2034 | 6,495 | 6,504,548 | ||||||||||||
Series 2003, RB(e)(k)(q) | 7.75% | 01/01/2034 | 3,595 | 287,600 | ||||||||||||
Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers; | 5.00% | 12/01/2040 | 5,350 | 5,599,740 | ||||||||||||
Series 2015, Ref. RB | 5.00% | 12/01/2045 | 9,230 | 9,556,744 | ||||||||||||
Hopkins (County of), TX Hospital District; | 6.00% | 02/15/2033 | 2,500 | 2,506,775 | ||||||||||||
Series 2008, RB | 6.00% | 02/15/2038 | 5,155 | 5,167,836 | ||||||||||||
Houston (City of), TX (Continental Airlines, Inc.); Series 2011 A, Ref. RB(d) | 6.63% | 07/15/2038 | 16,000 | 16,442,400 | ||||||||||||
Houston (City of), TX (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(d) | 5.00% | 07/01/2029 | 26,355 | 28,576,726 | ||||||||||||
Houston (City of), TX (United Airlines, Inc.); Series 2020 C, Ref. RB(d) | 5.00% | 07/15/2027 | 6,775 | 7,894,501 | ||||||||||||
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(d) | 4.75% | 07/01/2024 | 1,500 | 1,572,420 | ||||||||||||
La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015, RB(h) | 5.60% | 08/15/2045 | 4,420 | 4,761,091 | ||||||||||||
Leander Independent School District; | 0.00% | 08/15/2024 | 71,355 | 18,857,699 | ||||||||||||
Series 2014 D, Ref. GO Bonds (CEP - Texas Permanent School Fund)(i) | 0.00% | 08/15/2037 | 3,645 | 1,880,200 | ||||||||||||
Mission Economic Development Corp. (CarbonLite Recycling LLC); Series 2016, RB(d)(h) | 6.50% | 12/01/2033 | 9,980 | 8,829,007 | ||||||||||||
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(d)(h) | 4.63% | 10/01/2031 | 21,150 | 22,528,134 | ||||||||||||
New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.-Stoney Brook); Series 2017 C, RB | 5.00% | 07/01/2037 | 1,670 | 988,223 | ||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB | 5.00% | 07/01/2046 | 18,395 | 18,913,187 | ||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Forefront Living Plano); Series 2020 A, RB(h) | 10.00% | 12/01/2025 | 5,000 | 5,106,650 | ||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); | 5.00% | 08/15/2036 | 2,500 | 2,519,200 | ||||||||||||
Series 2017 A, RB(h) | 5.00% | 08/15/2037 | 2,000 | 2,014,920 | ||||||||||||
Series 2017 A, RB(h) | 5.13% | 08/15/2047 | 2,085 | 2,098,803 | ||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Legacy Midtown Park); Series 2018 A, RB | 5.50% | 07/01/2054 | 8,550 | 8,948,772 | ||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); | 5.00% | 01/01/2047 | 6,790 | 7,300,268 | ||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries); | 6.50% | 01/01/2043 | 4,325 | 4,537,141 | ||||||||||||
Series 2013, RB | 6.50% | 01/01/2048 | 5,675 | 5,945,187 | ||||||||||||
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); | 5.38% | 11/15/2036 | 1,365 | 1,264,481 | ||||||||||||
Series 2016 A, RB | 5.50% | 11/15/2046 | 2,975 | 2,628,978 | ||||||||||||
Series 2016 A, RB | 5.50% | 11/15/2052 | 2,350 | 2,024,643 | ||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); | 5.00% | 10/01/2039 | 1,000 | 1,041,560 | ||||||||||||
Series 2018, Ref. RB | 5.25% | 10/01/2049 | 7,940 | 8,266,810 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Texas–(continued) | ||||||||||||||||
Newark High Education Finance Corp. (A+ Charter Schools, Inc.); | 5.50% | 08/15/2035 | $ | 845 | $ | 942,302 | ||||||||||
Series 2015 A, RB(h) | 5.75% | 08/15/2045 | 2,015 | 2,228,890 | ||||||||||||
North Texas Tollway Authority; Series 2011 B, RB(a)(b)(i) | 0.00% | 09/01/2031 | 15,500 | 8,475,865 | ||||||||||||
Northwest Independent School District; Series 2020-XL0138, Ctfs. (CEP - Texas Permanent School Fund)(c) | 4.00% | 02/15/2045 | 10,500 | 12,444,180 | ||||||||||||
Port Beaumont Navigation District (Jefferson Gulf Coast); Series 2020, Ref. RB(d)(h) | 4.00% | 01/01/2050 | 6,125 | 6,304,585 | ||||||||||||
Red River Health Facilities Development Corp. (MRC Crossing); | 7.50% | 11/15/2034 | 2,350 | 2,558,516 | ||||||||||||
Series 2014 A, RB | 7.75% | 11/15/2044 | 5,100 | 5,526,972 | ||||||||||||
Series 2014 A, RB | 8.00% | 11/15/2049 | 6,000 | 6,539,580 | ||||||||||||
Sanger Industrial Development Corp. (Texas Pellets); Series 2012 B, RB (Acquired 09/04/2012; Cost $37,110,000)(d)(e)(j)(k) | 8.00% | 07/01/2038 | 37,110 | 9,277,500 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2016, Ref. RB | 5.00% | 05/15/2045 | 4,550 | 4,848,798 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.); | 5.63% | 11/15/2027 | 1,500 | 678,750 | ||||||||||||
Series 2007, RB (Acquired 07/27/2007; Cost $2,500,000)(e)(j) | 5.75% | 11/16/2037 | 2,500 | 1,131,250 | ||||||||||||
Series 2014, RB (Acquired 08/14/2014; Cost $3,250,000)(e)(j) | 5.63% | 11/15/2041 | 3,250 | 1,470,625 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana); | 6.75% | 11/15/2047 | 13,125 | 14,579,381 | ||||||||||||
Series 2017, RB | 6.75% | 11/15/2052 | 965 | 1,069,191 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); | 5.75% | 02/15/2025 | 1,015 | 815,816 | ||||||||||||
Series 2007, RB (Acquired 07/18/2007; Cost $1,600,000)(j) | 5.75% | 02/15/2029 | 1,600 | 1,278,432 | ||||||||||||
Series 2009 A, RB (Acquired 12/10/2009 - 10/01/2020; Cost $12,862,281)(j) | 8.00% | 02/15/2038 | 13,350 | 10,620,592 | ||||||||||||
Series 2017 A, RB (Acquired 12/15/2016 - 09/17/2020; Cost $26,181,826)(j) | 6.38% | 02/15/2048 | 26,895 | 21,308,371 | ||||||||||||
Series 2017 A, RB (Acquired 12/15/2016 - 04/28/2020; Cost $24,821,379)(j) | 6.38% | 02/15/2052 | 25,055 | 19,838,800 | ||||||||||||
Series 2017, RB (Acquired 11/05/2019; Cost $9,604,229)(j) | 6.38% | 02/15/2041 | 8,755 | 6,947,968 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); | 6.63% | 11/15/2041 | 1,000 | 1,117,920 | ||||||||||||
Series 2020, Ref. RB | 6.75% | 11/15/2051 | 4,000 | 4,453,520 | ||||||||||||
Series 2020, Ref. RB | 6.88% | 11/15/2055 | 4,000 | 4,471,880 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way); Series 2020, RB | 5.75% | 12/01/2054 | 18,637 | 19,893,722 | ||||||||||||
Texas (State of) Transportation Commission; | 0.00% | 08/01/2051 | 6,000 | 1,525,740 | ||||||||||||
Series 2019, RB(i) | 0.00% | 08/01/2052 | 6,000 | 1,440,420 | ||||||||||||
Series 2019, RB(i) | 0.00% | 08/01/2053 | 1,000 | 227,060 | ||||||||||||
Texas Municipal Gas Acquisition & Supply Corp. III; | 5.00% | 12/15/2031 | 1,090 | 1,423,704 | ||||||||||||
Series 2021, Ref. RB | 5.00% | 12/15/2032 | 2,380 | 3,150,573 | ||||||||||||
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes); Series 2016, RB(d) | 5.00% | 12/31/2055 | 12,135 | 13,544,602 | ||||||||||||
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC); Series 2013, RB(d) | 6.75% | 06/30/2043 | 17,450 | 19,830,180 | ||||||||||||
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(d) | 7.00% | 12/31/2038 | 4,000 | 4,575,480 | ||||||||||||
Texas State Public Finance Authority Charter School Finance Corp. (New Frontiers Charter School); Series 2010 A, RB | 5.80% | 08/15/2040 | 1,000 | 1,001,240 | ||||||||||||
Texas State Public Finance Authority Charter School Finance Corp. (School Excellence Education); Series 2004 A, RB | 7.00% | 12/01/2034 | 2,870 | 2,870,861 | ||||||||||||
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB | 5.25% | 08/15/2042 | 4,185 | 4,216,555 | ||||||||||||
606,903,885 | ||||||||||||||||
Utah–0.47% | ||||||||||||||||
Mida Mountain Village Public Infrastructure District; | 4.50% | 08/01/2040 | 1,205 | 1,332,863 | ||||||||||||
Series 2020 A, RB | 5.00% | 08/01/2050 | 6,500 | 7,208,955 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
39 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Utah–(continued) | ||||||||||||||||
Salt Lake City Corp. Airport Revenue; | 5.00% | 07/01/2043 | $ | 14,750 | $ | 17,408,098 | ||||||||||
Series 2018 A, RB(c)(d) | 5.00% | 07/01/2048 | 11,250 | 13,189,725 | ||||||||||||
Utah (State of) Charter School Finance Authority (Leadership Learning Academy); Series 2019 A, RB(h) | 5.00% | 06/15/2050 | 2,000 | 2,154,020 | ||||||||||||
Utah (State of) Charter School Finance Authority (Navigator Pointe Academy); Series 2010 A, RB | 5.38% | 07/15/2030 | 1,105 | 1,107,729 | ||||||||||||
Utah (State of) Charter School Finance Authority (Renaissance Academy); Series 2020, Ref. RB(h) | 5.00% | 06/15/2055 | 2,080 | 2,228,221 | ||||||||||||
Utah (State of) Charter School Finance Authority (Vista Entrada School of Performing Arts); | 5.60% | 07/15/2022 | 250 | 261,287 | ||||||||||||
Series 2012, RB(a)(b) | 6.30% | 07/15/2022 | 850 | 919,394 | ||||||||||||
Series 2012, RB(a)(b) | 6.55% | 07/15/2022 | 2,000 | 2,168,960 | ||||||||||||
47,979,252 | ||||||||||||||||
Virgin Islands–0.45% | ||||||||||||||||
Virgin Islands (Government of) (Matching Fund Loan Note - Diago); Series 2009 A, RB | 6.75% | 10/01/2037 | 4,600 | 4,622,218 | ||||||||||||
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Sr. Lien Capital); Series 2009 A-1, RB | 5.00% | 10/01/2039 | 12,910 | 12,940,080 | ||||||||||||
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); | 5.00% | 10/01/2029 | 3,620 | 3,628,434 | ||||||||||||
Series 2009 B, Ref. RB | 5.00% | 10/01/2025 | 4,460 | 4,470,392 | ||||||||||||
Series 2010 A, RB | 5.00% | 10/01/2025 | 12,575 | 12,604,300 | ||||||||||||
Series 2010 A, RB | 5.00% | 10/01/2029 | 2,500 | 2,505,825 | ||||||||||||
Series 2012 A, RB | 5.00% | 10/01/2032 | 5,730 | 5,676,883 | ||||||||||||
46,448,132 | ||||||||||||||||
Virginia–1.12% | ||||||||||||||||
Ballston Quarter Communities Development Authority; | 5.38% | 03/01/2036 | 1,635 | 1,500,963 | ||||||||||||
Series 2016 A, RB | 5.50% | 03/01/2046 | 10,000 | 8,828,500 | ||||||||||||
Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge); Series 2019 A, RB | 5.00% | 01/01/2049 | 4,500 | 4,714,335 | ||||||||||||
Roanoke (City of), VA Economic Development Authority (Richfield Living); | 5.00% | 09/01/2040 | 1,645 | 1,648,701 | ||||||||||||
Series 2020, RB | 5.13% | 09/01/2055 | 1,210 | 1,178,492 | ||||||||||||
Tobacco Settlement Financing Corp.; | 5.00% | 06/01/2047 | 21,035 | 21,150,482 | ||||||||||||
Series 2007 B-2, RB | 5.20% | 06/01/2046 | 3,000 | 3,011,400 | ||||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, RB(d) | 5.50% | 01/01/2042 | 20,775 | 21,681,829 | ||||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (Express Lanes, LLC); Series 2012, RB(d) | 5.00% | 01/01/2040 | 21,155 | 21,850,999 | ||||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3); | 5.00% | 12/31/2049 | 22,215 | 25,685,205 | ||||||||||||
Series 2017, RB(d) | 5.00% | 12/31/2056 | 2,150 | 2,474,930 | ||||||||||||
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); Series 2018, Ref. RB | 5.00% | 09/01/2040 | 1,750 | 1,978,585 | ||||||||||||
115,704,421 | ||||||||||||||||
Washington–1.17% | ||||||||||||||||
King (County of), WA Public Hospital District No. 4; | 5.75% | 12/01/2030 | 3,000 | 3,306,240 | ||||||||||||
Series 2015 A, RB | 6.00% | 12/01/2035 | 2,685 | 2,960,051 | ||||||||||||
Series 2015 A, RB | 6.25% | 12/01/2045 | 6,465 | 7,102,772 | ||||||||||||
King (County of), WA Public Hospital District No. 4 (Snoqualmie Valley Hospital); | 6.75% | 12/01/2021 | 500 | 524,245 | ||||||||||||
Series 2011, Ref. GO Bonds(a)(b) | 7.00% | 12/01/2021 | 4,000 | 4,201,120 | ||||||||||||
Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB(d) | 5.00% | 04/01/2030 | 19,500 | 20,869,875 | ||||||||||||
Washington (State of) Convention Center Public Facilities District; Series 2018, RB(c)(l) | 5.00% | 07/01/2048 | 27,000 | 31,203,900 | ||||||||||||
Washington (State of) Economic Development Finance Authority (Green Bonds); Series 2020 A, RB(d)(h) | 5.63% | 12/01/2040 | 3,500 | 3,739,260 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Washington–(continued) | ||||||||||||||||
Washington (State of) Housing Finance Commission (Bayview Manor Homes); | 5.00% | 07/01/2036 | $ | 1,460 | $ | 1,556,608 | ||||||||||
Series 2016 A, Ref. RB(h) | 5.00% | 07/01/2046 | 1,700 | 1,793,704 | ||||||||||||
Series 2016 A, Ref. RB(h) | 5.00% | 07/01/2051 | 9,650 | 10,166,372 | ||||||||||||
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living); | 7.00% | 07/01/2045 | 2,150 | 2,316,238 | ||||||||||||
Series 2015 A, RB(h) | 7.00% | 07/01/2050 | 1,500 | 1,612,965 | ||||||||||||
Series 2015 B-1, RB(h) | 5.50% | 01/01/2024 | 500 | 500,000 | ||||||||||||
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); | 5.00% | 01/01/2031 | 1,500 | 1,641,375 | ||||||||||||
Series 2016 A, Ref. RB(h) | 5.00% | 01/01/2046 | 6,950 | 7,431,705 | ||||||||||||
Washington (State of) Housing Finance Commission (Transforming Age); Series 2019 A, RB(h) | 5.00% | 01/01/2055 | 4,000 | 4,362,280 | ||||||||||||
Washington (State of) Housing Finance Commission (Wesley Homes at Lea Hill); | 5.00% | 07/01/2041 | 2,000 | 2,064,020 | ||||||||||||
Series 2016, Ref. RB(h) | 5.00% | 07/01/2046 | 1,000 | 1,026,260 | ||||||||||||
Washington State Convention Center Public Facilities District; Series 2020, RB(c)(l) | 5.00% | 07/01/2043 | 10,970 | 12,722,238 | ||||||||||||
121,101,228 | ||||||||||||||||
West Virginia–0.65% | ||||||||||||||||
Harrison (County of), WV Commission (Charles Pointe No. 2); | 7.00% | 06/01/2035 | 3,340 | 3,206,066 | ||||||||||||
Series 2013, Ref. RB(e)(h) | 7.00% | 06/01/2035 | 1,000 | 500,000 | ||||||||||||
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development District); | 5.75% | 06/01/2042 | 13,750 | 15,298,662 | ||||||||||||
Series 2019 B, Ref. RB(h) | 7.50% | 06/01/2042 | 6,140 | 6,677,373 | ||||||||||||
Kanawha (County of), WV (The West Virginia State University Foundation); Series 2013, RB | 6.75% | 07/01/2045 | 5,650 | 5,788,312 | ||||||||||||
Monongalia (County of), WV Commission Special District (University Town Centre Economic | ||||||||||||||||
Opportunity Development District); | 5.75% | 06/01/2043 | 6,000 | 6,441,180 | ||||||||||||
Series 2020, Ref. RB(h) | 7.50% | 06/01/2043 | 13,205 | 14,388,828 | ||||||||||||
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC); | 7.25% | 02/01/2036 | 10,965 | 10,309,403 | ||||||||||||
Series 2018, RB(d)(h) | 8.75% | 02/01/2036 | 4,500 | 4,784,265 | ||||||||||||
67,394,089 | ||||||||||||||||
Wisconsin–5.07% | ||||||||||||||||
Public Finance Authority; Series 2020 A, RB(h) | 5.25% | 03/01/2045 | 5,000 | 5,532,050 | ||||||||||||
Public Finance Authority (American Dream at Meadowlands); | 6.25% | 08/01/2027 | 3,500 | 3,781,155 | ||||||||||||
Series 2017, RB(h) | 6.75% | 08/01/2031 | 15,590 | 17,393,607 | ||||||||||||
Series 2017, RB(h) | 6.50% | 12/01/2037 | 25,000 | 27,242,250 | ||||||||||||
Series 2017, RB(h) | 6.75% | 12/01/2042 | 12,270 | 13,456,264 | ||||||||||||
Public Finance Authority (Coral Academy of Science Reno); Series 2019, Ref. RB(h) | 5.00% | 06/01/2050 | 1,250 | 1,331,213 | ||||||||||||
Public Finance Authority (Cross Creek Public Improvement District); Series 2019, RB(h) | 5.75% | 10/01/2053 | 5,000 | 5,681,000 | ||||||||||||
Public Finance Authority (Goodwill Industries of Southern Nevada, Inc.); | 5.50% | 12/01/2038 | 4,117 | 4,083,674 | ||||||||||||
Series 2019 A, RB | 5.75% | 12/01/2048 | 6,863 | 6,481,528 | ||||||||||||
Public Finance Authority (Kipp Charlotte, Inc.); Series 2020 A, RB(h) | 5.00% | 10/15/2055 | 350 | 376,271 | ||||||||||||
Public Finance Authority (KU Campus Development Corp. -Central District Development); Series 2016, RB(c) | 5.00% | 03/01/2041 | 24,000 | 27,977,280 | ||||||||||||
Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(h) | 5.25% | 06/15/2049 | 5,775 | 6,195,131 | ||||||||||||
Public Finance Authority (Million Air Two LLC General Aviation Facilities); | 7.13% | 06/01/2041 | 15,375 | 15,974,779 | ||||||||||||
Public Finance Authority (Minnesota College of Osteopathic Medicine); Series 2019 A-1, RB(e)(h) | 5.50% | 12/01/2048 | 76 | 38,039 | ||||||||||||
Public Finance Authority (Southminster); | 5.00% | 10/01/2043 | 500 | 540,485 | ||||||||||||
Series 2018, RB(h) | 5.00% | 10/01/2048 | 6,600 | 7,105,230 | ||||||||||||
Series 2018, RB(h) | 5.00% | 10/01/2053 | 3,000 | 3,223,050 | ||||||||||||
Public Finance Authority (WhiteStone); Series 2017, Ref. RB(h) | 5.00% | 03/01/2052 | 2,300 | 2,452,168 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Wisconsin–(continued) | ||||||||||||||||
Superior (City of), WI (Superior Water, Light & Power Co.); Series 2007 B, RB(d) | 5.75% | 11/01/2037 | $ | 4,000 | $ | 4,015,480 | ||||||||||
Wisconsin (State of) Center District; Series 2020 D, RB (INS - AGM)(g)(i) | 0.00% | 12/15/2060 | 120,000 | 26,344,800 | ||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group); | 5.00% | 08/01/2027 | 2,000 | 2,159,120 | ||||||||||||
Series 2017, Ref. RB | 5.00% | 08/01/2037 | 5,820 | 6,149,587 | ||||||||||||
Series 2017, Ref. RB | 5.00% | 08/01/2039 | 2,355 | 2,482,900 | ||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group); | 5.00% | 11/15/2039 | 38,800 | 46,055,988 | ||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System); | 5.00% | 11/01/2039 | 1,950 | 2,082,658 | ||||||||||||
Series 2019, Ref. RB | 5.00% | 11/01/2046 | 10,050 | 10,568,680 | ||||||||||||
Series 2019, Ref. RB | 5.00% | 11/01/2054 | 1,650 | 1,719,382 | ||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Mile Bluff Medical Center, Inc.); Series 2014, RB | 5.75% | 05/01/2039 | 4,260 | 4,325,050 | ||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.); Series 2019, Ref. RB | 4.00% | 12/15/2049 | 5,000 | 5,579,900 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); | 6.25% | 10/01/2031 | 3,475 | 3,544,778 | ||||||||||||
Series 2017 A, RB(h) | 6.85% | 10/01/2047 | 25,735 | 26,254,847 | ||||||||||||
Series 2017 A, RB(h) | 7.00% | 10/01/2047 | 1,250 | 1,275,313 | ||||||||||||
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB(h) | 7.00% | 12/01/2050 | 11,000 | 12,152,910 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); Series 2016 A, RB(h) | 5.13% | 06/01/2048 | 11,000 | 11,898,810 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center); | 5.75% | 11/01/2024 | 1,440 | 1,461,197 | ||||||||||||
Series 2017 A, RB(h) | 6.25% | 11/01/2028 | 2,525 | 2,628,323 | ||||||||||||
Series 2017 A, RB(h) | 6.85% | 11/01/2046 | 34,350 | 36,052,042 | ||||||||||||
Series 2017 B, RB(e)(h) | 8.50% | 11/01/2046 | 8,000 | 6,000,000 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Explore Academy); | 6.13% | 02/01/2048 | 5,535 | 5,939,941 | ||||||||||||
Series 2020 A, RB(h) | 6.13% | 02/01/2050 | 3,305 | 3,543,786 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch); | 7.75% | 06/01/2028 | 7,980 | 8,231,769 | ||||||||||||
Series 2011 A, RB(h) | 8.00% | 06/01/2035 | 10,150 | 10,469,319 | ||||||||||||
Series 2011 A, RB(h) | 8.25% | 06/01/2046 | 4,000 | 4,125,680 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); | 6.25% | 01/01/2038 | 11,000 | 9,164,430 | ||||||||||||
Series 2018 A-1, RB(h) | 6.38% | 01/01/2048 | 16,520 | 13,410,440 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Mary’s Woods at Marylhurst); | 5.25% | 05/15/2037 | 1,000 | 1,076,090 | ||||||||||||
Series 2017 A, Ref. RB(h) | 5.25% | 05/15/2042 | 1,230 | 1,316,617 | ||||||||||||
Series 2017 A, Ref. RB(h) | 5.25% | 05/15/2047 | 1,225 | 1,306,328 | ||||||||||||
Series 2017 A, Ref. RB(h) | 5.25% | 05/15/2052 | 3,300 | 3,512,487 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB(d) | 7.25% | 06/01/2035 | 6,965 | 7,345,707 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Penick Village Obligated Group); Series 2019, Ref. RB(h) | 5.00% | 09/01/2049 | 1,450 | 1,487,338 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); | 5.00% | 12/01/2027 | 2,560 | 2,807,782 | ||||||||||||
Series 2018 A, RB | 5.20% | 12/01/2037 | 17,025 | 19,072,597 | ||||||||||||
Series 2018 A, RB | 5.35% | 12/01/2045 | 26,000 | 28,835,820 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Rose Villa); Series 2014 A, RB(h) | 6.00% | 11/15/2049 | 2,500 | 2,696,200 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); | 5.75% | 04/01/2042 | 6,340 | 6,580,286 | ||||||||||||
Series 2015, Ref. RB | 5.88% | 04/01/2045 | 6,400 | 7,209,024 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Voyager Foundation, Inc.); | 5.50% | 10/01/2022 | 210 | 221,283 | ||||||||||||
Series 2012 A, RB(a)(b) | 6.00% | 10/01/2022 | 1,475 | 1,607,956 | ||||||||||||
Series 2012 A, RB(a)(b) | 6.20% | 10/01/2022 | 1,300 | 1,421,277 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42 | Invesco High Yield Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Wisconsin–(continued) | ||||||||||||||||
Wisconsin (State of) Public Finance Authority (Wittenberg University); | 5.00% | 12/01/2031 | $ | 7,830 | $ | 8,230,270 | ||||||||||
Series 2016, RB(h) | 5.25% | 12/01/2039 | 10,685 | 11,194,140 | ||||||||||||
522,423,506 | ||||||||||||||||
Wyoming–0.06% | ||||||||||||||||
West Park Hospital District (West Park Hospital); | 7.00% | 06/01/2040 | 4,890 | 4,947,702 | ||||||||||||
Series 2011, Ref. RB | 7.00% | 06/01/2035 | 1,085 | 1,098,324 | ||||||||||||
6,046,026 | ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(r) –109.78% (Cost $10,450,195,217) | 11,320,718,180 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS–(13.05)% | ||||||||||||||||
Notes with interest and fee rates ranging from 0.57% to 0.85% at 02/28/2021 and contractual maturities of collateral ranging from 11/01/2023 to 10/15/2057 (See Note 1K)(s) | (1,345,620,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES–3.27% | 337,013,986 | |||||||||||||||
NET ASSETS–100.00% | $ | 10,312,112,166 |
Investment Abbreviations: | ||
AGC | – Assured Guaranty Corp. | |
AGM | – Assured Guaranty Municipal Corp. | |
AMBAC | – American Municipal Bond Assurance Corp. | |
BAM | – Build America Mutual Assurance Co. | |
CEP | – Credit Enhancement Provider | |
COP | – Certificates of Participation | |
Ctfs. | – Certificates | |
GNMA | – Government National Mortgage Association | |
GO | – General Obligation | |
IDR | – Industrial Development Revenue Bonds | |
INS | – Insurer | |
LIBOR | – London Interbank Offered Rate | |
NATL | – National Public Finance Guarantee Corp. | |
PCR | – Pollution Control Revenue Bonds | |
RB | – Revenue Bonds | |
Ref. | – Refunding | |
RN | – Revenue Notes | |
USD | – U.S. Dollar | |
Wts. | – Warrants |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
43 | Invesco High Yield Municipal Fund |
Notes to Schedule of Investments:
(a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(b) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(c) | Underlying security related to TOB Trusts entered into by the Fund. See Note 1K. |
(d) | Security subject to the alternative minimum tax. |
(e) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $554,954,931, which represented 5.38% of the Fund’s Net Assets. |
(f) | Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
(g) | Principal and/or interest payments are secured by the bond insurance company listed. |
(h) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $1,679,713,679, which represented 16.29% of the Fund’s Net Assets. |
(i) | Zero coupon bond issued at a discount. |
(j) | Restricted security. The aggregate value of these securities at February 28, 2021 was $304,479,162, which represented 2.95% of the Fund’s Net Assets. |
(k) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(l) | Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $238,455,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
(m) | The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun. |
(n) | Security subject to crossover refunding. |
(o) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(p) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021. |
(q) | Restructured security not accruing interest income. The aggregate value of these securities at February 28, 2021 was $287,600, which represented less than 1% of the Fund’s Net Assets. |
(r) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(s) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2021. At February 28, 2021, the Fund��s investments with a value of $2,140,970,708 are held by TOB Trusts and serve as collateral for the $1,345,620,000 in the floating rate note obligations outstanding at that date. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44 | Invesco High Yield Municipal Fund |
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||||
Investments in securities, at value | $ | 11,320,718,180 | ||
Cash | 109,480,268 | |||
Receivable for: | ||||
Investments sold | 43,891,628 | |||
Fund shares sold | 14,294,896 | |||
Interest | 142,936,319 | |||
Investments matured, at value | 73,570,068 | |||
Investment for trustee deferred compensation and retirement plans | 715,840 | |||
Other assets | 4,247,982 | |||
Total assets | 11,709,855,181 | |||
Liabilities: | ||||
Floating rate note obligations | 1,345,620,000 | |||
Payable for: | ||||
Investments purchased | 8,243,235 | |||
Dividends | 16,568,560 | |||
Fund shares reacquired | 22,152,862 | |||
Accrued fees to affiliates | 3,600,659 | |||
Accrued interest expense | 18,610 | |||
Accrued trustees’ and officers’ fees and benefits | 14,397 | |||
Accrued other operating expenses | 689,161 | |||
Trustee deferred compensation and retirement plans | 835,531 | |||
Total liabilities | 1,397,743,015 | |||
Net assets applicable to shares outstanding | $ | 10,312,112,166 | ||
Net assets consist of: | ||||
Shares of beneficial interest | $ | 10,142,904,469 | ||
Distributable earnings | 169,207,697 | |||
$ | 10,312,112,166 |
Net Assets: | ||||
Class A | $ | 6,323,866,389 | ||
Class C | $ | 605,479,309 | ||
Class Y | $ | 2,684,514,783 | ||
Class R5 | $ | 160,478 | ||
Class R6 | $ | 698,091,207 | ||
Shares outstanding, no par value, with an unlimited number of shares authorized: | ||||
Class A | 620,587,420 | |||
Class C | 59,629,249 | |||
Class Y | 262,987,892 | |||
Class R5 | 15,763 | |||
Class R6 | 68,604,431 | |||
Class A: | ||||
Net asset value per share | $ | 10.19 | ||
Maximum offering price per share | $ | 10.64 | ||
Class C: | ||||
Net asset value and offering price per share | $ | 10.15 | ||
Class Y: | ||||
Net asset value and offering price per share | $ | 10.21 | ||
Class R5: | ||||
Net asset value and offering price per share | $ | 10.18 | ||
Class R6: | ||||
Net asset value and offering price per share | $ | 10.18 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
45 | Invesco High Yield Municipal Fund |
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||
Interest | $ | 520,291,331 | ||
Expenses: | ||||
Advisory fees | 49,456,453 | |||
Administrative services fees | 1,391,535 | |||
Custodian fees | 109,477 | |||
Distribution fees: | ||||
Class A | 15,062,293 | |||
Class C | 7,094,773 | |||
Interest, facilities and maintenance fees | 16,145,682 | |||
Transfer agent fees – A, C and Y | 6,371,384 | |||
Transfer agent fees – R5 | 119 | |||
Transfer agent fees – R6 | 68,257 | |||
Trustees’ and officers’ fees and benefits | 185,293 | |||
Registration and filing fees | 322,752 | |||
Reports to shareholders | 478,420 | |||
Professional services fees | 296,928 | |||
Taxes | 1,098,951 | |||
Other | 119,905 | |||
Total expenses | 98,202,222 | |||
Less: Expense offset arrangement(s) | (972 | ) | ||
Net expenses | 98,201,250 | |||
Net investment income | 422,090,081 | |||
Realized and unrealized gain (loss) from: | ||||
Net realized gain (loss) from: | ||||
Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(558,361)) | (188,581,076 | ) | ||
Futures contracts | (8,795,929 | ) | ||
(197,377,005 | ) | |||
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | (366,042,833 | ) | ||
Net realized and unrealized gain (loss) | (563,419,838 | ) | ||
Net increase (decrease) in net assets resulting from operations | $ | (141,329,757 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46 | Invesco High Yield Municipal Fund |
Statement of Changes in Net Assets
For the years ended February 28, 2021 and February 29, 2020
2021 | 2020 | |||||||
Operations: | ||||||||
Net investment income | $ | 422,090,081 | $ | 442,487,638 | ||||
Net realized gain (loss) | (197,377,005 | ) | (32,860,796 | ) | ||||
Change in net unrealized appreciation (depreciation) | (366,042,833 | ) | 874,097,507 | |||||
Net increase (decrease) in net assets resulting from operations | (141,329,757 | ) | 1,283,724,349 | |||||
Distributions to shareholders from distributable earnings: | ||||||||
Class A | (267,356,029 | ) | (267,822,828 | ) | ||||
Class C | (26,687,379 | ) | (33,553,492 | ) | ||||
Class Y | (115,768,362 | ) | (134,282,733 | ) | ||||
Class R5 | (7,225 | ) | (8,264 | ) | ||||
Class R6 | (27,900,177 | ) | (23,229,171 | ) | ||||
Total distributions from distributable earnings | (437,719,172 | ) | (458,896,488 | ) | ||||
Share transactions–net: | ||||||||
Class A | (36,221,661 | ) | 616,372,933 | |||||
Class C | (288,331,445 | ) | 15,162,005 | |||||
Class Y | (411,995,147 | ) | 503,432,404 | |||||
Class R5 | (20,670 | ) | (42,243 | ) | ||||
Class R6 | 79,390,446 | 221,009,295 | ||||||
Net increase (decrease) in net assets resulting from share transactions | (657,178,477 | ) | 1,355,934,394 | |||||
Net increase (decrease) in net assets | (1,236,227,406 | ) | 2,180,762,255 | |||||
Net assets: | ||||||||
Beginning of year | 11,548,339,572 | 9,367,577,317 | ||||||
End of year | $ | 10,312,112,166 | $ | 11,548,339,572 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
47 | Invesco High Yield Municipal Fund |
Statement of Cash Flows
For the year ended February 28, 2021
Cash provided by operating activities: | ||||
Net increase (decrease) in net assets resulting from operations | $ | (141,329,757 | ) | |
Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities: |
| |||
Purchases of investments | (3,019,699,014 | ) | ||
Proceeds from sales of investments | 3,874,070,090 | |||
Proceeds from sales of short-term investments, net | 29,049,721 | |||
Amortization of premium on investment securities | 23,166,542 | |||
Accretion of discount on investment securities | (72,101,325 | ) | ||
Decrease in receivables and other assets | 2,246,768 | |||
Increase in accrued expenses and other payables | 678,052 | |||
Net realized loss from investment securities | 188,581,076 | |||
Net change in unrealized depreciation on investment securities | 366,042,833 | |||
Net cash provided by operating activities | 1,250,704,986 | |||
Cash provided by (used in) financing activities: | ||||
Dividends paid to shareholders from distributable earnings | (197,452,340 | ) | ||
Proceeds from shares of beneficial interest sold | 2,407,936,251 | |||
Proceeds of TOB Trusts | 203,330,000 | |||
Repayments of TOB Trusts | (264,995,000 | ) | ||
Proceeds from borrowings | 150,700,000 | |||
Repayment of borrowings | (150,700,000 | ) | ||
Disbursements from shares of beneficial interest reacquired | (3,303,303,312 | ) | ||
Net cash provided by (used in) financing activities | (1,154,484,401 | ) | ||
Net increase in cash and cash equivalents | 96,220,585 | |||
Cash and cash equivalents at beginning of period | 13,259,683 | |||
Cash and cash equivalents at end of period | $ | 109,480,268 | ||
Non-cash financing activities: | ||||
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders | $ | 241,372,334 | ||
Supplemental disclosure of cash flow information: | ||||
Cash paid during the period for taxes | $ | 1,864,850 | ||
Cash paid during the period for interest, facilities and maintenance fees | $ | 16,127,072 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
48 | Invesco High Yield Municipal Fund |
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return (b) | Net assets, end of period (000’s omitted) | Ratio of expenses | Ratio of expenses | Supplemental ratio of expenses to average net assets with fee (excluding interest, facilities and maintenance fees) | Ratio of net to average | Portfolio turnover (c) | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $10.68 | $0.42 | $(0.47 | ) | $(0.05 | ) | $(0.44 | ) | $10.19 | (0.25 | )% | $6,323,866 | 1.03 | %(d) | 1.03 | %(d) | 0.86 | %(d) | 4.28 | %(d) | 26 | % | ||||||||||||||||||||||||||||||
Year ended 02/29/20 | 9.87 | 0.43 | 0.83 | 1.26 | (0.45 | ) | 10.68 | 13.00 | 6,659,123 | 1.13 | 1.13 | 0.86 | 4.19 | 10 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 9.93 | 0.43 | (0.02 | ) | 0.41 | (0.47 | ) | 9.87 | 4.17 | 5,561,342 | 1.22 | 1.22 | 0.86 | 4.37 | 24 | |||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 9.87 | 0.52 | 0.01 | 0.53 | (0.47 | ) | 9.93 | 5.46 | 5,360,001 | 1.06 | 1.06 | 0.89 | 5.17 | 14 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 10.11 | 0.50 | (0.24 | ) | 0.26 | (0.50 | ) | 9.87 | 2.53 | 4,922,389 | 1.01 | 1.01 | 0.87 | 4.87 | 17 | |||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 10.64 | 0.35 | (0.48 | ) | (0.13 | ) | (0.36 | ) | 10.15 | (0.99 | )(e) | 605,479 | 1.77 | (d)(e) | 1.77 | (d)(e) | 1.60 | (d)(e) | 3.54 | (d)(e) | 26 | |||||||||||||||||||||||||||||||
Year ended 02/29/20 | 9.84 | 0.35 | 0.82 | 1.17 | (0.37 | ) | 10.64 | 12.09 | 948,191 | 1.88 | 1.88 | 1.61 | 3.44 | 10 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 9.89 | 0.36 | (0.02 | ) | 0.34 | (0.39 | ) | 9.84 | 3.52 | 860,988 | 1.97 | 1.97 | 1.61 | 3.62 | 24 | |||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 9.84 | 0.45 | 0.00 | 0.45 | (0.40 | ) | 9.89 | 4.57 | 1,282,971 | 1.81 | 1.81 | 1.64 | 4.42 | 14 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 10.07 | 0.42 | (0.23 | ) | 0.19 | (0.42 | ) | 9.84 | 1.86 | 1,175,513 | 1.76 | 1.76 | 1.62 | 4.12 | 17 | |||||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 10.70 | 0.45 | (0.48 | ) | (0.03 | ) | (0.46 | ) | 10.21 | 0.01 | 2,684,515 | 0.78 | (d) | 0.78 | (d) | 0.61 | (d) | 4.53 | (d) | 26 | ||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 9.89 | 0.46 | 0.82 | 1.28 | (0.47 | ) | 10.70 | 13.25 | 3,291,052 | 0.88 | 0.88 | 0.61 | 4.44 | 10 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 9.94 | 0.46 | (0.02 | ) | 0.44 | (0.49 | ) | 9.89 | 4.54 | 2,557,003 | 0.97 | 0.97 | 0.61 | 4.62 | 24 | |||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 9.89 | 0.55 | 0.00 | 0.55 | (0.50 | ) | 9.94 | 5.61 | 2,562,437 | 0.81 | 0.81 | 0.64 | 5.42 | 14 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 10.12 | 0.52 | (0.22 | ) | 0.30 | (0.53 | ) | 9.89 | 2.89 | 1,867,338 | 0.76 | 0.76 | 0.62 | 5.12 | 17 | |||||||||||||||||||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 10.67 | 0.44 | (0.47 | ) | (0.03 | ) | (0.46 | ) | 10.18 | (0.02 | ) | 160 | 0.79 | (d) | 0.79 | (d) | 0.62 | (d) | 4.52 | (d) | 26 | |||||||||||||||||||||||||||||||
Year ended 02/29/20 | 9.87 | 0.46 | 0.81 | 1.27 | (0.47 | ) | 10.67 | 13.20 | 189 | 0.86 | 0.86 | 0.59 | 4.46 | 10 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 9.92 | 0.46 | (0.02 | ) | 0.44 | (0.49 | ) | 9.87 | 4.51 | 215 | 0.99 | 0.99 | 0.63 | 4.60 | 24 | |||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 9.86 | 0.55 | 0.01 | 0.56 | (0.50 | ) | 9.92 | 5.70 | 314 | 0.80 | 0.80 | 0.63 | 5.43 | 14 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 10.11 | 0.52 | (0.25 | ) | 0.27 | (0.52 | ) | 9.86 | 2.64 | 631 | 0.80 | 0.80 | 0.66 | 5.08 | 17 | |||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 10.66 | 0.45 | (0.46 | ) | (0.01 | ) | (0.47 | ) | 10.18 | 0.14 | 698,091 | 0.72 | (d) | 0.72 | (d) | 0.56 | (d) | 4.59 | (d) | 26 | ||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 9.86 | 0.46 | 0.82 | 1.28 | (0.48 | ) | 10.66 | 13.25 | 649,785 | 0.81 | 0.81 | 0.54 | 4.51 | 10 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 9.91 | 0.46 | (0.01 | ) | 0.45 | (0.50 | ) | 9.86 | 4.59 | 388,029 | 0.92 | 0.92 | 0.56 | 4.67 | 24 | |||||||||||||||||||||||||||||||||||||
Period ended 02/28/18(f) | 9.90 | 0.50 | (0.03 | ) | 0.47 | (0.46 | ) | 9.91 | 4.76 | 208,446 | 0.74 | (g) | 0.74 | (g) | 0.57 | (g) | 5.49 | (g) | 14 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Ratios are based on average daily net assets (000’s omitted) of $6,026,707, $715,061, $2,470,749, $155 and $588,620 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. |
(e) | The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.99% for the year ended February 28, 2021. |
(f) | Commencement date of April 04, 2017. |
(g) | Annualized. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
49 | Invesco High Yield Municipal Fund |
Notes to Financial Statements
February 28, 2021
NOTE 1—Significant Accounting Policies
Invesco High Yield Municipal Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek federal tax-exempt current income and taxable capital appreciation.
The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
Effective as of the open of business on April 6, 2020, the Fund reopened to all investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
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 |
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the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
H. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Cash and Cash Equivalents – For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. |
K. | Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase
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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.
L. | Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. |
M. | Other Risks – The Fund may invest in lower-quality debt securities, i.e., “junk bonds.” Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher-rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. |
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.
N. | 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:
Average Daily Net Assets | Rate | |||
First $ 300 million | 0.600% | |||
Next $300 million | 0.550% | |||
Over $600 million | 0.500% |
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.50%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver
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agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted distribution and service plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plan”). The Fund, pursuant to the Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges,that may be paid by any class of shares of the Fund. For the year ended February 28, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $668,599 in front-end sales commissions from the sale of Class A shares and $490,272 and $40,907 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 - | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 - | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 - | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Obligations | $- | $11,274,286,669 | $46,431,511 | $11,320,718,180 | ||||||||||||
Other Investments - Assets | ||||||||||||||||
Investments Matured | - | 72,813,809 | 756,259 | 73,570,068 | ||||||||||||
Total Investments | $- | $11,347,100,478 | $47,187,770 | $11,394,288,248 |
NOTE 4—Derivative Investments
The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.
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Effect of Derivative Investments for the year ended February 28, 2021
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on | ||||
Statement of Operations | ||||
Interest | ||||
Rate Risk | ||||
Realized Gain (Loss): | ||||
Futures contracts | $(8,795,929 | ) |
The table below summarizes the average notional value of derivatives held during the period.
Futures | ||||
Contracts | ||||
Average notional value | $ | 351,376,417 |
NOTE 5—Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2021, the Fund engaged in securities purchases of $127,929,033 and securities sales of $288,252,844, which resulted in net realized gains (losses) of $(558,361).
NOTE 6—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $972.
NOTE 7—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 8—Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. The revolving credit and security agreement is secured by the assets of the Fund.
During the year ended February 28, 2021, the average daily balance of borrowing under the revolving credit and security agreement was $4,920,274 with a weighted interest rate of 4.39%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees. At February 28, 2021, the Fund had no borrowings outstanding under this agreement.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2021 were $1,309,196,769 and 1.08%, respectively.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
NOTE 9—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2021 and February 29, 2020: | ||||
2021 | 2020 | |||
Ordinary income-tax-exempt* | $437,719,172 | $458,896,488 |
* Includes short-term capital gain distributions, if any.
54 | Invesco High Yield Municipal Fund |
Tax Components of Net Assets at Period-End: | ||||
2021 | ||||
Undistributed tax-exempt income | $ | 26,137,221 | ||
Net unrealized appreciation — investments | 818,596,950 | |||
Temporary book/tax differences | (594,181 | ) | ||
Capital loss carryforward | (674,932,293 | ) | ||
Shares of beneficial interest | 10,142,904,469 | |||
Total net assets | $ | 10,312,112,166 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, TOBS, book to tax accretion and amortization and defaulted bonds.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward* | ||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||
Not subject to expiration | $ | 310,653,861 | $ | 364,278,432 | $ | 674,932,293 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 10—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $2,836,108,716 and $3,879,339,776, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
Aggregate unrealized appreciation of investments | $ | 1,157,919,414 | ||
Aggregate unrealized (depreciation) of investments | (339,322,464 | ) | ||
Net unrealized appreciation of investments | $ | 818,596,950 |
Cost of investments for tax purposes is $10,575,691,298.
NOTE 11—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of income taxes, defaulted bonds, market discount adjustments and accretion and amortization differences, on February 28, 2021, undistributed net investment income was decreased by $3,805,678, undistributed net realized gain (loss) was increased by $876,776 and shares of beneficial interest was increased by $2,928,902. This reclassification had no effect on the net assets of the Fund.
NOTE 12—Share Information
Summary of Share Activity | ||||||||||||||||
Year ended February 28, 2021(a) | Year ended February 29, 2020 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Sold: | ||||||||||||||||
Class A | 116,648,206 | $ | 1,135,586,278 | 96,512,533 | $ | 988,544,405 | ||||||||||
Class C | 9,030,598 | 87,378,757 | 24,104,492 | 245,772,767 | ||||||||||||
Class Y | 89,494,965 | 882,769,229 | 93,431,909 | 958,925,579 | ||||||||||||
Class R5 | - | - | 12,132 | 125,152 | ||||||||||||
Class R6 | 30,591,569 | 300,580,883 | 30,089,291 | 308,444,082 | ||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Class A | 14,498,202 | 142,179,399 | 13,941,849 | 143,628,728 | ||||||||||||
Class C | 1,757,991 | 17,117,468 | 2,030,791 | 20,846,496 | ||||||||||||
Class Y | 6,365,216 | 62,502,959 | 7,259,921 | 74,951,154 | ||||||||||||
Class R5 | 561 | 5,464 | 423 | 4,372 | ||||||||||||
Class R6 | 1,995,339 | 19,567,044 | 1,642,756 | 16,918,720 | ||||||||||||
Automatic conversion of Class C shares to Class A shares: | ||||||||||||||||
Class A | 21,488,060 | 212,120,630 | 10,470,873 | 107,660,676 | ||||||||||||
Class C | (21,559,022 | ) | (212,120,630 | ) | (10,509,410 | ) | (107,660,676 | ) |
55 | Invesco High Yield Municipal Fund |
Summary of Share Activity | ||||||||||||||||
Year ended February 28, 2021(a) | Year ended February 29, 2020 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Reacquired: | ||||||||||||||||
Class A | (155,570,547) | $ | (1,526,107,968 | ) | (60,755,184 | ) | $ | (623,460,876 | ) | |||||||
Class C | (18,698,161) | (180,707,040 | ) | (14,059,613 | ) | (143,796,582 | ) | |||||||||
Class Y | (140,471,748) | (1,357,267,335 | ) | (51,633,591 | ) | (530,444,329 | ) | |||||||||
Class R5 | (2,499) | (26,134 | ) | (16,639 | ) | (171,767 | ) | |||||||||
Class R6 | (24,916,602) | (240,757,481 | ) | (10,168,516 | ) | (104,353,507 | ) | |||||||||
Net increase (decrease) in share activity | (69,347,872) | $ | (657,178,477 | ) | 132,354,017 | $ | 1,355,934,394 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 61% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
NOTE 13—Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
56 | Invesco High Yield Municipal Fund |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco High Yield Municipal Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco High Yield Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statements of operations and cash flows for the year ended February 28, 2021, the statement of changes in net assets for each of the two years in the period ended February 28, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
57 | Invesco High Yield Municipal Fund |
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
HYPOTHETICAL | ||||||||||||
(5% annual return before | ||||||||||||
ACTUAL | expenses) | |||||||||||
Beginning Account Value (09/01/20) | Ending Account Value (02/28/21)1 | Expenses Paid During Period2 | Ending Account Value (02/28/21) | Expenses Paid During Period2 | Annualized Expense Ratio | |||||||
Class A | $1,000.00 | $1,057.70 | $5.05 | $1,019.89 | $4.96 | 0.99% | ||||||
Class C | 1,000.00 | 1,053.10 | 9.06 | 1,015.97 | 8.90 | 1.78 | ||||||
Class Y | 1,000.00 | 1,059.00 | 3.78 | 1,021.12 | 3.71 | 0.74 | ||||||
Class R5 | 1,000.00 | 1,059.10 | 3.78 | 1,021.12 | 3.71 | 0.74 | ||||||
Class R6 | 1,000.00 | 1,059.40 | 3.52 | 1,021.37 | 3.46 | 0.69 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
58 | Invesco High Yield Municipal Fund |
Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
| Federal and State Income Tax | |||||
Qualified Dividend Income* | 0.00 | % | ||||
Qualified Business Income* | 0.00 | % | ||||
Corporate Dividends Received Deduction* | 0.00 | % | ||||
Business Interest Income* | 0.00 | % | ||||
U.S. Treasury Obligations* | 0.00 | % | ||||
Tax-Exempt Interest Dividends* | 100.00 | % |
* | The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
59 | Invesco High Yield Municipal Fund |
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
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 Trustee | ||||||||
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 | 191 | 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 the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser. |
T-1 | Invesco High Yield Municipal Fund |
Trustees and Officers–(continued)
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 | ||||||||
Christopher L. Wilson - 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and President and Director of Grahamtastic Connection (non- profit) | ||||
Jack M. Fields - 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine | ||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization);Eisenhower Foundation (non-profit) | ||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 | Invesco High Yield Municipal Fund |
Trustees and Officers–(continued)
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) | ||||||||
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 | 191 | 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 | ||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
Prema Mathai-Davis - 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
Joel W. Motley - 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); |
T-3 | Invesco High Yield Municipal Fund |
Trustees and Officers–(continued)
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 - 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
Robert C. Troccoli - 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
Daniel S. Vandivort - 1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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 | 191 | 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) |
T-4 | Invesco High Yield Municipal Fund |
Trustees and Officers–(continued)
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 | ||||
Officers | ||||||||
Sheri Morris - 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 | Invesco High Yield Municipal Fund |
Trustees and Officers–(continued)
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 | ||||
Officers—(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
T-6 | Invesco High Yield Municipal Fund |
Trustees and Officers–(continued)
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 | ||||
Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A | ||||
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A | ||||
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | 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’s sub-advisers.
Office of the Fund | Investment Adviser | Distributor | Auditors | |||
11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP | |||
Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 | |||
Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5678 | ||||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company | |||
2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street | |||
Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |
T-7 | Invesco High Yield Municipal Fund |
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Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. |
SEC file numbers: 811-07890 and 033-66242 Invesco Distributors, Inc. VK-HYM-AR-1
| ||||
Annual Report to Shareholders
| February 28, 2021 | |||
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Invesco Intermediate Term Municipal Income Fund | ||||
Nasdaq: | ||||
A: VKLMX ∎ C: VKLCX ∎ Y: VKLIX ∎ R6: VKLSX |
Management’s Discussion of Fund Performance
Performance summary | ||||
For the year ended February 28, 2021, Class A shares of Invesco Intermediate Term Municipal Income Fund (the Fund), at net asset value (NAV), underperformed the S&P Municipal Bond 2-17 Years Investment Grade Index, the Fund’s style-specific benchmark. |
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Your Fund’s long-term performance appears later in this report. |
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Fund vs. Indexes | ||||
Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
| |||
Class A Shares | 0.39 | % | ||
Class C Shares | -0.27 | |||
Class Y Shares | 0.64 | |||
Class R6 Shares | 0.72 | |||
S&P Municipal Bond Indexq (Broad Market Index) | 1.22 | |||
S&P Municipal Bond 2-17 Years Investment Grade Indexq (Style-Specific Index) | 1.32 | |||
Lipper Intermediate Municipal Debt Funds Index∎ (Peer Group Index) | 0.87 | |||
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc. |
Market conditions and your Fund
The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected twist of the coronavirus (COVID-19) global pandemic that pierced the markets and forced society to navigate unchartered waters in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%, and taxable municipal bonds returned 0.43% during the year.1
The year began with an unexpected major market shift as the global spread of coronavirus (COVID-19) ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.2 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.2 High-yield municipal funds generally hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding coronavirus (COVID-19) and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries, well above the historical norm of approximately 90%.3
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end
of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to coronavirus (COVID-19), consisting of a half of a percentage and a whole percentage point leaving the target range 0.00% to 0.25%.4
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate timelines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, just the availability of the program provided a psychological safety net for the market.
The coronavirus (COVID-19) pandemic continued into fall and winter, most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.
The election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure
package, as well as health care and tax reform. A highly demanded second stimulus package was signed at the end of the year. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion. Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.5 This uptick is a result of recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus an uptrend in taxable municipal issuance.
Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the coronavirus (COVID-19) pandemic. Despite speculation, a flurry of downgrades has not yet occurred, mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current on principal and interest, as history has shown.
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February also brought $34 billion in supply, higher than the average supply for the last five years for the month.
During the year, Security selection and an overweight exposure in industrial development revenue/pollution control revenue bonds contributed to relative return over the period. Overweight exposure to bonds rated BBB† and lower added to relative performance. On a state level, bonds domiciled in Illinois and Texas contributed to relative performance.
Underweight exposure to local general obligation bonds was detractive from relative return over the period. Underweight exposure among AAA and AA-rated† bonds specifically detracted from relative performance. On a state level, bonds domiciled in California and Georgia detracted from relative performance.
During the year, leverage contributed to the Fund’s performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of inverse floating rate securities or tender option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation in municipal holdings when interest rates declined. The
2 | Invesco Intermediate Term Municipal Income Fund |
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. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of some of the Fund’s investments.
Thank you for investing in Invesco Intermediate Term Municipal Income Fund and for sharing our long-term investment horizon.
1 Source: Bloomberg Barclays
2 Source: Strategic Insight
3 Source: US Department of the Treasury
4 Source: US Federal Reserve
5 Source: The Bond Buyer
† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s):
John (Jack) Connelly
Joshua Cooney
Elizabeth S. Mossow
Tim O’Reilly
Mark Paris
James Phillips
Charles S. Pulire
John Schorle
Rebecca Setcavage
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 | Invesco Intermediate Term Municipal Income Fund |
Your Fund’s Long-Term Performance
Results of a $10,000 Investment – Oldest Share Class(es)
Fund and index data from 2/28/11
1 | Source: RIMES Technologies Corp. |
2 | Source: Lipper Inc. |
Past performance cannot guarantee future results.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management
fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does
not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 | Invesco Intermediate Term Municipal Income Fund |
Average Annual Total Returns |
| |||
As of 2/28/21, including maximum applicable sales charges |
| |||
Class A Shares | ||||
Inception (5/28/93) | 4.42 | % | ||
10 Years | 3.58 | |||
5 Years | 2.44 | |||
1 Year | -2.12 | |||
Class C Shares | ||||
Inception (10/19/93) | 4.08 | % | ||
10 Years | 3.23 | |||
5 Years | 2.20 | |||
1 Year | -1.25 | |||
Class Y Shares | ||||
Inception (8/12/05) | 4.05 | % | ||
10 Years | 4.10 | |||
5 Years | 3.22 | |||
1 Year | 0.64 | |||
Class R6 Shares | ||||
10 Years | 3.96 | % | ||
5 Years | 3.19 | |||
1 Year | 0.72 |
Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen Intermediate Term Municipal Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen Intermediate Term Municipal Income Fund (renamed Invesco Intermediate Term Municipal Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.
Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 2.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after
purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.
5 | Invesco Intermediate Term Municipal Income Fund |
Supplemental Information
Invesco Intermediate Term Municipal Income Fund’s investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report ∎ The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market. ∎ The S&P Municipal Bond 2-17 Years Investment Grade Index seeks to measure the performance of investment-grade US municipals with maturities between two and 17 years. ∎ The Lipper Intermediate Municipal Debt Funds Index is an unmanaged index considered representative of intermediate municipal debt funds tracked by Lipper. ∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). ∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. |
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
6 | Invesco Intermediate Term Municipal Income Fund |
Fund Information
Portfolio Composition
By credit sector | % of total investments | ||||
Revenue Bonds | 87.7 | % | |||
General Obligation Bonds | 10.3 | ||||
Pre-Refunded Bonds | 2.0 | ||||
Top Five Debt Holdings | |||||
% of total net assets | |||||
1. New York Transportation Development Corp. (American Airlines, Inc.), Series 2016, Ref. RB | 0.8 | % | |||
2. Tobacco Settlement Financing Corp., Series 2015 A, Ref. RB | 0.7 | ||||
3. Illinois (State of) Toll Highway Authority, Series 2014 D, Ref. RB | 0.7 | ||||
4. New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment), Series 2018, RB | 0.6 | ||||
5. New Jersey (State of), Series 2020 A, GO Bonds | 0.5 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of February 28, 2021.
7 | Invesco Intermediate Term Municipal Income Fund |
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Municipal Obligations–96.34% | ||||||||||||||||||||
Alabama–1.80% | ||||||||||||||||||||
Alabama (State of) Port Authority; Series 2017 A, Ref. RB (INS - AGM)(a)(b) | 5.00 | % | 10/01/2033 | $ | 3,500 | $ | 4,136,405 | |||||||||||||
Alabaster (City of), AL Board of Education; Series 2014 A, GO Wts. (INS - AGM)(b) | 5.00 | % | 09/01/2025 | 1,500 | 1,717,125 | |||||||||||||||
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority; Series 2018 B, RB | 5.00 | % | 07/01/2035 | 2,345 | 2,759,572 | |||||||||||||||
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); | 5.25 | % | 06/01/2025 | 90 | 92,965 | |||||||||||||||
Series 2016, RB | 5.50 | % | 06/01/2030 | 2,000 | 2,113,440 | |||||||||||||||
Health Care Authority for Baptist Health; Series 2006 D, RB | 5.00 | % | 11/15/2021 | 230 | 230,734 | |||||||||||||||
Lee (County of), AL Public Building Authority (DHR Building); Series 2006, Revenue Ctfs. (INS - SGI)(b) | 4.38 | % | 09/01/2025 | 10 | 10,031 | |||||||||||||||
Lower Alabama Gas District (The); Series 2016 A, RB | 5.00 | % | 09/01/2034 | 5,000 | 6,693,200 | |||||||||||||||
Pell City (City of), AL Special Care Facilities Financing Authority (Noland Health Services, Inc.); | 5.00 | % | 12/01/2021 | 2,250 | 2,327,310 | |||||||||||||||
Series 2016 A, RB | 5.00 | % | 12/01/2031 | 4,850 | 4,985,412 | |||||||||||||||
Selma (City of), AL Industrial Development Board (International Paper Co.); Series 2019, Ref. RB(c) | 2.00 | % | 10/01/2024 | 1,500 | 1,564,485 | |||||||||||||||
Southeast Alabama Gas Supply District (The) (No. 1); | 0.98 | % | 04/01/2024 | 4,875 | 4,914,244 | |||||||||||||||
Series 2018 C, RB (SIFMA Municipal Swap Index + 0.65%)(c)(d) | 0.68 | % | 04/01/2024 | 1,625 | 1,627,600 | |||||||||||||||
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(e) | 4.50 | % | 05/01/2032 | 3,500 | 3,896,305 | |||||||||||||||
UAB Medicine Finance Authority; Series 2019, RB | 5.00 | % | 09/01/2031 | 550 | 704,841 | |||||||||||||||
37,773,669 | ||||||||||||||||||||
Arizona–2.70% | ||||||||||||||||||||
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB | 5.00 | % | 12/01/2032 | 3,400 | 3,880,692 | |||||||||||||||
Arizona (State of) Industrial Development Authority; Series 2019 A-2, RB | 3.63 | % | 05/20/2033 | 1,955 | 2,119,320 | |||||||||||||||
Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2019, RB(e) | 5.00 | % | 07/01/2039 | 1,000 | 1,139,300 | |||||||||||||||
Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 D, Ref. RB(e) | 5.00 | % | 07/01/2037 | 630 | 712,606 | |||||||||||||||
Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community); Series 2019 A, RB | 5.00 | % | 01/01/2035 | 2,600 | 2,548,988 | |||||||||||||||
Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, Inspirada and St. Rose Campus Projects); Series 2018 A, RB(e) | 5.75 | % | 07/15/2038 | 1,810 | 2,078,296 | |||||||||||||||
Glendale (City of), AZ; Series 2015, Ref. RB (INS - AGM)(b) | 5.00 | % | 07/01/2029 | 1,000 | 1,178,490 | |||||||||||||||
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, Ref. RB | 5.00 | % | 11/15/2028 | 2,105 | 2,320,531 | |||||||||||||||
La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools); Series 2018 A, RB | 5.00 | % | 02/15/2038 | 1,200 | 1,388,580 | |||||||||||||||
Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona); Series 2017 C, RB | 5.00 | % | 07/01/2037 | 315 | 372,645 | |||||||||||||||
Navajo (Nation of); Series 2015 A, Ref. RB(e) | 5.50 | % | 12/01/2030 | 725 | 808,005 | |||||||||||||||
Northern Arizona University; Series 2015, Ref. RB (INS - BAM)(b) | 5.00 | % | 06/01/2032 | 250 | 284,710 | |||||||||||||||
Peoria (City of), AZ Industrial Development Authority (Sierra Winds Life Care Community); | 5.00 | % | 11/15/2024 | 1,655 | 1,663,656 | |||||||||||||||
Series 2014, Ref. RB (Acquired 11/06/2014; Cost $2,105,000)(f) | 5.25 | % | 11/15/2029 | 2,105 | 2,109,042 | |||||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Great Hearts Academies); Series 2016, Ref. RB | 5.00 | % | 07/01/2036 | 1,000 | 1,105,040 | |||||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(e) | 5.75 | % | 07/01/2024 | 825 | 887,997 | |||||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Rowan University); Series 2012, RB | 5.00 | % | 06/01/2027 | 3,000 | 3,136,770 | |||||||||||||||
Phoenix Civic Improvement Corp.; Series 2019 A, RB | 5.00 | % | 07/01/2033 | 3,500 | 4,177,670 | |||||||||||||||
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); | 5.38 | % | 06/15/2035 | 1,360 | 1,474,689 | |||||||||||||||
Series 2017, RB(e) | 4.75 | % | 06/15/2037 | 4,500 | 4,575,015 | |||||||||||||||
Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School); Series 2014, Ref. RB | 6.00 | % | 05/01/2024 | 325 | 342,914 | |||||||||||||||
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(e) | 5.00 | % | 09/01/2026 | 45 | 47,610 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Arizona–(continued) | ||||||||||||||||||||
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(e) | 5.00 | % | 07/01/2033 | $ | 2,245 | $ | 2,316,346 | |||||||||||||
Salt River Project Agricultural Improvement & Power District; Series 2016 A, Ref. RB | 5.00 | % | 01/01/2034 | 5,500 | 6,674,195 | |||||||||||||||
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU); | 5.50 | % | 10/01/2027 | 1,245 | 1,335,860 | |||||||||||||||
Series 2017 B, RB(e) | 4.00 | % | 10/01/2023 | 390 | 390,055 | |||||||||||||||
University of Arizona Board of Regents (Arizona Biomedical Research Collaborative Building); Series 2006, COP (INS - AMBAC)(b) | 4.50 | % | 06/01/2031 | 20 | 20,058 | |||||||||||||||
Verrado Community Facilities District No. 1; | 5.00 | % | 07/15/2021 | 485 | 488,458 | |||||||||||||||
Series 2013 A, Ref. GO Bonds(e) | 5.00 | % | 07/15/2022 | 570 | 583,543 | |||||||||||||||
Series 2013 A, Ref. GO Bonds(e) | 5.00 | % | 07/15/2023 | 825 | 856,490 | |||||||||||||||
Series 2013 B, GO Bonds(e) | 5.00 | % | 07/15/2023 | 285 | 295,879 | |||||||||||||||
Westpark Community Facility District; Series 2016, Ref. GO Bonds | 5.00 | % | 07/15/2032 | 2,000 | 2,221,860 | |||||||||||||||
Yavapai (County of), AZ Industrial Development Authority (Northern Arizona Healthcare System); Series 2011, Ref. RB | 5.25 | % | 10/01/2026 | 2,000 | 2,051,360 | |||||||||||||||
Yuma (City of), AZ Industrial Development Authority (Regional Medical Center); | 5.00 | % | 08/01/2025 | 1,000 | 1,143,470 | |||||||||||||||
56,730,140 | ||||||||||||||||||||
Arkansas–0.07% | ||||||||||||||||||||
Pulaski (County of), AR Public Facilities Board; Series 2014, RB | 5.00 | % | 12/01/2024 | 1,345 | 1,515,694 | |||||||||||||||
California–7.13% | ||||||||||||||||||||
Adelanto (City of), CA Public Utility Authority; | ||||||||||||||||||||
Series 2017 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 07/01/2027 | 175 | 221,975 | |||||||||||||||
Series 2017 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 07/01/2028 | 315 | 395,523 | |||||||||||||||
Series 2017 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 07/01/2029 | 300 | 373,926 | |||||||||||||||
Series 2017 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 07/01/2030 | 325 | 402,438 | |||||||||||||||
Series 2017 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 07/01/2031 | 310 | 382,187 | |||||||||||||||
Series 2017 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 07/01/2032 | 310 | 380,968 | |||||||||||||||
Atwater (City of), CA; Series 2017 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 05/01/2033 | 100 | 119,816 | |||||||||||||||
Bay Area Toll Authority (San Francisco Bay Area); Series 2001 A, RB (SIFMA Municipal Swap Index + 1.25%)(c)(d) | 1.28 | % | 04/01/2027 | 3,000 | 3,097,500 | |||||||||||||||
Beaumont (City of), TX Financing Authority (Improvement Area No. 17A); Series 2013 B, RB | 5.00 | % | 09/01/2028 | 1,000 | 1,088,970 | |||||||||||||||
California (County of), CA Tobacco Securitization Agency; | 5.00 | % | 06/01/2032 | 385 | 499,645 | |||||||||||||||
Series 2020 A, Ref. RB | 5.00 | % | 06/01/2033 | 600 | 774,474 | |||||||||||||||
Series 2020 B-1, Ref. RB | 1.75 | % | 06/01/2030 | 1,000 | 1,004,500 | |||||||||||||||
California (State of); | 5.00 | % | 03/01/2030 | 5,000 | 5,864,450 | |||||||||||||||
Series 2020, Ref. GO Bonds | 4.00 | % | 03/01/2040 | 5,000 | 5,868,200 | |||||||||||||||
California (State of) County Tobacco Securitization Agency; Series 2014, Ref. RB | 4.00 | % | 06/01/2029 | 2,000 | 2,009,020 | |||||||||||||||
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB | 6.00 | % | 06/01/2042 | 2,250 | 2,252,925 | |||||||||||||||
California (State of) Educational Facilities Authority (Chapman University); Series 2011, RB | 5.00 | % | 04/01/2025 | 420 | 421,441 | |||||||||||||||
California (State of) Enterprise Development Authority (Academy for Academic Excellence); Series 2020 A, RB(e) | 5.00 | % | 07/01/2040 | 1,000 | 1,096,360 | |||||||||||||||
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange County); Series 2011 A, RB | 5.00 | % | 11/01/2024 | 500 | 514,680 | |||||||||||||||
California (State of) Housing Finance Agency; | 4.25 | % | 01/15/2035 | 1,957 | 2,245,756 | |||||||||||||||
Series 2019 A-2, RB | 4.00 | % | 03/20/2033 | 6,876 | 7,721,921 | |||||||||||||||
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB | 5.00 | % | 06/01/2046 | 875 | 963,489 | |||||||||||||||
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB | 5.00 | % | 05/15/2035 | 5,000 | 5,979,000 | |||||||||||||||
California (State of) Municipal Finance Authority (Emerson College); | 5.00 | % | 01/01/2022 | 1,230 | 1,277,601 | |||||||||||||||
Series 2011, RB | 5.00 | % | 01/01/2028 | 270 | 279,061 | |||||||||||||||
California (State of) Municipal Finance Authority (Harbor Regional Center); Series 2015, Ref. RB | 5.00 | % | 11/01/2032 | 1,000 | 1,174,240 | |||||||||||||||
California (State of) Pollution Control Finance Authority; Series 2012, RB(a)(e) | 5.00 | % | 07/01/2027 | 6,695 | 7,175,433 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
California–(continued) | ||||||||||||||||||||
California (State of) Public Works Board (California Community Colleges); Series 2004 B, RB | 5.50 | % | 06/01/2022 | $ | 125 | $ | 125,499 | |||||||||||||
California (State of) School Finance Authority (Alliance for College-Ready Public Schools); Series 2013 A, RB | 5.25 | % | 07/01/2023 | 660 | 694,855 | |||||||||||||||
California (State of) School Finance Authority (KIPP LA); Series 2014 A, RB | 4.13 | % | 07/01/2024 | 320 | 339,485 | |||||||||||||||
California (State of) Statewide Communities Development Authority (Bakersfield Consolidated Reassessment District No. 12-1); Series 2012, RB | 5.00 | % | 09/02/2022 | 100 | 105,371 | |||||||||||||||
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2017 A, Ref. RB(e) | 5.00 | % | 11/01/2032 | 1,135 | 1,315,692 | |||||||||||||||
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); | 5.25 | % | 12/01/2029 | 4,300 | 4,870,223 | |||||||||||||||
Series 2018 A, RB(e) | 5.25 | % | 12/01/2038 | 1,000 | 1,182,470 | |||||||||||||||
California (State of) Statewide Communities Development Authority (University of California, Irvine East Campus Apartments, CHF-Irvine, LLC); Series 2016, Ref. RB | 5.00 | % | 05/15/2032 | 1,250 | 1,446,437 | |||||||||||||||
California Public Finance Authority (Henry Mayo Newhall Hospital); | 5.00 | % | 10/15/2031 | 1,070 | 1,250,766 | |||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 10/15/2033 | 1,000 | 1,159,500 | |||||||||||||||
California Statewide Communities Development Authority (Baptist University); Series 2017 A, Ref. RB(e) | 3.00 | % | 11/01/2022 | 875 | 890,181 | |||||||||||||||
Chula Vista (City of), CA Municipal Financing Authority; Series 2015 B, Ref. RB | 5.00 | % | 09/01/2026 | 1,500 | 1,767,195 | |||||||||||||||
Corona-Norco Unified School District (Community Facilities District No. 98-1); | 5.00 | % | 09/01/2021 | 810 | 829,602 | |||||||||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2023 | 1,000 | 1,116,860 | |||||||||||||||
El Centro (City of), CA Financing Authority (El Centro California Redevelopment); Series 2011, RB | 6.63 | % | 11/01/2025 | 100 | 100,928 | |||||||||||||||
El Dorado (County of), CA (Community Facilities District No. 1992-1 - El Dorado Hills Development); Series 2012, Ref. RB | 5.00 | % | 09/01/2024 | 495 | 529,675 | |||||||||||||||
Golden State Tobacco Securitization Corp.; | 5.00 | % | 06/01/2021 | 2,000 | 2,023,820 | |||||||||||||||
Series 2017 A-1, Ref. RB | 5.00 | % | 06/01/2027 | 4,000 | 4,951,920 | |||||||||||||||
Series 2018A-1, Ref. RB | 5.00 | % | 06/01/2030 | 4,000 | 4,960,320 | |||||||||||||||
Indio (City of), CA Community Facilities District No. 2004-3 (Improvement Area No. 1); Series 2015, Ref. RB | 5.00 | % | 09/01/2035 | 955 | 1,077,316 | |||||||||||||||
Irvine (City of), CA (Reassessment District No. 13-1); | 5.00 | % | 09/02/2021 | 375 | 384,124 | |||||||||||||||
Series 2013, RB | 5.00 | % | 09/02/2022 | 710 | 759,018 | |||||||||||||||
Series 2013, RB | 5.00 | % | 09/02/2023 | 500 | 559,285 | |||||||||||||||
Lake Elsinore (City of), CA Public Financing Authority; Series 2015, Ref. RB | 5.00 | % | 09/01/2028 | 2,115 | 2,448,345 | |||||||||||||||
Lancaster (City of), CA Redevelopment Agency Successor Agency (Lancaster Public Capital Improvements); Series 2010, Ref. RB | 5.50 | % | 12/01/2028 | 455 | 456,324 | |||||||||||||||
Lancaster (City of), CA Redevelopment Agency Successor Agency (Redevelopment Areas); Series 2017, Ref. RB (INS - AGM)(b) | 4.00 | % | 08/01/2039 | 3,400 | 3,724,394 | |||||||||||||||
Lodi (City of), CA Public Financing Authority; Series 2012, Ref. RB | 5.25 | % | 10/01/2026 | 500 | 525,575 | |||||||||||||||
Los Angeles (City of), CA Department of Airports; Series 2020 C, RB(a) | 5.00 | % | 05/15/2039 | 1,160 | 1,459,071 | |||||||||||||||
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); | 5.00 | % | 05/15/2029 | 2,000 | 2,519,760 | |||||||||||||||
Series 2018 D, Ref. RB(a) | 5.00 | % | 05/15/2031 | 3,000 | 3,772,320 | |||||||||||||||
Series 2019 E, RB | 5.00 | % | 05/15/2031 | 905 | 1,150,916 | |||||||||||||||
Los Angeles Unified School District; Series 2020 RYQ, GO Bonds | 4.00 | % | 07/01/2038 | 5,000 | 5,914,300 | |||||||||||||||
Modesto (City of), CA Irrigation District; Series 2015 B, Ref. RB | 5.00 | % | 10/01/2028 | 1,595 | 1,881,988 | |||||||||||||||
Monrovia (City of), CA Redevelopment Agency Successor Agency (Central Redevelopment - Project Area No. 1); Series 2011, RB(c)(g) | 6.50 | % | 05/01/2021 | 100 | 101,037 | |||||||||||||||
Murrieta (City of), CA Public Financing Authority; Series 2012, Ref. RB | 5.00 | % | 09/01/2023 | 1,000 | 1,067,360 | |||||||||||||||
Northern California Tobacco Securitization Authority; Series 2021 B1, Ref. RB | 4.00 | % | 06/01/2049 | 2,000 | 2,254,080 | |||||||||||||||
Oakland Unified School District (County of Alameda); | 5.00 | % | 08/01/2028 | 1,000 | 1,173,510 | |||||||||||||||
Series 2015 A, GO Bonds | 5.00 | % | 08/01/2029 | 1,160 | 1,358,372 | |||||||||||||||
Oroville (City of), CA (Oroville Hospital); Series 2019, RB | 5.25 | % | 04/01/2034 | 2,000 | 2,342,640 | |||||||||||||||
Palomar Health; Series 2016, Ref. RB | 5.00 | % | 11/01/2031 | 500 | 576,860 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
California-(continued) | ||||||||||||||||||||
Rancho Cordova (City of), CA Community Facilities District No. 2003-1 (Sunridge Anatolia); Series 2012, Ref. RB | 5.00 | % | 09/01/2022 | $ | 575 | $ | 613,841 | |||||||||||||
Series 2012, Ref. RB | 5.00 | % | 09/01/2023 | 450 | 479,894 | |||||||||||||||
Redwood City (City of), CA (Redwood Shores Community Facilities District No. 99-1 - Shores Transportation Improvement); Series 2012, Ref. RB | 5.00 | % | 09/01/2026 | 495 | 523,393 | |||||||||||||||
Riverside (City of), CA (Riverwalk Assessment District); Series 2011, Ref. RB | 5.25 | % | 09/02/2026 | 400 | 408,524 | |||||||||||||||
Riverside (County of), CA (Community Facilities District No. 04-2); Series 2012, Ref. RB | 5.00 | % | 09/01/2028 | 500 | 530,080 | |||||||||||||||
Riverside (County of), CA Public Financing Authority (County Facilities); | 5.00 | % | 05/01/2025 | 250 | 263,300 | |||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 05/01/2026 | 250 | 263,120 | |||||||||||||||
Riverside (County of), CA Public Financing Authority (Desert Communities and Interstate 215 Corridor - Project Area No. 1); Series 2015 A, RB (INS - AGM)(b) | 5.00 | % | 10/01/2029 | 1,375 | 1,616,684 | |||||||||||||||
San Buenaventura (City of), CA (Community Memorial Health System); | 6.50 | % | 12/01/2021 | 600 | 624,816 | |||||||||||||||
Series 2011, RB | 6.50 | % | 12/01/2022 | 2,620 | 2,726,451 | |||||||||||||||
San Diego (City of), CA Community Facilities District No. 3; Series 2013, Ref. RB | 5.00 | % | 09/01/2024 | 520 | 573,752 | |||||||||||||||
San Diego (County of), CA Regional Airport Authority; Series 2013 B, RB(a) | 5.00 | % | 07/01/2023 | 700 | 773,052 | |||||||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); | 5.00 | % | 05/01/2021 | 2,000 | 2,015,720 | |||||||||||||||
Series 2019 D, Ref. RB | 5.00 | % | 05/01/2030 | 1,800 | 2,320,254 | |||||||||||||||
Series 2019 E, Ref. RB(a) | 5.00 | % | 05/01/2035 | 2,000 | 2,476,860 | |||||||||||||||
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); | 5.00 | % | 08/01/2027 | 750 | 792,833 | |||||||||||||||
Series 2013 B, RB | 5.00 | % | 08/01/2027 | 405 | 428,130 | |||||||||||||||
San Jose (City of), CA; Series 2011 A-1, RB(a) | 5.25 | % | 03/01/2026 | 2,000 | 2,004,620 | |||||||||||||||
San Luis Obispo (County of), CA Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. | 5.50 | % | 08/01/2026 | 3,195 | 3,265,162 | |||||||||||||||
Santa Clarita (City of), CA Community Facilities District No. 2002-1 (Valencia Town Center); | 5.00 | % | 11/15/2022 | 520 | 555,552 | |||||||||||||||
Santa Margarita Water District (Community Facilities District No. 2013-1); | 5.00 | % | 09/01/2026 | 990 | 1,082,634 | |||||||||||||||
Series 2013, RB | 5.13 | % | 09/01/2027 | 1,150 | 1,256,663 | |||||||||||||||
South Gate Utility Authority; Series 2012, RB(c)(g) | 5.25 | % | 10/01/2022 | 500 | 540,655 | |||||||||||||||
South Tahoe Joint Powers Financing Authority (South Tahoe Redevelopment Project Area No. 1); | 5.00 | % | 10/01/2028 | 2,080 | 2,341,706 | |||||||||||||||
West Contra Costa Unified School District (Election of 2005); Series 2008 B, GO Bonds | 6.00 | % | 08/01/2023 | 1,000 | 1,131,540 | |||||||||||||||
Westlands Water District; Series 2012 A, Ref. RB(c)(g) | 5.00 | % | 09/01/2022 | 200 | 214,218 | |||||||||||||||
William S. Hart Union High School District (Community Facilities District No. 2005-1); Series 2015, Ref. RB | 5.00 | % | 09/01/2032 | 1,045 | 1,170,421 | |||||||||||||||
149,746,768 | ||||||||||||||||||||
Colorado-1.97% | ||||||||||||||||||||
Arkansas (State of) River Power Authority; | 5.88 | % | 10/01/2021 | 355 | 366,427 | |||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 10/01/2032 | 2,645 | 3,132,103 | |||||||||||||||
Aurora Crossroads Metropolitan District No. 2; Series 2020 A, GO Bonds | 5.00 | % | 12/01/2040 | 1,480 | 1,595,618 | |||||||||||||||
BNC Metropolitan District No. 1; Series 2017 A, Ref. GO Bonds (INS - BAM)(b) | 5.00 | % | 12/01/2032 | 360 | 431,989 | |||||||||||||||
Brighton Crossing Metropolitan District No. 4; Series 2017 A, GO Bonds | 5.00 | % | 12/01/2037 | 525 | 554,694 | |||||||||||||||
Broadway Park North Metropolitan District No. 2; Series 2020, GO Bonds(e) | 5.00 | % | 12/01/2040 | 1,325 | 1,438,155 | |||||||||||||||
Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2029 | 4,000 | 4,246,480 | |||||||||||||||
Colorado (State of) Health Facilities Authority (Christian Living Neighborhoods); Series 2016, Ref. RB | 5.00 | % | 01/01/2031 | 2,475 | 2,662,902 | |||||||||||||||
Colorado (State of) Health Facilities Authority (Commonspirit Health); Series 2019 A, Ref. RB | 4.00 | % | 08/01/2037 | 4,730 | 5,396,410 | |||||||||||||||
Colorado (State of) Health Facilities Authority (SCL Health System); Series 2019 A, Ref. RB | 5.00 | % | 01/01/2034 | 2,425 | 3,106,498 | |||||||||||||||
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center); | 5.00 | % | 12/01/2025 | 550 | 558,921 | |||||||||||||||
Series 2015 A, Ref. RB(e) | 5.50 | % | 12/01/2030 | 750 | 770,070 | |||||||||||||||
Dacono Urban Renewal Authority; Series 2020, RB | 6.25 | % | 12/01/2039 | 1,000 | 1,056,220 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Colorado-(continued) | ||||||||||||||||||||
Denver (City & County of), CO; | 5.00 | % | 11/15/2022 | $ | 740 | $ | 798,231 | |||||||||||||
Series 2018 A, Ref. RB(a) | 5.00 | % | 12/01/2030 | 2,000 | 2,606,800 | |||||||||||||||
Series 2018 A-2, RB(h) | 0.00 | % | 08/01/2030 | 800 | 637,272 | |||||||||||||||
Series 2018 A-2, RB(h) | 0.00 | % | 08/01/2031 | 1,000 | 759,470 | |||||||||||||||
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(a) | 5.00 | % | 10/01/2032 | 3,000 | 3,186,240 | |||||||||||||||
Denver (State of) Health & Hospital Authority; | 4.00 | % | 12/01/2037 | 1,000 | 1,140,530 | |||||||||||||||
Series 2019 A, Ref. RB | 4.00 | % | 12/01/2038 | 1,250 | 1,421,412 | |||||||||||||||
Interquest South Business Improvement District; Series 2017, GO Bonds | 4.50 | % | 12/01/2030 | 230 | 240,794 | |||||||||||||||
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 A-2, RB | 4.13 | % | 12/01/2040 | 575 | 607,539 | |||||||||||||||
Plaza Metropolitan District No. 1; | 5.00 | % | 12/01/2021 | 1,045 | 1,069,756 | |||||||||||||||
Series 2013, Ref. RB(e) | 5.00 | % | 12/01/2022 | 1,000 | 1,052,080 | |||||||||||||||
Transport Metropolitan District No. 3; Series 2021 A-1, GO Bonds | 4.13 | % | 12/01/2031 | 805 | 833,006 | |||||||||||||||
Vauxmont Metropolitan District; | 5.00 | % | 12/15/2031 | 135 | 154,587 | |||||||||||||||
Series 2019, Ref. GO Bonds (INS - AGM)(b) | 5.00 | % | 12/15/2032 | 160 | 182,813 | |||||||||||||||
Series 2020, Ref. GO Bonds (INS - AGM)(b) | 5.00 | % | 12/01/2031 | 230 | 288,848 | |||||||||||||||
Series 2020, Ref. GO Bonds (INS - AGM)(b) | 5.00 | % | 12/01/2032 | 250 | 312,520 | |||||||||||||||
Series 2020, Ref. GO Bonds (INS - AGM)(b) | 5.00 | % | 12/01/2033 | 255 | 317,419 | |||||||||||||||
Series 2020, Ref. GO Bonds (INS - AGM)(b) | 5.00 | % | 12/01/2034 | 285 | 353,719 | |||||||||||||||
Series 2020, Ref. GO Bonds (INS - AGM)(b) | 5.00 | % | 12/01/2035 | 100 | 123,692 | |||||||||||||||
41,403,215 | ||||||||||||||||||||
Connecticut-1.48% | ||||||||||||||||||||
Connecticut (State of); | 5.00 | % | 06/15/2027 | 3,000 | 3,740,250 | |||||||||||||||
Series 2019 A, GO Bonds | 5.00 | % | 04/15/2034 | 3,450 | 4,330,336 | |||||||||||||||
Series 2019 A, GO Bonds | 5.00 | % | 04/15/2035 | 1,150 | 1,439,754 | |||||||||||||||
Connecticut (State of) (Transportation Infrastructure); Series 2018, RB | 5.00 | % | 01/01/2030 | 3,500 | 4,351,305 | |||||||||||||||
Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, RB(a) | 5.50 | % | 04/01/2021 | 1,000 | 1,004,200 | |||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority; | 5.00 | % | 07/01/2033 | 1,510 | 1,884,782 | |||||||||||||||
Series 2020 G-1, Ref. RB(e) | 5.00 | % | 07/01/2030 | 285 | 329,597 | |||||||||||||||
Series 2020 G-1, Ref. RB(e) | 5.00 | % | 07/01/2031 | 540 | 621,540 | |||||||||||||||
Series 2020 G-1, Ref. RB(e) | 5.00 | % | 07/01/2033 | 600 | 684,564 | |||||||||||||||
Hamden (Town of), CT (Whitney Center); Series 2019, Ref. RB | 5.00 | % | 01/01/2030 | 3,000 | 3,208,140 | |||||||||||||||
University of Connecticut; | 5.00 | % | 03/15/2032 | 2,940 | 3,443,240 | |||||||||||||||
Series 2017 A, RB | 5.00 | % | 01/15/2030 | 5,000 | 6,040,250 | |||||||||||||||
31,077,958 | ||||||||||||||||||||
District of Columbia-1.01% | ||||||||||||||||||||
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB | 5.00 | % | 10/01/2030 | 2,550 | 2,553,341 | |||||||||||||||
Metropolitan Washington Airports Authority; | 5.00 | % | 10/01/2034 | 2,215 | 2,598,992 | |||||||||||||||
Series 2019 A, Ref. RB(a) | 5.00 | % | 10/01/2032 | 1,435 | 1,812,247 | |||||||||||||||
Series 2019 A, Ref. RB(a) | 5.00 | % | 10/01/2033 | 3,000 | 3,772,680 | |||||||||||||||
Series 2020 A, Ref. RB(a) | 5.00 | % | 10/01/2032 | 3,000 | 3,839,790 | |||||||||||||||
Series 2020 A, Ref. RB(a) | 5.00 | % | 10/01/2033 | 3,000 | 3,819,000 | |||||||||||||||
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); | 0.00 | % | 10/01/2037 | 5,000 | 2,777,950 | |||||||||||||||
Series 2010 A, RB (INS - AGM)(b)(h) | 0.00 | % | 10/01/2037 | 40 | 23,093 | |||||||||||||||
21,197,093 | ||||||||||||||||||||
Florida-4.43% | ||||||||||||||||||||
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics); | 5.00 | % | 12/01/2034 | 2,570 | 3,229,590 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Florida-(continued) | ||||||||||||||||||||
Atlantic Beach (City of), FL (Fleet Landing); | 5.00 | % | 11/15/2021 | $ | 440 | $ | 450,402 | |||||||||||||
Series 2013 A, Ref. RB | 5.00 | % | 11/15/2022 | 375 | 396,000 | |||||||||||||||
Series 2013 A, Ref. RB | 5.00 | % | 11/15/2023 | 565 | 613,567 | |||||||||||||||
Series 2018 A, RB | 5.00 | % | 11/15/2038 | 1,100 | 1,241,658 | |||||||||||||||
Capital Trust Agency (H-Bay Ministries, Inc.- Superior Residences); Series 2018 B, RB | 4.50 | % | 07/01/2038 | 500 | 199,080 | |||||||||||||||
Capital Trust Agency (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB(e) | 5.00 | % | 07/01/2032 | 2,545 | 2,669,985 | |||||||||||||||
Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB(e) | 5.00 | % | 12/15/2040 | 1,220 | 1,326,250 | |||||||||||||||
Capital Trust Agency, Inc. (Viera Charter Schools, Inc.); Series 2017 A, RB(e) | 5.00 | % | 10/15/2037 | 510 | 554,207 | |||||||||||||||
Citizens Property Insurance Corp.; Series 2012 A-1, RB | 5.00 | % | 06/01/2022 | 2,000 | 2,119,260 | |||||||||||||||
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013; Cost $2,215,000)(e)(f)(i) | 7.25 | % | 05/15/2026 | 1,215 | 940,106 | |||||||||||||||
Florida (State of) Higher Educational Facilities Financial Authority (Florida Institute of Technology); | 5.00 | % | 10/01/2032 | 840 | 1,020,785 | |||||||||||||||
Series 2019, RB | 5.00 | % | 10/01/2033 | 1,720 | 2,079,721 | |||||||||||||||
Florida (State of) Municipal Power Agency (St. Lucie); Series 2011 B, RB | 5.00 | % | 10/01/2026 | 2,000 | 2,050,840 | |||||||||||||||
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB | 5.00 | % | 01/01/2034 | 5,000 | 5,918,800 | |||||||||||||||
Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 A, Ref. RB | 5.00 | % | 10/01/2027 | 1,000 | 1,027,240 | |||||||||||||||
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(a)(e) | 7.38 | % | 01/01/2049 | 10,000 | 9,707,000 | |||||||||||||||
Florida Development Finance Corp. (Renaissance Charter School, Inc.); | 6.00 | % | 06/15/2035 | 1,265 | 1,431,740 | |||||||||||||||
Series 2020 C, Ref. RB(e) | 4.00 | % | 09/15/2030 | 470 | 501,730 | |||||||||||||||
Florida Housing Finance Corp.; Series 2015 A, RB (CEP - GNMA) | 3.65 | % | 07/01/2041 | 445 | 462,137 | |||||||||||||||
Greater Orlando Aviation Authority; Series 2019 A, RB(a) | 5.00 | % | 10/01/2031 | 4,000 | 5,046,000 | |||||||||||||||
Halifax Hospital Medical Center; Series 2015, Ref. RB | 5.00 | % | 06/01/2035 | 325 | 363,447 | |||||||||||||||
Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); | 5.25 | % | 04/01/2028 | 2,500 | 1,188,975 | |||||||||||||||
Lake (County of), FL (Lakeside at Waterman Village); Series 2020 B-1, Ref. RB | 4.25 | % | 08/15/2027 | 8,000 | 8,051,840 | |||||||||||||||
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB(e) | 5.00 | % | 07/15/2028 | 600 | 664,362 | |||||||||||||||
Lee (County of), FL Industrial Development Authority (Preserve (The)); Series 2017 A, RB(e) | 5.38 | % | 12/01/2032 | 1,000 | 1,036,810 | |||||||||||||||
Manatee (County of), FL School District; | 5.00 | % | 10/01/2029 | 1,000 | 1,226,230 | |||||||||||||||
Series 2017, RB (INS - AGM)(b) | 5.00 | % | 10/01/2031 | 3,000 | 3,648,840 | |||||||||||||||
Series 2017, RB (INS - AGM)(b) | 5.00 | % | 10/01/2032 | 1,250 | 1,516,700 | |||||||||||||||
Martin (County of), FL Health Facilities Authority (Martin Memorial Medical Center); Series 2012, RB(c)(g) | 5.50 | % | 11/15/2021 | 1,670 | 1,732,491 | |||||||||||||||
Miami (City of) & Dade (County of), FL School Board; Series 2015 A, Ref. COP | 5.00 | % | 05/01/2032 | 1,900 | 2,206,527 | |||||||||||||||
Miami (City of), FL; Series 2012, Ref. RB(e) | 5.00 | % | 03/01/2030 | 100 | 108,819 | |||||||||||||||
Miami-Dade (County of), FL (Jackson Health System); Series 2015 A, Ref. RB | 5.00 | % | 06/01/2033 | 1,000 | 1,140,170 | |||||||||||||||
Miami-Dade (County of), FL Expressway Authority; | 5.00 | % | 07/01/2022 | 2,000 | 2,123,340 | |||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2028 | 1,625 | 1,961,034 | |||||||||||||||
Miami-Dade (County of), FL Industrial Development Authority (Waste Management, Inc.); | 0.83 | % | 11/01/2021 | 3,000 | 3,001,020 | |||||||||||||||
Mirabella Community Development District; Series 2013, RB | 6.00 | % | 11/01/2026 | 150 | 162,621 | |||||||||||||||
Orlando (City of) & Orange (County of), FL Expressway Authority; Series 2012, Ref. RB | 5.00 | % | 07/01/2023 | 1,000 | 1,062,900 | |||||||||||||||
Orlando (City of), FL Community Redevelopment Agency (Conroy Road District); Series 2012, Ref. RB | 5.00 | % | 04/01/2023 | 500 | 521,475 | |||||||||||||||
Osceola (County of), FL; | 5.00 | % | 10/01/2033 | 350 | 441,056 | |||||||||||||||
Series 2020 A-1, Ref. RB | 5.00 | % | 10/01/2034 | 300 | 377,052 | |||||||||||||||
Series 2020 A-1, Ref. RB | 5.00 | % | 10/01/2035 | 500 | 625,875 | |||||||||||||||
Palm Beach (County of), FL Health Facilities Authority; Series 2020 B1, RB | 3.00 | % | 06/01/2027 | 3,000 | 3,065,220 | |||||||||||||||
Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.); | 5.00 | % | 11/15/2032 | 3,500 | 4,137,665 | |||||||||||||||
Series 2020 B, RB | 4.00 | % | 11/15/2041 | 250 | 285,558 | |||||||||||||||
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center, Inc.); Series 2013 A, RB | 5.00 | % | 11/01/2023 | 1,965 | 2,102,884 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Florida-(continued) | ||||||||||||||||||||
Palm Beach (County of), FL Health Facilities Authority (Sinai Residences of Boca Raton); Series 2014 A, RB | 7.50 | % | 06/01/2049 | $ | 630 | $ | 680,217 | |||||||||||||
Pinellas (County of), FL; Series 2003, RB (INS - AGM)(b) | 5.00 | % | 10/01/2032 | 175 | 175,000 | |||||||||||||||
Pinellas County Educational Facilities Authority (Barry University); Series 2012, Ref. RB | 5.25 | % | 10/01/2030 | 2,500 | 2,610,200 | |||||||||||||||
Reedy Creek Improvement District; | 5.00 | % | 10/01/2021 | 885 | 903,293 | |||||||||||||||
Series 2013 1, Ref. RB | 5.00 | % | 10/01/2022 | 800 | 844,464 | |||||||||||||||
Tampa (City of), FL; Series 2020 A, RB(h) | 0.00 | % | 09/01/2041 | 3,030 | 1,506,728 | |||||||||||||||
Tampa (City of), FL (BayCare Health System); Series 2012 A, Ref. RB | 5.00 | % | 11/15/2026 | 500 | 525,510 | |||||||||||||||
92,984,421 | ||||||||||||||||||||
Georgia-0.97% | ||||||||||||||||||||
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB | 5.00 | % | 07/01/2031 | 330 | 426,027 | |||||||||||||||
College Park (City of), GA (Atlanta International Airport); Series 2006 B, RB (INS - NATL)(b) | 4.50 | % | 01/01/2031 | 15 | 15,047 | |||||||||||||||
Development Authority for Fulton County (Robert W. Woodruff Arts Center); Series 2019, Ref. RB | 4.00 | % | 03/15/2044 | 830 | 882,257 | |||||||||||||||
Floyd (County of), GA Development Authority (The Spires at Berry College); | 5.50 | % | 12/01/2028 | 940 | 927,113 | |||||||||||||||
Series 2018 A, RB | 5.75 | % | 12/01/2033 | 1,500 | 1,455,075 | |||||||||||||||
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.); Series 2017, RB | 5.00 | % | 04/01/2033 | 1,870 | 2,247,179 | |||||||||||||||
Georgia (State of) Municipal Electric Authority; Series 2019 A, Ref. RB | 5.00 | % | 01/01/2033 | 1,200 | 1,481,232 | |||||||||||||||
Georgia (State of) Municipal Electric Authority (Project One); Series 2015 A, Ref. RB | 5.00 | % | 01/01/2032 | 875 | 997,062 | |||||||||||||||
Georgia Municipal Association, Inc.; Series 1998, COP (INS - AGM)(b) | 5.00 | % | 12/01/2023 | 30 | 30,105 | |||||||||||||||
Georgia State Environmental Loan Acquisition Corp.; Series 2011, RB(c)(g) | 5.13 | % | 03/15/2021 | 225 | 225,403 | |||||||||||||||
Houston (County of), GA Hospital Authority (Houston Hospitals, Inc.); Series 2016 A, Ref. RB | 5.00 | % | 10/01/2031 | 855 | 927,504 | |||||||||||||||
Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.); | 5.75 | % | 06/15/2037 | 1,540 | 1,603,201 | |||||||||||||||
Metropolitan Atlanta Rapid Transit Authority; Series 2016 B, Ref. RB | 5.00 | % | 07/01/2032 | 7,150 | 8,643,420 | |||||||||||||||
Randolph (County of), GA; Series 2012 A, GO Bonds(c)(g) | 5.00 | % | 04/01/2022 | 500 | 526,005 | |||||||||||||||
20,386,630 | ||||||||||||||||||||
Guam-0.16% | ||||||||||||||||||||
Guam (Territory of) Power Authority; | 5.00 | % | 10/01/2021 | 1,500 | 1,539,795 | |||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2022 | 1,700 | 1,820,479 | |||||||||||||||
3,360,274 | ||||||||||||||||||||
Hawaii-0.68% | ||||||||||||||||||||
Hawaii (State of) Department of Budget & Finance; | 5.00 | % | 11/15/2027 | 1,000 | 1,068,150 | |||||||||||||||
Series 2019, Ref. RB | 3.20 | % | 07/01/2039 | 1,655 | 1,764,412 | |||||||||||||||
Hawaii (State of) Department of Transportation (Airports Division); | 5.00 | % | 08/01/2021 | 1,000 | 1,017,190 | |||||||||||||||
Series 2013, COP(a) | 5.00 | % | 08/01/2022 | 2,000 | 2,114,940 | |||||||||||||||
Series 2013, COP(a) | 5.00 | % | 08/01/2023 | 1,250 | 1,376,838 | |||||||||||||||
Honolulu (City & County of), HI Wastewater System Revenue; Series 2015 A, Ref. RB(j) | 5.00 | % | 07/01/2031 | 6,000 | 7,029,000 | |||||||||||||||
14,370,530 | ||||||||||||||||||||
Idaho-0.11% | ||||||||||||||||||||
Idaho (State of) Housing & Finance Association; Series 2019, Ref. RB | 5.00 | % | 07/15/2035 | 1,900 | 2,368,540 | |||||||||||||||
Illinois-11.59% | ||||||||||||||||||||
Bartlett (Village of), IL (Quarry Redevelopment); | 5.60 | % | 01/01/2023 | 385 | 385,493 | |||||||||||||||
Series 2016, Ref. RB | 4.00 | % | 01/01/2024 | 2,615 | 2,620,178 | |||||||||||||||
Bolingbrook (Village of), IL Special Service Area No. 2005-1; Series 2019, Ref. RB | 5.00 | % | 03/01/2033 | 1,645 | 1,716,969 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Illinois-(continued) | ||||||||||||||||||||
Chicago (City of), IL; | 5.00 | % | 01/01/2024 | $ | 1,795 | $ | 1,974,249 | |||||||||||||
Series 2004, Ref. RB | 5.00 | % | 11/01/2028 | 3,000 | 3,663,990 | |||||||||||||||
Series 2008 C, Ref. RB | 5.00 | % | 01/01/2029 | 2,500 | 2,873,475 | |||||||||||||||
Series 2008 C, Ref. RB | 5.00 | % | 01/01/2030 | 1,500 | 1,735,125 | |||||||||||||||
Series 2011, COP | 7.13 | % | 05/01/2021 | 256 | 255,876 | |||||||||||||||
Series 2015 A, GO Bonds | 5.38 | % | 01/01/2029 | 5,000 | 5,606,850 | |||||||||||||||
Series 2017 A, Ref. GO Bonds | 5.75 | % | 01/01/2034 | 2,500 | 2,946,125 | |||||||||||||||
Series 2017 B, Ref. RB | 5.00 | % | 01/01/2033 | 3,000 | 3,587,730 | |||||||||||||||
Series 2019 A, GO Bonds | 5.50 | % | 01/01/2035 | 3,000 | 3,593,520 | |||||||||||||||
Chicago (City of), IL (83rd/Stewart Redevelopment); Series 2013, COP(e) | 7.00 | % | 01/15/2029 | 1,029 | 1,029,829 | |||||||||||||||
Chicago (City of), IL (Midway Airport); | 5.50 | % | 01/01/2027 | 1,000 | 1,088,850 | |||||||||||||||
Series 2013 B, Ref. RB | 5.00 | % | 01/01/2025 | 1,000 | 1,083,020 | |||||||||||||||
Series 2014 A, Ref. RB(a) | 5.00 | % | 01/01/2023 | 3,000 | 3,252,000 | |||||||||||||||
Chicago (City of), IL (O’Hare International Airport); | 5.00 | % | 01/01/2029 | 6,000 | 6,898,800 | |||||||||||||||
Series 2017 D, RB(a) | 5.00 | % | 01/01/2031 | 1,000 | 1,183,790 | |||||||||||||||
Series 2017 D, RB(a) | 5.00 | % | 01/01/2032 | 1,000 | 1,179,500 | |||||||||||||||
Series 2017 D, RB(a) | 5.00 | % | 01/01/2033 | 2,000 | 2,351,460 | |||||||||||||||
Chicago (City of), IL (Roosevelt Square/ABLA Redevelopment); Series 2009 A, Ref. COP | 7.13 | % | 03/15/2022 | 126 | 126,025 | |||||||||||||||
Chicago (City of), IL Board of Education; | 5.00 | % | 12/01/2030 | 2,000 | 2,375,000 | |||||||||||||||
Series 2017, RB | 5.75 | % | 04/01/2035 | 1,000 | 1,200,660 | |||||||||||||||
Series 2018 A, Ref. GO Bonds (INS - AGM)(b) | 5.00 | % | 12/01/2027 | 1,500 | 1,854,030 | |||||||||||||||
Series 2018 A, Ref. GO Bonds (INS - AGM)(b) | 5.00 | % | 12/01/2030 | 1,000 | 1,238,410 | |||||||||||||||
Series 2018 A, Ref. GO Bonds (INS - AGM)(b) | 5.00 | % | 12/01/2031 | 1,250 | 1,535,775 | |||||||||||||||
Series 2018 C, Ref. GO Bonds | 5.00 | % | 12/01/2025 | 1,000 | 1,159,920 | |||||||||||||||
Chicago (City of), IL Metropolitan Water Reclamation District; | 5.00 | % | 12/01/2024 | 3,000 | 3,111,150 | |||||||||||||||
Series 2015 C, GO Bonds(j) | 5.00 | % | 12/01/2027 | 7,000 | 8,124,620 | |||||||||||||||
Chicago (City of), IL Transit Authority; Series 2011, RB(c)(g) | 5.25 | % | 12/01/2021 | 1,000 | 1,038,300 | |||||||||||||||
Chicago (State of) Board of Education; Series 2021 A, GO Bonds | 5.00 | % | 12/01/2035 | 6,120 | 7,335,677 | |||||||||||||||
Chicago O’Hare International Airport; Series 2015 B, Ref. RB | 5.00 | % | 01/01/2031 | 3,000 | 3,471,480 | |||||||||||||||
Cook (County of), IL; Series 2018, Ref. RB | 5.25 | % | 11/15/2035 | 2,000 | 2,458,220 | |||||||||||||||
Cook County Community College District No. 508 (City Colleges of Chicago); Series 2013, GO Bonds | 5.25 | % | 12/01/2026 | 500 | 553,120 | |||||||||||||||
Franklin Park (Village of), IL; Series 2011, GO Bonds (INS - AGM)(b) | 6.25 | % | 07/01/2030 | 175 | 178,134 | |||||||||||||||
Illinois (State of); | 4.00 | % | 09/01/2027 | 50 | 50,086 | |||||||||||||||
Series 2012 A, GO Bonds | 5.00 | % | 01/01/2027 | 1,795 | 1,844,255 | |||||||||||||||
Series 2012, Ref. GO Bonds (INS - AGM)(b) | 5.00 | % | 08/01/2022 | 1,250 | 1,324,712 | |||||||||||||||
Series 2013, GO Bonds | 5.00 | % | 07/01/2022 | 2,000 | 2,104,440 | |||||||||||||||
Series 2013, GO Bonds | 5.50 | % | 07/01/2027 | 2,295 | 2,478,807 | |||||||||||||||
Series 2013, GO Bonds | 5.50 | % | 07/01/2038 | 2,500 | 2,666,250 | |||||||||||||||
Series 2016, GO Bonds | 5.00 | % | 11/01/2025 | 2,135 | 2,437,935 | |||||||||||||||
Series 2016, GO Bonds | 5.00 | % | 11/01/2030 | 1,040 | 1,180,816 | |||||||||||||||
Series 2017 C, GO Bonds | 5.00 | % | 11/01/2029 | 2,000 | 2,290,220 | |||||||||||||||
Series 2018 A, Ref. GO Bonds | 5.00 | % | 10/01/2028 | 8,375 | 10,000,922 | |||||||||||||||
Series 2018 B, Ref. GO Bonds | 5.00 | % | 10/01/2027 | 1,405 | 1,657,366 | |||||||||||||||
Series 2019 B, GO Bonds | 4.00 | % | 11/01/2035 | 4,450 | 4,834,035 | |||||||||||||||
Series 2020 B, GO Bonds | 4.00 | % | 10/01/2035 | 3,000 | 3,283,830 | |||||||||||||||
Series 2020, GO Bonds | 5.50 | % | 05/01/2024 | 1,000 | 1,124,300 | |||||||||||||||
Series 2020, GO Bonds | 5.50 | % | 05/01/2030 | 3,000 | 3,762,330 | |||||||||||||||
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 A, Ref. RB | 5.00 | % | 11/01/2030 | 2,000 | 2,364,700 | |||||||||||||||
Illinois (State of) Finance Authority (Benedictine University); Series 2021, Ref. RB | 5.00 | % | 10/01/2030 | 1,300 | 1,497,457 | |||||||||||||||
Illinois (State of) Finance Authority (Centegra Health System); | 5.00 | % | 09/01/2026 | 1,000 | 1,143,590 | |||||||||||||||
Series 2014 A, RB | 5.00 | % | 09/01/2028 | 1,250 | 1,415,237 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Illinois-(continued) | ||||||||||||||||||||
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(a) | 8.00 | % | 06/01/2032 | $ | 710 | $ | 710,767 | |||||||||||||
Illinois (State of) Finance Authority (Navistar International Corp.); Series 2020, Ref. RB(c)(e) | 4.75 | % | 08/01/2030 | 10,000 | 10,680,100 | |||||||||||||||
Illinois (State of) Finance Authority (Palos Hospital); Series 2010, Ref. RB | 5.13 | % | 05/15/2035 | 5,000 | 5,012,050 | |||||||||||||||
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB (Acquired 04/01/2016; Cost $36,100)(f)(i) | 2.00 | % | 05/15/2055 | 271 | 8,123 | |||||||||||||||
Illinois (State of) Finance Authority (Peace Village); Series 2013, RB(c)(g) | 6.25 | % | 08/15/2023 | 1,505 | 1,704,608 | |||||||||||||||
Illinois (State of) Finance Authority (Robert Morris College); Series 2000, RB (INS - NATL)(b) | 5.80 | % | 06/01/2030 | 935 | 937,646 | |||||||||||||||
Illinois (State of) Finance Authority (Rogers Park Montessori School); Series 2014, Ref. RB | 5.00 | % | 02/01/2024 | 275 | 285,626 | |||||||||||||||
Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB | 5.00 | % | 11/15/2034 | 4,500 | 5,148,585 | |||||||||||||||
Illinois (State of) Finance Authority (University of Illinois Health Services); | 5.00 | % | 10/01/2030 | 750 | 969,435 | |||||||||||||||
Series 2020, RB | 5.00 | % | 10/01/2031 | 750 | 962,587 | |||||||||||||||
Series 2020, RB | 5.00 | % | 10/01/2032 | 750 | 955,402 | |||||||||||||||
Series 2020, RB | 5.00 | % | 10/01/2033 | 750 | 947,993 | |||||||||||||||
Series 2020, RB | 5.00 | % | 10/01/2034 | 750 | 944,700 | |||||||||||||||
Series 2020, RB | 5.00 | % | 10/01/2035 | 750 | 941,445 | |||||||||||||||
Illinois (State of) Metropolitan Pier & Exposition Authority; Series 2002, RB (INS - AGM)(b)(h) | 0.00 | % | 12/15/2029 | 2,550 | 2,138,098 | |||||||||||||||
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); | 5.70 | % | 06/15/2023 | 1,295 | 1,403,443 | |||||||||||||||
Series 2002, RB (INS - NATL)(b)(h) | 0.00 | % | 12/15/2032 | 10,000 | 7,343,100 | |||||||||||||||
Series 2012 B, Ref. RB | 5.00 | % | 12/15/2022 | 5,010 | 5,375,780 | |||||||||||||||
Illinois (State of) Sports Facilities Authority (The); | 5.00 | % | 06/15/2028 | 2,100 | 2,610,468 | |||||||||||||||
Series 2019, Ref. RB (INS - BAM)(b) | 5.00 | % | 06/15/2029 | 1,000 | 1,263,660 | |||||||||||||||
Series 2019, Ref. RB (INS - BAM)(b) | 5.00 | % | 06/15/2030 | 1,200 | 1,504,716 | |||||||||||||||
Illinois (State of) Toll Highway Authority; Series 2014 D, Ref. RB(j) | 5.00 | % | 01/01/2024 | 12,500 | 14,080,250 | |||||||||||||||
Kane County School District No. 131 Aurora East Side; Series 2020 A, GO Bonds (INS - AGM)(b) | 4.00 | % | 12/01/2036 | 745 | 860,088 | |||||||||||||||
Lake County Community Consolidated School District No. 73 (Hawthorn); Series 2002, GO Bonds (g)(h) | 0.00 | % | 12/01/2021 | 330 | 329,581 | |||||||||||||||
Manhattan (Village of), IL Special Service Area No. 2004-1 (Brookstone Springs); Series 2015, Ref. RB | 4.25 | % | 03/01/2024 | 618 | 631,380 | |||||||||||||||
Markham (City of), IL (Library Purposes); Series 2005 B, GO Bonds (INS - AGC)(b) | 5.25 | % | 01/01/2023 | 15 | 15,045 | |||||||||||||||
Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 1998 A, Ref. RB (INS - NATL)(b) | 5.50 | % | 06/15/2029 | 2,000 | 2,302,020 | |||||||||||||||
Railsplitter Tobacco Settlement Authority; | 5.25 | % | 06/01/2021 | 3,000 | 3,036,120 | |||||||||||||||
Series 2010, RB | 5.38 | % | 06/01/2021 | 525 | 531,484 | |||||||||||||||
Series 2017, RB | 5.00 | % | 06/01/2027 | 4,000 | 4,772,600 | |||||||||||||||
Series 2017, RB | 5.00 | % | 06/01/2028 | 2,000 | 2,370,280 | |||||||||||||||
Regional Transportation Authority; | 6.00 | % | 07/01/2027 | 2,700 | 3,454,947 | |||||||||||||||
Series 2018 B, RB(j) | 5.00 | % | 06/01/2031 | 3,800 | 4,815,474 | |||||||||||||||
Series 2018 B, RB(j) | 5.00 | % | 06/01/2032 | 3,995 | 5,040,971 | |||||||||||||||
Sales Tax Securitization Corp.; | 5.00 | % | 01/01/2029 | 1,000 | 1,224,700 | |||||||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 01/01/2030 | 1,000 | 1,215,480 | |||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 01/01/2031 | 3,000 | 3,629,910 | |||||||||||||||
Springfield (City of), IL; | 5.00 | % | 03/01/2032 | 2,000 | 2,318,260 | |||||||||||||||
Series 2015, Ref. RB | 5.00 | % | 03/01/2033 | 3,500 | 4,053,980 | |||||||||||||||
Stephenson County School District No. 145 Freeport; | 5.00 | % | 02/01/2028 | 205 | 260,430 | |||||||||||||||
Series 2018 A, GO Bonds (INS - AGM)(b) | 5.00 | % | 02/01/2031 | 895 | 1,116,423 | |||||||||||||||
University of Illinois; Series 2011 A, RB | 5.00 | % | 04/01/2026 | 3,425 | 3,436,371 | |||||||||||||||
243,592,764 | ||||||||||||||||||||
Indiana-0.52% | ||||||||||||||||||||
Allen (County of), IN (Evergreen Village Fort Wayne); Series 2019, RB | 6.00 | % | 02/01/2039 | 170 | 179,318 | |||||||||||||||
Indiana (State of) Finance Authority (KIPP Indianapolis, Inc.); Series 2020 A, RB | 4.00 | % | 07/01/2030 | 215 | 233,767 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Indiana-(continued) | ||||||||||||||||||||
Jeffersonville (City of), IN (Vivera Senior Living); | 4.75 | % | 11/01/2030 | $ | 575 | $ | 582,348 | |||||||||||||
Series 2020 A, RB(e) | 5.25 | % | 11/01/2040 | 4,560 | 4,632,641 | |||||||||||||||
Michigan City (City of), IN; Series 2016, RB | 4.50 | % | 01/01/2026 | 170 | 170,733 | |||||||||||||||
Northern Indiana Commuter Transportation District; | ||||||||||||||||||||
Series 2016, RB | 5.00 | % | 07/01/2027 | 1,800 | 2,181,888 | |||||||||||||||
Series 2016, RB | 5.00 | % | 07/01/2028 | 1,250 | 1,507,137 | |||||||||||||||
Terre Haute (City of), IN (Silver Birch of Terre Haute); Series 2017, RB | 5.10 | % | 01/01/2032 | 710 | 717,221 | |||||||||||||||
Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(a) | 5.88 | % | 01/01/2024 | 640 | 686,010 | |||||||||||||||
10,891,063 | ||||||||||||||||||||
Iowa-0.78% | ||||||||||||||||||||
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); | 5.25 | % | 12/01/2025 | 3,000 | 3,295,620 | |||||||||||||||
Series 2013, Ref. RB(c) | 5.25 | % | 12/01/2033 | 2,990 | 3,260,625 | |||||||||||||||
Iowa (State of) Finance Authority (Iowa Health System); Series 2018, Ref. RB (SIFMA Municipal Swap Index + 0.58%)(c)(d)(e) | 0.61 | % | 01/04/2024 | 3,460 | 3,460,000 | |||||||||||||||
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2019, RB | 2.88 | % | 05/15/2049 | 1,000 | 1,013,530 | |||||||||||||||
Iowa (State of) Finance Authority (Mercy Medical Center); | ||||||||||||||||||||
Series 2012, RB | 4.00 | % | 08/15/2022 | 1,905 | 2,002,822 | |||||||||||||||
Series 2012, RB | 4.00 | % | 08/15/2023 | 1,200 | 1,256,880 | |||||||||||||||
Iowa (State of) Finance Authority (PHS Council Bluffs, Inc.); Series 2018, RB | 4.45 | % | 08/01/2028 | 125 | 130,177 | |||||||||||||||
Iowa (State of) Tobacco Settlement Authority; Series 2005 B, RB | 5.60 | % | 06/01/2034 | 2,000 | 2,028,260 | |||||||||||||||
16,447,914 | ||||||||||||||||||||
Kansas-0.61% | ||||||||||||||||||||
Derby (City of), KS (Derby Star Bond); Series 2020, RB | 3.90 | % | 03/01/2037 | 1,625 | 1,656,964 | |||||||||||||||
Kansas (State of) Municipal Energy Agency (Jameson Energy Center); Series 2013, RB | 5.00 | % | 07/01/2028 | 1,140 | 1,242,988 | |||||||||||||||
Lenexa (City of), KS (Lakeview Village, Inc.); | 5.00 | % | 05/15/2029 | 1,210 | 1,336,360 | |||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 05/15/2031 | 1,335 | 1,468,246 | |||||||||||||||
Wichita (City of), KS (Kansas Masonic Home); Series 2016 II-A, RB | 5.25 | % | 12/01/2036 | 1,500 | 1,524,405 | |||||||||||||||
Wichita (City of), KS (Presbyterian Manors, Inc.); | 5.00 | % | 05/15/2033 | 1,140 | 1,194,663 | |||||||||||||||
Series 2019, Ref. RB | 5.00 | % | 05/15/2029 | 1,280 | 1,379,584 | |||||||||||||||
Series 2019, Ref. RB | 5.00 | % | 05/15/2034 | 2,950 | 3,091,276 | |||||||||||||||
12,894,486 | ||||||||||||||||||||
Kentucky-1.92% | ||||||||||||||||||||
Ashland (City of), KY (King’s Daughters Medical Center); | 5.00 | % | 02/01/2030 | 370 | 443,774 | |||||||||||||||
Series 2019, Ref. RB | 5.00 | % | 02/01/2031 | 460 | 548,812 | |||||||||||||||
Series 2019, Ref. RB | 5.00 | % | 02/01/2032 | 450 | 534,091 | |||||||||||||||
Fayette County School District Finance Corp.; Series 2015 D, RB | 5.00 | % | 08/01/2031 | 1,000 | 1,164,360 | |||||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); | 1.43 | % | 02/01/2025 | 1,430 | 1,439,896 | |||||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Home Independent Living II, Inc.); | 5.00 | % | 05/15/2021 | 270 | 270,848 | |||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/15/2036 | 2,000 | 2,044,860 | |||||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); | 5.00 | % | 07/01/2028 | 1,500 | 1,722,810 | |||||||||||||||
Series 2015 A, RB | 5.00 | % | 07/01/2030 | 3,000 | 3,402,570 | |||||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); | 5.00 | % | 06/01/2032 | 1,435 | 1,591,731 | |||||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green); | 5.50 | % | 11/15/2035 | 3,100 | 3,151,026 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Kentucky-(continued) | ||||||||||||||||
Kentucky (Commonwealth of) Municipal Power Agency; | 5.00 | % | 09/01/2026 | $ | 1,000 | $ | 1,180,020 | |||||||||
Series 2015 A, Ref. RB (INS - NATL)(b) | 5.00 | % | 09/01/2027 | 1,620 | 1,904,569 | |||||||||||
Series 2015 A, Ref. RB (INS - NATL)(b) | 5.00 | % | 09/01/2028 | 1,260 | 1,475,397 | |||||||||||
Kentucky (Commonwealth of) Municipal Power Agency (Prairie States); | 5.00 | % | 09/01/2031 | 5,000 | 5,986,000 | |||||||||||
Series 2019 A, Ref. RB | 5.00 | % | 09/01/2031 | 1,500 | 1,826,505 | |||||||||||
Series 2019 A, Ref. RB | 5.00 | % | 09/01/2032 | 1,600 | 1,945,072 | |||||||||||
Series 2019 A, Ref. RB | 5.00 | % | 09/01/2033 | 1,000 | 1,212,650 | |||||||||||
Kentucky (Commonwealth of) Property & Building Commission (No. 108); Series 2015 A, Ref. RB | 5.00 | % | 08/01/2029 | 1,000 | 1,161,620 | |||||||||||
Kentucky (Commonwealth of) Property & Building Commission (No. 119); Series 2018, RB (INS - BAM)(b) | 5.00 | % | 05/01/2032 | 100 | 124,381 | |||||||||||
Kentucky (Commonwealth of) Property & Building Commission (Project No. 119); | 5.00 | % | 05/01/2031 | 100 | 124,451 | |||||||||||
Series 2018, RB (INS - BAM)(b) | 5.00 | % | 05/01/2033 | 100 | 124,150 | |||||||||||
Series 2018, RB (INS - BAM)(b) | 5.00 | % | 05/01/2034 | 100 | 123,588 | |||||||||||
Kentucky (Commonwealth of) Public Energy Authority; Series 2018 B, RB(c) | 4.00 | % | 01/01/2025 | 2,000 | 2,214,020 | |||||||||||
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); | 5.00 | % | 10/01/2033 | 2,450 | 2,896,782 | |||||||||||
Series 2020 A, RB | 4.00 | % | 10/01/2040 | 1,500 | 1,695,630 | |||||||||||
40,309,613 | ||||||||||||||||
Louisiana- 1.91% | ||||||||||||||||
Louisiana (State of) Energy & Power Authority (Rodemacher Unit No. 2); | 5.00 | % | 01/01/2022 | 1,000 | 1,036,560 | |||||||||||
Louisiana (State of) Public Facilities Authority (19th Judicial District Court Building); Series 2015 Ref. RB (INS - AGM)(b) | 5.00 | % | 06/01/2036 | 1,405 | 1,613,769 | |||||||||||
Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans); | 5.00 | % | 07/03/2028 | 250 | 235,000 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/02/2029 | 400 | 376,000 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2030 | 500 | 470,000 | |||||||||||
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2016, Ref. RB | 5.00 | % | 05/15/2034 | 2,545 | 2,966,350 | |||||||||||
New Orleans (City of), LA; | 5.00 | % | 06/01/2024 | 500 | 573,950 | |||||||||||
Series 2014, Ref. RB | 5.00 | % | 12/01/2026 | 1,250 | 1,436,100 | |||||||||||
Series 2015, RB(c)(g) | 5.00 | % | 06/01/2025 | 3,350 | 3,947,104 | |||||||||||
Series 2015, RB(c)(g) | 5.00 | % | 12/01/2025 | 5,615 | 6,725,815 | |||||||||||
New Orleans (City of), LA Aviation Board; | 5.00 | % | 01/01/2027 | 1,750 | 2,014,285 | |||||||||||
Series 2015 B, RB(a) | 5.00 | % | 01/01/2029 | 1,805 | 2,062,934 | |||||||||||
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); | 5.00 | % | 10/01/2034 | 100 | 122,757 | |||||||||||
Series 2018 A, RB (INS - AGM)(b) | 5.00 | % | 10/01/2036 | 220 | 267,903 | |||||||||||
Series 2018 A, RB (INS - AGM)(b) | 5.00 | % | 10/01/2037 | 145 | 176,065 | |||||||||||
Series 2018 A, RB (INS - AGM)(b) | 5.00 | % | 10/01/2038 | 100 | 121,111 | |||||||||||
Series 2018 B, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2030 | 350 | 437,161 | |||||||||||
Series 2018 B, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2032 | 200 | 247,796 | |||||||||||
Series 2018 B, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2033 | 135 | 166,520 | |||||||||||
Series 2018 B, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2034 | 100 | 122,757 | |||||||||||
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2008, RB(c)(e) | 6.10 | % | 06/01/2030 | 2,700 | 3,366,441 | |||||||||||
St. John the Baptist (Parish of), LA (Marathon Oil Corp.); | 2.10 | % | 07/01/2024 | 1,000 | 1,021,380 | |||||||||||
Series 2017, Ref. RB(c) | 2.13 | % | 07/01/2024 | 2,000 | 2,044,380 | |||||||||||
Series 2017, Ref. RB(c) | 2.38 | % | 07/01/2026 | 2,000 | 2,072,640 | |||||||||||
St. Tammany (Parish of), LA Public Trust Financing Authority (Christwood); | 5.00 | % | 11/15/2024 | 1,025 | 1,093,931 | |||||||||||
Series 2015, Ref. RB | 5.25 | % | 11/15/2029 | 1,250 | 1,374,063 | |||||||||||
Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB | 5.50 | % | 05/15/2030 | 3,970 | 3,980,441 | |||||||||||
40,073,213 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Maryland-0.93% | ||||||||||||||||
Baltimore (City of), MD (Convention Center Hotel); Series 2017, Ref. RB | 5.00 | % | 09/01/2033 | $ | 1,105 | $ | 1,135,907 | |||||||||
Baltimore (City of), MD (Water); Series 2017 A, RB | 5.00 | % | 07/01/2033 | 2,500 | 2,999,175 | |||||||||||
Gaithersburg (City of), MD (Asbury Maryland Obligated Group); Series 2018 A, Ref. RB | 5.00 | % | 01/01/2033 | 2,000 | 2,215,020 | |||||||||||
Howard (County of), MD (Downtown Columbia); Series 2017 A, RB(e) | 4.13 | % | 02/15/2034 | 1,000 | 1,040,650 | |||||||||||
Maryland (State of) Department of Transportation; Series 2012, RB | 2.25 | % | 10/01/2025 | 100 | 100,119 | |||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare); | 6.00 | % | 01/01/2026 | 4,500 | 4,712,580 | |||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); | 5.00 | % | 06/01/2028 | 250 | 307,085 | |||||||||||
Series 2021, Ref. RB | 5.00 | % | 06/01/2030 | 350 | 438,294 | |||||||||||
Series 2021, Ref. RB | 5.00 | % | 06/01/2032 | 400 | 502,876 | |||||||||||
Series 2021, Ref. RB | 4.00 | % | 06/01/2034 | 350 | 399,711 | |||||||||||
Series 2021, Ref. RB | 4.00 | % | 06/01/2036 | 450 | 509,157 | |||||||||||
Maryland Economic Development Corp.; | 3.25 | % | 09/01/2030 | 1,000 | 1,074,440 | |||||||||||
Series 2020, RB | 4.00 | % | 09/01/2040 | 2,500 | 2,733,375 | |||||||||||
Maryland Economic Development Corp. (AFCO Cargo BWI II, LLC); Series 2017, Ref. RB(a)(e) | 4.00 | % | 07/01/2024 | 1,365 | 1,418,262 | |||||||||||
19,586,651 | ||||||||||||||||
Massachusetts-1.05% | ||||||||||||||||
Massachusetts (Commonwealth of); Series 2005, Ref. RB (INS - NATL)(b) | 5.50 | % | 01/01/2034 | 3,000 | 4,037,250 | |||||||||||
Massachusetts (Commonwealth of) Bay Transportation Authority; Series 2006 A, RB | 5.25 | % | 07/01/2031 | 1,330 | 1,843,673 | |||||||||||
Massachusetts (Commonwealth of) Department of Transportation; Series 2019 A, Ref. RB | 5.00 | % | 01/01/2033 | 3,000 | 3,767,910 | |||||||||||
Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance); | 5.00 | % | 01/01/2029 | 495 | 645,351 | |||||||||||
Massachusetts (Commonwealth of) Development Finance Agency; | 5.00 | % | 07/01/2031 | 1,530 | 1,892,044 | |||||||||||
Series 2019 A, Ref. RB | 5.00 | % | 07/01/2032 | 2,115 | 2,598,574 | |||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College); Series 2017 A, Ref. RB | 5.00 | % | 01/01/2026 | 1,600 | 1,903,680 | |||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Newbridge Charles, Inc.); | 5.00 | % | 10/01/2037 | 1,500 | 1,646,850 | |||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare); | 5.00 | % | 07/01/2021 | 130 | 132,051 | |||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University); Series 2017, Ref. RB | 5.00 | % | 07/01/2034 | 1,000 | 1,182,170 | |||||||||||
Massachusetts (Commonwealth of) Water Resources Authority; Series 2007 B, Ref. RB (INS - AGM)(b) | 5.25 | % | 08/01/2025 | 300 | 361,890 | |||||||||||
Massachusetts (State of) Development Finance Agency; | 5.00 | % | 07/01/2038 | 300 | 380,529 | |||||||||||
Series 2021 G, Ref. RB | 5.00 | % | 07/01/2039 | 350 | 442,606 | |||||||||||
Series 2021 G, Ref. RB | 4.00 | % | 07/01/2046 | 1,000 | 1,142,790 | |||||||||||
Massachusetts (State of) Development Finance Agency (Partners Healthcare); Series 2012, RB(c)(g) | 5.00 | % | 07/01/2021 | 120 | 121,914 | |||||||||||
22,099,282 | ||||||||||||||||
Michigan-3.33% | ||||||||||||||||
Charyl Stockwell Academy; Series 2015, Ref. RB | 4.88 | % | 10/01/2023 | 245 | 251,713 | |||||||||||
Detroit (City of), MI Downtown Development Authority (Catalyst Development); | 5.00 | % | 07/01/2030 | 700 | 791,770 | |||||||||||
Series 2018 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 07/01/2032 | 2,000 | 2,260,780 | |||||||||||
East Lansing School District; Series 2017 I, GO Bonds | 5.00 | % | 05/01/2033 | 2,000 | 2,452,920 | |||||||||||
Great Lakes Water Authority; Series 2018 B, Ref. RB | 5.00 | % | 07/01/2029 | 3,000 | 3,924,360 | |||||||||||
Kalamazoo (City of), MI Economic Development Corp. (Heritage Community of Kalamazoo); | 5.00 | % | 05/15/2042 | 2,010 | 2,178,358 | |||||||||||
Kalamazoo Economic Development Corp. (Heritage Community of Kala); | 5.00 | % | 05/15/2032 | 1,000 | 1,106,430 | |||||||||||
Series 2020, RB | 2.88 | % | 05/15/2026 | 1,520 | 1,527,752 | |||||||||||
Kentwood Economic Development Corp. (Holland Hom Obligated Group); Series 2019, Ref. RB | 5.00 | % | 11/15/2032 | 2,100 | 2,407,692 | |||||||||||
Michigan (State of) Building Authority; | 5.00 | % | 10/15/2025 | 615 | 738,720 | |||||||||||
Series 2015 I, Ref. RB | 5.00 | % | 04/15/2031 | 4,385 | 5,219,159 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Michigan–(continued) | ||||||||||||||||
Michigan (State of) Finance Authority; | 5.00 | % | 11/15/2032 | $ | 245 | $ | 279,984 | |||||||||
Series 2020 B-1, Ref. RB | 5.00 | % | 06/01/2049 | 1,000 | 1,195,740 | |||||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); | 5.00 | % | 07/01/2026 | 1,000 | 1,147,060 | |||||||||||
Series 2014 C-7, Ref. RB (INS - NATL)(b) | 5.00 | % | 07/01/2027 | 1,000 | 1,142,780 | |||||||||||
Series 2014 D-2, Ref. RB (INS - AGM)(b) | 5.00 | % | 07/01/2026 | 9,000 | 10,320,390 | |||||||||||
Series 2014 D-4, Ref. RB | 5.00 | % | 07/01/2029 | 5,000 | 5,705,000 | |||||||||||
Series 2015 D-1, Ref. RB | 5.00 | % | 07/01/2029 | 750 | 882,817 | |||||||||||
Series 2015, Ref. RB | 5.00 | % | 07/01/2035 | 2,900 | 3,389,288 | |||||||||||
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2016, Ref. RB | 5.00 | % | 11/15/2028 | 2,000 | 2,437,560 | |||||||||||
Michigan (State of) Finance Authority (Local Government Loan Program); Series 2014 F, Ref. RB | 4.50 | % | 10/01/2029 | 5,590 | 5,816,842 | |||||||||||
Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017 A, Ref. RB | 5.00 | % | 12/01/2034 | 2,000 | 2,449,920 | |||||||||||
Michigan (State of) Finance Authority (Wayne (County of) Criminal Justice Center); Series 2018, RB | 5.00 | % | 11/01/2029 | 1,500 | 1,933,995 | |||||||||||
Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.); Series 2016, RB(e) | 5.00 | % | 07/01/2031 | 1,530 | 1,539,134 | |||||||||||
Michigan (State of) Strategic Fund (Holland Home Obligated Group); Series 2019, Ref. RB | 5.00 | % | 11/15/2034 | 1,810 | 2,059,617 | |||||||||||
Romulus (City of), MI Tax Increment Finance Authority; Series 2016, Ref. RB (INS - BAM)(b) | 5.00 | % | 11/01/2026 | 1,805 | 2,155,711 | |||||||||||
Summit Academy North; | 4.00 | % | 11/01/2021 | 345 | 347,739 | |||||||||||
Series 2016, Ref. RB | 5.00 | % | 11/01/2031 | 1,665 | 1,695,236 | |||||||||||
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport); Series 2012 D, Ref. RB(a) | 5.00 | % | 12/01/2028 | 2,500 | 2,705,275 | |||||||||||
70,063,742 | ||||||||||||||||
Minnesota–0.44% | ||||||||||||||||
Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); Series 2015, RB | 5.75 | % | 08/01/2030 | 390 | 365,184 | |||||||||||
Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy); | 4.25 | % | 11/01/2028 | 320 | 352,512 | |||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 11/01/2033 | 205 | 231,849 | |||||||||||
Maple Grove (City of), MN (Maple Grove Hospital Corp.); | 5.00 | % | 05/01/2031 | 500 | 588,450 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2032 | 1,600 | 1,870,976 | |||||||||||
Minnesota (State of) Higher Education Facilities Authority (Bethel University); Series 2017, Ref. RB | 5.00 | % | 05/01/2032 | 1,750 | 1,931,090 | |||||||||||
St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, Ref. RB (Acquired 12/26/2018; | 6.00 | % | 07/01/2027 | 1,250 | 1,316,325 | |||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts); | 5.13 | % | 10/01/2023 | 205 | 213,661 | |||||||||||
Woodbury (City of), MN Housing & Redevelopment Authority (St. Therese of Woodbury); | 3.60 | % | 12/01/2021 | 225 | 226,631 | |||||||||||
Series 2014, RB | 4.00 | % | 12/01/2022 | 490 | 500,952 | |||||||||||
Series 2014, RB | 4.00 | % | 12/01/2023 | 300 | 309,927 | |||||||||||
Series 2014, RB | 4.00 | % | 12/01/2024 | 175 | 182,289 | |||||||||||
Series 2014, RB | 5.00 | % | 12/01/2029 | 1,000 | 1,060,860 | |||||||||||
9,150,706 | ||||||||||||||||
Mississippi–0.57% | ||||||||||||||||
Mississippi (State of) Hospital Equipment & Facilities Authority; | 5.00 | % | 10/01/2033 | 650 | 815,646 | |||||||||||
Series 2020, Ref. RB | 5.00 | % | 10/01/2034 | 725 | 905,568 | |||||||||||
Series 2020, Ref. RB | 5.00 | % | 10/01/2035 | 600 | 747,078 | |||||||||||
Series 2020, Ref. RB | 5.00 | % | 10/01/2036 | 650 | 806,410 | |||||||||||
Mississippi (State of) Hospital Equipment & Facilities Authority (Forrest Co. General Hospital); | 5.00 | % | 01/01/2029 | 1,000 | 1,256,530 | |||||||||||
Series 2019 B, Ref. RB | 5.00 | % | 01/01/2030 | 1,000 | 1,270,370 | |||||||||||
Ridgeland (City of), MS (Colony Park); Series 2011, RB(c)(g) | 5.88 | % | 04/01/2021 | 545 | 547,480 | |||||||||||
Warren (County of), MS (International Paper Co.); Series 2011 A, RB | 5.38 | % | 12/01/2035 | 5,500 | 5,676,495 | |||||||||||
12,025,577 | ||||||||||||||||
Missouri–1.29% | ||||||||||||||||
Arnold Retail Corridor Transportation Development District; Series 2019, Ref. RB | 3.00 | % | 11/01/2028 | 95 | 95,195 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Missouri–(continued) | ||||||||||||||||
Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health); | 5.00 | % | 03/01/2036 | $ | 3,000 | $ | 3,219,360 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 03/01/2029 | 100 | 109,848 | |||||||||||
Kansas City (City of), MO; Series 2017 C, Ref. RB | 5.00 | % | 09/01/2032 | 1,850 | 2,294,684 | |||||||||||
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); | 5.50 | % | 09/01/2023 | 1,000 | 1,025,920 | |||||||||||
Series 2011 A, Ref. RB | 5.50 | % | 09/01/2024 | 2,000 | 2,051,540 | |||||||||||
Series 2011 A, Ref. RB | 5.50 | % | 09/01/2028 | 2,000 | 2,051,320 | |||||||||||
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); | 5.00 | % | 03/01/2035 | 1,000 | 1,213,080 | |||||||||||
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(e) | 4.25 | % | 04/01/2026 | 15 | 15,569 | |||||||||||
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017, Ref. RB | 5.25 | % | 05/15/2032 | 2,685 | 2,987,519 | |||||||||||
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); | 5.00 | % | 02/01/2032 | 1,000 | 1,135,210 | |||||||||||
Series 2016, Ref. RB | 5.00 | % | 02/01/2033 | 1,305 | 1,478,186 | |||||||||||
Series 2019 A, RB | 5.00 | % | 02/01/2029 | 1,100 | 1,238,853 | |||||||||||
Missouri (State of) Joint Municipal Electric Utility Commission (Iatan 2); Series 2014 A, Ref. RB | 5.00 | % | 01/01/2029 | 2,000 | 2,229,640 | |||||||||||
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie Street); | 5.00 | % | 06/01/2027 | 1,500 | 1,761,075 | |||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 12/01/2027 | 640 | 750,240 | |||||||||||
St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community | 4.00 | % | 10/01/2028 | 395 | 397,785 | |||||||||||
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); | 4.50 | % | 09/01/2023 | 340 | 353,811 | |||||||||||
Series 2012, RB | 5.00 | % | 09/01/2032 | 1,490 | 1,542,850 | |||||||||||
St. Louis Municipal Finance Corp.; Series 2015, Ref. RB (INS - AGM)(b) | 5.00 | % | 07/15/2030 | 1,000 | 1,124,170 | |||||||||||
27,075,855 | ||||||||||||||||
Nebraska–0.98% | ||||||||||||||||
Central Plains Energy Project (No. 3); | 5.00 | % | 09/01/2032 | 5,000 | 5,321,200 | |||||||||||
Series 2012, RB(k) | 5.25 | % | 09/01/2037 | 5,000 | 5,345,250 | |||||||||||
Central Plains Energy Project (No. 4); Series 2018, RB(c) | 5.00 | % | 01/01/2024 | 3,635 | 4,044,228 | |||||||||||
Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2016 A, Ref. RB | 5.00 | % | 01/01/2034 | 5,000 | 5,984,500 | |||||||||||
20,695,178 | ||||||||||||||||
Nevada–0.58% | ||||||||||||||||
Carson (City of), NV (Carson-Tahoe Regional Medical Center); Series 2012, Ref. RB(c)(g) | 5.00 | % | 09/01/2022 | 1,000 | 1,068,750 | |||||||||||
Clark (County of), NV; Series 2006, GO Bonds (INS - AMBAC)(b) | 3.00 | % | 11/01/2033 | 5,000 | 5,004,650 | |||||||||||
Clark (County of), NV (Special Improvement District No. 159); | 5.00 | % | 08/01/2026 | 140 | 155,528 | |||||||||||
Series 2015, RB | 5.00 | % | 08/01/2029 | 1,280 | 1,400,026 | |||||||||||
Series 2015, RB | 5.00 | % | 08/01/2031 | 1,410 | 1,533,544 | |||||||||||
Series 2015, RB | 5.00 | % | 08/01/2032 | 345 | 373,321 | |||||||||||
Las Vegas (City of), NV Special Improvement District No. 607; Series 2013, Ref. RB | 5.00 | % | 06/01/2024 | 40 | 43,977 | |||||||||||
Las Vegas (City of), NV Special Improvement District No. 815; | 3.25 | % | 12/01/2025 | 235 | 249,772 | |||||||||||
Series 2020, RB | 4.00 | % | 12/01/2030 | 240 | 263,551 | |||||||||||
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(e) | 2.75 | % | 06/15/2028 | 2,000 | 2,035,600 | |||||||||||
12,128,719 | ||||||||||||||||
New Hampshire–0.25% | ||||||||||||||||
New Hampshire (State of) Business Finance Authority (Covanta Green Bonds); Series 2020 B, Ref. RB(a)(c)(e) | 3.75 | % | 07/02/2040 | 605 | 625,522 | |||||||||||
New Hampshire (State of) Business Finance Authority (Covanta); Series 2020 A, Ref. RB(c)(e) | 3.63 | % | 07/02/2040 | 370 | 382,206 | |||||||||||
New Hampshire (State of) Health & Education Facilities Authority (Southern New Hampshire University); Series 2012, RB(c)(g) | 5.00 | % | 01/01/2022 | 1,500 | 1,560,105 | |||||||||||
New Hampshire Business Finance Authority; Series 2020-1, Class A | 4.13 | % | 01/20/2034 | 2,464 | 2,766,543 | |||||||||||
5,334,376 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New Jersey–7.54% | ||||||||||||||||
Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds (INS - BAM)(b) | 5.00 | % | 03/01/2032 | $ | 250 | $ | 295,760 | |||||||||
Burlington (County of), NJ Bridge Commission; Series 2002, RB | 4.50 | % | 10/15/2022 | 15 | 15,047 | |||||||||||
Casino Reinvestment Development Authority; Series 2014, Ref. RB (INS - AGM)(b) | 5.00 | % | 11/01/2027 | 1,000 | 1,112,600 | |||||||||||
Garden State Preservation Trust; Series 2005 A, RB (INS - AGM)(b) | 5.75 | % | 11/01/2028 | 2,000 | 2,477,200 | |||||||||||
Gloucester (County of), NJ Pollution Control Financing Authority (Logan); Series 2014 A, Ref. PCR(a) | 5.00 | % | 12/01/2024 | 3,075 | 3,229,242 | |||||||||||
New Jersey (State of); Series 2020 A, GO Bonds | 5.00 | % | 06/01/2029 | 9,000 | 11,406,510 | |||||||||||
New Jersey (State of) Economic Development Authority; | 5.50 | % | 09/01/2022 | 7,500 | 8,072,775 | |||||||||||
Series 2012, Ref. RB | 5.00 | % | 06/15/2022 | 1,000 | 1,052,800 | |||||||||||
Series 2012, Ref. RB | 5.00 | % | 06/15/2023 | 3,125 | 3,285,281 | |||||||||||
Series 2012, Ref. RB | 5.00 | % | 06/15/2025 | 3,050 | 3,193,258 | |||||||||||
Series 2013 NN, Ref. RB | 5.00 | % | 03/01/2026 | 305 | 329,501 | |||||||||||
Series 2015 XX, Ref. RB | 5.00 | % | 06/15/2025 | 2,000 | 2,329,020 | |||||||||||
Series 2017 A, Ref. RB (INS - BAM)(b) | 5.00 | % | 07/01/2028 | 5,035 | 6,120,042 | |||||||||||
Series 2017 DDD, RB | 5.00 | % | 06/15/2031 | 3,670 | 4,327,958 | |||||||||||
Series 2021, RB | 4.00 | % | 06/15/2040 | 1,000 | 1,106,410 | |||||||||||
Series 2021, RB | 4.00 | % | 06/15/2041 | 1,000 | 1,102,540 | |||||||||||
New Jersey (State of) Economic Development Authority (American Water Co., Inc.); Series 2019, Ref. RB(a)(c) | 2.20 | % | 12/03/2029 | 2,500 | 2,609,575 | |||||||||||
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); | 5.13 | % | 09/15/2023 | 5,000 | 5,310,850 | |||||||||||
Series 2012, RB(a) | 5.75 | % | 09/15/2027 | 3,225 | 3,353,323 | |||||||||||
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB | 5.13 | % | 06/15/2037 | 116 | 142,868 | |||||||||||
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.); | 5.00 | % | 07/01/2022 | 580 | 593,004 | |||||||||||
Series 2012 C, RB | 5.00 | % | 07/01/2032 | 475 | 486,718 | |||||||||||
New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); Series 2017, Ref. RB(a) | 5.00 | % | 10/01/2047 | 1,000 | 1,112,920 | |||||||||||
New Jersey (State of) Economic Development Authority (Provident Group - Rowan Properties LLC - Rowan University Student Housing); Series 2015 A, RB | 5.00 | % | 01/01/2030 | 250 | 260,770 | |||||||||||
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); | 5.00 | % | 07/01/2021 | 425 | 431,345 | |||||||||||
Series 2013, RB(a) | 5.50 | % | 01/01/2026 | 1,390 | 1,568,629 | |||||||||||
Series 2013, RB(a) | 5.50 | % | 01/01/2027 | 2,130 | 2,397,166 | |||||||||||
Series 2013, RB(a) | 5.00 | % | 01/01/2028 | 1,000 | 1,108,970 | |||||||||||
New Jersey (State of) Educational Facilities Authority (Higher Education Facilities Trust Fund); Series 2014, RB | 5.00 | % | 06/15/2026 | 1,000 | 1,125,870 | |||||||||||
New Jersey (State of) Educational Facilities Authority (Rider University); | 5.00 | % | 07/01/2032 | 395 | 419,601 | |||||||||||
Series 2017 F, RB | 5.00 | % | 07/01/2033 | 415 | 438,697 | |||||||||||
Series 2017 F, RB | 5.00 | % | 07/01/2035 | 1,000 | 1,051,960 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Meridian Health System Obligated Group); | 5.00 | % | 07/01/2025 | 1,500 | 1,589,220 | |||||||||||
Series 2011, Ref. RB | 5.00 | % | 07/01/2027 | 2,000 | 2,113,320 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Princeton Healthcare System); Series 2016, Ref. RB | 5.00 | % | 07/01/2031 | 1,000 | 1,206,980 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System); Series 2016, Ref. RB | 5.00 | % | 07/01/2030 | 1,200 | 1,452,444 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated Group); Series 2019, RB | 5.00 | % | 07/01/2030 | 1,250 | 1,594,325 | |||||||||||
New Jersey (State of) Higher Education Student Assistance Authority; | 4.75 | % | 12/01/2043 | 5,000 | 5,195,700 | |||||||||||
Series 2018 B, Ref. RB(a) | 5.00 | % | 12/01/2025 | 2,250 | 2,657,047 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
New Jersey-(continued) | ||||||||||||||||||||
New Jersey (State of) Transportation Trust Fund Authority; | 0.00% | 12/15/2028 | $ | 255 | $ | 219,438 | ||||||||||||||
Series 2009 C, RB | 5.25% | 06/15/2032 | 250 | 282,440 | ||||||||||||||||
Series 2010 D, RB | 5.25% | 12/15/2023 | 1,500 | 1,688,430 | ||||||||||||||||
Series 2011 A, RB | 5.00% | 06/15/2027 | 250 | 252,883 | ||||||||||||||||
Series 2013 AA, RB | 5.00% | 06/15/2021 | 5,270 | 5,340,618 | ||||||||||||||||
Series 2013 AA, RB | 5.25% | 06/15/2030 | 710 | 771,259 | ||||||||||||||||
Series 2015 AA, RB | 5.00% | 06/15/2023 | 2,000 | 2,195,800 | ||||||||||||||||
Series 2018 A, Ref. RB | 5.00% | 12/15/2032 | 5,000 | 6,029,950 | ||||||||||||||||
Series 2018 A, Ref. RN | 5.00% | 06/15/2023 | 2,500 | 2,755,000 | ||||||||||||||||
Series 2018 A, Ref. RN(j)(l) | 5.00% | 06/15/2029 | 4,500 | 5,279,715 | ||||||||||||||||
Series 2018 A, Ref. RN(j)(l) | 5.00% | 06/15/2030 | 2,000 | 2,329,960 | ||||||||||||||||
Series 2019, Ref. RB | 5.00% | 12/15/2024 | 2,500 | 2,882,925 | ||||||||||||||||
Series 2020 AA, RB | 4.00% | 06/15/2035 | 2,000 | 2,262,480 | ||||||||||||||||
Series 2020 AA, RB | 4.00% | 06/15/2036 | 2,500 | 2,811,900 | ||||||||||||||||
New Jersey (State of) Turnpike Authority; Series 2021 A, RB | 4.00% | 01/01/2042 | 5,000 | 5,804,450 | ||||||||||||||||
New Jersey Transportation Trust Fund Authority; Series 2018 A, Ref. RB | 5.00% | 12/15/2028 | 5,000 | 6,214,800 | ||||||||||||||||
North Hudson Sewerage Authority; Series 2012 A, Ctfs.(c)(g) | 5.00% | 06/01/2022 | 90 | 95,460 | ||||||||||||||||
Salem (County of), NJ Pollution Control Financing Authority (Chambers); Series 2014 A, Ref. PCR(a) | 5.00% | 12/01/2023 | 5,160 | 5,412,685 | ||||||||||||||||
South Jersey Transportation Authority; Series 2014 A, Ref. RB | 5.00% | 11/01/2028 | 500 | 570,145 | ||||||||||||||||
Tobacco Settlement Financing Corp.; | 5.00% | 06/01/2029 | 2,500 | 3,114,650 | ||||||||||||||||
Series 2018 A, Ref. RB | 5.00% | 06/01/2030 | 5,000 | 6,178,600 | ||||||||||||||||
Series 2018 A, Ref. RB | 5.00% | 06/01/2031 | 4,650 | 5,714,338 | ||||||||||||||||
Series 2018 A, Ref. RB | 5.00% | 06/01/2032 | 335 | 409,407 | ||||||||||||||||
Series 2018 B, Ref. RB | 3.20% | 06/01/2027 | 2,025 | 2,077,852 | ||||||||||||||||
158,372,431 | ||||||||||||||||||||
New Mexico-0.10% | ||||||||||||||||||||
New Mexico (State of) Hospital Equipment Loan Council (Haverland Charter Lifestyle Group); | 4.00% | 07/01/2022 | 685 | 698,501 | ||||||||||||||||
Santa Fe (City of), NM (El Castillo Retirement); | 5.00% | 05/15/2034 | 725 | 807,730 | ||||||||||||||||
Series 2019 A, RB | 5.00% | 05/15/2039 | 500 | 551,430 | ||||||||||||||||
2,057,661 | ||||||||||||||||||||
New York-9.61% | ||||||||||||||||||||
Buffalo & Erie County Industrial Land Development Corp. (Medaille College); Series 2018, Ref. RB(e) | 5.00% | 10/01/2038 | 500 | 543,645 | ||||||||||||||||
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(a)(e) | 5.25% | 12/31/2033 | 1,500 | 1,622,805 | ||||||||||||||||
Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB(a)(e) | 4.50% | 01/01/2025 | 815 | 871,039 | ||||||||||||||||
City of New Rochelle Corp. for Local Development (Iona College); Series 2015 A, Ref. RB | 5.00% | 07/01/2035 | 350 | 387,373 | ||||||||||||||||
Long Island (City of), NY Power Authority; | 5.00% | 09/01/2034 | 4,000 | 4,555,920 | ||||||||||||||||
Series 2018, RB | 5.00% | 09/01/2029 | 1,000 | 1,283,430 | ||||||||||||||||
Metropolitan Transportation Authority; | 5.00% | 11/15/2031 | 1,875 | 2,158,050 | ||||||||||||||||
Series 2015 C-1, Ref. RB | 5.25% | 11/15/2031 | 2,500 | 2,910,225 | ||||||||||||||||
Subseries 2012 G-4, Ref. RB (67% of 1 mo. USD LIBOR + 0.55%)(c)(d) | 0.63% | 11/01/2022 | 2,950 | 2,938,111 | ||||||||||||||||
Subseries 2014 D-2, RB (SIFMA Municipal Swap Index + 0.45%)(c)(d) | 0.48% | 11/15/2022 | 3,500 | 3,472,630 | ||||||||||||||||
Metropolitan Transportation Authority (Green Bonds); Series 2015 A-2, RB(c) | 5.00% | 05/15/2030 | 3,000 | 3,706,110 | ||||||||||||||||
Series 2016 A2, Ref. RB | 5.00% | 11/15/2024 | 1,360 | 1,554,045 | ||||||||||||||||
Series 2017 C-2, Ref. RB(h) | 0.00% | 11/15/2029 | 1,000 | 824,870 | ||||||||||||||||
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB | 4.00% | 01/01/2030 | 1,885 | 2,034,122 | ||||||||||||||||
Monroe County Industrial Development Corp. (University of Rochester); Series 2017 D, Ref. RB | 4.00% | 07/01/2036 | 1,000 | 1,127,280 | ||||||||||||||||
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB | 5.25% | 06/01/2026 | 500 | 512,505 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
New York-(continued) | ||||||||||||||||||||
New York & New Jersey (States of) Port Authority; | 5.00% | 11/01/2030 | $ | 3,000 | $ | 3,831,480 | ||||||||||||||
Series 2019, RB(a) | 5.00% | 11/01/2033 | 1,525 | 1,901,202 | ||||||||||||||||
Series 2021, Ref. RB(a) | 4.00% | 07/15/2041 | 1,850 | 2,114,716 | ||||||||||||||||
Two Hundred Second Series 2017, Ref. RB(a) | 5.00% | 10/15/2035 | 3,000 | 3,555,090 | ||||||||||||||||
Two Hundred Seventh Series 2018, Ref. RB(a)(j)(l) | 5.00% | 09/15/2028 | 9,000 | 11,267,190 | ||||||||||||||||
New York (City of), NY; | 5.00% | 08/01/2029 | 1,000 | 1,160,490 | ||||||||||||||||
Series 2016 E, Ref. GO Bonds | 5.00% | 08/01/2027 | 5,000 | 6,079,100 | ||||||||||||||||
Series 2019 B-1, GO Bonds | 5.00% | 10/01/2032 | 1,000 | 1,271,120 | ||||||||||||||||
Series 2019 B-1, GO Bonds | 5.00% | 10/01/2033 | 2,000 | 2,527,840 | ||||||||||||||||
Series 2020 C, GO Bonds | 4.00% | 08/01/2037 | 4,000 | 4,624,040 | ||||||||||||||||
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2006, RB(c)(g) | 5.00% | 03/15/2021 | 150 | 150,260 | ||||||||||||||||
New York (City of), NY Transitional Finance Authority; | 5.00% | 07/15/2034 | 5,000 | 6,173,200 | ||||||||||||||||
Series 2019 C1, RB | 4.00% | 11/01/2036 | 5,000 | 5,726,950 | ||||||||||||||||
New York (State of) Dormitory Authority; | 5.00% | 10/01/2033 | 1,350 | 1,627,763 | ||||||||||||||||
Series 2019 A, Ref. RB | 5.00% | 03/15/2037 | 3,000 | 3,696,480 | ||||||||||||||||
Series 2020 A, Ref. RB | 4.00% | 03/15/2035 | 5,000 | 5,890,600 | ||||||||||||||||
Series 2020 B, RB (INS - BAM)(b) | 4.00% | 08/15/2040 | 2,000 | 2,217,160 | ||||||||||||||||
Series 2020 D, Ref. RB | 4.00% | 02/15/2036 | 7,870 | 9,147,143 | ||||||||||||||||
New York (State of) Dormitory Authority (Montefiore Obligated Group); | 5.00% | 08/01/2028 | 1,755 | 2,169,987 | ||||||||||||||||
Series 2018 A, Ref. RB | 5.00% | 08/01/2030 | 2,420 | 2,959,055 | ||||||||||||||||
New York (State of) Dormitory Authority (Orange Regional Medical Center); | 5.00% | 12/01/2024 | 300 | 344,349 | ||||||||||||||||
Series 2017, Ref. RB(e) | 5.00% | 12/01/2033 | 2,000 | 2,308,320 | ||||||||||||||||
Series 2017, Ref. RB(e) | 5.00% | 12/01/2034 | 1,000 | 1,149,750 | ||||||||||||||||
New York (State of) Dormitory Authority (Ozanam Hall of Queens Nursing Home, Inc.); Series 2006, RB (LOC - Allied Irish Banks PLC)(m) | 5.00% | 11/01/2026 | 35 | 35,481 | ||||||||||||||||
New York (State of) Thruway Authority; | 5.00% | 01/01/2030 | 500 | 626,070 | ||||||||||||||||
Series 2018 L, Ref. RB | 5.00% | 01/01/2031 | 1,000 | 1,246,430 | ||||||||||||||||
Series 2019 B, Ref. RB | 4.00% | 01/01/2037 | 1,490 | 1,720,384 | ||||||||||||||||
New York City (City of), NY Transitional Finance Authority; Series 2019 B-1, RB | 4.00% | 11/01/2038 | 2,800 | 3,200,400 | ||||||||||||||||
New York Counties Tobacco Trust VI; | 5.00% | 06/01/2027 | 280 | 335,745 | ||||||||||||||||
Series 2016 B, Ref. RB | 5.00% | 06/01/2030 | 270 | 317,957 | ||||||||||||||||
Series 2016 B, Ref. RB | 5.00% | 06/01/2031 | 250 | 292,473 | ||||||||||||||||
New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2005, Ref. RB | 5.25% | 10/01/2035 | 2,660 | 3,727,431 | ||||||||||||||||
New York State Dormitory Authority; Series 2015 B, RB | 5.00% | 02/15/2032 | 2,055 | 2,401,535 | ||||||||||||||||
New York Transportation Development Corp.; | 5.00% | 12/01/2030 | 1,000 | 1,261,230 | ||||||||||||||||
Series 2020 A, Ref. RB(a) | 5.00% | 12/01/2032 | 1,250 | 1,554,875 | ||||||||||||||||
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); | 5.00% | 08/01/2021 | 4,985 | 5,072,537 | ||||||||||||||||
Series 2020, Ref. RB(a) | 5.25% | 08/01/2031 | 1,870 | 2,246,693 | ||||||||||||||||
Series 2020, Ref. RB(a) | 5.38% | 08/01/2036 | 1,000 | 1,188,080 | ||||||||||||||||
New York Transportation Development Corp. (American Airlines, Inc.); | 5.00% | 08/01/2026 | 10,000 | 10,174,800 | ||||||||||||||||
Series 2016, Ref. RB(a) | 5.00% | 08/01/2031 | 17,000 | 17,282,200 | ||||||||||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment); | 5.00% | 01/01/2026 | 10,000 | 11,630,300 | ||||||||||||||||
Series 2018, RB(a) | 5.00% | 01/01/2034 | 1,540 | 1,818,047 | ||||||||||||||||
Series 2018, RB(a) | 5.00% | 01/01/2036 | 960 | 1,127,837 | ||||||||||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc.-Laguardia); Series 2020, RB(a) | 4.00% | 10/01/2030 | 3,000 | 3,492,270 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
New York-(continued) | ||||||||||||||||||||
New York Transportation Development Corp. (Laguardia Airport Terminal B Redevelopment); | 4.00% | 07/01/2041 | $ | 1,000 | $ | 1,078,590 | ||||||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport); | 5.00% | 12/01/2027 | 1,985 | 2,456,378 | ||||||||||||||||
Series 2020, Ref. RB | 5.00% | 12/01/2029 | 1,000 | 1,256,050 | ||||||||||||||||
Series 2020, Ref. RB | 5.00% | 12/01/2030 | 1,000 | 1,272,380 | ||||||||||||||||
Series 2020, Ref. RB | 5.00% | 12/01/2032 | 1,600 | 1,998,208 | ||||||||||||||||
Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB (INS - AGM)(b) | 5.00% | 12/01/2031 | 1,000 | 1,263,250 | ||||||||||||||||
Otsego County Capital Resource Corp. (Hartwick College); Series 2015 A, Ref. RB | 5.00% | 10/01/2030 | 500 | 518,815 | ||||||||||||||||
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB | 5.63% | 08/15/2035 | 2,080 | 2,099,032 | ||||||||||||||||
Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB(a) | 5.00% | 01/01/2032 | 1,250 | 1,290,475 | ||||||||||||||||
TSASC, Inc.; | 5.00% | 06/01/2032 | 2,000 | 2,429,940 | ||||||||||||||||
Series 2017 A, Ref. RB | 5.00% | 06/01/2033 | 1,500 | 1,813,680 | ||||||||||||||||
Series 2017 A, Ref. RB | 5.00% | 06/01/2034 | 1,000 | 1,205,310 | ||||||||||||||||
201,830,328 | ||||||||||||||||||||
North Carolina-1.59% | ||||||||||||||||||||
Charlotte (City of) & Mecklenburg (County of), NC Hospital Authority (Carolinas HealthCare System); | 0.48% | 12/01/2021 | 3,000 | 3,000,390 | ||||||||||||||||
Charlotte (City of), NC (Charlotte Douglas International Airport); | 5.00% | 07/01/2034 | 750 | 912,053 | ||||||||||||||||
Series 2017 A, RB | 5.00% | 07/01/2035 | 1,000 | 1,213,360 | ||||||||||||||||
Columbus (County of), NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.); Series 2019, Ref. RB(c) | 2.00% | 10/01/2024 | 1,500 | 1,564,485 | ||||||||||||||||
New Hanover (County of), NC (New Hanover Regional Medical Center); | 5.00% | 10/01/2027 | 1,000 | 1,258,480 | ||||||||||||||||
Series 2017, Ref. RB(g) | 5.00% | 10/01/2027 | 1,100 | 1,384,328 | ||||||||||||||||
North Carolina (State of); Series 2019, RB | 5.00% | 03/01/2032 | 3,000 | 3,819,720 | ||||||||||||||||
North Carolina (State of) Department of Transportation (I-77 HOT Lanes); | 5.00% | 06/30/2026 | 1,700 | 1,955,646 | ||||||||||||||||
Series 2015, RB(a) | 5.00% | 06/30/2027 | 1,215 | 1,390,713 | ||||||||||||||||
Series 2015, RB(a) | 5.00% | 06/30/2029 | 1,340 | 1,518,555 | ||||||||||||||||
Series 2015, RB(a) | 5.00% | 06/30/2030 | 1,405 | 1,585,486 | ||||||||||||||||
North Carolina (State of) Medical Care Commission; Series 2020 A, RB | 5.00% | 07/01/2033 | 1,250 | 1,602,312 | ||||||||||||||||
North Carolina (State of) Medical Care Commission (Lutheran Services); Series 2012, Ref. RB | 4.25% | 03/01/2024 | 835 | 845,922 | ||||||||||||||||
North Carolina (State of) Medical Care Commission (Pennybyrn at Maryfield); | 2.50% | 10/01/2024 | 740 | 742,982 | ||||||||||||||||
Series 2020, RB | 2.88% | 10/01/2026 | 650 | 652,646 | ||||||||||||||||
North Carolina (State of) Municipal Power Agency No. 1 (Catawba); Series 2015 A, Ref. RB | 5.00% | 01/01/2028 | 5,000 | 5,945,400 | ||||||||||||||||
North Carolina (State of) Turnpike Authority; Series 2017, Ref. RB (INS - AGM)(b) | 5.00% | 01/01/2031 | 1,250 | 1,500,500 | ||||||||||||||||
Raleigh & Durham (Cities of), NC Airport Authority; Series 2020 A, Ref. RB(a) | 5.00% | 05/01/2033 | 2,000 | 2,565,700 | ||||||||||||||||
33,458,678 | ||||||||||||||||||||
North Dakota-0.17% | ||||||||||||||||||||
Burleigh (County of), ND (University of Mary); | 4.38% | 04/15/2026 | 590 | 613,252 | ||||||||||||||||
Series 2016, RB | 5.10% | 04/15/2036 | 2,815 | 2,947,643 | ||||||||||||||||
3,560,895 | ||||||||||||||||||||
Ohio-3.06% | ||||||||||||||||||||
American Municipal Power, Inc. (Combined Hydroelectric); Series 2016 A, Ref. RB | 4.00% | 02/15/2035 | 3,000 | 3,335,310 | ||||||||||||||||
Buckeye Tobacco Settlement Financing Authority; Series 2020 A-2, Ref. RB | 4.00% | 06/01/2037 | 8,310 | 9,622,814 | ||||||||||||||||
Centerville (City of), OH (Graceworks Lutheran Services); Series 2017, Ref. RB | 5.25% | 11/01/2037 | 1,195 | 1,270,058 | ||||||||||||||||
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB | 5.75% | 01/01/2024 | 510 | 537,061 | ||||||||||||||||
Cleveland (City of), OH; Series 2012 A, Ref. RB(c)(g) | 5.00% | 01/01/2022 | 2,750 | 2,860,192 | ||||||||||||||||
Cleveland-Cuyahoga (County of), OH Port Authority (Euclid Avenue Development Corp.); | 5.00% | 08/01/2027 | 1,000 | 1,127,640 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Ohio-(continued) | ||||||||||||||||||||
Columbus-Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(e) | 5.00% | 06/01/2028 | $ | 5,000 | $ | 5,278,200 | ||||||||||||||
Cuyahoga (County of), OH (Metrohealth System); Series 2017, Ref. RB | 5.00% | 02/15/2032 | 3,980 | 4,599,328 | ||||||||||||||||
Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB | 5.00% | 02/15/2031 | 1,750 | 2,029,790 | ||||||||||||||||
Franklin (County of), OH (First Community Village Obligated Group); Series 2013, Ref. RB | 5.25% | 07/01/2033 | 1,000 | 990,980 | ||||||||||||||||
Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB(c)(g) | 8.00% | 07/01/2022 | 3,280 | 3,588,910 | ||||||||||||||||
Hamilton (County of), OH; Series 2016 A, Ref. RB | 5.00% | 12/01/2027 | 3,410 | 4,254,725 | ||||||||||||||||
Hamilton (County of), OH (Christ Hospital); Series 2012, RB | 5.25% | 06/01/2023 | 1,500 | 1,584,750 | ||||||||||||||||
Hamilton (County of), OH (Life Enriching Communities); Series 2012, RB | 5.00% | 01/01/2032 | 750 | 783,457 | ||||||||||||||||
Hamilton (County of), OH (UC Health); Series 2020, RB | 5.00% | 09/15/2037 | 2,000 | 2,491,000 | ||||||||||||||||
Montgomery (County of), OH Hospital Facilities (Premier Health Partners Obligated Group); | 5.00% | 11/15/2034 | 1,500 | 1,850,745 | ||||||||||||||||
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB | 5.00% | 02/15/2033 | 1,240 | 1,298,764 | ||||||||||||||||
Ohio (State of); | 5.00% | 01/15/2033 | 600 | 765,624 | ||||||||||||||||
Series 2020 A, Ref. RB | 5.00% | 01/15/2034 | 1,000 | 1,270,590 | ||||||||||||||||
Series 2020 A, Ref. RB | 5.00% | 01/15/2035 | 900 | 1,140,345 | ||||||||||||||||
Ohio (State of) (Portsmouth Bypass); Series 2015, RB(a) | 5.00% | 12/31/2025 | 1,300 | 1,520,402 | ||||||||||||||||
Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2014, RB(a)(c) | 2.60% | 10/01/2029 | 9,000 | 9,503,820 | ||||||||||||||||
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(a)(e) | 3.75% | 01/15/2028 | 1,780 | 1,965,618 | ||||||||||||||||
Ohio (State of) Higher Educational Facility Commission; Series 2015, Ref. RB | 6.00% | 10/01/2021 | 130 | 130,410 | ||||||||||||||||
Southeastern Ohio Port Authority (Memorial Health System); Series 2015, Ref. RB | 5.50% | 12/01/2029 | 350 | 388,381 | ||||||||||||||||
64,188,914 | ||||||||||||||||||||
Oklahoma-0.63% | ||||||||||||||||||||
Comanche (County of), OK Hospital Authority; Series 2015, Ref. RB | 5.00% | 07/01/2023 | 2,815 | 3,043,071 | ||||||||||||||||
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB | 5.00% | 08/15/2033 | 1,000 | 1,185,720 | ||||||||||||||||
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch); Series 2016 B-2, RB(i) | 4.75% | 11/01/2023 | 852 | 4,259 | ||||||||||||||||
Tulsa (City of), OK Municipal Airport Trust; Series 2001 A, Ref. RB(a) | 5.50% | 12/01/2035 | 3,250 | 3,469,180 | ||||||||||||||||
Tulsa (City of), OK Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(a)(c) | 5.00% | 06/01/2025 | 5,000 | 5,499,500 | ||||||||||||||||
13,201,730 | ||||||||||||||||||||
Oregon-0.46% | ||||||||||||||||||||
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020, Ref. RB | 3.25% | 11/15/2025 | 2,000 | 2,015,780 | ||||||||||||||||
Forest Grove (City of), OR (Pacific University); Series 2015 A, Ref. RB | 5.00% | 05/01/2036 | 250 | 273,623 | ||||||||||||||||
Medford (City of), OR Hospital Facilities Authority (Asante); Series 2020 A, Ref. RB | 4.00% | 08/15/2039 | 1,100 | 1,280,796 | ||||||||||||||||
Multnomah (County of), OR (Hospital Facilities Authority Terwilliger Plaza, Inc.); | 5.00% | 12/01/2025 | 295 | 337,037 | ||||||||||||||||
Series 2016, Ref. RB | 5.00% | 12/01/2030 | 1,305 | 1,497,422 | ||||||||||||||||
Portland (Port of), OR; Series 2017 24-B, RB(a) | 5.00% | 07/01/2035 | 3,255 | 3,819,352 | ||||||||||||||||
Salem (City of), OR Hospital Facility Authority (Capital Manor, Inc.); Series 2012, Ref. RB | 5.00% | 05/15/2022 | 430 | 440,109 | ||||||||||||||||
9,664,119 | ||||||||||||||||||||
Pennsylvania-6.34% | ||||||||||||||||||||
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB | 5.00% | 04/01/2032 | 2,000 | 2,430,380 | ||||||||||||||||
Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); | 4.88% | 11/01/2024 | 2,000 | 2,142,740 | ||||||||||||||||
Allentown Neighborhood Improvement Zone Development Authority (City Center); Series 2018, RB(e) | 5.00% | 05/01/2033 | 3,795 | 4,421,744 | ||||||||||||||||
Chester (County of), PA Health & Education Facilities Authority (Simpson Senior Services); | 5.00% | 12/01/2030 | 1,000 | 1,048,520 | ||||||||||||||||
Coatesville Area School District Building Authority; | 5.00% | 12/01/2025 | 385 | 420,108 | ||||||||||||||||
Series 2018, RB (INS - BAM)(b) | 5.00% | 12/01/2026 | 335 | 365,080 | ||||||||||||||||
Series 2018, RB (INS - BAM)(b) | 5.00% | 12/01/2027 | 360 | 391,734 | ||||||||||||||||
Coatesville School District; Series 2020 A, GO Bonds (INS - BAM)(b)(h) | 0.00% | 10/01/2036 | 1,300 | 758,420 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Pennsylvania-(continued) | ||||||||||||||||||||
Commonwealth Financing Authority; | 5.00% | 06/01/2030 | $ | 5,500 | $ | 6,826,435 | ||||||||||||||
Series 2018, RB | 5.00% | 06/01/2031 | 2,000 | 2,471,760 | ||||||||||||||||
Series 2018, RB | 5.00% | 06/01/2033 | 2,000 | 2,449,020 | ||||||||||||||||
Delaware River Joint Toll Bridge Commission; Series 2019 B, Ref. RB | 5.00% | 07/01/2031 | 370 | 476,993 | ||||||||||||||||
East Hempfield (Township of), PA Industrial Development Authority (Student Services, Inc. Student Housing at Millersville University of Pennsylvania); Series 2015, RB | 5.00% | 07/01/2025 | 390 | 398,362 | ||||||||||||||||
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); | 5.00% | 12/01/2029 | 1,000 | 1,117,200 | ||||||||||||||||
Series 2018, Ref. RB | 5.00% | 12/01/2031 | 1,005 | 1,110,917 | ||||||||||||||||
Series 2018, Ref. RB | 5.00% | 12/01/2033 | 750 | 819,592 | ||||||||||||||||
Lancaster (County of), PA Hospital Authority (Masonic Villages); Series 2015, Ref. RB | 5.00% | 11/01/2029 | 1,500 | 1,685,325 | ||||||||||||||||
Lancaster (County of), PA Hospital Authority (Moravian Manors, Inc.); Series 2019 A, RB | 5.00% | 06/15/2038 | 1,110 | 1,201,597 | ||||||||||||||||
Luzerne (County of), PA; Series 2015 A, Ref. GO Bonds (INS - AGM)(b) | 5.00% | 11/15/2029 | 500 | 588,725 | ||||||||||||||||
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); | 5.00% | 09/01/2030 | 3,500 | 4,327,820 | ||||||||||||||||
Series 2018 C, RB (SIFMA Municipal Swap Index + 0.72%)(c)(d) | 0.75% | 09/01/2023 | 2,800 | 2,800,112 | ||||||||||||||||
Series 2019, Ref. RB | 5.00% | 09/01/2031 | 545 | 686,531 | ||||||||||||||||
Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities, Inc.); Series 2012, Ref. RB(c)(g) | 5.00% | 05/15/2022 | 2,000 | 2,117,020 | ||||||||||||||||
Northampton (County of), PA Industrial Development Authority (Morningstar Senior Living, Inc.); | 5.00% | 07/01/2027 | 2,850 | 2,916,918 | ||||||||||||||||
Pennsylvania (Commonwealth of); | 5.00% | 01/01/2026 | 5,400 | 6,507,108 | ||||||||||||||||
Series 2015 1, GO Bonds | 5.00% | 03/15/2031 | 1,500 | 1,741,365 | ||||||||||||||||
Series 2018 A, Ref. COP | 5.00% | 07/01/2029 | 300 | 373,671 | ||||||||||||||||
Series 2018 A, Ref. COP | 5.00% | 07/01/2030 | 375 | 464,914 | ||||||||||||||||
Series 2018 A, Ref. COP | 5.00% | 07/01/2031 | 425 | 525,053 | ||||||||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (PA Bridges Finco L.P.); | 5.00% | 12/31/2027 | 5,965 | 7,154,481 | ||||||||||||||||
Series 2015, RB(a) | 5.00% | 12/31/2034 | 2,630 | 3,075,127 | ||||||||||||||||
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); | 5.00% | 06/01/2030 | 3,000 | 3,633,780 | ||||||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission; | 5.00% | 12/01/2028 | 1,055 | 1,236,112 | ||||||||||||||||
Series 2015 A-1, Ref. RB | 5.25% | 12/01/2034 | 250 | 298,323 | ||||||||||||||||
Series 2016 A1, RB | 5.00% | 12/01/2041 | 1,000 | 1,161,810 | ||||||||||||||||
Series 2017 3, Ref. RB | 5.00% | 12/01/2034 | 3,000 | 3,674,880 | ||||||||||||||||
Series 2019 A, RB | 5.00% | 12/01/2031 | 1,860 | 2,379,126 | ||||||||||||||||
Series 2019 A, RB | 5.00% | 12/01/2034 | 1,400 | 1,795,822 | ||||||||||||||||
Subseries 2017, Ref. RB | 5.00% | 12/01/2031 | 4,075 | 4,965,836 | ||||||||||||||||
Pennsylvania (State of) Turnpike Commission; Series 2021 A, RB | 3.00% | 12/01/2042 | 6,500 | 6,736,990 | ||||||||||||||||
Philadelphia (City of), PA; | 5.00% | 02/01/2033 | 1,200 | 1,523,736 | ||||||||||||||||
Series 2020 A, Ref. RB | 4.00% | 07/01/2040 | 5,000 | 5,680,650 | ||||||||||||||||
Philadelphia (City of), PA Authority for Industrial Development; | 5.00% | 12/01/2035 | 1,000 | 1,210,620 | ||||||||||||||||
Series 2017, RB | 5.00% | 12/01/2037 | 1,310 | 1,578,694 | ||||||||||||||||
Philadelphia (City of), PA Authority for Industrial Development (Kipp Philadelphia Charter School Program); Series 2016 A, RB | 5.00% | 04/01/2036 | 1,000 | 1,097,020 | ||||||||||||||||
Philadelphia (City of), PA Authority for Industrial Development (La Salle University); Series 2017, Ref. RB | 5.00% | 05/01/2034 | 1,000 | 1,082,860 | ||||||||||||||||
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group); Series 2017, Ref. RB | 5.00% | 07/01/2042 | 4,355 | 4,507,469 | ||||||||||||||||
Philadelphia (City of), PA Gas Works; | 5.00% | 08/01/2031 | 1,000 | 1,162,570 | ||||||||||||||||
Series 2015, Ref. RB | 5.00% | 08/01/2032 | 1,000 | 1,166,790 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Pennsylvania-(continued) | ||||||||||||||||||||
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System); | 5.63% | 07/01/2042 | $ | 3,100 | $ | 3,260,115 | ||||||||||||||
Series 2017, Ref. RB | 5.00% | 07/01/2027 | 3,480 | 4,079,047 | ||||||||||||||||
Series 2017, Ref. RB | 5.00% | 07/01/2029 | 2,295 | 2,661,534 | ||||||||||||||||
Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University); | 5.00% | 09/01/2035 | 3,000 | 3,587,250 | ||||||||||||||||
Philadelphia School District; | 5.00% | 06/01/2025 | 2,400 | 2,806,944 | ||||||||||||||||
Series 2018 A, GO Bonds | 5.00% | 09/01/2025 | 745 | 872,328 | ||||||||||||||||
Series 2018 A, GO Bonds | 5.00% | 09/01/2032 | 510 | 635,312 | ||||||||||||||||
Pittsburgh (City of), PA Water & Sewer Authority; Series 2017 C, Ref. RB (SIFMA Municipal Swap Index + 0.65%), (INS - AGM)(b)(c)(d) | 0.68% | 12/01/2023 | 1,600 | 1,603,984 | ||||||||||||||||
Reading School District; | 5.00% | 03/01/2035 | 30 | 36,091 | ||||||||||||||||
Series 2017, Ref. GO Bonds (INS - AGM)(b) | 5.00% | 03/01/2036 | 25 | 30,013 | ||||||||||||||||
School District of Philadelphia (The); Series 2019 A, GO Bonds | 5.00% | 09/01/2027 | 1,500 | 1,835,700 | ||||||||||||||||
Series 2019 A, GO Bonds | 5.00% | 09/01/2031 | 1,000 | 1,274,200 | ||||||||||||||||
Scranton School District; | 5.00% | 12/01/2032 | 110 | 133,631 | ||||||||||||||||
Series 2017 E, Ref. GO Bonds (INS - BAM)(b) | 5.00% | 12/01/2033 | 90 | 109,155 | ||||||||||||||||
State Public School Building Authority (School District of Philidelphia (The)); Series 2016 A, Ref. RB (INS - AGM)(b) | 5.00% | 06/01/2031 | 120 | 145,277 | ||||||||||||||||
Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB | 5.00% | 07/01/2028 | 225 | 243,090 | ||||||||||||||||
West Shore Area Authority (Messiah Village); Series 2015 A, Ref. RB | 5.00% | 07/01/2030 | 500 | 550,125 | ||||||||||||||||
Wilkes-Barre Area School District; Series 2016 B, GO Bonds (INS - BAM)(b) | 5.00% | 08/01/2028 | 500 | 611,855 | ||||||||||||||||
133,183,511 | ||||||||||||||||||||
Puerto Rico-2.39% | ||||||||||||||||||||
Children’s Trust Fund; | 5.38% | 05/15/2033 | 1,605 | 1,614,855 | ||||||||||||||||
Series 2002, RB | 5.50% | 05/15/2039 | 640 | 655,706 | ||||||||||||||||
Series 2002, RB | 5.63% | 05/15/2043 | 700 | 703,591 | ||||||||||||||||
Puerto Rico (Commonwealth of); | 5.50% | 07/01/2029 | 1,770 | 1,971,143 | ||||||||||||||||
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(b) | 6.00% | 07/01/2027 | 1,565 | 1,612,200 | ||||||||||||||||
Series 2009 C, Ref. GO Bonds(i) | 6.00% | 07/01/2039 | 10,000 | 8,662,500 | ||||||||||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, RB | 5.00% | 07/01/2033 | 2,000 | 2,098,840 | ||||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2008 WW, RB(i) | 5.50% | 07/01/2038 | 3,500 | 3,176,250 | ||||||||||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2007 CC, Ref. RB (INS - AGM)(b) | 5.50% | 07/01/2030 | 2,535 | 3,123,044 | ||||||||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (University Plaza); Series 2000 A, RB (INS - NATL)(b) | 5.00% | 07/01/2033 | 1,430 | 1,456,112 | ||||||||||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); | 6.00% | 07/01/2025 | 2,375 | 2,636,392 | ||||||||||||||||
Series 2007 M-3, Ref. RB (INS - NATL)(b) | 6.00% | 07/01/2028 | 1,130 | 1,164,996 | ||||||||||||||||
Puerto Rico Sales Tax Financing Corp.; | 0.00% | 07/01/2027 | 10,272 | 9,042,339 | ||||||||||||||||
Series 2018 A-1, RB(h) | 0.00% | 07/01/2029 | 10,160 | 8,405,876 | ||||||||||||||||
Series 2018 A-1, RB | 4.50% | 07/01/2034 | 3,468 | 3,785,010 | ||||||||||||||||
50,108,854 | ||||||||||||||||||||
Rhode Island-0.98% | ||||||||||||||||||||
Providence (City of), RI Public Building Authority; Series 2011 A, RB (INS - AGM)(b) | 5.88% | 06/15/2026 | 500 | 507,125 | ||||||||||||||||
Rhode Island Health & Educational Building Corp. (University of Rhode Island - Auxiliary Enterprise); | 5.00% | 09/15/2022 | 1,000 | 1,071,170 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Rhode Island-(continued) | ||||||||||||||||||||
Tobacco Settlement Financing Corp.; | 5.00 | % | 06/01/2026 | $ | 1,375 | $ | 1,620,025 | |||||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 06/01/2027 | 900 | 1,055,466 | |||||||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 06/01/2028 | 1,080 | 1,258,211 | |||||||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 06/01/2035 | 12,500 | 14,128,125 | |||||||||||||||
Series 2015 B, Ref. RB | 2.25 | % | 06/01/2041 | 820 | 861,131 | |||||||||||||||
20,501,253 | ||||||||||||||||||||
South Carolina-0.60% | ||||||||||||||||||||
Greenville (County of), SC Hospital System Board of Trustees; Series 2012, Ref. RB | 5.00 | % | 05/01/2024 | 500 | 526,155 | |||||||||||||||
Greenwood (County of), SC (Self Regional Healthcare); Series 2012 B, Ref. RB | 5.00 | % | 10/01/2026 | 4,650 | 4,855,762 | |||||||||||||||
Piedmont Municipal Power Agency; Series 2015 A, RB | 5.00 | % | 01/01/2030 | 2,000 | 2,249,980 | |||||||||||||||
South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes); Series 2013, RB | 5.00 | % | 05/01/2023 | 1,000 | 1,046,700 | |||||||||||||||
Series 2013, RB | 5.00 | % | 05/01/2028 | 1,250 | 1,299,013 | |||||||||||||||
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group); | 5.00 | % | 05/01/2048 | 200 | 231,802 | |||||||||||||||
South Carolina (State of) Public Service Authority; | 5.00 | % | 12/01/2032 | 1,000 | 1,306,220 | |||||||||||||||
Series 2020 A, Ref. RB | 4.00 | % | 12/01/2037 | 1,000 | 1,171,180 | |||||||||||||||
12,686,812 | ||||||||||||||||||||
South Dakota-0.03% | ||||||||||||||||||||
Educational Enhancement Funding Corp.; Series 2013 B, RB | 5.00 | % | 06/01/2026 | 550 | 597,146 | |||||||||||||||
Tennessee-1.23% | ||||||||||||||||||||
Bristol (City of), TN Industrial Development Board (Pinnacle); | 4.25 | % | 06/01/2021 | 445 | 445,899 | |||||||||||||||
Chattanooga (City of) & Hamilton (County of), TN Hospital Authority (Erlanger Health System); | 5.00 | % | 10/01/2039 | 1,505 | 1,636,311 | |||||||||||||||
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); | 5.00 | % | 07/01/2032 | 370 | 398,838 | |||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 07/01/2034 | 3,000 | 3,225,300 | |||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 07/01/2035 | 2,500 | 3,016,700 | |||||||||||||||
Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health); Series 2012 A, Ref. RB | 5.00 | % | 01/01/2025 | 500 | 539,475 | |||||||||||||||
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(e) | 4.50 | % | 06/01/2028 | 815 | 892,058 | |||||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (Blakeford at Green Hills); Series 2012, Ref. RB(g) | 5.00 | % | 07/01/2022 | 500 | 530,280 | |||||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (Lipscomb University); Series 2019 A, Ref. RB | 5.00 | % | 10/01/2035 | 1,115 | 1,294,337 | |||||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center); | 5.00 | % | 07/01/2031 | 1,000 | 1,192,070 | |||||||||||||||
Series 2016 A, RB | 5.00 | % | 07/01/2035 | 2,000 | 2,359,640 | |||||||||||||||
Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare); Series 2017 A, RB | 5.00 | % | 05/01/2031 | 1,185 | 1,418,220 | |||||||||||||||
Shelby (County of), TN Health, Educational & Housing Facilities Board (The Village at Germantown, Inc.); Series 2014, RB | 5.00 | % | 12/01/2029 | 650 | 707,759 | |||||||||||||||
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor); | 5.00 | % | 09/01/2037 | 750 | 718,297 | |||||||||||||||
Tennessee Energy Acquisition Corp.; | 5.00 | % | 02/01/2023 | 1,360 | 1,473,220 | |||||||||||||||
Series 2006 C, RB | 5.00 | % | 02/01/2024 | 3,225 | 3,609,807 | |||||||||||||||
Series 2006 C, RB | 5.00 | % | 02/01/2027 | 150 | 179,543 | |||||||||||||||
Series 2018, RB(c) | 4.00 | % | 11/01/2025 | 2,000 | 2,270,300 | |||||||||||||||
25,908,054 | ||||||||||||||||||||
Texas-6.87% | ||||||||||||||||||||
Arlington Higher Education Finance Corp. (Harmony Public Schools); Series 2015, Ref. RB (CEP - Texas Permanent School Fund) | 5.00 | % | 02/15/2032 | 1,500 | 1,710,675 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Texas-(continued) | ||||||||||||||||||||
Arlington Higher Education Finance Corp. (UME Preparatory Academy); | 4.55 | % | 08/15/2028 | $ | 125 | $ | 135,099 | |||||||||||||
Series 2017 A, RB | 5.00 | % | 08/15/2038 | 115 | 125,440 | |||||||||||||||
Arlington Higher Education Finance Corp. (Universal Academy); | 5.88 | % | 03/01/2024 | 255 | 267,696 | |||||||||||||||
Series 2014 A, RB | 6.63 | % | 03/01/2029 | 1,000 | 1,094,750 | |||||||||||||||
Austin (City of), TX; Series 2019 B, RB(a) | 5.00 | % | 11/15/2034 | 2,000 | 2,491,100 | |||||||||||||||
Austin Convention Enterprises, Inc.; | 5.00 | % | 01/01/2032 | 1,075 | 1,077,730 | |||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 01/01/2033 | 1,200 | 1,316,004 | |||||||||||||||
City of Houston Higher Education Finance Corp. (KIPP, Inc.); Series 2015, Ref. RB (CEP - Texas Permanent School Fund) | 5.00 | % | 08/15/2029 | 250 | 288,828 | |||||||||||||||
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2013, RB | 6.00 | % | 08/15/2033 | 1,250 | 1,378,375 | |||||||||||||||
Clifton Higher Education Finance Corp. (International Leadership of Texas); | 4.88 | % | 08/15/2027 | 500 | 570,795 | |||||||||||||||
Series 2015 A, RB | 5.13 | % | 08/15/2030 | 3,000 | 3,419,460 | |||||||||||||||
Series 2018 D, RB | 5.75 | % | 08/15/2033 | 5,000 | 5,783,400 | |||||||||||||||
Dallas (County of), TX Flood Control District No. 1; Series 2015, Ref. GO Bonds(e) | 5.00 | % | 04/01/2028 | 1,000 | 1,041,360 | |||||||||||||||
Dallas-Fort Worth (Cities of), TX International Airport; | 5.25 | % | 11/01/2033 | 3,500 | 3,913,805 | |||||||||||||||
Series 2014 A, Ref. RB(a) | 5.25 | % | 11/01/2026 | 2,000 | 2,250,040 | |||||||||||||||
Decatur (City of), TX Hospital Authority (Wise Regional Health System); | 5.00 | % | 09/01/2022 | 150 | 158,088 | |||||||||||||||
Series 2014 A, Ref. RB | 5.00 | % | 09/01/2023 | 150 | 162,939 | |||||||||||||||
Series 2014 A, Ref. RB | 5.00 | % | 09/01/2024 | 265 | 295,621 | |||||||||||||||
Series 2014 A, Ref. RB | 5.25 | % | 09/01/2029 | 1,000 | 1,099,020 | |||||||||||||||
Dickinson Independent School District; Series 2000, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 6.00 | % | 02/15/2028 | 2,000 | 2,417,740 | |||||||||||||||
Frisco Independent School District; Series 2019, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 5.00 | % | 08/15/2036 | 3,375 | 4,273,189 | |||||||||||||||
Grand Parkway Transportation Corp.; | 4.00 | % | 10/01/2036 | 250 | 294,925 | |||||||||||||||
Series 2020, Ref. RB | 4.00 | % | 10/01/2037 | 1,000 | 1,175,630 | |||||||||||||||
Series 2020, Ref. RB | 4.00 | % | 10/01/2038 | 2,250 | 2,636,977 | |||||||||||||||
Grand Parkway Transportation Corp. (TELA Supported); Series 2018 A, RB | 5.00 | % | 10/01/2038 | 2,000 | 2,473,660 | |||||||||||||||
Gulf Coast Waste Disposal Authority; | 5.00 | % | 10/01/2021 | 1,250 | 1,284,575 | |||||||||||||||
Series 2013, RB (INS - AGM)(b) | 5.00 | % | 10/01/2023 | 2,610 | 2,800,112 | |||||||||||||||
Harris (County of) & Houston (City of), TX Sports Authority; Series 2014 A, Ref. RB | 5.00 | % | 11/15/2030 | 1,000 | 1,104,680 | |||||||||||||||
Harris County Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes, Inc.); | 4.00 | % | 01/01/2023 | 675 | 692,226 | |||||||||||||||
Series 2013 A, RB | 5.00 | % | 01/01/2033 | 1,090 | 1,134,047 | |||||||||||||||
Harris County Cultural Education Facilities Finance Corp. (YMCA of the Greater Houston Area); | 5.00 | % | 06/01/2028 | 1,500 | 1,567,320 | |||||||||||||||
Hopkins (County of), TX Hospital District; Series 2008, RB | 5.50 | % | 02/15/2023 | 215 | 215,729 | |||||||||||||||
Houston (City of), TX; Series 2011 A, Ref. RB(a)(c)(g) | 5.00 | % | 07/01/2021 | 1,000 | 1,015,280 | |||||||||||||||
Houston (City of), TX (United Airlines, Inc.); Series 2020, Ref. RB(a) | 5.00 | % | 07/15/2027 | 3,350 | 3,903,554 | |||||||||||||||
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); | 4.75 | % | 07/01/2024 | 4,500 | 4,717,260 | |||||||||||||||
Series 2020 A, Ref. RB(a) | 5.00 | % | 07/01/2027 | 500 | 582,290 | |||||||||||||||
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); | 5.88 | % | 05/15/2021 | 135 | 136,561 | |||||||||||||||
Series 2012 A, RB | 4.00 | % | 02/15/2022 | 90 | 92,806 | |||||||||||||||
Lower Colorado River Authority; | 5.00 | % | 05/15/2031 | 400 | 513,592 | |||||||||||||||
Series 2019, Ref. RB | 5.00 | % | 05/15/2030 | 1,200 | 1,534,140 | |||||||||||||||
Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2014, Ref. RB (Acquired 08/27/2014; Cost $222,548)(f) | 5.00 | % | 02/15/2024 | 220 | 175,615 | |||||||||||||||
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(a)(e) | 4.63 | % | 10/01/2031 | 5,000 | 5,325,800 | |||||||||||||||
New Hope Cultural Education Facilities Corp. (Morningside Ministries); Series 2013, RB | 6.25 | % | 01/01/2033 | 1,600 | 1,675,232 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Texas-(continued) | ||||||||||||||||
New Hope Cultural Education Facilities Corp. (Presbyterian Village North); | 5.00 | % | 10/01/2029 | $ | 2,105 | $ | 2,269,864 | |||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2030 | 2,210 | 2,375,286 | |||||||||||
New Hope Cultural Education Facilities Corp. (Wesleyan Homes, Inc.); | 5.25 | % | 01/01/2029 | 1,500 | 1,592,715 | |||||||||||
Series 2014, RB | 5.50 | % | 01/01/2035 | 1,400 | 1,470,770 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB | 4.00 | % | 07/01/2028 | 2,620 | 2,669,046 | |||||||||||
Series 2016, Ref. RB | 5.00 | % | 07/01/2036 | 2,750 | 2,872,650 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University-Corpus Christi); Series 2016 A, RB | 5.00 | % | 04/01/2031 | 670 | 694,891 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (Collegiate Housing Stephenville II, LLC - Tarleton State University); Series 2014 A, RB(g) | 5.00 | % | 04/01/2023 | 785 | 856,820 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (Forefront Living Plano); Series 2020 A, RB(e) | 10.00 | % | 12/01/2025 | 1,000 | 1,021,330 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); | 5.00 | % | 01/01/2027 | 1,090 | 1,194,782 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 01/01/2029 | 1,205 | 1,318,041 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 01/01/2037 | 2,000 | 2,166,860 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); Series 2016 A, RB | 5.00 | % | 11/15/2026 | 350 | 348,261 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (Tarleton State University); Series 2014 A, RB(c)(g) | 5.00 | % | 04/01/2024 | 620 | 699,887 | |||||||||||
Newark High Education Finance Corp. (A+ Charter Schools, Inc.); Series 2015 A, RB(e) | 4.63 | % | 08/15/2025 | 780 | 831,878 | |||||||||||
North Texas Tollway Authority; | 6.20 | % | 01/01/2042 | 4,500 | 5,333,580 | |||||||||||
Series 2017 B, Ref. RB (INS - AGM)(b) | 4.00 | % | 01/01/2034 | 750 | 845,445 | |||||||||||
Series 2019 B, Ref. RB | 5.00 | % | 01/01/2029 | 1,000 | 1,279,450 | |||||||||||
Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas LLC); | 5.00 | % | 08/15/2036 | 1,960 | 2,129,089 | |||||||||||
SA Energy Acquisition Public Facility Corp.; | 5.50 | % | 08/01/2021 | 1,475 | 1,506,698 | |||||||||||
Series 2007, RB | 5.50 | % | 08/01/2025 | 2,000 | 2,387,980 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); Series 2020 B-2, Ref. RB | 3.00 | % | 11/15/2026 | 2,000 | 2,016,480 | |||||||||||
Series 2020, Ref. RB | 4.00 | % | 11/15/2027 | 3,100 | 3,142,222 | |||||||||||
Temple (City of), TX; Series 2018 A, RB(e) | 5.00 | % | 08/01/2038 | 5,000 | 5,473,300 | |||||||||||
Texas (State of) Transportation Commission; | 0.00 | % | 08/01/2034 | 1,400 | 909,398 | |||||||||||
Series 2019, RB(h) | 0.00 | % | 08/01/2035 | 2,050 | 1,260,442 | |||||||||||
Series 2019, RB(h) | 0.00 | % | 08/01/2036 | 1,500 | 874,965 | |||||||||||
Texas (State of) Transportation Commission (Central Texas Turnpike System); Series 2015 C, Ref. RB | 5.00 | % | 08/15/2033 | 5,000 | 5,619,700 | |||||||||||
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB | 6.25 | % | 12/15/2026 | 5,265 | 6,182,689 | |||||||||||
Texas Municipal Gas Acquisition & Supply Corp. III; Series 2021, Ref. RB | 5.00 | % | 12/15/2030 | 2,000 | 2,585,420 | |||||||||||
Texas Private Activity Bond Surface Transportation Corp. (North Tarrant Express); Series 2019 A, Ref. RB | 5.00 | % | 12/31/2030 | 3,000 | 3,826,170 | |||||||||||
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2019 A, Ref. RB | 5.00 | % | 12/31/2032 | 1,000 | 1,262,010 | |||||||||||
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); | 4.63 | % | 08/15/2022 | 180 | 182,059 | |||||||||||
Series 2012 A, RB | 5.00 | % | 08/15/2027 | 1,085 | 1,097,260 | |||||||||||
Viridian Municipal Management District; | 6.00 | % | 12/01/2029 | 1,670 | 1,984,294 | |||||||||||
Series 2015, Ref. GO Bonds (INS - BAM)(b) | 6.00 | % | 12/01/2030 | 1,420 | 1,688,394 | |||||||||||
144,293,291 | ||||||||||||||||
Utah-0.26% | ||||||||||||||||
Salt Lake (City of), UT; | 5.00 | % | 07/01/2034 | 3,500 | 4,158,245 | |||||||||||
Series 2018 B, RB | 5.00 | % | 07/01/2038 | 1,000 | 1,216,040 | |||||||||||
5,374,285 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Vermont-0.28% | ||||||||||||||||
Burlington (City of), VT; | 5.00 | % | 11/01/2021 | $ | 250 | $ | 257,905 | |||||||||
Series 2012 A, GO Bonds(c)(g) | 5.00 | % | 11/01/2022 | 250 | 270,142 | |||||||||||
Series 2014 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 07/01/2030 | 1,000 | 1,133,210 | |||||||||||
University of Vermont & State Agricultural College; | 5.00 | % | 10/01/2035 | 1,220 | 1,701,266 | |||||||||||
Series 2019 B, Ref. RB | 5.00 | % | 10/01/2036 | 1,375 | 1,937,980 | |||||||||||
Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College); Series 2012 A, Ref. RB | 5.00 | % | 11/01/2028 | 500 | 533,310 | |||||||||||
5,833,813 | ||||||||||||||||
Virgin Islands-0.11% | ||||||||||||||||
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B, Ref. RB | 5.00 | % | 10/01/2025 | 2,210 | 2,215,149 | |||||||||||
Virginia-0.58% | ||||||||||||||||
Dulles Town Center Community Development Authority (Dulles Town Center); | 5.00 | % | 03/01/2022 | 1,100 | 1,122,440 | |||||||||||
Series 2012, Ref. RB | 5.00 | % | 03/01/2021 | 1,395 | 1,395,000 | |||||||||||
Series 2012, Ref. RB | 4.25 | % | 03/01/2026 | 700 | 706,335 | |||||||||||
Fairfax (County of), VA Economic Development Authority (Vinson Hall LLC); Series 2013 A, RB | 4.00 | % | 12/01/2022 | 360 | 372,683 | |||||||||||
Farmville (Town of), VA Industrial Development Authority (Longwood University Student Housing); | 5.00 | % | 01/01/2038 | 1,000 | 1,153,700 | |||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); | 5.00 | % | 01/01/2040 | 4,000 | 4,131,600 | |||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, RB(a) | 5.00 | % | 01/01/2027 | 2,500 | 2,622,075 | |||||||||||
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); Series 2018, Ref. RB | 5.00 | % | 09/01/2028 | 150 | 175,845 | |||||||||||
Series 2018, Ref. RB | 5.00 | % | 09/01/2030 | 455 | 527,736 | |||||||||||
12,207,414 | ||||||||||||||||
Washington-1.78% | ||||||||||||||||
Chelan (County of), WA Public Utility District No. 1; Series 2011 A, Ref. RB(a) | 5.50 | % | 07/01/2025 | 1,000 | 1,016,690 | |||||||||||
Energy Northwest (Columbia Generating Station); Series 2019 A, Ref. RB | 5.00 | % | 07/01/2038 | 2,360 | 2,988,421 | |||||||||||
Kalispel Tribe of Indians; | 5.00 | % | 01/01/2032 | 70 | 79,885 | |||||||||||
Series 2018 B, RB(e) | 5.00 | % | 01/01/2032 | 100 | 114,122 | |||||||||||
Kelso (City of), WA Housing Authority; Series 1998, RB | 5.60 | % | 03/01/2028 | 20 | 20,021 | |||||||||||
Seattle (Port of), WA; | 5.00 | % | 10/01/2028 | 3,730 | 4,449,815 | |||||||||||
Series 2019, RB(a) | 5.00 | % | 04/01/2032 | 2,000 | 2,463,260 | |||||||||||
Seattle (Port of), WA (SEATAC Fuel Facilities LLC); | 5.00 | % | 06/01/2021 | 650 | 657,462 | |||||||||||
Series 2013, Ref. RB(a) | 5.00 | % | 06/01/2024 | 1,560 | 1,705,564 | |||||||||||
Washington (State of); Series 2021 A, Ref. GO Bonds | 5.00 | % | 06/01/2033 | 2,250 | 2,951,280 | |||||||||||
Washington (State of) Convention Center Public Facilities District; Series 2018, RB | 5.00 | % | 07/01/2031 | 2,425 | 2,910,921 | |||||||||||
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2013, RB (SIFMA Municipal Swap Index + 1.40%)(c)(d) | 1.43 | % | 01/01/2025 | 3,350 | 3,372,512 | |||||||||||
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2015, Ref. RB | 5.00 | % | 07/01/2030 | 500 | 569,405 | |||||||||||
Washington (State of) Health Care Facilities Authority (PeaceHealth); Series 2014 A, Ref. RB(c)(g) | 5.00 | % | 05/15/2024 | 500 | 571,225 | |||||||||||
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center); Series 2017, Ref. RB | 5.00 | % | 08/15/2032 | 1,500 | 1,780,395 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 08/15/2037 | 1,360 | 1,592,261 | |||||||||||
Washington (State of) Housing Finance Commission (Bayview Manor Homes); | 5.00 | % | 07/01/2031 | 1,350 | 1,451,318 | |||||||||||
Series 2016 A, Ref. RB(e) | 5.00 | % | 07/01/2036 | 1,450 | 1,545,947 | |||||||||||
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living); Series 2015 A, RB(e) | 6.00 | % | 07/01/2025 | 500 | 544,135 | |||||||||||
Washington (State of) Housing Finance Commission (The Hearthstone); Series 2018 A, Ref. RB(e) | 5.00 | % | 07/01/2038 | 830 | 864,030 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Washington-(continued) | ||||||||||||||||
Washington (State of) Housing Finance Commission (Transforming Age); | 5.00 | % | 01/01/2034 | $ | 745 | $ | 832,999 | |||||||||
Series 2019 A, RB(e) | 5.00 | % | 01/01/2039 | 1,400 | 1,549,212 | |||||||||||
Washington (State of) Tobacco Settlement Authority; Series 2013, Ref. RB | 5.00 | % | 06/01/2022 | 3,260 | 3,446,896 | |||||||||||
37,477,776 | ||||||||||||||||
West Virginia-0.30% | ||||||||||||||||
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. RB(e) | 5.50 | % | 06/01/2037 | 2,000 | 2,142,900 | |||||||||||
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC); Series 2016, RB(a)(e) | 6.75 | % | 02/01/2026 | 2,000 | 1,946,280 | |||||||||||
Series 2018, RB(a)(e) | 8.75 | % | 02/01/2036 | 640 | 680,429 | |||||||||||
West Virginia University; Series 2019, RB | 5.00 | % | 10/01/2032 | 1,155 | 1,474,519 | |||||||||||
6,244,128 | ||||||||||||||||
Wisconsin-2.08% | ||||||||||||||||
Public Finance Authority (Beyond Boone LLC - Appalachian State University); Series 2019 A, RB (INS -AGM)(b) | 5.00 | % | 07/01/2034 | 800 | 967,184 | |||||||||||
Public Finance Authority (City of Boynton Beach, Florida Municipal Improvements); Series 2018, RB | 5.00 | % | 07/01/2035 | 2,000 | 2,443,920 | |||||||||||
Public Finance Authority (Community School of Davidson); Series 2018, RB | 5.00 | % | 10/01/2033 | 390 | 437,748 | |||||||||||
Public Finance Authority (Goodwill Industries of Southern Nevada, Inc.); Series 2019 A, RB | 5.50 | % | 12/01/2038 | 1,929 | 1,914,221 | |||||||||||
Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(e) | 4.38 | % | 06/15/2029 | 2,105 | 2,238,015 | |||||||||||
Public Finance Authority (Southminster); Series 2018, RB(e) | 5.00 | % | 10/01/2043 | 500 | 540,485 | |||||||||||
Public Finance Authority (Wingate University); Series 2018 A, Ref. RB | 5.25 | % | 10/01/2038 | 1,000 | 1,136,550 | |||||||||||
Superior (City of), WI (Superior Water, Light & Power Co.); Series 2007 A, Ref. RB(a) | 5.38 | % | 11/01/2021 | 1,370 | 1,375,275 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group); | 4.00 | % | 11/15/2036 | 2,000 | 2,233,560 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community); | 5.00 | % | 06/01/2030 | 1,560 | 1,704,284 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2032 | 1,720 | 1,870,448 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System); Series 2019 B-2, Ref. RB | 2.55 | % | 11/01/2027 | 2,000 | 2,002,200 | |||||||||||
Series 2019 B-3, Ref. RB | 2.25 | % | 11/01/2026 | 1,000 | 999,990 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic); Series 2012 B, RB | 5.00 | % | 02/15/2028 | 500 | 516,830 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); | 5.00 | % | 06/01/2025 | 2,450 | 2,563,925 | |||||||||||
Series 2012, RB | 5.00 | % | 06/01/2026 | 1,000 | 1,045,150 | |||||||||||
Wisconsin (State of) Public Finance Authority (21st Century Public Academy); Series 2020 A, RB(e) | 3.75 | % | 06/01/2030 | 350 | 354,358 | |||||||||||
Wisconsin (State of) Public Finance Authority (ACTS Retirement-Life Community); Series 2020 A, RB | 4.00 | % | 11/15/2037 | 600 | 691,488 | |||||||||||
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); | 5.00 | % | 06/01/2025 | 1,000 | 1,088,730 | |||||||||||
Series 2016 A, RB(e) | 4.63 | % | 06/01/2036 | 125 | 133,723 | |||||||||||
Wisconsin (State of) Public Finance Authority (Explore Academy); Series 2020 A, RB(e) | 6.13 | % | 02/01/2039 | 500 | 542,315 | |||||||||||
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, RB(e) | 6.25 | % | 01/01/2038 | 3,250 | 2,707,672 | |||||||||||
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB | 5.20 | % | 12/01/2037 | 4,000 | 4,481,080 | |||||||||||
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2012, RB | 5.00 | % | 04/01/2022 | 315 | 321,278 | |||||||||||
Series 2015, Ref. RB | 5.00 | % | 04/01/2025 | 995 | 1,062,899 | |||||||||||
Wisconsin (State of) Public Finance Authority (Wittenberg University); Series 2016, RB(e) | 4.13 | % | 12/01/2024 | 2,900 | 2,994,192 | |||||||||||
Wisconsin Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group); Series 2017, Ref. RB | 5.00 | % | 08/01/2032 | 5,100 | 5,438,793 | |||||||||||
43,806,313 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 | Invesco Intermediate Term Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Wyoming-0.09% | ||||||||||||||||
Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB (INS - BAM)(b) | 5.00 | % | 01/01/2031 | $ | 1,500 | $ | 1,791,330 | |||||||||
TOTAL INVESTMENTS IN SECURITIES(n) -96.34% (Cost $1,904,671,076) | 2,023,847,956 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS-(1.94)% Notes with interest and fee rates ranging from 0.58% to 0.63% at 02/28/2021 and contractual maturities of collateral ranging from 09/01/2022 to 06/01/2032 (See Note 1J)(o) | (40,750,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES–5.60% | 117,709,361 | |||||||||||||||
NET ASSETS-100.00% | $ | 2,100,807,317 |
Investment Abbreviations:
AGC | - Assured Guaranty Corp. | |||||||||
AGM | - Assured Guaranty Municipal Corp. | |||||||||
AMBAC | - American Municipal Bond Assurance Corp. | |||||||||
BAM | - Build America Mutual Assurance Co. | |||||||||
CEP | - Credit Enhancement Provider | |||||||||
COP | - Certificates of Participation | |||||||||
Ctfs. | - Certificates | |||||||||
GNMA | - Government National Mortgage Association | |||||||||
GO | - General Obligation | |||||||||
IDR | - Industrial Development Revenue Bonds | |||||||||
INS | - Insurer | |||||||||
LIBOR | - London Interbank Offered Rate | |||||||||
LOC | - Letter of Credit | |||||||||
NATL | - National Public Finance Guarantee Corp. | |||||||||
PCR | - Pollution Control Revenue Bonds | |||||||||
RB | - Revenue Bonds | |||||||||
Ref. | - Refunding | |||||||||
RN | - Revenue Notes | |||||||||
SGI | - Syncora Guarantee, Inc. | |||||||||
SIFMA | - Securities Industry and Financial Markets Association | |||||||||
USD | - U.S. Dollar | |||||||||
Wts. | - Warrants |
Notes to Schedule of Investments:
(a) | Security subject to the alternative minimum tax. |
(b) | Principal and/or interest payments are secured by the bond insurance company listed. |
(c) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021. |
(e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $155,191,465, which represented 7.39% of the Fund’s Net Assets. |
(f) | Restricted security. The aggregate value of these securities at February 28, 2021 was $6,212,867, which represented less than 1% of the Fund’s Net Assets. |
(g) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(h) | Zero coupon bond issued at a discount. |
(i) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $14,107,563, which represented less than 1% of the Fund’s Net Assets. |
(j) | Underlying security related to TOB Trusts entered into by the Fund. See Note 1J. |
(k) | Security subject to crossover refunding. |
(l) | Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $15,800,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
(m) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(n) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(o) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2021. At February 28, 2021, the Fund’s investments with a value of $69,151,105 are held by TOB Trusts and serve as collateral for the $40,750,000 in the floating rate note obligations outstanding at that date. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 | Invesco Intermediate Term Municipal Income Fund |
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||||
Investments in securities, at value (Cost $1,904,671,076) | $ | 2,023,847,956 | ||
| ||||
Cash | 98,079,472 | |||
| ||||
Receivable for: | ||||
Investments sold | 837,167 | |||
| ||||
Fund shares sold | 5,435,120 | |||
| ||||
Interest | 21,571,448 | |||
| ||||
Investments matured, at value (Cost $1,159,572) | 1,043,615 | |||
| ||||
Investment for trustee deferred compensation and retirement plans | 106,314 | |||
| ||||
Other assets | 677,221 | |||
| ||||
Total assets | 2,151,598,313 | |||
| ||||
Liabilities: | ||||
Floating rate note obligations | 40,750,000 | |||
| ||||
Payable for: | ||||
Investments purchased | 3,860,347 | |||
| ||||
Dividends | 1,377,759 | |||
| ||||
Fund shares reacquired | 3,634,355 | |||
| ||||
Accrued fees to affiliates | 817,832 | |||
| ||||
Accrued interest expense | 3,726 | |||
| ||||
Accrued trustees’ and officers’ fees and benefits | 2,284 | |||
| ||||
Accrued other operating expenses | 217,003 | |||
| ||||
Trustee deferred compensation and retirement plans | 127,690 | |||
| ||||
Total liabilities | 50,790,996 | |||
|
Net assets applicable to shares outstanding | $ | 2,100,807,317 | ||
|
Net assets consist of: | ||||
Shares of beneficial interest | $ | 2,029,318,803 | ||
| ||||
Distributable earnings | 71,488,514 | |||
| ||||
$ | 2,100,807,317 | |||
| ||||
Net Assets: | ||||
Class A | $ | 1,411,257,995 | ||
| ||||
Class C | $ | 115,826,198 | ||
| ||||
Class Y | $ | 568,899,725 | ||
| ||||
Class R6 | $ | 4,823,399 | ||
| ||||
Shares outstanding, no par value, with an unlimited number of shares authorized: |
| |||
Class A | 123,667,259 | |||
| ||||
Class C | 10,176,491 | |||
| ||||
Class Y | 49,885,620 | |||
| ||||
Class R6 | 423,040 | |||
| ||||
Class A: | $ | 11.41 | ||
| ||||
Maximum offering price per share | $ | 11.70 | ||
| ||||
Class C: | $ | 11.38 | ||
| ||||
Class Y: | $ | 11.40 | ||
| ||||
Class R6: | $ | 11.40 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 | Invesco Intermediate Term Municipal Income Fund |
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||
Interest | $ | 64,744,371 | ||
| ||||
Expenses: | ||||
Advisory fees | 7,801,745 | |||
| ||||
Administrative services fees | 266,351 | |||
| ||||
Custodian fees | 20,199 | |||
| ||||
Distribution fees: | ||||
Class A | 3,119,410 | |||
| ||||
Class C | 1,374,659 | |||
| ||||
Interest, facilities and maintenance fees | 695,453 | |||
| ||||
Transfer agent fees – A, C and Y | 1,564,119 | |||
| ||||
Transfer agent fees – R6 | 26 | |||
| ||||
Trustees’ and officers’ fees and benefits | 49,739 | |||
| ||||
Registration and filing fees | 160,470 | |||
| ||||
Reports to shareholders | 130,582 | |||
| ||||
Professional services fees | 80,945 | |||
| ||||
Other | 25,553 | |||
| ||||
Total expenses | 15,289,251 | |||
| ||||
Less: Expense offset arrangement(s) | (248 | ) | ||
| ||||
Net expenses | 15,289,003 | |||
| ||||
Net investment income | 49,455,368 | |||
| ||||
Realized and unrealized gain (loss) from: | ||||
Net realized gain (loss) from: | (12,789,300 | ) | ||
| ||||
Futures contracts | (3,154,035 | ) | ||
| ||||
(15,943,335 | ) | |||
| ||||
Change in net unrealized appreciation (depreciation) of: | (12,989,277 | ) | ||
| ||||
Futures contracts | 849,125 | |||
| ||||
(12,140,152 | ) | |||
| ||||
Net realized and unrealized gain (loss) | (28,083,487 | ) | ||
| ||||
Net increase in net assets resulting from operations | $ | 21,371,881 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 | Invesco Intermediate Term Municipal Income Fund |
Statement of Changes in Net Assets
For the years ended February 28, 2021 and February 29, 2020
2021 | 2020 | |||||||
| ||||||||
Operations: | ||||||||
Net investment income | $ | 49,455,368 | $ | 39,016,826 | ||||
| ||||||||
Net realized gain (loss) | (15,943,335 | ) | (3,379,120 | ) | ||||
| ||||||||
Change in net unrealized appreciation (depreciation) | (12,140,152 | ) | 92,274,869 | |||||
| ||||||||
Net increase in net assets resulting from operations | 21,371,881 | 127,912,575 | ||||||
| ||||||||
Distributions to shareholders from distributable earnings: | ||||||||
Class A | (32,049,148 | ) | (25,893,042 | ) | ||||
| ||||||||
Class C | (2,490,848 | ) | (2,382,441 | ) | ||||
| ||||||||
Class Y | (13,908,186 | ) | (13,586,786 | ) | ||||
| ||||||||
Class R6 | (128,273 | ) | (24,766 | ) | ||||
| ||||||||
Total distributions from distributable earnings | (48,576,455 | ) | (41,887,035 | ) | ||||
| ||||||||
Share transactions–net: | ||||||||
Class A | 311,226,262 | 212,649,338 | ||||||
| ||||||||
Class C | (27,214,371 | ) | 32,464,371 | |||||
| ||||||||
Class Y | 87,033,562 | 53,468,799 | ||||||
| ||||||||
Class R6 | 630,313 | 4,162,766 | ||||||
| ||||||||
Net increase in net assets resulting from share transactions | 371,675,766 | 302,745,274 | ||||||
| ||||||||
Net increase in net assets | 344,471,192 | 388,770,814 | ||||||
| ||||||||
Net assets: | ||||||||
Beginning of year | 1,756,336,125 | 1,367,565,311 | ||||||
| ||||||||
End of year | $ | 2,100,807,317 | $ | 1,756,336,125 | ||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 | Invesco Intermediate Term Municipal Income Fund |
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return (b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers expenses absorbed | Ratio of expenses to average net assets without fee waivers expenses absorbed | Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance | Ratio of net investment income to average net assets | Portfolio turnover (c) | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $11.66 | $0.29 | $(0.25 | ) | $0.04 | $(0.29 | ) | $11.41 | 0.39 | % | $1,411,258 | 0.82 | %(d) | 0.82 | %(d) | 0.79 | %(d) | 2.62 | %(d) | 26 | % | |||||||||||||||||||||||||||||||
Year ended 02/29/20 | 11.02 | 0.29 | 0.66 | 0.95 | (0.31 | ) | 11.66 | 8.75 | 1,114,423 | 0.89 | 0.89 | 0.84 | 2.56 | 11 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 10.99 | 0.31 | 0.03 | 0.34 | (0.31 | ) | 11.02 | 3.19 | 848,116 | 0.88 | 0.91 | 0.84 | 2.85 | 27 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 10.97 | 0.31 | 0.02 | 0.33 | (0.31 | ) | 10.99 | 3.03 | 766,748 | 0.87 | 0.91 | 0.84 | 2.79 | 16 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 11.29 | 0.30 | (0.33 | ) | (0.03 | ) | (0.29 | ) | 10.97 | (0.30 | ) | 701,376 | 0.85 | 0.90 | 0.82 | 2.71 | 20 | |||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 11.62 | 0.21 | (0.25 | ) | (0.04 | ) | (0.20 | ) | 11.38 | (0.27 | ) | 115,826 | 1.57 | (d) | 1.57 | (d) | 1.54 | (d) | 1.87 | (d) | 26 | |||||||||||||||||||||||||||||||
Year ended 02/29/20 | 10.99 | 0.20 | 0.66 | 0.86 | (0.23 | ) | 11.62 | 7.87 | 145,443 | 1.64 | 1.64 | 1.59 | 1.81 | 11 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 10.96 | 0.23 | 0.03 | 0.26 | (0.23 | ) | 10.99 | 2.42 | 106,166 | 1.63 | 1.66 | 1.59 | 2.10 | 27 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 10.94 | 0.23 | 0.02 | 0.25 | (0.23 | ) | 10.96 | 2.26 | 236,475 | 1.62 | 1.66 | 1.59 | 2.04 | 16 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 11.26 | 0.22 | (0.34 | ) | (0.12 | ) | (0.20 | ) | 10.94 | (1.06 | ) | 234,811 | 1.60 | 1.65 | 1.57 | 1.96 | 20 | |||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 11.65 | 0.32 | (0.25 | ) | 0.07 | (0.32 | ) | 11.40 | 0.64 | 568,900 | 0.57 | (d) | 0.57 | (d) | 0.54 | (d) | 2.87 | (d) | 26 | |||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 11.02 | 0.32 | 0.65 | 0.97 | (0.34 | ) | 11.65 | 8.93 | 492,202 | 0.64 | 0.64 | 0.59 | 2.81 | 11 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 10.98 | 0.34 | 0.04 | 0.38 | (0.34 | ) | 11.02 | 3.54 | 413,274 | 0.63 | 0.66 | 0.59 | 3.10 | 27 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 10.96 | 0.34 | 0.02 | 0.36 | (0.34 | ) | 10.98 | 3.29 | 334,820 | 0.62 | 0.66 | 0.59 | 3.04 | 16 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 11.28 | 0.33 | (0.33 | ) | 0.00 | (0.32 | ) | 10.96 | (0.05 | ) | 271,646 | 0.60 | 0.65 | 0.57 | 2.96 | 20 | ||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 11.65 | 0.33 | (0.26 | ) | 0.07 | (0.32 | ) | 11.40 | 0.72 | 4,823 | 0.49 | (d) | 0.49 | (d) | 0.46 | (d) | 2.95 | (d) | 26 | |||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 11.01 | 0.32 | 0.66 | 0.98 | (0.34 | ) | 11.65 | 9.03 | 4,268 | 0.64 | 0.64 | 0.59 | 2.81 | 11 | ||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 10.97 | 0.34 | 0.04 | 0.38 | (0.34 | ) | 11.01 | 3.54 | 10 | 0.63 | 0.67 | 0.59 | 3.10 | 27 | ||||||||||||||||||||||||||||||||||||||
Period ended 02/28/18(e) | 10.99 | 0.31 | (0.02 | ) | 0.29 | (0.31 | ) | 10.97 | 2.65 | 10 | 0.62 | (f) | 0.67 | (f) | 0.59 | (f) | 3.04 | (f) | 16 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended February 28, 2021, the portfolio turnover calculation excludes the value of securities purchased of $201,465,106 in connection with the acquisition of Invesco Oppenheimer Intermediate Term Municipal Fund into the Fund. |
(d) | Ratios are based on average daily net assets (000’s omitted) of $1,248,683, $137,550, $493,596 and $4,434 for Class A, Class C, Class Y and Class R6 shares, respectively. |
(e) | Commencement date of April 4, 2017. |
(f) | Annualized. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 | Invesco Intermediate Term Municipal Income Fund |
Notes to Financial Statements
February 28, 2021
NOTE 1–Significant Accounting Policies
Invesco Intermediate Term Municipal Income Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the ”1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.
The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations - Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C. | Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
39 | Invesco Intermediate Term Municipal Income Fund |
D. | Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders“ exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
H. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Floating Rate Note Obligations - The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
40 | Invesco Intermediate Term Municipal Income Fund |
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. | Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. |
L. | Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. |
The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser“ or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets | Rate | |||||
First $ 500 million | 0.500 | % | ||||
Next $250 million | 0.450 | % | ||||
Next $250 million | 0.425 | % | ||||
Over $1 billion | 0.333 | % |
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.41%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.84%, 1.59%, 0.59% and 0.59%, respectively, of average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2021, the Adviser has agreed to limit expenses for Class A, Class C, Class Y, and Class R6 to 1.50%, 2.25%, 1.25% and 1.25%, respectively of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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. The Advisor did not waive fees and/or reimburse expenses during the period under these expense limits.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
41 | Invesco Intermediate Term Municipal Income Fund |
Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% of Class C average daily net assets. The fees are accrued daily and paid monthly.
With respect to Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.
For the year ended February 28, 2021, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $134,559 in front-end sales commissions from the sale of Class A shares and $230,292 and $3,427 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 - | Prices are determined using quoted prices in an active market for identical assets. | |||
Level 2 - | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |||
Level 3 - | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Obligations | $– | $ | 2,023,847,956 | $– | $ | 2,023,847,956 | ||||||||||
Other Investments - Assets | ||||||||||||||||
Investments Matured | – | 1,043,615 | – | 1,043,615 | ||||||||||||
Total Investments | $– | $ | 2,024,891,571 | $– | $ | 2,024,891,571 |
NOTE 4–Derivative Investments
The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.
Effect of Derivative Investments for the year ended February 28, 2021
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on Statement of Operations | ||||||||
Interest Rate Risk | ||||||||
Realized Gain (Loss): | ||||||||
Futures contracts | $(3,154,035) | |||||||
Change in Net Unrealized Appreciation: | ||||||||
Futures contracts | 849,125 | |||||||
Total | $(2,304,910) |
The table below summarizes the average notional value of derivatives held during the period.
Futures Contracts | ||||
Average notional value | $ | 47,573,813 |
42 | Invesco Intermediate Term Municipal Income Fund |
NOTE 5–Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2021, the Fund engaged in securities purchases of $170,599,320 and securities sales of $147,048,142, which did not result in any net realized gains (losses).
NOTE 6–Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $248.
NOTE 7–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 8–Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. The revolving credit and security agreement is secured by the assets of the Fund. At February 28, 2021, the Fund had no borrowings outstanding under this agreement.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2021 were $40,310,000 and 1.01%, respectively.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
NOTE 9–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2021 and February 29, 2020:
2021 | 2020 | |||||||
| ||||||||
Ordinary income-tax-exempt | $ | 48,576,455 | $ | 41,887,035 | ||||
|
Tax Components of Net Assets at Period-End:
2021 | ||||
| ||||
Undistributed tax-exempt income | $ | 1,198,904 | ||
| ||||
Net unrealized appreciation – investments | 118,774,899 | |||
| ||||
Temporary book/tax differences | (91,249 | ) | ||
| ||||
Capital loss carryforward | (48,394,040 | ) | ||
| ||||
Shares of beneficial interest | 2,029,318,803 | |||
| ||||
Total net assets | $ | 2,100,807,317 | ||
|
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to TOBS accretion of bond discount and defaulted bonds.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
43 | Invesco Intermediate Term Municipal Income Fund |
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward*
| ||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||
| ||||||||||
Not subject to expiration | $ | 35,251,361 | $13,142,679 | $ | 48,394,040 | |||||
|
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 10–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $509,714,505 and $443,095,976, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
| ||||
Aggregate unrealized appreciation of investments | $ | 125,185,079 | �� | |
| ||||
Aggregate unrealized (depreciation) of investments | (6,410,180 | ) | ||
| ||||
Net unrealized appreciation of investments | $ | 118,774,899 | ||
|
Cost of investments for tax purposes is $1,906,116,672.
NOTE 11–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of defaulted bonds, federal income tax under distribution, on February 28, 2021, undistributed net investment income was increased by $15,783, undistributed net realized gain (loss) was decreased by $55,406 and shares of beneficial interest was increased by $39,623. Further, as a result of tax deferrals acquired in the reorganization of Invesco Oppenheimer Intermediate Term Municipal Fund into the Fund, undistributed net investment income was decreased by $1,674, undistributed net realized gain (loss) was decreased by $4,167,855 and shares of beneficial interest was increased by $4,169,529. These reclassifications had no effect on the net assets of the Fund.
NOTE 12–Share Information
Summary of Share Activity | ||||||||||||||||
| ||||||||||||||||
Year ended February 28, 2021(a) | Year ended February 29, 2020 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Sold: | ||||||||||||||||
Class A | 45,482,119 | $ | 508,722,833 | 36,871,281 | $ | 419,216,381 | ||||||||||
| ||||||||||||||||
Class C | 2,070,865 | 22,833,431 | 6,293,548 | 71,369,191 | ||||||||||||
| ||||||||||||||||
Class Y | 17,666,392 | 198,828,911 | 13,483,869 | 152,813,307 | ||||||||||||
| ||||||||||||||||
Class R6 | 147,988 | 1,635,746 | 364,895 | 4,155,100 | ||||||||||||
| ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Class A | 2,018,925 | 22,685,603 | 1,587,358 | 18,051,345 | ||||||||||||
| ||||||||||||||||
Class C | 182,033 | 2,034,599 | 170,204 | 1,930,123 | ||||||||||||
| ||||||||||||||||
Class Y | 880,429 | 9,872,021 | 889,370 | 10,103,888 | ||||||||||||
| ||||||||||||||||
Class R6 | 7,373 | 82,659 | 2,045 | 23,518 | ||||||||||||
| ||||||||||||||||
Automatic conversion of Class C shares to Class A shares: | ||||||||||||||||
Class A | 2,480,312 | 28,116,390 | 510,266 | 5,791,917 | ||||||||||||
| ||||||||||||||||
Class C | (2,487,689 | ) | (28,116,390 | ) | (511,711 | ) | (5,791,917 | ) | ||||||||
| ||||||||||||||||
Issued in connection with acquisitions:(b) | ||||||||||||||||
Class A | 11,982,040 | 129,527,184 | - | - | ||||||||||||
| ||||||||||||||||
Class C | 2,114,190 | 22,789,658 | - | - | ||||||||||||
| ||||||||||||||||
Class Y | 5,753,884 | 62,155,305 | - | - | ||||||||||||
| ||||||||||||||||
Class R6 | 2,060 | 22,245 | - | - | ||||||||||||
|
44 | Invesco Intermediate Term Municipal Income Fund |
Summary of Share Activity | ||||||||||||||||
| ||||||||||||||||
Year ended | Year ended | |||||||||||||||
February 28, 2021(a) | February 29, 2020 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Reacquired: | ||||||||||||||||
Class A | (33,888,415 | ) | $ | (377,825,748 | ) | (20,311,458 | ) | $ | (230,410,305 | ) | ||||||
| ||||||||||||||||
Class C | (4,215,164 | ) | (46,755,669 | ) | (3,098,952 | ) | (35,043,026 | ) | ||||||||
| ||||||||||||||||
Class Y | (16,664,875 | ) | (183,822,675 | ) | (9,639,835 | ) | (109,448,396 | ) | ||||||||
| ||||||||||||||||
Class R6 | (100,849 | ) | (1,110,337 | ) | (1,383 | ) | (15,852 | ) | ||||||||
| ||||||||||||||||
Net increase in share activity | 33,431,618 | $ | 371,675,766 | 26,609,497 | $ | 302,745,274 | ||||||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% 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. |
(b) | After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Intermediate Term Municipal Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 19,852,174 shares of the Fund for 48,992,092 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $214,494,392, including $4,468,922 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,613,231,447 and $1,827,725,839 immediately after the acquisition. |
The pro forma results of operations for the six months ended August 31, 2020 assuming the reorganization had been completed on March 1, 2020, the beginning of the semi-annual reporting period are as follows:
Net investment income | $ | 50,574,925 | ||
| ||||
Net realized/unrealized gains | (40,632,844 | ) | ||
| ||||
Change in net assets resulting from operations | $ | 9,942,081 | ||
|
As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.
NOTE 13–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
45 | Invesco Intermediate Term Municipal Income Fund |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Intermediate Term Municipal Income Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Intermediate Term Municipal Income Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the ”Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statement of changes in net assets for each of the two years in the period ended February 28, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
46 | Invesco Intermediate Term Municipal Income Fund |
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Beginning Account Value (09/01/20) | ACTUAL | HYPOTHETICAL (5% annual return before | Annualized Expense Ratio | |||||||||
Ending Account Value (02/28/21)1 | Expenses Paid During Period2 | Ending Account Value (02/28/21) | Expenses Paid During Period2 | |||||||||
Class A | $1,000.00 | $1,023.80 | $4.11 | $1,020.73 | $4.11 | 0.82% | ||||||
Class C | 1,000.00 | 1,020.00 | 7.86 | 1,017.01 | 7.85 | 1.57 | ||||||
Class Y | 1,000.00 | 1,025.00 | 2.86 | 1,021.97 | 2.86 | 0.57 | ||||||
Class R6 | 1,000.00 | 1,025.50 | 2.46 | 1,022.36 | 2.46 | 0.49 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
47 | Invesco Intermediate Term Municipal Income Fund |
Tax Information
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | ||||||||
Qualified Dividend Income* | 0.00 | % | ||||||
Qualified Business Income* | 0.00 | % | ||||||
Corporate Dividends Received Deduction* | 0.00 | % | ||||||
Business Interest Income* | 0.00 | % | ||||||
U.S. Treasury Obligations* | 0.00 | % | ||||||
Tax-Exempt Interest Dividends* | 100.00 | % | ||||||
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
48 | Invesco Intermediate Term Municipal Income Fund |
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Interested Trustee | ||||||||
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) | 191 | 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. |
T-1 | Invesco Intermediate Term Municipal Income Fund |
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees | ||||||||
Christopher L. Wilson – 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and President and Director of Grahamtastic Connection (non- profit) | ||||
Jack M. Fields – 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine | ||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization); Eisenhower Foundation (non-profit) | ||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 | Invesco Intermediate Term Municipal Income Fund |
Trustees and Officers–(continued)
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) | ||||||||
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 | 191 | 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 | ||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
Prema Mathai-Davis - 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
Joel W. Motley - 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); |
T-3 | Invesco Intermediate Term Municipal Income Fund |
Trustees and Officers–(continued)
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 - 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
Robert C. Troccoli - 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
Daniel S. Vandivort -1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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 | 191 | 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) |
T-4 | Invesco Intermediate Term Municipal Income Fund |
Trustees and Officers–(continued)
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 | ||||
Officers | ||||||||
Sheri Morris – 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 | Invesco Intermediate Term Municipal Income Fund |
Trustees and Officers–(continued)
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 | ||||
Officers–(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
T-6 | Invesco Intermediate Term Municipal Income Fund |
Trustees and Officers–(continued)
Name, Year of Birth and 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 | ||||
Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A | ||||
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A | ||||
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | 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’s sub-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 77002-5678 | |||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018 | 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 | State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801 |
T-7 | Invesco Intermediate Term Municipal Income Fund |
Go paperless with eDelivery
Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.
With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:
∎ | Fund reports and prospectuses |
∎ | Quarterly statements |
∎ | Daily confirmations |
∎ | Tax forms |
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. |
|
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | VK-ITMI-AR-1 |
Annual Report to Shareholders | February 28, 2021 |
Invesco Limited Term California Municipal
Fund
Nasdaq:
A: OLCAX ∎ C: OLCCX ∎ Y: OLCYX ∎ R6: IORLX
Management’s Discussion of Fund Performance
Performance summary |
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For the year ended February 28, 2021, Class A shares of Invesco Limited Term California Municipal Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg Barclays 5 Year Municipal Bond Index. |
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Your Fund’s long-term performance appears later in this report.
|
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Fund vs. Indexes |
| |||
Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
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Class A Shares | 0.09 | % | ||
Class C Shares | -0.65 | |||
Class Y Shares | 0.35 | |||
Class R6 Shares | 0.70 | |||
Bloomberg Barclays 5 Year Municipal Bond Indexq | 1.66 | |||
U.S. Consumer Price Index∎ | 1.68 | |||
Source(s): qRIMES Technologies Corp.; ∎Bloomberg L.P. |
Market conditions and your Fund
The state of California had built up robust reserves prior to the onset of the pandemic last year, mitigating the fiscal impact of the economic downturn on the state’s fiscal condition. The state also took a conservative approach in adopting its FY ’21 budget when it originally projected that tax revenues would decline. The state’s fiscal condition is much better than what was reflected in the budget as revenues have far exceeded original estimates. In its latest budget update, the state has increased its FY ’21 revenue estimate by $28.2 billion, a 22.5% increase over the original budget estimate.1
The state’s revenue growth has been driven by its massive and diverse state economy, accounting for 14.6% of the national gross domestic product (GDP).2 While unemployment rates rose to over 16% from a pre-pandemic low of 3.9%, unemployment rates have dropped back to 9.0%.3 State tax revenues have continued to grow despite the high unemployment rate as the impact on high-wage earning has been less severe and high-income taxpayers have benefited from robust financial market gains. California’s fiscal condition has benefited from conservative budgeting that recognizes that California’s tax structure is sensitive to economic cycles. The state has limited its expenditure growth and plans to utilize its revenue windfall to continue to build reserves and to target spending for one-time offsets benefiting residents and programs that were impacted by the pandemic. The state has also been able to maintain rating stability through a period of potential credit volatility. Moody’s, Standard & Poors and Fitch have maintained their respective Aa2, AA-, and AA rating† on the state’s general obligation bonds and each agency affirmed their ratings and stable outlooks in February 2021.
The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected
twist of the coronavirus (COVID-19) global pandemic that pierced the markets and forced society to navigate uncharted waters in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%, and taxable municipal bonds returned 0.43% during the year.4
The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.5 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.5 In general, many high-yield municipal funds hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries – well above the historical norm of approximately 90%.6
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed, which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings
in March in response to COVID-19, consisting of half of a percentage and a whole percentage point, leaving the target range 0.00% to 0.25%.7
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw municipal market performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate timelines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF, which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, the availability of the program provided a psychological safety net for the market.
As the COVID-19 pandemic continued into fall and winter; most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.
We believe the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform.
A highly demanded second stimulus package was signed at the end of 2020. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New municipal issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion.8 Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.8 This uptick can be attributed to recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance.
Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, we think mainly because most issuers have a
2 Invesco Limited Term California Municipal Fund
rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current on principal and interest, as history has shown.
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, the bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February 2021 also brought $34 billion in municipal bond supply, higher than the average supply for the last five years for the month.
Security selection in and underweight allocation to state general obligation bonds detracted from the Fund’s performance relative to the style-specific benchmark during the year. Security selection in AAA-rated† bonds detracted from the Fund’s performance relative to its style-specific benchmark over the year.
During the year, security selection in non-rated bonds contributed to the Fund’s performance relative to its style-specific benchmark. The Fund’s preference for revenue bonds over general obligation bonds also benefited its relative performance. At the sector level, security selection in the special tax and the industrial development revenue/pollution control revenue sectors contributed to the Fund’s relative performance.
We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of some of the Fund’s investments.
Thank you for investing in Invesco Limited Term California Municipal Fund and for sharing our long-term investment horizon.
1 Source: State of California
2 Source: US Bureau of Economic Analysis
3 Source: US Bureau of Labor Statistics
4 Source: Bloomberg Barclays
5 Source: Strategic Insight
6 Source: US Department of the Treasury
7 Source: US Federal Reserve
8 Source: The Bond Buyer
† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s):
Michael Camarella
Scott Cottier
Mark DeMitry
Tim O’Reilly
Mark Paris
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 Invesco Limited Term California Municipal Fund
Your Fund’s Long-Term Performance
Results of a $10,000 Investment - Oldest Share Class(es)
Fund and index data from 2/28/11
1 Source: RIMES Technologies Corp.
2 Source: Bloomberg L.P.
Past performance cannot guarantee future results.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management
fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does
not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 Invesco Limited Term California Municipal Fund
Average Annual Total Returns |
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As of 2/28/21, including maximum applicable sales charges |
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Class A Shares | ||||
Inception (2/25/04) | 3.76 | % | ||
10 Years | 3.49 | |||
5 Years | 3.00 | |||
1 Year | -2.47 | |||
Class C Shares | ||||
Inception (2/25/04) | 3.54 | % | ||
10 Years | 3.09 | |||
5 Years | 2.68 | |||
1 Year | -1.63 | |||
Class Y Shares | ||||
Inception (11/29/10) | 3.80 | % | ||
10 Years | 3.98 | |||
5 Years | 3.75 | |||
1 Year | 0.35 | |||
Class R6 Shares | ||||
10 Years | 3.79 | % | ||
5 Years | 3.61 | |||
1 Year | 0.70 |
Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester Limited Term California Municipal Fund (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester® Limited Term California Municipal Fund. The Fund was subsequently renamed the Invesco Limited Term California Municipal Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.
Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 2.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC)
for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.
5 Invesco Limited Term California Municipal Fund
Supplemental Information
Invesco Limited Term California Municipal Fund’s investment objective is to seek tax-free income.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report
∎ | The Bloomberg Barclays 5 Year Municipal Bond Index is an unmanaged index of fixed-rate, investment-grade municipal securities with maturities of four to six years. |
∎ | The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US Bureau of Labor Statistics. |
∎ | The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
∎ | A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. | ||
| ||
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
6 Invesco Limited Term California Municipal Fund
Fund Information
Portfolio Composition
By credit sector | % of total investments | |
Revenue Bonds | 81.5% | |
General Obligation Bonds | 11.5 | |
Pre-Refunded Bonds | 6.0 | |
Other | 1.0 |
Top Five Debt Holdings
% of total net assets | ||||
1. | California (State of), CA Tobacco Securitization Agency (Los Angeles County Securitization Corp.), Series 2020 B-1, Ref. RB | 1.7% | ||
2. | Santa Barbara (County of), CA, Series 2018 B, COP | 1.7 | ||
3. | San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB | 1.6 | ||
4. | Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2018 D, Ref. RB | 1.6 | ||
5. | California (State of) Health Facilities Financing Authority (Sutter Health), Series 2011 D, Ref. RB | 1.6 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of February 28, 2021.
7 Invesco Limited Term California Municipal Fund
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Municipal Obligations–99.23% | ||||||||||||||
California–94.61% | ||||||||||||||
ABAG Finance Authority for Nonprofit Corps. (Episcopal Senior Communities); | ||||||||||||||
Series 2011, Ref. RB | 6.13 | % | 07/01/2026 | $ | 3,420 | $ 3,473,284 | ||||||||
Series 2012 B, Ref. RB | 5.00 | % | 07/01/2024 | 250 | 262,708 | |||||||||
Adelanto (City of), CA Improvement Agency; Series 1993 B, Ref. RB | 5.50 | % | 12/01/2023 | 255 | 256,469 | |||||||||
Adelanto (City of), CA Public Financing Authority; Series 1996 B, RB | 6.30 | % | 09/01/2028 | 595 | 612,451 | |||||||||
Adelanto (City of), CA Public Utility Authority; Series 2014 A, RB | 5.00 | % | 07/01/2024 | 2,960 | 2,968,821 | |||||||||
Alameda (County of), CA Corridor Transportation Authority; Series 2013 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 10/01/2029 | 1,750 | 1,938,842 | |||||||||
Alameda (County of), CA Redevelopment Agency; Series 2006 A, RB (INS - NATL)(a) | 4.38 | % | 08/01/2030 | 10 | 10,025 | |||||||||
Association of Bay Area Governments (California Redevelopment Agency Pool); Series 1994 A, RB (INS - AGM)(a) | 6.00 | % | 12/15/2024 | 130 | 131,976 | |||||||||
Beaumont (City of), CA Financing Authority; Series 1994 A, RB | 7.00 | % | 09/01/2023 | 60 | 60,158 | |||||||||
Beaumont (City of), CA Financing Authority (Improvement Area No. 17B); | 6.38 | % | 09/01/2021 | 200 | 206,114 | |||||||||
Beaumont (City of), CA Financing Authority (Improvement Area No. 19A); | 5.00 | % | 09/01/2025 | 740 | 842,290 | |||||||||
Beaumont (City of), CA Financing Authority (Improvement Area No. 19C); | 5.00 | % | 09/01/2027 | 655 | 715,443 | |||||||||
Bell (City of), CA Community Redevelopment Agency; Series 2003, Ref. RB (INS - AGC)(a) | 5.63 | % | 10/01/2033 | 25 | 25,080 | |||||||||
Blythe (City of), CA Financing Authority (City Hall & County Courthouse); | 5.50 | % | 09/01/2027 | 75 | 75,909 | |||||||||
California (County of), CA Tobacco Securitization Agency; Series 2020 B-1, Ref. RB | 4.00 | % | 06/01/2049 | 650 | 703,417 | |||||||||
California (State of); | ||||||||||||||
Series 1972 S, GO Bonds | 5.25 | % | 04/01/2021 | 25 | 25,096 | |||||||||
Series 1992, GO Bonds (INS - NATL)(a) | 6.00 | % | 10/01/2021 | 30 | 30,142 | |||||||||
Series 1992, GO Bonds | 5.50 | % | 10/01/2022 | 20 | 20,086 | |||||||||
Series 1992, GO Bonds (INS - NATL)(a) | 5.00 | % | 11/01/2022 | 55 | 55,438 | |||||||||
Series 1992, GO Bonds (INS - FGIC)(a) | 5.00 | % | 11/01/2022 | 15 | 15,119 | |||||||||
Series 1993, GO Bonds (INS - NATL)(a) | 5.90 | % | 04/01/2023 | 170 | 170,791 | |||||||||
Series 1993, GO Bonds | 5.90 | % | 04/01/2023 | 1,100 | 1,105,115 | |||||||||
Series 1994, GO Bonds | 5.75 | % | 03/01/2023 | 55 | 56,536 | |||||||||
Series 1994, GO Bonds | 6.00 | % | 03/01/2024 | 45 | 46,310 | |||||||||
Series 1994, GO Bonds | 6.00 | % | 05/01/2024 | 5 | 5,048 | |||||||||
Series 1994, GO Bonds (INS - NATL)(a) | 6.00 | % | 08/01/2024 | 90 | 92,182 | |||||||||
Series 1995, GO Bonds (INS - AMBAC)(a) | 5.90 | % | 03/01/2025 | 50 | 51,431 | |||||||||
Series 1996, GO Bonds (INS - AMBAC)(a) | 5.25 | % | 06/01/2021 | 50 | 50,635 | |||||||||
Series 1996, GO Bonds (INS - FGIC)(a) | 5.38 | % | 06/01/2026 | 110 | 111,422 | |||||||||
Series 1996, GO Bonds (INS - NATL)(a) | 5.38 | % | 06/01/2026 | 15 | 15,194 | |||||||||
Series 1996, Ref. GO Bonds (INS - FGIC)(a) | 5.60 | % | 09/01/2021 | 20 | 20,546 | |||||||||
Series 1996, Ref. GO Bonds | 5.63 | % | 09/01/2024 | 10 | 10,273 | |||||||||
Series 1997, GO Bonds (INS - NATL)(a) | 5.63 | % | 10/01/2021 | 25 | 25,111 | |||||||||
Series 1997, GO Bonds (INS - NATL)(a) | 5.00 | % | 10/01/2023 | 10 | 10,037 | |||||||||
Series 1997, GO Bonds | 5.00 | % | 10/01/2023 | 25 | 25,091 | |||||||||
Series 1997, GO Bonds (INS - NATL)(a) | 5.63 | % | 10/01/2023 | 235 | 236,039 | |||||||||
Series 1997, GO Bonds (INS - NATL)(a) | 5.63 | % | 10/01/2026 | 10 | 10,044 | |||||||||
Series 1997, GO Bonds | 5.13 | % | 10/01/2027 | 20 | 20,075 | |||||||||
Series 2000, GO Bonds | 5.63 | % | 05/01/2026 | 40 | 40,164 | |||||||||
Series 2001, GO Bonds | 5.20 | % | 11/01/2031 | 5 | 5,019 | |||||||||
Series 2002, GO Bonds | 5.00 | % | 10/01/2022 | 5 | 5,018 | |||||||||
Series 2002, GO Bonds (INS - SGI)(a) | 5.00 | % | 10/01/2028 | 5 | 5,018 | |||||||||
Series 2011, GO Bonds | 5.25 | % | 09/01/2028 | 1,000 | 1,025,290 | |||||||||
Series 2011, GO Bonds | 5.00 | % | 10/01/2041 | 1,050 | 1,078,728 | |||||||||
Series 2011, Ref. GO Bonds | 5.25 | % | 09/01/2024 | 4,970 | 5,096,188 | |||||||||
Series 2012, GO Bonds | 5.00 | % | 09/01/2042 | 1,065 | 1,136,941 | |||||||||
Series 2016, Ref. GO Bonds | 5.00 | % | 09/01/2030 | 745 | 762,917 | |||||||||
Series 2018, GO Bonds | 5.25 | % | 10/01/2039 | 7,795 | 9,373,955 | |||||||||
Series 2019, Ref. GO Bonds | 4.00 | % | 10/01/2039 | 5,000 | 5,866,700 | |||||||||
Series 2020, Ref. GO Bonds | 4.00 | % | 03/01/2036 | 6,020 | 7,152,844 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco Limited Term California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
California–(continued) | ||||||||||||||
California (State of) Community College Financing Authority (Grossmont-Cuyamaca Community College District, Palomar Community College District & Shasta-Tehama-Trinity Joint Community College District); | ||||||||||||||
Series 2001 A, RB (INS - NATL)(a) | 5.00 | % | 04/01/2021 | $ | 10 | $ 10,039 | ||||||||
Series 2001 A, RB (INS - NATL)(a) | 5.63 | % | 04/01/2026 | 680 | 682,815 | |||||||||
California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - Orange Coast College); Series 2018, RB | 5.00 | % | 05/01/2033 | 600 | 644,364 | |||||||||
California (State of) County Tobacco Securitization Agency; | ||||||||||||||
Series 2007 B, RB | 5.10 | % | 06/01/2028 | 340 | 340,255 | |||||||||
Series 2014, Ref. RB | 4.00 | % | 06/01/2029 | 4,690 | 4,711,152 | |||||||||
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); | ||||||||||||||
Series 2002, RB | 5.88 | % | 06/01/2035 | 380 | 380,494 | |||||||||
Series 2002, RB | 6.00 | % | 06/01/2042 | 4,735 | 4,741,155 | |||||||||
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.); Series 2002, RB | 6.00 | % | 06/01/2035 | 4,655 | 4,661,051 | |||||||||
California (State of) County Tobacco Securitization Agency (Sonoma County Securitization Corp.); Series 2020, Ref. RB | 5.00 | % | 06/01/2049 | 1,200 | 1,455,264 | |||||||||
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB | 5.88 | % | 06/01/2043 | 265 | 265,345 | |||||||||
California (State of) Department of Water Resources (Central Valley); Series 1972, RB | 5.25 | % | 07/01/2022 | 230 | 230,879 | |||||||||
California (State of) Educational Facilities Authority (California College of the Arts); | ||||||||||||||
Series 2012, RB(b)(c) | 5.00 | % | 06/01/2022 | 400 | 423,436 | |||||||||
Series 2012, RB(b) | 5.00 | % | 06/01/2022 | 1,135 | 1,201,500 | |||||||||
California (State of) Educational Facilities Authority (Chapman University); | 5.00 | % | 04/01/2026 | 3,070 | 3,080,469 | |||||||||
California (State of) Educational Facilities Authority (Loma Linda University); | 5.00 | % | 04/01/2030 | 710 | 849,465 | |||||||||
California (State of) Educational Facilities Authority (Southwestern University); | 5.00 | % | 11/01/2023 | 75 | 75,203 | |||||||||
California (State of) Health Facilities Financing Authority; Series 2014 A, RB | 5.00 | % | 10/01/2029 | 500 | 575,345 | |||||||||
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2015, Ref. RB | 5.00 | % | 11/15/2032 | 1,750 | 2,078,527 | |||||||||
California (State of) Health Facilities Financing Authority (Commonspirit Health); Series 2020 A, Ref. RB | 4.00 | % | 04/01/2038 | 3,000 | 3,499,620 | |||||||||
California (State of) Health Facilities Financing Authority (El Camino Hospital); | ||||||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 02/01/2032 | 1,750 | 1,991,692 | |||||||||
Series 2015 A, Ref. RB | 5.00 | % | 02/01/2033 | 3,000 | 3,406,800 | |||||||||
California (State of) Health Facilities Financing Authority (Gateways Hospital and Mental Health Center); | ||||||||||||||
Series 2011 B, RB (INS - Cal-Mortgage)(a) | 4.30 | % | 12/01/2023 | 15 | 15,044 | |||||||||
Series 2011 B, RB (INS - Cal-Mortgage)(a) | 4.45 | % | 12/01/2024 | 10 | 10,029 | |||||||||
California (State of) Health Facilities Financing Authority (San Fernando Valley Community Mental Health Center, Inc.); Series 1998 A, RB (INS - NATL)(a) | 5.25 | % | 06/01/2023 | 20 | 20,051 | |||||||||
California (State of) Health Facilities Financing Authority (Stanford Health Care); Series 2017 A, Ref. RB | 4.00 | % | 11/15/2040 | 6,000 | 6,777,240 | |||||||||
California (State of) Health Facilities Financing Authority (Sutter Health); | ||||||||||||||
Series 2011 D, Ref. RB(b)(c) | 5.00 | % | 08/15/2021 | 2,700 | 2,759,238 | |||||||||
Series 2011 D, Ref. RB(b)(c) | 5.25 | % | 08/15/2021 | 11,045 | 11,299,808 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 11/15/2032 | 1,800 | 2,242,818 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 11/15/2033 | 3,000 | 3,729,690 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 11/15/2035 | 1,500 | 1,851,030 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 11/15/2037 | 4,490 | 5,484,849 | |||||||||
California (State of) Housing Finance Agency; | ||||||||||||||
Series 2004 C, VRD RB (INS - AGM)(a)(d) | 0.04 | % | 02/01/2037 | 120 | 120,000 | |||||||||
Series 2019 A-1, RB | 4.25 | % | 01/15/2035 | 4,893 | 5,614,390 | |||||||||
California (State of) Infrastructure & Economic Development Bank (California Science Center Phase II); | ||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2027 | 1,505 | 1,809,928 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2028 | 775 | 925,707 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2029 | 910 | 1,080,416 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2030 | 740 | 873,392 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2031 | 910 | 1,070,369 | |||||||||
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center for the Arts); Series 2016, Ref. RB | 5.00 | % | 07/01/2026 | 5,000 | 5,674,600 | |||||||||
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB | 5.00 | % | 06/01/2036 | 1,000 | 1,119,320 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco Limited Term California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
California–(continued) | ||||||||||||||
California (State of) Municipal Finance Authority (Biola University); | ||||||||||||||
Series 2013, RB | 5.00 | % | 10/01/2029 | $ | 335 | $ 366,815 | ||||||||
Series 2013, RB | 5.00 | % | 10/01/2030 | 465 | 508,138 | |||||||||
California (State of) Municipal Finance Authority (CHF -Riverside II, LLC - UCR North District Phase I Student Housing); Series 2019, RB (INS - BAM)(a) | 5.00 | % | 05/15/2040 | 3,080 | 3,789,786 | |||||||||
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); | ||||||||||||||
Series 2018, RB (INS - BAM)(a) | 5.00 | % | 05/15/2033 | 6,385 | 7,877,749 | |||||||||
Series 2018, RB | 5.00 | % | 05/15/2037 | 2,500 | 2,971,975 | |||||||||
California (State of) Municipal Finance Authority (CHF-Riverside I, LLC - UCR Dundee-Glasgow Student Housing); | ||||||||||||||
Series 2018, RB (INS - BAM)(a) | 5.00 | % | 05/15/2032 | 2,120 | 2,625,917 | |||||||||
Series 2018, RB (INS - BAM)(a) | 5.00 | % | 05/15/2033 | 2,000 | 2,467,580 | |||||||||
Series 2018, RB (INS - BAM)(a) | 5.00 | % | 05/15/2034 | 1,260 | 1,548,238 | |||||||||
Series 2018, RB (INS - BAM)(a) | 5.00 | % | 05/15/2036 | 1,900 | 2,316,651 | |||||||||
California (State of) Municipal Finance Authority (Community Medical Centers); | ||||||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 02/01/2028 | 3,000 | 3,591,330 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 02/01/2029 | 3,400 | 4,034,338 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 02/01/2030 | 3,500 | 4,138,190 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 02/01/2031 | 2,000 | 2,355,880 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 02/01/2032 | 1,500 | 1,760,400 | |||||||||
California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 A, Ref. RB | 5.00 | % | 07/01/2030 | 2,155 | 2,586,668 | |||||||||
California (State of) Municipal Finance Authority (Emerson College); | ||||||||||||||
Series 2011, RB(b)(c) | 5.00 | % | 01/01/2022 | 190 | 197,353 | |||||||||
Series 2011, RB | 5.00 | % | 01/01/2028 | 40 | 41,342 | |||||||||
California (State of) Municipal Finance Authority (Linxs APM); | ||||||||||||||
Series 2018 A, RB(e) | 5.00 | % | 12/31/2033 | 8,385 | 10,150,042 | |||||||||
Series 2018 A, RB(e) | 5.00 | % | 12/31/2034 | 6,500 | 7,849,205 | |||||||||
Series 2018, RB(e) | 5.00 | % | 12/31/2035 | 2,700 | 3,250,719 | |||||||||
California (State of) Municipal Finance Authority (NorthBay Healthcare Group); | ||||||||||||||
Series 2015, RB | 5.00 | % | 11/01/2030 | 440 | 483,512 | |||||||||
Series 2015, RB | 5.00 | % | 11/01/2035 | 1,100 | 1,197,460 | |||||||||
Series 2017 A, RB | 5.00 | % | 11/01/2028 | 1,000 | 1,164,890 | |||||||||
Series 2017 A, RB | 5.25 | % | 11/01/2029 | 750 | 880,365 | |||||||||
California (State of) Municipal Finance Authority (San Bernardino Municipal Water Department Water Facilities); | ||||||||||||||
Series 2016, Ref. RB (INS - BAM)(a) | 5.00 | % | 08/01/2033 | 1,580 | 1,892,334 | |||||||||
Series 2016, Ref. RB (INS - BAM)(a) | 5.00 | % | 08/01/2035 | 1,715 | 2,043,114 | |||||||||
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, Ref. RB(e) | 4.00 | % | 07/15/2029 | 1,100 | 1,233,276 | |||||||||
California (State of) Pollution Control Finance Authority; Series 2012, RB(e)(f) | 5.00 | % | 07/01/2030 | 5,000 | 5,349,500 | |||||||||
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds); | ||||||||||||||
Series 2017, RB(e)(f)(g) | 7.00 | % | 07/01/2022 | 1,000 | 650,000 | |||||||||
Series 2017, RB(e)(f)(g) | 7.50 | % | 07/01/2032 | 4,000 | 2,600,000 | |||||||||
Series 2020, RB(e)(f) | 7.50 | % | 07/01/2032 | 630 | 574,453 | |||||||||
California (State of) Pollution Control Financing Authority (San Diego County Water Authority); Series 2019, Ref. RB(f) | 5.00 | % | 07/01/2039 | 1,500 | 1,785,105 | |||||||||
California (State of) Pollution Control Financing Authority (Southern California Water Co.); Series 1996 A, RB (INS - NATL)(a)(e) | 5.50 | % | 12/01/2026 | 1,030 | 1,032,204 | |||||||||
California (State of) Public Finance Authority; | ||||||||||||||
Series 2019 A, RB(f) | 6.25 | % | 07/01/2054 | 3,000 | 3,426,870 | |||||||||
Series 2020 A, RB(f) | 4.25 | % | 07/01/2030 | 1,415 | 1,469,110 | |||||||||
California (State of) Public Finance Authority (Trinity Classical Academy); | 5.00 | % | 07/01/2036 | 600 | 629,538 | |||||||||
California (State of) Public Works Board (California Community Colleges); | ||||||||||||||
Series 2004 B, RB | 5.13 | % | 06/01/2025 | 15 | 15,056 | |||||||||
Series 2004 B, RB | 5.13 | % | 06/01/2029 | 45 | 45,166 | |||||||||
Series 2005 E, RB (INS - BHAC)(a) | 5.00 | % | 10/01/2024 | 50 | 50,181 | |||||||||
Series 2007 B, RB (INS - NATL)(a) | 4.25 | % | 03/01/2026 | 5 | 5,014 | |||||||||
Series 2007 B, RB (INS - NATL)(a) | 5.00 | % | 03/01/2027 | 50 | 50,181 | |||||||||
California (State of) Public Works Board (Department of Corrections & Rehabilitation); Series 2011 C, RB(b) | 5.75 | % | 10/01/2031 | 2,000 | 2,064,360 | |||||||||
California (State of) Public Works Board (Department of Mental Health); | 5.25 | % | 04/01/2023 | 15 | 15,055 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco Limited Term California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
California–(continued) | ||||||||||||||
California (State of) Public Works Board (Judicial Council of California); | ||||||||||||||
Series 2011 D, RB(b) | 5.25 | % | 12/01/2026 | $ | 3,000 | $ 3,113,040 | ||||||||
Series 2013 A, RB | 5.00 | % | 03/01/2026 | 875 | 955,474 | |||||||||
California (State of) Public Works Board (Trustees of the California State University); Series 2010 B-1, RB | 5.13 | % | 03/01/2023 | 2,000 | 2,007,420 | |||||||||
California (State of) Public Works Board (Various Capital); | ||||||||||||||
Series 2012 A, RB | 5.00 | % | 04/01/2026 | 275 | 289,218 | |||||||||
Series 2012 G, Ref. RB | 5.00 | % | 11/01/2030 | 450 | 485,789 | |||||||||
California (State of) School Finance Authority (Coastal Academy); Series 2013 A, RB(f) | 5.00 | % | 10/01/2022 | 335 | 347,606 | |||||||||
California (State of) School Finance Authority (Escuela Popular); Series 2017, RB(f) | 5.50 | % | 07/01/2027 | 1,225 | 1,357,839 | |||||||||
California (State of) School Finance Authority (HTH Learning); Series 2017 A, Ref. RB(f) | 5.00 | % | 07/01/2032 | 1,705 | 1,948,798 | |||||||||
California (State of) Statewide Communities Development Authority; | ||||||||||||||
Series 2005 D, RB (INS - AGM)(a) | 4.25 | % | 10/01/2021 | 15 | 15,046 | |||||||||
Series 2020 B, RB | 4.00 | % | 09/02/2022 | 75 | 77,796 | |||||||||
Series 2020 B, RB | 4.00 | % | 09/02/2023 | 205 | 216,699 | |||||||||
Series 2020 B, RB | 4.00 | % | 09/02/2024 | 215 | 231,043 | |||||||||
Series 2020 B, RB | 4.00 | % | 09/02/2025 | 225 | 245,027 | |||||||||
Series 2020 B, RB | 4.00 | % | 09/02/2026 | 230 | 253,384 | |||||||||
California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools - 47th and Main); Series 2012 A, RB | 5.13 | % | 07/01/2022 | 135 | 136,786 | |||||||||
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2002-1); Series 2002 1, RB(e) | 6.35 | % | 09/01/2021 | 25 | 25,042 | |||||||||
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB | 5.25 | % | 11/15/2034 | 1,000 | 1,042,290 | |||||||||
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2017 A, Ref. RB | 5.00 | % | 04/01/2031 | 175 | 203,448 | |||||||||
California (State of) Statewide Communities Development Authority (Heritage Park at Cathedral City Apartments); Series 2002 NN-1, RB (INS - AMBAC)(a)(e) | 5.20 | % | 06/01/2036 | 875 | 876,855 | |||||||||
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB(f) | 5.00 | % | 07/01/2029 | 900 | 994,599 | |||||||||
California (State of) Statewide Communities Development Authority (Pooled Financing Program); Series 2002 B, RB (INS - AGM)(a) | 5.25 | % | 10/01/2027 | 5 | 5,018 | |||||||||
California (State of) Statewide Communities Development Authority (River Run Senior Apartments - Corona); Series 2003, RB(e) | 6.75 | % | 09/01/2037 | 45 | 45,061 | |||||||||
California (State of) Statewide Communities Development Authority (Sherman Oaks); Series 1998 A, RB (INS - AMBAC)(a) | 5.00 | % | 08/01/2022 | 740 | 754,689 | |||||||||
California (State of) Statewide Communities Development Authority (Sutter Health); | ||||||||||||||
Series 2011 C, RB(b)(c) | 5.00 | % | 08/15/2021 | 1,160 | 1,185,729 | |||||||||
Series 2012 B, COP(b)(c) | 5.25 | % | 06/01/2022 | 2,730 | 2,901,990 | |||||||||
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments - CHF-Irvine, LLC); Series 2012, Ref. RB | 5.38 | % | 05/15/2038 | 1,000 | 1,008,050 | |||||||||
California (State of) Statewide Communities Development Authority (University of California, Irvine East Campus Apartments, CHF-Irvine, LLC); | ||||||||||||||
Series 2012, Ref. RB | 5.13 | % | 05/15/2031 | 310 | 312,567 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 05/15/2030 | 1,500 | 1,748,700 | |||||||||
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); | ||||||||||||||
Series 2002 A, RB | 5.63 | % | 05/01/2029 | 738 | 740,834 | |||||||||
Series 2002 A, RB | 6.00 | % | 05/01/2037 | 3,395 | 3,408,037 | |||||||||
Series 2002 B, RB | 5.63 | % | 05/01/2029 | 335 | 336,286 | |||||||||
California (State of), CA Tobacco Securitization Agency (Los Angeles County Securitization Corp.); Series 2020 B-1, Ref. RB | 5.00 | % | 06/01/2049 | 10,135 | 12,189,973 | |||||||||
California State University; Series 2019 A, RB | 4.00 | % | 11/01/2041 | 3,480 | 4,077,864 | |||||||||
California Statewide Communities Development Authority (Statewide Community Infrastructure Program); Series 2015, Ref. RB | 5.00 | % | 09/02/2035 | 3,515 | 3,846,429 | |||||||||
Calimesa (City of), CA; Series 2020, RB | 4.00 | % | 09/01/2037 | 415 | 463,169 | |||||||||
Carlsbad (City of), CA Housing & Redevelopment Commission; Series 1993, RB (INS - NATL)(a) | 5.30 | % | 09/01/2023 | 10 | 10,212 | |||||||||
Carson (City of), CA (Assessment District No. 92-1); Series 1992, RB | 7.38 | % | 09/02/2022 | 15 | 15,472 | |||||||||
Cathedral (City of), CA Redevelopment Agency Successor Agency; | ||||||||||||||
Series 2021 A, Ref. RB (INS - BAM)(a) | 4.00 | % | 08/01/2033 | 1,500 | 1,781,145 | |||||||||
Series 2021 A, Ref. RB (INS - BAM)(a) | 4.00 | % | 08/01/2034 | 1,000 | 1,184,790 | |||||||||
Series 2021 A, Ref. RB (INS - BAM)(a) | 4.00 | % | 08/01/2035 | 200 | 229,666 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco Limited Term California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
California–(continued) | ||||||||||||||
Cerritos (City of), CA Public Financing Authority; Series 2002 A, RB | 4.55 | % | 11/01/2024 | $ | 5 | $ 5,013 | ||||||||
Cerritos Community College District (Election of 2018); Series 2019 A, GO Bonds | 4.00 | % | 06/01/2043 | 5,000 | 5,729,500 | |||||||||
Chino (City of), CA Public Financing Authority; | ||||||||||||||
Series 2015 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 09/01/2028 | 1,230 | 1,439,629 | |||||||||
Series 2015 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 09/01/2029 | 1,280 | 1,497,536 | |||||||||
Series 2015 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 09/01/2030 | 900 | 1,052,955 | |||||||||
Series 2015 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 09/01/2031 | 950 | 1,110,996 | |||||||||
Cloverdale Unified School District; Series 2019 A, GO Bonds | 5.25 | % | 08/01/2044 | 3,500 | 4,287,115 | |||||||||
Colton (City of), CA Public Financing Authority; Series 2007 A, RB (INS - AMBAC)(a) | 4.70 | % | 04/01/2032 | 15 | 15,037 | |||||||||
Compton (City of), CA; Series 1998, Ref. RB (INS - NATL)(a) | 5.38 | % | 09/01/2023 | 175 | 175,719 | |||||||||
Compton Community College District; | ||||||||||||||
Series 2012, Ref. GO Bonds | 5.00 | % | 07/01/2021 | 1,895 | 1,924,979 | |||||||||
Series 2012, Ref. GO Bonds | 5.00 | % | 07/01/2023 | 1,310 | 1,388,521 | |||||||||
Coronado Community Development Agency Successor Agency; Series 2018 A, Ref. RB | 5.00 | % | 09/01/2033 | 1,260 | 1,459,496 | |||||||||
Cudahy (City of), CA Community Development Commission Successor Agency (City-Wide Redevelopment); | ||||||||||||||
Series 2011 A, RB(b) | 7.25 | % | 10/01/2021 | 130 | 135,330 | |||||||||
Series 2011 A, RB(b)(c) | 7.75 | % | 10/01/2021 | 315 | 328,829 | |||||||||
Series 2011 B, RB(b) | 7.00 | % | 10/01/2021 | 185 | 192,317 | |||||||||
Cypress (City of), CA (Cypress Business and Professional Center Assessment District); Series 1998, RB | 5.70 | % | 09/02/2022 | 10 | 10,021 | |||||||||
Delano Joint Union High School District; Series 2003 A, Ref. GO Bonds (INS - NATL)(a) | 5.10 | % | 02/01/2023 | 975 | 1,060,907 | |||||||||
Dinuba (City of), CA Redevelopment Agency; Series 2011 A, Ref. RB(b)(c) | 5.75 | % | 09/01/2021 | 170 | 174,643 | |||||||||
Downey (City of), CA Community Development Commission; Series 1997, Ref. RB (INS - NATL)(a) | 5.13 | % | 08/01/2028 | 50 | 50,672 | |||||||||
El Dorado (County of), CA (Community Facilities District No. 1992-1 - El Dorado Hills Development); | ||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 09/01/2026 | 620 | 664,690 | |||||||||
Series 2012, Ref. RB | 5.00 | % | 09/01/2027 | 790 | 846,327 | |||||||||
El Monte Union High School District; Series 2019 A, GO Bonds | 4.00 | % | 06/01/2037 | 1,440 | 1,639,800 | |||||||||
Eureka (City of), CA Public Financing Authority; Series 2011, RB | 5.00 | % | 10/01/2041 | 3,000 | 3,074,250 | |||||||||
Fontana (City of), CA (Community Facilities District No. 80); | ||||||||||||||
Series 2017, RB | 5.00 | % | 09/01/2026 | 290 | 349,897 | |||||||||
Series 2017, RB | 5.00 | % | 09/01/2029 | 175 | 211,486 | |||||||||
Fresno (City of), CA Joint Powers Financing Authority (Master Lease); | ||||||||||||||
Series 2017 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 04/01/2030 | 675 | 808,454 | |||||||||
Series 2017 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 04/01/2031 | 1,000 | 1,193,380 | |||||||||
Series 2017 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 04/01/2032 | 500 | 594,780 | |||||||||
Galt (City of), CA Redevelopment Agency; Series 2011, RB | 7.38 | % | 09/01/2033 | 400 | 412,780 | |||||||||
Golden State Tobacco Securitization Corp.; | ||||||||||||||
Series 2017 A-1, Ref. RB | 5.00 | % | 06/01/2027 | 1,850 | 2,290,263 | |||||||||
Series 2017 A-1, Ref. RB | 5.00 | % | 06/01/2028 | 6,560 | 8,048,202 | |||||||||
Series 2017 A-1, Ref. RB | 5.00 | % | 06/01/2029 | 2,090 | 2,544,241 | |||||||||
Granada Sanitary District (2003 Reassessment & Ref.); Series 2003 A, RB | 6.13 | % | 09/02/2022 | 10 | 10,264 | |||||||||
Hawthorne (City of), CA Community Redevelopment Agency Successor Agency (Community Facilities District No. 1999-1); Series 2010, Ref. RB | 6.13 | % | 10/01/2025 | 3,220 | 3,233,427 | |||||||||
Huntington Beach (City of), CA (Community Facilities District No. 2002-1 - Improvement Area A - McDonnell Centre Business Park); Series 2002 A, RB | 6.25 | % | 09/01/2027 | 20 | 20,587 | |||||||||
Huntington Beach (City of), CA (Community Facilities District No. 2003-1 - Huntington Center); | ||||||||||||||
Series 2013, Ref. RB | 5.25 | % | 09/01/2025 | 1,055 | 1,058,450 | |||||||||
Series 2013, Ref. RB | 5.25 | % | 09/01/2026 | 1,115 | 1,118,568 | |||||||||
Series 2013, Ref. RB | 5.38 | % | 09/01/2033 | 1,200 | 1,308,024 | |||||||||
Huntington Beach (City of), CA Redevelopment Agency; Series 1999, Ref. RB (INS - AGM)(a) | 5.00 | % | 08/01/2024 | 15 | 15,049 | |||||||||
Huntington Park (City of), CA Public Financing Authority; Series 2004 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 09/01/2022 | 15 | 15,054 | |||||||||
Imperial (City of), CA Public Financing Authority (Water Facility); Series 2012, RB | 5.00 | % | 10/15/2026 | 2,735 | 2,943,626 | |||||||||
Inland Empire Tobacco Securitization Corp.; Series 2019, Ref. RB | 3.68 | % | 06/01/2038 | 9,650 | 10,082,416 | |||||||||
Irvine (City of), CA; Series 2014, RB | 5.00 | % | 09/01/2039 | 1,000 | 1,115,650 | |||||||||
Irvine (City of), CA (Reassessment District No. 13-1); Series 2012, RB | 5.00 | % | 09/02/2025 | 710 | 789,740 | |||||||||
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 1); Series 2014, RB | 5.00 | % | 09/01/2044 | 500 | 554,605 | |||||||||
Jurupa (City of), CA Community Services District; Series 2013 A, RB | 5.00 | % | 09/01/2042 | 1,000 | 1,047,720 | |||||||||
Jurupa (City of), CA Public Financing Authority; Series 2014 A, Ref. RB | 5.00 | % | 09/01/2042 | 1,000 | 1,118,930 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco Limited Term California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
California–(continued) | ||||||||||||||
Jurupa Community Services District; | ||||||||||||||
Series 2021 A, RB | 4.00 | % | 09/01/2031 | $ | 100 | $ 113,089 | ||||||||
Series 2021 A, RB | 4.00 | % | 09/01/2033 | 100 | 112,409 | |||||||||
Series 2021 A, RB | 4.00 | % | 09/01/2034 | 165 | 184,983 | |||||||||
Series 2021 A, RB | 4.00 | % | 09/01/2036 | 180 | 200,723 | |||||||||
Series 2021 A, RB | 4.00 | % | 09/01/2038 | 385 | 426,480 | |||||||||
Series 2021 A, RB | 4.00 | % | 09/01/2039 | 135 | 149,163 | |||||||||
Series 2021 A, RB | 4.00 | % | 09/01/2040 | 140 | 154,291 | |||||||||
Kern Valley Healthcare District; Series 2003, Ref. RB (INS - Cal-Mortgage)(a) | 5.25 | % | 08/01/2021 | 25 | 25,096 | |||||||||
La Canada Unified School District; Series 2020 B, GO Bonds | 4.00 | % | 08/01/2037 | 1,000 | 1,170,230 | |||||||||
La Mesa (City of), CA (Assessment District No. 98-1); Series 1998, RB | 5.75 | % | 09/02/2023 | 20 | 20,411 | |||||||||
Lancaster (City of), CA Redevelopment Agency Successor Agency (Lancaster Public Capital Improvements); Series 2010, Ref. RB | 5.50 | % | 12/01/2028 | 560 | 561,630 | |||||||||
Lodi (City of), CA Public Financing Authority; Series 2012, Ref. RB | 5.25 | % | 10/01/2026 | 2,000 | 2,102,300 | |||||||||
Long Beach (City of), CA; Series 2015, RB | 5.00 | % | 05/15/2027 | 850 | 973,496 | |||||||||
Long Beach (City of), CA (Community Facilities District No. 6); Series 2002, RB | 6.25 | % | 10/01/2026 | 35 | 35,091 | |||||||||
Long Beach (City of), CA Bond Finance Authority; | ||||||||||||||
Series 2007 A, RB | 5.25 | % | 11/15/2023 | 1,435 | 1,620,545 | |||||||||
Series 2007 A, RB | 5.50 | % | 11/15/2037 | 100 | 143,627 | |||||||||
Long Beach Unified School District (Election of 2008); Series 2009, GO Bonds | 5.75 | % | 08/01/2033 | 30 | 30,119 | |||||||||
Los Angeles (City of), CA; Series 2012 C, Ref. RB | 5.00 | % | 06/01/2025 | 800 | 847,400 | |||||||||
Los Angeles (City of), CA (FHA Insured Mortgage Loans - Section 8 Assisted); | ||||||||||||||
Series 1993 1, Ref. RB (INS - NATL)(a) | 6.50 | % | 07/01/2022 | 5 | 5,021 | |||||||||
Series 1993 II-A, Ref. RB (INS - NATL)(a) | 5.35 | % | 07/01/2022 | 5 | 5,017 | |||||||||
Los Angeles (City of), CA Community Facilities District No. 3 (Cascades Business Park); Series 1997, RB | 6.40 | % | 09/01/2022 | 25 | 25,398 | |||||||||
Los Angeles (City of), CA Department of Airports; Series 2018 B, Ref. RB(e) | 5.00 | % | 05/15/2034 | 1,000 | 1,233,910 | |||||||||
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); | ||||||||||||||
Series 2018 A, RB(e) | 5.25 | % | 05/15/2038 | 3,565 | 4,383,845 | |||||||||
Series 2018 D, Ref. RB(e) | 5.00 | % | 05/15/2030 | 9,000 | 11,394,450 | |||||||||
Los Angeles (City of), CA Department of Water & Power; Series 2018 A, Ref. RB | 5.00 | % | 07/01/2038 | 5,000 | 6,100,700 | |||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds); | ||||||||||||||
Series 2020 A, RB | 4.00 | % | 06/01/2035 | 1,000 | 1,212,700 | |||||||||
Series 2020 A, RB | 4.00 | % | 06/01/2036 | 1,000 | 1,206,000 | |||||||||
Series 2020 A, RB | 4.00 | % | 06/01/2037 | 3,750 | 4,498,275 | |||||||||
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds); | ||||||||||||||
Series 2020 A, RB | 4.00 | % | 12/01/2039 | 3,000 | 3,547,950 | |||||||||
Series 2020 A, RB | 4.00 | % | 12/01/2040 | 4,000 | 4,696,800 | |||||||||
Los Angeles Unified School District; | ||||||||||||||
Series 2020 C, GO Bonds | 4.00 | % | 07/01/2039 | 5,005 | 5,903,247 | |||||||||
Series 2020 C, GO Bonds | 4.00 | % | 07/01/2040 | 6,625 | 7,787,489 | |||||||||
Madera (County of), CA (Valley Children’s Hospital); | ||||||||||||||
Series 1995, COP (INS - NATL)(a) | 5.75 | % | 03/15/2028 | 455 | 456,511 | |||||||||
Series 1998, COP (INS - NATL)(a) | 5.00 | % | 03/15/2023 | 430 | 433,431 | |||||||||
Madera (County of), CA Board of Education; Series 2011, Ref. COP(b)(c) | 6.13 | % | 10/01/2021 | 325 | 336,226 | |||||||||
Manteca Unified School District (Community Facilities District No. 1989-2); | 5.00 | % | 09/01/2027 | 1,285 | 1,417,638 | |||||||||
Marina (City of), CA Redevelopment Agency Successor Agency; | ||||||||||||||
Series 2018 A, RB | 5.00 | % | 09/01/2033 | 340 | 391,568 | |||||||||
Series 2018 B, RB | 5.00 | % | 09/01/2033 | 250 | 285,695 | |||||||||
Maywood (City of), CA Public Financing Authority (Infrastructure Refinancing); Series 2008 A, Ref. RB | 7.00 | % | 09/01/2028 | 20 | 20,014 | |||||||||
Modesto (City of), CA (Golf Course Ref.); Series 1993 B, COP (INS - NATL)(a) | 5.00 | % | 11/01/2023 | 185 | 190,611 | |||||||||
Modesto (City of), CA Irrigation District; Series 2011 C, Ref. RB | 5.00 | % | 07/01/2030 | 500 | 507,805 | |||||||||
Monrovia (City of), CA Redevelopment Agency Successor Agency (Central Redevelopment - Project Area No. 1); Series 2013, Ref. RB | 5.00 | % | 08/01/2026 | 1,000 | 1,059,570 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco Limited Term California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
California–(continued) | ||||||||||||||
Mountain House Public Financing Authority (Green Bonds); | ||||||||||||||
Series 2020 A, RB (INS - BAM)(a) | 4.00 | % | 12/01/2036 | $ | 310 | $ 363,748 | ||||||||
Series 2020 A, RB (INS - BAM)(a) | 4.00 | % | 12/01/2037 | 495 | 578,784 | |||||||||
Series 2020 A, RB (INS - BAM)(a) | 4.00 | % | 12/01/2038 | 555 | 644,161 | |||||||||
Series 2020 A, RB (INS - BAM)(a) | 4.00 | % | 12/01/2039 | 470 | 544,081 | |||||||||
Series 2020 A, RB (INS - BAM)(a) | 4.00 | % | 12/01/2040 | 600 | 689,628 | |||||||||
Series 2020 B, RB (INS - BAM)(a) | 4.00 | % | 12/01/2035 | 1,000 | 1,173,420 | |||||||||
Mountain View (City of), CA; Series 2004 A, RB (INS - NATL)(a) | 4.50 | % | 06/01/2026 | 10 | 10,027 | |||||||||
M-S-R Public Power Agency; Series 1991 E, RB(b) | 6.00 | % | 07/01/2022 | 25 | 26,205 | |||||||||
Municipal Improvement Corp. of Los Angeles; Series 2020 B, RB | 5.00 | % | 11/01/2040 | 1,985 | 2,518,171 | |||||||||
Northern California Energy Authority; Series 2018 A, RB(c) | 4.00 | % | 07/01/2024 | 5,000 | 5,505,350 | |||||||||
Northern California Tobacco Securitization Authority; Series 2021 B1, Ref. RB | 4.00 | % | 06/01/2049 | 1,750 | 1,972,320 | |||||||||
Northern Inyo (County of), CA Local Hospital District; Series 2010, RB | 6.38 | % | 12/01/2025 | 835 | 837,188 | |||||||||
Oakland (Port of), CA; | ||||||||||||||
Series 2011 O, Ref. RB(b)(c)(e) | 5.00 | % | 05/01/2021 | 5,000 | 5,038,450 | |||||||||
Series 2011 O, Ref. RB(b)(c)(e) | 5.13 | % | 05/01/2021 | 2,000 | 2,015,800 | |||||||||
Series 2012 P, Ref. RB(e) | 5.00 | % | 05/01/2033 | 1,000 | 1,045,440 | |||||||||
Oakland Unified School District (County of Alameda); Series 2016, Ref. GO Bonds (INS - BAM)(a) | 5.00 | % | 08/01/2030 | 5,000 | 6,001,900 | |||||||||
Oakland Unified School District (Election of 2006); Series 2012 A, GO Bonds(b) | 5.00 | % | 08/01/2022 | 410 | 428,487 | |||||||||
Oceanside (City of), CA (Community Facilities District No. 200-1 - Ocean Ranch Corporate Centre); | ||||||||||||||
Series 2013 A, Ref. RB | 5.00 | % | 09/01/2026 | 685 | 750,520 | |||||||||
Series 2013 A, Ref. RB | 5.00 | % | 09/01/2027 | 745 | 813,555 | |||||||||
Series 2013 A, Ref. RB | 5.00 | % | 09/01/2028 | 805 | 875,172 | |||||||||
Orange (City of), CA (Community Facilities District No. 91-2 - Serrano Heights Public Improvements); Series 2013, Ref. RB | 5.00 | % | 10/01/2028 | 1,495 | 1,602,416 | |||||||||
Oxnard (City of), CA Financing Authority; | ||||||||||||||
Series 2011, Ref. RB(b)(c) | 5.30 | % | 06/01/2021 | 50 | 50,643 | |||||||||
Series 2014, Ref. RB (INS - AGM)(a) | 5.00 | % | 06/01/2029 | 2,000 | 2,266,260 | |||||||||
Palo Alto (City of), CA; | ||||||||||||||
Series 1999 A, Ref. RB (INS - AMBAC)(a) | 5.25 | % | 06/01/2021 | 85 | 86,075 | |||||||||
Series 1999 A, Ref. RB (INS - AMBAC)(a) | 5.25 | % | 06/01/2024 | 15 | 15,184 | |||||||||
Palomar Health; Series 2016, Ref. RB | 5.00 | % | 11/01/2031 | 1,625 | 1,874,795 | |||||||||
Perris Elementary School District (Election of 2014); | ||||||||||||||
Series 2014 A, GO Bonds (INS - BAM)(a) | 6.00 | % | 08/01/2027 | 185 | 217,542 | |||||||||
Series 2014 A, GO Bonds (INS - BAM)(a) | 6.00 | % | 08/01/2028 | 205 | 240,756 | |||||||||
Perris Union High School District; Series 2019 A, GO Bonds (INS - AGM)(a) | 4.00 | % | 09/01/2040 | 2,000 | 2,343,220 | |||||||||
Poway Unified School District Public Financing Authority; | ||||||||||||||
Series 2013, RB | 5.00 | % | 09/15/2025 | 845 | 942,665 | |||||||||
Series 2013, RB | 5.00 | % | 09/15/2029 | 1,180 | 1,310,036 | |||||||||
Rancho California Water District Financing Authority; Series 2019 A, Ref. RB | 4.00 | % | 08/01/2039 | 3,200 | 3,816,608 | |||||||||
Rancho Cucamonga (City of), CA (Community Facilities District No. 2003-01 - Improvement Area No. 1); Series 2013, Ref. RB | 5.75 | % | 09/01/2028 | 1,800 | 1,806,408 | |||||||||
Rancho Mirage (City of), CA (Reassessment District No. R22-85); | ||||||||||||||
Series 2002, Ref. RB | 5.75 | % | 09/02/2022 | 10 | 10,168 | |||||||||
Series 2002, Ref. RB | 5.75 | % | 09/02/2026 | 20 | 20,291 | |||||||||
Rancho Mirage (City of), CA (Reassessment District No. R25-90); Series 1998, Ref. RB | 5.50 | % | 09/02/2024 | 10 | 10,109 | |||||||||
Redlands (City of), CA (Community Facilities District No. 2003-1 - Redlands Business Center); Series 2004, RB | 5.85 | % | 09/01/2033 | 10 | 10,117 | |||||||||
Redwood City (City of), CA (Community Facilities District No. 99-1); Series 2012, Ref. RB | 5.00 | % | 09/01/2029 | 690 | 725,438 | |||||||||
Regents of the University of California; Series 2013 AI, RB | 5.00 | % | 05/15/2038 | 900 | 987,003 | |||||||||
Richmond (City of), CA Joint Powers Financing Authority; Series 2016, RB | 5.50 | % | 11/01/2029 | 6,530 | 7,760,840 | |||||||||
Riverside (City of), CA (Riverwalk Auto Center Assessment District); | ||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 09/02/2023 | 315 | 321,813 | |||||||||
Series 2012, Ref. RB | 5.00 | % | 09/02/2024 | 335 | 341,938 | |||||||||
Riverside (City of), CA (Riverwalk Business Center Assessment District); | 6.25 | % | 09/02/2029 | 200 | 205,460 | |||||||||
Riverside (City of), CA Public Financing Authority; | ||||||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 11/01/2027 | 1,640 | 1,767,002 | |||||||||
Series 2012 A, Ref. RB | 5.00 | % | 11/01/2028 | 1,155 | 1,243,230 | |||||||||
Riverside (County of), CA (Community Facilities District No. 04-2); Series 2012, Ref. RB | 5.00 | % | 09/01/2028 | 450 | 477,072 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco Limited Term California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
California–(continued) | ||||||||||||||
Riverside (County of), CA Community Facilities Districts (Scott Road); Series 2013, RB | 5.00 | % | 09/01/2042 | $ | 3,000 | $ 3,143,160 | ||||||||
Riverside Unified School District; | ||||||||||||||
Series 2020, RB | 4.00 | % | 09/01/2034 | 500 | 557,655 | |||||||||
Series 2020, RB | 4.00 | % | 09/01/2037 | 500 | 553,870 | |||||||||
Series 2020, RB | 4.00 | % | 09/01/2040 | 350 | 385,063 | |||||||||
Romoland School District Community Facilities No. 2004-1; | ||||||||||||||
Series 2013, RB | 5.00 | % | 09/01/2025 | 365 | 402,398 | |||||||||
Series 2013, RB | 5.00 | % | 09/01/2026 | 440 | 483,921 | |||||||||
Series 2013, RB | 5.00 | % | 09/01/2027 | 405 | 443,422 | |||||||||
Series 2013, RB | 5.00 | % | 09/01/2028 | 500 | 545,260 | |||||||||
Roseville (City of), CA (Villages at Sierra Vista Community Facilities District No. 1 - Public Facilities); | ||||||||||||||
Series 2020, RB | 4.00 | % | 09/01/2033 | 235 | 259,033 | |||||||||
Series 2020, RB | 4.00 | % | 09/01/2035 | 275 | 301,584 | |||||||||
Series 2020, RB | 4.00 | % | 09/01/2037 | 320 | 349,014 | |||||||||
Roseville (City of), CA Natural Gas Financing Authority; | ||||||||||||||
Series 2007, RB | 5.00 | % | 02/15/2023 | 80 | 87,215 | |||||||||
Series 2007, RB | 5.00 | % | 02/15/2024 | 265 | 299,736 | |||||||||
Series 2007, RB | 5.00 | % | 02/15/2025 | 100 | 116,480 | |||||||||
Sacramento (City of), CA (2019 Sacramento Tourism Infrastructure District - Convention Center Ballroom); | ||||||||||||||
Series 2019, RB | 4.00 | % | 06/01/2034 | 1,265 | 1,439,330 | |||||||||
Series 2019, RB | 4.00 | % | 06/01/2037 | 1,760 | 1,980,334 | |||||||||
Sacramento (City of), CA Financing Authority; | ||||||||||||||
Series 1999 A, RB | 6.25 | % | 09/01/2023 | 230 | 236,854 | |||||||||
Series 2013 A, Ref. RB | 5.00 | % | 09/01/2024 | 1,840 | 2,003,042 | |||||||||
Series 2013 A, Ref. RB | 5.00 | % | 09/01/2025 | 850 | 925,676 | |||||||||
Series 2013 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 09/01/2026 | 785 | 854,724 | |||||||||
Series 2013 A, Ref. RB | 5.00 | % | 09/01/2027 | 455 | 495,031 | |||||||||
Sacramento (City of), CA Municipal Utility District; | ||||||||||||||
Series 2012 Y, Ref. RB | 5.00 | % | 08/15/2026 | 660 | 705,896 | |||||||||
Series 2015, Ref. RB | 5.00 | % | 07/01/2030 | 1,235 | 1,461,227 | |||||||||
Sacramento (County of), CA; | ||||||||||||||
Series 1991 A, RB(b)(e) | 7.25 | % | 10/01/2023 | 2,620 | 2,833,792 | |||||||||
Series 2018 C, Ref. RB(e) | 5.00 | % | 07/01/2037 | 2,200 | 2,638,570 | |||||||||
Series 2018 C, Ref. RB(e) | 5.00 | % | 07/01/2038 | 3,800 | 4,546,054 | |||||||||
Sacramento (County of), CA (Juvenile Courthouse); | ||||||||||||||
Series 2003, COP (INS - AMBAC)(a) | 5.00 | % | 12/01/2021 | 795 | 797,711 | |||||||||
Series 2003, COP (INS - AMBAC)(a) | 5.00 | % | 12/01/2022 | 555 | 556,859 | |||||||||
Series 2003, COP (INS - AMBAC)(a) | 5.00 | % | 12/01/2023 | 430 | 431,372 | |||||||||
Sacramento (County of), CA Housing Authority; Series 2002 C, RB | 5.25 | % | 06/01/2027 | 285 | 285,356 | |||||||||
Sacramento (County of), CA Public Financing Authority; | ||||||||||||||
Series 2003 A, RB (INS - NATL)(a) | 5.00 | % | 12/01/2022 | 5 | 5,015 | |||||||||
Series 2003 A, RB (INS - NATL)(a) | 5.13 | % | 12/01/2028 | 15 | 15,041 | |||||||||
Salinas (City of), CA Redevelopment Agency; Series 1996 A, RB (INS - AGM)(a) | 5.50 | % | 11/01/2023 | 50 | 50,186 | |||||||||
San Bernardino (City of), CA Joint Powers Financing Authority; | ||||||||||||||
Series 1999, Ref. COP (INS - NATL)(a) | 5.50 | % | 09/01/2024 | 250 | 250,933 | |||||||||
Series 2005 A, Ref. RB (INS - AGM)(a) | 5.75 | % | 10/01/2023 | 180 | 203,807 | |||||||||
San Bernardino (City of), CA Redevelopment Agency Successor Agency; | 7.88 | % | 07/01/2025 | 15 | 15,261 | |||||||||
San Bernardino (County of), CA Redevelopment Agency Successor Agency (San Sevaine Redevelopment); Series 2016 B, Ref. RB | 5.00 | % | 09/01/2028 | 285 | 329,919 | |||||||||
San Bernardino Joint Powers Financing Authority; | ||||||||||||||
Series 2005 B, Ref. RB (INS - AGM)(a) | 5.75 | % | 10/01/2022 | 50 | 54,086 | |||||||||
Series 2005 B, Ref. RB (INS - AGM)(a) | 5.75 | % | 10/01/2023 | 70 | 79,258 | |||||||||
San Buenaventura (City of), CA; Series 2007 E, COP (INS - NATL)(a) | 4.75 | % | 06/01/2032 | 100 | 100,251 | |||||||||
San Buenaventura (City of), CA (Community Memorial Health System); | ||||||||||||||
Series 2011, RB | 6.50 | % | 12/01/2022 | 2,500 | 2,601,575 | |||||||||
Series 2011, RB | 7.50 | % | 12/01/2041 | 1,000 | 1,042,010 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco Limited Term California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
California–(continued) | ||||||||||||||
San Diego (City of), CA (Assessment District No. 4096); | ||||||||||||||
Series 2013, Ref. RB | 5.00 | % | 09/02/2021 | $ | 165 | $ 167,975 | ||||||||
Series 2013, Ref. RB | 5.00 | % | 09/02/2022 | 165 | 167,818 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/02/2023 | 175 | 177,881 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/02/2024 | 185 | 187,858 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/02/2025 | 190 | 192,664 | |||||||||
Series 2013, Ref. RB | 5.13 | % | 09/02/2026 | 205 | 207,938 | |||||||||
Series 2013, Ref. RB | 5.13 | % | 09/02/2027 | 215 | 217,941 | |||||||||
Series 2013, Ref. RB | 5.25 | % | 09/02/2028 | 225 | 228,051 | |||||||||
Series 2013, Ref. RB | 5.38 | % | 09/02/2029 | 240 | 243,228 | |||||||||
Series 2013, Ref. RB | 5.38 | % | 09/02/2030 | 250 | 253,380 | |||||||||
Series 2013, Ref. RB | 5.50 | % | 09/02/2031 | 260 | 263,481 | |||||||||
Series 2013, Ref. RB | 5.50 | % | 09/02/2032 | 280 | 283,699 | |||||||||
San Diego (City of), CA Community Facilities District No. 3; | ||||||||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2025 | 545 | 599,129 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2027 | 610 | 666,132 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2028 | 640 | 696,774 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2030 | 720 | 779,969 | |||||||||
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement); | ||||||||||||||
Series 2015 A, RB | 5.00 | % | 10/15/2033 | 1,250 | 1,467,287 | |||||||||
Series 2015 A, RB | 5.00 | % | 10/15/2034 | 1,000 | 1,172,350 | |||||||||
San Diego (City of), CA Redevelopment Agency Successor Agency; Series 2003 B, RB | 5.25 | % | 09/01/2026 | 95 | 95,356 | |||||||||
San Diego (County of), CA Regional Airport Authority; | ||||||||||||||
Series 2013 B, RB(e) | 5.00 | % | 07/01/2026 | 1,520 | 1,677,122 | |||||||||
Series 2017 B, RB(e) | 5.00 | % | 07/01/2037 | 1,000 | 1,192,200 | |||||||||
Series 2020, Ref. RB | 5.00 | % | 07/01/2040 | 2,000 | 2,509,260 | |||||||||
San Diego (County of), CA Water Authority; | ||||||||||||||
Series 1998 A, COP (INS - NATL)(a) | 4.75 | % | 05/01/2028 | 95 | 95,289 | |||||||||
Series 2011 B, Ref. RB(b)(c) | 5.00 | % | 05/01/2021 | 5,500 | 5,544,165 | |||||||||
San Francisco (City & County of), CA; Series 2017 B, COP | 4.00 | % | 04/01/2042 | �� | 2,250 | 2,468,362 | ||||||||
San Francisco (City & County of), CA (Bayshore Hester Assessment District No. 95-1); Series 1996, RB | 6.85 | % | 09/02/2026 | 20 | 20,968 | |||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); | ||||||||||||||
Series 2013 A, RB(e) | 5.50 | % | 05/01/2028 | 3,330 | 3,680,849 | |||||||||
Series 2018 D, RB(e) | 5.25 | % | 05/01/2048 | 8,000 | 9,640,400 | |||||||||
Series 2019 A, RB(e) | 5.00 | % | 05/01/2037 | 8,000 | 9,826,640 | |||||||||
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds); Series 2018 A, RB | 4.00 | % | 10/01/2043 | 10,000 | 11,477,200 | |||||||||
San Francisco (City & County of), CA Redevelopment Agency Successor Agency; Series 2013 A, Ref. RB | 5.00 | % | 08/01/2023 | 500 | 531,880 | |||||||||
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); Series 2013 C, RB(h) | 0.00 | % | 08/01/2036 | 1,245 | 553,465 | |||||||||
San Francisco Bay Area Rapid Transit District; | ||||||||||||||
Series 2019 A, RB | 4.00 | % | 07/01/2038 | 3,390 | 3,918,501 | |||||||||
Series 2019 A, RB | 4.00 | % | 07/01/2039 | 2,075 | 2,393,595 | |||||||||
San Francisco Community College District; Series 2020 A, GO Bonds | 4.00 | % | 06/15/2045 | 3,045 | 3,541,365 | |||||||||
San Jacinto (City of), CA Community Facilities District No. 2002-1; Series 2016, Ref. RB | 5.00 | % | 09/01/2026 | 925 | 1,116,595 | |||||||||
San Jose (City of), CA; | ||||||||||||||
Series 2011 A-1, RB(e) | 6.25 | % | 03/01/2034 | 1,000 | 1,002,560 | |||||||||
Series 2017 A, Ref. RB(e) | 5.00 | % | 03/01/2035 | 500 | 594,875 | |||||||||
Series 2017 A, Ref. RB(e) | 5.00 | % | 03/01/2036 | 1,000 | 1,187,260 | |||||||||
Series 2017 A, Ref. RB(e) | 5.00 | % | 03/01/2037 | 1,250 | 1,480,900 | |||||||||
San Jose (City of), CA (Almaden Senior Housing Apartments); | 5.35 | % | 07/15/2022 | 205 | 205,176 | |||||||||
San Jose (City of), CA (El Parador Apartments); Series 2000 A, RB(e) | 6.10 | % | 01/01/2031 | 25 | 25,012 | |||||||||
San Jose (City of), CA (Orvieto Family Apartments); Series 2010 B-1, RB | 4.75 | % | 08/01/2029 | 1,870 | 1,874,619 | |||||||||
San Luis Obispo (County of), CA; Series 2007, COP (INS - AGM)(a) | 4.25 | % | 10/15/2026 | 15 | 15,040 | |||||||||
Santa Barbara (County of), CA; Series 2018 B, COP(e) | 5.25 | % | 12/01/2032 | 9,600 | 11,972,928 | |||||||||
Santa Clara (County of), CA Financing Authority; Series 2018 A, RB | 4.00 | % | 04/01/2043 | 7,000 | 8,011,990 | |||||||||
Santa Clara (County of), CA Housing Authority; | ||||||||||||||
Series 2001 A, RB(e) | 5.70 | % | 08/01/2021 | 5 | 5,017 | |||||||||
Series 2001 A, RB(e) | 5.85 | % | 08/01/2031 | 1,715 | 1,720,968 | |||||||||
Series 2010 A-1, RB (CEP - FHLMC) | 4.75 | % | 11/01/2027 | 1,430 | 1,431,030 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco Limited Term California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
California–(continued) | ||||||||||||||
Santa Clarita (City of), CA Community Facilities District No. 2002-1 (Valencia Town Center); | ||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 11/15/2023 | $ | 635 | $ 676,739 | ||||||||
Series 2012, Ref. RB | 5.00 | % | 11/15/2024 | 325 | 345,764 | |||||||||
Series 2012, Ref. RB | 5.00 | % | 11/15/2025 | 925 | 981,536 | |||||||||
Series 2012, Ref. RB | 5.00 | % | 11/15/2027 | 785 | 828,756 | |||||||||
Series 2012, Ref. RB | 5.00 | % | 11/15/2028 | 1,170 | 1,231,495 | |||||||||
Santa Nella (County of), CA Water District; Series 1998, Ref. RB | 6.25 | % | 09/02/2028 | 20 | 20,018 | |||||||||
Saugus Union School District; | ||||||||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2025 | 710 | 781,817 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2026 | 770 | 845,452 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2027 | 830 | 907,879 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2028 | 895 | 975,094 | |||||||||
Saugus Union School District Financing Authority; | ||||||||||||||
Series 2021 A, RB (INS - BAM)(a) | 4.00 | % | 09/01/2038 | 650 | 735,137 | |||||||||
Series 2021 A, RB (INS - BAM)(a) | 4.00 | % | 09/01/2041 | 260 | 292,469 | |||||||||
Selma (City of), CA Redevelopment Agency; Series 2010 A, RB | 5.75 | % | 09/01/2024 | 1,390 | 1,392,710 | |||||||||
Sequoia Healthcare District; Series 1993, RB(b) | 5.38 | % | 08/15/2023 | 5 | 5,350 | |||||||||
Simi Valley (City of), CA Community Development Agency (Merged Tapo Canyon & West End Community Development); | ||||||||||||||
Series 2003, Ref. RB (INS - NATL)(a) | 5.25 | % | 09/01/2021 | 25 | 25,096 | |||||||||
Series 2003, Ref. RB (INS - NATL)(a) | 5.00 | % | 09/01/2030 | 25 | 25,080 | |||||||||
Sonora Union High School District; Series 2013 A, GO Bonds (INS - AGM)(a) | 5.63 | % | 08/01/2029 | 1,020 | 1,138,718 | |||||||||
South Pasadena (City of), CA; Series 2016, Ref. RB (INS - BAM)(a) | 5.00 | % | 10/01/2036 | 1,115 | 1,339,962 | |||||||||
South Tahoe Joint Powers Financing Authority; Series 2014, Ref. RB (INS - AGM)(a) | 4.00 | % | 10/01/2034 | 500 | 536,575 | |||||||||
Southern California Public Power Authority; Series 1992, RB | 5.75 | % | 07/01/2021 | 20 | 20,084 | |||||||||
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); | ||||||||||||||
Series 2019, Ref. RB | 5.00 | % | 06/01/2037 | 1,170 | 1,475,698 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 06/01/2038 | 2,000 | 2,515,140 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 06/01/2039 | 1,810 | 2,270,011 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 06/01/2048 | 7,500 | 8,956,425 | |||||||||
Southern Mono Health Care District; Series 2012, Ref. GO Bonds | 5.00 | % | 08/01/2021 | 260 | 265,138 | |||||||||
Sulphur Springs Union School District; Series 2013 A, Ref. RB | 4.13 | % | 09/01/2033 | 20 | 20,676 | |||||||||
Sunnyvale (City of), CA; Series 1998 A, Ref. COP (INS - AMBAC)(a) | 5.00 | % | 10/01/2022 | 10 | 10,036 | |||||||||
Sutter & Butte (Counties of), CA Flood Agency; | ||||||||||||||
Series 2013, RB | 5.00 | % | 10/01/2025 | 300 | 335,157 | |||||||||
Series 2013, RB | 5.00 | % | 10/01/2026 | 415 | 463,406 | |||||||||
Series 2013, RB | 5.00 | % | 10/01/2027 | 700 | 781,263 | |||||||||
Series 2013, RB | 5.00 | % | 10/01/2028 | 1,465 | 1,633,475 | |||||||||
Series 2013, RB | 5.00 | % | 10/01/2029 | 1,490 | 1,659,711 | |||||||||
Tejon Ranch Public Facilities Finance Authority (Community Facilities District No. 2000-1 - Tejon Industrial Complex Public Improvements); Series 2012, Ref. RB | 5.25 | % | 09/01/2028 | 825 | 872,355 | |||||||||
Tender Option Bond Trust; Series 2015-ZF0181, VRD RB(d)(f) | 0.09 | % | 05/01/2022 | 6,750 | 6,750,000 | |||||||||
Tracy (City of), CA Community Facilities District No. 93-1 (I-205 Parcel GL-17); | ||||||||||||||
Series 1996 A, RB | 6.30 | % | 09/01/2026 | 30 | 30,674 | |||||||||
Series 2002, RB | 6.25 | % | 09/01/2032 | 25 | 25,074 | |||||||||
Transbay Joint Powers Authority (Green Bonds); Series 2020 B, RB | 2.40 | % | 10/01/2049 | 3,635 | 3,647,759 | |||||||||
Truckee (Town of), CA Donner Public Utility District (Community Facilities District No. 04-1); Series 2004, RB | 5.80 | % | 09/01/2035 | 30 | 26,287 | |||||||||
Tustin (City of), CA Community Facilities District; | ||||||||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2024 | 420 | 465,402 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2025 | 445 | 491,529 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2026 | 470 | 518,885 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2027 | 490 | 539,167 | |||||||||
Series 2013, Ref. RB | 5.00 | % | 09/01/2028 | 515 | 564,419 | |||||||||
Twentynine Palms (City of), CA Redevelopment Agency Successor Agency; | 7.13 | % | 09/01/2021 | 125 | 129,280 | |||||||||
Ukiah (City of), CA Redevelopment Agency; Series 2011 A, RB(b)(c) | 6.50 | % | 06/01/2021 | 250 | 253,870 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco Limited Term California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
California–(continued) | ||||||||||||||
University of California; | ||||||||||||||
Series 2012 G, RB | 5.00 | % | 05/15/2024 | $ | 1,150 | $ 1,215,619 | ||||||||
Series 2012 G, RB | 5.00 | % | 05/15/2026 | 420 | 443,860 | |||||||||
Series 2012 G, RB | 5.00 | % | 05/15/2027 | 320 | 338,138 | |||||||||
Series 2021 BH, Ref. RB | 4.00 | % | 05/15/2041 | 8,000 | 9,604,000 | |||||||||
Vacaville (City of), CA Redevelopment Agency Successor Agency; Series 2000 A, Ref. RB | 6.00 | % | 11/01/2024 | 125 | 125,673 | |||||||||
Vallejo (City of), CA; | ||||||||||||||
Series 2003 A, RB | 6.00 | % | 09/01/2026 | 30 | 30,404 | |||||||||
Series 2003 A, RB | 6.13 | % | 09/01/2034 | 30 | 30,320 | |||||||||
Vernon (City of), CA; Series 2012 A, RB | 5.13 | % | 08/01/2033 | 850 | 885,938 | |||||||||
Victorville (City of), CA Redevelopment Agency; Series 2002 A, RB (INS - AGM)(a) | 5.13 | % | 12/01/2031 | 25 | 25,067 | |||||||||
Vista Unified School District; Series 1998, COP (INS - AGM)(a) | 5.13 | % | 05/01/2023 | 5 | 5,038 | |||||||||
Wasco (City of), CA Public Financing Authority; Series 1994, RB | 7.50 | % | 09/15/2023 | 5 | 5,015 | |||||||||
West Hollywood (City of), CA Community Development Department (East Side Redevelopment); | ||||||||||||||
Series 2011 A, RB | 7.00 | % | 09/01/2026 | 875 | 905,923 | |||||||||
Series 2011 A, RB | 7.25 | % | 09/01/2031 | 1,000 | 1,035,000 | |||||||||
Western Riverside Water & Wastewater Financing Authority; | ||||||||||||||
Series 2013 A-1, Ref. RB | 5.00 | % | 09/01/2025 | 2,335 | 2,580,362 | |||||||||
Series 2013 B, Ref. RB | 5.00 | % | 09/01/2025 | 1,150 | 1,153,323 | |||||||||
Series 2013 B, Ref. RB | 5.00 | % | 09/01/2027 | 1,255 | 1,258,326 | |||||||||
William S. Hart Union High School District (Community Facilities District No. 2005-1); Series 2013, Ref. RB | 5.00 | % | 09/01/2025 | 835 | 920,771 | |||||||||
Yuba (County of), CA; | ||||||||||||||
Series 2015, COP (INS - BAM)(a) | 5.00 | % | 02/01/2024 | 155 | 155,553 | |||||||||
Series 2015, COP (INS - BAM)(a) | 5.00 | % | 02/01/2025 | 165 | 165,587 | |||||||||
Series 2015, COP (INS - BAM)(a) | 5.00 | % | 02/01/2026 | 170 | 170,600 | |||||||||
Series 2015, COP (INS - BAM)(a) | 5.00 | % | 02/01/2027 | 180 | 180,634 | |||||||||
Series 2015, COP (INS - BAM)(a) | 5.00 | % | 02/01/2028 | 190 | 190,661 | |||||||||
Series 2015, COP (INS - BAM)(a) | 5.00 | % | 02/01/2029 | 200 | 200,686 | |||||||||
677,466,773 | ||||||||||||||
Puerto Rico–4.38% | ||||||||||||||
Children’s Trust Fund; | ||||||||||||||
Series 2002, RB | 5.38 | % | 05/15/2033 | 9,119 | 9,174,991 | |||||||||
Series 2002, RB | 5.50 | % | 05/15/2039 | 3,000 | 3,073,620 | |||||||||
Puerto Rico (Commonwealth of); | ||||||||||||||
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(a) | 6.00 | % | 07/01/2027 | 370 | 381,159 | |||||||||
Series 2006, Ref. GO Bonds(g) | 5.00 | % | 07/01/2022 | 200 | 172,250 | |||||||||
Series 2009 A, Ref. GO Bonds(g) | 5.63 | % | 07/01/2031 | 560 | 487,200 | |||||||||
Series 2011 E, Ref. GO Bonds(g) | 6.00 | % | 07/01/2029 | 2,000 | 1,732,500 | |||||||||
Series 2011 E, Ref. GO Bonds(g) | 5.38 | % | 07/01/2030 | 100 | 84,375 | |||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2008 A, RB (INS - AGC)(a) | 6.13 | % | 07/01/2024 | 35 | 37,884 | |||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; | ||||||||||||||
Series 2004 PP, Ref. RB (INS - NATL)(a) | 5.00 | % | 07/01/2022 | 175 | 176,304 | |||||||||
Series 2004 PP, Ref. RB (INS - NATL)(a) | 5.00 | % | 07/01/2025 | 470 | 476,119 | |||||||||
Series 2005 RR, RB (INS - NATL)(a) | 5.00 | % | 07/01/2023 | 3,690 | 3,735,276 | |||||||||
Series 2005 RR, RB (INS - NATL)(a) | 5.00 | % | 07/01/2024 | 520 | 526,380 | |||||||||
Series 2005 SS, Ref. RB (INS - NATL)(a) | 5.00 | % | 07/01/2024 | 100 | 101,227 | |||||||||
Series 2005 SS, Ref. RB (INS - NATL)(a) | 5.00 | % | 07/01/2025 | 25 | 25,326 | |||||||||
Series 2007 UU, Ref. RB (INS - AGM)(a) | 5.00 | % | 07/01/2024 | 455 | 470,329 | |||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; | ||||||||||||||
Series 2003 G, RB (INS - FGIC)(a)(i) | 5.00 | % | 07/01/2022 | 70 | 63,788 | |||||||||
Series 2003, RB (INS - AGC)(a) | 5.00 | % | 07/01/2028 | 175 | 180,899 | |||||||||
Series 2004 J, RB (INS - NATL)(a) | 5.00 | % | 07/01/2029 | 600 | 608,730 | |||||||||
Series 2005 L, Ref. RB (INS - FGIC)(a)(i) | 5.25 | % | 07/01/2022 | 1,000 | 911,250 | |||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; | ||||||||||||||
Series 2000, RB(e) | 6.63 | % | 06/01/2026 | 2,365 | 2,447,775 | |||||||||
Series 2012, Ref. RB | 5.00 | % | 10/01/2021 | 50 | 50,943 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco Limited Term California Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
| ||||||||||||||||
Puerto Rico–(continued) | ||||||||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System); | ||||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 04/01/2021 | $ | 100 | $ | 100,329 | |||||||||
| ||||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 04/01/2022 | 100 | 101,595 | |||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Municipal Finance Agency; Series 2002 A, RB (INS - AGM)(a) | 4.75 | % | 08/01/2022 | 40 | 40,448 | |||||||||||
| ||||||||||||||||
Puerto Rico Public Finance Corp.; | ||||||||||||||||
Series 2011 B, RB(g) | 6.00 | % | 08/01/2024 | 600 | 9,000 | |||||||||||
| ||||||||||||||||
Series 2011 B, RB(g) | 6.00 | % | 08/01/2025 | 1,400 | 21,000 | |||||||||||
| ||||||||||||||||
Series 2011 B, RB(g) | 6.00 | % | 08/01/2026 | 3,300 | 49,500 | |||||||||||
| ||||||||||||||||
Series 2011 B, RB(g) | 5.50 | % | 08/01/2031 | 1,750 | 26,250 | |||||||||||
| ||||||||||||||||
Puerto Rico Sales Tax Financing Corp.; | ||||||||||||||||
Series 2018 A-1, RB | 4.50 | % | 07/01/2034 | 4,057 | 4,427,850 | |||||||||||
| ||||||||||||||||
Series 2018 A-1, RB | 4.55 | % | 07/01/2040 | 4 | 4,360 | |||||||||||
| ||||||||||||||||
Series 2018 A-1, RB(h) | 0.00 | % | 07/01/2046 | 5 | 1,537 | |||||||||||
| ||||||||||||||||
Series 2018 A-1, RB(h) | 0.00 | % | 07/01/2051 | 5 | 1,101 | |||||||||||
| ||||||||||||||||
Series 2018 A-1, RB | 4.75 | % | 07/01/2053 | 4 | 4,366 | |||||||||||
| ||||||||||||||||
Series 2018 A-1, RB | 5.00 | % | 07/01/2058 | 5 | 5,538 | |||||||||||
| ||||||||||||||||
Series 2019 A-2, RB | 4.54 | % | 07/01/2053 | 46 | 49,571 | |||||||||||
| ||||||||||||||||
Series 2019 A-2, RB | 4.78 | % | 07/01/2058 | 620 | 678,013 | |||||||||||
| ||||||||||||||||
University of Puerto Rico; | ||||||||||||||||
Series 2006 P, Ref. RB (Acquired 06/02/2017; Cost $100,000) (INS - NATL)(a)(j) | 5.00 | % | 06/01/2024 | 100 | 101,227 | |||||||||||
| ||||||||||||||||
Series 2006 P, Ref. RB (Acquired 01/27/2012-05/02/2013; Cost $313,591)(j) | 5.00 | % | 06/01/2024 | 315 | 310,275 | |||||||||||
| ||||||||||||||||
Series 2006 Q, RB (Acquired 01/26/2012-10/10/2017; Cost $456,588)(j) | 5.00 | % | 06/01/2021 | 540 | 540,000 | |||||||||||
| ||||||||||||||||
31,390,285 | ||||||||||||||||
| ||||||||||||||||
Guam–0.14% | ||||||||||||||||
Guam (Territory of) Power Authority; | ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 10/01/2021 | 150 | 153,979 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 10/01/2022 | 155 | 165,985 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 10/01/2025 | 265 | 282,993 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 10/01/2026 | 225 | 240,379 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 10/01/2027 | 155 | 165,311 | |||||||||||
| ||||||||||||||||
1,008,647 | ||||||||||||||||
| ||||||||||||||||
Virgin Islands–0.10% | ||||||||||||||||
Virgin Islands (Government of) Public Finance Authority; | ||||||||||||||||
Series 2006, RB (INS - NATL)(a) | 5.00 | % | 10/01/2022 | 25 | 25,368 | |||||||||||
| ||||||||||||||||
Series 2006, RB (INS - NATL)(a) | 5.00 | % | 10/01/2023 | 300 | 304,737 | |||||||||||
| ||||||||||||||||
Series 2006, RB (INS - NATL)(a) | 5.00 | % | 10/01/2024 | 90 | 91,415 | |||||||||||
| ||||||||||||||||
Series 2006, RB (INS - NATL)(a) | 5.00 | % | 10/01/2025 | 170 | 172,662 | |||||||||||
| ||||||||||||||||
Series 2006, RB (INS - NATL)(a) | 5.00 | % | 10/01/2026 | 125 | 126,955 | |||||||||||
| ||||||||||||||||
721,137 | ||||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(k) –99.23% (Cost $694,789,417) | 710,586,842 | |||||||||||||||
| ||||||||||||||||
BORROWINGS–(0.42)% | (3,000,000 | ) | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS LESS LIABILITIES–1.19% | 8,501,685 | |||||||||||||||
| ||||||||||||||||
NET ASSETS–100.00% | $ | 716,088,527 | ||||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Invesco Limited Term California Municipal Fund
Investment Abbreviations:
AGC | – Assured Guaranty Corp. | |
AGM | – Assured Guaranty Municipal Corp. | |
AMBAC | – American Municipal Bond Assurance Corp. | |
BAM | – Build America Mutual Assurance Co. | |
BHAC | – Berkshire Hathaway Assurance Corp. | |
CEP | – Credit Enhancement Provider | |
COP | – Certificates of Participation | |
FGIC | – Financial Guaranty Insurance Company | |
FHLMC | – Federal Home Loan Mortgage Corp. | |
GO | – General Obligation | |
INS | – Insurer | |
NATL | – National Public Finance Guarantee Corp. | |
RB | – Revenue Bonds | |
Ref. | – Refunding | |
SGI | – Syncora Guarantee, Inc. | |
VRD | – Variable Rate Demand |
Notes to Schedule of Investments:
(a) | Principal and/or interest payments are secured by the bond insurance company listed. |
(b) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(c) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(d) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2021. |
(e) | Security subject to the alternative minimum tax. |
(f) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $27,883,418, which represented 3.89% of the Fund’s Net Assets. |
(g) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $5,832,075, which represented less than 1% of the Fund’s Net Assets. |
(h) | Zero coupon bond issued at a discount. |
(i) | The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun. |
(j) | Restricted security. The aggregate value of these securities at February 28, 2021 was $951,502, which represented less than 1% of the Fund’s Net Assets. |
(k) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
Entity | Percent | |||
| ||||
Build America Mutual Assurance Co. | 5.86% | |||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Invesco Limited Term California Municipal Fund
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||
Investments in securities, at value | $710,586,842 | |
Cash | 38,526 | |
Receivable for: | ||
Investments sold | 11,175,568 | |
Fund shares sold | 2,734,922 | |
Interest | 8,903,863 | |
Investments matured, at value | 1,088,364 | |
Investment for trustee deferred compensation and retirement plans | 34,051 | |
Other assets | 229,076 | |
Total assets | 734,791,212 | |
Liabilities: | ||
Payable for: | ||
Borrowings | 3,000,000 | |
Investments purchased | 13,305,526 | |
Dividends | 592,274 | |
Fund shares reacquired | 1,450,001 | |
Accrued fees to affiliates | 220,759 | |
Accrued interest expense | 1,599 | |
Accrued trustees’ and officers’ fees and benefits | 10,457 | |
Accrued other operating expenses | 88,018 | |
Trustee deferred compensation and retirement plans | 34,051 | |
Total liabilities | 18,702,685 | |
Net assets applicable to shares outstanding | $716,088,527 |
Net assets consist of: | ||||
Shares of beneficial interest | $ | 753,600,144 | ||
| ||||
Distributable earnings (loss) | (37,511,617 | ) | ||
| ||||
$ | 716,088,527 | |||
| ||||
Net Assets: | ||||
Class A | $ | 317,908,203 | ||
| ||||
Class C | $ | 46,761,029 | ||
| ||||
Class Y | $ | 340,627,536 | ||
| ||||
Class R6 | $ | 10,791,759 | ||
| ||||
Shares outstanding, no par value, with an unlimited number of shares authorized: | ||||
Class A | 95,165,039 | |||
| ||||
Class C | 14,067,391 | |||
| ||||
Class Y | 101,665,486 | |||
| ||||
Class R6 | 3,234,137 | |||
| ||||
Class A: | ||||
Net asset value per share | $ | 3.34 | ||
| ||||
Maximum offering price per share | ||||
(Net asset value of $3.34 ÷ 97.50%) | $ | 3.43 | ||
| ||||
Class C: | ||||
Net asset value and offering price per share | $ | 3.32 | ||
| ||||
Class Y: | ||||
Net asset value and offering price per share | $ | 3.35 | ||
| ||||
Class R6: | ||||
Net asset value and offering price per share | $ | 3.34 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Invesco Limited Term California Municipal Fund
Statement of Operations
For the year ended February 28, 2021
Investment income:
Interest | $ | 20,544,370 | ||
| ||||
Expenses: | ||||
Advisory fees | 2,652,595 | |||
| ||||
Administrative services fees | 93,222 | |||
| ||||
Custodian fees | 13,790 | |||
| ||||
Distribution fees: | ||||
Class A | 675,338 | |||
| ||||
Class C | 607,542 | |||
| ||||
Interest, facilities and maintenance fees | 414,986 | |||
| ||||
Transfer agent fees – A, C and Y | 459,941 | |||
| ||||
Transfer agent fees – R6 | 1,153 | |||
| ||||
Trustees’ and officers’ fees and benefits | 24,975 | |||
| ||||
Registration and filing fees | 100,132 | |||
| ||||
Reports to shareholders | 38,786 | |||
| ||||
Professional services fees | 55,700 | |||
| ||||
Other | 17,774 | |||
| ||||
Total expenses | 5,155,934 | |||
| ||||
Less: Expenses reimbursed and/or expense offset arrangement(s) | (903 | ) | ||
| ||||
Net expenses | 5,155,031 | |||
| ||||
Net investment income | 15,389,339 | |||
| ||||
Realized and unrealized gain (loss) from: | ||||
Net realized gain from unaffiliated investment securities | 3,724,612 | |||
| ||||
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | (18,644,725 | ) | ||
| ||||
Net realized and unrealized gain (loss) | (14,920,113 | ) | ||
| ||||
Net increase in net assets resulting from operations | $ | 469,226 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Invesco Limited Term California Municipal Fund
Statement of Changes in Net Assets
For the year ended February 28, 2021, period ended February 29, 2020, and the year ended July 31, 2019
Year Ended February 28, 2021 | Seven Months Ended February 29, 2020 | Year Ended July 31, 2019 | ||||||||||
| ||||||||||||
Operations: | ||||||||||||
Net investment income | $ 15,389,339 | $ 8,937,947 | $ | 13,506,295 | ||||||||
| ||||||||||||
Net realized gain (loss) | 3,724,612 | 106,923 | (16,520,820 | ) | ||||||||
| ||||||||||||
Change in net unrealized appreciation (depreciation) | (18,644,725 | ) | 16,170,830 | 40,907,799 | ||||||||
| ||||||||||||
Net increase in net assets resulting from operations | 469,226 | 25,215,700 | 37,893,274 | |||||||||
| ||||||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||
Class A | (6,654,547 | ) | (3,430,588 | ) | (4,734,729 | ) | ||||||
| ||||||||||||
Class C | (1,051,608 | ) | (752,219 | ) | (1,566,741 | ) | ||||||
| ||||||||||||
Class Y | (8,053,063 | ) | (4,339,342 | ) | (5,846,566 | ) | ||||||
| ||||||||||||
Class R6 | (305,174 | ) | (12,092 | ) | (766 | ) | ||||||
| ||||||||||||
Total distributions from distributable earnings | (16,064,392 | ) | (8,534,241 | ) | (12,148,802 | ) | ||||||
| ||||||||||||
Share transactions–net: | ||||||||||||
Class A | 68,792,907 | 27,999,307 | 28,410,581 | |||||||||
| ||||||||||||
Class C | (25,611,681 | ) | (4,765,696 | ) | (22,393,231 | ) | ||||||
| ||||||||||||
Class Y | 49,816,520 | 38,546,392 | 60,255,736 | |||||||||
| ||||||||||||
Class R6 | 1,891,096 | 8,790,878 | 164,630 | |||||||||
| ||||||||||||
Net increase in net assets resulting from share transactions | 94,888,842 | 70,570,881 | 66,437,716 | |||||||||
| ||||||||||||
Net increase in net assets | 79,293,676 | 87,252,340 | 92,182,188 | |||||||||
| ||||||||||||
Net assets: | ||||||||||||
Beginning of year | 636,794,851 | 549,542,511 | 457,360,323 | |||||||||
| ||||||||||||
End of year | $716,088,527 | $636,794,851 | $ | 549,542,511 | ||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Invesco Limited Term California Municipal Fund
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, (000’s omitted) | Ratio of fee waivers | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Supplemental expenses to average net assets interest, facilities and maintenance | Ratio of net to average | Portfolio turnover (c) | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $3.42 | $0.08 | $(0.08 | ) | $0.00 | $(0.08) | $3.34 | 0.09 | % | $317,908 | 0.85 | %(d) | 0.85 | %(d) | 0.79 | %(d) | 2.35 | %(d) | 27 | % | ||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 3.32 | 0.05 | 0.10 | 0.15 | (0.05) | 3.42 | 4.51 | 255,461 | 0.84 | (e) | 0.84 | (e) | 0.78 | (e) | 2.60 | (e) | 13 | |||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 3.16 | 0.09 | 0.15 | 0.24 | (0.08) | 3.32 | 7.69 | 220,719 | 0.94 | 0.95 | 0.82 | 2.75 | 36 | |||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 3.15 | 0.09 | 0.01 | 0.10 | (0.09) | 3.16 | 3.19 | 182,533 | 0.98 | 0.98 | 0.85 | 2.79 | 20 | |||||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 3.29 | 0.10 | (0.13 | ) | (0.03 | ) | (0.11) | 3.15 | (0.81 | ) | 239,256 | 0.91 | 0.91 | 0.81 | 3.25 | 21 | ||||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 3.20 | 0.11 | 0.10 | 0.21 | (0.12) | 3.29 | 6.52 | 253,173 | 0.95 | 0.95 | 0.81 | 3.54 | 13 | |||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 3.40 | 0.05 | (0.07 | ) | (0.02 | ) | (0.06) | 3.32 | (0.65 | ) | 46,761 | 1.60 | (d) | 1.60 | (d) | 1.54 | (d) | 1.60 | (d) | 27 | ||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 3.31 | 0.04 | 0.08 | 0.12 | (0.03) | 3.40 | 3.76 | 74,037 | 1.59 | (e) | 1.59 | (e) | 1.53 | (e) | 1.84 | (e) | 13 | |||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 3.15 | 0.06 | 0.16 | 0.22 | (0.06) | 3.31 | 6.91 | 76,761 | 1.70 | 1.71 | 1.58 | 1.99 | 36 | |||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 3.14 | 0.06 | 0.01 | 0.07 | (0.06) | 3.15 | 2.43 | 94,579 | 1.73 | 1.73 | 1.60 | 2.03 | 20 | |||||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 3.28 | 0.08 | (0.13 | ) | (0.05 | ) | (0.09) | 3.14 | (1.56 | ) | 122,816 | 1.67 | 1.67 | 1.57 | 2.50 | 21 | ||||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 3.19 | 0.09 | 0.09 | 0.18 | (0.09) | 3.28 | 5.76 | 137,410 | 1.70 | 1.70 | 1.56 | 2.79 | 13 | |||||||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 3.43 | 0.09 | (0.08 | ) | 0.01 | (0.09) | 3.35 | 0.35 | 340,628 | 0.60 | (d) | 0.60 | (d) | 0.54 | (d) | 2.60 | (d) | 27 | ||||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 3.33 | 0.06 | 0.09 | 0.15 | (0.05) | 3.43 | 4.64 | 298,245 | 0.59 | (e) | 0.59 | (e) | 0.53 | (e) | 2.84 | (e) | 13 | |||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 3.17 | 0.10 | 0.15 | 0.25 | (0.09) | 3.33 | 7.93 | 251,897 | 0.70 | 0.71 | 0.58 | 2.99 | 36 | |||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 3.16 | 0.09 | 0.02 | 0.11 | (0.10) | 3.17 | 3.43 | 180,248 | 0.73 | 0.73 | 0.60 | 3.03 | 20 | |||||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 3.30 | 0.11 | (0.13 | ) | (0.02 | ) | (0.12) | 3.16 | (0.57 | ) | 192,683 | 0.67 | 0.67 | 0.57 | 3.43 | 21 | ||||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 3.21 | 0.12 | 0.09 | 0.21 | (0.12) | 3.30 | 6.76 | 146,620 | 0.71 | 0.71 | 0.57 | 3.78 | 13 | |||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 3.41 | 0.09 | (0.07 | ) | 0.02 | (0.09) | 3.34 | 0.70 | 10,792 | 0.53 | (d) | 0.54 | (d) | 0.47 | (d) | 2.67 | (d) | 27 | ||||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 3.32 | 0.05 | 0.09 | 0.14 | (0.05) | 3.41 | 4.38 | 9,052 | 0.50 | (e) | 0.56 | (e) | 0.50 | (e) | 2.94 | (e) | 13 | |||||||||||||||||||||||||||||||||||
Period ended 07/31/19(f) | 3.29 | 0.02 | 0.03 | 0.05 | (0.02) | 3.32 | 1.44 | 166 | 0.60 | (e) | 0.65 | (e) | 0.52 | 3.09 | (e) | 36 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Ratios are based on average daily net assets (000’s omitted) of $271,748, $60,754, $299,106 and $11,096 for Class A, Class C, Class Y and Class R6 shares, respectively. |
(e) | Annualized. |
(f) | Commencement date after the close of business on May 24, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Invesco Limited Term California Municipal Fund
Notes to Financial Statements
February 28, 2021
NOTE 1–Significant Accounting Policies
Invesco Limited Term California Municipal Fund, formerly Invesco Oppenheimer Rochester® Limited Term California Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek tax-free income.
The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for 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. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to |
25 Invesco Limited Term California Municipal Fund
shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
H. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
K. | Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. |
The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.
There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets* | Rate | |
| ||
First $ 100 million | 0.500% | |
| ||
Next $150 million | 0.450% | |
| ||
Next $1.75 billion | 0.400% | |
| ||
Over $2 billion | 0.390% | |
|
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.41%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.
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 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
26 Invesco Limited Term California Municipal Fund
shares to 0.81%, 1.57%, 0.57% and 0.47%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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 February 28, 2021, the Adviser reimbursed class level expenses of $746 of Class R6 shares.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $14,924 in front-end sales commissions from the sale of Class A shares and $15,602 and $2,912 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of February 28, 2021, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4–Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $157.
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6–Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $1.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. Prior to
27 Invesco Limited Term California Municipal Fund
February 25, 2021, the revolving credit and security agreement permitted borrowings up to $2.5 billion. The revolving credit and security agreement is secured by the assets of the Fund.
During the year ended February 28, 2021, the average daily balance of borrowing under the revolving credit and security agreement was $5,046,301 with a weighted interest rate of 1.26%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Year Ended February 28, 2021, Period Ended February 29, 2020 and the Year Ended July 31, 2019: |
| |||||||||||
Year Ended February 28, 2021 | Seven months Ended February 29, 2020 | Year Ended July 31, 2019 | ||||||||||
| ||||||||||||
Ordinary income* | $ 444,235 | $ 487,280 | $ | 59,836 | ||||||||
| ||||||||||||
Ordinary income-tax-exempt | 15,620,157 | 8,046,961 | 12,088,966 | |||||||||
| ||||||||||||
Total distributions | $16,064,392 | $8,534,241 | $ | 12,148,802 | ||||||||
|
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Period-End: | ||||
2021 | ||||
| ||||
Undistributed tax-exempt income | $ | 4,604,096 | ||
| ||||
Net unrealized appreciation – investments | 14,968,525 | |||
| ||||
Temporary book/tax differences | (37,350 | ) | ||
| ||||
Capital loss carryforward | (57,046,888 | ) | ||
| ||||
Shares of beneficial interest | 753,600,144 | |||
| ||||
Total net assets | $ | 716,088,527 | ||
|
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to interest accrual on defaulted bonds and amortization adjustments outstanding defaulted bond accrual.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward* | ||||||||||||||
| ||||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||||
| ||||||||||||||
Not subject to expiration | $ | 17,630,722 | $ | 39,416,166 | $ | 57,046,888 | ||||||||
|
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $273,460,219 and $174,732,490, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
| ||||
Aggregate unrealized appreciation of investments | $ | 27,493,413 | ||
| ||||
Aggregate unrealized (depreciation) of investments | (12,524,888 | ) | ||
| ||||
Net unrealized appreciation of investments | $ | 14,968,525 | ||
|
Cost of investments for tax purposes is $696,706,681.
NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of market discount and amortization adjustments, on February 28, 2021, undistributed net investment income was decreased by $20,946 and undistributed net realized gain (loss) was increased by $20,946. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.
28 Invesco Limited Term California Municipal Fund
NOTE 10–Share Information
Summary of Share Activity | ||||||||||||||||||||||||
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Year ended February 28, 2021(a) | Seven months ended February 29, 2020 | Year ended July 31, 2019 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
| ||||||||||||||||||||||||
Sold: | ||||||||||||||||||||||||
Class A | 31,450,242 | $ | 104,839,023 | 14,461,114 | $ | 48,460,961 | 19,934,970 | $ | 64,737,195 | |||||||||||||||
| ||||||||||||||||||||||||
Class C | 2,817,482 | 9,246,225 | 2,363,634 | 7,877,021 | 3,311,988 | 10,619,660 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Y | 48,087,172 | 159,931,411 | 22,886,707 | 77,022,683 | 34,589,393 | 111,574,259 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class R6(b) | 1,301,950 | 4,304,465 | 2,600,520 | 8,785,555 | 50,014 | 165,015 | ||||||||||||||||||
| ||||||||||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||||||||||
Class A | 1,178,208 | 3,901,379 | 900,373 | 3,023,110 | 1,245,311 | 4,021,539 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | 215,343 | 706,895 | 172,506 | 576,478 | 370,885 | 1,190,862 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Y | 1,494,390 | 4,962,282 | 1,142,878 | 3,848,743 | 1,544,428 | 5,007,152 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class R6 | 85,314 | 282,752 | 2,682 | 9,056 | 185 | 615 | ||||||||||||||||||
| ||||||||||||||||||||||||
Automatic conversion of Class C shares to Class A shares: | ||||||||||||||||||||||||
Class A | 6,968,014 | 23,345,715 | 1,363,818 | 4,561,001 | - | - | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | (6,999,030 | ) | (23,345,715 | ) | (1,368,467 | ) | (4,561,001 | ) | - | - | ||||||||||||||
| ||||||||||||||||||||||||
Reacquired: | ||||||||||||||||||||||||
Class A | (19,201,310 | ) | (63,293,210 | ) | (8,362,783 | ) | (28,045,765 | ) | (12,543,890 | ) | (40,348,153 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class C | (3,733,413 | ) | (12,219,086 | ) | (2,596,951 | ) | (8,658,194 | ) | (10,544,696 | ) | (34,203,753 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class Y | (34,950,813 | ) | (115,077,173 | ) | (12,569,245 | ) | (42,325,034 | ) | (17,447,258 | ) | (56,325,675 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class R6 | (805,119 | ) | (2,696,121 | ) | (1,106 | ) | (3,733 | ) | (303 | ) | (1,000 | ) | ||||||||||||
| ||||||||||||||||||||||||
Net increase in share activity | 27,908,430 | $ | 94,888,842 | 20,995,680 | $ | 70,570,881 | 20,511,027 | $ | 66,437,716 | |||||||||||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
(b) | Commencement date after the close of business on May 24, 2019. |
NOTE 11–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
29 Invesco Limited Term California Municipal Fund
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Limited Term California Municipal Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Limited Term California Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statement of changes in net assets for the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019, and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Financial Highlights |
For the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019 for Class A, Class C and Class Y For the year ended February 28, 2021, the seven months ended February 29, 2020 and the period May 24, 2019 (commencement of operations) through July 31, 2019 for Class R6 |
The financial statements of Invesco Limited Term California Municipal Fund (formerly known as Oppenheimer Rochester® Limited Term California Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
30 Invesco Limited Term California Municipal Fund
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Beginning Account Value (09/01/20) | ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized Expense Ratio | |||||||||
Ending Account Value (02/28/21)1 | Expenses Paid During Period2 | Ending Account Value (02/28/21) | Expenses Paid During Period2 | |||||||||
Class A | $1,000.00 | $1,011.60 | $4.19 | $1,020.63 | $4.21 | 0.84% | ||||||
Class C | 1,000.00 | 1,008.00 | 7.92 | 1,016.91 | 7.95 | 1.59 | ||||||
Class Y | 1,000.00 | 1,012.80 | 2.94 | 1,021.87 | 2.96 | 0.59 | ||||||
Class R6 | 1,000.00 | 1,016.30 | 2.55 | 1,022.27 | 2.56 | 0.51 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
31 Invesco Limited Term California Municipal Fund
Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | ||||||||
Corporate Dividends Received Deduction* | 0.00 | % | ||||||
Qualified Dividend Income* | 0.00 | % | ||||||
Qualified Business Income* | 0.00 | % | ||||||
U.S. Treasury Obligations* | 0.00 | % | ||||||
Business Interest Income* | 0.00 | % | ||||||
Tax-Exempt Interest Dividends* | 97.27 | % |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
32 Invesco Limited Term California Municipal Fund
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Interested Trustee | ||||||||
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) | 191 | 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. |
T-1 Invesco Limited Term California Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Independent Trustees | ||||||||
Christopher L. Wilson – 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and President and Director of Grahamtastic Connection (non-profit) | ||||
Jack M. Fields – 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine | ||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization);Eisenhower Foundation (non-profit) | ||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 Invesco Limited Term California Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Independent Trustees–(continued) | ||||||||
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 | 191 | 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 | ||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
Prema Mathai-Davis – 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
Joel W. Motley – 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); |
T-3 Invesco Limited Term California Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Independent Trustees–(continued) | ||||||||
Ann Barnett Stern – 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
Robert C. Troccoli – 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
Daniel S. Vandivort –1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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 | 191 | 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) |
T-4 Invesco Limited Term California Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers | ||||||||
Sheri Morris – 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 Invesco Limited Term California Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers–(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
T-6 Invesco Limited Term California Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A | ||||
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A | ||||
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | 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’s sub-advisers.
Office of the Fund | Investment Adviser | Distributor | Auditors | |||
11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP | |||
Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 | |||
Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5678 | ||||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company | |||
2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street | |||
Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |
T-7 Invesco Limited Term California 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.
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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. | ||
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. |
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | O-ROLTCAM-AR-1 |
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Annual Report to Shareholders
|
February 28, 2021
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Invesco Limited Term Municipal Income Fund
Nasdaq: A: ATFAX ∎ A2: AITFX ∎ C: ATFCX ∎ Y: ATFYX ∎ R5: ATFIX ∎ R6: ATFSX |
Management’s Discussion of Fund Performance
Performance summary For the year ended February 28, 2021, Class A shares of Invesco Limited Term Municipal Income Fund (the Fund), at net asset value (NAV), outperformed the S&P Municipal Bond Investment Grade Short Intermediate Index, the Fund’s style-specific benchmark. |
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Your Fund’s long-term performance appears later in this report.
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Fund vs. Indexes | ||||||
Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
| |||||
Class A Shares | 1.75 | % | ||||
Class A2 Shares | 2.00 | |||||
Class C Shares | 0.99 | |||||
Class Y Shares | 2.00 | |||||
Class R5 Shares | 2.14 | |||||
Class R6 Shares | 2.08 | |||||
S&P Municipal Bond Indexq (Broad Market Index) | 1.22 | |||||
S&P Municipal Bond Investment Grade Short Intermediate Indexq (Style-Specific Index) | 1.56 | |||||
Lipper Short-Intermediate Municipal Debt Funds Index∎ (Peer Group Index) | 1.69 | |||||
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc. |
Market conditions and your Fund
The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected twist of the coronavirus (COVID-19) global pandemic that pierced the markets and forced society to navigate unchartered waters in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27% and taxable municipal bonds returned 0.43% during the year.1
The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.2 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.2 High-yield municipal funds generally hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries, well above the historical norm of approximately 90%.3
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to COVID-19, consisting of a half of a percentage and whole percentage point leaving the target range 0.00% to 0.25%.4
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate timelines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, just the availability of the program provided a psychological safety net for the market.
The COVID-19 pandemic continued into fall and winter, most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.
The election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform. A highly demanded second stimulus package was signed at the end of the year. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion. Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.5 This uptick is a result of recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus an uptrend in taxable municipal issuance.
Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current on principal and interest, as history has shown.
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February also brought $34 billion in supply, higher than the average supply for the last five years for the month.
During the year, an overweight exposure among industrial development revenue/ pollution control revenue bonds contributed to relative return over the period. Security selection and overweight exposure to A and BBB-rated† bonds specifically added to relative performance. On a state level, overweight exposure to bonds domiciled in Illinois and Tennessee contributed to relative performance.
Underweight exposure to state general obligation bonds was detractive from relative return over the period. Underweight exposure to AAA and AA-rated† bonds detracted from relative performance. On a state level, underweight exposure to bonds domiciled in California and Texas detracted from relative performance.
2 Invesco Limited Term Municipal Income Fund
We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of some of the Fund’s investments.
Thank you for investing in Invesco Limited Term Municipal Income Fund and for sharing our long-term investment horizon.
1 Source: Bloomberg Barclays
2 Source: Strategic Insight
3 Source: US Department of the Treasury
4 Source: US Federal Reserve
5 Source: The Bond Buyer
† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s):
John Connelly
Joshua Cooney
Tim O’Reilly
Mark Paris
James Phillips
Charles Pulire
John Schorle
Rebecca Setcavage
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is
not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 Invesco Limited Term Municipal Income Fund
Your Fund’s Long-Term Performance
Results of a $10,000 Investment – Oldest Share Class(es)
Fund and index data from 2/28/11
1 | Source: RIMES Technologies Corp. |
2 | Source: Lipper Inc. |
Past performance cannot guarantee future results.
The S&P Municipal Bond Investment Grade Short Intermediate Index is not shown on the chart as the index does not have 10 years of performance history.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable,
reflects fund expenses and management fees; performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 Invesco Limited Term Municipal Income Fund
Average Annual Total Returns | ||||
As of 2/28/21, including maximum applicable sales charges |
| |||
Class A Shares | ||||
Inception (10/31/02) | 2.94% | |||
10 Years | 2.52 | |||
5 Years | 1.31 | |||
1 Year | -0.83 | |||
Class A2 Shares | ||||
Inception (5/11/87) | 4.60% | |||
10 Years | 2.95 | |||
5 Years | 1.87 | |||
1 Year | 0.96 | |||
Class C Shares | ||||
10 Years | 2.02% | |||
5 Years | 1.09 | |||
1 Year | -0.01 | |||
Class Y Shares | ||||
Inception (10/3/08) | 3.69% | |||
10 Years | 3.05 | |||
5 Years | 2.10 | |||
1 Year | 2.00 | |||
Class R5 Shares | ||||
Inception (7/30/04) | 3.39% | |||
10 Years | 3.06 | |||
5 Years | 2.11 | |||
1 Year | 2.14 | |||
Class R6 Shares | ||||
10 Years | 2.92% | |||
5 Years | 2.09 | |||
1 Year | 2.08 |
Class C shares incepted on June 28, 2013. Performance shown prior to that date is that of Class A2 shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class C shares.
Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum applicable sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 2.50% sales charge. Class A2 share performance reflects the maximum 1% sales charge. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge
or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.
5 Invesco Limited Term Municipal Income Fund
Supplemental Information
Invesco Limited Term Municipal Income Fund’s objective is federal tax-exempt current income.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report
∎ | The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market. |
∎ | The S&P Municipal Bond Investment Grade Short Intermediate Index is an unmanaged index considered representative of investment-grade US municipal bonds with maturities between one and eight years. |
∎ | The Lipper Short-Intermediate Municipal Debt Funds Index is an unmanaged index considered representative of short-intermediate municipal debt funds tracked by Lipper. |
∎ | The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
∎ | A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. | ||
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
6 Invesco Limited Term Municipal Income Fund
Fund Information
Portfolio Composition
By credit sector | % of total investments | |
Revenue Bonds | 58.6% | |
Other | 26.1 | |
General Obligation Bonds | 12.1 | |
Pre-Refunded Bonds | 3.2 |
Top Five Debt Holdings
% of total net assets | ||||
1. | Gulf Coast Industrial Development Authority (ExxonMobil), Series 2012, VRD RB | 2.3% | ||
2. | New York (City of), NY Municipal Water Finance Authority, Subseries 2012 A-1, VRD RB | 2.2 | ||
3. | Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2007 C, Ref. VRD RB | 1.6 | ||
4. | Tennessee Energy Acquisition Corp., Series 2006 A, RB | 1.6 | ||
5. | Metropolitan Transportation Authority, Subseries 2005 D-2, VRD RB | 1.5 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of February 28, 2021.
7 Invesco Limited Term Municipal Income Fund
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Municipal Obligations–98.42% | ||||||||||||
Alabama–1.75% | ||||||||||||
Black Belt Energy Gas District (The); Series 2016 A, RB(a) | 4.00% | 06/01/2021 | $ | 5,000 | $ 5,038,000 | |||||||
Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB(a) | 4.00% | 12/01/2025 | 28,000 | 31,827,880 | ||||||||
Selma (City of), AL Industrial Development Board (International Paper Co.); Series 2019, Ref. RB(a) | 2.00% | 10/01/2024 | 2,000 | 2,085,980 | ||||||||
Southeast Alabama Gas Supply District (The) (No. 1); | ||||||||||||
Series 2018 B, RB (67% of 1 mo. USD LIBOR + 0.90%)(a)(b) | 0.98% | 04/01/2024 | 8,625 | 8,694,431 | ||||||||
Series 2018 C, RB (SIFMA Municipal Swap Index + 0.65%)(a)(b) | 0.68% | 04/01/2024 | 2,875 | 2,879,600 | ||||||||
50,525,891 | ||||||||||||
Alaska–0.29% | ||||||||||||
Alaska (State of) Municipal Bond Bank Authority; Series 2016-3, Ref. RB | 5.00% | 12/01/2025 | 4,635 | 5,511,386 | ||||||||
North Slope (Borough of), AK; | ||||||||||||
Series 2018 A, GO Bonds | 5.00% | 06/30/2021 | 1,000 | 1,015,550 | ||||||||
Series 2018 A, GO Bonds | 5.00% | 06/30/2022 | 1,710 | 1,736,471 | ||||||||
8,263,407 | ||||||||||||
Arizona–3.91% | ||||||||||||
Arizona (State of); | ||||||||||||
Series 2019, Ref. RB | 5.00% | 07/01/2026 | 10,000 | 12,225,000 | ||||||||
Series 2019, Ref. RB | 5.00% | 07/01/2027 | 10,500 | 13,155,765 | ||||||||
Arizona (State of) Health Facilities Authority (Banner Health); | ||||||||||||
Series 2015 B, VRD RB (LOC -BK Tokyo-Mitsubishi UFJ)(c)(d) | 0.02% | 01/01/2046 | 24,550 | 24,550,000 | ||||||||
Series 2015 C, Ref. VRD RB (LOC-Bank Of America, N.A.)(c)(d) | 0.01% | 01/01/2046 | 10,250 | 10,250,000 | ||||||||
Arizona (State of) Industrial Development Authority; Series 2019 A-2, RB | 3.63% | 05/20/2033 | 15,639 | 16,954,560 | ||||||||
Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community); | ||||||||||||
Series 2019 A, RB | 5.00% | 01/01/2023 | 550 | 556,484 | ||||||||
Series 2019 A, RB | 5.00% | 01/01/2024 | 555 | 564,180 | ||||||||
Series 2019 A, RB | 5.00% | 01/01/2025 | 605 | 616,991 | ||||||||
Series 2019 A, RB | 5.00% | 01/01/2026 | 735 | 750,751 | ||||||||
Series 2019 A, RB | 5.00% | 01/01/2027 | 800 | 816,152 | ||||||||
Series 2019 B, RB | 5.00% | 01/01/2043 | 2,520 | 1,978,906 | ||||||||
Arizona (State of) Water Infrastructure Finance Authority; Series 2014 A, Ref. RB | 5.00% | 10/01/2024 | 5,000 | 5,806,950 | ||||||||
La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools); Series 2016 A, RB(e) | 5.00% | 02/15/2026 | 1,150 | 1,273,027 | ||||||||
Maricopa (County of), AZ Industrial Development Authority (Banner Health); Series 2017 C, RB(a) | 5.00% | 10/18/2024 | 7,500 | 8,680,275 | ||||||||
Maricopa (County of), AZ Special Health Care District; | ||||||||||||
Series 2018 C, GO Bonds | 5.00% | 07/01/2024 | 2,000 | 2,281,280 | ||||||||
Series 2018 C, GO Bonds | 5.00% | 07/01/2025 | 2,475 | 2,907,531 | ||||||||
Phoenix Civic Improvement Corp.; | ||||||||||||
Series 2014 B, Ref. RB | 5.00% | 07/01/2027 | 2,450 | 2,818,210 | ||||||||
Series 2017 D, Ref. RB | 5.00% | 07/01/2024 | 5,080 | 5,827,065 | ||||||||
Pima (County of), AZ Industrial Development Authority (Tuscon Country Day School); Series 2007, Ref. RB | 5.00% | 06/01/2037 | 750 | 750,030 | ||||||||
112,763,157 | ||||||||||||
California–4.21% | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area); Series 2017 D, Ref. RB (70% of 3 mo. USD LIBOR + 0.55%)(a)(b) | 0.72% | 04/01/2021 | 1,000 | 1,000,250 | ||||||||
California (State of); | ||||||||||||
Series 2003 A-2, VRD GO Bonds (LOC - Bank Of Montreal)(c)(d) | 0.01% | 05/01/2033 | 500 | 500,000 | ||||||||
Series 2013 E, GO Bonds (SIFMA Municipal Swap Index + 0.43%)(a)(b) | 0.46% | 12/01/2023 | 7,000 | 7,002,310 | ||||||||
Series 2016 B, GO Bonds (70% of 1 mo. USD LIBOR + 0.76%)(a)(b) | 0.84% | 12/01/2021 | 10,000 | 10,012,000 | ||||||||
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health System); Series 2016 B-2, Ref. RB(a) | 4.00% | 10/01/2024 | 5,000 | 5,633,350 | ||||||||
California (State of) Infrastructure & Economic Development Bank; Series 2019, Ref. RB(a) | 1.75% | 08/01/2026 | 5,240 | 5,312,574 | ||||||||
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB | 4.00% | 06/01/2026 | 1,725 | 1,825,102 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
California–(continued) | ||||||||||||
California (State of) Municipal Finance Authority (Humangood Obligation Group); | ||||||||||||
Series 2019 A, Ref. RB | 4.00% | 10/01/2028 | $ | 750 | $ 859,965 | |||||||
Series 2019 A, Ref. RB | 4.00% | 10/01/2029 | 1,000 | 1,142,560 | ||||||||
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing); | ||||||||||||
Series 2019, RB (INS - BAM)(f) | 5.00% | 05/15/2024 | 350 | 396,701 | ||||||||
Series 2019, RB (INS - BAM)(f) | 5.00% | 05/15/2025 | 500 | 583,985 | ||||||||
California Infrastructure & Economic Development Bank (California Academy of Sciences); Series 2018 C, Ref. RB (70% of 1 mo. USD LIBOR +0.38%)(a)(b) | 0.46% | 08/01/2021 | 5,000 | 4,999,850 | ||||||||
Corona-Norco Unified School District (Election of 2006); Series 2009 C, GO Bonds (INS - AGM)(f)(g) | 0.00% | 08/01/2021 | 1,500 | 1,497,960 | ||||||||
Golden State Tobacco Securitization Corp.; | ||||||||||||
Series 2017 A-1, Ref. RB | 5.00% | 06/01/2024 | 6,500 | 7,415,850 | ||||||||
Series 2017 A-1, Ref. RB | 5.00% | 06/01/2025 | 10,000 | 11,763,800 | ||||||||
Series 2017 A-1, Ref. RB | 5.00% | 06/01/2028 | 11,765 | 14,434,008 | ||||||||
Grossmont-Cuyamaca Community College District (Election of 2002); Series 2008 C, GO Bonds (INS - AGC)(f)(g) | 0.00% | 08/01/2025 | 3,000 | 2,880,060 | ||||||||
Los Angeles (City of), CA Harbor Department; Series 2009 C, Ref. RB | 5.00% | 08/01/2021 | 2,000 | 2,039,020 | ||||||||
Madera Unified School District; Series 2018, COP (INS - BAM)(f) | 5.00% | 09/01/2034 | 500 | 501,250 | ||||||||
Mizuho Floater/Residual Trust; Series 2020, VRD RB(c)(e) | 0.23% | 10/01/2036 | 18,758 | 18,758,000 | ||||||||
Rowland Unified School District (Election of 2006); Series 2009 B, GO Bonds(g) | 0.00% | 08/01/2023 | 1,300 | 1,283,178 | ||||||||
Sacramento (County of), CA; | ||||||||||||
Series 2018 B, Ref. RB(h) | 5.00% | 07/01/2022 | 750 | 797,392 | ||||||||
Series 2018 B, Ref. RB | 5.00% | 07/01/2023 | 1,000 | 1,105,590 | ||||||||
San Diego Association of Governments (Mid-Coast Corridor Transit) (Green Bonds); Series 2019 A, RB | 5.00% | 11/15/2025 | 3,000 | 3,496,170 | ||||||||
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); | ||||||||||||
Series 2019, Ref. RB | 5.00% | 06/01/2027 | 1,500 | 1,866,630 | ||||||||
Series 2019, Ref. RB | 5.00% | 06/01/2028 | 1,500 | 1,904,850 | ||||||||
Torrance Unified School District (Election of 2008-Measure Z); | ||||||||||||
Series 2009 B-1, GO Bonds(g) | 0.00% | 08/01/2022 | 1,900 | 1,890,595 | ||||||||
Series 2009 B-1, GO Bonds(g) | 0.00% | 08/01/2023 | 2,000 | 1,974,120 | ||||||||
Tustin Unified School District (Community Facilities District No. 88-1); | ||||||||||||
Series 2015, Ref. RB (INS - BAM)(f) | 5.00% | 09/01/2022 | 1,500 | 1,602,900 | ||||||||
Series 2015, Ref. RB (INS - BAM)(f) | 5.00% | 09/01/2023 | 1,000 | 1,111,290 | ||||||||
Tustin Unified School District (Community Facilities District No. 97-1); | ||||||||||||
Series 2015 A, Ref. RB | 5.00% | 09/01/2022 | 1,000 | 1,062,690 | ||||||||
Series 2015 A, Ref. RB | 5.00% | 09/01/2023 | 650 | 722,683 | ||||||||
Series 2015 A, Ref. RB | 5.00% | 09/01/2024 | 1,500 | 1,719,630 | ||||||||
University of California; Series 2013 AL-2, Ref. VRD RB(c) | 0.01% | 05/15/2048 | 1,000 | 1,000,000 | ||||||||
West Contra Costa Unified School District (Election of 2005); Series 2008 B, GO Bonds | 6.00% | 08/01/2027 | 1,000 | 1,304,470 | ||||||||
121,400,783 | ||||||||||||
Colorado–1.69% | ||||||||||||
Arkansas (State of) River Power Authority; | ||||||||||||
Series 2006, RB(h) | 5.88% | 10/01/2021 | 1,045 | 1,078,638 | ||||||||
Series 2006, RB(h) | 5.88% | 10/01/2026 | 3,500 | 4,094,090 | ||||||||
Colorado (State of); Series 2018 A, COP | 5.00% | 12/15/2023 | 2,000 | 2,253,340 | ||||||||
Colorado (State of) Health Facilities Authority (Adventhealth Obligated); Series 2019, Ref. RB(a) | 5.00% | 11/19/2026 | 8,500 | 10,526,145 | ||||||||
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 B, RB(a) | 5.00% | 11/20/2025 | 4,600 | 5,521,472 | ||||||||
Colorado (State of) Health Facilities Authority (Commonspirit Health); Series 2019 B-1, Ref. RB(a) | 5.00% | 08/01/2025 | 7,500 | 8,616,150 | ||||||||
Colorado Springs (City of), CO; Series 2018 A-1, Ref. RB | 5.00% | 11/15/2023 | 2,990 | 3,369,491 | ||||||||
Denver (City & County of), CO; Series 2012 B, RB | 5.00% | 11/15/2025 | 2,000 | 2,165,180 | ||||||||
E-470 Public Highway Authority; | ||||||||||||
Series 2017 B, Ref. RB (67% of 1 mo. USD LIBOR + 1.05%)(a)(b) | 1.13% | 09/01/2021 | 2,000 | 2,000,660 | ||||||||
Series 2019, Ref. RB (67% of 1 mo. USD LIBOR + 0.42%)(a)(b) | 0.50% | 09/01/2021 | 1,500 | 1,500,045 | ||||||||
Prairie Center Metropolitan District No. 7; Series 2020, GO Bonds | 4.13% | 12/15/2036 | 925 | 981,231 | ||||||||
Public Authority for Colorado Energy; | ||||||||||||
Series 2008, RB | 6.13% | 11/15/2023 | 1,015 | 1,105,477 | ||||||||
Series 2008, RB | 6.25% | 11/15/2028 | 2,000 | 2,495,900 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Colorado–(continued) | ||||||||||||
Vauxmont Metropolitan District; | ||||||||||||
Series 2019, Ref. GO Bonds (INS - AGM)(f) | 5.00% | 12/15/2027 | $ | 130 | $ 150,960 | |||||||
Series 2019, Ref. GO Bonds (INS - AGM)(f) | 5.00% | 12/15/2028 | 125 | 144,531 | ||||||||
Series 2019, Ref. GO Bonds (INS - AGM)(f) | 5.00% | 12/15/2029 | 125 | 143,889 | ||||||||
Series 2019, Ref. GO Bonds (INS - AGM)(f) | 5.00% | 12/15/2030 | 125 | 143,489 | ||||||||
Series 2020, Ref. GO Bonds (INS - AGM)(f) | 5.00% | 12/01/2026 | 385 | 463,956 | ||||||||
Series 2020, Ref. GO Bonds (INS - AGM)(f) | 5.00% | 12/01/2027 | 400 | 491,796 | ||||||||
Series 2020, Ref. GO Bonds (INS - AGM)(f) | 5.00% | 12/01/2028 | 415 | 519,352 | ||||||||
Series 2020, Ref. GO Bonds (INS - AGM)(f) | 5.00% | 12/01/2029 | 420 | 533,375 | ||||||||
Series 2020, Ref. GO Bonds (INS - AGM)(f) | 5.00% | 12/01/2030 | 435 | 549,113 | ||||||||
48,848,280 | ||||||||||||
Connecticut–1.10% | ||||||||||||
Connecticut (State of); | ||||||||||||
Series 2013 A, GO Bonds (SIFMA Municipal Swap Index + 0.85%)(b) | 0.88% | 03/01/2022 | 5,000 | 5,022,250 | ||||||||
Series 2018 C, GO Bonds | 5.00% | 06/15/2022 | 1,350 | 1,433,363 | ||||||||
Series 2018 C, GO Bonds | 4.00% | 06/15/2024 | 7,035 | 7,833,261 | ||||||||
Connecticut (State of) (Transportation Infrastructure); | ||||||||||||
Series 2018, RB | 5.00% | 01/01/2023 | 9,000 | 9,768,150 | ||||||||
Series 2018, RB | 5.00% | 01/01/2027 | 3,000 | 3,699,720 | ||||||||
Connecticut (State of) Health & Educational Facility Authority (Sacred Heart University); Series 2012 H, Ref. RB(h) | 4.00% | 07/01/2022 | 2,590 | 2,723,204 | ||||||||
New Haven (City of), CT; Series 2018 A, GO Bonds | 5.00% | 08/01/2025 | 1,160 | 1,333,478 | ||||||||
31,813,426 | ||||||||||||
District of Columbia–0.54% | ||||||||||||
District of Columbia (Georgetown University); | ||||||||||||
Series 2011, RB(a)(h) | 5.00% | 04/01/2021 | 2,055 | 2,062,994 | ||||||||
Series 2017, Ref. RB(h) | 5.00% | 04/01/2023 | 1,000 | 1,095,870 | ||||||||
Series 2017, Ref. RB(h) | 5.00% | 04/01/2024 | 1,500 | 1,705,590 | ||||||||
Metropolitan Washington Airports Authority; | ||||||||||||
Series 2019 B, Ref. RB | 5.00% | 10/01/2026 | 5,000 | 6,138,950 | ||||||||
Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(c)(d) | 0.02% | 10/01/2039 | 4,620 | 4,620,000 | ||||||||
15,623,404 | ||||||||||||
Florida–2.66% | ||||||||||||
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics); | ||||||||||||
Series 2019, Ref. RB | 5.00% | 12/01/2021 | 500 | 517,025 | ||||||||
Series 2019, Ref. RB | 5.00% | 12/01/2022 | 600 | 647,346 | ||||||||
Brevard County School District; Series 2013 A, Ref. COP | 5.00% | 07/01/2024 | 2,000 | 2,207,240 | ||||||||
Broward (County of), FL; Series 2012 B, Ref. RB | 5.00% | 10/01/2023 | 3,555 | 3,820,416 | ||||||||
Broward (County of), FL School Board; Series 2017 C, Ref. COP | 5.00% | 07/01/2025 | 5,000 | 5,904,150 | ||||||||
Citizens Property Insurance Corp.; | ||||||||||||
Series 2012 A-1, RB | 5.00% | 06/01/2022 | 8,000 | 8,477,040 | ||||||||
Series 2015 A-1, RB | 5.00% | 06/01/2025 | 6,000 | 6,985,800 | ||||||||
Florida (State of) (Department of Transportation); Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2025 | 2,610 | 3,120,177 | ||||||||
Florida (State of) (State Board of Education); Series 2011 D, Ref. GO Bonds(a)(h) | 5.00% | 06/01/2021 | 10,000 | 10,120,600 | ||||||||
Florida (State of) Higher Educational Facilities Financial Authority (Florida Institute of Technology); | ||||||||||||
Series 2019, RB | 5.00% | 10/01/2021 | 450 | 460,471 | ||||||||
Series 2019, RB | 5.00% | 10/01/2022 | 495 | 525,403 | ||||||||
Series 2019, RB | 5.00% | 10/01/2024 | 350 | 395,157 | ||||||||
Series 2019, RB | 5.00% | 10/01/2025 | 475 | 550,378 | ||||||||
Florida (State of) Mid-Bay Bridge Authority; | ||||||||||||
Series 2015 A, Ref. RB | 5.00% | 10/01/2022 | 2,485 | 2,648,165 | ||||||||
Series 2015 A, Ref. RB | 5.00% | 10/01/2023 | 1,000 | 1,108,720 | ||||||||
Florida (State of) Municipal Power Agency (All-Requirements Power Supply); | ||||||||||||
Series 2017-A, Ref. RB | 5.00% | 10/01/2026 | 4,000 | 4,913,600 | ||||||||
Series 2019 A, Ref. RB | 5.00% | 10/01/2026 | 5,200 | 6,387,680 | ||||||||
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(c)(d) | 0.04% | 06/01/2048 | 910 | 910,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Florida–(continued) | ||||||||||||
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); | ||||||||||||
Series 2018 F, RB | 5.00% | 10/01/2023 | $ | 1,250 | $ 1,399,575 | |||||||
Series 2018 F, RB | 5.00% | 10/01/2024 | 1,050 | 1,217,832 | ||||||||
Hillsborough (County of), FL School Board; | ||||||||||||
Series 2015, Ref. RB (INS - AGM)(f) | 5.00% | 10/01/2021 | 1,700 | 1,746,206 | ||||||||
Series 2015, Ref. RB (INS - AGM)(f) | 5.00% | 10/01/2022 | 1,500 | 1,610,340 | ||||||||
JEA Water & Sewer System Revenue; Series 2017 A, Ref. RB | 5.00% | 10/01/2025 | 4,500 | 5,392,530 | ||||||||
Manatee (County of), FL School District; Series 2017, RB (INS - AGM)(f) | 5.00% | 10/01/2024 | 2,600 | 2,961,816 | ||||||||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(c)(d) | 0.02% | 07/01/2037 | 2,760 | 2,760,000 | ||||||||
76,787,667 | ||||||||||||
Georgia–0.96% | ||||||||||||
Atlanta (City of), GA; | ||||||||||||
Series 2009 B, RB (INS - AGM)(f) | 5.25% | 11/01/2027 | 2,000 | 2,486,520 | ||||||||
Series 2018 C, Ref. RB | 5.00% | 11/01/2024 | 2,000 | 2,329,360 | ||||||||
Atlanta (City of), GA Department of Aviation; | ||||||||||||
Series 2019 F, Ref. RB | 5.00% | 07/01/2023 | 3,000 | 3,330,120 | ||||||||
Series 2019 F, Ref. RB | 5.00% | 07/01/2024 | 2,000 | 2,303,460 | ||||||||
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.); | ||||||||||||
Series 2019 A, RB | 5.00% | 07/01/2024 | 1,875 | 2,158,144 | ||||||||
Series 2019 A, RB | 5.00% | 07/01/2025 | 1,050 | 1,248,775 | ||||||||
Burke (County of), GA Development Authority (Georgia Power Co. Plant Vogtle); | ||||||||||||
Series 1994, RB(a) | 2.25% | 05/25/2023 | 3,000 | 3,112,230 | ||||||||
Series 1994, RB(a) | 2.15% | 06/13/2024 | 2,000 | 2,091,720 | ||||||||
Gainesville (City of) & Hall (County of), GA Development Authority (Acts Retirement-Life Community); Series 2012, RB | 5.00% | 11/15/2022 | 1,380 | 1,466,181 | ||||||||
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4); Series 2019, RB | 5.00% | 01/01/2025 | 355 | 411,956 | ||||||||
Georgia (State of) Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4); | ||||||||||||
Series 2019, RB | 5.00% | 01/01/2026 | 300 | 357,723 | ||||||||
Series 2019, RB | 5.00% | 01/01/2028 | 800 | 995,088 | ||||||||
Main Street Natural Gas, Inc.; Series 2019 B, RB(a) | 4.00% | 12/02/2024 | 3,000 | 3,341,370 | ||||||||
Private Colleges & Universities Authority (Emory University); Series 2013 B, Ref. RB (SIFMA Municipal Swap Index + 0.42%)(a)(b) | 0.45% | 08/16/2022 | 2,000 | 1,999,920 | ||||||||
27,632,567 | ||||||||||||
Hawaii–0.70% | ||||||||||||
Hawaii (State of); | ||||||||||||
Series 2013, GO Bonds | 5.00% | 08/01/2028 | 7,000 | 7,754,810 | ||||||||
Series 2016 FE, Ref. GO Bonds | 5.00% | 10/01/2026 | 4,845 | 5,984,399 | ||||||||
Series 2016 FE, Ref. GO Bonds | 5.00% | 10/01/2027 | 5,265 | 6,486,954 | ||||||||
20,226,163 | ||||||||||||
Idaho–0.24% | ||||||||||||
Idaho (State of) Health Facilities Authority (St. Luke’s Health System); | ||||||||||||
Series 2018 A, Ref. RB | 5.00% | 03/01/2023 | 2,000 | 2,176,540 | ||||||||
Series 2018 A, Ref. RB | 5.00% | 03/01/2024 | 1,350 | 1,522,949 | ||||||||
Regents of the University of Idaho; Series 2011, Ref. RB(a)(h) | 5.25% | 04/01/2021 | 3,305 | 3,318,517 | ||||||||
7,018,006 | ||||||||||||
Illinois–10.91% | ||||||||||||
Chicago (City of), IL; | ||||||||||||
Series 2003 B, Ref. GO Bonds | 5.00% | 01/01/2024 | 3,205 | 3,525,051 | ||||||||
Series 2004, Ref. RB | 5.00% | 11/01/2022 | 5,675 | 6,096,596 | ||||||||
Series 2004, Ref. RB | 5.00% | 11/01/2023 | 2,475 | 2,732,648 | ||||||||
Series 2004, Ref. RB | 5.00% | 11/01/2024 | 14,440 | 16,427,666 | ||||||||
Series 2012, RB | 5.00% | 01/01/2027 | 1,000 | 1,039,810 | ||||||||
Series 2014, RB | 5.00% | 11/01/2021 | 1,000 | 1,029,920 | ||||||||
Series 2017 B, Ref. RB | 5.00% | 01/01/2025 | 3,520 | 4,030,154 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Illinois–(continued) | ||||||||||||
Chicago (City of), IL (O’Hare International Airport); | ||||||||||||
Series 2015 B, Ref. RB(h) | 5.00% | 01/01/2022 | $ | 3,650 | $ 3,796,255 | |||||||
Series 2015 B, Ref. RB | 5.00% | 01/01/2023 | 5,000 | 5,425,750 | ||||||||
Chicago (City of), IL Board of Education; Series 1998 B-1, GO Bonds (INS - NATL)(f)(g) | 0.00% | 12/01/2025 | 735 | 684,020 | ||||||||
Chicago (City of), IL Transit Authority; | ||||||||||||
Series 2010, Ref. RB (INS - AGM)(f) | 5.00% | 06/01/2028 | 755 | 756,601 | ||||||||
Series 2011, RB(a)(h) | 5.25% | 12/01/2021 | 4,050 | 4,205,115 | ||||||||
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds); | ||||||||||||
Series 2015, Ref. RB | 5.00% | 06/01/2021 | 8,000 | 8,090,400 | ||||||||
Series 2017, Ref. RB | 5.00% | 06/01/2025 | 4,000 | 4,681,880 | ||||||||
Chicago (City of), IL Transit Authority (FTA Section 5337 State of Good Repair Formula Funds); Series 2017, Ref. RB | 5.00% | 06/01/2025 | 1,500 | 1,755,705 | ||||||||
Cook (County of), IL; Series 2011 A, Ref. GO Bonds | 5.25% | 11/15/2028 | 8,785 | 9,062,870 | ||||||||
Cook County Township High School District No. 220 Reavis; Series 2012, GO Bonds | 3.00% | 12/01/2024 | 1,035 | 1,061,972 | ||||||||
Illinois (State of); | ||||||||||||
Series 2007, GO Bonds (INS - NATL)(h) | 4.75% | 04/01/2032 | 5,955 | 5,961,670 | ||||||||
Series 2010, Ref. GO Bonds | 5.00% | 01/01/2022 | 5,000 | 5,015,250 | ||||||||
Series 2010, Ref. GO Bonds | 5.00% | 01/01/2023 | 525 | 526,507 | ||||||||
Series 2011, RB | 5.00% | 06/15/2027 | 10,500 | 10,607,520 | ||||||||
Series 2011, RB | 5.00% | 06/15/2028 | 5,500 | 5,554,065 | ||||||||
Series 2012, Ref. GO Bonds | 5.00% | 08/01/2025 | 4,710 | 4,941,025 | ||||||||
Series 2013, GO Bonds | 5.00% | 07/01/2021 | 2,500 | 2,534,225 | ||||||||
Series 2013, GO Bonds | 5.50% | 07/01/2026 | 2,000 | 2,177,420 | ||||||||
Series 2013, RB | 5.00% | 06/15/2026 | 500 | 542,120 | ||||||||
Series 2014, GO Bonds | 5.00% | 02/01/2025 | 4,695 | 5,138,067 | ||||||||
Series 2017 D, GO Bonds | 5.00% | 11/01/2024 | 3,480 | 3,892,310 | ||||||||
Series 2017 D, GO Bonds | 5.00% | 11/01/2027 | 1,065 | 1,240,863 | ||||||||
Series 2020, GO Bonds | 5.50% | 05/01/2024 | 3,500 | 3,935,050 | ||||||||
Series 2020, GO Bonds | 5.50% | 05/01/2025 | 5,000 | 5,758,400 | ||||||||
Series 2020, GO Bonds | 5.50% | 05/01/2026 | 6,750 | 7,943,805 | ||||||||
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 A, Ref. RB | 5.00% | 11/01/2030 | 3,000 | 3,547,050 | ||||||||
Illinois (State of) Finance Authority (Edward-Elmhurst Heathcare); Series 2018 B, Ref. RB (SIFMA Municipal Swap Index + 0.75%)(a)(b) | 0.78% | 07/01/2023 | 3,750 | 3,753,187 | ||||||||
Illinois (State of) Finance Authority (Field Museum); Series 2019, Ref. RB (68% of 1 mo. USD LIBOR + 1.00%)(a)(b) | 0.58% | 09/01/2022 | 6,845 | 6,815,703 | ||||||||
Illinois (State of) Finance Authority (Navistar International Corp.); Series 2020, Ref. | 4.75% | 08/01/2030 | 11,000 | 11,748,110 | ||||||||
Illinois (State of) Finance Authority (Northwestern Memorial Healthcare); Series 2017 B, RB(a) | 5.00% | 12/15/2022 | 10,750 | 11,617,632 | ||||||||
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(c) | 0.01% | 12/01/2046 | 2,150 | 2,150,000 | ||||||||
Illinois (State of) Finance Authority (OSF Healthcare System); | ||||||||||||
Series 2018 B, Ref. VRD RB (LOC - JP Morgan Chase Bank N.A.)(c)(d) | 0.00% | 11/15/2037 | 19,000 | 19,000,000 | ||||||||
Series 2018 C, Ref. VRD RB (LOC - PNC Bank N.A.)(c)(d) | 0.01% | 11/15/2037 | 17,700 | 17,700,000 | ||||||||
Illinois (State of) Finance Authority (Palos Hospital); | ||||||||||||
Series 2010 C, RB | 5.38% | 05/15/2025 | 6,000 | 6,019,680 | ||||||||
Series 2010, Ref. RB | 5.13% | 05/15/2035 | 15,000 | 15,036,150 | ||||||||
Illinois (State of) Finance Authority (University of Chicago Medical); Series 2009 D-1, VRD RB (LOC - PNC Bank N.A.)(c)(d) | 0.01% | 08/01/2043 | 18,960 | 18,960,000 | ||||||||
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); | ||||||||||||
Series 2002, RB(a)(h) | 5.70% | 06/15/2022 | 875 | 943,959 | ||||||||
Series 2002, RB (INS - NATL)(f) | 5.70% | 06/15/2025 | 3,125 | 3,292,219 | ||||||||
Series 2002, RB (INS - NATL)(f)(g) | 0.00% | 12/15/2032 | 25,000 | 18,357,750 | ||||||||
Illinois (State of) Toll Highway Authority; | ||||||||||||
Series 2013 A, RB | 5.00% | 01/01/2032 | 1,250 | 1,351,613 | ||||||||
Series 2015 A, RB | 5.00% | 01/01/2032 | 1,635 | 1,922,253 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Illinois–(continued) | ||||||||||||
Long Grove (Village of), IL (Sunset Grove); | ||||||||||||
Series 2020, Ref. RB | 2.50% | 01/01/2022 | $ | 240 | $ 241,932 | |||||||
Series 2020, Ref. RB | 2.50% | 01/01/2023 | 245 | 249,094 | ||||||||
Series 2020, Ref. RB | 3.00% | 01/01/2026 | 280 | 291,273 | ||||||||
Series 2020, Ref. RB | 3.10% | 01/01/2027 | 290 | 301,197 | ||||||||
Series 2020, Ref. RB | 3.25% | 01/01/2028 | 305 | 316,120 | ||||||||
Series 2020, Ref. RB | 3.35% | 01/01/2029 | 320 | 329,690 | ||||||||
Series 2020, Ref. RB | 3.50% | 01/01/2030 | 330 | 338,920 | ||||||||
Series 2020, Ref. RB | 3.60% | 01/01/2031 | 345 | 353,432 | ||||||||
Series 2020, Ref. RB | 3.70% | 01/01/2032 | 490 | 502,186 | ||||||||
Morton Grove (Village of), IL (Illinois Holocaust Museum & Educational Center); Series 2006, VRD RB (LOC - Bank of America N.A.)(c)(d) | 0.04% | 12/01/2041 | 1,370 | 1,370,000 | ||||||||
Railsplitter Tobacco Settlement Authority; | ||||||||||||
Series 2010, RB(a)(h) | 5.50% | 06/01/2021 | 1,500 | 1,519,935 | ||||||||
Series 2017, RB | 5.00% | 06/01/2025 | 7,000 | 8,183,700 | ||||||||
Regional Transportation Authority; | ||||||||||||
Series 1997, Ref. RB (INS - NATL)(f) | 6.00% | 06/01/2023 | 1,460 | 1,536,650 | ||||||||
Series 2002 A, RB (INS - NATL)(f) | 6.00% | 07/01/2021 | 2,055 | 2,094,353 | ||||||||
Rosemont (Village of), IL; Series 2017 A, GO Bonds (INS - AGM)(f) | 5.00% | 12/01/2046 | 4,000 | 4,752,000 | ||||||||
Sales Tax Securitization Corp.; Series 2017 A, Ref. RB | 5.00% | 01/01/2025 | 6,700 | 7,703,660 | ||||||||
Springfield (City of), IL Electric Revenue; Series 2015, Ref. RB | 5.00% | 03/01/2023 | 2,000 | 2,174,860 | ||||||||
314,645,018 | ||||||||||||
Indiana–2.00% | ||||||||||||
Indiana (State of) Finance Authority; Series 2016 C, Ref. RB | 5.00% | 12/01/2025 | 7,000 | 8,428,350 | ||||||||
Indiana (State of) Finance Authority (Kings Daughters Hospital & Health); Series 2010, RB | 5.50% | 08/15/2040 | 7,955 | 7,969,080 | ||||||||
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); | ||||||||||||
Series 2010 A, RB | 3.00% | 11/01/2030 | 4,350 | 4,567,587 | ||||||||
Series 2012 B, RB | 3.00% | 11/01/2030 | 2,000 | 2,100,040 | ||||||||
Series 2012 C, RB | 3.00% | 11/01/2030 | 3,000 | 3,150,060 | ||||||||
Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc. Obligated Group); | ||||||||||||
Series 2008 I, Ref. VRD RB (LOC - Barclays Bank PLC)(c)(d) | 0.01% | 11/01/2037 | 6,275 | 6,275,000 | ||||||||
Series 2008 J, Ref. VRD RB (LOC - Barclays Bank PLC)(c)(d) | 0.01% | 11/01/2037 | 16,875 | 16,875,000 | ||||||||
Indiana (State of) Municipal Power Agency; Series 2011 A, RB(a)(h) | 5.00% | 07/01/2021 | 250 | 253,945 | ||||||||
Indiana Bond Bank; Series 2007 B-1, RB (67% of 3 mo. USD LIBOR + 0.97%)(b) | 1.13% | 10/15/2022 | 2,875 | 2,875,978 | ||||||||
Indianapolis (City of), IN Department of Public Utilities; Series 2018 A, Ref. RB | 5.00% | 10/01/2025 | 1,350 | 1,614,371 | ||||||||
Purdue University; Series 2016 CC, Ref. RB | 5.00% | 07/01/2023 | 3,115 | 3,458,553 | ||||||||
57,567,964 | ||||||||||||
Iowa–0.43% | ||||||||||||
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2013, RB | 5.25% | 12/01/2025 | 6,000 | 6,591,240 | ||||||||
Iowa (State of) Finance Authority (Iowa Health System); Series 2018, Ref. RB (SIFMA Municipal Swap Index + 0.58%)(a)(b)(e) | 0.61% | 01/04/2024 | 5,785 | 5,785,000 | ||||||||
12,376,240 | ||||||||||||
Kansas–0.85% | ||||||||||||
Kansas (State of) Development Finance Authority; | ||||||||||||
Series 2015 G, RB | 5.00% | 04/01/2027 | 5,000 | 5,436,950 | ||||||||
Series 2015 G, RB | 5.00% | 04/01/2028 | 5,000 | 5,423,200 | ||||||||
Kansas (State of) Development Finance Authority (Adventist Health System/Subelt Obligated Group); Series 2012 A, Ref. RB | 5.00% | 11/15/2032 | 11,975 | 12,538,304 | ||||||||
Wyandotte (County of) & Kansas City (City of), KS Unified Government; Series 2014 A, Ref. RB | 5.00% | 09/01/2021 | 1,000 | 1,023,390 | ||||||||
24,421,844 | ||||||||||||
Kentucky–2.50% | ||||||||||||
Christian (County of), KY (Jennie Stuart Medical Center, Inc.); Series 2016, Ref. RB | 5.00% | 02/01/2026 | 1,900 | 2,060,911 | ||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(a)(b) | 1.43% | 02/01/2025 | 2,340 | 2,356,193 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Kentucky–(continued) | ||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); | ||||||||||||
Series 2015 A, RB | 5.00% | 07/01/2025 | $ | 1,635 | $ 1,912,721 | |||||||
Series 2015, RB | 5.00% | 07/01/2022 | 850 | 899,232 | ||||||||
Kentucky (Commonwealth of) Municipal Power Agency; | ||||||||||||
Series 2015 A, Ref. RB (INS - NATL)(f) | 5.00% | 09/01/2026 | 2,000 | 2,360,040 | ||||||||
Series 2015 A, Ref. RB (INS - NATL)(f) | 5.00% | 09/01/2027 | 3,380 | 3,973,731 | ||||||||
Series 2015 A, Ref. RB (INS - NATL)(f) | 5.00% | 09/01/2028 | 2,870 | 3,360,627 | ||||||||
Kentucky (Commonwealth of) Property & Building Commission; Series 2020 C, Ref. RB | 5.00% | 11/01/2021 | 5,000 | 5,156,750 | ||||||||
Kentucky (Commonwealth of) Property & Building Commission (No. 108); Series 2015 A, Ref. RB | 5.00% | 08/01/2029 | 4,000 | 4,646,480 | ||||||||
Kentucky (Commonwealth of) Property & Building Commission (No. 112); Series 2016 B, Ref. RB | 5.00% | 11/01/2026 | 13,290 | 16,074,521 | ||||||||
Kentucky (Commonwealth of) Public Energy Authority; | ||||||||||||
Series 2018 A, RB(a) | 4.00% | 04/01/2024 | 7,830 | 8,537,127 | ||||||||
Series 2018 B, RB(a) | 4.00% | 01/01/2025 | 5,000 | 5,535,050 | ||||||||
Kentucky (Commonwealth of) Turnpike Authority (Revitalization); Series 2017 B, Ref. RB | 4.00% | 07/01/2026 | 3,750 | 4,272,713 | ||||||||
Louisville & Jefferson (Counties of), KY Metropolitan Sewer District; | ||||||||||||
Series 2017 A, RB | 5.00% | 05/15/2025 | 4,025 | 4,768,900 | ||||||||
Series 2017, Ref. RB | 5.00% | 05/15/2025 | 5,285 | 6,259,395 | ||||||||
72,174,391 | ||||||||||||
Louisiana–2.39% | ||||||||||||
East Baton Rouge (Parish of), LA Industrial Development Board, Inc. (ExxonMobil); Series 2010 A, VRD RB(c) | 0.01% | 08/01/2035 | 1,051 | 1,051,000 | ||||||||
Jefferson Sales Tax District; | ||||||||||||
Series 2019 A, Ref. RB (INS - AGM)(f) | 5.00% | 12/01/2023 | 1,000 | 1,118,910 | ||||||||
Series 2019 A, Ref. RB (INS - AGM)(f) | 5.00% | 12/01/2024 | 1,000 | 1,154,620 | ||||||||
Louisiana (State of); | ||||||||||||
Series 2012 A, GO Bonds(a)(h) | 5.00% | 08/01/2022 | 1,980 | 2,116,165 | ||||||||
Series 2013 A, RB(a)(h) | 5.00% | 06/15/2023 | 1,050 | 1,162,854 | ||||||||
Series 2014 C, Ref. GO Bonds | 5.00% | 08/01/2025 | 2,400 | 2,754,840 | ||||||||
Series 2016 B, Ref. GO Bonds | 5.00% | 08/01/2025 | 10,000 | 11,900,900 | ||||||||
Series 2019 A, RB | 5.00% | 09/01/2026 | 2,000 | 2,458,620 | ||||||||
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center); Series 2015 A-2, RB(a) | 5.00% | 06/01/2025 | 5,000 | 5,847,800 | ||||||||
Louisiana Citizens Property Insurance Corp.; Series 2015, Ref. RB (INS - AGM)(f) | 5.00% | 06/01/2022 | 14,575 | 15,444,107 | ||||||||
Louisiana State University & Agricultural & Mechanical College Board of Supervisors; Series 2016 A, Ref. RB | 5.00% | 07/01/2023 | 3,250 | 3,585,140 | ||||||||
New Orleans (City of), LA; | ||||||||||||
Series 2015, RB | 5.00% | 06/01/2023 | 700 | 767,291 | ||||||||
Series 2015, RB | 5.00% | 12/01/2023 | 600 | 671,172 | ||||||||
Series 2015, RB | 5.00% | 06/01/2024 | 400 | 453,772 | ||||||||
Series 2015, RB | 5.00% | 12/01/2024 | 750 | 867,172 | ||||||||
Series 2015, RB | 5.00% | 06/01/2025 | 500 | 584,780 | ||||||||
Series 2015, RB | 5.00% | 12/01/2025 | 825 | 976,767 | ||||||||
Series 2015, RB | 5.00% | 06/01/2026 | 250 | 292,665 | ||||||||
Series 2015, RB | 5.00% | 12/01/2026 | 500 | 592,080 | ||||||||
Series 2015, RB | 5.00% | 06/01/2027 | 350 | 407,887 | ||||||||
Series 2015, RB | 5.00% | 12/01/2027 | 750 | 884,512 | ||||||||
Series 2015, Ref. GO Bonds | 5.00% | 12/01/2022 | 500 | 540,005 | ||||||||
Series 2015, Ref. GO Bonds | 5.00% | 12/01/2023 | 500 | 559,015 | ||||||||
Series 2015, Ref. GO Bonds | 5.00% | 12/01/2024 | 1,000 | 1,152,220 | ||||||||
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 B, Ref. RB (INS - AGM)(f) | 5.00% | 10/01/2026 | 200 | 239,754 | ||||||||
St. Charles (Parish of), LA (Valero Energy Corp.); Series 2010, RB(a) | 4.00% | 06/01/2022 | 2,865 | 2,989,914 | ||||||||
St. John the Baptist (Parish of), LA (Marathon Oil Corp.); Series 2017, Ref. RB(a) | 2.10% | 07/01/2024 | 3,000 | 3,064,140 | ||||||||
Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB | 5.00% | 05/15/2022 | 5,000 | 5,283,800 | ||||||||
68,921,902 | ||||||||||||
Maine–0.03% | ||||||||||||
Lewiston (City of), ME (UBS Financial Services, Inc.); Series 2008 B, GO Bonds (INS - AGM)(f) | 5.50% | 12/15/2023 | 950 | 953,762 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Maryland–1.03% | ||||||||||||
Maryland (State of); | ||||||||||||
Series 2014 B, GO Bonds | 5.00% | 08/01/2021 | $ | 5,000 | $ 5,100,950 | |||||||
Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2024 | 10,000 | 11,569,500 | ||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)(c)(d) | 0.03% | 04/01/2035 | 2,015 | 2,015,000 | ||||||||
Maryland Economic Development Corp. (CNX Marine Terminal, Inc. - Port of Baltimore Facility); Series 2010, Ref. RB | 5.75% | 09/01/2025 | 10,915 | 11,026,770 | ||||||||
29,712,220 | ||||||||||||
Massachusetts–2.49% | ||||||||||||
Massachusetts (Commonwealth of) Department of Transportation; | ||||||||||||
Series 2019 A, Ref. RB | 5.00% | 01/01/2026 | 4,000 | 4,801,120 | ||||||||
Series 2019 A, Ref. RB | 5.00% | 01/01/2027 | 5,000 | 6,166,200 | ||||||||
Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance); Series 2019 A, Ref. RB(a) | 5.00% | 01/01/2023 | 4,750 | 5,152,657 | ||||||||
Massachusetts (Commonwealth of) Development Finance Agency; | ||||||||||||
Series 2019 A, Ref. RB | 5.00% | 07/01/2025 | 845 | 989,918 | ||||||||
Series 2019 A, Ref. RB | 5.00% | 07/01/2027 | 2,300 | 2,830,748 | ||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Beth Israel Lahey Health); Series 2019, Ref. RB | 5.00% | 07/01/2025 | 1,000 | 1,181,770 | ||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Boston University); Series 2019 DD, RB(a) | 5.00% | 04/01/2024 | 6,880 | 7,659,848 | ||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup); Series 2017 S-5, Ref. RB (SIFMA Municipal Swap Index + 0.42%)(a)(b) | 0.45% | 01/27/2022 | 300 | 300,225 | ||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University); | ||||||||||||
Series 2016 A, Ref. RB | 5.00% | 07/15/2024 | 4,735 | 5,472,950 | ||||||||
Series 2017 S-4, Ref. RB(a) | 5.00% | 01/25/2024 | 15,000 | 16,979,100 | ||||||||
Massachusetts (Commonwealth of) Development Finance Agency (International Charter School); Series 2015, Ref. RB | 5.00% | 04/15/2025 | 1,750 | 1,856,277 | ||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University); Series 2017, Ref. RB | 5.00% | 07/01/2024 | 1,000 | 1,137,100 | ||||||||
Massachusetts (State of) Housing Finance Agency; Series 2016-185, Ref. RB | 4.20% | 06/01/2046 | 680 | 727,947 | ||||||||
Metropolitan Boston Transit Parking Corp.; Series 2011, RB | 5.00% | 07/01/2041 | 15,265 | 15,450,470 | ||||||||
University of Massachusetts Building Authority; Series 2015-2, Ref. RB | 5.00% | 11/01/2023 | 975 | 1,095,997 | ||||||||
71,802,327 | ||||||||||||
Michigan–1.45% | ||||||||||||
Great Lakes Water Authority; Series 2018 A, Ref. RB | 5.00% | 07/01/2024 | 2,425 | 2,773,836 | ||||||||
Michigan (State of) Building Authority (Facilities Program); Series 2019, Ref. RB | 5.00% | 04/15/2025 | 2,100 | 2,481,297 | ||||||||
Michigan (State of) Finance Authority (Bronson Healthcare Group); Series 2019 B, | 3.50% | 11/15/2022 | 4,000 | 4,196,880 | ||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); | ||||||||||||
Series 2014 D-1, Ref. RB (INS - AGM)(f) | 5.00% | 07/01/2021 | 4,000 | 4,063,120 | ||||||||
Series 2014 D-1, Ref. RB (INS - AGM)(f) | 5.00% | 07/01/2022 | 10,000 | 10,631,900 | ||||||||
Michigan (State of) Finance Authority (Local Government Loan Program); Series 2014, Ref. RB | 3.88% | 10/01/2023 | 2,000 | 2,066,320 | ||||||||
Michigan (State of) Finance Authority (McLaren Health Care); Series 2015 D-1, Ref. RB (68% of 1 mo. USD LIBOR + 0.40%)(a)(b) | 0.48% | 10/15/2021 | 6,700 | 6,689,481 | ||||||||
Michigan (State of) Finance Authority (Trinity Health Corp.); Series 2015, Ref. RB(a)(h) | 5.00% | 06/01/2022 | 7,000 | 7,420,140 | ||||||||
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(d) | 0.03% | 03/01/2031 | 1,420 | 1,420,000 | ||||||||
41,742,974 | ||||||||||||
Minnesota–0.62% | ||||||||||||
Maple Grove (City of), MN (Maple Grove Hospital Corp.); | ||||||||||||
Series 2017, Ref. RB | 5.00% | 05/01/2023 | 500 | 545,155 | ||||||||
Series 2017, Ref. RB | 5.00% | 05/01/2024 | 1,200 | 1,353,240 | ||||||||
Series 2017, Ref. RB | 5.00% | 05/01/2025 | 800 | 929,416 | ||||||||
Minneapolis & St. Paul (Cities of), MN Housing & Redevelopment Authority (Allina Health System); | ||||||||||||
Series 2017 A, Ref. RB | 5.00% | 11/15/2024 | 1,780 | 2,070,834 | ||||||||
Series 2019, Ref. RB | 5.00% | 11/15/2023 | 1,600 | 1,797,984 | ||||||||
Series 2019, Ref. RB | 5.00% | 11/15/2024 | 1,900 | 2,210,441 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Minnesota–(continued) | ||||||||||||
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission; | ||||||||||||
Series 2016 C, RB | 5.00% | 01/01/2022 | $ | 250 | $259,910 | |||||||
Series 2016 C, RB | 5.00% | 01/01/2023 | 225 | 244,289 | ||||||||
Series 2016 C, RB | 5.00% | 01/01/2024 | 200 | 226,010 | ||||||||
Minneapolis-St. Paul (Cities of), MN Metropolitan Airports Commission; Series 2016 B, Ref. RB | 5.00% | 01/01/2023 | 1,000 | 1,084,390 | ||||||||
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC - U.S. Bank N.A.)(c)(d) | 0.03% | 04/01/2037 | 2,080 | 2,080,000 | ||||||||
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(c) | 0.03% | 11/01/2035 | 4,960 | 4,960,000 | ||||||||
17,761,669 | ||||||||||||
Mississippi–3.01% | ||||||||||||
Jackson (County of), MS (Chevron U.S.A., Inc.); Series 1993, Ref. VRD RB(c) | 0.01% | 06/01/2023 | 13,200 | 13,200,000 | ||||||||
Mississippi (State of) Development Bank (Jackson County Industrial Water System); Series 2009, VRD RB(c) | 0.01% | 12/01/2039 | 3,680 | 3,680,000 | ||||||||
Mississippi (State of) Hospital Equipment & Facilities Authority (Forrest Co. General Hospital); | ||||||||||||
Series 2019 B, Ref. RB | 5.00% | 01/01/2024 | 400 | 447,444 | ||||||||
Series 2019 B, Ref. RB | 5.00% | 01/01/2025 | 1,105 | 1,273,678 | ||||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); | ||||||||||||
Series 2007 A, VRD RB(c) | 0.01% | 12/01/2030 | 60 | 60,000 | ||||||||
Series 2007 E, VRD IDR(c) | 0.01% | 12/01/2030 | 9,300 | 9,300,000 | ||||||||
Series 2010 E, VRD IDR(c) | 0.03% | 12/01/2030 | 1,200 | 1,200,000 | ||||||||
Series 2010 G, VRD RB(c) | 0.01% | 11/01/2035 | 24,200 | 24,200,000 | ||||||||
Series 2010 H, VRD IDR(c) | 0.01% | 11/01/2035 | 16,405 | 16,405,000 | ||||||||
Series 2010 I, VRD IDR(c) | 0.01% | 11/01/2035 | 5,700 | 5,700,000 | ||||||||
Series 2010 K, VRD RB(c) | 0.01% | 11/01/2035 | 2,770 | 2,770,000 | ||||||||
Series 2010 L, VRD RB(c) | 0.01% | 11/01/2035 | 3,485 | 3,485,000 | ||||||||
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2019, Ref. RB | 2.50% | 04/01/2022 | 5,000 | 5,021,750 | ||||||||
86,742,872 | ||||||||||||
Missouri–0.35% | ||||||||||||
Health & Educational Facilities Authority of the State of Missouri (Mercy Health); Series 2018 A, Ref. RB | 5.00% | 06/01/2026 | 120 | 144,779 | ||||||||
Kansas City (City of), MO; | ||||||||||||
Series 2017 C, Ref. RB | 5.00% | 09/01/2023 | 1,500 | 1,670,910 | ||||||||
Series 2017 C, Ref. RB | 5.00% | 09/01/2024 | 2,675 | 3,053,726 | ||||||||
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie Street); | ||||||||||||
Series 2015 A, Ref. RB | 5.00% | 06/01/2027 | 2,600 | 3,052,530 | ||||||||
Series 2015 A, Ref. RB | 5.00% | 12/01/2027 | 1,140 | 1,336,365 | ||||||||
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); Series 2013 A, RB | 5.00% | 09/01/2023 | 870 | 912,726 | ||||||||
10,171,036 | ||||||||||||
Nebraska–0.35% | ||||||||||||
Central Plains Energy Project (No. 4); Series 2018, RB(a) | 5.00% | 01/01/2024 | 7,750 | 8,622,495 | ||||||||
Lincoln (City of), NE; Series 2012, Ref. RB(a)(h) | 5.00% | 09/01/2022 | 1,250 | 1,338,875 | ||||||||
9,961,370 | ||||||||||||
Nevada–0.11% | ||||||||||||
Clark (County of), NV (Las Vegas-McCarran International Airport); Series 2015, Ref. RB | 5.00% | 07/01/2022 | 2,000 | 2,128,320 | ||||||||
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(e) | 2.50% | 06/15/2024 | 900 | 907,974 | ||||||||
3,036,294 | ||||||||||||
New Hampshire–0.04% | ||||||||||||
New Hampshire (State of) Health & Education Facilities Authority (Concord Hospital); | ||||||||||||
Series 2011, RB(a)(h) | 5.25% | 10/01/2021 | 525 | 540,314 | ||||||||
Series 2011, RB(a)(h) | 5.50% | 10/01/2021 | 510 | 525,611 | ||||||||
New Hampshire (State of) Housing Finance Authority; Series 2009 A, RB | 5.13% | 07/01/2029 | 145 | 145,432 | ||||||||
1,211,357 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
New Jersey–6.14% | ||||||||||||
New Jersey (State of); | ||||||||||||
Series 2020 A, GO Bonds | 5.00% | 06/01/2028 | $ | 10,000 | $ 12,476,800 | |||||||
Series 2020 A, GO Bonds | 5.00% | 06/01/2029 | 15,000 | 19,010,850 | ||||||||
New Jersey (State of) Economic Development Authority; | ||||||||||||
Series 2005 N-1, Ref. RB (INS - NATL)(f) | 5.50% | 09/01/2022 | 5,000 | 5,382,600 | ||||||||
Series 2012, Ref. RB | 5.00% | 06/15/2022 | 1,500 | 1,579,200 | ||||||||
Series 2012, Ref. RB | 5.00% | 06/15/2025 | 215 | 225,099 | ||||||||
Series 2017 A, Ref. RB (INS - BAM)(f) | 5.00% | 07/01/2027 | 8,200 | 10,067,058 | ||||||||
Series 2017 A, Ref. RB (INS - BAM)(f) | 5.00% | 07/01/2028 | 5,005 | 6,083,578 | ||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health); Series 2009 C, VRD RB (LOC - JP Morgan Chase Bank N.A.)(c)(d) | 0.01% | 07/01/2043 | 3,300 | 3,300,000 | ||||||||
New Jersey (State of) Transportation Trust Fund Authority; | ||||||||||||
Series 2005 B, RB (INS - AGC)(f) | 5.50% | 12/15/2021 | 6,000 | 6,248,160 | ||||||||
Series 2005 B, RB (INS - NATL)(f) | 5.50% | 12/15/2021 | 10,000 | 10,407,100 | ||||||||
Series 2005 B, RB (INS - AMBAC)(f) | 5.25% | 12/15/2023 | 505 | 568,438 | ||||||||
Series 2006 A, RB (INS - AGM)(f) | 5.25% | 12/15/2021 | 1,820 | 1,891,708 | ||||||||
Series 2006, RB (INS - NATL)(f) | 5.25% | 12/15/2021 | 7,990 | 8,299,612 | ||||||||
Series 2010 D, RB | 5.25% | 12/15/2023 | 3,305 | 3,720,174 | ||||||||
Series 2011-B, RB | 5.00% | 06/15/2021 | 1,000 | 1,013,400 | ||||||||
Series 2013 AA, RB | 5.00% | 06/15/2021 | 6,000 | 6,080,400 | ||||||||
Series 2014, RN (SIFMA Municipal Swap Index + 1.20%)(a)(b) | 1.23% | 12/15/2021 | 1,000 | 1,001,050 | ||||||||
Series 2016, RB | 5.00% | 06/15/2023 | 1,250 | 1,377,500 | ||||||||
Series 2016, RN | 5.00% | 06/15/2030 | 2,025 | 2,360,198 | ||||||||
Series 2018 A, Ref. RB | 5.00% | 12/15/2025 | 5,000 | 5,906,350 | ||||||||
Series 2018 A, Ref. RN | 5.00% | 06/15/2023 | 8,500 | 9,367,000 | ||||||||
Series 2018 A, Ref. RN | 5.00% | 06/15/2030 | 5,000 | 5,827,650 | ||||||||
Series 2018-A, Ref. RN | 5.00% | 06/15/2024 | 8,750 | 9,978,325 | ||||||||
Series 2019, Ref. RB | 5.00% | 12/15/2025 | 2,500 | 2,953,175 | ||||||||
Series 2019, Ref. RB | 5.00% | 12/15/2027 | 10,250 | 12,564,245 | ||||||||
Subseries 2016 A-1, RN | 5.00% | 06/15/2024 | 4,500 | 5,126,985 | ||||||||
Subseries 2016 A-1, RN | 5.00% | 06/15/2028 | 1,140 | 1,349,053 | ||||||||
New Jersey (State of) Turnpike Authority; | ||||||||||||
Series 2005 D-4, RB (INS - AGM)(f) | 5.25% | 01/01/2026 | 5,000 | 6,058,650 | ||||||||
Series 2017 C-6, Ref. RB (70% of 1 mo. USD LIBOR + 0.75%)(a)(b) | 0.83% | 01/01/2023 | 10,000 | 10,035,000 | ||||||||
Tobacco Settlement Financing Corp.; | ||||||||||||
Series 2018 A, Ref. RB | 5.00% | 06/01/2023 | 3,000 | 3,295,440 | ||||||||
Series 2018 A, Ref. RB | 5.00% | 06/01/2024 | 2,000 | 2,275,160 | ||||||||
Series 2018 A, Ref. RB | 5.00% | 06/01/2025 | 1,000 | 1,173,300 | ||||||||
177,003,258 | ||||||||||||
New Mexico–0.24% | ||||||||||||
Albuquerque (City of) & Bernalillo (County of), NM Water Utility Authority; Series 2015, Ref. RB | 5.00% | 07/01/2023 | 5,170 | 5,737,614 | ||||||||
New Mexico (State of) Hospital Equipment Loan Council (Haverland Charter Lifestyle Group); Series 2013, RB | 4.00% | 07/01/2022 | 1,140 | 1,162,470 | ||||||||
6,900,084 | ||||||||||||
New York–16.87% | ||||||||||||
Hempstead (Town of), NY; Series 2019 B, Ref. GO Bonds | 5.00% | 08/01/2024 | 1,215 | 1,404,346 | ||||||||
Jefferson Civic Facility Development Corp. (Samaritan Medical Center); | ||||||||||||
Series 2017 A, Ref. RB | 5.00% | 11/01/2023 | 1,185 | 1,305,064 | ||||||||
Series 2017 A, Ref. RB | 5.00% | 11/01/2024 | 1,245 | 1,411,581 | ||||||||
Long Island (City of), NY Power Authority; | ||||||||||||
Series 2014 C, Ref. RN (70% of 1 mo. USD LIBOR + 0.75%)(a)(b) | 0.83% | 10/01/2023 | 15,000 | 15,017,550 | ||||||||
Series 2016 B, Ref. RB | 5.00% | 09/01/2024 | 2,485 | 2,874,996 | ||||||||
Series 2017, RB | 5.00% | 09/01/2025 | 1,000 | 1,195,680 | ||||||||
Series 2019 B, RB(a) | 1.65% | 09/01/2024 | 4,000 | 4,138,480 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
New York–(continued) | ||||||||||||
Metropolitan Transportation Authority; | ||||||||||||
Series 2011 C, Ref. RB | 5.00% | 11/15/2027 | $ | 3,405 | $ 3,494,960 | |||||||
Series 2012 F, Ref. RB | 5.00% | 11/15/2026 | 5,085 | 5,424,424 | ||||||||
Series 2012 F, Ref. RB | 5.00% | 11/15/2030 | 4,085 | 4,338,638 | ||||||||
Series 2012 G-1, VRD Ref. RB (LOC - Barclays Bank PLC)(c)(d) | 0.01% | 11/01/2032 | 8,745 | 8,745,000 | ||||||||
Series 2014 C, RB | 5.00% | 11/15/2023 | 5,000 | 5,544,700 | ||||||||
Series 2016 B, Ref. RB | 5.00% | 11/15/2022 | 1,250 | 1,339,925 | ||||||||
Series 2016 C-1, RB | 5.00% | 11/15/2025 | 2,125 | 2,495,260 | ||||||||
Subseries 2002 G-1H, Ref. RB (67% of 1 mo. USD LIBOR + 0.82%)(a)(b) | 0.90% | 02/01/2022 | 2,750 | 2,747,662 | ||||||||
Subseries 2005 D-2, VRD RB (LOC - Landesbank Hessen-Thueringen | 0.02% | 11/01/2035 | 43,000 | 43,000,000 | ||||||||
Subseries 2008 A-2A, Ref. RB (SIFMA Municipal Swap Index + 0.45%)(a)(b) | 0.48% | 06/01/2022 | 11,580 | 11,577,221 | ||||||||
Subseries 2012 G-4, Ref. RB (67% of 1 mo. USD LIBOR + 0.55%)(a)(b) | 0.63% | 11/01/2022 | 11,800 | 11,752,446 | ||||||||
Subseries 2018 C-2, RB | 5.00% | 09/01/2021 | 5,000 | 5,107,550 | ||||||||
Subseries 2018 D-1, RB (67% of 1 mo. USD LIBOR + 0.65%)(a)(b) | 0.73% | 07/01/2021 | 4,570 | 4,567,304 | ||||||||
Metropolitan Transportation Authority (Green Bonds); | ||||||||||||
Series 2016 A2, Ref. RB | 5.00% | 11/15/2023 | 1,000 | 1,108,940 | ||||||||
Series 2016 A2, Ref. RB | 5.00% | 11/15/2027 | 9,000 | 10,693,170 | ||||||||
Series 2017 B, Ref. RB | 5.00% | 11/15/2024 | 8,905 | 10,175,565 | ||||||||
Series 2017 C-1, Ref. RB | 5.00% | 11/15/2023 | 3,000 | 3,326,820 | ||||||||
Series 2018 B, Ref. RB | 5.00% | 11/15/2023 | 5,000 | 5,544,700 | ||||||||
Series 2020, Ref. RB | 5.00% | 11/15/2027 | 3,750 | 4,550,850 | ||||||||
Series 2020, Ref. RB | 5.00% | 11/15/2028 | 4,000 | 4,952,800 | ||||||||
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB | 5.00% | 01/01/2040 | 1,500 | 1,646,385 | ||||||||
New York (City of), NY; | ||||||||||||
Series 2012 F, Ref. GO Bonds | 5.00% | 08/01/2023 | 9,165 | 9,564,686 | ||||||||
Series 2012 G-6, VRD GO Bonds (LOC - Mizuho Bank, Ltd.)(c)(d) | 0.01% | 04/01/2042 | 29,740 | 29,740,000 | ||||||||
Series 2015 F, VRD GO Bonds(c) | 0.01% | 06/01/2044 | 26,720 | 26,720,000 | ||||||||
Series 2017 C, Ref. GO Bonds | 5.00% | 08/01/2024 | 8,050 | 9,274,807 | ||||||||
Subseries 2015 F-5, VRD GO Bonds(c) | 0.01% | 06/01/2044 | 12,500 | 12,500,000 | ||||||||
New York (City of), NY Industrial Development Agency (Liberty 123 Wash); Series 2007, VRD RB (LOC - Bank Of China, Ltd.)(c)(d) | 0.01% | 10/01/2042 | 37,055 | 37,055,000 | ||||||||
New York (City of), NY Industrial Development Agency (Yankee Stadium); | ||||||||||||
Series 2006, RB (CPI Rate + 0.87%) (INS - FGIC)(b)(f) | 2.27% | 03/01/2025 | 1,025 | 1,052,245 | ||||||||
Series 2006, RB (CPI Rate + 0.88%) (INS - FGIC)(b)(f) | 2.28% | 03/01/2026 | 2,725 | 2,796,177 | ||||||||
Series 2006, RB (CPI Rate + 0.89%) (INS - FGIC)(b)(f) | 2.29% | 03/01/2027 | 5,500 | 5,632,385 | ||||||||
New York (City of), NY Municipal Water Finance Authority; | ||||||||||||
Series 2018 BB, VRD RB(c) | 0.08% | 06/15/2051 | 2,000 | 2,000,000 | ||||||||
Subseries 2012 A-1, VRD RB(c) | 0.01% | 06/15/2044 | 63,720 | 63,720,000 | ||||||||
New York (City of), NY Water & Sewer System (2nd Generation Resolution); Series 2008 BB-2, VRD RB(c) | 0.00% | 06/15/2039 | 22,945 | 22,945,000 | ||||||||
New York (State of) Dormitory Authority; Series 2019 A, Ref. RB | 5.00% | 03/15/2024 | 5,000 | 5,695,800 | ||||||||
New York (State of) Dormitory Authority (Montefiore Obligated Group); | ||||||||||||
Series 2018 A, Ref. RB | 5.00% | 08/01/2024 | 1,250 | 1,413,362 | ||||||||
Series 2018 A, Ref. RB | 5.00% | 08/01/2025 | 3,000 | 3,487,710 | ||||||||
New York (State of) Dormitory Authority (New York University); Series 1998 A, RB (INS - NATL)(f) | 5.75% | 07/01/2027 | 2,000 | 2,353,420 | ||||||||
New York (State of) Dormitory Authority (Northwell Health Obligated Group); Series 2019 B-3, RB(a) | 5.00% | 05/01/2026 | 4,000 | 4,761,160 | ||||||||
New York (State of) Housing Finance Agency (160 Madison Avenue); Series 2014 A, VRD RB (LOC - Landesbank Hessen-thrgn)(c)(d) | 0.01% | 11/01/2046 | 35,850 | 35,850,000 | ||||||||
New York (State of) Thruway Authority; | ||||||||||||
Series 2018 L, Ref. RB | 5.00% | 01/01/2025 | 780 | 907,078 | ||||||||
Series 2018 L, Ref. RB | 5.00% | 01/01/2026 | 1,000 | 1,198,700 | ||||||||
New York State Dormitory Authority; | ||||||||||||
Series 2013 A, RB(a)(h) | 5.00% | 02/15/2023 | 5 | 5,463 | ||||||||
Series 2013 A, RB | 5.00% | 02/15/2024 | 5,370 | 5,858,777 | ||||||||
New York State Urban Development Corp.; Series 2017 A, Ref. RB | 5.00% | 03/15/2024 | 10,000 | 11,391,600 | ||||||||
TSASC, Inc.; | ||||||||||||
Series 2017 A, Ref. RB | 5.00% | 06/01/2024 | 4,500 | 5,133,015 | ||||||||
Series 2017 A, Ref. RB | 5.00% | 06/01/2025 | 5,000 | 5,895,450 | ||||||||
486,433,852 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
North Carolina–3.45% | ||||||||||||
Charlotte (City of) & Mecklenburg (County of), NC Hospital Authority (Carolinas HealthCare System); | ||||||||||||
Series 2018 E, Ref. RB (SIFMA Municipal Swap Index + 0.45%)(a)(b) | 0.48% | 12/01/2021 | $ | 5,000 | $ 5,000,650 | |||||||
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); | ||||||||||||
Series 2018 G, VRD RB(c) | 0.01% | 01/15/2048 | 6,000 | 6,000,000 | ||||||||
Series 2018 H, VRD RB(c) | 0.01% | 01/15/2048 | 16,200 | 16,200,000 | ||||||||
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); | ||||||||||||
Series 2007 B, Ref. VRD RB(c) | 0.01% | 01/15/2038 | 5,795 | 5,795,000 | ||||||||
Series 2007 C, Ref. VRD RB(c) | 0.01% | 01/15/2037 | 45,960 | 45,960,000 | ||||||||
Columbus (County of), NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.); Series 2019, Ref. RB(a) | 2.00% | 10/01/2024 | 850 | 886,541 | ||||||||
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(c) | 0.01% | 12/01/2021 | 300 | 300,000 | ||||||||
North Carolina (State of) Municipal Power Agency No. 1 (Catawba); | ||||||||||||
Series 2015 A, Ref. RB | 5.00% | 01/01/2028 | 1,615 | 1,920,364 | ||||||||
Series 2015 B, Ref. RB | 5.00% | 01/01/2022 | 1,875 | 1,948,519 | ||||||||
Series 2019 A, Ref. RB | 5.00% | 01/01/2023 | 2,335 | 2,514,165 | ||||||||
North Carolina (State of) Turnpike Authority; | ||||||||||||
Series 2017, Ref. RB (INS - AGM)(f) | 5.00% | 01/01/2024 | 1,150 | 1,291,921 | ||||||||
Series 2017, Ref. RB | 5.00% | 01/01/2025 | 2,025 | 2,346,570 | ||||||||
Series 2017, Ref. RB (INS - AGM)(f) | 5.00% | 01/01/2026 | 1,350 | 1,616,112 | ||||||||
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank N.A.)(c)(d) | 0.01% | 05/01/2036 | 2,770 | 2,770,000 | ||||||||
University of North Carolina at Chapel Hill; Series 2012, RB (67% of 1 mo. USD LIBOR + 0.40%)(a)(b) | 0.48% | 11/09/2022 | 5,000 | 5,012,600 | ||||||||
99,562,442 | ||||||||||||
Ohio–2.03% | ||||||||||||
American Municipal Power, Inc. (AMP Fremont Energy Center); Series 2017 A, Ref. RB | 5.00% | 02/15/2027 | 5,000 | 6,181,650 | ||||||||
Cleveland (City of), OH; Series 2011 A, RB | 5.00% | 01/01/2022 | 2,315 | 2,322,894 | ||||||||
Franklin (County of), OH (OhioHealth Corp.); Series 2011 B, Ref. RB(a) | 5.00% | 05/15/2023 | 4,990 | 5,488,601 | ||||||||
Hancock (County of), OH (Blanchard Valley Regional Health Center); Series 2011 A, RB(a)(h) | 5.75% | 06/01/2021 | 250 | 253,415 | ||||||||
Miami University (A State University of Ohio); | ||||||||||||
Series 2014, Ref. RB | 5.00% | 09/01/2023 | 1,465 | 1,633,080 | ||||||||
Series 2017, Ref. RB | 5.00% | 09/01/2023 | 1,995 | 2,223,886 | ||||||||
Ohio (State of); Series 2014 A, GO Bonds(a)(h) | 5.00% | 03/01/2022 | 4,190 | 4,393,299 | ||||||||
Ohio (State of) (Cleveland Clinic Health System Obligated Group); Series 2017, Ref. RB | 5.00% | 01/01/2026 | 1,205 | 1,457,158 | ||||||||
Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2014, RB(a) | 2.40% | 10/01/2029 | 4,500 | 4,741,740 | ||||||||
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group); | ||||||||||||
Series 2008 B4, Ref. VRD RB(c) | 0.01% | 01/01/2043 | 3,400 | 3,400,000 | ||||||||
Series 2013 B-2, VRD RB(c) | 0.01% | 01/01/2039 | 23,870 | 23,870,000 | ||||||||
Ohio (State of) Housing Finance Agency; | ||||||||||||
Series 2017 A, RB (CEP -GNMA) | 4.10% | 03/01/2042 | 870 | 937,773 | ||||||||
Series 2018 A, RB (CEP -GNMA) | 4.00% | 09/01/2048 | 1,555 | 1,653,649 | ||||||||
58,557,145 | ||||||||||||
Oklahoma–0.22% | ||||||||||||
Grand River Dam Authority; Series 2016 A, Ref. RB | 5.00% | 06/01/2024 | 2,500 | 2,866,450 | ||||||||
Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools); Series 2016, RB | 5.00% | 09/01/2026 | 3,100 | 3,449,091 | ||||||||
6,315,541 | ||||||||||||
Oregon–0.91% | ||||||||||||
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020, Ref. RB | 2.75% | 11/15/2025 | 2,000 | 2,015,980 | ||||||||
Multnomah (County of), OR; Series 2017, GO Bonds | 5.00% | 06/01/2023 | 6,960 | 7,701,727 | ||||||||
Oregon (State of) Department of Transportation; | ||||||||||||
Series 2017 C, Ref. RB | 5.00% | 11/15/2025 | 3,525 | 4,242,056 | ||||||||
Series 2017 C, Ref. RB | 5.00% | 11/15/2026 | 2,000 | 2,477,260 | ||||||||
Portland (City of), OR; Series 2011 B, RB | 5.25% | 06/15/2029 | 1,000 | 1,013,610 | ||||||||
Portland (City of), OR Community College District; Series 2013, GO Bonds | 5.00% | 06/15/2022 | 6,000 | 6,373,740 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Oregon–(continued) | ||||||||||||
Salem-Keizer School District No. 24J; Series 2009 B, GO Bonds (CEP - Oregon School Bond Guaranty)(g) | 0.00% | 06/15/2023 | $ | 2,500 | $ 2,472,400 | |||||||
26,296,773 | ||||||||||||
Pennsylvania–3.17% | ||||||||||||
Bethlehem (City of), PA; Series 2014, Ref. RB (INS - BAM)(f) | 5.00% | 11/15/2021 | 1,400 | 1,446,046 | ||||||||
Butler (County of), PA General Authority (Hampton Township School District); Series 2007, VRD RB (INS - AGM)(c)(f) | 0.06% | 09/01/2027 | 700 | 700,000 | ||||||||
Commonwealth Financing Authority; | ||||||||||||
Series 2015 A, RB | 5.00% | 06/01/2034 | 6,000 | 7,006,380 | ||||||||
Series 2018, RB | 5.00% | 06/01/2025 | 5,500 | 6,465,250 | ||||||||
Series 2018, RB | 5.00% | 06/01/2026 | 2,000 | 2,418,680 | ||||||||
Delaware Valley Regional Financial Authority; Series 2018 B, RB (SIFMA Municipal Swap Index + 0.42%)(a)(b) | 0.45% | 09/01/2022 | 4,000 | 3,992,680 | ||||||||
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare); Series 2018, Ref. RB | 5.00% | 07/15/2021 | 500 | 508,425 | ||||||||
Lancaster (City of), PA Industrial Development Authority (Willow Valley Retirement); Series 2009 B, VRD RB (LOC - PNC Bank N.A.)(c)(d) | 0.04% | 12/01/2039 | 5,000 | 5,000,000 | ||||||||
Lancaster (County of), PA Hospital Authority (Masonic Villages); Series 2008 D, Ref. VRD RB (LOC - JP Morgan Chase Bank N.A.)(c)(d) | 0.02% | 07/01/2034 | 4,870 | 4,870,000 | ||||||||
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); | ||||||||||||
Series 2018 A, Ref. RB | 5.00% | 09/01/2022 | 1,350 | 1,442,610 | ||||||||
Series 2018 A, Ref. RB | 5.00% | 09/01/2023 | 1,050 | 1,164,082 | ||||||||
Series 2018 A, Ref. RB | 5.00% | 09/01/2024 | 1,000 | 1,147,170 | ||||||||
Series 2018 C, RB (SIFMA Municipal Swap Index + 0.72%)(a)(b) | 0.75% | 09/01/2023 | 4,700 | 4,700,188 | ||||||||
Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities, Inc.); | ||||||||||||
Series 2012, Ref. IDR(a)(h) | 5.00% | 05/15/2022 | 2,000 | 2,117,020 | ||||||||
Series 2012, Ref. RB(a)(h) | 5.00% | 05/15/2022 | 1,000 | 1,058,510 | ||||||||
Pennsylvania (Commonwealth of); | ||||||||||||
First Series 2016, Ref. GO Bonds | 5.00% | 09/15/2026 | 5,000 | 6,146,850 | ||||||||
First Series 2016, Ref. GO Bonds | 5.00% | 02/01/2028 | 1,690 | 2,034,354 | ||||||||
Second Series 2016, GO Bonds | 5.00% | 09/15/2028 | 2,455 | 3,015,108 | ||||||||
Series 2013, GO Bonds | 5.00% | 10/15/2032 | 1,475 | 1,643,696 | ||||||||
Series 2018 A, Ref. COP | 5.00% | 07/01/2023 | 500 | 553,285 | ||||||||
Series 2018 A, Ref. COP | 5.00% | 07/01/2025 | 500 | 585,520 | ||||||||
Pennsylvania (Commonwealth of) Turnpike Commission; | ||||||||||||
Series 2011 A, RB | 5.00% | 12/01/2022 | 1,500 | 1,624,410 | ||||||||
Series 2011 A, RB | 5.00% | 12/01/2023 | 1,500 | 1,691,970 | ||||||||
Series 2014, Ref. RB | 5.00% | 12/01/2033 | 5,000 | 5,727,100 | ||||||||
Series 2018 A-1, Ref. RB (SIFMA Municipal Swap Index + 0.43%)(b) | 0.46% | 12/01/2021 | 4,000 | 4,001,400 | ||||||||
Series 2019 A, RB | 5.00% | 12/01/2026 | 1,000 | 1,211,260 | ||||||||
Series 2019 A, RB | 5.00% | 12/01/2027 | 1,500 | 1,856,205 | ||||||||
Series 2019 A, RB | 5.00% | 12/01/2028 | 2,000 | 2,524,560 | ||||||||
Philadelphia (City of), PA; | ||||||||||||
Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2023 | 1,000 | 1,108,600 | ||||||||
Series 2019 B, GO Bonds | 5.00% | 02/01/2024 | 850 | 959,829 | ||||||||
Series 2019 B, GO Bonds | 5.00% | 02/01/2025 | 1,000 | 1,167,650 | ||||||||
Series 2019 B, GO Bonds | 5.00% | 02/01/2026 | 1,200 | 1,445,148 | ||||||||
Philadelphia (City of), PA Gas Works; | ||||||||||||
Series 2015, Ref. RB | 5.00% | 08/01/2022 | 2,250 | 2,399,422 | ||||||||
Series 2015, Ref. RB | 5.00% | 08/01/2023 | 4,000 | 4,432,360 | ||||||||
Philadelphia (City of), PA Industrial Development Authority (Discovery Charter School); Series 2012, RB | 5.50% | 04/01/2027 | 1,320 | 1,360,498 | ||||||||
Pittsburgh (City of), PA Water & Sewer Authority; Series 2019 A, RB (INS - AGM)(f) | 5.00% | 09/01/2024 | 1,000 | 1,149,410 | ||||||||
Ridley School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(c)(d) | 0.03% | 11/01/2029 | 675 | 675,000 | ||||||||
91,350,676 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Puerto Rico–2.25% | ||||||||||||
Children’s Trust Fund; | ||||||||||||
Series 2002, RB | 5.38% | 05/15/2033 | $ | 1,745 | $ 1,755,714 | |||||||
Series 2002, RB | 5.50% | 05/15/2039 | 7,000 | 7,171,780 | ||||||||
Series 2002, RB | 5.63% | 05/15/2043 | 900 | 904,617 | ||||||||
Puerto Rico (Commonwealth of); | ||||||||||||
Series 2003 A, GO Bonds (INS - AGC)(f) | 5.00% | 07/01/2027 | 1,485 | 1,535,059 | ||||||||
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(f) | 6.00% | 07/01/2027 | 3,400 | 3,502,544 | ||||||||
Series 2004 A, GO Bonds (INS - AGC)(f) | 5.00% | 07/01/2029 | 250 | 258,428 | ||||||||
Series 2007 A, GO Bonds (INS - AGC)(f) | 5.00% | 07/01/2023 | 335 | 346,283 | ||||||||
Series 2011 A, Ref. GO Bonds (INS - AGM)(f) | 5.25% | 07/01/2024 | 8,415 | 8,618,980 | ||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 B, RB | 5.00% | 07/01/2023 | 5,000 | 5,012,500 | ||||||||
Puerto Rico (Commonwealth of) Convention Center District Authority; Series 2006 A, RB (INS - AGC)(f) | 5.00% | 07/01/2027 | 295 | 304,944 | ||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; | ||||||||||||
Series 2004 PP, Ref. RB (INS - NATL)(f) | 5.00% | 07/01/2025 | 300 | 303,906 | ||||||||
Series 2005 RR, RB (INS - NATL)(f) | 5.00% | 07/01/2021 | 450 | 452,412 | ||||||||
Series 2005 RR, RB (INS - SGI)(f) | 5.00% | 07/01/2026 | 4,000 | 4,005,200 | ||||||||
Series 2005 SS, Ref. RB (INS - NATL)(f) | 5.00% | 07/01/2021 | 125 | 125,670 | ||||||||
Series 2005 SS, Ref. RB (INS - NATL)(f) | 5.00% | 07/01/2024 | 5,645 | 5,714,264 | ||||||||
Series 2005 SS, Ref. RB (INS - NATL)(f) | 5.00% | 07/01/2025 | 355 | 359,622 | ||||||||
Series 2007 TT, RB (INS - NATL)(f) | 5.00% | 07/01/2023 | 225 | 227,761 | ||||||||
Series 2007 TT, RB (INS - NATL)(f) | 5.00% | 07/01/2026 | 270 | 273,618 | ||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; | ||||||||||||
Series 1998 A, RB (INS - NATL)(f) | 4.75% | 07/01/2038 | 1,220 | 1,234,640 | ||||||||
Series 2002 D, RB (INS - AGM)(f) | 5.00% | 07/01/2027 | 615 | 635,732 | ||||||||
Series 2002 D, RB (INS - AGM)(f) | 5.00% | 07/01/2032 | 435 | 449,664 | ||||||||
Series 2003, RB (INS - AGC)(f) | 5.00% | 07/01/2028 | 1,070 | 1,106,070 | ||||||||
Series 2004 J, RB (INS - NATL)(f) | 5.00% | 07/01/2029 | 1,575 | 1,597,916 | ||||||||
Series 2007 M, RB (INS - AGC)(f) | 5.00% | 07/01/2032 | 160 | 165,208 | ||||||||
Series 2007 M, RB (INS - AGC)(f) | 5.00% | 07/01/2037 | 280 | 287,106 | ||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2006 B, RB (INS - AGC)(f) | 5.00% | 07/01/2023 | 100 | 103,368 | ||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); | ||||||||||||
Series 2002 F, Ref. RB (INS - AGC)(f) | 5.25% | 07/01/2021 | 1,500 | 1,518,840 | ||||||||
Series 2007 M3, Ref. RB (INS - NATL)(f) | 6.00% | 07/01/2027 | 1,145 | 1,179,533 | ||||||||
Series 2007 M-3, Ref. RB (INS - NATL)(f) | 6.00% | 07/01/2024 | 300 | 308,217 | ||||||||
Series 2007 M-3, Ref. RB (INS - NATL)(f) | 6.00% | 07/01/2028 | 100 | 103,097 | ||||||||
Puerto Rico Sales Tax Financing Corp.; | ||||||||||||
Series 2018 A-1, RB(g) | 0.00% | 07/01/2024 | 11,002 | 10,353,982 | ||||||||
Series 2018 A-1, RB(g) | 0.00% | 07/01/2027 | 5,752 | 5,063,428 | ||||||||
64,980,103 | ||||||||||||
Rhode Island–0.42% | ||||||||||||
Rhode Island Health & Educational Building Corp. (University of Rhode Island - Auxiliary Enterprise); Series 2009 B, RB (INS - AGC)(f) | 5.25% | 09/15/2029 | 1,265 | 1,269,478 | ||||||||
Tobacco Settlement Financing Corp.; | ||||||||||||
Series 2015 A, Ref. RB | 5.00% | 06/01/2026 | 2,435 | 2,868,917 | ||||||||
Series 2015 A, Ref. RB | 5.00% | 06/01/2027 | 3,600 | 4,221,864 | ||||||||
Series 2015 A, Ref. RB | 5.00% | 06/01/2028 | 1,920 | 2,236,819 | ||||||||
Series 2015 B, Ref. RB | 2.25% | 06/01/2041 | 1,435 | 1,506,980 | ||||||||
12,104,058 | ||||||||||||
South Carolina–1.43% | ||||||||||||
Patriots Energy Group Financing Agency; Series 2018 A, RB(a) | 4.00% | 02/01/2024 | 8,000 | 8,734,000 | ||||||||
SCAGO Educational Facilities Corp. for Pickens School District; Series 2015, Ref. RB | 5.00% | 12/01/2026 | 2,250 | 2,640,082 | ||||||||
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health); Series 2018 A, Ref. RB | 5.00% | 05/01/2025 | 1,500 | 1,748,655 | ||||||||
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2013 A, Ref. RB(h) | 5.00% | 08/01/2021 | 1,300 | 1,325,961 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
South Carolina–(continued) | ||||||||||||
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group); | ||||||||||||
Series 2018 A, Ref. RB | 5.00% | 05/01/2024 | $ | 1,000 | $ 1,130,720 | |||||||
Series 2018 C, VRD RB(c) | 0.12% | 05/01/2048 | 10,000 | 10,000,000 | ||||||||
South Carolina Transportation Infrastructure Bank; | ||||||||||||
Series 2012 A, Ref. RB(a)(h) | 5.00% | 10/01/2021 | 10,000 | 10,283,100 | ||||||||
Series 2012 B, Ref. RB(a)(h) | 5.00% | 10/01/2022 | 5,000 | 5,383,500 | ||||||||
41,246,018 | ||||||||||||
Tennessee–2.41% | ||||||||||||
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); | ||||||||||||
Series 2018 A, Ref. RB | 5.00% | 07/01/2023 | 1,800 | 1,978,560 | ||||||||
Series 2018 A, Ref. RB | 5.00% | 07/01/2024 | 2,000 | 2,196,560 | ||||||||
Series 2018 A, Ref. RB | 5.00% | 07/01/2025 | 2,000 | 2,190,700 | ||||||||
Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2011 D, Ref. RB | 5.00% | 07/01/2022 | 2,165 | 2,198,579 | ||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities | ||||||||||||
Board (Blakeford at Green Hills); Series 2012, Ref. RB(h) | 5.00% | 07/01/2021 | 885 | 898,372 | ||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities | ||||||||||||
Board (Lipscomb University); Series 2016 A, Ref. RB | 5.00% | 10/01/2021 | 745 | 760,138 | ||||||||
Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare); Series 2017 A, RB | 5.00% | 05/01/2024 | 1,840 | 2,087,333 | ||||||||
Tennessee Energy Acquisition Corp.; | ||||||||||||
Series 2006 A, RB | �� | 5.25% | 09/01/2021 | 4,385 | 4,492,301 | |||||||
Series 2006 A, RB | 5.25% | 09/01/2023 | 39,950 | 44,516,685 | ||||||||
Series 2017 A, RB(a) | 4.00% | 05/01/2023 | 3,420 | 3,651,774 | ||||||||
Series 2018, RB(a) | 4.00% | 11/01/2025 | 4,000 | 4,540,600 | ||||||||
69,511,602 | ||||||||||||
Texas–7.51% | ||||||||||||
Austin Convention Enterprises, Inc.; | ||||||||||||
Series 2017, Ref. RB | 5.00% | 01/01/2022 | 350 | 359,244 | ||||||||
Series 2017, Ref. RB | 5.00% | 01/01/2025 | 900 | 967,828 | ||||||||
Central Texas Regional Mobility Authority; Series 2018, RB | 4.00% | 01/01/2022 | 2,500 | 2,526,000 | ||||||||
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2013, RB | 5.00% | 08/15/2023 | 575 | 605,475 | ||||||||
Dallas-Fort Worth (Cities of), TX International Airport; Series 2013 F, Ref. RB | 5.25% | 11/01/2033 | 4,490 | 5,020,853 | ||||||||
Denton Independent School District; Series 2015, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2024 | 6,685 | 7,729,799 | ||||||||
Dickinson Independent School District; Series 2000, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 6.00% | 02/15/2028 | 11,370 | 13,744,852 | ||||||||
Frisco Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2025 | 2,500 | 2,984,950 | ||||||||
Grand Parkway Transportation Corp. (TELA Supported); Series 2018 B, RB(a) | 5.00% | 10/01/2023 | 5,000 | 5,517,850 | ||||||||
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(c) | 0.01% | 11/01/2041 | 64,200 | 64,200,000 | ||||||||
Hale Center Education Facilities Corp. (Wayland Baptist); Series 2010, Ref. RB | 5.00% | 03/01/2035 | 800 | 802,368 | ||||||||
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(c)(d) | 0.04% | 02/15/2042 | 3,065 | 3,065,000 | ||||||||
Harris (County of), TX Metropolitan Transit Authority; Series 2017 B, Ref. RB | 5.00% | 11/01/2025 | 3,040 | 3,647,787 | ||||||||
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System); | ||||||||||||
Series 2013 A, Ref. RB | 5.00% | 12/01/2023 | 1,625 | 1,753,018 | ||||||||
Series 2014 A, RB(a)(h) | 5.00% | 12/01/2024 | 1,445 | 1,690,202 | ||||||||
Harris County Cultural Education Facilities Finance Corp. (YMCA of the Greater Houston Area); | ||||||||||||
Series 2013 A, Ref. RB | 5.00% | 06/01/2021 | 535 | 538,162 | ||||||||
Series 2013 A, Ref. RB | 5.00% | 06/01/2022 | 855 | 879,350 | ||||||||
Houston (City of), TX; | ||||||||||||
Series 2014 C, Ref. RB | 5.00% | 05/15/2024 | 3,685 | 4,227,432 | ||||||||
Series 2016 A, Ref. GO Bonds | 5.00% | 03/01/2024 | 3,060 | 3,483,351 | ||||||||
Series 2017 A, Ref. GO Bonds | 5.00% | 03/01/2028 | 5,350 | 6,618,966 | ||||||||
Series 2018 C, Ref. RB (70% of 1 mo. USD LIBOR +0.36%)(a)(b) | 0.44% | 08/01/2021 | 4,000 | 4,000,200 | ||||||||
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(c)(d) | 0.03% | 05/15/2034 | 250 | 250,000 | ||||||||
Houston Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2025 | 3,750 | 4,414,500 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Texas–(continued) | ||||||||||||
Leander Independent School District; Series 2014 D, Ref. GO Bonds (CEP - Texas Permanent School Fund)(g) | 0.00% | 08/15/2027 | $ | 5,675 | $ 4,956,829 | |||||||
Lower Colorado River Authority (LCRA Transmission Services Corp.); | ||||||||||||
Series 2018, Ref. RB | 5.00% | 05/15/2023 | 1,900 | 2,096,935 | ||||||||
Series 2018, Ref. RB | 5.00% | 05/15/2024 | 2,430 | 2,780,163 | ||||||||
Lower Neches Valley Authority Industrial Development Corp. (Exxonmobil ); Series 2010, VRD RB(c) | 0.01% | 11/01/2038 | 9,300 | 9,300,000 | ||||||||
North East Texas Regional Mobility Authority; Series 2016, RB | 5.00% | 01/01/2026 | 1,870 | 2,207,479 | ||||||||
North Texas Tollway Authority; Series 2019 B, Ref. RB | 5.00% | 01/01/2025 | 2,000 | 2,325,000 | ||||||||
Northside Independent School District (School Building); Series 2012, GO Bonds (CEP - Texas Permanent School Fund)(a) | 1.75% | 06/01/2022 | 2,900 | 2,901,856 | ||||||||
San Antonio (City of), TX; | ||||||||||||
Series 2016, RB(h) | 5.00% | 02/01/2023 | 5,345 | 5,829,417 | ||||||||
Series 2016, RB | 5.00% | 02/01/2023 | 1,155 | 1,259,920 | ||||||||
San Antonio (City of), TX Water System; Series 2013 B, Ref. RB | 5.00% | 05/15/2031 | 2,720 | 2,993,686 | ||||||||
San Antonio Independent School District; Series 2019, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2025 | 5,400 | 6,455,376 | ||||||||
Sienna Plantation Management District; | ||||||||||||
Series 2021, GO Bonds (INS - BAM)(f) | 2.00% | 10/15/2029 | 535 | 544,400 | ||||||||
Series 2021, GO Bonds (INS - BAM)(f) | 2.00% | 10/15/2030 | 555 | 561,782 | ||||||||
Series 2021, GO Bonds (INS - BAM)(f) | 2.00% | 10/15/2031 | 575 | 579,485 | ||||||||
Series 2021, GO Bonds (INS - BAM)(f) | 2.00% | 10/15/2032 | 595 | 597,422 | ||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health); Series 2018 A, Ref. RB | 5.00% | 07/01/2024 | 1,850 | 2,112,830 | ||||||||
Texas (State of) Water Development Board (State Water Implementation Revenue Fund); | ||||||||||||
Series 2018 A, RB | 5.00% | 10/15/2022 | 2,500 | 2,696,050 | ||||||||
Series 2018 A, RB | 5.00% | 10/15/2024 | 2,500 | 2,912,200 | ||||||||
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB | 6.25% | 12/15/2026 | 4,330 | 5,084,719 | ||||||||
Texas Municipal Gas Acquisition & Supply Corp. III; Series 2012, RB(h) | 5.00% | 12/15/2023 | 0 | 0 | ||||||||
Texas Public Finance Authority; Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2023 | 5,000 | 5,610,700 | ||||||||
Texas State University Board of Regents; | ||||||||||||
Series 2017 A, Ref. RB | 5.00% | 03/15/2023 | 2,150 | 2,357,281 | ||||||||
Series 2017 A, Ref. RB | 5.00% | 03/15/2024 | 4,000 | 4,557,240 | ||||||||
Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center); Series 2011, RB(h) | 5.00% | 07/01/2021 | 1,285 | 1,305,059 | ||||||||
University of Texas System Board of Regents; Series 2010, Ref. RB | 5.00% | 08/15/2021 | 5,340 | 5,458,174 | ||||||||
216,511,190 | ||||||||||||
Utah–0.62% | ||||||||||||
Murray (City of), UT (IHC Health Services, Inc.); Series 2005 B, VRD RB(c) | 0.01% | 05/15/2037 | 3,835 | 3,835,000 | ||||||||
Utah (County of), UT (IHC Health Services, Inc.); Series 2018 B, RB(a) | 5.00% | 08/01/2024 | 4,000 | 4,525,560 | ||||||||
Weber (County of), UT; Series 2000 C, VRD RB(c) | 0.01% | 02/15/2035 | 9,540 | 9,540,000 | ||||||||
17,900,560 | ||||||||||||
Virgin Islands–0.29% | ||||||||||||
Virgin Islands (Government of) Public Finance Authority; | ||||||||||||
Series 2010 A, Ref. RB (INS - AGM)(f) | 5.00% | 10/01/2029 | 215 | 218,784 | ||||||||
Series 2015, RB(e) | 5.00% | 09/01/2022 | 2,220 | 2,345,252 | ||||||||
Series 2015, RB(e) | 5.00% | 09/01/2023 | 1,500 | 1,634,805 | ||||||||
Series 2015, RB(e) | 5.00% | 09/01/2024 | 1,650 | 1,846,037 | ||||||||
Series 2015, RB(e) | 5.00% | 09/01/2025 | 1,500 | 1,715,895 | ||||||||
Virgin Islands (Government of) Water & Power Authority (Electric System); Series 2010 B, RB (INS - AGM)(f) | 5.00% | 07/01/2022 | 580 | 584,831 | ||||||||
8,345,604 | ||||||||||||
Virginia–1.75% | ||||||||||||
Chesapeake Bay Bridge & Tunnel District; Series 2019, RAN | 5.00% | 11/01/2023 | 17,645 | 19,635,003 | ||||||||
Fairfax (County of), VA Economic Development Authority (Wiehle Ave Metrorail Station); Series 2020, Ref. RB | 5.00% | 08/01/2027 | 1,400 | 1,758,484 | ||||||||
Stafford (County of) & Staunton (City of), VA Industrial Development Authority; Series 2008 B, RB | 6.50% | 08/01/2028 | 1,165 | 1,165,257 | ||||||||
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs); Series 2015 A, RB | 5.00% | 02/01/2024 | 4,075 | 4,623,128 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Invesco Limited Term Municipal Income Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Virginia–(continued) | ||||||||||||
Virginia Commonwealth Transportation Board; | ||||||||||||
Series 2016, RB | 5.00% | 03/15/2024 | $ | 1,500 | $ 1,709,955 | |||||||
Series 2016, RB | 5.00% | 09/15/2024 | 1,015 | 1,177,776 | ||||||||
Series 2017 A, Ref. RB | 5.00% | 05/15/2024 | 5,395 | 6,183,533 | ||||||||
Series 2017, RB | 5.00% | 05/15/2025 | 5,640 | 6,684,979 | ||||||||
Series 2017, Ref. RB | 5.00% | 09/15/2023 | 5,000 | 5,592,750 | ||||||||
York (County of), VA Economic Development Authority; Series 2009 A, Ref. PCR(a) | 1.90% | 06/01/2023 | 2,000 | 2,049,800 | ||||||||
50,580,665 | ||||||||||||
Washington–1.43% | ||||||||||||
Energy Northwest (Columbia Generating Station); Series 2011 A, Ref. RB | 5.00% | 07/01/2023 | 2,500 | 2,539,975 | ||||||||
Energy Northwest (Project #3); Series 2018 C, Ref. RB | 5.00% | 07/01/2023 | 4,000 | 4,437,200 | ||||||||
Seattle (City of), WA; Series 2015 A, Ref. GO Bonds | 5.00% | 06/01/2023 | 4,000 | 4,427,240 | ||||||||
Seattle (Port of), WA; Series 2015 B, Ref. RB | 5.00% | 03/01/2022 | 1,205 | 1,261,852 | ||||||||
Washington (State of); Series 1998 C, GO Bonds | 5.50% | 07/01/2023 | 2,815 | 3,014,443 | ||||||||
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2013, RB (SIFMA Municipal Swap Index + 1.40%)(a)(b) | 1.43% | 01/01/2025 | 5,650 | 5,687,968 | ||||||||
Washington (State of) Health Care Facilities Authority (Fred Hutchinson Cancer Research Center); Series 2017, Ref. RB (67% of 1 mo. USD LIBOR + 1.10%)(a)(b) | 1.18% | 07/01/2022 | 5,000 | 5,023,000 | ||||||||
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)(c)(d) | 0.03% | 09/01/2049 | 2,175 | 2,175,000 | ||||||||
Washington (State of) Tobacco Settlement Authority; | ||||||||||||
Series 2018, Ref. RB | 5.00% | 06/01/2023 | 2,500 | 2,755,300 | ||||||||
Series 2018, Ref. RB | 5.00% | 06/01/2024 | 3,750 | 4,128,975 | ||||||||
Washington Health Care Facilities Authority (CommonSpirit Health); Series 2019 B-3, Ref. RB(a) | 5.00% | 08/01/2026 | 5,000 | 5,908,100 | ||||||||
41,359,053 | ||||||||||||
West Virginia–0.33% | ||||||||||||
Mason (County of), WV (Appalachian Power Co.); Series 2003 L, PCR | 2.75% | 10/01/2022 | 2,500 | 2,597,600 | ||||||||
West Virginia (State of) Economic Development Authority; Series 2017, Ref. RB | 5.00% | 06/15/2027 | 5,610 | 6,974,857 | ||||||||
9,572,457 | ||||||||||||
Wisconsin–0.30% | ||||||||||||
Public Finance Authority (Barton College); Series 2018 A, RB | 5.00% | 03/01/2028 | 1,335 | 1,424,752 | ||||||||
Wisconsin (State of); Series 2017-1, Ref. RB | 5.00% | 07/01/2025 | 3,790 | 4,503,885 | ||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Advocate Aurora Health Credit Group); Series 2018 B-3, Ref. RB(a) | 5.00% | 01/31/2024 | 2,495 | 2,818,152 | ||||||||
8,746,789 | ||||||||||||
Wyoming–0.04% | ||||||||||||
Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB (INS - BAM)(f) | 5.00% | 01/01/2024 | 1,000 | 1,123,410 | ||||||||
TOTAL INVESTMENTS IN SECURITIES(i)–98.42% (Cost $2,745,698,014) | 2,838,507,271 | |||||||||||
OTHER ASSETS LESS LIABILITIES–1.58% | 45,502,807 | |||||||||||
NET ASSETS–100.00% | $2,884,010,078 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Invesco Limited Term Municipal Income Fund
Investment Abbreviations:
| ||
AGC | - Assured Guaranty Corp. | |
AGM | - Assured Guaranty Municipal Corp. | |
AMBAC | - American Municipal Bond Assurance Corp. | |
BAM | - Build America Mutual Assurance Co. | |
CEP | - Credit Enhancement Provider | |
COP | - Certificates of Participation | |
CPI | - Consumer Price Index | |
FGIC | - Financial Guaranty Insurance Company | |
FHLB | - Federal Home Loan Bank | |
FHLMC | - Federal Home Loan Mortgage Corp. | |
GNMA | - Government National Mortgage Association | |
GO | - General Obligation | |
IDR | - Industrial Development Revenue Bonds | |
INS | - Insurer | |
LIBOR | - London Interbank Offered Rate | |
LOC | - Letter of Credit | |
NATL | - National Public Finance Guarantee Corp. | |
PCR | - Pollution Control Revenue Bonds | |
RAN | - Revenue Anticipation Notes | |
RB | - Revenue Bonds | |
Ref. | - Refunding | |
RN | - Revenue Notes | |
SGI | - Syncora Guarantee, Inc. | |
SIFMA | - Securities Industry and Financial Markets Association | |
USD | - U.S. Dollar | |
VRD | - Variable Rate Demand |
Notes to Schedule of Investments:
(a) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021. |
(c) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2021. |
(d) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $46,014,100, which represented 1.60% of the Fund’s Net Assets. |
(f) | Principal and/or interest payments are secured by the bond insurance company listed. |
(g) | Zero coupon bond issued at a discount. |
(h) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(i) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Invesco Limited Term Municipal Income Fund
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||||
Investments in securities, at value | $ | 2,838,507,271 | ||
Cash | 30,083,694 | |||
Receivable for: | ||||
Investments sold | 515,086 | |||
Fund shares sold | 11,907,295 | |||
Interest | 21,441,097 | |||
Investment for trustee deferred compensation and retirement plans | 232,010 | |||
Other assets | 981,018 | |||
Total assets | 2,903,667,471 | |||
Liabilities: | ||||
Payable for: | ||||
Investments purchased | 15,000,103 | |||
Dividends | 1,023,876 | |||
Fund shares reacquired | 2,186,221 | |||
Accrued fees to affiliates | 942,839 | |||
Accrued interest expense | 5,064 | |||
Accrued trustees’ and officers’ fees and benefits | 2,934 | |||
Accrued other operating expenses | 228,862 | |||
Trustee deferred compensation and retirement plans | 267,494 | |||
Total liabilities | 19,657,393 | |||
Net assets applicable to shares outstanding | $ | 2,884,010,078 | ||
Net assets consist of: | ||||
Shares of beneficial interest | $ | 2,833,728,888 | ||
Distributable earnings | 50,281,190 | |||
$ | 2,884,010,078 |
Net Assets: | ||||
Class A | $ | 1,414,160,768 | ||
Class A2 | $ | 32,880,347 | ||
Class C | $ | 95,786,218 | ||
Class Y | $ | 991,333,569 | ||
Class R5 | $ | 2,164,806 | ||
Class R6 | $ | 347,684,370 | ||
Shares outstanding, no par value, with an unlimited number of shares authorized: |
| |||
Class A | 122,739,326 | |||
Class A2 | 2,852,058 | |||
Class C | 8,317,180 | |||
Class Y | 86,080,270 | |||
Class R5 | 187,913 | |||
Class R6 | 30,197,037 | |||
Class A: | ||||
Net asset value per share | $ | 11.52 | ||
Maximum offering price per share | $ | 11.82 | ||
Class A2: | ||||
Net asset value per share | $ | 11.53 | ||
Maximum offering price per share | $ | 11.65 | ||
Class C: | ||||
Net asset value and offering price per share | $ | 11.52 | ||
Class Y: | ||||
Net asset value and offering price per share | $ | 11.52 | ||
Class R5: | ||||
Net asset value and offering price per share | $ | 11.52 | ||
Class R6: | ||||
Net asset value and offering price per share | $ | 11.51 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Invesco Limited Term Municipal Income Fund
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||
Interest | $ | 56,105,294 | ||
| ||||
Expenses: | ||||
Advisory fees | 5,683,245 | |||
| ||||
Administrative services fees | 342,757 | |||
| ||||
Custodian fees | 25,208 | |||
| ||||
Distribution fees: | ||||
| ||||
Class A | 3,077,341 | |||
| ||||
Class C | 1,044,889 | |||
| ||||
Interest, facilities and maintenance fees | 387,653 | |||
| ||||
Transfer agent fees – A, A2, C and Y | 1,949,499 | |||
| ||||
Transfer agent fees – R5 | (779 | ) | ||
| ||||
Transfer agent fees – R6 | 42,681 | |||
| ||||
Trustees’ and officers’ fees and benefits | 59,165 | |||
| ||||
Registration and filing fees | 191,724 | |||
| ||||
Reports to shareholders | 142,662 | |||
| ||||
Professional services fees | 76,462 | |||
| ||||
Other | 45,876 | |||
| ||||
Total expenses | 13,068,383 | |||
| ||||
Less: Expense offset arrangement(s) | (226 | ) | ||
| ||||
Net expenses | 13,068,157 | |||
| ||||
Net investment income | 43,037,137 | |||
| ||||
Realized and unrealized gain (loss) from: | ||||
Net realized gain (loss) from unaffiliated investment securities | (3,108,319 | ) | ||
| ||||
Change in net unrealized appreciation of unaffiliated investment securities | 3,484,219 | |||
| ||||
Net realized and unrealized gain | 375,900 | |||
| ||||
Net increase in net assets resulting from operations | $ | 43,413,037 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Invesco Limited Term Municipal Income Fund
Statement of Changes in Net Assets
For the years ended February 28, 2021 and February 29, 2020
2021 | 2020 | |||||||
| ||||||||
Operations: | ||||||||
Net investment income | $ | 43,037,137 | $ | 43,776,856 | ||||
| ||||||||
Net realized gain (loss) | (3,108,319 | ) | 672,817 | |||||
| ||||||||
Change in net unrealized appreciation | 3,484,219 | 56,060,334 | ||||||
| ||||||||
Net increase in net assets resulting from operations | 43,413,037 | 100,510,007 | ||||||
| ||||||||
Distributions to shareholders from distributable earnings: | ||||||||
Class A | (21,222,710 | ) | (23,041,136 | ) | ||||
| ||||||||
Class A2 | (714,915 | ) | (1,208,339 | ) | ||||
| ||||||||
Class C | (1,033,730 | ) | (1,414,451 | ) | ||||
| ||||||||
Class Y | (15,983,189 | ) | (16,772,304 | ) | ||||
| ||||||||
Class R5 | (46,218 | ) | (60,846 | ) | ||||
| ||||||||
Class R6 | (5,887,862 | ) | (5,958,958 | ) | ||||
| ||||||||
Total distributions from distributable earnings | (44,888,624 | ) | (48,456,034 | ) | ||||
| ||||||||
Share transactions–net: | ||||||||
Class A | 297,980,725 | 56,991,094 | ||||||
| ||||||||
Class A2 | (14,489,884 | ) | (5,518,380 | ) | ||||
| ||||||||
Class C | (13,051,730 | ) | 10,720,200 | |||||
| ||||||||
Class Y | 271,135,135 | 27,557,962 | ||||||
| ||||||||
Class R5 | (212,009 | ) | (495,211 | ) | ||||
| ||||||||
Class R6 | 81,943,997 | 48,411,822 | ||||||
| ||||||||
Net increase in net assets resulting from share transactions | 623,306,234 | 137,667,487 | ||||||
| ||||||||
Net increase in net assets | 621,830,647 | 189,721,460 | ||||||
| ||||||||
Net assets: | ||||||||
Beginning of year | 2,262,179,431 | 2,072,457,971 | ||||||
| ||||||||
End of year | $ | 2,884,010,078 | $ | 2,262,179,431 | ||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Invesco Limited Term Municipal Income Fund
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return (b) | Net assets, end of period (000’s omitted) | Ratio of with fee waivers | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Supplemental to average net assets | Ratio of net investment income to average net assets | Portfolio turnover (c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $ | 11.52 | $ | 0.19 | $ | 0.01 | $ | 0.20 | $ | (0.20 | ) | $ | 11.52 | 1.75 | % | $ | 1,414,161 | 0.62 | %(d | 0.62 | %(d) | 0.61 | %(d) | 1.65 | %(d) | 19 | % | ||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 11.25 | 0.22 | 0.30 | 0.52 | (0.25 | ) | 11.52 | 4.68 | 1,115,905 | 0.61 | 0.61 | – | 1.98 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 11.22 | 0.24 | 0.02 | 0.26 | (0.23 | ) | 11.25 | 2.38 | 1,033,140 | 0.63 | 0.63 | – | 2.17 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 11.31 | 0.21 | (0.10 | ) | 0.11 | (0.20 | ) | 11.22 | 0.93 | 1,048,359 | 0.62 | 0.62 | – | 1.86 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 11.57 | 0.21 | (0.27 | ) | (0.06 | ) | (0.20 | ) | 11.31 | (0.51 | ) | 1,274,653 | 0.60 | 0.60 | – | 1.79 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class A2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 11.53 | 0.22 | 0.01 | 0.23 | (0.23 | ) | 11.53 | 2.00 | 32,880 | 0.37 | (d) | 0.37 | (d) | 0.36 | (d) | 1.90 | (d) | 19 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 11.25 | 0.25 | 0.31 | 0.56 | (0.28 | ) | 11.53 | 5.02 | 47,719 | 0.36 | 0.36 | – | 2.23 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 11.22 | 0.27 | 0.02 | 0.29 | (0.26 | ) | 11.25 | 2.64 | 52,007 | 0.38 | 0.38 | – | 2.42 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 11.31 | 0.24 | (0.11 | ) | 0.13 | (0.22 | ) | 11.22 | 1.18 | 57,533 | 0.37 | 0.37 | – | 2.11 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 11.58 | 0.23 | (0.27 | ) | (0.04 | ) | (0.23 | ) | 11.31 | (0.35 | ) | 72,115 | 0.35 | 0.35 | – | 2.04 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 11.52 | 0.10 | 0.01 | 0.11 | (0.11 | ) | 11.52 | 0.99 | 95,786 | 1.37 | (d) | 1.37 | (d) | 1.36 | (d) | 0.90 | (d) | 19 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 11.24 | 0.14 | 0.31 | 0.45 | (0.17 | ) | 11.52 | 3.99 | 108,818 | 1.36 | 1.36 | – | 1.23 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 11.21 | 0.16 | 0.02 | 0.18 | (0.15 | ) | 11.24 | 1.61 | 95,674 | 1.38 | 1.38 | – | 1.42 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 11.30 | 0.13 | (0.11 | ) | 0.02 | (0.11 | ) | 11.21 | 0.18 | 304,861 | 1.37 | 1.37 | – | 1.11 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 11.56 | 0.12 | (0.26 | ) | (0.14 | ) | (0.12 | ) | 11.30 | (1.26 | ) | 390,826 | 1.35 | 1.35 | – | 1.04 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 11.52 | 0.22 | 0.01 | 0.23 | (0.23 | ) | 11.52 | 2.00 | 991,334 | 0.37 | (d) | 0.37 | (d) | 0.36 | (d) | 1.90 | (d) | 19 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 11.24 | 0.25 | 0.31 | 0.56 | (0.28 | ) | 11.52 | 5.02 | 721,346 | 0.36 | 0.36 | – | 2.23 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 11.21 | 0.27 | 0.02 | 0.29 | (0.26 | ) | 11.24 | 2.64 | 677,051 | 0.38 | 0.38 | – | 2.42 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 11.30 | 0.24 | (0.11 | ) | 0.13 | (0.22 | ) | 11.21 | 1.18 | 737,222 | 0.37 | 0.37 | – | 2.11 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 11.56 | 0.23 | (0.26 | ) | (0.03 | ) | (0.23 | ) | 11.30 | (0.27 | ) | 801,182 | 0.35 | 0.35 | – | 2.04 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 11.51 | 0.23 | 0.01 | 0.24 | (0.23 | ) | 11.52 | 2.14 | 2,165 | 0.25 | (d) | 0.25 | (d) | 0.23 | (d) | 2.02 | (d) | 19 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 11.23 | 0.26 | 0.31 | 0.57 | (0.29 | ) | 11.51 | 5.10 | 2,377 | 0.29 | 0.29 | – | 2.30 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 11.21 | 0.27 | 0.01 | 0.28 | (0.26 | ) | 11.23 | 2.54 | 2,812 | 0.38 | 0.38 | – | 2.42 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 11.30 | 0.24 | (0.11 | ) | 0.13 | (0.22 | ) | 11.21 | 1.18 | 10,237 | 0.37 | 0.37 | – | 2.11 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 11.57 | 0.23 | (0.27 | ) | (0.04 | ) | (0.23 | ) | 11.30 | (0.33 | ) | 10,893 | 0.35 | 0.35 | – | 2.04 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 11.51 | 0.23 | 0.01 | 0.24 | (0.24 | ) | 11.51 | 2.08 | 347,684 | 0.30 | (d) | 0.30 | (d) | 0.28 | (d) | 1.97 | (d) | 19 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 11.24 | 0.26 | 0.30 | 0.56 | (0.29 | ) | 11.51 | 5.01 | 266,014 | 0.28 | 0.28 | – | 2.31 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 11.21 | 0.28 | 0.02 | 0.30 | (0.27 | ) | 11.24 | 2.71 | 211,774 | 0.30 | 0.30 | – | 2.50 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended 02/28/18(e) | 11.30 | 0.22 | (0.10 | ) | 0.12 | (0.21 | ) | 11.21 | 1.10 | 167,084 | 0.29 | (f) | 0.29 | (f) | – | 2.19 | (f) | 20 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Ratios are based on average daily net assets (000’s omitted) of $1,227,461, $35,822, $104,207, $809,766 , $2,273 and $287,093 for Class A, Class A2, Class C, Class Y, Class R5 and Class R6 shares, respectively. |
(e) | Commencement date of April 4, 2017. |
(f) | Annualized. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Invesco Limited Term Municipal Income Fund
Notes to Financial Statements
February 28, 2021
NOTE 1–Significant Accounting Policies
Invesco Limited Term Municipal Income Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is federal tax-exempt current income.
The Fund currently consists of six different classes of shares: Class A, Class A2, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A and Class A2 shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
As of the close of business on October 30, 2002, Class A2 shares are closed to new investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to |
30 Invesco Limited Term Municipal Income Fund
shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining the credit agreement. |
H. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. |
The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets | Rate | |||
| ||||
First $ 500 million | 0.300% | |||
| ||||
Over $500 million up to and including $1 billion | 0.250% | |||
| ||||
Over $1 billion | 0.200% | |||
|
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.23%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class A2, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 1.25%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to
31 Invesco Limited Term Municipal Income Fund
intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class A2, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Rule 12b-1 payment, up to 0.25% of the average daily net assets of the Class A and Class C shares may be paid to furnish continuing personal shareholder services to customers who purchase and own Class A and Class C shares of the Fund. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) also impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A and Class A2 shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $204,720 and $406 in front-end sales commissions from the sale of Class A and Class A2 shares, respectively, and $204,766, $0 and $2,154 from Class A, Class A2 and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 | – | Prices are determined using quoted prices in an active market for identical assets. | ||||
Level 2 | – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | ||||
Level 3 | – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of February 28, 2021, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4–Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2021, the Fund engaged in securities purchases of $669,551,869 and securities sales of $188,505,582, which did not result in any net realized gains (losses).
NOTE 5–Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $226.
NOTE 6–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 7–Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. The revolving credit and security agreement is secured by the assets of the Fund. At February 28, 2021, the Fund had no borrowings outstanding under this agreement.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
32 Invesco Limited Term Municipal Income Fund
NOTE 8–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2021 and February 29, 2020:
2021 | 2020 | |||||||
| ||||||||
Ordinary income | $ | 496,483 | $ | – | ||||
| ||||||||
Ordinary income-tax-exempt | 44,392,141 | 48,456,034 | ||||||
| ||||||||
Total distributions | $ | 44,888,624 | $ | 48,456,034 | ||||
|
Tax Components of Net Assets at Period-End:
2021 | ||||
| ||||
Net unrealized appreciation – investments | $ | 93,330,047 | ||
| ||||
Temporary book/tax differences | (187,145 | ) | ||
| ||||
Capital loss carryforward | (42,861,712 | ) | ||
| ||||
Shares of beneficial interest | 2,833,728,888 | |||
| ||||
Total net assets | $ | 2,884,010,078 | ||
|
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to book to tax accretion differences and wash sales.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward* | ||||||||||||||
| ||||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||||
| ||||||||||||||
Not subject to expiration | $ | 25,886,813 | $ | 16,974,899 | $ | 42,861,712 | ||||||||
|
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 9–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $388,238,055 and $366,008,261, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
| ||||
Aggregate unrealized appreciation of investments | $ | 94,549,196 | ||
| ||||
Aggregate unrealized (depreciation) of investments | (1,219,149 | ) | ||
| ||||
Net unrealized appreciation of investments | $ | 93,330,047 | ||
|
Cost of investments for tax purposes is $2,745,177,224.
NOTE 10–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of taxable income, on February 28, 2021, undistributed net investment income was increased by $388,259, undistributed net realized gain (loss) was increased by $17,687 and shares of beneficial interest was decreased by $405,946. This reclassification had no effect on the net assets of the Fund.
NOTE 11–Share Information
Summary of Share Activity | ||||||||||||||||
Year ended February 28, 2021(a) | Year ended February 29, 2020 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Sold: | ||||||||||||||||
Class A | 52,515,714 | $ | 602,098,982 | 31,701,054 | $ | 360,812,060 | ||||||||||
| ||||||||||||||||
Class A2 | 24,204 | 275,785 | 196,872 | 2,242,397 | ||||||||||||
| ||||||||||||||||
Class C | 2,431,646 | 27,554,467 | 4,124,490 | 46,971,435 | ||||||||||||
| ||||||||||||||||
Class Y | 52,535,212 | 602,125,737 | 23,268,809 | 264,853,316 | ||||||||||||
| ||||||||||||||||
Class R5 | 26,835 | 306,937 | 13,456 | 153,332 | ||||||||||||
| ||||||||||||||||
Class R6 | 12,417,909 | 142,331,858 | 8,232,518 | 93,631,072 | ||||||||||||
|
33 Invesco Limited Term Municipal Income Fund
Summary of Share Activity | ||||||||||||||||
| ||||||||||||||||
Year ended February 28, 2021(a) | Year ended February 29, 2020 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Class A | 1,400,293 | $ | 16,039,267 | 1,504,896 | $ | 17,140,801 | ||||||||||
| ||||||||||||||||
Class A2 | 38,461 | 440,446 | 51,387 | 585,435 | ||||||||||||
| ||||||||||||||||
Class C | 76,002 | 868,804 | 105,186 | 1,197,535 | ||||||||||||
| ||||||||||||||||
Class Y | 837,071 | 9,586,526 | 885,511 | 10,080,052 | ||||||||||||
| ||||||||||||||||
Class R5 | 1,485 | 16,971 | 1,914 | 21,776 | ||||||||||||
| ||||||||||||||||
Class R6 | 442,950 | 5,070,599 | 451,146 | 5,135,549 | ||||||||||||
| ||||||||||||||||
Automatic conversion of Class C shares to Class A shares: |
| |||||||||||||||
Class A | 401,602 | 4,627,748 | 73,124 | 832,910 | ||||||||||||
| ||||||||||||||||
Class C | (401,690 | ) | (4,627,748 | ) | (73,138 | ) | (832,910 | ) | ||||||||
| ||||||||||||||||
Reacquired: | ||||||||||||||||
Class A | (28,425,706 | ) | (324,785,272 | ) | (28,302,030 | ) | (321,794,677 | ) | ||||||||
| ||||||||||||||||
Class A2 | (1,349,711 | ) | (15,206,115 | ) | (731,267 | ) | (8,346,212 | ) | ||||||||
| ||||||||||||||||
Class C | (3,237,000 | ) | (36,847,253 | ) | (3,219,660 | ) | (36,615,860 | ) | ||||||||
| ||||||||||||||||
Class Y | (29,928,053 | ) | (340,577,128 | ) | (21,759,404 | ) | (247,375,406 | ) | ||||||||
| ||||||||||||||||
Class R5 | (46,889 | ) | (535,917 | ) | (59,174 | ) | (670,319 | ) | ||||||||
| ||||||||||||||||
Class R6 | (5,766,759 | ) | (65,458,460 | ) | (4,426,729 | ) | (50,354,799 | ) | ||||||||
| ||||||||||||||||
Net increase in share activity | 53,993,576 | $ | 623,306,234 | 12,038,961 | $ | 137,667,487 | ||||||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 74% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
NOTE 12–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
34 Invesco Limited Term Municipal Income Fund
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Limited Term Municipal Income Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Limited Term Municipal Income Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statement of changes in net assets for each of the two years in the period ended February 28, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
35 Invesco Limited Term Municipal Income Fund
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized Ratio | ||||||||||
Beginning (09/01/20) | Ending (02/28/21)1 | Expenses Period2,3 | Ending (02/28/21) | Expenses Paid During Period2,4 | ||||||||
Class A | $1,000.00 | $1,009.50 | $3.19 | $1,021.62 | $3.21 | 0.64% | ||||||
Class A2 | 1,000.00 | 1,008.20 | 1.94 | 1,022.86 | 1.96 | 0.39 | ||||||
Class C | 1,000.00 | 1,004.40 | 6.91 | 1,017.90 | 6.95 | 1.39 | ||||||
Class Y | 1,000.00 | 1,009.50 | 1.94 | 1,022.86 | 1.96 | 0.39 | ||||||
Class R5 | 1,000.00 | 1,010.50 | 1.84 | 1,022.96 | 1.86 | 0.37 | ||||||
Class R6 | 1,000.00 | 1,009.90 | 1.54 | 1,023.26 | 1.56 | 0.31 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. The annualized expense ratios have been restated to reflect line of credit expenses. Had these expenses occurred throughout the entire most recent fiscal half year, the annualized expense rations would have been 0.68%, 0.43%, 1.43%, 0.43%, 0.41%, and 0.35% for Class A, Class A2, Class C, Class Y, Class R5 and Class R6 shares, respectively. |
3 | The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $3.39, $2.14, $7.11, $2.14, $2.04 and $1.74 for Class A, Class A2, Class C, Class Y, Class R5 and Class R6 shares, respectively. |
4 | The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $3.41, $2.16, $7.15, $2.16, $2.06 and $1.76 for Class A, Class A2, Class C, Class Y, Class R5 and Class R6 shares, respectively. |
36 Invesco Limited Term Municipal Income Fund
Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | ||||||||
Qualified Dividend Income* | 0.00% | |||||||
Business Interest Income* | 0.00% | |||||||
Qualified Business Income* | 0.00% | |||||||
Corporate Dividends Received Deduction* | 0.00% | |||||||
U.S. Treasury Obligations* | 0.00% | |||||||
Tax-Exempt Interest Dividends* | 98.89% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
37 Invesco Limited Term Municipal Income Fund
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
Name, Year of Birth and Held with the Trust | Trustee Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Years | ||||
Interested Trustee | ||||||||
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) | 191 | 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. |
T-1 Invesco Limited Term Municipal Income Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees | ||||||||
Christopher L. Wilson – 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and President and Director of Grahamtastic Connection (non-profit) | ||||
Jack M. Fields – 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine | ||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization);Eisenhower Foundation (non-profit) | ||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 Invesco Limited Term Municipal Income Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Years | ||||
Independent Trustees–(continued) | ||||||||
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 | 191 | 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 | ||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
Prema Mathai-Davis – 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
Joel W. Motley – 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); |
T-3 Invesco Limited Term Municipal Income Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex | Other Directorship(s) Years | ||||
Independent Trustees–(continued) | ||||||||
Ann Barnett Stern – 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
Robert C. Troccoli – 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
Daniel S. Vandivort – 1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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 | 191 | 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) |
T-4 Invesco Limited Term Municipal Income Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee | Other Directorship(s) Years | ||||
Officers | ||||||||
Sheri Morris – 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 Invesco Limited Term Municipal Income Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee Officer Since | Principal Occupation(s) During Past 5 Years | Number of Funds in | Other Directorship(s) Years | ||||
Officers–(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
| N/A | N/A | ||||
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) |
T-6 Invesco Limited Term Municipal Income Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Years | ||||
Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A | ||||
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A | ||||
Michael McMaster — 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | 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’s sub-advisers.
Office of the Fund | Investment Adviser | Distributor | Auditors | |||
11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP | |||
Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 | |||
Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5678 | ||||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company | |||
2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street | |||
Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |
T-7 Invesco Limited Term Municipal Income Fund
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Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. | ||||||
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. | ||||||
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | LTMI-AR-1 |
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Annual Report to Shareholders | February 28, 2021 | |||
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Invesco Municipal Income Fund | ||||
Nasdaq: A: VKMMX ∎ C: VMICX ∎ Y: VMIIX ∎ Investor: VMINX ∎ R6: VKMSX |
Management’s Discussion of Fund Performance
Performance summary | ||||
For the year ended February 28, 2021, Class A shares of Invesco Municipal In-come Fund (the Fund), at net asset value (NAV), underperformed the S&P Municipal Bond 5+ Year Investment Grade Index, the Fund’s style-specific benchmark. |
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Your Fund’s long-term performance appears later in this report.
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Fund vs. Indexes | ||||
Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. | ||||
Class A Shares | -0.14 | % | ||
Class C Shares | -0.83 | |||
Class Y Shares | 0.11 | |||
Investor Class Shares | 0.03 | |||
Class R6 Shares | 0.17 | |||
S&P Municipal Bond Indexq (Broad Market Index) | 1.22 | |||
S&P Municipal Bond 5+ Year Investment Grade Indexq (Style-Specific Index) | 0.95 | |||
Lipper General Municipal Debt Funds Index∎ (Peer Group Index) | 0.77 | |||
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
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Market conditions and your Fund
The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected twist of the coronavirus (COVID-19) global pandemic that pierced the markets and forced society to navigate unchartered waters in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%, and taxable municipal bonds returned 0.43% during the year.1
The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in Feb-ruary 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.2 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.2 High-yield municipal funds generally hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries – well above the historical norm of approximately 90%.3
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facili-
ties established by the Fed which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to COVID-19, consisting of half a percentage and whole percentage point leaving the target range 0.00% to 0.25%.4
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate time-lines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, just the availability of the program provided a psychological safety net for the market.
As the COVID-19 pandemic continued into fall and winter, most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.
We believe the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform.
A highly demanded second stimulus package was signed at the end of the year. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion. Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.5 This can be attributed to recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance.
Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current on principal and interest, as history has shown.
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February also brought $34 billion in municipal bond supply, higher than the average supply for the last five years for the month.
During the year, an overweight exposure among tobacco and industrial development revenue/pollution control revenue contributed to relative return over the period. Security selection and overweight exposure to bonds of 10.00-19.99 years in duration specifically added to relative performance. On a state level, bonds domiciled in Illinois and New York contributed to relative performance.
An underweight exposure among local general obligation bonds was detractive from relative return over the year. Underweight exposure to bonds of 3.00-9.99 years in duration specifically detracted from relative performance. On a state level, bonds domiciled in Texas detracted from relative performance.
During the year, leverage contributed to the Fund’s performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of inverse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of
2 | Invesco Municipal Income Fund |
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. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.
Thank you for investing in Invesco Municipal Income Fund and for sharing our long-term investment horizon.
1 Source: Bloomberg Barclays
2 Source: Strategic Insight
3 Source: US Department of the Treasury
4 Source: US Federal Reserve
5 Source: The Bond Buyer
† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodologies, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s):
John Connelly
Joshua Cooney
Elizabeth S. Mossow
Tim O’Reilly
Mark Paris
Jim Phillips
John Schorle
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These
views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 | Invesco Municipal Income Fund |
Your Fund’s Long-Term Performance
Results of a $10,000 Investment – Oldest Share Class(es)
Fund and index data from 2/28/11
1 | Source: RIMES Technologies Corp. |
2 | Source: Lipper Inc. |
Past performance cannot guarantee future results.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management
fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does
not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 | Invesco Municipal Income Fund |
Average Annual Total Returns |
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As of 2/28/21, including maximum applicable sales charges |
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Class A Shares | ||||
Inception (8/1/90) | 4.79 | % | ||
10 Years | 4.43 | |||
5 Years | 2.62 | |||
1 Year | -4.36 | |||
Class C Shares | ||||
Inception (8/13/93) | 4.01 | % | ||
10 Years | 4.25 | |||
5 Years | 2.75 | |||
1 Year | -1.80 | |||
Class Y Shares | ||||
Inception (8/12/05) | 4.16 | % | ||
10 Years | 5.16 | |||
5 Years | 3.78 | |||
1 Year | 0.11 | |||
Investor Class Shares | ||||
10 Years | 4.98 | % | ||
5 Years | 3.64 | |||
1 Year | 0.03 | |||
Class R6 Shares | ||||
10 Years | 5.01 | % | ||
5 Years | 3.76 | |||
1 Year | 0.17 |
Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen Municipal Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen Municipal Income Fund (renamed Invesco Municipal Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.
Investor Class shares incepted on July 15, 2013. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will
fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.
5 | Invesco Municipal Income Fund |
Supplemental Information
Invesco Municipal Income Fund’s investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report ∎ The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market. ∎ The S&P Municipal Bond 5+ Year Investment Grade Index seeks to measure the performance of investment-grade US municipal bonds with maturities equal to or greater than five years. ∎ The Lipper General Municipal Debt Funds Index is an unmanaged index considered representative of general municipal debt funds tracked by Lipper. ∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). ∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. |
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
6 | Invesco Municipal Income Fund |
Fund Information
Portfolio Composition
By credit sector | % of total investments | ||||
Revenue Bonds | 84.8% | ||||
General Obligation Bonds | 8.6 | ||||
Pre-Refunded Bonds | 6.5 | ||||
Other | 0.1 |
Top Five Debt Holdings
% of total net assets | |||||
1. Public Authority for Colorado Energy, Series 2008, RB | 1.0 | % | |||
2. New York (City of), NY Water & Sewer System, Series 2012 FF, RB | 0.8 | ||||
3. Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB | 0.8 | ||||
4. Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB | 0.7 | ||||
5. Seattle (Port of), WA, Series 2018 A, RB | 0.7 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of February 28, 2021.
7 | Invesco Municipal Income Fund |
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Municipal Obligations–105.17% | ||||||||||||||||||||
Alabama–2.13% | ||||||||||||||||||||
Alabama (State of) Special Care Facilities Financing Authority (Ascension Health Senior Credit Group); Series 2016 B, Ref. RB | 5.00% | 11/15/2046 | $ | 11,790 | $ | 13,967,614 | ||||||||||||||
Auburn University; Series 2011 A, RB(a)(b) | 5.00% | 06/01/2021 | 1,000 | 1,012,060 | ||||||||||||||||
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB | 5.75% | 06/01/2035 | 4,200 | 4,402,650 | ||||||||||||||||
Birmingham (City of), AL Water Works Board; Series 2015 A, Ref. RB(a)(b)(c) | 5.00% | 01/01/2025 | 10,005 | 11,694,344 | ||||||||||||||||
Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB(b) | 4.00% | 12/01/2025 | 15,000 | 17,050,650 | ||||||||||||||||
Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB(d) | 5.75% | 10/01/2049 | 5,000 | 5,688,450 | ||||||||||||||||
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB(e) | 5.50% | 01/01/2043 | 900 | 597,852 | ||||||||||||||||
Lower Alabama Gas District (The); Series 2016 A, RB(c) | 5.00% | 09/01/2046 | 6,000 | 8,433,120 | ||||||||||||||||
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(f) | 5.25% | 05/01/2044 | 5,000 | 5,692,550 | ||||||||||||||||
UAB Medicine Finance Authority; Series 2019, RB | 4.00% | 09/01/2044 | 7,250 | 8,186,845 | ||||||||||||||||
76,726,135 | ||||||||||||||||||||
Alaska–0.42% | ||||||||||||||||||||
Alaska (State of) Industrial Development & Export Authority (Providence Health Services); | 5.00% | 10/01/2040 | 1,250 | 1,270,900 | ||||||||||||||||
Series 2011 A, RB | 5.50% | 10/01/2041 | 3,000 | 3,057,960 | ||||||||||||||||
Alaska Municipal Bond Bank Authority; Series 2017 A, RB(c) | 5.50% | 10/01/2042 | 9,000 | 10,890,270 | ||||||||||||||||
15,219,130 | ||||||||||||||||||||
Arizona–2.93% | ||||||||||||||||||||
Arizona (State of) Health Facilities Authority (Catholic Healthcare West); Series 2011 B-1, RB(a)(b) | 5.25% | 03/01/2021 | 5,000 | 5,000,000 | ||||||||||||||||
Arizona (State of) Industrial Development Authority; Series 2020 A, RB | 4.00% | 11/01/2050 | 2,500 | 2,823,350 | ||||||||||||||||
Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. RB(f) | 5.25% | 07/01/2047 | 4,500 | 4,985,820 | ||||||||||||||||
Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community); Series 2019 A, RB | 5.00% | 01/01/2043 | 2,045 | 1,913,343 | ||||||||||||||||
Arizona (State of) Industrial Development Authority (Kaizen Education Foundation); Series 2016, RB(f) | 5.50% | 07/01/2036 | 5,840 | 6,553,998 | ||||||||||||||||
Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, Inspirada and St. Rose Campus Projects); Series 2018 A, RB(f) | 5.75% | 07/15/2048 | 3,150 | 3,568,163 | ||||||||||||||||
City of Phoenix Civic Improvement Corp.; Series 2019, RB | 5.00% | 07/01/2049 | 13,155 | 15,974,511 | ||||||||||||||||
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); | 5.00% | 11/15/2032 | 2,560 | 2,785,971 | ||||||||||||||||
Series 2017, Ref. RB | 5.00% | 11/15/2036 | 2,200 | 2,376,418 | ||||||||||||||||
Maricopa (County of), AZ Industrial Development Authority (Paradise Schools); Series 2016, Ref. RB(f) | 5.00% | 07/01/2036 | 2,500 | 2,760,075 | ||||||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Great Hearts Academies); | 6.30% | 07/01/2021 | 1,000 | 1,019,500 | ||||||||||||||||
Series 2012, RB(a)(b) | 6.40% | 07/01/2021 | 400 | 407,932 | ||||||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(f) | 6.50% | 07/01/2034 | 1,095 | 1,267,156 | ||||||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Rowan University); | 5.25% | 06/01/2034 | 3,000 | 3,126,390 | ||||||||||||||||
Series 2012, RB | 5.00% | 06/01/2042 | 5,000 | 5,174,350 | ||||||||||||||||
Phoenix Civic Improvement Corp.; Series 2019 A, RB | 4.00% | 07/01/2045 | 4,235 | 4,521,625 | ||||||||||||||||
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); | 4.75% | 06/15/2037 | 2,000 | 2,033,340 | ||||||||||||||||
Series 2017, RB(f) | 5.00% | 06/15/2052 | 5,000 | 5,081,900 | ||||||||||||||||
Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School); Series 2014, Ref. RB | 7.00% | 05/01/2034 | 1,000 | 1,096,670 | ||||||||||||||||
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(f) | 5.25% | 07/01/2048 | 5,000 | 5,120,700 | ||||||||||||||||
Pinal (County of), AZ Electric District No. 3; Series 2011, Ref. RB(a)(b) | 5.25% | 07/01/2021 | 2,000 | 2,033,900 | ||||||||||||||||
Salt Verde Financial Corp.; Series 2007, RB | 5.00% | 12/01/2037 | 15,155 | 20,935,420 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Arizona–(continued) | ||||||||||||||||||||
Verrado Community Facilities District No. 1; | 6.00 | % | 07/15/2027 | $ | 2,000 | $ | 2,111,720 | |||||||||||||
Series 2013 B, GO Bonds(f) | 5.70 | % | 07/15/2029 | 775 | 808,565 | |||||||||||||||
Series 2013 B, GO Bonds(f) | 6.00 | % | 07/15/2033 | 710 | 738,663 | |||||||||||||||
Yavapai (County of), AZ Industrial Development Authority (Northern Arizona Healthcare System); | 5.25 | % | 10/01/2025 | 1,000 | 1,026,590 | |||||||||||||||
Series 2011, Ref. RB | 5.25 | % | 10/01/2026 | 500 | 512,840 | |||||||||||||||
105,758,910 | ||||||||||||||||||||
Arkansas–0.25% | ||||||||||||||||||||
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB | 5.00 | % | 09/01/2044 | 2,500 | 3,033,475 | |||||||||||||||
Pulaski (County of), AR Public Facilities Board; Series 2014, RB | 5.00 | % | 12/01/2042 | 5,530 | 6,064,087 | |||||||||||||||
9,097,562 | ||||||||||||||||||||
California–9.34% | ||||||||||||||||||||
Anaheim (City of), CA Public Financing Authority (Electric System Distribution Facilities); Series 2011 A, RB(a)(b) | 5.38 | % | 04/01/2021 | 735 | 738,124 | |||||||||||||||
Bay Area Toll Authority; Series 2019 S-8, Ref. RB | 5.00 | % | 04/01/2056 | 5,000 | 6,042,550 | |||||||||||||||
Bay Area Toll Authority (San Francisco Bay Area); Series 2017 F-1, | 5.00 | % | 04/01/2056 | 12,000 | 14,038,320 | |||||||||||||||
Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds(g) | 0.00 | % | 08/01/2031 | 40 | 33,576 | |||||||||||||||
Big Bear Lake (City of), CA; Series 1996, Ref. RB (INS - NATL)(h) | 6.00 | % | 04/01/2022 | 655 | 675,403 | |||||||||||||||
California (State of); | 5.00 | % | 10/01/2041 | 5,000 | 5,136,800 | |||||||||||||||
Series 2012, GO Bonds | 5.00 | % | 09/01/2036 | 5,000 | 5,342,450 | |||||||||||||||
Series 2020, GO Bonds | 3.00 | % | 03/01/2046 | 4,400 | 4,644,376 | |||||||||||||||
Series 2020, GO Bonds | 4.00 | % | 03/01/2046 | 2,500 | 2,886,975 | |||||||||||||||
Series 2020, GO Bonds | 3.00 | % | 03/01/2050 | 2,500 | 2,613,975 | |||||||||||||||
Series 2020, GO Bonds | 4.00 | % | 03/01/2050 | 2,190 | 2,519,288 | |||||||||||||||
California (State of) Educational Facilities Authority (Stanford University); Series 2019 V-1, RB(c) | 5.00 | % | 05/01/2049 | 15,000 | 22,467,600 | |||||||||||||||
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford); Series 2017, RB | 5.00 | % | 11/15/2056 | 3,000 | 3,543,840 | |||||||||||||||
California (State of) Housing Finance Agency; | 4.25 | % | 01/15/2035 | 3,669 | 4,210,793 | |||||||||||||||
Series 2019 A-2, RB | 4.00 | % | 03/20/2033 | 2,947 | 3,309,395 | |||||||||||||||
California (State of) Municipal Finance Authority (Emerson College); | 5.00 | % | 01/01/2022 | 1,250 | 1,298,375 | |||||||||||||||
Series 2011, RB(a)(b) | 5.75 | % | 01/01/2022 | 450 | 470,209 | |||||||||||||||
Series 2011, RB | 5.00 | % | 01/01/2028 | 275 | 284,229 | |||||||||||||||
California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB(d) | 5.00 | % | 12/31/2043 | 12,550 | 14,814,522 | |||||||||||||||
California (State of) Pollution Control Finance Authority; | 5.00 | % | 07/01/2030 | 3,160 | 3,380,884 | |||||||||||||||
Series 2012, RB(d)(f) | 5.00 | % | 07/01/2037 | 6,955 | 7,383,915 | |||||||||||||||
California (State of) Pollution Control Financing Authority (San Diego County Water Authority); | 5.00 | % | 11/21/2045 | 5,250 | 6,165,757 | |||||||||||||||
California (State of) Public Works Board (Various Correctional Facilities); Series 2014 A, RB | 5.00 | % | 09/01/2039 | 2,500 | 2,857,675 | |||||||||||||||
California (State of) School Finance Authority (New Designs Charter School); Series 2012, RB | 5.50 | % | 06/01/2042 | 2,000 | 2,055,200 | |||||||||||||||
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); Series 2016, Ref. RB(f) | 5.00 | % | 06/01/2046 | 3,000 | 3,233,220 | |||||||||||||||
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); | 5.00 | % | 12/01/2041 | 6,475 | 7,256,338 | |||||||||||||||
Series 2016 A, RB(f) | 5.25 | % | �� | 12/01/2056 | 6,150 | 6,884,310 | ||||||||||||||
California (State of) Statewide Communities Development Authority (Pooled Financing Program); | 5.25 | % | 10/01/2013 | 220 | 220,825 | |||||||||||||||
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); | 0.00 | % | 06/01/2055 | 45,000 | 3,936,600 | |||||||||||||||
California (State of), CA Tobacco Securitization Agency (Los Angeles County Securitization Corp.); | 4.00 | % | 06/01/2049 | 1,500 | 1,711,290 | |||||||||||||||
Series 2020 B-1, Ref. RB | 5.00 | % | 06/01/2049 | 650 | 781,794 | |||||||||||||||
Series 2020 B-2, Ref. RB(g) | 0.00 | % | 06/01/2055 | 10,000 | 1,912,100 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
California–(continued) | ||||||||||||||||||||
California (State of), CA Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2006 A, RB(g) | 0.00 | % | 06/01/2046 | $ | 20,000 | $ | 4,781,400 | |||||||||||||
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)(g)(h) | 0.00 | % | 08/01/2029 | 1,585 | 1,374,940 | |||||||||||||||
Clovis Unified School District (Election of 2012); Series 2015 D, GO Bonds(g) | 0.00 | % | 08/01/2033 | 3,270 | 2,142,275 | |||||||||||||||
Corona-Norco Unified School District (Election of 2006); Series 2009 C, GO Bonds (INS - AGM)(g)(h) | 0.00 | % | 08/01/2039 | 1,000 | 588,250 | |||||||||||||||
Earlimart School District; Series 1994 1, GO Bonds (INS - AMBAC)(h) | 6.70 | % | 08/01/2021 | 70 | 71,271 | |||||||||||||||
El Segundo Unified School District (Election of 2008); | 0.00 | % | 08/01/2032 | 5,030 | 4,023,899 | |||||||||||||||
Series 2009 A, GO Bonds(g) | 0.00 | % | 08/01/2033 | 4,185 | 3,243,291 | |||||||||||||||
Golden State Tobacco Securitization Corp.; Series 2018 A-1, Ref. RB | 5.00 | % | 06/01/2047 | 5,000 | 5,172,400 | |||||||||||||||
Hacienda La Puente Unified School District Facilities Financing Authority (Unified School District GO Bond Program); Series 2007, RB (INS - AGM)(h) | 5.00 | % | 08/01/2026 | 2,000 | 2,460,160 | |||||||||||||||
Hayward Unified School District (Election of 2008); Series 2010 A, GO Bonds (INS - AGM)(g)(h) | 0.00 | % | 08/01/2034 | 1,500 | 1,118,220 | |||||||||||||||
Inland Empire Tobacco Securitization Corp.; Series 2007 C-1, RB(g) | 0.00 | % | 06/01/2036 | 25,000 | 9,258,000 | |||||||||||||||
Long Beach Unified School District (Election of 2008); Series 2009, GO Bonds | 5.75 | % | 08/01/2033 | 305 | 306,208 | |||||||||||||||
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); | 5.00 | % | 05/15/2046 | 6,000 | 6,905,460 | |||||||||||||||
Series 2018 A, RB(c)(d)(i) | 5.25 | % | 05/15/2048 | 12,000 | 14,481,360 | |||||||||||||||
Los Angeles Unified School District; Series 2020 RYQ, GO Bonds | 4.00 | % | 07/01/2044 | 6,500 | 7,548,060 | |||||||||||||||
Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS - AGC)(g)(h) | 0.00 | % | 08/01/2035 | 3,260 | 2,333,508 | |||||||||||||||
Morongo Band of Mission Indians (The); Series 2018 A, RB(f) | 5.00 | % | 10/01/2042 | 4,800 | 5,477,952 | |||||||||||||||
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(j) | 6.25 | % | 08/01/2043 | 6,965 | 7,584,119 | |||||||||||||||
Oakland (Port of), CA; Series 2012 P, Ref. RB(a)(b)(d) | 5.00 | % | 05/01/2022 | 2,000 | 2,109,360 | |||||||||||||||
Patterson Joint Unified School District (Election of 2008); | 0.00 | % | 08/01/2037 | 1,170 | 776,974 | |||||||||||||||
Series 2009 B, GO Bonds (INS - AGM)(g)(h) | 0.00 | % | 08/01/2038 | 4,770 | 3,057,904 | |||||||||||||||
Series 2009 B, GO Bonds (INS - AGM)(g)(h) | 0.00 | % | 08/01/2039 | 5,010 | 3,099,537 | |||||||||||||||
Series 2009 B, GO Bonds (INS - AGM)(g)(h) | 0.00 | % | 08/01/2040 | 5,260 | 3,137,958 | |||||||||||||||
Series 2009 B, GO Bonds (INS - AGM)(g)(h) | 0.00 | % | 08/01/2041 | 5,520 | 3,171,958 | |||||||||||||||
Placentia-Yorba Linda Unified School District (Election of 2008); Series 2011 D, GO Bonds(g) | 0.00 | % | 08/01/2035 | 1,500 | 1,089,105 | |||||||||||||||
Riverside (County of), CA Transportation Commission; Series 2013 A, RB | 5.75 | % | 06/01/2044 | 2,500 | 2,726,000 | |||||||||||||||
Sacramento (City of), CA Municipal Utility District (Green Bonds); Series 2020 H, RB | 4.00 | % | 08/15/2045 | 5,000 | 5,850,600 | |||||||||||||||
San Buenaventura (City of), CA (Community Memorial Health System); | 6.50 | % | 12/01/2021 | 2,000 | 2,082,720 | |||||||||||||||
Series 2011, RB | 6.50 | % | 12/01/2022 | 2,000 | 2,081,260 | |||||||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); | 5.00 | % | 05/01/2021 | 10,000 | 10,078,600 | |||||||||||||||
Series 2018 D, RB(d) | 5.25 | % | 05/01/2048 | 14,190 | 17,099,659 | |||||||||||||||
Series 2019 A, Ref. RB(d) | 5.00 | % | 05/01/2039 | 5,000 | 6,108,750 | |||||||||||||||
San Joaquin (County of), CA Transportation Authority (Measure K); Series 2011 A, RB(a)(b) | 5.25 | % | 03/01/2021 | 1,500 | 1,500,000 | |||||||||||||||
San Joaquin Hills Transportation Corridor Agency; Series 2014 B, Ref. RB | 5.25 | % | 01/15/2044 | 5,000 | 5,574,400 | |||||||||||||||
San Jose (City of), CA; | 5.25 | % | 03/01/2026 | 2,730 | 2,736,306 | |||||||||||||||
Series 2011 A-1, RB(d) | 6.25 | % | 03/01/2034 | 2,500 | 2,506,400 | |||||||||||||||
San Mateo (City of), CA Foster School District (Election 2008); Series 2010, GO Bonds(j) | 6.63 | % | 08/01/2042 | 4,915 | 5,387,872 | |||||||||||||||
Santa Margarita Water District (Community Facilities District No. 2013-1); Series 2013, RB | 5.38 | % | 09/01/2029 | 2,430 | 2,655,067 | |||||||||||||||
Silicon Valley Tobacco Securitization Authority (Santa Clara); | 0.00 | % | 06/01/2036 | 22,000 | 9,447,020 | |||||||||||||||
Series 2007 A, RB(g) | 0.00 | % | 06/01/2041 | 5,000 | 1,609,350 | |||||||||||||||
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); | 5.00 | % | 06/01/2048 | 5,500 | 6,568,045 | |||||||||||||||
Torrance Unified School District (Election of 2008-Measure Z); Series 2009 B-1, GO Bonds(g) | 0.00 | % | 08/01/2026 | 1,250 | 1,175,650 | |||||||||||||||
Transbay Joint Powers Authority (Green Bonds); Series 2020 A, RB | 5.00 | % | 10/01/2049 | 1,200 | 1,457,916 | |||||||||||||||
West Contra Costa Unified School District; Series 2005, GO Bonds (INS - NATL)(g)(h) | 0.00 | % | 08/01/2027 | 7,865 | 7,208,037 | |||||||||||||||
Western Riverside (County of), CA Water & Wastewater Financing Authority (Eastern Municipal Water District Improvement); Series 2009, RB (INS - AGC)(h) | 5.50 | % | 09/01/2034 | 1,000 | 1,003,830 | |||||||||||||||
Yosemite Community College District (Election of 2004); Series 2008 C, GO Bonds (INS - AGM)(g)(h) | 0.00 | % | 08/01/2024 | 3,570 | 3,478,822 | |||||||||||||||
336,500,581 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Colorado–3.37% | ||||||||||||||||||||
Amber Creak Metropolitan District; Series 2017 A, Ref. GO Bonds | 5.13 | % | 12/01/2047 | $ | 1,029 | $ | 1,076,900 | |||||||||||||
Belleview Station Metropolitan District No. 2; | 5.00 | % | 12/01/2036 | 1,000 | 1,039,130 | |||||||||||||||
Series 2017, Ref. GO Bonds | 5.13 | % | 12/01/2046 | 2,375 | 2,465,844 | |||||||||||||||
Broadway Park North Metropolitan District No. 2; Series 2020, GO Bonds(f) | 5.00 | % | 12/01/2049 | 1,600 | 1,724,928 | |||||||||||||||
Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2017, Ref. RB(f) | 5.00 | % | 12/01/2037 | 3,000 | 3,163,320 | |||||||||||||||
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); | 5.00 | % | 11/15/2048 | 5,000 | 5,966,650 | |||||||||||||||
Colorado (State of) Health Facilities Authority (Evangelical Lutheran Good Samaritan Society (The)); | 5.63 | % | 06/01/2023 | 2,500 | 2,799,125 | |||||||||||||||
Series 2017, Ref. RB(a)(b) | 5.00 | % | 06/01/2027 | 3,500 | 4,364,955 | |||||||||||||||
Colorado (State of) High Performance Transportation Enterprise (C-470 Express Lanes); | 5.00 | % | 12/31/2051 | 6,220 | 6,967,644 | |||||||||||||||
Colorado Health Facilities Authority; Series 2020-XX1130, Ctfs.(c)(i) | 5.00 | % | 08/01/2044 | 15,770 | 19,087,377 | |||||||||||||||
Denver (City & County of), CO; Series 2018 A, Ref. RB(c)(d) | 5.25 | % | 12/01/2043 | 15,000 | 18,163,350 | |||||||||||||||
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(d) | 5.00 | % | 10/01/2032 | 5,000 | 5,310,400 | |||||||||||||||
Denver (City of), CO Convention Center Hotel Authority; Series 2016, Ref. RB | 5.00 | % | 12/01/2040 | 2,500 | 2,820,900 | |||||||||||||||
Denver (State of) Health & Hospital Authority; | 4.00 | % | 12/01/2039 | 1,000 | 1,134,430 | |||||||||||||||
Series 2019 A, Ref. RB | 4.00 | % | 12/01/2040 | 1,000 | 1,131,300 | |||||||||||||||
Leyden Rock Metropolitan District No. 10; Series 2016 A, GO Bonds | 5.00 | % | 12/01/2045 | 1,250 | 1,300,388 | |||||||||||||||
Neu Towne Metropolitan District; Series 2018 A, Ref. GO Bonds | 5.38 | % | 12/01/2046 | 3,000 | 3,186,030 | |||||||||||||||
Public Authority for Colorado Energy; Series 2008, RB | 6.50 | % | 11/15/2038 | 24,825 | 37,213,171 | |||||||||||||||
Sterling Ranch Community Authority Board; Series 2020 A, Ref. RB | 4.25 | % | 12/01/2050 | 2,250 | 2,473,672 | |||||||||||||||
121,389,514 | ||||||||||||||||||||
Connecticut–1.22% | ||||||||||||||||||||
Connecticut (State of); | 5.00 | % | 04/15/2035 | 2,000 | 2,503,920 | |||||||||||||||
Series 2019 A, GO Bonds | 5.00 | % | 04/15/2036 | 2,600 | 3,243,942 | |||||||||||||||
Series 2019 A, GO Bonds | 5.00 | % | 04/15/2039 | 1,600 | 1,977,472 | |||||||||||||||
Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, RB(d) | 5.50 | % | 04/01/2021 | 3,000 | 3,012,600 | |||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Church Home of Hartford, Inc.); | 5.00 | % | 09/01/2046 | 3,990 | 4,372,561 | |||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Duncaster, Inc.); | 5.00 | % | 08/01/2035 | 1,000 | 1,079,600 | |||||||||||||||
Series 2014 A, RB | 5.00 | % | 08/01/2044 | 5,000 | 5,340,500 | |||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare); Series 2011 A, RB(a)(b) | 5.00 | % | 07/01/2021 | 6,700 | 6,808,004 | |||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (The Griffin Hospital); Series 2020, G-1, Ref. RB(f) | 5.00 | % | 07/01/2044 | 3,850 | 4,273,192 | |||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Western Connecticut Health Network); Series 2011 M, RB(a)(b) | 5.38 | % | 07/01/2021 | 5,000 | 5,085,100 | |||||||||||||||
Hamden (Town of), CT (Whitney Center); Series 2019, Ref. RB | 5.00 | % | 01/01/2040 | 6,190 | 6,375,514 | |||||||||||||||
44,072,405 | ||||||||||||||||||||
Delaware–0.16% | ||||||||||||||||||||
Delaware (State of) River & Bay Authority; Series 2019, Ref. RB | 4.00 | % | 01/01/2044 | 5,000 | 5,644,500 | |||||||||||||||
District of Columbia–3.08% | ||||||||||||||||||||
District of Columbia; | 5.00 | % | 02/01/2031 | 945 | 946,871 | |||||||||||||||
Series 2019 A, RB | 4.00 | % | 03/01/2044 | 6,665 | 7,739,065 | |||||||||||||||
District of Columbia (Center for Strategic & International Studies, Inc.); | 6.38 | % | 03/01/2021 | 2,545 | 2,545,000 | |||||||||||||||
Series 2011, RB(a)(b) | 6.63 | % | 03/01/2021 | 1,100 | 1,100,000 | |||||||||||||||
District of Columbia (Georgetown University); Series 2017, Ref. RB(a)(b) | 5.00 | % | 04/01/2027 | 8,305 | 10,379,965 | |||||||||||||||
District of Columbia (Ingleside at Rock Creek); Series 2017 A, RB | 5.00 | % | 07/01/2052 | 2,250 | 2,261,970 | |||||||||||||||
District of Columbia Tobacco Settlement Financing Corp.; Series 2006 A, RB(g) | 0.00 | % | 06/15/2046 | 25,000 | 5,285,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
District of Columbia–(continued) | ||||||||||||||||||||
Metropolitan Washington Airports Authority; | 5.00 | % | 10/01/2034 | $ | 5,295 | $ | 6,212,941 | |||||||||||||
Series 2018 A, Ref. RB(d) | 5.00 | % | 10/01/2043 | 15,800 | 18,920,974 | |||||||||||||||
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); | 0.00 | % | 10/01/2037 | 17,565 | 10,140,626 | |||||||||||||||
Series 2014 A, Ref. RB | 5.00 | % | 10/01/2053 | 13,710 | 14,175,180 | |||||||||||||||
Series 2019 B, Ref. RB | 4.00 | % | 10/01/2044 | 12,185 | 13,499,518 | |||||||||||||||
Series 2019 B, Ref. RB | 4.00 | % | 10/01/2049 | 16,045 | 17,662,817 | |||||||||||||||
110,869,927 | ||||||||||||||||||||
Florida–7.00% | ||||||||||||||||||||
Broward (County of), FL; | 5.00 | % | 10/01/2045 | 5,030 | 5,729,069 | |||||||||||||||
Series 2019 A, RB | 4.00 | % | 10/01/2042 | 6,540 | 7,708,044 | |||||||||||||||
Series 2019 B, RB(d) | 4.00 | % | 09/01/2044 | 5,000 | 5,532,200 | |||||||||||||||
Capital Trust Agency (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB(f) | 5.00 | % | 07/01/2037 | 2,765 | 2,857,185 | |||||||||||||||
Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB(f) | 5.00 | % | 12/15/2050 | 2,000 | 2,149,660 | |||||||||||||||
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); | 7.25 | % | 05/15/2026 | 1,000 | 773,750 | |||||||||||||||
Series 2014 A, RB (Acquired 12/16/2013; Cost $9,808,905)(e)(f)(k) | 7.75 | % | 05/15/2035 | 2,500 | 1,934,375 | |||||||||||||||
Davie (Town of), FL (Nova Southeastern University); | 6.00 | % | 04/01/2023 | 3,250 | 3,633,208 | |||||||||||||||
Series 2018, Ref. RB | 5.00 | % | 04/01/2048 | 10,605 | 12,178,146 | |||||||||||||||
Florida (State of) Mid-Bay Bridge Authority; Series 1991 A, RB(a) | 6.88 | % | 10/01/2022 | 1,130 | 1,205,337 | |||||||||||||||
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB | 5.00 | % | 01/01/2048 | 5,000 | 5,772,400 | |||||||||||||||
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(d)(f) | 7.38 | % | 01/01/2049 | 15,500 | 15,045,850 | |||||||||||||||
Florida Development Finance Corp. (Renaissance Charter School, Inc.); | 6.00 | % | 06/15/2035 | 2,935 | 3,321,862 | |||||||||||||||
Series 2020 C, Ref. RB(f) | 5.00 | % | 09/15/2050 | 2,200 | 2,392,632 | |||||||||||||||
Greater Orlando Aviation Authority; Series 2019 A, RB(d) | 4.00 | % | 10/01/2044 | 10,000 | 11,119,400 | |||||||||||||||
Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); Series 2018 A, RB | 6.00 | % | 04/01/2038 | 6,000 | 2,828,820 | |||||||||||||||
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB(c)(d) | 5.00 | % | 10/01/2048 | 15,000 | 17,674,350 | |||||||||||||||
Lake (County of), FL (Lakeside at Waterman Village); | 5.50 | % | 08/15/2030 | 4,235 | 4,686,324 | |||||||||||||||
Series 2020 A, Ref. RB | 5.50 | % | 08/15/2040 | 4,000 | 4,279,680 | |||||||||||||||
Series 2020 A, Ref. RB | 5.75 | % | 08/15/2050 | 3,000 | 3,198,030 | |||||||||||||||
Series 2020 A, Ref. RB | 5.75 | % | 08/15/2055 | 1,500 | 1,587,360 | |||||||||||||||
Lee Memorial Health System; Series 2019 A1, Ref. RB | 5.00 | % | 04/01/2044 | 4,225 | 5,128,432 | |||||||||||||||
Martin (County of), FL Health Facilities Authority (Martin Memorial Medical Center); Series 2012, RB(a)(b) | 5.50 | % | 11/15/2021 | 6,500 | 6,743,230 | |||||||||||||||
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); | 5.00 | % | 11/15/2039 | 1,010 | 1,110,626 | |||||||||||||||
Series 2014, Ref. RB | 5.00 | % | 11/15/2044 | 1,045 | 1,137,775 | |||||||||||||||
Miami-Dade (County of), FL; | 5.00 | % | 10/01/2022 | 2,000 | 2,150,100 | |||||||||||||||
Series 2012 B, Ref. RB(a)(b) | 5.00 | % | 10/01/2022 | 3,800 | 4,091,460 | |||||||||||||||
Series 2017 B, Ref. RB(d) | 5.00 | % | 10/01/2040 | 6,000 | 7,098,480 | |||||||||||||||
Series 2019 B, RB | 4.00 | % | 10/01/2049 | 15,000 | 17,320,200 | |||||||||||||||
Series 2020 B, RB | 4.00 | % | 07/01/2050 | 5,000 | 5,726,100 | |||||||||||||||
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami); Series 2018 A, RB(c) | 5.00 | % | 04/01/2053 | 9,000 | 10,484,460 | |||||||||||||||
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, Ref. RB (INS - AGM)(h) | 5.00 | % | 07/01/2035 | 3,350 | 3,359,514 | |||||||||||||||
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2019 A, RB | 5.00 | % | 10/01/2047 | 10,000 | 11,995,000 | |||||||||||||||
Orlando (City of), FL Greater Orlando Aviation Authority; Series 2017 A, RB(d) | 5.00 | % | 10/01/2047 | 8,570 | 10,031,185 | |||||||||||||||
Osceola (County of), FL; Series 2020 A-1, Ref. RB | 5.00 | % | 10/01/2049 | 2,500 | 3,020,925 | |||||||||||||||
Palm Beach (County of), FL Health Facilities Authority (Baptist Health South Florida); Series 2019, RB | 4.00 | % | 08/15/2049 | 10,170 | 11,338,228 | |||||||||||||||
Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global Understanding); Series 2019, RB | 5.00 | % | 07/01/2039 | 2,000 | 2,372,200 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Florida–(continued) | ||||||||||||||||||||
Putnam (County of), FL Development Authority (Seminole Electric Cooperative); | 5.00 | % | 03/15/2042 | $ | 12,125 | $ | 14,512,170 | |||||||||||||
Series 2018 B, Ref. PCR | 5.00 | % | 03/15/2042 | 4,920 | 5,885,009 | |||||||||||||||
Reunion East Community Development District; | 5.80 | % | 05/01/2036 | 197 | 2 | |||||||||||||||
Series 2015-2, RB | 6.60 | % | 05/01/2036 | 185 | 187,501 | |||||||||||||||
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB | 5.00 | % | 12/01/2055 | 4,500 | 4,978,170 | |||||||||||||||
Tampa (City of), FL; | 0.00 | % | 09/01/2040 | 1,000 | 521,630 | |||||||||||||||
Series 2020 A, RB(g) | 0.00 | % | 09/01/2041 | 1,000 | 497,270 | |||||||||||||||
Series 2020 A, RB(g) | 0.00 | % | 09/01/2042 | 1,025 | 485,737 | |||||||||||||||
Series 2020 A, RB(g) | 0.00 | % | 09/01/2045 | 1,950 | 808,275 | |||||||||||||||
Series 2020 A, RB(g) | 0.00 | % | 09/01/2049 | 2,600 | 904,982 | |||||||||||||||
Series 2020 A, RB(g) | 0.00 | % | 09/01/2053 | 2,600 | 755,118 | |||||||||||||||
Tampa Bay Water; Series 2001 A, Ref. RB (INS - NATL)(h) | 6.00 | % | 10/01/2029 | 3,000 | 4,169,220 | |||||||||||||||
252,420,681 | ||||||||||||||||||||
Georgia–2.15% | ||||||||||||||||||||
Atlanta (City of), GA Water & Wastewater Revenue; Series 2015, Ref. RB(c) | 5.00 | % | 11/01/2040 | 18,420 | 21,328,886 | |||||||||||||||
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.); | 4.00 | % | 07/01/2044 | 3,500 | 4,020,485 | |||||||||||||||
Series 2019 A, RB | 4.00 | % | 07/01/2049 | 2,400 | 2,734,392 | |||||||||||||||
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4); | 5.00 | % | 01/01/2039 | 4,500 | 5,410,665 | |||||||||||||||
Series 2019 A, RB | 5.00 | % | 01/01/2049 | 5,000 | 5,907,350 | |||||||||||||||
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System); Series 2017, RAC | 5.00 | % | 08/01/2043 | 7,750 | 8,933,425 | |||||||||||||||
Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.); | 5.88 | % | 06/15/2047 | 1,680 | 1,746,377 | |||||||||||||||
Series 2017 A, RB(f) | 6.00 | % | 06/15/2052 | 1,530 | 1,588,140 | |||||||||||||||
Main Street Natural Gas, Inc.; | 5.00 | % | 05/15/2043 | 3,000 | 3,555,780 | |||||||||||||||
Series 2019 B, RB(b) | 4.00 | % | 12/02/2024 | 7,000 | 7,796,530 | |||||||||||||||
Marietta (City of), GA Developing Authority (Life University, Inc.); Series 2017 A, Ref. RB(f) | 5.00 | % | 11/01/2037 | 5,250 | 5,668,845 | |||||||||||||||
Rockdale (County of), GA Development Authority (Pratt Paper (GA), LLC); Series 2018, Ref. RB(d)(f) | 4.00 | % | 01/01/2038 | 7,210 | 7,923,069 | |||||||||||||||
Savannah (City of), GA Economic Development Authority (SSU Community Development I, LLC); | 5.50 | % | 06/15/2035 | 1,020 | 1,023,713 | |||||||||||||||
77,637,657 | ||||||||||||||||||||
Guam–0.07% | ||||||||||||||||||||
Guam (Territory of) Waterworks Authority; Series 2020 A, RB | 5.00 | % | 01/01/2050 | 2,000 | 2,409,980 | |||||||||||||||
Hawaii–0.22% | ||||||||||||||||||||
Hawaii (State of) Department of Budget & Finance; Series 2012, Ref. RB | 5.25 | % | 11/15/2037 | 1,250 | 1,323,238 | |||||||||||||||
Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc.); Series 2015, Ref. RB(d) | 3.25 | % | 01/01/2025 | 4,500 | 4,852,485 | |||||||||||||||
Hawaii (State of) Department of Budget & Finance (Kahala Nui); Series 2012, Ref. RB | 5.13 | % | 11/15/2032 | 1,500 | 1,591,500 | |||||||||||||||
7,767,223 | ||||||||||||||||||||
Illinois–10.17% | ||||||||||||||||||||
Bartlett (Village of), IL (Quarry Redevelopment); Series 2007, Ref. RB | 5.60 | % | 01/01/2023 | 865 | 866,107 | |||||||||||||||
Bolingbrook (Village of), IL; Series 2005, RB | 6.25 | % | 01/01/2024 | 740 | 705,920 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Illinois–(continued) | ||||||||||||||||||||
Chicago (City of), IL; | 5.50% | 01/01/2032 | $ | 3,300 | $ | 3,679,335 | ||||||||||||||
Series 2007 E, Ref. GO Bonds | 5.50% | 01/01/2035 | 1,500 | 1,663,260 | ||||||||||||||||
Series 2008 C, Ref. RB | 5.00% | 01/01/2039 | 5,000 | 5,724,650 | ||||||||||||||||
Series 2011 A, RB(a)(b) | 5.00% | 01/01/2022 | 1,000 | 1,040,500 | ||||||||||||||||
Series 2011, COP | 7.13% | 05/01/2021 | 955 | 955,271 | ||||||||||||||||
Series 2014, RB | 5.00% | 11/01/2044 | 1,905 | 2,150,288 | ||||||||||||||||
Series 2015 A, GO Bonds | 5.50% | 01/01/2034 | 4,440 | 4,929,288 | ||||||||||||||||
Series 2015 A, GO Bonds | 5.50% | 01/01/2035 | 2,000 | 2,217,680 | ||||||||||||||||
Series 2017 A, RB (INS - AGM)(h) | 5.25% | 01/01/2042 | 2,000 | 2,419,260 | ||||||||||||||||
Series 2017 A, Ref. GO Bonds | 6.00% | 01/01/2038 | 8,500 | 10,077,345 | ||||||||||||||||
Series 2019 A, GO Bonds | 5.50% | 01/01/2049 | 8,000 | 9,298,640 | ||||||||||||||||
Chicago (City of), IL (83rd/Stewart Redevelopment); Series 2013, COP(f) | 7.00% | 01/15/2029 | 2,763 | 2,764,749 | ||||||||||||||||
Chicago (City of), IL (Cottage View Terrace Apartments); Series 2000 A, RB (CEP - GNMA)(d) | 6.13% | 02/20/2042 | 1,265 | 1,267,188 | ||||||||||||||||
Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP(l) | 7.46% | 02/15/2026 | 339 | 251,369 | ||||||||||||||||
Chicago (City of), IL (Midway Airport); | 5.50% | 01/01/2032 | 5,000 | 5,422,200 | ||||||||||||||||
Series 2014 A, Ref. RB(d) | 5.00% | 01/01/2041 | 2,725 | 2,976,654 | ||||||||||||||||
Chicago (City of), IL (O’Hare International Airport); | 5.00% | 01/01/2022 | 5,000 | 5,193,900 | ||||||||||||||||
Series 2016 C, Ref. RB | 5.00% | 01/01/2037 | 2,500 | 2,908,175 | ||||||||||||||||
Series 2017 D, RB | 5.25% | 01/01/2036 | 4,600 | 5,493,136 | ||||||||||||||||
Series 2017 D, RB(c)(d) | 5.00% | 01/01/2042 | 6,500 | 7,485,530 | ||||||||||||||||
Series 2017 D, RB(c)(d) | 5.00% | 01/01/2047 | 7,500 | 8,573,625 | ||||||||||||||||
Chicago (City of), IL (Roosevelt Square/ABLA Redevelopment); Series 2009 A, Ref. COP | 7.13% | 03/15/2022 | 504 | 504,101 | ||||||||||||||||
Chicago (City of), IL Board of Education; | 5.00% | 12/01/2036 | 5,750 | 6,681,385 | ||||||||||||||||
Series 2018 C, Ref. GO Bonds | 5.00% | 12/01/2023 | 3,000 | 3,312,330 | ||||||||||||||||
Series 2018 D, Ref. GO Bonds | 5.00% | 12/01/2046 | 3,000 | 3,456,720 | ||||||||||||||||
Chicago (City of), IL Metropolitan Water Reclamation District; | 5.00% | 12/01/2024 | 15,000 | 15,555,750 | ||||||||||||||||
Series 2015 C, GO Bonds(c) | 5.00% | 12/01/2027 | 6,805 | 7,898,291 | ||||||||||||||||
Series 2015 C, GO Bonds(c) | 5.00% | 12/01/2028 | 4,000 | 4,645,880 | ||||||||||||||||
Chicago (City of), IL Transit Authority; | 5.25% | 12/01/2021 | 12,000 | 12,458,640 | ||||||||||||||||
Series 2014, RB | 5.00% | 12/01/2044 | 8,195 | 9,409,745 | ||||||||||||||||
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Series 2014 A, RB | 5.38% | 03/01/2034 | 552 | 551,885 | ||||||||||||||||
Illinois (State of); | 5.25% | 07/01/2031 | 4,000 | 4,276,520 | ||||||||||||||||
Series 2014, GO Bonds | 5.25% | 02/01/2033 | 2,650 | 2,861,629 | ||||||||||||||||
Series 2014, GO Bonds | 5.00% | 05/01/2039 | 4,710 | 5,040,548 | ||||||||||||||||
Series 2017 C, GO Bonds | 5.00% | 11/01/2029 | 5,000 | 5,725,550 | ||||||||||||||||
Series 2018 A, GO Bonds | 6.00% | 05/01/2028 | 10,235 | 12,839,910 | ||||||||||||||||
Series 2018 A, GO Bonds | 5.00% | 05/01/2030 | 2,775 | 3,248,248 | ||||||||||||||||
Series 2019 B, GO Bonds | 4.00% | 11/01/2035 | 4,450 | 4,834,035 | ||||||||||||||||
Series 2020 B, GO Bonds | 4.00% | 10/01/2034 | 2,900 | 3,184,809 | ||||||||||||||||
Series 2020, GO Bonds | 5.50% | 05/01/2039 | 6,250 | 7,594,125 | ||||||||||||||||
Illinois (State of) Finance Authority (Centegra Health System); | 5.00% | 09/01/2039 | 1,865 | 2,064,574 | ||||||||||||||||
Series 2014 A, RB | 5.00% | 09/01/2042 | 1,290 | 1,419,322 | ||||||||||||||||
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(d) | 8.00% | 06/01/2032 | 1,270 | 1,271,372 | ||||||||||||||||
Illinois (State of) Finance Authority (DePaul University); Series 2011 A, RB(a)(b) | 6.00% | 04/01/2021 | 1,000 | 1,004,730 | ||||||||||||||||
Illinois (State of) Finance Authority (Evangelical Hospitals); | 6.25% | 04/15/2022 | 435 | 451,421 | ||||||||||||||||
Series 1992 C, RB(a) | 6.25% | 04/15/2022 | 500 | 518,875 | ||||||||||||||||
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); | 5.00% | 11/01/2035 | 3,430 | 3,854,360 | ||||||||||||||||
Series 2019 A, Ref. RB | 5.00% | 11/01/2040 | 2,245 | 2,497,787 | ||||||||||||||||
Illinois (State of) Finance Authority (Navistar International Corp.); Series 2020, | 4.75% | 08/01/2030 | 5,000 | 5,340,050 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Illinois–(continued) | ||||||||||||||||||||
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB (Acquired 04/01/2016; Cost $27,100)(e)(k) | 2.00% | 05/15/2055 | $ | 203 | $ | 6,098 | ||||||||||||||
Illinois (State of) Finance Authority (Peace Village); Series 2013, RB(a)(b) | 6.75% | 08/15/2023 | 2,000 | 2,287,400 | ||||||||||||||||
Illinois (State of) Finance Authority (Plymouth Place); | 5.00% | 05/15/2037 | 1,050 | 1,103,876 | ||||||||||||||||
Series 2015, Ref. RB | 5.25% | 05/15/2045 | 2,355 | 2,471,408 | ||||||||||||||||
Illinois (State of) Finance Authority (Rosalind Franklin University Research Building); Series 2017, RB | 5.00% | 08/01/2049 | 2,450 | 2,766,785 | ||||||||||||||||
Illinois (State of) Finance Authority (Rosalind Franklin University); Series 2017, Ref. RB | 5.00% | 08/01/2047 | 1,025 | 1,158,352 | ||||||||||||||||
Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB | 5.00% | 11/15/2038 | 6,750 | 7,643,430 | ||||||||||||||||
Illinois (State of) Finance Authority (The Carle Foundation); | 5.75% | 08/15/2034 | 1,000 | 1,018,580 | ||||||||||||||||
Series 2011 A, RB (INS - AGM)(h) | 6.00% | 08/15/2041 | 650 | 663,039 | ||||||||||||||||
Series 2011 A, RB | 6.00% | 08/15/2041 | 4,000 | 4,077,480 | ||||||||||||||||
Illinois (State of) Finance Authority (University of Chicago); Series 2015 A, RB(c) | 5.00% | 10/01/2040 | 10,000 | 11,474,300 | ||||||||||||||||
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); | 5.65% | 06/15/2022 | 3,660 | 3,909,649 | ||||||||||||||||
Series 2002, Ref. RB (INS - NATL)(h) | 5.65% | 06/15/2022 | 16,340 | 17,018,600 | ||||||||||||||||
Series 2012 A, RB | 5.00% | 06/15/2042 | 3,175 | 3,303,524 | ||||||||||||||||
Series 2020, Ref. RB | 4.00% | 06/15/2050 | 6,645 | 7,332,890 | ||||||||||||||||
Illinois (State of) Sports Facilities Authority (The); | 5.25% | 06/15/2031 | 2,630 | 2,933,975 | ||||||||||||||||
Series 2014, Ref. RB (INS - AGM)(h) | 5.25% | 06/15/2032 | 2,395 | 2,666,114 | ||||||||||||||||
Illinois (State of) Toll Highway Authority; | 5.00% | 01/01/2038 | 8,000 | 8,621,280 | ||||||||||||||||
Series 2015 A, RB(c) | 5.00% | 01/01/2040 | 14,190 | 16,440,250 | ||||||||||||||||
Metropolitan Water Reclamation District of Greater Chicago; | 5.25% | 12/01/2035 | 5,000 | 7,161,400 | ||||||||||||||||
Series 2015 A, GO Bonds(c) | 5.00% | 12/01/2044 | 12,000 | 13,745,280 | ||||||||||||||||
Plano (City of), IL Special Service Area No. 10 (Lakewood Springs Club); Series 2007, RB(e)(l) | 5.80% | 03/01/2037 | 1,500 | 165,000 | ||||||||||||||||
Railsplitter Tobacco Settlement Authority; | 5.25% | 06/01/2021 | 1,000 | 1,012,040 | ||||||||||||||||
Series 2010, RB(a)(b) | 6.00% | 06/01/2021 | 10,000 | 10,144,800 | ||||||||||||||||
Series 2017, RB | 5.00% | 06/01/2026 | 8,000 | 9,606,480 | ||||||||||||||||
Sales Tax Securitization Corp.; Series 2018 C, Ref. RB | 5.25% | 01/01/2043 | 5,000 | 6,032,600 | ||||||||||||||||
University of Illinois; Series 2011 A, RB | 5.13% | 04/01/2036 | 1,000 | 1,003,000 | ||||||||||||||||
366,334,292 | ||||||||||||||||||||
Indiana–1.21% | ||||||||||||||||||||
Indiana (State of) Finance Authority (CWA Authority); Series 2011 B, RB | 5.00% | 10/01/2041 | 11,000 | 11,246,180 | ||||||||||||||||
Indiana (State of) Finance Authority (CWA Authority) (Green Bonds); Series 2016 A, RB (INS - NATL)(h) | 5.00% | 10/01/2046 | 15,000 | 17,674,500 | ||||||||||||||||
Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB | 5.50% | 04/01/2041 | 4,555 | 5,215,748 | ||||||||||||||||
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); | 5.00% | 06/01/2032 | 1,220 | 1,262,603 | ||||||||||||||||
Series 2012 A, RB | 5.00% | 06/01/2039 | 2,500 | 2,576,175 | ||||||||||||||||
Northern Indiana Commuter Transportation District; | 5.00% | 07/01/2035 | 1,700 | 2,024,921 | ||||||||||||||||
Series 2016, RB | 5.00% | 07/01/2041 | 1,500 | 1,760,535 | ||||||||||||||||
Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(d) | 6.75% | 01/01/2034 | 1,500 | 1,694,190 | ||||||||||||||||
43,454,852 | ||||||||||||||||||||
Iowa–0.76% | ||||||||||||||||||||
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); | 5.25% | 12/01/2037 | 8,140 | 9,027,260 | ||||||||||||||||
Series 2019, Ref. RB | 3.13% | 12/01/2022 | 1,330 | 1,356,467 | ||||||||||||||||
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2018 A, RB | 5.00% | 05/15/2043 | 4,760 | 5,422,021 | ||||||||||||||||
Iowa (State of) Tobacco Settlement Authority; | 5.63% | 06/01/2046 | 2,890 | 2,930,836 | ||||||||||||||||
Series 2005 E, RB(g) | 0.00% | 06/01/2046 | 50,000 | 8,543,000 | ||||||||||||||||
27,279,584 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Kansas–0.38% | ||||||||||||||||||||
Kansas (State of) Municipal Energy Agency (Jameson Energy Center); Series 2013, RB | 5.25% | 07/01/2044 | $ | 2,000 | $ | 2,180,800 | ||||||||||||||
Lenexa (City of), KS (Lakeview Village, Inc.); Series 2018 A, Ref. RB | 5.00% | 05/15/2039 | 1,500 | 1,629,750 | ||||||||||||||||
Wichita (City of), KS (Kansas Masonic Home); Series 2016 II-A, RB | 5.38% | 12/01/2046 | 6,960 | 7,019,229 | ||||||||||||||||
Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2013 IV-A, RB | 6.38% | 05/15/2043 | 1,500 | 1,590,885 | ||||||||||||||||
Wyandotte (County of) & Kansas City (City of), KS Unified Government; Series 2014 A, Ref. RB | 5.00% | 09/01/2044 | 1,180 | 1,315,240 | ||||||||||||||||
13,735,904 | ||||||||||||||||||||
Kentucky–2.58% | ||||||||||||||||||||
Ashland (City of), KY (King’s Daughters Medical Center); | 4.00% | 02/01/2035 | 465 | 504,181 | ||||||||||||||||
Series 2019, Ref. RB | 4.00% | 02/01/2036 | 380 | 410,506 | ||||||||||||||||
Series 2019, Ref. RB | 4.00% | 02/01/2037 | 375 | 403,564 | ||||||||||||||||
Series 2019, Ref. RB | 4.00% | 02/01/2038 | 375 | 402,323 | ||||||||||||||||
Christian (County of), KY (Jennie Stuart Medical Center, Inc.); | 5.38% | 02/01/2036 | 3,000 | 3,322,020 | ||||||||||||||||
Series 2016, Ref. RB | 5.50% | 02/01/2044 | 5,000 | 5,492,350 | ||||||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System); Series 2017 B, RB | 5.00% | 08/15/2046 | 5,000 | 5,847,450 | ||||||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Series 2017 A, Ref. RB (INS - AGM)(h) | 5.00% | 12/01/2045 | 15,300 | 18,473,985 | ||||||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); | 5.00% | 07/01/2037 | 1,700 | 1,894,140 | ||||||||||||||||
Series 2015 A, RB | 5.00% | 07/01/2040 | 12,705 | 14,095,435 | ||||||||||||||||
Series 2015 A, RB | 5.00% | 01/01/2045 | 4,175 | 4,600,182 | ||||||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB | 5.00% | 06/01/2045 | 8,950 | 9,597,712 | ||||||||||||||||
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); | 4.00% | 09/01/2045 | 13,555 | 14,586,264 | ||||||||||||||||
Kentucky (Commonwealth of) Public Energy Authority; Series 2018 B, RB(b) | 4.00% | 01/01/2025 | 6,000 | 6,642,060 | ||||||||||||||||
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, RB | 5.75% | 10/01/2042 | 5,870 | 6,572,228 | ||||||||||||||||
92,844,400 | ||||||||||||||||||||
Louisiana–1.65% | ||||||||||||||||||||
Caddo & Bossier (Parishes of), LA Port Commission; Series 2011, Ref. RB(a)(b) | 5.00% | 04/01/2021 | 550 | 552,118 | ||||||||||||||||
Jefferson Sales Tax District; Series 2019 B, RB (INS - AGM)(h) | 4.00% | 12/01/2038 | 6,000 | 6,874,080 | ||||||||||||||||
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2002 B, RB(a)(b) | 5.50% | 05/15/2026 | 1,010 | 1,253,753 | ||||||||||||||||
Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana State University Nicholson Gateway); Series 2016, RB | 5.00% | 07/01/2051 | 12,400 | 14,016,960 | ||||||||||||||||
New Orleans (City of), LA; | 5.00% | 06/01/2024 | 605 | 694,479 | ||||||||||||||||
Series 2015, RB(a)(b) | 5.00% | 12/01/2025 | 8,500 | 10,181,555 | ||||||||||||||||
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB (INS - AGM)(h) | 5.00% | 10/01/2048 | 5,000 | 5,782,700 | ||||||||||||||||
St. John the Baptist (Parish of), LA (Marathon Oil Corp.); | 2.13% | 07/01/2024 | 4,000 | 4,088,760 | ||||||||||||||||
Series 2017, Ref. RB(b) | 2.38% | 07/01/2026 | 4,000 | 4,145,280 | ||||||||||||||||
Terrebonne (Parish of), LA; Series 2011 ST, RB(a)(b) | 5.00% | 04/01/2021 | 2,645 | 2,655,289 | ||||||||||||||||
Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB | 5.25% | 05/15/2035 | 8,500 | 9,232,445 | ||||||||||||||||
59,477,419 | ||||||||||||||||||||
Maine–0.16% | ||||||||||||||||||||
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Medical Center Obligated Group); Series 2013, RB | 5.00% | 07/01/2043 | 5,700 | 5,939,799 | ||||||||||||||||
Maryland–2.08% | ||||||||||||||||||||
Baltimore (City of), MD (Convention Center Hotel); Series 2017, Ref. RB | 5.00% | 09/01/2039 | 7,100 | 7,251,017 | ||||||||||||||||
Baltimore (City of), MD (East Baltimore Research Park); Series 2017, Ref. RB | 5.00% | 09/01/2038 | 1,650 | 1,783,765 | ||||||||||||||||
Baltimore (County of), MD (Oak Crest Village, Inc.); | 4.00% | 01/01/2045 | 1,750 | 1,926,820 | ||||||||||||||||
Series 2020, Ref. RB | 4.00% | 01/01/2050 | 2,500 | 2,745,425 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Maryland–(continued) | ||||||||||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare); | 6.25% | 01/01/2031 | $ | 3,175 | $ | 3,331,559 | ||||||||||||||
Series 2011 A, RB | 6.13% | 01/01/2036 | 4,000 | 4,193,120 | ||||||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy); | 5.13% | 07/01/2037 | 1,265 | 1,372,538 | ||||||||||||||||
Series 2017 A, RB(f) | 5.25% | 07/01/2047 | 4,295 | 4,612,272 | ||||||||||||||||
Series 2017 A, RB(f) | 5.38% | 07/01/2052 | 1,530 | 1,649,202 | ||||||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health); | 6.00% | 07/01/2021 | 1,000 | 1,019,190 | ||||||||||||||||
Series 2016, Ref. RB | 5.00% | 07/01/2047 | 5,000 | 5,738,050 | ||||||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); | 5.00% | 08/15/2021 | 5,000 | 5,108,100 | ||||||||||||||||
Series 2017 A, RB | 5.00% | 05/15/2042 | 5,000 | 5,977,850 | ||||||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (UPMC); | 4.00% | 04/15/2045 | 3,500 | 3,913,770 | ||||||||||||||||
Series 2020 B, RB | 4.00% | 04/15/2050 | 2,500 | 2,777,475 | ||||||||||||||||
Maryland (State of) Transportation Authority (Transportation Facilities); Series 2020, RB | 4.00% | 07/01/2050 | 10,000 | 11,570,600 | ||||||||||||||||
Prince Georges (County of), MD (Collington Episcopal Life Care Community, Inc.); | 5.25% | 04/01/2037 | 2,000 | 2,086,500 | ||||||||||||||||
Series 2017, Ref. RB | 5.25% | 04/01/2047 | 4,035 | 4,142,452 | ||||||||||||||||
Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB | 5.00% | 11/01/2042 | 3,500 | 3,642,520 | ||||||||||||||||
74,842,225 | ||||||||||||||||||||
Massachusetts–1.69% | ||||||||||||||||||||
Massachusetts (Commonwealth of) Bay Transportation Authority; Series 2016 A, Ref. RB(g) | 0.00% | 07/01/2031 | 13,000 | 10,525,190 | ||||||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency; Series 2019 A, Ref. RB | 5.00% | 07/01/2044 | 4,000 | 4,748,080 | ||||||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup); | 5.00% | 07/01/2036 | 3,000 | 3,522,630 | ||||||||||||||||
Series 2016 I, Ref. RB | 5.00% | 07/01/2038 | 2,045 | 2,391,321 | ||||||||||||||||
Series 2018 J-2, RB | 5.00% | 07/01/2043 | 4,100 | 4,890,685 | ||||||||||||||||
Series 2018 J-2, RB | 5.00% | 07/01/2048 | 5,000 | 5,906,250 | ||||||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College); Series 2016 A, RB | 5.00% | 01/01/2047 | 5,000 | 5,686,550 | ||||||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (International Charter School); | 5.00% | 04/15/2040 | 2,000 | 2,153,280 | ||||||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Lawrence General Hospital); | 5.00% | 07/01/2042 | 1,000 | 926,720 | ||||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2047 | 3,000 | 2,742,510 | |||||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Lesley University); Series 2011 B-1, RB(a)(b) | 5.25% | 07/01/2021 | 750 | 762,585 | ||||||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Merrimack College); Series 2012 A, RB | 5.25% | 07/01/2042 | 1,050 | 1,107,813 | ||||||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Umass Memorial); | 5.50% | 07/01/2021 | 950 | 966,881 | ||||||||||||||||
Series 2011 H, RB | 5.50% | 07/01/2031 | 50 | 50,665 | ||||||||||||||||
Massachusetts (Commonwealth of) Port Authority; | 5.00% | 07/01/2039 | 4,000 | 4,929,480 | ||||||||||||||||
Series 2019 A, Ref. RB(d) | 5.00% | 07/01/2040 | 1,000 | 1,227,820 | ||||||||||||||||
Massachusetts (Commonwealth of) Port Authority (Bosfuel); Series 2019 A, Ref. RB(d) | 5.00% | 07/01/2049 | 7,000 | 8,335,740 | ||||||||||||||||
60,874,200 | ||||||||||||||||||||
Michigan–1.89% | ||||||||||||||||||||
Kalamazoo (City of), MI Economic Development Corp. (Heritage Community of Kalamazoo); | 5.00% | 05/15/2037 | 2,450 | 2,678,487 | ||||||||||||||||
Series 2019, Ref. RB | 5.00% | 05/15/2042 | 3,310 | 3,587,246 | ||||||||||||||||
Michigan (State of) Building Authority (Facilities Program); | 5.00% | 10/15/2021 | 500 | 515,105 | ||||||||||||||||
Series 2019, Ref. RB | 4.00% | 10/15/2049 | 7,000 | 8,009,470 | ||||||||||||||||
Michigan (State of) Finance Authority; | 5.00% | 07/01/2022 | 2,720 | 2,896,038 | ||||||||||||||||
Series 2020 B-1, Ref. RB | 5.00% | 06/01/2049 | 2,000 | 2,391,480 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Michigan–(continued) | ||||||||||||||||||||
Michigan (State of) Finance Authority (Beaumont Health Credit Group); Series 2016, RB | 5.00% | 11/01/2044 | $ | 9,000 | $ | 10,225,080 | ||||||||||||||
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center); | 5.00% | 11/01/2043 | 2,500 | 3,045,575 | ||||||||||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); | 5.00% | 07/01/2033 | 1,355 | 1,543,643 | ||||||||||||||||
Series 2014 D-1, Ref. RB (INS - AGM)(h) | 5.00% | 07/01/2037 | 2,000 | 2,268,540 | ||||||||||||||||
Series 2014 D-2, Ref. RB (INS - AGM)(h) | 5.00% | 07/01/2027 | 4,000 | 4,576,840 | ||||||||||||||||
Series 2014 D-4, Ref. RB | 5.00% | 07/01/2029 | 1,355 | 1,546,055 | ||||||||||||||||
Michigan (State of) Finance Authority (Local Government Loan Program); Series 2014 F, Ref. RB | 4.50% | 10/01/2029 | 4,000 | 4,162,320 | ||||||||||||||||
Oakland University Board of Trustees; | 5.00% | 03/01/2041 | 5,000 | 5,618,350 | ||||||||||||||||
Series 2016, RB | 5.00% | 03/01/2047 | 2,500 | 2,785,675 | ||||||||||||||||
Summit Academy North; | 5.00% | 11/01/2031 | 3,000 | 3,054,480 | ||||||||||||||||
Series 2016, Ref. RB | 5.00% | 11/01/2035 | 3,255 | 3,308,708 | ||||||||||||||||
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport); | 5.00% | 12/01/2032 | 1,500 | 1,617,675 | ||||||||||||||||
Series 2012 B, RB(d) | 5.00% | 12/01/2037 | 1,500 | 1,612,200 | ||||||||||||||||
Series 2012 D, Ref. RB(d) | 5.00 | % | 12/01/2028 | 2,500 | 2,705,275 | |||||||||||||||
68,148,242 | ||||||||||||||||||||
Minnesota–0.32% | ||||||||||||||||||||
Minnesota (State of) Higher Education Facilities Authority (Bethel University); Series 2017, Ref. RB | 5.00% | 05/01/2047 | 7,615 | 8,125,281 | ||||||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy); | 5.75% | 09/01/2046 | 2,000 | 2,310,800 | ||||||||||||||||
Woodbury (City of), MN Housing & Redevelopment Authority (St. Therese of Woodbury); Series 2014, RB | 5.25% | 12/01/2049 | 1,000 | 1,042,680 | ||||||||||||||||
11,478,761 | ||||||||||||||||||||
Mississippi–0.16% | ||||||||||||||||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2010 K, VRD RB(m) | 0.01% | 11/01/2035 | 1,000 | 1,000,000 | ||||||||||||||||
West Rankin Utility Authority; Series 2018, RB (INS - AGM)(h) | 5.00% | 01/01/2048 | 4,050 | 4,892,927 | ||||||||||||||||
5,892,927 | ||||||||||||||||||||
Missouri–2.20% | ||||||||||||||||||||
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); | 5.50% | 09/01/2024 | 5,990 | 6,144,362 | ||||||||||||||||
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); | 5.00% | 03/01/2049 | 11,975 | 14,307,131 | ||||||||||||||||
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(f) | 5.00% | 04/01/2046 | 1,150 | 1,165,905 | ||||||||||||||||
Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel); | 5.00% | 02/01/2040 | 1,500 | 1,592,565 | ||||||||||||||||
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); | 5.25% | 05/15/2050 | 2,900 | 3,125,272 | ||||||||||||||||
Series 2017, Ref. RB | 5.25% | 05/15/2042 | 1,675 | 1,818,598 | ||||||||||||||||
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); | 5.00% | 02/01/2046 | 4,000 | 4,422,560 | ||||||||||||||||
Series 2019 A, RB | 5.00% | 02/01/2042 | 3,000 | 3,321,960 | ||||||||||||||||
Missouri (State of) Health & Educational Facilities Authority (Medical Research Lutheran Services); | 5.00% | 02/01/2036 | 3,200 | 3,588,160 | ||||||||||||||||
Missouri (State of) Health & Educational Facilities Authority (Mercy Health); Series 2017 C, Ref. RB(c) | 5.00% | 11/15/2042 | 25,000 | 29,539,250 | ||||||||||||||||
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); | 5.88% | 09/01/2043 | 1,750 | 1,884,627 | ||||||||||||||||
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); | 5.13% | 09/01/2048 | 7,500 | 8,292,000 | ||||||||||||||||
79,202,390 | ||||||||||||||||||||
Montana–0.07% | ||||||||||||||||||||
Kalispell (City of), MT (Immanuel Lutheran Corp.); Series 2017, Ref. RB | 5.25% | 05/15/2047 | 2,645 | 2,690,970 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Nebraska–0.89% | ||||||||||||||||||||
Central Plains Energy Project (No. 3); | 5.00% | 09/01/2032 | $ | 4,900 | $ | 5,214,776 | ||||||||||||||
Series 2017 A, Ref. RB | 5.00% | 09/01/2037 | 5,010 | 6,864,201 | ||||||||||||||||
Series 2017 A, Ref. RB | 5.00% | 09/01/2042 | �� | 10,000 | 14,083,000 | |||||||||||||||
Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2016 A, Ref. RB | 5.00% | 01/01/2037 | 5,000 | 5,942,750 | ||||||||||||||||
32,104,727 | ||||||||||||||||||||
Nevada–0.49% | ||||||||||||||||||||
Las Vegas (City of), NV Convention & Visitors Authority; Series 2018 B, RB | 5.00% | 07/01/2043 | 12,320 | 14,431,402 | ||||||||||||||||
Nevada (State of) Department of Business & Industry (Doral Academy of Nevada); Series 2017 A, RB(f) | 5.00% | 07/15/2047 | 2,900 | 3,118,515 | ||||||||||||||||
17,549,917 | ||||||||||||||||||||
New Hampshire–0.43% | ||||||||||||||||||||
New Hampshire (State of) Business Finance Authority (Covanta Green Bonds); Series 2020 B, Ref. RB(b)(d)(f) | 3.75% | 07/02/2040 | 1,205 | 1,245,873 | ||||||||||||||||
New Hampshire (State of) Business Finance Authority (Covanta); Series 2020 A, Ref. RB(b)(f) | 3.63% | 07/02/2040 | 740 | 764,413 | ||||||||||||||||
New Hampshire (State of) Health & Education Facilities Authority (Southern New Hampshire University); Series 2012, RB(a)(b) | 5.00% | 01/01/2022 | 6,000 | 6,240,420 | ||||||||||||||||
New Hampshire Business Finance Authority; Series 2020-1, Class A | 4.13% | 01/20/2034 | 6,407 | 7,193,012 | ||||||||||||||||
15,443,718 | ||||||||||||||||||||
New Jersey–5.25% | ||||||||||||||||||||
Garden State Preservation Trust; Series 2005 A, RB (INS - AGM)(h) | 5.75% | 11/01/2028 | 7,500 | 9,289,500 | ||||||||||||||||
Gloucester (County of), NJ Pollution Control Financing Authority (Logan); Series 2014 A, Ref. PCR(d) | 5.00% | 12/01/2024 | 3,075 | 3,229,242 | ||||||||||||||||
Hudson (County of), NJ Improvement Authority (Hudson County Courhouse); Series 2020, RB | 4.00% | 10/01/2051 | 5,000 | 5,716,300 | ||||||||||||||||
New Jersey (State of); | 4.00% | 06/01/2030 | 4,120 | 4,904,984 | ||||||||||||||||
Series 2020 A, GO Bonds | 4.00% | 06/01/2031 | 5,000 | 6,000,950 | ||||||||||||||||
New Jersey (State of) Economic Development Authority; | 5.50% | 09/01/2022 | 7,500 | 8,072,775 | ||||||||||||||||
Series 2005, Ref. RB (INS - AMBAC)(h) | 5.50% | 09/01/2024 | 3,885 | 4,503,337 | ||||||||||||||||
Series 2012 II, Ref. RB | 5.00% | 03/01/2023 | 2,150 | 2,244,793 | ||||||||||||||||
Series 2012, Ref. RB | 5.00% | 06/15/2025 | 3,000 | 3,140,910 | ||||||||||||||||
Series 2012, Ref. RB | 5.00% | 06/15/2026 | 1,000 | 1,044,390 | ||||||||||||||||
Series 2012, Ref. RB | 5.00% | 06/15/2028 | 3,000 | 3,122,220 | ||||||||||||||||
Series 2017 A, Ref. RB | 5.00% | 07/01/2033 | 2,800 | 3,249,092 | ||||||||||||||||
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.); | 5.00% | 07/01/2032 | 675 | 691,652 | ||||||||||||||||
Series 2012 C, RB | 5.30% | 07/01/2044 | 2,380 | 2,431,670 | ||||||||||||||||
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB(d) | 5.38% | 01/01/2043 | 1,500 | 1,652,985 | ||||||||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health); Series 2011 A, Ref. RB(a)(b) | 5.63% | 07/01/2021 | 8,000 | 8,143,480 | ||||||||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group); Series 2017 A, Ref. RB | 5.25% | 07/01/2057 | 6,375 | 7,548,000 | ||||||||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System); Series 2016 A, Ref. RB | 5.00% | 07/01/2039 | 7,000 | 8,233,820 | ||||||||||||||||
New Jersey (State of) Transportation Trust Fund Authority; | 0.00% | 12/15/2026 | 10,000 | 9,411,400 | ||||||||||||||||
Series 2006 C, RB (INS - NATL)(g)(h) | 0.00% | 12/15/2031 | 7,410 | 5,880,502 | ||||||||||||||||
Series 2010 D, RB | 5.25% | 12/15/2023 | 2,000 | 2,251,240 | ||||||||||||||||
Series 2015 AA, RB | 5.25% | 06/15/2041 | 2,500 | 2,818,900 | ||||||||||||||||
Series 2015 AA, RB | 5.00% | 06/15/2045 | 3,420 | 3,795,140 | ||||||||||||||||
Series 2018 A, Ref. RB | 5.00% | 12/15/2035 | 7,030 | 8,400,358 | ||||||||||||||||
Series 2018 A, Ref. RN(c)(i) | 5.00% | 06/15/2030 | 5,000 | 5,824,900 | ||||||||||||||||
Series 2018 A, Ref. RN(c)(i) | 5.00% | 06/15/2031 | 7,500 | 8,709,150 | ||||||||||||||||
Series 2019, RB | 5.25% | 06/15/2043 | 5,000 | 5,930,650 | ||||||||||||||||
Series 2019, Ref. RB | 5.00% | 12/15/2032 | 2,500 | 3,068,600 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
New Jersey–(continued) | ||||||||||||||||||||
Series 2020 AA, RB | 4.00% | 06/15/2045 | $ | 2,385 | $ | 2,598,314 | ||||||||||||||
Series 2020 AA, RB | 4.00% | 06/15/2050 | 2,700 | 2,926,503 | ||||||||||||||||
Subseries 2016 A-1, RN | 5.00% | 06/15/2027 | 10,000 | 11,936,400 | ||||||||||||||||
New Jersey (State of) Turnpike Authority; | 5.00% | 01/01/2034 | 5,000 | 5,946,400 | ||||||||||||||||
Series 2019 A, RB | 4.00% | 01/01/2048 | 10,285 | 11,567,848 | ||||||||||||||||
Series 2021 A, RB | 4.00% | 01/01/2051 | 2,750 | 3,152,215 | ||||||||||||||||
Tobacco Settlement Financing Corp.; Series 2018 A, Ref. RB | 5.00% | 06/01/2046 | 10,000 | 11,661,800 | ||||||||||||||||
189,100,420 | ||||||||||||||||||||
New Mexico–0.04% | ||||||||||||||||||||
New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion); Series 2019 A, RB | 5.00% | 07/01/2049 | 1,250 | 1,392,275 | ||||||||||||||||
New York–11.29% | ||||||||||||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center); Series 2009, RB(g) | 0.00% | 07/15/2035 | 5,000 | 3,301,250 | ||||||||||||||||
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB | 5.00% | 06/01/2045 | 5,850 | 5,855,733 | ||||||||||||||||
Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB (INS - AGM)(h) | 4.00% | 02/15/2047 | 8,000 | 8,748,160 | ||||||||||||||||
Metropolitan Transportation Authority; | 5.00% | 11/15/2021 | 2,000 | 2,068,680 | ||||||||||||||||
Series 2013 A, RB | 5.00% | 11/15/2038 | 3,025 | 3,224,257 | ||||||||||||||||
Series 2019 D-1, RB | 5.00% | 09/01/2022 | 5,000 | 5,310,350 | ||||||||||||||||
Series 2020 A-2, RB | 4.00% | 02/01/2022 | 5,000 | 5,145,350 | ||||||||||||||||
Metropolitan Transportation Authority (Green Bonds); | 5.00% | 11/15/2024 | 3,670 | 4,193,636 | ||||||||||||||||
Series 2019 C, RB (INS - AGM)(h) | 4.00% | 11/15/2045 | 10,000 | 11,266,400 | ||||||||||||||||
Series 2020 C-1, RB | 5.00% | 11/15/2050 | 4,000 | 4,709,640 | ||||||||||||||||
Series 2020 D-3, RB | 4.00% | 11/15/2050 | 10,000 | 10,924,200 | ||||||||||||||||
Series 2020, Ref. RB | 4.00% | 11/15/2045 | 5,000 | 5,497,600 | ||||||||||||||||
Subseries 2017 A-1, RB | 5.25% | 11/15/2057 | 2,280 | 2,631,029 | ||||||||||||||||
Monroe County Industrial Development Corp. (St. Ann’s Community); | 5.00% | 01/01/2040 | 4,985 | 5,471,486 | ||||||||||||||||
Series 2019, Ref. RB | 5.00% | 01/01/2050 | 2,015 | 2,190,789 | ||||||||||||||||
New York & New Jersey (States of) Port Authority; | 6.13% | 06/01/2094 | 5,250 | 5,981,168 | ||||||||||||||||
Series 2019, RB(d) | 5.00% | 11/01/2044 | 6,500 | 7,829,770 | ||||||||||||||||
New York (City of), NY; | 4.00% | 08/01/2040 | 11,930 | 13,435,805 | ||||||||||||||||
Series 2019 B-1, GO Bonds | 5.00% | 10/01/2042 | 3,000 | 3,674,730 | ||||||||||||||||
Series 2019 B-1, GO Bonds | 5.00% | 10/01/2043 | 3,000 | 3,666,420 | ||||||||||||||||
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2009, RB(a)(b) | 6.38% | 03/15/2021 | 1,000 | 1,002,180 | ||||||||||||||||
New York (City of), NY Transitional Finance Authority; | 4.00% | 11/01/2045 | 6,000 | 6,788,100 | ||||||||||||||||
Subseries 2013, RB(c) | 5.00% | 11/01/2038 | 5,465 | 6,095,169 | ||||||||||||||||
Subseries 2013, RB(c) | 5.00% | 11/01/2042 | 12,625 | 14,045,313 | ||||||||||||||||
Subseries 2020 A-3, RB | 4.00% | 05/01/2044 | 10,000 | 11,249,400 | ||||||||||||||||
New York (City of), NY Water & Sewer System; Series 2012 FF, RB(c) | 5.00% | 06/15/2045 | 28,610 | 30,280,252 | ||||||||||||||||
New York (County of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB | 5.75% | 06/01/2043 | 10,000 | 12,578,700 | ||||||||||||||||
New York (State of) Dormitory Authority; | 4.00% | 03/15/2046 | 15,000 | 16,961,700 | ||||||||||||||||
Series 2020 D, Ref. RB | 4.00% | 02/15/2047 | 11,000 | 12,344,860 | ||||||||||||||||
New York (State of) Dormitory Authority (General Purpose); | 5.00% | 03/15/2031 | 21,885 | 21,961,160 | ||||||||||||||||
Series 2014 C, RB(c) | 5.00% | 03/15/2040 | 12,030 | 13,534,592 | ||||||||||||||||
New York (State of) Dormitory Authority (North Shore - Long Island Jewish Obligated Group); | 5.00% | 05/01/2021 | 2,000 | 2,015,860 | ||||||||||||||||
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities); | 5.00% | 07/01/2021 | 1,000 | 1,016,160 | ||||||||||||||||
New York (State of) Thruway Authority; Series 2019 B, RB | 4.00% | 01/01/2053 | 10,000 | 11,193,600 | ||||||||||||||||
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(f) | 5.00% | 11/15/2044 | 11,405 | 12,406,929 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
New York–(continued) | ||||||||||||||||||||
New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2005, Ref. RB | 5.25% | 10/01/2035 | $ | 6,000 | $ | 8,407,740 | ||||||||||||||
New York Power Authority; | 4.00% | 11/15/2045 | 7,000 | 8,089,620 | ||||||||||||||||
Series 2020 A, Ref. RB | 4.00% | 11/15/2050 | 5,000 | 5,756,750 | ||||||||||||||||
New York State Urban Development Corp.; | 4.00% | 03/15/2042 | 10,080 | 11,424,067 | ||||||||||||||||
Series 2020 A, RB | 5.00% | 03/15/2042 | 800 | 993,096 | ||||||||||||||||
New York Transportation Development Corp.; | 5.00% | 12/01/2036 | 1,000 | 1,234,500 | ||||||||||||||||
Series 2020 A, Ref. RB(d) | 4.00% | 12/01/2041 | 1,300 | 1,440,517 | ||||||||||||||||
New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. RB(d) | 5.00% | 08/01/2026 | 20,990 | 21,356,905 | ||||||||||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment); | 5.00% | 01/01/2034 | 6,970 | 8,228,433 | ||||||||||||||||
Series 2018, RB(d) | 5.00% | 01/01/2036 | 1,235 | 1,450,915 | ||||||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); | 5.25% | 01/01/2050 | 14,815 | 16,607,615 | ||||||||||||||||
Rockland Tobacco Asset Securitization Corp.; | 5.63% | 08/15/2035 | 2,355 | 2,376,548 | ||||||||||||||||
Series 2005 A, RB(f)(g) | 0.00% | 08/15/2045 | 57,500 | 13,964,450 | ||||||||||||||||
Suffolk (County of), NY Water Authority; Series 2011, Ref. RB(a)(b) | 5.00% | 06/01/2021 | 2,135 | 2,160,791 | ||||||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2020 A, RB | 5.00% | 11/15/2049 | 4,500 | 5,645,160 | ||||||||||||||||
TSASC, Inc.; Series 2016 B, Ref. RB | 5.00% | 06/01/2045 | 8,265 | 8,974,054 | ||||||||||||||||
406,711,589 | ||||||||||||||||||||
North Carolina–0.53% | ||||||||||||||||||||
North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, RB(d) | 5.00% | 06/30/2054 | 5,475 | 5,980,999 | ||||||||||||||||
North Carolina (State of) Medical Care Commission (Lutheran Services); Series 2012, Ref. RB | 4.25% | 03/01/2024 | 925 | 937,099 | ||||||||||||||||
North Carolina (State of) Medical Care Commission (Pennybyrn at Maryfield); | 5.00% | 10/01/2040 | 1,050 | 1,170,866 | ||||||||||||||||
Series 2020, RB | 5.00% | 10/01/2045 | 1,000 | 1,104,450 | ||||||||||||||||
Series 2020, RB | 5.00% | 10/01/2050 | 1,500 | 1,647,345 | ||||||||||||||||
North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB | 5.00% | 01/01/2040 | 7,000 | 8,337,630 | ||||||||||||||||
19,178,389 | ||||||||||||||||||||
North Dakota–0.45% | ||||||||||||||||||||
Burleigh (County of), ND (University of Mary); Series 2016, RB | 5.20% | 04/15/2046 | 2,700 | 2,807,946 | ||||||||||||||||
Fargo (City of), ND (Sanford); Series 2011, RB(a)(b) | 6.25% | 11/01/2021 | 1,250 | 1,299,375 | ||||||||||||||||
Ward (County of), ND (Trinity Obligated Group); Series 2017 C, RB | 5.00% | 06/01/2048 | 11,065 | 12,255,041 | ||||||||||||||||
16,362,362 | ||||||||||||||||||||
Ohio–4.42% | ||||||||||||||||||||
Akron, Bath & Copley Joint Township Hospital District (Medical Center of Akron); Series 2012, RB | 5.00% | 11/15/2032 | 1,000 | 1,038,950 | ||||||||||||||||
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB | 5.25% | 11/15/2046 | 5,000 | 5,776,700 | ||||||||||||||||
American Municipal Power, Inc. (Greenup Hydroelectric); Series 2016 A, RB | 5.00% | 02/15/2046 | 10,000 | 11,763,200 | ||||||||||||||||
Buckeye Tobacco Settlement Financing Authority; | 5.00% | 06/01/2055 | 23,735 | 26,725,372 | ||||||||||||||||
Series 2020 B-3, Ref. RB(g) | 0.00% | 06/01/2057 | 21,475 | 3,219,961 | ||||||||||||||||
Centerville (City of), OH (Graceworks Lutheran Services); Series 2017, Ref. RB | 5.25% | 11/01/2047 | 5,400 | 5,643,270 | ||||||||||||||||
Chillicothe (City of), OH (Adena Health System Obligated Group); Series 2017, Ref. RB | 5.00% | 12/01/2037 | 5,000 | 5,986,550 | ||||||||||||||||
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); | 5.75% | 01/01/2024 | 385 | 405,428 | ||||||||||||||||
Series 2014 A, Ref. RB | 6.50% | 01/01/2034 | 2,450 | 2,634,632 | ||||||||||||||||
Cleveland (City of), OH; | 0.00% | 11/15/2025 | 2,895 | 2,749,960 | ||||||||||||||||
Series 2012 A, Ref. RB(a)(b) | 5.00% | 01/01/2022 | 5,000 | 5,200,350 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Ohio–(continued) | ||||||||||||||||||||
Cuyahoga (County of), OH (Metrohealth System); | 5.00% | 02/15/2052 | $ | 5,000 | $ | 5,585,550 | ||||||||||||||
Series 2017, Ref. RB | 5.50% | 02/15/2052 | 7,000 | 8,122,380 | ||||||||||||||||
Series 2017, Ref. RB | 5.00% | 02/15/2057 | 2,150 | 2,396,755 | ||||||||||||||||
Hamilton (County of), OH (Christ Hospital); | 5.50% | 06/01/2022 | 6,000 | 6,397,440 | ||||||||||||||||
Series 2012, RB | 5.25% | 06/01/2027 | 3,295 | 3,454,116 | ||||||||||||||||
Hamilton (County of), OH (Life Enriching Communities); | 5.00% | 01/01/2051 | 1,695 | 1,822,617 | ||||||||||||||||
Series 2016, Ref.RB | 5.00% | 01/01/2046 | 6,505 | 7,009,853 | ||||||||||||||||
Hamilton (County of), OH (UC Health); Series 2020, RB | 5.00% | 09/15/2050 | 12,040 | 14,683,743 | ||||||||||||||||
Lucas (County of), OH (ProMedica Healthcare System); Series 2018 A, Ref. RB | 5.25% | 11/15/2048 | 16,500 | 18,823,860 | ||||||||||||||||
Middleburg Heights (City of), OH (Southwest General Health Center); | 5.13% | 08/01/2031 | 1,750 | 1,786,225 | ||||||||||||||||
Series 2011, RB(a) | 5.25% | 08/01/2036 | 1,500 | 1,531,830 | ||||||||||||||||
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB | 5.00% | 02/15/2044 | 7,740 | 8,041,396 | ||||||||||||||||
Ohio (State of) (Portsmouth Bypass); Series 2015, RB(d) | 5.00% | 12/31/2025 | 2,000 | 2,339,080 | ||||||||||||||||
Ohio (State of) Housing Finance Agency (Covenant House Apartments); Series 2008 C, RB (CEP - GNMA)(d) | 6.10% | 09/20/2049 | 2,845 | 2,848,101 | ||||||||||||||||
Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University); | 6.00% | 03/01/2045 | 3,000 | 3,249,570 | ||||||||||||||||
159,236,889 | ||||||||||||||||||||
Oklahoma–0.90% | ||||||||||||||||||||
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB | 5.25% | 08/15/2048 | 8,500 | 9,854,560 | ||||||||||||||||
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); | 5.00% | 08/01/2052 | 2,000 | 830,000 | ||||||||||||||||
Series 2017, RB (Acquired 06/13/2018-06/27/2018; Cost $4,609,750)(e)(k) | 5.25% | 08/01/2057 | 2,610 | 1,083,150 | ||||||||||||||||
Oklahoma Development Finance Authority; Series 2018 B, RB(c)(i) | 5.50% | 08/15/2057 | 6,000 | 7,070,700 | ||||||||||||||||
Tulsa (City of), OK Municipal Airport Trust; Series 2001 B, Ref. RB(d) | 5.50% | 12/01/2035 | 7,500 | 8,005,800 | ||||||||||||||||
Tulsa (City of), OK Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(b)(d) | 5.00% | 06/01/2025 | 5,000 | 5,499,500 | ||||||||||||||||
32,343,710 | ||||||||||||||||||||
Oregon–0.51% | ||||||||||||||||||||
Clackamas (County of), OR Hospital Facility Authority (Mary’s Woods at Marylhurst, Inc.); | 5.00% | 05/15/2048 | 1,090 | 1,151,127 | ||||||||||||||||
Series 2018 A, RB | 5.00% | 05/15/2052 | 500 | 526,915 | ||||||||||||||||
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); | 5.13% | 11/15/2040 | 1,000 | 1,075,610 | ||||||||||||||||
Series 2020 A, Ref. RB | 5.25% | 11/15/2050 | 1,250 | 1,336,638 | ||||||||||||||||
Clackamas (County of), OR Hospital Facility Authority (Willamette View); | 5.00% | 11/15/2047 | 2,415 | 2,585,547 | ||||||||||||||||
Series 2017 A, Ref. RB | 5.00% | 11/15/2052 | 2,960 | 3,162,405 | ||||||||||||||||
Forest Grove (City of), OR (Pacific University); Series 2014 A, Ref. RB | 5.25% | 05/01/2034 | 2,000 | 2,078,520 | ||||||||||||||||
Portland (City of), OR; Series 2011 B, RB | 5.25% | 06/15/2029 | 900 | 912,249 | ||||||||||||||||
Portland (Port of), OR (Portland International Airport); Series 2017 24 B, RB(d) | 5.00% | 07/01/2047 | 3,000 | 3,444,600 | ||||||||||||||||
Salem (City of), OR Hospital Facility Authority (Capital Manor, Inc.); | 5.75% | 05/15/2027 | 1,000 | 1,046,390 | ||||||||||||||||
Series 2012, Ref. RB | 5.63% | 05/15/2032 | 1,000 | 1,039,670 | ||||||||||||||||
18,359,671 | ||||||||||||||||||||
Pennsylvania–2.46% | ||||||||||||||||||||
Allegheny (County of), PA Higher Education Building Authority (Duquesne University); Series 2011 A, RB(a)(b) | 5.25% | 03/01/2021 | 700 | 700,000 | ||||||||||||||||
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB | 5.00% | 04/01/2047 | 15,410 | 17,971,450 | ||||||||||||||||
Allegheny (County of), PA Port Authority; Series 2011, Ref. RB(a)(b) | 5.75% | 03/01/2021 | 1,385 | 1,385,000 | ||||||||||||||||
Lehigh (County of), PA General Purpose Authority (Bible Fellowship Church Homes, Inc.); | 4.75% | 07/01/2022 | 2,125 | 2,180,144 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Pennsylvania–(continued) | ||||||||||||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(d) | 5.50% | 11/01/2044 | $ | 3,300 | $ | 3,425,895 | ||||||||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Drexel University); Series 2011 A, RB(a)(b) | 5.13% | 05/01/2021 | 500 | 504,055 | ||||||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission; | 5.25% | 12/01/2048 | 7,995 | 9,790,277 | ||||||||||||||||
Series 2020 B, RB | 5.00% | 12/01/2045 | 4,000 | 4,994,000 | ||||||||||||||||
Series 2020 B, RB | 5.00% | 12/01/2050 | 3,000 | 3,722,430 | ||||||||||||||||
Subseries 2014 A-2, RB(j) | 5.13% | 12/01/2040 | 5,500 | 5,617,370 | ||||||||||||||||
Subseries 2017 B-1, RB | 5.25% | 06/01/2047 | 9,325 | 11,303,019 | ||||||||||||||||
Pennsylvania (State of) Turnpike Commission; | 4.00% | 12/01/2046 | 1,000 | 1,125,720 | ||||||||||||||||
Series 2021 A, RB | 4.00% | 12/01/2050 | 1,250 | 1,402,500 | ||||||||||||||||
Philadelphia (City of), PA; Series 2017 B, Ref. RB(d) | 5.00% | 07/01/2047 | 7,500 | 8,647,650 | ||||||||||||||||
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group); Series 2017, Ref. RB | 5.00% | 07/01/2042 | 3,000 | 3,105,030 | ||||||||||||||||
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System); Series 2012 A, RB | 5.63% | 07/01/2042 | 5,530 | 5,815,624 | ||||||||||||||||
Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University); Series 2017 A, Ref. RB | 5.00% | 09/01/2042 | 3,500 | 4,121,670 | ||||||||||||||||
Philadelphia School District; Series 2007 A, Ref. GO Bonds (INS - NATL)(h) | 5.00% | 06/01/2026 | 2,360 | 2,837,924 | ||||||||||||||||
88,649,758 | ||||||||||||||||||||
Puerto Rico–1.15% | ||||||||||||||||||||
Children’s Trust Fund; | 5.50% | 05/15/2039 | 6,450 | 6,608,283 | ||||||||||||||||
Series 2002, RB | 5.63% | 05/15/2043 | 1,250 | 1,256,413 | ||||||||||||||||
Series 2008 B, RB(g) | 0.00% | 05/15/2057 | 10,000 | 539,300 | ||||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; | 5.25% | 07/01/2030 | 2,700 | 2,996,838 | ||||||||||||||||
Series 2012 A, RB(e) | 5.00% | 07/01/2042 | 5,525 | 4,986,312 | ||||||||||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; | 5.25% | 07/01/2034 | 2,500 | 3,073,925 | ||||||||||||||||
Series 2007 N, Ref. RB (INS - AGC)(h) | 5.25% | 07/01/2036 | 4,100 | 5,088,838 | ||||||||||||||||
Puerto Rico Sales Tax Financing Corp.; | 4.50% | 07/01/2034 | 1,400 | 1,527,974 | ||||||||||||||||
Series 2018 A-1, RB | 4.55% | 07/01/2040 | 1,583 | 1,725,189 | ||||||||||||||||
Series 2018 A-1, RB(g) | 0.00% | 07/01/2046 | 10,000 | 3,074,400 | ||||||||||||||||
Series 2018 A-1, RB(g) | 0.00% | 07/01/2051 | 25,000 | 5,504,250 | ||||||||||||||||
Series 2018 A-1, RB | 4.75% | 07/01/2053 | 4,500 | 4,911,435 | ||||||||||||||||
41,293,157 | ||||||||||||||||||||
South Carolina–1.41% | ||||||||||||||||||||
Greenwood (County of), SC (Self Regional Healthcare); Series 2012 B, Ref. RB | 5.00% | 10/01/2031 | 2,120 | 2,200,369 | ||||||||||||||||
Horry (County of), SC; Series 2010 A, RB | 5.00% | 07/01/2040 | 2,000 | 2,006,760 | ||||||||||||||||
Patriots Energy Group Financing Agency; Series 2018 A, RB(b) | 4.00% | 02/01/2024 | 5,000 | 5,458,750 | ||||||||||||||||
Piedmont Municipal Power Agency; | 5.00% | 01/01/2030 | 500 | 505,870 | ||||||||||||||||
Series 2011 D, Ref. RB (INS - AGC)(h) | 5.75% | 01/01/2034 | 1,000 | 1,013,300 | ||||||||||||||||
South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes); | 5.00% | 05/01/2028 | 2,000 | 2,078,420 | ||||||||||||||||
Series 2017, Ref. RB | 5.00% | 05/01/2037 | 2,860 | 3,000,369 | ||||||||||||||||
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2013 A, Ref. RB(a)(b) | 5.25% | 08/01/2023 | 3,850 | 4,308,997 | ||||||||||||||||
South Carolina (State of) Ports Authority; Series 2015, RB(a)(b)(d) | 5.00% | 07/01/2025 | 10,000 | 11,863,900 | ||||||||||||||||
South Carolina (State of) Public Service Authority; | 5.25% | 12/01/2055 | 7,365 | 8,623,973 | ||||||||||||||||
Series 2020 A, Ref. RB | 5.00% | 12/01/2043 | 3,300 | 4,130,841 | ||||||||||||||||
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2013 E, RB | 5.50% | 12/01/2053 | 5,000 | 5,565,550 | ||||||||||||||||
50,757,099 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
South Dakota–0.11% | ||||||||||||||||||||
South Dakota (State of) Health & Educational Facilities Authority (Avera Health); Series 2012 A, RB(a)(b) | 5.00% | 07/01/2021 | $ | 4,000 | $ | 4,064,480 | ||||||||||||||
Tennessee–1.98% | ||||||||||||||||||||
Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health); Series 2016 A, Ref. RB | 5.00% | 01/01/2042 | 14,000 | 16,264,080 | ||||||||||||||||
Memphis (City of), TN; Series 2020 A, RB | 4.00% | 12/01/2050 | 5,175 | 6,029,393 | ||||||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (Blakeford at Green Hills); Series 2012, Ref. RB(a)(b) | 5.00% | 07/01/2022 | 4,600 | 4,878,576 | ||||||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center); | 5.00% | 07/01/2046 | 8,015 | 9,247,386 | ||||||||||||||||
Series 2017 A, RB | 5.00% | 07/01/2048 | 1,500 | 1,752,810 | ||||||||||||||||
Nashville (City of), TN Metropolitan Airport Authority; Series 2019 B, RB(d) | 5.00% | 07/01/2049 | 7,820 | 9,457,273 | ||||||||||||||||
Shelby (County of), TN Health, Educational & Housing Facilities Board (The Village at Germantown, Inc.); | 5.00% | 12/01/2034 | 1,000 | 1,077,330 | ||||||||||||||||
Series 2014, RB | 5.25% | 12/01/2044 | 1,165 | 1,248,216 | ||||||||||||||||
Tennessee Energy Acquisition Corp.; Series 2017 A, RB(b) | 4.00% | 05/01/2023 | 20,000 | 21,355,400 | ||||||||||||||||
71,310,464 | ||||||||||||||||||||
Texas–7.15% | ||||||||||||||||||||
Aldine Independent School District; Series 2017 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)(c) | 5.00% | 02/15/2045 | 15,000 | 17,832,300 | ||||||||||||||||
Angelina & Neches River Authority Industrial Development Corp. (Aspen Power LLC); Series 2007 A, RB(d)(e)(l) | 6.50% | 11/01/2029 | 430 | 4 | ||||||||||||||||
Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, RB | 7.00% | 03/01/2034 | 1,000 | 1,090,730 | ||||||||||||||||
Bexar County Health Facilities Development Corp. (St. Luke’s Lutheran Hospital); Series 1991, RB(a) | 7.00% | 05/01/2021 | 180 | 181,897 | ||||||||||||||||
Central Texas Regional Mobility Authority; Series 2016, Ref. RB | 5.00% | 01/01/2046 | 8,705 | 9,862,852 | ||||||||||||||||
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2013, RB | 6.00% | 08/15/2043 | 2,000 | 2,184,160 | ||||||||||||||||
Clifton Higher Education Finance Corp. (International Leadership of Texas); | 5.13% | 08/15/2030 | 2,000 | 2,279,640 | ||||||||||||||||
Series 2018 D, RB | 6.00% | 08/15/2038 | 5,000 | 5,785,550 | ||||||||||||||||
Dallas (City of), TX (Civic Center Convention Complex); Series 2009, | 5.25% | 08/15/2034 | 4,000 | 4,014,080 | ||||||||||||||||
Decatur (City of), TX Hospital Authority (Wise Regional Health System); | 5.00% | 09/01/2034 | 1,250 | 1,345,125 | ||||||||||||||||
Series 2014 A, Ref. RB | 5.25% | 09/01/2044 | 1,500 | 1,595,565 | ||||||||||||||||
Galena Park Independent School District; Series 1996, Ref. GO Bonds (CEP - Texas Permanent School Fund)(g) | 0.00% | 08/15/2023 | 2,000 | 1,975,920 | ||||||||||||||||
Grand Parkway Transportation Corp.; | 5.25% | 10/01/2023 | 14,360 | 16,209,712 | ||||||||||||||||
Series 2020, Ref. RB | 4.00% | 10/01/2045 | 10,000 | 11,477,400 | ||||||||||||||||
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(m) | 0.01% | 11/01/2041 | 2,000 | 2,000,000 | ||||||||||||||||
Harris (County of), TX; Series 2007 C, Ref. GO Bonds (INS - AGM)(h) | 5.25% | 08/15/2031 | 6,665 | 9,229,292 | ||||||||||||||||
Hopkins (County of), TX Hospital District; Series 2008, RB | 5.50% | 02/15/2023 | 780 | 782,644 | ||||||||||||||||
Houston (City of), TX; Series 2019 A, Ref. GO Bonds | 4.00% | 03/01/2049 | 6,130 | 6,878,718 | ||||||||||||||||
Houston (City of), TX (United Airlines, Inc.); | 5.00% | 07/15/2027 | 3,875 | 4,515,305 | ||||||||||||||||
Series 2020, Ref. RB(d) | 5.00% | 07/15/2027 | 1,500 | 1,747,860 | ||||||||||||||||
Houston (City of), TX Convention & Entertainment Facilities Department; | 0.00% | 09/01/2026 | 8,750 | 8,092,525 | ||||||||||||||||
Series 2001 B, RB (INS - AGM)(g)(h) | 0.00% | 09/01/2027 | 3,600 | 3,244,644 | ||||||||||||||||
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); | 6.88% | 05/15/2021 | 1,700 | 1,723,018 | ||||||||||||||||
Series 2011, RB(a)(b) | 6.50% | 05/15/2021 | 1,740 | 1,762,144 | ||||||||||||||||
Love Field Airport Modernization Corp. (Southwest Airlines Co.); | 5.25% | 11/01/2040 | 1,000 | 1,015,180 | ||||||||||||||||
Series 2012, RB(d) | 5.00% | 11/01/2028 | 2,000 | 2,130,400 | ||||||||||||||||
Lower Colorado River Authority; | 5.00% | 05/15/2022 | 10 | 10,566 | ||||||||||||||||
Series 2012 A, Ref. RB | 5.00% | 05/15/2030 | 4,585 | 4,827,180 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Texas–(continued) | ||||||||||||||||||||
Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2019, Ref. RB | 5.00% | 05/15/2044 | $ | 3,395 | $ | 4,018,186 | ||||||||||||||
Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); | 5.13% | 02/15/2030 | 1,750 | 1,382,290 | ||||||||||||||||
Series 2014, Ref. RB (Acquired 08/27/2014-05/08/2018; Cost $2,137,081)(k) | 5.13% | 02/15/2042 | 2,135 | 1,669,079 | ||||||||||||||||
Series 2016, Ref. RB (Acquired 05/08/2018; Cost $290,418)(k) | 5.00% | 02/15/2030 | 280 | 221,150 | ||||||||||||||||
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(d)(f) | 4.63% | 10/01/2031 | 2,500 | 2,662,900 | ||||||||||||||||
New Hope Cultural Education Facilities Corp. (Presbyterian Village North); Series 2018, Ref. RB | 5.00% | 10/01/2035 | 1,820 | 1,914,840 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB | 5.00% | 01/01/2047 | 3,000 | 3,225,450 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries); Series 2013, RB | 6.50% | 01/01/2043 | 2,350 | 2,465,267 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); | 5.00% | 11/15/2026 | 1,250 | 1,243,787 | ||||||||||||||||
Series 2016 A, RB | 5.38% | 11/15/2036 | 865 | 801,301 | ||||||||||||||||
Series 2016 A, RB | 5.50% | 11/15/2046 | 1,250 | 1,104,612 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); Series 2018, Ref. RB | 5.00% | 10/01/2039 | 3,260 | 3,395,486 | ||||||||||||||||
Series 2018, Ref. RB | 5.25% | 10/01/2049 | 5,000 | 5,205,800 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Tarleton State University); Series 2014 A, RB(a)(b) | 5.00% | 04/01/2024 | 3,000 | 3,386,550 | ||||||||||||||||
North East Texas Regional Mobility Authority; | 5.00% | 01/01/2041 | 6,750 | 7,586,730 | ||||||||||||||||
Series 2016, RB | 5.00% | 01/01/2036 | 3,400 | 3,856,620 | ||||||||||||||||
North Texas Tollway Authority; | 0.00% | 01/01/2028 | 12,800 | 11,698,048 | ||||||||||||||||
Series 2008 D, Ref. RB (INS - AGC)(g)(h) | 0.00% | 01/01/2029 | 2,165 | 1,926,915 | ||||||||||||||||
Series 2008 D, Ref. RB (INS - AGC)(g)(h) | 0.00% | 01/01/2031 | 4,710 | 3,950,230 | ||||||||||||||||
Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas LLC); Series 2016 A, RB | 5.00% | 08/15/2046 | 3,000 | 3,206,220 | ||||||||||||||||
Red River Health Facilities Development Corp. (MRC Crossing); Series 2014 A, RB | 6.75% | 11/15/2024 | 770 | 814,152 | ||||||||||||||||
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); | 5.38% | 09/15/2030 | 400 | 420,544 | ||||||||||||||||
Series 2016, RB | 5.75% | 09/15/2036 | 150 | 155,475 | ||||||||||||||||
San Jacinto River Authority (Groundwater Reduction Plan Division); | 5.00% | 10/01/2032 | 1,250 | 1,254,087 | ||||||||||||||||
Series 2011, RB (INS - AGM)(h) | 5.00% | 10/01/2037 | 1,000 | 1,003,420 | ||||||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.); Series 2007, RB (Acquired 07/27/2007-07/18/2012; Cost $9,036,681)(e)(k) | 5.75% | 11/16/2037 | 345 | 156,113 | ||||||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); | 5.75% | 02/15/2025 | 1,485 | 1,193,584 | ||||||||||||||||
Series 2007, RB (Acquired 07/18/2007; Cost $3,100,000)(k) | 5.75% | 02/15/2029 | 1,500 | 1,198,530 | ||||||||||||||||
Series 2017 A, RB (Acquired 12/15/2016-09/17/2020; Cost $43,379,158)(k) | 6.38% | 02/15/2048 | 1,000 | 792,280 | ||||||||||||||||
Series 2017 A, RB (Acquired 12/15/2016-06/12/2020; Cost $33,293,255)(k) | 6.38% | 02/15/2052 | 5,000 | 3,959,050 | ||||||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); | 6.63% | 11/15/2041 | 500 | 558,960 | ||||||||||||||||
Series 2020, Ref. RB | 6.75% | 11/15/2051 | 500 | 556,690 | ||||||||||||||||
Series 2020, Ref. RB | 6.88% | 11/15/2055 | 500 | 558,985 | ||||||||||||||||
Texas (State of) Transportation Commission; | 0.00% | 08/01/2045 | 4,000 | 1,406,080 | ||||||||||||||||
Series 2019, RB(g) | 0.00% | 08/01/2046 | 3,180 | 1,061,420 | ||||||||||||||||
Texas (State of) Transportation Commission (Central Texas Turnpike System); | 0.00% | 08/15/2036 | 7,670 | 4,217,580 | ||||||||||||||||
Series 2015 B, Ref. RB(g) | 0.00% | 08/15/2037 | 9,995 | 5,239,879 | ||||||||||||||||
Texas (State of) Turnpike Authority (Central Texas Turnpike System); | 0.00% | 08/15/2027 | 970 | 908,357 | ||||||||||||||||
Series 2002, RB(a)(g) | 0.00% | 08/15/2027 | 30 | 28,022 | ||||||||||||||||
Texas (State of) Water Development Board; Series 2020, RB | 4.00% | 04/15/2051 | 5,000 | 5,833,550 | ||||||||||||||||
Texas Municipal Gas Acquisition & Supply Corp. III; Series 2021, Ref. RB | 5.00% | 12/15/2032 | 5,000 | 6,618,850 | ||||||||||||||||
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes); | 5.00% | 12/31/2045 | 7,550 | 8,461,964 | ||||||||||||||||
Series 2016, RB(d) | 5.00% | 12/31/2050 | 4,095 | 4,578,415 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Texas–(continued) | ||||||||||||||||||||
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2019 A, Ref. RB | 4.00 | % | 12/31/2038 | $ | 8,000 | $ | 9,104,240 | |||||||||||||
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(d) | 7.00 | % | 12/31/2038 | 3,475 | 3,974,948 | |||||||||||||||
Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center); | 5.13 | % | 07/01/2021 | 1,655 | 1,681,530 | |||||||||||||||
Series 2011, RB(a)(b) | 5.25 | % | 07/01/2021 | 2,000 | 2,032,880 | |||||||||||||||
Ysleta Independent School District Public Facility Corp.; Series 2001, Ref. RB (INS - AMBAC)(h) | 5.38 | % | 11/15/2024 | 1,300 | 1,313,442 | |||||||||||||||
257,798,899 | ||||||||||||||||||||
Utah–0.45% | ||||||||||||||||||||
Salt Lake City Corp. Airport Revenue; Series 2017 A, RB(c)(d)(i) | 5.00 | % | 07/01/2042 | 14,000 | 16,320,920 | |||||||||||||||
Virgin Islands–0.21% | ||||||||||||||||||||
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); | 5.00 | % | 10/01/2025 | 4,125 | 4,134,611 | |||||||||||||||
Series 2010 A, RB | 5.00 | % | 10/01/2025 | 850 | 851,981 | |||||||||||||||
Series 2010 A, RB | 5.00 | % | 10/01/2029 | 2,750 | 2,756,407 | |||||||||||||||
7,742,999 | ||||||||||||||||||||
Virginia–1.80% | ||||||||||||||||||||
Ballston Quarter Communities Development Authority; Series 2016 A, RB | 5.50 | % | 03/01/2046 | 2,500 | 2,207,125 | |||||||||||||||
Hanover (County of), VA Economic Development Authority (Covenant Woods); | 5.00 | % | 07/01/2048 | 700 | 757,204 | |||||||||||||||
Series 2018, Ref. RB | 5.00 | % | 07/01/2051 | 1,000 | 1,080,720 | |||||||||||||||
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group); Series 2020, Ref. RB | 5.00 | % | 07/01/2047 | 15,540 | 23,466,332 | |||||||||||||||
Tobacco Settlement Financing Corp.; Series 2007 B-2, RB | 5.20 | % | 06/01/2046 | 4,000 | 4,015,200 | |||||||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2017, RB(d) | 5.00 | % | 07/01/2034 | 5,000 | 5,165,800 | |||||||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); | 5.00 | % | 07/01/2027 | 4,465 | 4,680,704 | |||||||||||||||
Series 2012, RB(d) | 5.50 | % | 01/01/2042 | 4,920 | 5,134,758 | |||||||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (Express Lanes, LLC); | 5.00 | % | 07/01/2034 | 6,735 | 6,958,333 | |||||||||||||||
Series 2012, RB(d) | 5.00 | % | 01/01/2040 | 2,535 | 2,618,402 | |||||||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3); Series 2017, RB(d) | 5.00 | % | 12/31/2056 | 7,500 | 8,633,475 | |||||||||||||||
64,718,053 | ||||||||||||||||||||
Washington–2.31% | ||||||||||||||||||||
Seattle (Port of), WA; Series 2018 A, RB(c)(d) | 5.00 | % | 05/01/2043 | 21,000 | 24,256,890 | |||||||||||||||
Washington (State of); Series 2021 A, Ref. GO Bonds | 5.00 | % | 06/01/2038 | 2,750 | 3,544,172 | |||||||||||||||
Washington (State of) Convention Center Public Facilities District; | 5.00 | % | 07/01/2048 | 15,000 | 17,335,500 | |||||||||||||||
Series 2018, RB | 5.00 | % | 07/01/2048 | 20,000 | 23,056,400 | |||||||||||||||
Washington (State of) Housing Finance Commission (Bayview Manor Homes); Series 2016 A, Ref. RB(f) | 5.00 | % | 07/01/2046 | 7,255 | 7,654,896 | |||||||||||||||
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living); | 6.50 | % | 07/01/2030 | 800 | 869,800 | |||||||||||||||
Series 2015 A, RB(f) | 6.75 | % | 07/01/2035 | 820 | 887,773 | |||||||||||||||
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016, Ref. RB(f) | 5.00 | % | 01/01/2036 | 1,875 | 2,028,881 | |||||||||||||||
Washington (State of) Housing Finance Commission (The Hearthstone); | 5.00 | % | 07/01/2048 | 2,000 | 2,047,920 | |||||||||||||||
Series 2018 A, Ref. RB(f) | 5.00 | % | 07/01/2053 | 1,500 | 1,531,260 | |||||||||||||||
83,213,492 | ||||||||||||||||||||
West Virginia–0.22% | ||||||||||||||||||||
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. RB(f) | 5.50 | % | 06/01/2037 | 2,500 | 2,678,625 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | Invesco Municipal Income Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
West Virginia–(continued) | ||||||||||||||||||||
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC); | 6.75 | % | 02/01/2026 | $ | 4,035 | $ | 3,926,620 | |||||||||||||
Series 2018, RB(d)(f) | 8.75 | % | 02/01/2036 | 1,300 | 1,382,121 | |||||||||||||||
7,987,366 | ||||||||||||||||||||
Wisconsin–2.81% | ||||||||||||||||||||
Public Finance Authority (American Dream at Meadowlands); Series 2017, RB(f) | 6.75 | % | 08/01/2031 | 3,000 | 3,347,070 | |||||||||||||||
Public Finance Authority (KU Campus Development Corp. -Central District Development); Series 2016, RB(c) | 5.00 | % | 03/01/2041 | 10,000 | 11,657,200 | |||||||||||||||
Public Finance Authority (The Evergreens Obligated Group); Series 2019 A, Ref. RB | 5.00 | % | 11/15/2044 | 4,000 | 4,531,160 | |||||||||||||||
Public Finance Authority (WhiteStone); Series 2017, Ref. RB(f) | 5.00 | % | 03/01/2052 | 1,075 | 1,146,122 | |||||||||||||||
Superior (City of), WI (Superior Water, Light & Power Co.); Series 2007 A, Ref. RB(d) | 5.38 | % | 11/01/2021 | 2,000 | 2,007,700 | |||||||||||||||
Wisconsin (State of) Center District; | 0.00 | % | 12/15/2050 | 23,150 | 8,039,532 | |||||||||||||||
Series 2020 D, RB (INS - AGM)(g)(h) | 0.00 | % | 12/15/2055 | 11,870 | 3,287,753 | |||||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group); Series 2017, Ref. RB | 5.00 | % | 08/01/2039 | 3,500 | 3,690,085 | |||||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Catholic Residential Services); Series 2007, Ref. RB | 5.25 | % | 05/01/2028 | 1,055 | 973,216 | |||||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Meriter Hospital, Inc.); | 5.50 | % | 05/01/2021 | 2,000 | 2,017,460 | |||||||||||||||
Series 2011 A, RB(a)(b) | 5.75 | % | 05/01/2021 | 1,000 | 1,009,140 | |||||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Rogers Memorial Hospital, Inc.); Series 2014, Ref. RB | 5.00 | % | 07/01/2044 | 3,125 | 3,422,500 | |||||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Communities, Inc.); | 5.00 | % | 09/15/2040 | 1,000 | 1,049,480 | |||||||||||||||
Series 2018 A, RB | 5.00 | % | 09/15/2050 | 5,000 | 5,220,000 | |||||||||||||||
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB(f) | 7.00 | % | 12/01/2050 | 6,100 | 6,739,341 | |||||||||||||||
Wisconsin (State of) Public Finance Authority (Explore Academy); Series 2020 A, RB(f) | 6.13 | % | 02/01/2050 | 2,500 | 2,680,625 | |||||||||||||||
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. Central District Development); Series 2016, RB | 5.00 | % | 03/01/2036 | 4,500 | 5,262,120 | |||||||||||||||
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, RB(f) | 6.25 | % | 01/01/2038 | 5,250 | 4,373,933 | |||||||||||||||
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); | 5.20 | % | 12/01/2037 | 5,000 | 5,601,350 | |||||||||||||||
Series 2018 A, RB | 5.35 | % | 12/01/2045 | 4,000 | 4,436,280 | |||||||||||||||
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center); | 5.00 | % | 06/01/2032 | 2,000 | 2,366,920 | |||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 06/01/2034 | 7,180 | 8,452,942 | |||||||||||||||
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB | 5.75 | % | 04/01/2035 | 1,955 | 2,223,578 | |||||||||||||||
Wisconsin (State of) Public Finance Authority (Wittenberg University); Series 2016, RB(f) | 5.25 | % | 12/01/2039 | 7,285 | 7,632,130 | |||||||||||||||
101,167,637 | ||||||||||||||||||||
Wyoming–0.25% | ||||||||||||||||||||
West Park Hospital District (West Park Hospital); Series 2011 A, RB | 6.50 | % | 06/01/2031 | 1,000 | 1,010,700 | |||||||||||||||
Wyoming (State of) Municipal Power Agency; Series 2017 A, | 5.00 | % | 01/01/2047 | 7,000 | 8,072,120 | |||||||||||||||
9,082,820 | ||||||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(o)-105.17% (Cost $3,504,901,201) | 3,789,600,981 | |||||||||||||||||||
FLOATING RATE NOTE OBLIGATIONS-(8.54)% | (307,595,000 | ) | ||||||||||||||||||
OTHER ASSETS LESS LIABILITIES–3.37% | 121,181,499 | |||||||||||||||||||
NET ASSETS–100.00% | $ | 3,603,187,480 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | Invesco Municipal Income Fund |
Investment Abbreviations:
AGC | – Assured Guaranty Corp. | |
AGM | – Assured Guaranty Municipal Corp. | |
AMBAC | – American Municipal Bond Assurance Corp. | |
BAM | – Build America Mutual Assurance Co. | |
BHAC | – Berkshire Hathaway Assurance Corp. | |
CEP | – Credit Enhancement Provider | |
COP | – Certificates of Participation | |
Ctfs. | – Certificates | |
GNMA | – Government National Mortgage Association | |
GO | – General Obligation | |
IDR | – Industrial Development Revenue Bonds | |
INS | – Insurer | |
NATL | – National Public Finance Guarantee Corp. | |
PCR | – Pollution Control Revenue Bonds | |
RAC | – Revenue Anticipation Certificates | |
RB | – Revenue Bonds | |
Ref. | – Refunding | |
RN | – Revenue Notes | |
VRD | – Variable Rate Demand |
Notes to Schedule of Investments:
(a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(b) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(c) | Underlying security related to TOB Trusts entered into by the Fund. See Note 1J. |
(d) | Security subject to the alternative minimum tax. |
(e) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $10,532,656, which represented less than 1% of the Fund’s Net Assets. |
(f) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $244,964,850, which represented 6.80% of the Fund’s Net Assets. |
(g) | Zero coupon bond issued at a discount. |
(h) | Principal and/or interest payments are secured by the bond insurance company listed. |
(i) | Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $64,415,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
(j) | Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
(k) | Restricted security. The aggregate value of these securities at February 28, 2021 was $15,199,449, which represented less than 1% of the Fund’s Net Assets. |
(l) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(m) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2021. |
(n) | Security subject to crossover refunding. |
(o) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(p) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2021. At February 28, 2021, the Fund’s investments with a value of $516,250,454 are held by TOB Trusts and serve as collateral for the $307,595,000 in the floating rate note obligations outstanding at that date. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | Invesco Municipal Income Fund |
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||||
Investments in securities, at value | $ | 3,789,600,981 | ||
Cash | 86,674,770 | |||
Receivable for: | 833,000 | |||
Fund shares sold | 3,444,074 | |||
Interest | 40,818,399 | |||
Investments matured, at value (Cost $870,481) | 783,433 | |||
Investment for trustee deferred compensation and retirement plans | 364,512 | |||
Other assets | 1,139,228 | |||
Total assets | 3,923,658,397 | |||
Liabilities: | ||||
Floating rate note obligations | 307,595,000 | |||
Payable for: | 3,256,852 | |||
Dividends | 3,381,761 | |||
Fund shares reacquired | 4,233,034 | |||
Accrued fees to affiliates | 1,313,089 | |||
Accrued interest expense | 6,900 | |||
Accrued trustees’ and officers’ fees and benefits | 6,273 | |||
Accrued other operating expenses | 219,537 | |||
Trustee deferred compensation and retirement plans | 458,471 | |||
Total liabilities | 320,470,917 | |||
Net assets applicable to shares outstanding | $ | 3,603,187,480 | ||
Net assets consist of: | ||||
Shares of beneficial interest | $ | 3,472,457,193 | ||
Distributable earnings | 130,730,287 | |||
$ | 3,603,187,480 |
Net Assets: | ||||
Class A | $ | 2,545,279,280 | ||
Class C | $ | 220,568,739 | ||
Class Y | $ | 468,937,373 | ||
Investor Class | $ | 97,587,377 | ||
Class R6 | $ | 270,814,711 | ||
Shares outstanding, no par value, with an unlimited number of shares authorized: |
| |||
Class A | 186,965,845 | |||
Class C | 16,272,969 | |||
Class Y | 34,452,235 | |||
Investor Class | 7,161,617 | |||
Class R6 | 19,894,768 | |||
Class A: | $ | 13.61 | ||
Maximum offering price per share | $ | 14.21 | ||
Class C: | $ | 13.55 | ||
Class Y: | $ | 13.61 | ||
Investor Class: | $ | 13.63 | ||
Class R6: | $ | 13.61 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 | Invesco Municipal Income Fund |
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||
Interest | $ | 146,719,201 | ||
Expenses: | ||||
Advisory fees | 16,092,862 | |||
Administrative services fees | 507,464 | |||
Custodian fees | 30,695 | |||
Distribution fees: | 6,207,073 | |||
Class C | 2,518,287 | |||
Investor Class | 131,809 | |||
Interest, facilities and maintenance fees | 3,856,501 | |||
Transfer agent fees – A, C, Y and Investor | 2,416,698 | |||
Transfer agent fees – R6 | 28,411 | |||
Trustees’ and officers’ fees and benefits | 79,791 | |||
Registration and filing fees | 234,567 | |||
Reports to shareholders | 195,168 | |||
Professional services fees | 78,436 | |||
Other | 61,391 | |||
Total expenses | 32,439,153 | |||
Less: Expense offset arrangement(s) | (1,437 | ) | ||
Net expenses | 32,437,716 | |||
Net investment income | 114,281,485 | |||
Realized and unrealized gain (loss) from: | ||||
Net realized gain (loss) from: | (41,586,588 | ) | ||
Futures contracts | (2,748,604 | ) | ||
(44,335,192 | ) | |||
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | (78,598,903 | ) | ||
Net realized and unrealized gain (loss) | (122,934,095 | ) | ||
Net increase (decrease) in net assets resulting from operations | $ | (8,652,610 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | Invesco Municipal Income Fund |
Statement of Changes in Net Assets
For the years ended February 28, 2021 and February 29, 2020
2021 | 2020 | |||||||
Operations: | ||||||||
Net investment income | $ | 114,281,485 | $ | 106,735,640 | ||||
Net realized gain (loss) | (44,335,192 | ) | (4,946,345 | ) | ||||
Change in net unrealized appreciation (depreciation) | (78,598,903 | ) | 249,061,063 | |||||
Net increase (decrease) in net assets resulting from operations | (8,652,610 | ) | 350,850,358 | |||||
Distributions to shareholders from distributable earnings: | ||||||||
Class A | (73,655,042 | ) | (75,591,307 | ) | ||||
Class C | (5,585,652 | ) | (5,117,033 | ) | ||||
Class Y | (14,765,264 | ) | (16,415,197 | ) | ||||
Investor Class | (2,976,992 | ) | (3,518,570 | ) | ||||
Class R6 | (7,819,439 | ) | (7,224,670 | ) | ||||
Total distributions from distributable earnings | (104,802,389 | ) | (107,866,777 | ) | ||||
Share transactions-net: | ||||||||
Class A | 95,280,451 | 372,653,767 | ||||||
Class C | (67,285,209 | ) | 149,343,209 | |||||
Class Y | (15,216,651 | ) | 59,750,854 | |||||
Investor Class | (2,249,141 | ) | (4,608,765 | ) | ||||
Class R6 | 35,357,294 | 75,838,918 | ||||||
Net increase in net assets resulting from share transactions | 45,886,744 | 652,977,983 | ||||||
Net increase (decrease) in net assets | (67,568,255 | ) | 895,961,564 | |||||
Net assets: | ||||||||
Beginning of year | 3,670,755,735 | 2,774,794,171 | ||||||
End of year | $ | 3,603,187,480 | $ | 3,670,755,735 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 | Invesco Municipal Income Fund |
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment | Dividends from net investment income | Net asset of period | Total return (b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers expenses absorbed | Ratio of expenses to average net assets without fee waivers expenses absorbed | Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees) | Ratio of net investment income to average | Portfolio turnover (c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $ | 14.04 | $ | 0.43 | $ | (0.46 | ) | $ | (0.03 | ) | $ | (0.40 | ) | $ | 13.61 | (0.14 | )% | $ | 2,545,279 | 0.92 | %(d) | 0.92 | %(d) | 0.81 | %(d) | 3.25 | %(d) | 23 | % | ||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 13.02 | 0.45 | 1.03 | 1.48 | (0.46 | ) | 14.04 | 11.56 | 2,525,163 | 1.05 | 1.05 | 0.82 | 3.35 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 13.19 | 0.50 | (0.14 | ) | 0.36 | (0.53 | ) | 13.02 | 2.78 | 1,982,214 | 1.01 | 1.01 | 0.85 | 3.85 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 13.22 | 0.53 | (0.06 | ) | 0.47 | (0.50 | ) | 13.19 | 3.53 | 1,935,019 | 1.10 | 1.10 | 0.87 | 3.94 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 13.70 | 0.52 | (0.47 | ) | 0.05 | (0.53 | ) | 13.22 | 0.28 | 1,927,685 | 0.99 | 0.99 | 0.83 | 3.79 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 13.97 | 0.33 | (0.45 | ) | (0.12 | ) | (0.30 | ) | 13.55 | (0.83 | ) | 220,569 | 1.67 | (d) | 1.67 | (d) | 1.56 | (d) | 2.50 | (d) | 23 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 12.96 | 0.35 | 1.02 | 1.37 | (0.36 | ) | 13.97 | 10.69 | 298,433 | 1.80 | 1.80 | 1.57 | 2.60 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 13.12 | 0.40 | (0.13 | ) | 0.27 | (0.43 | ) | 12.96 | 2.08 | 133,292 | 1.76 | 1.76 | 1.60 | 3.10 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 13.16 | 0.42 | (0.07 | ) | 0.35 | (0.39 | ) | 13.12 | 2.68 | 248,013 | 1.85 | 1.85 | 1.62 | 3.19 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 13.64 | 0.41 | (0.47 | ) | (0.06 | ) | (0.42 | ) | 13.16 | (0.48 | ) | 250,828 | 1.74 | 1.74 | 1.58 | 3.04 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 14.04 | 0.47 | (0.47 | ) | 0.00 | (0.43 | ) | 13.61 | 0.11 | 468,937 | 0.67 | (d) | 0.67 | (d) | 0.56 | (d) | 3.50 | (d) | 23 | ||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 13.02 | 0.48 | 1.03 | 1.51 | (0.49 | ) | 14.04 | 11.83 | 500,893 | 0.80 | 0.80 | 0.57 | 3.60 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 13.18 | 0.54 | (0.14 | ) | 0.40 | (0.56 | ) | 13.02 | 3.11 | 406,923 | 0.76 | 0.76 | 0.60 | 4.10 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 13.22 | 0.56 | (0.07 | ) | 0.49 | (0.53 | ) | 13.18 | 3.71 | 442,757 | 0.85 | 0.85 | 0.62 | 4.19 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 13.70 | 0.55 | (0.47 | ) | 0.08 | (0.56 | ) | 13.22 | 0.54 | 524,417 | 0.74 | 0.74 | 0.58 | 4.04 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 14.05 | 0.45 | (0.46 | ) | (0.01 | ) | (0.41 | ) | 13.63 | 0.03 | (e) | 97,587 | 0.81 | (d)(e) | 0.81 | (d)(e) | 0.70 | (d)(e) | 3.36 | (d)(e) | 23 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 13.03 | 0.46 | 1.03 | 1.49 | (0.47 | ) | 14.05 | 11.65 | (e) | 102,850 | 0.98 | (e) | 0.98 | (e) | 0.75 | (e) | 3.42 | (e) | 9 | ||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 13.19 | 0.52 | (0.14 | ) | 0.38 | (0.54 | ) | 13.03 | 2.96 | (e) | 99,887 | 0.88 | (e) | 0.88 | (e) | 0.72 | (e) | 3.98 | (e) | 27 | |||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/18 | 13.24 | 0.54 | (0.08 | ) | 0.46 | (0.51 | ) | 13.19 | 3.48 | (e) | 105,159 | 1.03 | (e) | 1.03 | (e) | 0.80 | (e) | 4.01 | (e) | 17 | |||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/17 | 13.71 | 0.53 | (0.46 | ) | 0.07 | (0.54 | ) | 13.24 | 0.47 | (e) | 108,489 | 0.87 | (e) | 0.87 | (e) | 0.71 | (e) | 3.91 | (e) | 25 | |||||||||||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 14.04 | 0.48 | (0.47 | ) | 0.01 | (0.44 | ) | 13.61 | 0.17 | 270,815 | 0.61 | (d) | 0.61 | (d) | 0.50 | (d) | 3.56 | (d) | 23 | ||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/29/20 | 13.02 | 0.49 | 1.03 | 1.52 | (0.50 | ) | 14.04 | 11.90 | 243,417 | 0.74 | 0.74 | 0.51 | 3.66 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/19 | 13.18 | 0.54 | (0.13 | ) | 0.41 | (0.57 | ) | 13.02 | 3.18 | 152,478 | 0.69 | 0.69 | 0.53 | 4.17 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended 02/28/18 (f) | 13.25 | 0.51 | (0.10 | ) | 0.41 | (0.48 | ) | 13.18 | 3.13 | 141,275 | 0.79 | (g) | 0.79 | (g) | 0.56 | (g) | 4.25 | (g) | 17 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Ratios are based on average daily net assets (000’s omitted) of $2,475,854, $251,982, $458,018, $97,094 and $237,688 for Class A, Class C, Class Y, Investor Class and Class R6 shares, respectively. |
(e) | The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.14%, 0.17%, 0.13%, 0.18% and 0.13% for the years ended February 28, 2021, February 29, 2020, February 28, 2019, February 29, 2018 and February 28, 2017, respectively. |
(f) | Commencement date of April 04, 2017. |
(g) | Annualized. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | Invesco Municipal Income Fund |
Notes to Financial Statements
February 28, 2021
NOTE 1–Significant Accounting Policies
Invesco Municipal Income Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.
The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Investor Class and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
33 | Invesco Municipal Income Fund |
D. | Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
H. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications – Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
34 | Invesco Municipal Income Fund |
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. | Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. |
L. | Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. |
M. | Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. |
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets | Rate | |||
First $500 million | 0.500 | % | ||
Over $500 million | 0.450 | % |
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.46%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.50% and 1.25%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class C shares and Investor Class shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A and Investor Class average daily net assets and up to 1.00% of Class C average daily net assets. The fees are accrued daily and paid monthly.
35 | Invesco Municipal Income Fund |
With respect to Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class C maximum annual reimbursement rate, respectively. With respect to Class A and Investor Class shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.
For the year ended February 28, 2021, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $327,824 in front-end sales commissions from the sale of Class A shares and $120,589 and $7,281 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 - | Prices are determined using quoted prices in an active market for identical assets. | |||
Level 2 - | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |||
Level 3 - | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Obligations | $– | $3,789,184,606 | $416,375 | $3,789,600,981 | ||||||||||||
Other Investments - Assets | ||||||||||||||||
Investments Matured | – | 783,433 | – | 783,433 | ||||||||||||
Total Investments | $– | $3,789,968,039 | $416,375 | $3,790,384,414 |
NOTE 4–Derivative Investments
The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.
Effect of Derivative Investments for the year ended February 28, 2021
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on Statement of Operations | ||||||||||||
Interest Rate Risk | ||||||||||||
Realized Gain (Loss): | ||||||||||||
Futures contracts | $(2,748,604) |
The table below summarizes the average notional value of derivatives held during the period.
Futures Contracts | ||||
Average notional value | $107,939,323 |
NOTE 5–Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2021, the Fund engaged in securities purchases of $187,348,781 and securities sales of $300,665,228, which resulted in net realized gains of $500,816.
36 | Invesco Municipal Income Fund |
NOTE 6–Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,437.
NOTE 7–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 8–Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. The revolving credit and security agreement is secured by the assets of the Fund. At February 28, 2021, the Fund had no borrowings outstanding under this agreement.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2021 were $306,583,923 and 1.06%, respectively.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
NOTE 9–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2021 and February 29, 2020:
2021 | 2020 | |||||||
Ordinary income-tax-exempt | $104,802,389 | $107,866,777 |
Tax Components of Net Assets at Period-End:
2021 | ||||
Undistributed tax-exempt income | $ | 8,819,819 | ||
Net unrealized appreciation – investments | 288,288,916 | |||
Temporary book/tax differences | (332,570 | ) | ||
Capital loss carryforward | (166,045,878 | ) | ||
Shares of beneficial interest | 3,472,457,193 | |||
Total net assets | $ | 3,603,187,480 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to book to tax amortization differences, wash sales and defaulted bonds.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward*
Expiration | Short-Term | Long-Term | Total | |||||||||
Not subject to expiration | $108,420,776 | $57,625,102 | $166,045,878 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
37 | Invesco Municipal Income Fund |
NOTE 10–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $845,434,999 and $828,794,063, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
| ||||
Aggregate unrealized appreciation of investments | $ | 304,501,110 | ||
| ||||
Aggregate unrealized (depreciation) of investments | (16,212,194 | ) | ||
| ||||
Net unrealized appreciation of investments | $ | 288,288,916 | ||
|
Cost of investments for tax purposes is $3,502,095,498.
NOTE 11–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of market discount and federal taxes paid by the fund, on February 28, 2021, undistributed net investment income was decreased by $299,755, undistributed net realized gain (loss) was increased by $65,712 and shares of beneficial interest was increased by $234,043. This reclassification had no effect on the net assets of the Fund.
NOTE 12–Share Information
Summary of Share Activity | ||||||||||||||||
| ||||||||||||||||
Year ended February 28, 2021(a) | Year ended February 29, 2020 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Sold: | ||||||||||||||||
Class A | 36,773,798 | $ | 490,622,953 | 44,759,270 | $ | 604,782,920 | ||||||||||
| ||||||||||||||||
Class C | 3,181,964 | 41,743,959 | 15,455,350 | 208,409,624 | ||||||||||||
| ||||||||||||||||
Class Y | 6,314,882 | 84,421,582 | 8,315,377 | 112,195,062 | ||||||||||||
| ||||||||||||||||
Investor Class | 630,495 | 8,329,697 | 431,706 | 5,832,042 | ||||||||||||
| ||||||||||||||||
Class R6 | 6,743,107 | 90,483,720 | 7,412,069 | 99,896,391 | ||||||||||||
| ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Class A | 3,450,120 | 46,192,422 | 3,473,727 | 46,992,526 | ||||||||||||
| ||||||||||||||||
Class C | 332,137 | 4,417,403 | 287,735 | 3,883,419 | ||||||||||||
| ||||||||||||||||
Class Y | 609,546 | 8,152,641 | 668,610 | 9,041,710 | ||||||||||||
| ||||||||||||||||
Investor Class | 163,099 | 2,184,305 | 191,480 | 2,590,322 | ||||||||||||
| ||||||||||||||||
Class R6 | 450,231 | 6,029,752 | 417,059 | 5,645,621 | ||||||||||||
| ||||||||||||||||
Automatic conversion of Class C shares to Class A shares: | ||||||||||||||||
Class A | 1,274,262 | 17,218,989 | 833,876 | 11,246,368 | ||||||||||||
| ||||||||||||||||
Class C | (1,279,946 | ) | (17,218,989 | ) | (837,704 | ) | (11,246,368 | ) | ||||||||
| ||||||||||||||||
Reacquired: | ||||||||||||||||
Class A | (34,409,233 | ) | (458,753,913 | ) | (21,446,199 | ) | (290,368,047 | ) | ||||||||
| ||||||||||||||||
Class C | (7,317,442 | ) | (96,227,582 | ) | (3,835,694 | ) | (51,703,466 | ) | ||||||||
| ||||||||||||||||
Class Y | (8,158,976 | ) | (107,790,874 | ) | (4,559,671 | ) | (61,485,918 | ) | ||||||||
| ||||||||||||||||
Investor Class | (952,958 | ) | (12,763,143 | ) | (967,246 | ) | (13,031,129 | ) | ||||||||
| ||||||||||||||||
Class R6 | (4,640,010 | ) | (61,156,178 | ) | (2,201,328 | ) | (29,703,094 | ) | ||||||||
| ||||||||||||||||
Net increase in share activity | 3,165,076 | $ | 45,886,744 | 48,398,417 | $ | 652,977,983 | ||||||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
NOTE 13–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
38 | Invesco Municipal Income Fund |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Municipal Income Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Municipal Income Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statement of changes in net assets for each of the two years in the period ended February 28, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
39 | Invesco Municipal Income Fund |
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
ACTUAL
|
HYPOTHETICAL (5% annual return before
| |||||||||||
Beginning (09/01/20)
|
Ending Account Value (02/28/21)1
|
Expenses Paid During Period2
|
Ending Account Value (02/28/21)
|
Expenses Paid During Period2
|
Annualized Expense Ratio
| |||||||
Class A | $1,000.00 | $1,024.10 | $4.72 | $1,020.13 | $4.71 | 0.94% | ||||||
Class C | 1,000.00 | 1,020.40 | 8.47 | 1,016.41 | 8.45 | 1.69 | ||||||
Class Y | 1,000.00 | 1,026.20 | 3.47 | 1,021.37 | 3.46 | 0.69 | ||||||
Investor Class | 1,000.00 | 1,025.40 | 4.27 | 1,020.58 | 4.26 | 0.85 | ||||||
Class R6 | 1,000.00 | 1,026.50 | 3.17 | 1,021.67 | 3.16 | 0.63 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
40 | Invesco Municipal Income Fund |
Tax Information
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns.
Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | ||||||||
Qualified Dividend Income* | 0.00 | % | ||||||
Corporate Dividends Received Deduction* | 0.00 | % | ||||||
Business Interest Income* | 0.00 | % | ||||||
Qualified Business Income* | 0.00 | % | ||||||
U.S. Treasury Obligations* | 0.00 | % | ||||||
Tax-Exempt Interest Dividends* | 100.00 | % | ||||||
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
41 | Invesco Municipal Income Fund |
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
Name, Year of Birth and 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 Trustee | ||||||||
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) | 191 | 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. |
T-1 | Invesco Municipal Income Fund |
Trustees and Officers–(continued)
Name, Year of Birth and 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 | ||||||||
Christopher L. Wilson – 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and President and Director of Grahamtastic Connection (non-profit) | ||||
Jack M. Fields – 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine | ||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization);Eisenhower Foundation (non-profit) | ||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 | Invesco Municipal Income Fund |
Trustees and Officers–(continued)
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) | ||||||||
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 | 191 | 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 | ||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
Prema Mathai-Davis – 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
Joel W. Motley – 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); |
T-3 | Invesco Municipal Income Fund |
Trustees and Officers–(continued)
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 – 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
Robert C. Troccoli – 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
Daniel S. Vandivort –1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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 | 191 | 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) |
T-4 | Invesco Municipal Income Fund |
Trustees and Officers–(continued)
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 | ||||
Officers | ||||||||
Sheri Morris – 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 | Invesco Municipal Income Fund |
Trustees and Officers–(continued)
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 | ||||
Officers–(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
T-6 | Invesco Municipal Income Fund |
Trustees and Officers–(continued)
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 | ||||
Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Adrien Deberghes-1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A | ||||
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A | ||||
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | 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’s sub-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 77002-5678 | |||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018 | 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 | State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801 |
T-7 | Invesco Municipal Income Fund |
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Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov. | ||
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. | ||
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. |
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | VK-MINC-AR-1 |
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Annual Report to Shareholders
| February 28, 2021 | |||
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Invesco New Jersey Municipal Fund
| ||||
Nasdaq: | ||||
A: ONJAX ∎ C: ONJCX ∎ Y: ONJYX ∎ R6: IORJX |
Management’s Discussion of Fund Performance
Performance summary
|
| |||
For the year ended February 28, 2021, Class A shares of Invesco New Jersey Municipal Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg Barclays Municipal Bond Index. Your Fund’s long-term performance appears later in this report.
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Fund vs. Indexes |
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Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
| |||
Class A Shares | 0.25 | % | ||
Class C Shares | -0.33 | |||
Class Y Shares | 0.62 | |||
Class R6 Shares | 0.61 | |||
Bloomberg Barclays Municipal Bond Index▼ | 1.06 | |||
U.S. Consumer Price Index∎ | 1.68 | |||
Source(s): ▼RIMES Technologies Corp.; ∎ Bloomberg L.P. |
Market conditions and your Fund
New Jersey revenues are up 4.4% year over year through the 7-months ending January 2021.1 However, this increase in revenue is primarily timing related, as a large part of the growth is due to the state’s Pass-through Business Alternative Income Tax payments. As this tax ultimately results in an offsetting tax credit, the tax is expected to be revenue-neutral each year. Year-to-date revenues absent this tax would have been down by $388.4 million, or 2.2%, which we believe illustrates the ongoing effects and economic slowdown associated with the coronavirus (COVID-19) pandemic across New Jersey’s tax base overall.
The state’s financial pressures are only enhanced by an increase in state spending moving forward as part of Governor Murphy’s proposed $45 billion budget plan, an increase of more than 10%. Thus, the resulting budgetary gap has left New Jersey to rely on deficit financing to cover both operating costs and the state’s pension plan, which has been chronically underfunded at only 38% of its future obligation. The budget does comprehend making the first full annual pension contribution in 25 years, but does so only at the expense of further leveraging the state’s own general obligation pledge as was the case with its $3.7 billion of NJ COVID-19 GO Emergency Bonds that were issued last November of 2020.
Given the continued reliance on these onetime revenue sources to finance the state’s annual budget and without longer-term structural expense reductions, budgetary flexibility remains low. When combined with the ongoing effects of COVID-19, the state’s economy has slowed over the past year as evidenced by New Jersey’s coincident index falling by 3.8% during 2020. The index did rise, however, by 1.3% for the most recent 3-months ending December 2020, indicating what could be the start of an improving trend.2
The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected twist of the COVID-19 global pandemic that pierced the markets and forced society to navigate uncharted waters in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27% and taxable municipal bonds returned 0.43% during the year.3
The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in Feb-ruary 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.4 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.4 In general, many high-yield municipal funds hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries – well above the historical norm of approximately 90%.5
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed, which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to COVID-19, consisting of half of a percentage and whole a percentage point leaving the target range 0.00% to 0.25%.6
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw municipal market performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate timelines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF, which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, the availability of the program provided a psychological safety net for the market.
As the COVID-19 pandemic continued into fall and winter; most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.
We believe the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform.
A highly demanded second stimulus package was signed at the end of the year. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New municipal issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion.7 Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.7 This uptick is a result of recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance.
Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred,
2 Invesco New Jersey Municipal Fund
mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current on principal and interest, as history has shown.
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February 2021 also brought $34 billion in municipal bond supply, higher than the average supply for the last five years for the month.
Security selection in and underweight allocation to local general obligation bonds detracted from the Fund’s performance relative to the style-specific benchmark during the year. Security selection in AAA-rated† bonds detracted from the Fund’s performance relative to its style-specific benchmark during the year.
During the year, security selection in non-rated bonds contributed to the Fund’s performance relative to its style-specific benchmark. The Fund’s preference for revenue bonds over general obligation bonds also benefited its relative performance. At the sector level, security selection in the special tax and the industrial development revenue/pollution control revenue sectors contributed to the Fund’s relative performance.
During the year, leverage contributed to the Fund’s performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of inverse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to 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. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may
affect the value and/or liquidity of some of the Fund’s investments.
Thank you for investing in Invesco New Jersey Municipal Fund and sharing our long-term investment horizon.
1 | Source: New Jersey Office of Legislative Services |
2 | Source: Federal Reserve Bank of Philadelphia |
3 | Source: Bloomberg Barclays |
4 | Source: Strategic Insight |
5 | Source: US Department of the Treasury |
6 | Source: US Federal Reserve |
7 | Source: The Bond Buyer |
† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s):
Joshua Cooney
Elizabeth S. Mossow
Tim O’Reilly
Mark Paris
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 Invesco New Jersey Municipal Fund
Your Fund’s Long-Term Performance
Results of a $10,000 Investment – Oldest Share Class(es)
Fund and index data from 2/28/11
1 | Source: RIMES Technologies Corp. |
2 | Source: Bloomberg L.P. |
Past performance cannot guarantee future results.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management
fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does
not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 Invesco New Jersey Municipal Fund
Average Annual Total Returns |
| |||
As of 2/28/21, including maximum applicable sales charges |
| |||
Class A Shares | ||||
Inception (3/1/94) | 4.50 | % | ||
10 Years | 4.85 | |||
5 Years | 3.74 | |||
1 Year | -4.04 | |||
Class C Shares | ||||
Inception (8/29/95) | 4.52 | % | ||
10 Years | 4.68 | |||
5 Years | 3.94 | |||
1 Year | -1.30 | |||
Class Y Shares | ||||
Inception (11/29/10) | 4.92 | % | ||
10 Years | 5.51 | |||
5 Years | 4.90 | |||
1 Year | 0.62 | |||
Class R6 Shares | ||||
10 Years | 5.36 | % | ||
5 Years | 4.77 | |||
1 Year | 0.61 |
Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester New Jersey Municipal Fund (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester® New Jersey Municipal Fund. The Fund was subsequently renamed the Invesco New Jersey Municipal Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.
Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on
Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.
5 Invesco New Jersey Municipal Fund
Supplemental Information
Invesco New Jersey Municipal Fund’s investment objective is to seek tax-free income.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report ∎ The Bloomberg Barclays Municipal Bond Index is an unmanaged index considerate representative of the tax-exempt bond market. ∎ The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US Bureau of Labor Statistics. ∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). ∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
6 Invesco New Jersey Municipal Fund
Fund Information
Portfolio Composition
By credit sector | % of total investments | |||
Revenue Bonds | 92.6% | |||
General Obligation Bonds | 7.4 |
Top Five Debt Holdings
% of total net assets | ||||
1. | Children’s Trust Fund, Series 2002, RB | 6.1% | ||
2. | New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement), Series 2013, RB | 4.7 | ||
3. | Deutsche Bank Spears/Lifers Trust, Series 2013, RB | 3.6 | ||
4. | New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 3.5 | ||
5. | Deutsche Bank Spears/Lifers Trust, Series 2013, RB | 3.1 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of February 28, 2021.
7 Invesco New Jersey Municipal Fund
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Municipal Obligations–106.33% | ||||||||||||||
New Jersey–88.50% | ||||||||||||||
Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds (INS - BAM)(a) | 5.00% | 03/01/2042 | $ | 1,250 | $1,442,500 | |||||||||
Casino Reinvestment Development Authority; | ||||||||||||||
Series 2004, RB (INS - AMBAC)(a) | 5.25% | 01/01/2022 | 770 | 772,102 | ||||||||||
Series 2004, RB (INS - AMBAC)(a) | 5.25% | 01/01/2024 | 1,665 | 1,669,129 | ||||||||||
Series 2004, RB (INS - AMBAC)(a) | 5.00% | 01/01/2025 | 220 | 220,469 | ||||||||||
Series 2014, Ref. RB (INS - AGM)(a) | 5.00% | 11/01/2028 | 1,000 | 1,106,060 | ||||||||||
Series 2014, Ref. RB (INS - AGM)(a) | 5.00% | 11/01/2031 | 2,000 | 2,180,100 | ||||||||||
Series 2014, Ref. RB | 5.25% | 11/01/2039 | 3,000 | 3,191,430 | ||||||||||
Series 2014, Ref. RB | 5.25% | 11/01/2044 | 3,000 | 3,172,230 | ||||||||||
Deutsche Bank Spears/Lifers Trust; | ||||||||||||||
Series 2013, RB(b)(c) | 5.25% | 05/01/2029 | 6,330 | 8,855,670 | ||||||||||
Series 2013, RB(b)(c) | 5.25% | 05/01/2030 | 5,380 | 7,522,370 | ||||||||||
Series 2013, RB(b)(c) | 5.25% | 05/01/2038 | 4,000 | 5,586,000 | ||||||||||
Essex (County of), NJ Improvement Authority; Series 1999, RB (INS - AMBAC)(a) | 5.13% | 04/01/2029 | 110 | 110,174 | ||||||||||
Essex (County of), NJ Improvement Authority (559 Broad/Hazelwood); Series 2020 A, RB(b) | 4.00% | 08/01/2060 | 1,500 | 1,580,940 | ||||||||||
Essex (County of), NJ Utilities Authority; Series 2009, Ref. RB (INS - AGC)(a) | 4.13% | 04/01/2022 | 75 | 75,173 | ||||||||||
Garden State Preservation Trust; | ||||||||||||||
Series 2003 B, RB (INS - AGM)(a)(d) | 0.00% | 11/01/2026 | 140 | 129,318 | ||||||||||
Series 2005 A, RB (INS - AGM)(a) | 5.75% | 11/01/2028 | 460 | 569,756 | ||||||||||
Hudson (County of), NJ Improvement Authority (Hudson County Courhouse); Series 2020, RB | 4.00% | 10/01/2051 | 2,250 | 2,572,335 | ||||||||||
Lavallette School District; Series 2005, GO Bonds (INS - SGI)(a) | 4.20% | 02/01/2025 | 10 | 10,030 | ||||||||||
Middlesex (County of), NJ Improvement Authority; Series 2000, RB | 5.50% | 09/01/2030 | 20 | 20,077 | ||||||||||
New Brunswick (City of), NJ Parking Authority; | ||||||||||||||
Series 2012, Ref. RB | 5.00% | 09/01/2027 | 445 | 471,749 | ||||||||||
Series 2012, Ref. RB | 5.00% | 09/01/2029 | 605 | 639,878 | ||||||||||
New Jersey (State of); Series 2020 A, GO Bonds | 4.00% | 06/01/2032 | 2,000 | 2,422,400 | ||||||||||
New Jersey (State of) Building Authority; | ||||||||||||||
Series 2016 A, Ref. RB (INS - BAM)(a) | 5.00% | 06/15/2028 | 600 | 712,332 | ||||||||||
Series 2016 A, Ref. RB (INS - BAM)(a) | 5.00% | 06/15/2029 | 300 | 354,612 | ||||||||||
New Jersey (State of) Economic Development Authority; | ||||||||||||||
Series 1997 A, RB(d)(f) | 0.00% | 07/01/2021 | 65 | 64,920 | ||||||||||
Series 1997 A, Ref. RB | 5.88% | 12/01/2026 | 2,100 | 2,103,633 | ||||||||||
Series 1998 B, RB(e) | 6.50% | 04/01/2031 | 90 | 95,817 | ||||||||||
Series 1999 A, RB | 6.25% | 07/01/2024 | 25 | 25,092 | ||||||||||
Series 2005 N-1, Ref. RB (INS - NATL)(a) | 5.50% | 09/01/2023 | 100 | 111,909 | ||||||||||
Series 2011 GG, Ref. RB(g) | 5.25% | 09/01/2026 | 1,000 | 1,000,000 | ||||||||||
Series 2012 A, RB(e) | 5.00% | 06/15/2037 | 1,515 | 1,577,418 | ||||||||||
Series 2012 A, RB(e) | 5.13% | 06/15/2043 | 1,250 | 1,301,250 | ||||||||||
Series 2012, Ref. RB | 5.00% | 06/15/2028 | 2,095 | 2,180,350 | ||||||||||
Series 2012, Ref. RB | 5.00% | 06/15/2029 | 900 | 935,244 | ||||||||||
Series 2013, RB | 6.00% | 10/01/2043 | 3,200 | 3,499,072 | ||||||||||
Series 2014 A, RB(b) | 6.00% | 10/01/2034 | 515 | 549,201 | ||||||||||
Series 2014, RB | 5.25% | 01/01/2044 | 5,500 | 5,573,095 | ||||||||||
Series 2015 WW, Ref. RB | 5.00% | 06/15/2035 | 3,000 | 3,367,890 | ||||||||||
Series 2015 WW, Ref. RB | 5.00% | 06/15/2036 | 3,000 | 3,363,180 | ||||||||||
Series 2017 A, RB | 5.00% | 07/01/2037 | 500 | 509,585 | ||||||||||
Series 2017 A, Ref. RB (INS - BAM)(a) | 5.00% | 07/01/2033 | 3,000 | 3,552,810 | ||||||||||
Series 2017, RB | 5.00% | 07/15/2047 | 1,000 | 1,116,900 | ||||||||||
Series 2017, Ref. RB (INS - AGM)(a) | 5.00% | 06/01/2042 | 1,000 | 1,168,990 | ||||||||||
Series 2018 A, RB(b)(h) | 5.38% | 09/01/2033 | 275 | 288,208 | ||||||||||
Series 2018 A, RB(b) | 5.00% | 10/01/2033 | 1,000 | 1,087,290 | ||||||||||
Series 2018 A, RB | 5.00% | 07/01/2038 | 350 | 401,629 | ||||||||||
Series 2018 A, RB(b)(h) | 5.63% | 09/01/2038 | 765 | 803,854 | ||||||||||
Series 2018 A, RB(b) | 5.25% | 10/01/2038 | 2,500 | 2,711,025 | ||||||||||
Series 2018 A, RB(b) | 6.25% | 11/01/2038 | 525 | 611,310 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco New Jersey Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New Jersey–(continued) | ||||||||||||||||
Series 2018 A, RB | 5.00 | % | 06/15/2047 | $ | 3,000 | $ | 3,446,580 | |||||||||
Series 2018 A, RB | 5.00 | % | 12/01/2048 | 3,000 | 3,437,670 | |||||||||||
Series 2018 A, RB | 5.00 | % | 07/01/2050 | 1,000 | 1,128,290 | |||||||||||
Series 2018 A, RB(b) | 6.50 | % | 11/01/2052 | 2,500 | 2,939,550 | |||||||||||
Series 2018 B, RB(b) | 6.00 | % | 11/01/2022 | 250 | 252,215 | |||||||||||
Series 2019, RB | 4.00 | % | 06/15/2044 | 1,000 | 1,089,730 | |||||||||||
Series 2021, RB | 4.00 | % | 06/15/2046 | 2,750 | 2,992,000 | |||||||||||
Series 2021, RB | 4.00 | % | 06/15/2050 | 3,000 | 3,251,670 | |||||||||||
New Jersey (State of) Economic Development Authority (Black Horse EHT Urban Renewal LLC); Series 2019 A, RB(b) | 5.00 | % | 10/01/2039 | 2,000 | 1,992,720 | |||||||||||
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); Series 1999, RB(e) | 5.25 | % | 09/15/2029 | 1,100 | 1,169,135 | |||||||||||
New Jersey (State of) Economic Development Authority (Elite Pharmaceuticals, Inc. - 2005); Series 2005 A, RB(e) | 6.50 | % | 09/01/2030 | 25 | 22,324 | |||||||||||
New Jersey (State of) Economic Development Authority (Middlesex Water Co.); Series 2019, RB(e) | 4.00 | % | 08/01/2059 | 4,275 | 4,651,285 | |||||||||||
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB | 5.13 | % | 06/15/2037 | 2,428 | 2,990,373 | |||||||||||
New Jersey (State of) Economic Development Authority (Provident Group - Rowan Properties LLC - Rowan University Student Housing); Series 2015 A, RB | 5.00 | % | 01/01/2030 | 50 | 52,154 | |||||||||||
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB(e) | 5.38 | % | 01/01/2043 | 10,650 | 11,736,193 | |||||||||||
New Jersey (State of) Educational Facilities Authority (Georgian Court University); | ||||||||||||||||
Series 2017 G, Ref. RB | 5.00 | % | 07/01/2030 | 1,395 | 1,503,322 | |||||||||||
Series 2017 G, Ref. RB | 5.00 | % | 07/01/2033 | 1,590 | 1,689,979 | |||||||||||
Series 2017 G, Ref. RB | 5.00 | % | 07/01/2035 | 1,485 | 1,569,274 | |||||||||||
Series 2017 G, Ref. RB | 5.00 | % | 07/01/2036 | 1,640 | 1,724,739 | |||||||||||
New Jersey (State of) Educational Facilities Authority (New Jersey City University); Series 2007 F, Ref. RB (INS - NATL)(a) | 4.13 | % | 07/01/2025 | 10 | 10,015 | |||||||||||
New Jersey (State of) Educational Facilities Authority (Public Library); Series 2002 A, RB (INS - AMBAC)(a) | 5.00 | % | 09/01/2022 | 5 | 5,017 | |||||||||||
New Jersey (State of) Educational Facilities Authority (Rider University); | ||||||||||||||||
Series 2012 A, RB | 5.00 | % | 07/01/2037 | 1,000 | 1,002,660 | |||||||||||
Series 2017 F, RB | 5.00 | % | 07/01/2035 | 185 | 194,613 | |||||||||||
Series 2017 F, RB | 5.00 | % | 07/01/2036 | 300 | 314,733 | |||||||||||
Series 2017 F, RB | 5.00 | % | 07/01/2047 | 3,250 | 3,345,680 | |||||||||||
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds); Series 2020 A, RB | 4.00 | % | 07/01/2050 | 3,000 | 3,275,190 | |||||||||||
New Jersey (State of) Educational Facilities Authority (William Paterson University of New Jersey (The)); Series 2017 B, RB (INS - AGM)(a) | 5.00 | % | 07/01/2047 | 2,000 | 2,308,580 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority; | ||||||||||||||||
Series 2013, Ref. RB | 5.00 | % | 08/15/2034 | 1,960 | 2,113,096 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 10/01/2038 | 2,000 | 2,300,820 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health); Series 2014, Ref. RB | 5.00 | % | 07/01/2044 | 3,000 | 3,370,140 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (University Hospital); Series 2015 A, RB (INS - AGM)(a) | 5.00 | % | 07/01/2046 | 2,000 | 2,242,220 | |||||||||||
New Jersey (State of) Higher Education Student Assistance Authority; | ||||||||||||||||
Series 2011 1, RB(e) | 5.50 | % | 12/01/2025 | 1,125 | 1,165,939 | |||||||||||
Series 2011 1, RB(e) | 5.75 | % | 12/01/2029 | 30 | 31,032 | |||||||||||
Series 2011 I, RB(e) | 5.75 | % | 12/01/2028 | 715 | 740,297 | |||||||||||
Series 2013 1B, RB(e) | 4.75 | % | 12/01/2043 | 2,000 | 2,078,280 | |||||||||||
Series 2019 C, Ref. RB(e) | 3.63 | % | 12/01/2049 | 1,000 | 1,016,930 | |||||||||||
New Jersey (State of) Housing & Mortgage Finance Agency; | ||||||||||||||||
Series 2018 A, Ref. RB | 3.95 | % | 11/01/2043 | 870 | 946,221 | |||||||||||
Series 2018 BB, Ref. RB(e) | 3.80 | % | 10/01/2032 | 920 | 997,666 | |||||||||||
Series 2019 A, Ref. RB | 3.00 | % | 11/01/2044 | 510 | 527,554 | |||||||||||
Series 2019 A, Ref. RB | 3.05 | % | 11/01/2049 | 865 | 902,403 | |||||||||||
Series 2020 E, Ref. RB | 2.45 | % | 10/01/2050 | 650 | 634,498 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco New Jersey Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New Jersey–(continued) | ||||||||||||||||
New Jersey (State of) Transportation Trust Fund Authority; | ||||||||||||||||
Series 2008 A, RB (INS - BAM)(a)(d) | 0.00 | % | 12/15/2037 | $ | 2,000 | $ | 1,350,140 | |||||||||
Series 2008 A, RB(d) | 0.00 | % | 12/15/2038 | 2,000 | 1,199,660 | |||||||||||
Series 2010 A, RB (INS - BAM)(a)(d) | 0.00 | % | 12/15/2028 | 1,200 | 1,073,292 | |||||||||||
Series 2013 AA, RB | 5.25 | % | 06/15/2033 | 1,335 | 1,444,283 | |||||||||||
Series 2018 A, Ref. RB | 4.25 | % | 12/15/2038 | 7,790 | 8,723,008 | |||||||||||
Series 2018 A, Ref. RN | 5.00 | % | 06/15/2031 | 3,540 | 4,112,666 | |||||||||||
Series 2019 BB, RB | 4.00 | % | 06/15/2050 | 1,000 | 1,080,060 | |||||||||||
Series 2020 AA, RB | 4.00 | % | 06/15/2050 | 3,000 | 3,251,670 | |||||||||||
New Jersey (State of) Turnpike Authority; Series 2019 A, RB | 5.00 | % | 01/01/2048 | 2,000 | 2,424,260 | |||||||||||
New Jersey Transportation Trust Fund Authority; Series 2012 A, RB | 5.00 | % | 06/15/2042 | 1,625 | 1,689,643 | |||||||||||
Newark (City of), NJ; | ||||||||||||||||
Series 2015 A, GO Bonds | 5.50 | % | 07/15/2021 | 1,000 | 1,010,880 | |||||||||||
Series 2015 A, GO Bonds | 5.00 | % | 07/15/2029 | 3,000 | 3,312,270 | |||||||||||
Series 2015 B, GO Bonds | 5.00 | % | 07/15/2029 | 430 | 472,871 | |||||||||||
Series 2020 C, Ref. GO Bonds (INS - AGM)(a) | 4.00 | % | 10/01/2039 | 305 | 341,283 | |||||||||||
Newark (City of), NJ Housing Authority; | ||||||||||||||||
Series 2007, Ref. RB (INS - NATL)(a) | 5.00 | % | 01/01/2032 | 760 | 902,888 | |||||||||||
Series 2017, Ref. RB | 4.00 | % | 01/01/2037 | 1,000 | 1,113,030 | |||||||||||
Salem (County of), NJ Pollution Control Financing Authority (Chambers); Series 2014 A, Ref. PCR(e) | 5.00 | % | 12/01/2023 | 1,770 | 1,856,677 | |||||||||||
South Jersey Port Corp.; Series 2016 S-1, Ref. RB | 5.00 | % | 01/01/2039 | 1,350 | 1,517,022 | |||||||||||
South Jersey Transportation Authority; | ||||||||||||||||
Series 2014 A, Ref. RB | 5.00 | % | 11/01/2039 | 3,650 | 4,060,588 | |||||||||||
Series 2019 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 11/01/2033 | 750 | 950,085 | |||||||||||
Series 2020 A, RB | 4.00 | % | 11/01/2050 | 1,000 | 1,128,420 | |||||||||||
State of New Jersey; Series 2017 XF0553, GO Bonds(c) | 5.00 | % | 06/01/2028 | 5,000 | 6,101,600 | |||||||||||
Tobacco Settlement Financing Corp.; | ||||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 06/01/2046 | 4,000 | 4,664,720 | |||||||||||
Series 2018 A, Ref. RB | 5.25 | % | 06/01/2046 | 1,000 | 1,189,970 | |||||||||||
Series 2018 B, Ref. RB | 5.00 | % | 06/01/2046 | 3,400 | 3,928,428 | |||||||||||
Union (County of), NJ Improvement Authority; Series 1998 A, RB | 5.00 | % | 03/01/2028 | 55 | 55,185 | |||||||||||
219,503,892 | ||||||||||||||||
Puerto Rico–12.34% | ||||||||||||||||
Children’s Trust Fund; Series 2002, RB | 5.63 | % | 05/15/2043 | 15,000 | 15,076,951 | |||||||||||
Puerto Rico (Commonwealth of); | ||||||||||||||||
Series 2007 A, GO Bonds(i) | 5.25 | % | 07/01/2037 | 2,150 | 1,862,437 | |||||||||||
Series 2011 C, Ref. GO Bonds(i) | 6.50 | % | 07/01/2040 | 3,000 | 2,568,750 | |||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; | ||||||||||||||||
Series 2010 AAA, RB(i) | 5.25 | % | 07/01/2031 | 550 | 497,750 | |||||||||||
Series 2010 AAA-RSA-1, RB(i) | 5.25 | % | 07/01/2030 | 500 | 452,500 | |||||||||||
Series 2012 A, RB(i) | 5.05 | % | 07/01/2042 | 45 | 40,613 | |||||||||||
Series 2016 E-2, RB(i) | 10.00 | % | 07/01/2021 | 165 | 159,321 | |||||||||||
Series 2016 E-2, RB(i) | 10.00 | % | 01/01/2022 | 55 | 53,107 | |||||||||||
Series 2016 E-4, RB(i) | 10.00 | % | 07/01/2022 | 55 | �� | 53,107 | ||||||||||
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2002 A, Ref. RB (INS - ACA)(a) | 5.00 | % | 08/01/2032 | 1,000 | 1,002,630 | |||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB(e) | 6.63 | % | 06/01/2026 | 175 | 181,125 | |||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System); | ||||||||||||||||
Series 2006, RB | 5.00 | % | 03/01/2036 | 930 | 931,228 | |||||||||||
Series 2012, Ref. RB | 5.13 | % | 04/01/2032 | 100 | 101,575 | |||||||||||
Series 2012, Ref. RB | 5.38 | % | 04/01/2042 | 100 | 101,750 | |||||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; | ||||||||||||||||
Series 2005 A, RB (INS - AMBAC)(a)(d) | 0.00 | % | 07/01/2035 | 975 | 527,923 | |||||||||||
Series 2005 B, RB(i) | 5.00 | % | 07/01/2037 | 4,750 | 647,187 | |||||||||||
Series 2005 B, RB(i) | 5.00 | % | 07/01/2041 | 2,610 | 355,613 | |||||||||||
Series 2006 B, RB(i) | 5.00 | % | 07/01/2027 | 575 | 78,344 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco New Jersey Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Puerto Rico–(continued) | ||||||||||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(i) | 6.50 | % | 10/01/2037 | $ | 400 | $ | 161,000 | |||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); Series 2007 M-3, Ref. RB (INS - NATL)(a) | 6.00 | % | 07/01/2028 | 1,000 | 1,030,970 | |||||||||||
Puerto Rico Public Finance Corp.; Series 2011 B, RB(i) | 6.00 | % | 08/01/2026 | 5,235 | 78,525 | |||||||||||
Puerto Rico Sales Tax Financing Corp.; | ||||||||||||||||
Series 2018 A-1, RB(d) | 0.00 | % | 07/01/2046 | 5,836 | 1,794,220 | |||||||||||
Series 2018 A-1, RB(d) | 0.00 | % | 07/01/2051 | 5,771 | 1,270,601 | |||||||||||
Series 2018 A-1, RB | 5.00 | % | 07/01/2058 | 1,371 | 1,518,437 | |||||||||||
Series 2019 A-2, RB | 4.54 | % | 07/01/2053 | 60 | 64,657 | |||||||||||
30,610,321 | ||||||||||||||||
New York–4.08% | ||||||||||||||||
New York & New Jersey (States of) Port Authority; | ||||||||||||||||
Series 2017 206, Ref. RB(e) | 5.00 | % | 11/15/2037 | 850 | 1,015,588 | |||||||||||
Series 2019 220, RB(e) | 4.00 | % | 11/01/2059 | 2,000 | 2,208,160 | |||||||||||
Series 2019, RB(e) | 5.00 | % | 11/01/2044 | 1,500 | 1,806,870 | |||||||||||
Series 2021, Ref. RB(e) | 4.00 | % | 07/15/2046 | 4,500 | 5,087,115 | |||||||||||
10,117,733 | ||||||||||||||||
Virgin Islands–0.67% | ||||||||||||||||
Series 2006, RB(d) | 0.00 | % | 05/15/2035 | 4,200 | 1,515,192 | |||||||||||
Virgin Islands (Government of) Water & Power Authority (Electric System); | ||||||||||||||||
Series 2007 A, RB | 5.00 | % | 07/01/2024 | 50 | 48,682 | |||||||||||
Series 2007 A, RB | 5.00 | % | 07/01/2026 | 15 | 14,368 | |||||||||||
Series 2007 A, RB | 5.00 | % | 07/01/2027 | 85 | 80,756 | |||||||||||
1,658,998 | ||||||||||||||||
Northern Mariana Islands–0.57% | ||||||||||||||||
Northern Mariana Islands (Commonwealth of) Ports Authority; Series 1998 A, RB(e) | 6.25 | % | 03/15/2028 | 1,500 | 1,416,630 | |||||||||||
Guam–0.17% | ||||||||||||||||
Guam (Territory of) Power Authority; | ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 10/01/2024 | 125 | 133,616 | |||||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 10/01/2030 | 250 | 265,515 | |||||||||||
Guam Housing Corp.; Series 1998 A, RB (CEP - FHLMC)(e) | 5.75 | % | 09/01/2031 | 10 | 10,619 | |||||||||||
409,750 | ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(j) –106.33% (Cost $259,792,855) | 263,717,324 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS–(8.16)% | ||||||||||||||||
Notes with interest and fee rates ranging from 0.58% to 0.80% at 02/28/2021 andcontractual maturities of collateral ranging from 06/01/2028 to 12/01/2035 (See Note 1J)(k) | (20,235,000 | ) | ||||||||||||||
BORROWINGS–(1.17)% | (2,900,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES–3.00% | 7,432,134 | |||||||||||||||
NET ASSETS–100.00% | $ | 248,014,458 |
Investment Abbreviations: | ||
ACA | - ACA Financial Guaranty Corp. | |
AGC | - Assured Guaranty Corp. | |
AGM | - Assured Guaranty Municipal Corp. | |
AMBAC | - American Municipal Bond Assurance Corp. | |
BAM | - Build America Mutual Assurance Co. | |
CEP | - Credit Enhancement Provider | |
FHLMC | - Federal Home Loan Mortgage Corp. | |
GO | - General Obligation | |
INS | - Insurer | |
NATL | - National Public Finance Guarantee Corp. | |
PCR | - Pollution Control Revenue Bonds | |
RB | - Revenue Bonds | |
Ref. | - Refunding | |
RN | - Revenue Notes | |
SGI | - Syncora Guarantee, Inc. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco New Jersey Municipal Fund
Notes to Schedule of Investments:
(a) | Principal and/or interest payments are secured by the bond insurance company listed. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $34,780,353, which represented 14.02% of the Fund’s Net Assets. |
(c) | Underlying security related to TOB Trusts entered into by the Fund. See Note 1J. |
(d) | Zero coupon bond issued at a discount. |
(e) | Security subject to the alternative minimum tax. |
(f) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(g) | Security subject to crossover refunding. |
(h) | Restricted security. The aggregate value of these securities at February 28, 2021 was $1,092,062, which represented less than 1% of the Fund’s Net Assets. |
(i) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $7,008,254, which represented 2.83% of the Fund’s Net Assets. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2021. At February 28, 2021, the Fund’s investments with a value of $28,065,640 are held by TOB Trusts and serve as collateral for the $20,235,000 in the floating rate note obligations outstanding at that date. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco New Jersey Municipal Fund
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||||
Investments in securities, at value | $ | 263,717,324 | ||
Cash | 493,069 | |||
Receivable for: | ||||
Investments sold | 3,911,188 | |||
Fund shares sold | 651,901 | |||
Interest | 2,705,379 | |||
Investments matured, at value (Cost $501,292) | 475,387 | |||
Investment for trustee deferred compensation and retirement plans | 42,949 | |||
Other assets | 88,978 | |||
Total assets | 272,086,175 | |||
Liabilities: | ||||
Floating rate note obligations | 20,235,000 | |||
Payable for: | ||||
Borrowings | 2,900,000 | |||
Dividends | 262,184 | |||
Fund shares reacquired | 424,961 | |||
Accrued fees to affiliates | 130,376 | |||
Accrued interest expense | 860 | |||
Accrued trustees’ and officers’ fees and benefits | 22,866 | |||
Accrued other operating expenses | 52,521 | |||
Trustee deferred compensation and retirement plans | 42,949 | |||
Total liabilities | 24,071,717 | |||
Net assets applicable to shares outstanding | $ | 248,014,458 |
Net assets consist of: | ||||
Shares of beneficial interest | $ | 389,754,047 | ||
Distributable earnings (loss) | (141,739,589 | ) | ||
$ | 248,014,458 | |||
Net Assets: | ||||
Class A | $ | 195,683,517 | ||
Class C | $ | 20,686,515 | ||
Class Y | $ | 31,634,300 | ||
Class R6 | $ | 10,126 | ||
Shares outstanding, no par value, with an unlimited number of shares authorized: |
| |||
Class A | 19,838,087 | |||
Class C | 2,094,261 | |||
Class Y | 3,203,297 | |||
Class R6 | 1,027 | |||
Class A: | ||||
Net asset value per share | $ | 9.86 | ||
Maximum offering price per share | $ | 10.30 | ||
Class C: | ||||
Net asset value and offering price per share | $ | 9.88 | ||
Class Y: | ||||
Net asset value and offering price per share | $ | 9.88 | ||
Class R6: | ||||
Net asset value and offering price per share | $ | 9.86 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco New Jersey Municipal Fund
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||
Interest | $ | 10,831,658 | ||
Expenses: | ||||
Advisory fees | 1,410,460 | |||
Administrative services fees | 35,470 | |||
Distribution fees: | ||||
Class A | 458,942 | |||
Class C | 257,959 | |||
Interest, facilities and maintenance fees | 330,165 | |||
Transfer agent fees - A, C and Y | 251,473 | |||
Transfer agent fees - R6 | 11 | |||
Trustees’ and officers’ fees and benefits | 15,690 | |||
Registration and filing fees | 93,582 | |||
Reports to shareholders | 13,952 | |||
Professional services fees | 76,791 | |||
Other | 3,404 | |||
Total expenses | 2,947,899 | |||
Less: Expenses reimbursed and/or expense offset arrangement(s) | (115,920 | ) | ||
Net expenses | 2,831,979 | |||
Net investment income | 7,999,679 | |||
Realized and unrealized gain (loss) from: | ||||
Net realized gain (loss) from unaffiliated investment securities (includes net gains from securities sold to affiliates of $ 91,115) | (191,231 | ) | ||
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | (8,287,927 | ) | ||
Net realized and unrealized gain (loss) | (8,479,158 | ) | ||
Net increase (decrease) in net assets resulting from operations | $ | (479,479 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco New Jersey Municipal Fund
Statement of Changes in Net Assets
For the year ended February 28, 2021, period ended February 29, 2020, and the year ended July 31, 2019
Year Ended February 28, 2021 | Seven Months Ended February 29, 2020 | Year Ended July 31, 2019 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 7,999,679 | $ | 4,869,017 | $ | 9,941,606 | ||||||
Net realized gain (loss) | (191,231 | ) | 336,834 | (12,129,504 | ) | |||||||
Change in net unrealized appreciation (depreciation) | (8,287,927 | ) | 9,802,577 | 26,566,793 | ||||||||
Net increase (decrease) in net assets resulting from operations | (479,479 | ) | 15,008,428 | 24,378,895 | ||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||
Class A | (7,967,260 | ) | (3,212,851 | ) | (4,598,763 | ) | ||||||
Class C | (1,060,471 | ) | (483,762 | ) | (1,478,183 | ) | ||||||
Class Y | (1,318,289 | ) | (526,105 | ) | (780,744 | ) | ||||||
Class R6 | (462 | ) | (190 | ) | (60 | ) | ||||||
Total distributions from distributable earnings | (10,346,482 | ) | (4,222,908 | ) | (6,857,750 | ) | ||||||
Share transactions–net: | ||||||||||||
Class A | 5,928,402 | (2,036,929 | ) | 17,676,806 | ||||||||
Class C | (13,177,991 | ) | (4,913,864 | ) | (37,356,560 | ) | ||||||
Class Y | 875,166 | 2,452,957 | 4,762,512 | |||||||||
Class R6 | — | — | 10,000 | |||||||||
Net increase (decrease) in net assets resulting from share transactions | (6,374,423 | ) | (4,497,836 | ) | (14,907,242 | ) | ||||||
Net increase (decrease) in net assets | (17,200,384 | ) | 6,287,684 | 2,613,903 | ||||||||
Net assets: | ||||||||||||
Beginning of year | 265,214,842 | 258,927,158 | 256,313,255 | |||||||||
End of year | $ | 248,014,458 | $ | 265,214,842 | $ | 258,927,158 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco New Jersey Municipal Fund
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees) | Ratio of net investment income to average net assets | Portfolio turnover (c) | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $ | 10.27 | $ | 0.32 | $ | (0.31 | ) | $ | 0.01 | $ | (0.42 | ) | $ | 9.86 | 0.25 | % | $ | 195,684 | 1.11 | %(d) | 1.16 | %(d) | 0.97 | %(d) | 3.32 | %(d) | 27 | % | ||||||||||||||||||||||||
Seven months ended 02/29/20 | 9.85 | 0.19 | 0.40 | 0.59 | (0.17 | ) | 10.27 | 6.00 | 197,732 | 1.18 | (e) | 1.21 | (e) | 1.00 | (e) | 3.30 | (e) | 12 | ||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 9.19 | 0.39 | 0.54 | 0.93 | (0.27 | ) | 9.85 | 10.29 | 191,704 | 1.36 | 1.37 | 1.01 | 4.08 | 17 | ||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 9.02 | 0.29 | 0.16 | 0.45 | (0.28 | ) | 9.19 | 5.22 | 162,955 | 1.30 | 1.30 | 1.07 | 3.36 | 23 | ||||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 9.70 | 0.38 | (0.66 | ) | (0.28 | ) | (0.40 | ) | 9.02 | (3.01 | ) | 207,958 | 1.09 | 1.09 | 0.90 | 4.05 | 9 | |||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 9.34 | 0.43 | 0.40 | 0.83 | (0.47 | ) | 9.70 | 9.25 | 257,608 | 1.13 | 1.13 | 0.87 | 4.55 | 11 | ||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 10.28 | 0.26 | (0.31 | ) | (0.05 | ) | (0.35 | ) | 9.88 | (0.33 | ) | 20,687 | 1.76 | (d) | 1.81 | (d) | 1.62 | (d) | 2.67 | (d) | 27 | |||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 9.87 | 0.15 | 0.39 | 0.54 | (0.13 | ) | 10.28 | 5.54 | 35,355 | 1.83 | (e) | 1.86 | (e) | 1.65 | (e) | 2.64 | (e) | 12 | ||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 9.20 | 0.32 | 0.56 | 0.88 | (0.21 | ) | 9.87 | 9.66 | 38,798 | 2.02 | 2.02 | 1.66 | 3.42 | 17 | ||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 9.04 | 0.24 | 0.15 | 0.39 | (0.23 | ) | 9.20 | 4.41 | 71,388 | 1.96 | 1.96 | 1.73 | 2.70 | 23 | ||||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 9.71 | 0.31 | (0.64 | ) | (0.33 | ) | (0.34 | ) | 9.04 | (3.70 | ) | 97,517 | 1.81 | 1.81 | 1.62 | 3.36 | 9 | |||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 9.35 | 0.36 | 0.40 | 0.76 | (0.40 | ) | 9.71 | 8.54 | 124,488 | 1.87 | 1.87 | 1.61 | 3.80 | 11 | ||||||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 10.28 | 0.35 | (0.30 | ) | 0.05 | (0.45 | ) | 9.88 | 0.62 | 31,634 | 0.87 | (d) | 0.91 | (d) | 0.73 | (d) | 3.56 | (d) | 27 | |||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 9.87 | 0.21 | 0.38 | 0.59 | (0.18 | ) | 10.28 | 6.04 | 32,117 | 0.94 | (e) | 0.97 | (e) | 0.76 | (e) | 3.54 | (e) | 12 | ||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 9.20 | 0.41 | 0.55 | 0.96 | (0.29 | ) | 9.87 | 10.65 | 28,415 | 1.13 | 1.13 | 0.77 | 4.32 | 17 | ||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 9.04 | 0.32 | 0.14 | 0.46 | (0.30 | ) | 9.20 | 5.35 | 21,970 | 1.06 | 1.06 | 0.83 | 3.61 | 23 | ||||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 9.71 | 0.38 | (0.63 | ) | (0.25 | ) | (0.42 | ) | 9.04 | (2.83 | ) | 36,708 | 0.92 | 0.92 | 0.73 | 4.10 | 9 | |||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 9.35 | 0.44 | 0.40 | 0.84 | (0.48 | ) | 9.71 | 9.51 | 28,817 | 0.97 | 0.97 | 0.71 | 4.66 | 11 | ||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 10.27 | 0.35 | (0.31 | ) | 0.04 | (0.45 | ) | 9.86 | 0.61 | 10 | 0.77 | (d) | 0.91 | (d) | 0.63 | (d) | 3.66 | (d) | 27 | |||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 9.85 | 0.21 | 0.40 | 0.61 | (0.19 | ) | 10.27 | 6.21 | 11 | 0.84 | (e) | 0.94 | (e) | 0.73 | (e) | 3.64 | (e) | 12 | ||||||||||||||||||||||||||||||||||
Period ended 07/31/19(f) | 9.74 | 0.08 | 0.08 | 0.16 | (0.05 | ) | 9.85 | 1.73 | 10 | 0.99 | (e) | 1.07 | (e) | 0.71 | (e) | 4.46 | (e) | 17 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Ratios are based on average daily net assets (000’s omitted) of $186,857, $28,662, $29,186 and $10 for Class A, Class C, Class Y and Class R6 shares, respectively. |
(e) | Annualized. |
(f) | Commencement date after the close of business on May 24, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco New Jersey Municipal Fund
Notes to Financial Statements
February 28, 2021
NOTE 1–Significant Accounting Policies
Invesco New Jersey Municipal Fund, formerly Invesco Oppenheimer Rochester® New Jersey Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek tax-free income.
The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for 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. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations - Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C. | Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to |
17 Invesco New Jersey Municipal Fund
shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
J. | Floating Rate Note Obligations - The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be abletobe 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 levelsof leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB
18 Invesco New Jersey Municipal Fund
Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair valueofsuch securities.
K. | Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. |
The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.
The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets* | Rate | |
Up to $200 million | 0.600% | |
Next $100 million | 0.550% | |
Next $200 million | 0.500% | |
Next $250 million | 0.450% | |
Next $250 million | 0.400% | |
Over $1 billion | 0.350% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.58%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.
The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.97%, 1.62%, 0.73% and 0.63%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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 February 28, 2021, the Adviser reimbursed class level expenses of $89,035, $14,525, $12,138, and $15 of Class A, Class C, Class Y and Class R6 shares, respectively.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 0.90% of the average daily net
19 Invesco New Jersey Municipal Fund
assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $10,885 in front-end sales commissions from the sale of Class A shares and $2,124 and $2,920 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 - | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 - | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 - | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Obligations | $– | $263,717,324 | $– | $263,717,324 | ||||||||||||
Other Investments – Assets | ||||||||||||||||
Investments Matured | – | 475,387 | – | 475,387 | ||||||||||||
Total Investments | $– | $264,192,711 | $– | $264,192,711 |
NOTE 4–Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfoliothatisor could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2021, the Fund engaged in securities sales of $4,728,179, which resulted in net realized gains of $91,115.
NOTE 5–Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $207.
NOTE 6–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 7–Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $1.0 billion, collectively by certain Funds, and which will expire on February 24,2022. Priorto February 25, 2021, the revolving credit and security agreement permitted borrowings up to $2.5 billion. The revolving credit and security agreement is secured by the assets of the Fund.
During the year ended February 28, 2021, the average daily balance of borrowing under the revolving credit and security agreement was $1,893,699 with a weighted interest rate of 0.52%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such
20 Invesco New Jersey Municipal Fund
overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2021 were $15,530,000 and 1.12%, respectively.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
NOTE 8–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Year Ended February 28, 2021, Period Ended February 29, 2020 and the Year Ended July 31, 2019:
Year Ended February 28, 2021 | Seven months Ended February 29, 2020 | Year Ended July 31, 2019 | ||||||||||
Ordinary income* | $ | 81,838 | $ | 218,991 | $ | 114,285 | ||||||
Ordinary income-tax-exempt | 10,264,644 | 4,003,917 | 6,743,465 | |||||||||
Total distributions | $ | 10,346,482 | $ | 4,222,908 | $ | 6,857,750 |
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Period-End:
2021 | ||||||||||||
Undistributed tax-exempt income | $ | 6,960,405 | ||||||||||
Net unrealized appreciation - investments | 1,801,836 | |||||||||||
Temporary book/tax differences | (59,889 | ) | ||||||||||
Capital loss carryforward | (150,441,941 | ) | ||||||||||
Shares of beneficial interest | 389,754,047 | |||||||||||
Total net assets | $ | 248,014,458 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to tax treatment defaulted bonds and book to tax accretion and amortization differences.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward* | ||||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||||
Not subject to expiration | $ | 16,193,749 | $ | 134,248,192 | $ | 150,441,941 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 9–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $70,285,555 and $81,074,659, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
Aggregate unrealized appreciation of investments | $ | 15,975,431 | ||
Aggregate unrealized (depreciation) of investments | (14,173,595 | ) | ||
Net unrealized appreciation of investments | $ | 1,801,836 |
Cost of investments for tax purposes is $262,390,875.
NOTE 10–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of accretion and amortization differences and market discount, on February 28, 2021, undistributed net investment income was decreased by $45,347 and undistributed net realized gain (loss) was increased by $45,347. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.
21 Invesco New Jersey Municipal Fund
NOTE 11–Share Information
Summary of Share Activity | ||||||||||||||||||||||||
Year ended February 28, 2021(a) | Seven months ended February 29, 2020 | Year ended July 31, 2019 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Sold: | ||||||||||||||||||||||||
Class A | 1,255,546 | $ | 12,210,506 | 759,143 | $ | 7,603,419 | 4,714,727 | $ | 45,818,878 | |||||||||||||||
Class C | 356,169 | 3,473,136 | 254,757 | 2,552,156 | 596,803 | 5,648,750 | ||||||||||||||||||
Class Y | 870,746 | 8,517,595 | 566,765 | 5,685,995 | 1,464,606 | 13,864,517 | ||||||||||||||||||
Class R6(b) | - | - | - | - | 1,027 | 10,000 | ||||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||||||||||
Class A | 484,112 | 4,639,581 | 280,325 | 2,805,968 | 403,248 | 3,823,677 | ||||||||||||||||||
Class C | 72,831 | 696,212 | 45,002 | 450,862 | 143,539 | 1,360,030 | ||||||||||||||||||
Class Y | 105,980 | 1,017,121 | 52,092 | 522,206 | 79,490 | 754,862 | ||||||||||||||||||
Automatic conversion of Class C | ||||||||||||||||||||||||
Class A | 1,339,507 | 13,139,392 | 509,277 | 5,078,798 | - | - | ||||||||||||||||||
Class C | (1,337,154 | ) | (13,139,392 | ) | (508,737 | ) | (5,078,798 | ) | - | - | ||||||||||||||
Reacquired: | ||||||||||||||||||||||||
Class A | (2,492,010 | ) | (24,061,077 | ) | (1,753,533 | ) | (17,525,114 | ) | (3,394,413 | ) | (31,965,749 | ) | ||||||||||||
Class C | (435,805 | ) | (4,207,947 | ) | (284,101 | ) | (2,838,084 | ) | (4,567,086 | ) | (44,365,340 | ) | ||||||||||||
Class Y | (896,130 | ) | (8,659,550 | ) | (376,228 | ) | (3,755,244 | ) | (1,051,885 | ) | (9,856,867 | ) | ||||||||||||
Net increase (decrease) in share activity | (676,208 | ) | $ | (6,374,423 | ) | (455,238 | ) | $ | (4,497,836 | ) | (1,609,944 | ) | $ | (14,907,242 | ) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% 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. |
(b) | Commencement date after the close of business on May 24, 2019. |
NOTE 12–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
22 Invesco New Jersey Municipal Fund
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco New Jersey Municipal Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco New Jersey Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statement of changes in net assets for the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019, and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Financial Highlights
For the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019 for Class A, Class C and Class Y For the year ended February 28, 2021, the seven months ended February 29, 2020 and the period May 24, 2019 (commencement of operations) through July 31, 2019 for Class R6
The financial statements of Invesco New Jersey Municipal Fund (formerly known as Oppenheimer Rochester® New Jersey Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
23 Invesco New Jersey Municipal Fund
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
HYPOTHETICAL | ||||||||||||||||||||||||
(5% annual return before | ||||||||||||||||||||||||
ACTUAL | expenses) | |||||||||||||||||||||||
Beginning | Ending | Expenses | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/20) | (02/28/21)1 | Period2 | (02/28/21) | Period2 | Ratio | |||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,033.20 | $ | 5.49 | $ | 1,019.39 | $ | 5.46 | 1.09 | % | ||||||||||||
Class C | 1,000.00 | 1,030.00 | 8.76 | 1,016.17 | 8.70 | 1.74 | ||||||||||||||||||
Class Y | 1,000.00 | 1,035.50 | 4.29 | 1,020.58 | 4.26 | 0.85 | ||||||||||||||||||
ClassR6 | 1,000.00 | 1,034.80 | 3.78 | 1,021.08 | 3.76 | 0.75 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
24 Invesco New Jersey Municipal Fund
Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | ||||||
Qualified Dividend Income* | 0.00 | % | ||||
Qualified Business Income* | 0.00 | % | ||||
Corporate Dividends Received Deduction* | 0.00 | % | ||||
Business Interest Income* | 0.00 | % | ||||
U.S. Treasury Obligations* | 0.00 | % | ||||
Tax-Exempt Interest Dividends* | 99.21 | % |
* | The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
25 Invesco New Jersey Municipal Fund
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
Name, Year of Birth and 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 Trustee | ||||||||
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) | 191 | 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. |
T-1 Invesco New Jersey Municipal Fund
Trustees and Officers–(continued)
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 | ||||||||
Christopher L. Wilson - 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
| ||||||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit) | ||||
| ||||||||
Jack M. Fields - 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine | ||||
| ||||||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization); Eisenhower Foundation (non-profit) | ||||
| ||||||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||
|
T-2 Invesco New Jersey Municipal Fund
Trustees and Officers–(continued)
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) | ||||||||
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 | 191 | 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 | ||||
| ||||||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
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Prema Mathai-Davis - 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Departmentof Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
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Joel W. Motley - 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friendsofthe LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism) | ||||
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Teresa M. Ressel - 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations
Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budgetand Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); | ||||
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T-3 Invesco New Jersey Municipal Fund
Trustees and Officers–(continued)
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 | ||||
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Independent Trustees–(continued) | ||||||||
Ann Barnett Stern - 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
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Robert C. Troccoli - 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
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Daniel S. Vandivort -1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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James D. Vaughn - 1945 Trustee | 2019 | Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman ofthe 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 | 191 | 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) | ||||
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T-4 Invesco New Jersey Municipal Fund
Trustees and Officers—(continued)
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 | ||||
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Officers | ||||||||
Sheri Morris - 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 | ||||
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Russell C. Burk - 1958 Senior Vice President and Senior Officer | 2005 | Senior Vice President and Senior Officer, The Invesco Funds | N/A | N/A | ||||
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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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A | ||||
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T-5 Invesco New Jersey Municipal Fund
Trustees and Officers–(continued)
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 | ||||
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Officers–(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A | ||||
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T-6 Invesco New Jersey Municipal Fund
Trustees and Officers–(continued)
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 | ||||
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Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
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Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A | ||||
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Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
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Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A | ||||
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Michael McMaster –1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | N/A | N/A | ||||
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The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.
Office of the Fund | Investment Adviser | Distributor | Auditors | |||
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 | Invesco Advisers, Inc. 1555 Peachtree Street, N.E. | Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 | PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 | |||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 | Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001 | Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 | State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801 |
T-7 Invesco New Jersey 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.
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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. |
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | O-RONJM-AR-1 |
Annual Report to Shareholders | February 28, 2021 |
Invesco Pennsylvania Municipal Fund
Nasdaq:
A: OPATX ∎ C: OPACX ∎ Y: OPAYX ∎ R6: IORPX
Management’s Discussion of Fund Performance
Performance summary |
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For the year ended February 28, 2021, Class A shares of Invesco Pennsylvania Municipal Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Barclays Municipal Bond Index. |
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Your Fund’s long-term performance appears later in this report.
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Fund vs. Indexes |
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Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
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Class A Shares | 1.48 | % | ||
Class C Shares | 0.76 | |||
Class Y Shares | 1.64 | |||
Class R6 Shares | 1.70 | |||
Bloomberg Barclays Municipal Bond Indexq | 1.06 | |||
U.S. Consumer Price Index∎ | 1.68 | |||
Source(s): qRIMES Technologies Corp.; ∎ Bloomberg L.P. |
Market conditions and your Fund
Pennsylvania benefits from a highly diversified economy that tends to track the national economy, but with less volatility. During periods of national economic contraction, Pennsylvania will often outperform the US in real gross state product, real personal income, and employment. However, during periods of economic expansion, Pennsylvania will often trend behind the rate of growth in the national economy.1 The commonwealth’s real gross state product decreased 4%, or $30.6 billion, from the fourth quarter of 2019 to the third quarter of 2020.2 Historically, Pennsylvania’s population growth has lagged that of the country,3 remaining flat between 2015 and 2020 at 12.8 million.4 In December 2019, Pennsylvania’s unemployment rate stood at 4.4% versus 3.5% for the US.5 Pennsylvania’s unemployment rate ended the calendar year 2020 with an unemployment rate of 6.7%, which matched the national unemployment rate in the same period.6
Despite increasing the strength of its general and reserve funding in recent years,7 the state’s reserves remain below average.8 Favorably, year-to-date tax revenue collections in fiscal 2021 have exceeded estimates9 and the commonwealth has strong access to liquidity through the State Treasurer.10 At the close of the fiscal year, Pennsylvania’s general obligation bonds were rated A+ by Standard & Poor’s (S&P); AA- by Fitch Ratings; and Aa3 by Moody’s. Fitch Ratings and Moody’s have stable outlooks, while S&P revised their outlook from stable to negative in September 2020.11
The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected twist of the coronavirus (COVID-19) global pandemic that pierced the markets and forced society to navigate unchartered waters in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%, and taxable municipal bonds returned 0.43% during the year.12
The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.13 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.13 High-yield municipal funds generally hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries – well above the historical norm of approximately 90%.14
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to COVID-19, consisting of half a percentage and whole percentage point leaving the target range 0.00% to 0.25%.15
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate time-lines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, just the availability of the program provided a psychological safety net for the market.
As the COVID-19 pandemic continued into fall and winter, most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.
We believe the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform.
A highly demanded second stimulus package was signed at the end of the year. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion. Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.16 This can be attributed to recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance.
Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current on principal and interest, as history has shown.
2 Invesco Pennsylvania Municipal Fund
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February also brought $34 billion in municipal bond supply, higher than the average supply for the last five years for the month.
During the year, security selection in non-rated bonds contributed to the Fund’s performance relative to its style-specific benchmark. The Fund’s preference for revenue bonds over general obligation bonds also benefited its relative performance. At the sector level, security selection in the tobacco settlement and higher education sectors contributed to the Fund’s relative performance.
Security selection in and underweight allocation to tax-backed securities and the transportation sector detracted from the Fund’s performance relative to the style-specific benchmark during the year. Sector allocation in BBB-rated11 bonds detracted from the Fund’s performance relative to its style-specific benchmark over the year.
During the year, leverage contributed to the Fund’s performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of inverse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to 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. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.
Thank you for investing in Invesco Pennsylvania Municipal Fund and sharing our long-term investment horizon.
1 | Source: Commonwealth of Pennsylvania, Governor’s Office of the Budget |
2 | Source: US Bureau of Economic Analysis |
3 | Source: US Census Bureau |
4 | Source: Independent Fiscal Office, Economic and Budget Outlook Fiscal Years 2020-21 to 2025-26 |
5 | Source: Independent Fiscal Office, Monthly Economic Update January 2020 |
6 | Source: Independent Fiscal Office, Monthly Economic Update February 2021 |
7 | Source: Commonwealth of Pennsylvania, Governor’s Office of the Budget |
8 | Source: Moody’s, Credit Opinion: North Dakota (State of) |
9 | Source: Commonwealth of Pennsylvania, Department of Revenue |
10 | Source: Moody’s, Credit Opinion: Pennsylvania (Commonwealth of) |
11 | Sources: Standard & Poor’s, Fitch Ratings, Moody’s. A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side. |
12 | Source: Bloomberg Barclays |
13 | Source: Strategic Insight |
14 | Source: US Department of the Treasury |
15 | Source: US Federal Reserve |
16 | Source: The Bond Buyer |
Portfolio manager(s):
Joshua Cooney
Elizabeth Mossow
Tim O’Reilly
Mark Paris
Charles Pulire
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 Invesco Pennsylvania Municipal Fund
Your Fund’s Long-Term Performance
Results of a $10,000 Investment – Oldest Share Class(es)
Fund and index data from 2/28/11
1 Source: RIMES Technologies Corp.
2 Source: Bloomberg L.P.
Past performance cannot guarantee future results.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management
fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does
not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 Invesco Pennsylvania Municipal Fund
Average Annual Total Returns |
| |||
As of 2/28/21, including maximum applicable sales charges |
| |||
Class A Shares | ||||
Inception (9/18/89) | 5.57 | % | ||
10 Years | 5.72 | |||
5 Years | 5.24 | |||
1 Year | -2.84 | |||
Class C Shares | ||||
Inception (8/29/95) | 5.10 | % | ||
10 Years | 5.57 | |||
5 Years | 5.44 | |||
1 Year | -0.22 | |||
Class Y Shares | ||||
Inception (11/29/10) | 6.01 | % | ||
10 Years | 6.37 | |||
5 Years | 6.38 | |||
1 Year | 1.64 | |||
Class R6 Shares | ||||
10 Years | 6.22 | % | ||
5 Years | 6.23 | |||
1 Year | 1.70 |
Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester Pennsylvania Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester® Pennsylvania Municipal Fund. The Fund was subsequently renamed the Invesco Pennsylvania Municipal Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.
Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on
Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.
5 Invesco Pennsylvania Municipal Fund
Supplemental Information
Invesco Pennsylvania Municipal Fund’s investment objective is to seek tax-free income.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report
∎ | The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. |
∎ | The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US Bureau of Labor Statistics. |
∎ | The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
∎ | A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. | ||
| ||
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
6 Invesco Pennsylvania Municipal Fund
Fund Information
Portfolio Composition
By credit sector | % of total investments | |||
Revenue Bonds | 77.7% | |||
General Obligation Bonds | 14.7 | |||
Pre-Refunded Bonds | 6.2 | |||
Other | 1.4 |
Top Five Debt Holdings
% of total net assets | ||||
1. | Children’s Trust Fund, Series 2008 A, RB | 3.4% | ||
2. | Philadelphia (City of), PA, Series 2017 B, Ref. RB | 2.6 | ||
3. | Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB | 2.3 | ||
4. | Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB | 2.1 | ||
5. | Children’s Trust Fund, Series 2002, RB | 2.0 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of February 28, 2021.
7 Invesco Pennsylvania Municipal Fund
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Municipal Obligations–97.48% | ||||||||||||||
Pennsylvania–81.05% | ||||||||||||||
Aliquippa School District; Series 2018, Ref. GO Bonds (INS - BAM)(a) | 4.00 | % | 12/01/2041 | $ | 1,750 | $ 1,950,095 | ||||||||
Allegheny (County of), PA; | ||||||||||||||
Series 2016 C-76, GO Bonds | 5.00 | % | 11/01/2041 | 14,320 | 17,163,952 | |||||||||
Series 2018 C-77, GO Bonds | 5.00 | % | 11/01/2043 | 4,960 | 6,101,990 | |||||||||
Allegheny (County of), PA Higher Education Building Authority (Carlow University); | ||||||||||||||
Series 2011, RB(b) | 6.00 | % | 11/01/2021 | 295 | 306,263 | |||||||||
Series 2011, RB(b)(c) | 6.75 | % | 11/01/2021 | 1,125 | 1,173,476 | |||||||||
Allegheny (County of), PA Higher Education Building Authority (Chatham University); Series 2012 A, RB | 5.00 | % | 09/01/2035 | 2,000 | 2,064,380 | |||||||||
Allegheny (County of), PA Higher Education Building Authority (Duquesne University); Series 2011 A, RB(b)(c) | 5.50 | % | 03/01/2021 | 550 | 550,000 | |||||||||
Allegheny (County of), PA Higher Education Building Authority (Robert Morris University); | ||||||||||||||
Series 1998 A, Ref. RB (INS - ACA)(a) | 6.00 | % | 05/01/2028 | 180 | 208,631 | |||||||||
Series 2017, RB | 5.00 | % | 10/15/2037 | 615 | 694,230 | |||||||||
Series 2017, RB | 5.00 | % | 10/15/2047 | 1,500 | 1,660,785 | |||||||||
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB | 5.00 | % | 04/01/2047 | 15,615 | 18,210,525 | |||||||||
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center); | ||||||||||||||
Series 2007 A-1, RB (67% of 3 mo. USD LIBOR + 0.82%)(d) | 0.96 | % | 02/01/2037 | 750 | 740,235 | |||||||||
Series 2019 A, Ref. RB | 4.00 | % | 07/15/2038 | 1,035 | 1,175,170 | |||||||||
Allegheny (County of), PA Industrial Development Authority (Propel Charter School - East); | ||||||||||||||
Series 2010 C, RB | 5.90 | % | 08/15/2026 | 235 | 235,726 | |||||||||
Series 2010 C, RB | 6.38 | % | 08/15/2035 | 1,200 | 1,203,276 | |||||||||
Allegheny (County of), PA Industrial Development Authority (Propel Charter School - Montour); Series 2010 A, RB | 6.75 | % | 08/15/2035 | 680 | 682,217 | |||||||||
Allegheny (County of), PA Industrial Development Authority (Propel Charter School - Sunrise); Series 2013, RB | 6.00 | % | 07/15/2038 | 1,500 | 1,612,455 | |||||||||
Allegheny (County of), PA Redevelopment Authority (Pittsburgh Mills); Series 2004, RB (Acquired 04/18/2006-08/16/2018; Cost $8,873,450)(e) | 5.60 | % | 07/01/2023 | 9,085 | 8,176,500 | |||||||||
Allegheny (County of), PA Residential Finance Authority (Allegheny Independence House Apartments); Series 2007 B, RB (CEP - GNMA)(f) | 6.10 | % | 01/20/2043 | 1,170 | 1,173,381 | |||||||||
Allegheny (County of), PA Residential Finance Authority (Broadview Manor Apartments); Series 2007 A, RB (CEP - GNMA)(f) | 5.95 | % | 01/20/2043 | 1,500 | 1,503,315 | |||||||||
Allegheny (County of), PA Residential Finance Authority (Versailles-Archer Apartments); Series 2007 C, RB (CEP - GNMA)(f) | 6.16 | % | 01/20/2043 | 1,505 | 1,509,425 | |||||||||
Allegheny (County of), PA Sanitary Authority; Series 2015, Ref. RB(g) | 5.00 | % | 12/01/2045 | 2,120 | 2,474,612 | |||||||||
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); | ||||||||||||||
Series 2018, RB(h) | 5.00 | % | 05/01/2042 | 615 | 712,195 | |||||||||
Series 2018, RB(h) | 5.38 | % | 05/01/2042 | 4,000 | 4,602,600 | |||||||||
Allentown City School District; | ||||||||||||||
Series 2018 B, GO Bonds (INS - BAM)(a) | 5.00 | % | 06/01/2036 | 1,250 | 1,464,725 | |||||||||
Series 2018 B, GO Bonds (INS - BAM)(a) | 5.00 | % | 06/01/2037 | 1,255 | 1,468,513 | |||||||||
Berks (County of), PA Industrial Development Authority (Highlands at Wyomissing (The)); | ||||||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 05/15/2037 | 1,125 | 1,273,196 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 05/15/2042 | 500 | 559,795 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 05/15/2047 | 600 | 667,794 | |||||||||
Series 2017 C, RB | 5.00 | % | 05/15/2047 | 475 | 517,660 | |||||||||
Series 2017, RB | 5.00 | % | 05/15/2042 | 600 | 656,022 | |||||||||
Berks (County of), PA Industrial Development Authority (Tower Health); | 5.00 | % | 11/01/2047 | 8,500 | 9,282,000 | |||||||||
Berks (County of), PA Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB | 5.00 | % | 11/01/2040 | 1,000 | 1,022,690 | |||||||||
Bethlehem (City of), PA; | ||||||||||||||
Series 2011 A, Ref. GO Bonds(b)(c) | 6.50 | % | 06/01/2021 | 1,750 | 1,777,230 | |||||||||
Series 2014, Ref. RB (INS - BAM)(a) | 5.00 | % | 11/15/2030 | 425 | 457,972 | |||||||||
Series 2014, Ref. RB (INS - BAM)(a) | 5.00 | % | 11/15/2031 | 425 | 457,895 | |||||||||
Bethlehem Area School District; Series 2015 A, GO Bonds (INS - BAM)(a) | 5.00 | % | 08/01/2035 | 3,000 | 3,523,020 | |||||||||
Bucks (County of), PA Industrial Development Authority (Pennswood Village); | 5.00 | % | 10/01/2037 | 270 | 303,278 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco Pennsylvania Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Pennsylvania–(continued) | ||||||||||||||
Butler (County of), PA General Authority (Hampton Township School District); | 0.06 | % | 09/01/2027 | $ | 800 | $ 800,000 | ||||||||
Butler (County of), PA General Authority (North Allegheny School District); Series 2011 A, VRD RB | 0.05 | % | 11/01/2021 | 550 | 550,000 | |||||||||
Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, | 5.38 | % | 12/01/2021 | 1,100 | 1,142,735 | |||||||||
Centre (County of), PA Hospital Authority (Mt. Nittany Medical Center); | ||||||||||||||
Series 2011, RB(b)(c) | 6.25 | % | 11/15/2021 | 950 | 990,755 | |||||||||
Series 2011, RB(b)(c) | 7.00 | % | 11/15/2021 | 2,000 | 2,096,180 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 11/15/2046 | 500 | 571,460 | |||||||||
Cheltenham (Township of), PA; | ||||||||||||||
Series 2018, GO Bonds(b)(c) | 4.00 | % | 07/01/2023 | 170 | 184,472 | |||||||||
Series 2018, GO Bonds | 4.00 | % | 07/01/2048 | 2,660 | 2,831,224 | |||||||||
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System); Series 2017 A, Ref. RB | 5.00 | % | 10/01/2052 | 2,000 | 2,355,600 | |||||||||
Chester (County of), PA Health & Education Facilities Authority (Simpson Senior Services); | 3.25 | % | 12/01/2029 | 195 | 187,779 | |||||||||
Series 2019, Ref. RB | 4.00 | % | 12/01/2039 | 305 | 282,522 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 12/01/2051 | 6,000 | 6,111,420 | |||||||||
Chester (County of), PA Industrial Development Authority (Avon Grove Charter School); Series 2017 A, Ref. RB | 5.00 | % | 12/15/2051 | 770 | 854,138 | |||||||||
Chester (County of), PA Industrial Development Authority (Collegium Charter School); Series 2017 A, RB | 5.25 | % | 10/15/2047 | 695 | 766,682 | |||||||||
Chester (County of), PA Industrial Development Authority (Longwood Gardens); | ||||||||||||||
Series 2019, RB | 5.00 | % | 12/01/2044 | 1,500 | 1,840,920 | |||||||||
Series 2019, RB | 4.00 | % | 12/01/2049 | 1,500 | 1,699,050 | |||||||||
Chester (County of), PA Industrial Development Authority (Renaissance Academy Charter School); Series 2014, RB | 5.00 | % | 10/01/2044 | 2,215 | 2,357,336 | |||||||||
Chester (County of), PA Industrial Development Authority (University Student Housing, LLC at West Chester University of Pennsylvania); | ||||||||||||||
Series 2013 A, RB | 5.00 | % | 08/01/2035 | 1,000 | 1,007,410 | |||||||||
Series 2013, RB | 5.00 | % | 08/01/2045 | 750 | 754,238 | |||||||||
Clairton (City of), PA Municipal Authority; Series 2012 B, RB | 5.00 | % | 12/01/2037 | 1,000 | 1,055,960 | |||||||||
Clarion (County of), PA Industrial Development Authority (Clarion University Foundation, Inc. Student Housing at Clarion University of Pennsylvania); | ||||||||||||||
Series 2014 A, RB | 5.00 | % | 07/01/2034 | 2,310 | 2,550,332 | |||||||||
Series 2014 A, RB | 5.00 | % | 07/01/2045 | 1,000 | 1,089,330 | |||||||||
Series 2014, Ref. RB | 5.00 | % | 07/01/2024 | 1,220 | 1,394,192 | |||||||||
Series 2014, Ref. RB | 5.00 | % | 07/01/2029 | 2,430 | 2,716,497 | |||||||||
Series 2014, Ref. RB | 5.00 | % | 07/01/2033 | 3,500 | 3,870,055 | |||||||||
Coatesville School District; | ||||||||||||||
Series 2020 A, GO Bonds (INS - BAM)(a)(j) | 0.00 | % | 10/01/2034 | 300 | 193,056 | |||||||||
Series 2020 A, GO Bonds (INS - BAM)(a)(j) | 0.00 | % | 10/01/2038 | 2,700 | 1,427,598 | |||||||||
Series 2020 B, Ref. GO Bonds (INS - BAM)(a)(j) | 0.00 | % | 10/01/2033 | 500 | 337,340 | |||||||||
Series 2020 B, Ref. GO Bonds (INS - BAM)(a)(j) | 0.00 | % | 10/01/2034 | 980 | 630,650 | |||||||||
Series 2020 C, Ref. GO Bonds (INS - BAM)(a)(j) | 0.00 | % | 10/01/2033 | 640 | 431,795 | |||||||||
Commonwealth Financing Authority; | ||||||||||||||
Series 2018, RB(g)(k) | 5.00 | % | 06/01/2034 | 2,500 | 3,047,675 | |||||||||
Series 2018, RB(g)(k) | 5.00 | % | 06/01/2035 | 500 | 608,055 | |||||||||
Cumberland (County of), PA Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2012, Ref. RB | 5.25 | % | 01/01/2041 | 2,750 | 2,790,507 | |||||||||
Cumberland (County of), PA Municipal Authority (Diakon Lutheran); | ||||||||||||||
Series 2015, Ref. RB(b)(c) | 5.00 | % | 01/01/2025 | 125 | 145,641 | |||||||||
Series 2015, Ref. RB | 5.00 | % | 01/01/2038 | 1,145 | 1,259,912 | |||||||||
Cumberland (County of), PA Municipal Authority (Messiah Village); | ||||||||||||||
Series 2018, Ref. RB | 5.00 | % | 07/01/2031 | 1,565 | 1,745,820 | |||||||||
Series 2018, Ref. RB | 5.00 | % | 07/01/2035 | 3,210 | 3,545,959 | |||||||||
Cumberland (County of), PA Municipal Authority (Penn State Health); Series 2019, RB | 4.00 | % | 11/01/2044 | 2,000 | 2,273,520 | |||||||||
Dallas Area Municipal Authority (Misericordia University); | ||||||||||||||
Series 2019, Ref. RB | 5.00 | % | 05/01/2039 | 905 | 1,040,107 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 05/01/2048 | 3,440 | 3,890,434 | |||||||||
Dauphin (County of), PA General Authority (Pinnacle Health System); Series 2016 A, Ref. RB | 5.00 | % | 06/01/2034 | 510 | 599,291 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco Pennsylvania Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Pennsylvania–(continued) | ||||||||||||||
Delaware (County of), PA Authority (Eastern University); Series 2012, RB | 5.25 | % | 10/01/2032 | $ | 5,225 | $ 5,311,892 | ||||||||
Delaware (County of), PA Authority (Elywn); | ||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2027 | 500 | 543,980 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2037 | 3,500 | 3,709,965 | |||||||||
Delaware (County of), PA Authority (Mercy Health Corp.); Series 1993 A, RB(b) | 5.38 | % | 11/15/2023 | 35 | 36,202 | |||||||||
Delaware (County of), PA Authority (Neumann University); | ||||||||||||||
Series 2016, Ref. RB | 5.00 | % | 10/01/2031 | 1,425 | 1,601,230 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 10/01/2035 | 2,305 | 2,567,678 | |||||||||
Delaware (County of), PA Authority (Villanova University); Series 2015, RB | 5.00 | % | 08/01/2045 | 215 | 241,789 | |||||||||
Delaware (County of), PA Industrial Development Authority (Mercy Health Corp. of Southeastern PA); Series 2016 A, RB(h) | 5.13 | % | 06/01/2046 | 1,980 | 2,156,675 | |||||||||
Delaware River Port Authority (Port District); | ||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 01/01/2025 | 540 | 574,058 | |||||||||
Series 2012, Ref. RB | 5.00 | % | 01/01/2027 | 535 | 565,816 | |||||||||
Delaware Valley Regional Financial Authority; Series 2002, RB | 5.75 | % | 07/01/2032 | 1,000 | 1,412,010 | |||||||||
Doylestown (City of), PA Hospital Authority; Series 2019 A, RB | 4.00 | % | 07/01/2045 | 250 | 258,728 | |||||||||
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare); Series 2018, Ref. RB | 5.00 | % | 07/15/2048 | 650 | 740,994 | |||||||||
East Hempfield (Township of), PA Industrial Development Authority (Student Services, Inc. Student Housing at Millersville University of Pennsylvania); | ||||||||||||||
Series 2013, RB | 5.00 | % | 07/01/2030 | 1,000 | 1,017,970 | |||||||||
Series 2013, RB | 5.00 | % | 07/01/2035 | 1,750 | 1,777,562 | |||||||||
Series 2014, RB | 5.00 | % | 07/01/2039 | 250 | 254,895 | |||||||||
Series 2015, RB | 5.00 | % | 07/01/2030 | 820 | 846,338 | |||||||||
Series 2015, RB | 5.00 | % | 07/01/2035 | 1,060 | 1,089,818 | |||||||||
East Hempfield (Township of), PA Industrial Development Authority (Willow Valley Communities); | ||||||||||||||
Series 2016, Ref. RB | 5.00 | % | 12/01/2030 | 630 | 729,660 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 12/01/2039 | 370 | 418,862 | |||||||||
Erie (City & County of), PA City Water Authority; | ||||||||||||||
Series 2014, Ref. RB(b)(c) | 5.00 | % | 12/01/2024 | 5,000 | 5,848,450 | |||||||||
Series 2018 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 12/01/2043 | 1,280 | 1,555,712 | |||||||||
Erie (City of), PA Higher Education Building Authority (Gannon University); | ||||||||||||||
Series 2010 A, RB | 5.38 | % | 05/01/2030 | 1,000 | 1,002,470 | |||||||||
Series 2010 A, RB | 5.50 | % | 05/01/2040 | 2,565 | 2,570,438 | |||||||||
Series 2013, RB | 5.00 | % | 05/01/2038 | 7,840 | 8,201,110 | |||||||||
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); | ||||||||||||||
Series 2018, Ref. RB | 5.00 | % | 12/01/2043 | 475 | 508,307 | |||||||||
Series 2018, Ref. RB | 5.00 | % | 12/01/2053 | 700 | 739,963 | |||||||||
Series 2019, RB | 5.00 | % | 12/01/2039 | 755 | 812,916 | |||||||||
Series 2019, RB | 5.00 | % | 12/01/2054 | 3,000 | 3,169,320 | |||||||||
Franklin Regional School District; Series 2019, GO Bonds | 4.00 | % | 05/01/2046 | 2,000 | 2,246,420 | |||||||||
Geisinger Authority (Geisinger Health System); | ||||||||||||||
Series 2011 A-1, RB | 5.13 | % | 06/01/2041 | 500 | 504,360 | |||||||||
Series 2017 A-1, Ref. RB | 5.00 | % | 02/15/2045 | 16,655 | 19,613,760 | |||||||||
Series 2020, Ref. RB | 4.00 | % | 04/01/2050 | 5,000 | 5,652,150 | |||||||||
General Authority of Southcentral Pennsylvania (WellSpan Health Obligated Group); Series 2019 A, Ref. RB | 5.00 | % | 06/01/2049 | 750 | 915,052 | |||||||||
Lancaster (City of), PA Industrial Development Authority (Willow Valley Communities); | ||||||||||||||
Series 2019, RB | 5.00 | % | 12/01/2044 | 1,850 | 2,127,981 | |||||||||
Series 2019, RB | 5.00 | % | 12/01/2049 | 2,755 | 3,161,886 | |||||||||
Lancaster (County of), PA Hospital Authority (Brethren Village); Series 2017, Ref. RB | 5.13 | % | 07/01/2037 | 1,135 | 1,227,480 | |||||||||
Lancaster (County of), PA Hospital Authority (Landis Homes Retirement Community); Series 2015, Ref. RB | 5.00 | % | 07/01/2045 | 625 | 669,606 | |||||||||
Lancaster (County of), PA Hospital Authority (Masonic Villages); Series 2015, Ref. RB | 5.00 | % | 11/01/2035 | 210 | 230,845 | |||||||||
Lancaster School District; | ||||||||||||||
Series 2020, GO Bonds (INS - AGM)(a) | 4.00 | % | 06/01/2034 | 900 | 1,062,819 | |||||||||
Series 2020, GO Bonds (INS - AGM)(a) | 4.00 | % | 06/01/2036 | 1,275 | 1,496,608 | |||||||||
Langhorne Manor (Borough of), PA Higher Education & Health Authority (Woods Services); Series 2013, RB | 4.00 | % | 11/15/2033 | 15 | 15,027 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco Pennsylvania Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Pennsylvania–(continued) | ||||||||||||||
Lehigh (County of), PA (Lehigh Valley Health Network); | ||||||||||||||
Series 2019 A, Ref. RB | 5.00 | % | 07/01/2044 | $ | 1,000 | $ 1,218,950 | ||||||||
Series 2019, Ref. RB | 4.00 | % | 07/01/2049 | 2,500 | 2,785,750 | |||||||||
Lehigh (County of), PA General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB | 5.25 | % | 07/01/2042 | 825 | 846,714 | |||||||||
Lehigh (County of), PA General Purpose Authority (Kidspeace Obligation Group); | ||||||||||||||
Series 2014 A, RB | 7.50 | % | 02/01/2044 | 5,250 | 5,269,442 | |||||||||
Series 2014 B, RB(l) | 7.50 | % | 02/01/2044 | 3,735 | 1,552,747 | |||||||||
Series 2014 C, RB(j)(m) | 0.00 | % | 02/01/2044 | 3,238 | 324 | |||||||||
Lycoming (County of), PA Authority (Pennsylvania College of Technology); Series 2011, RB | 5.00 | % | 07/01/2030 | 750 | 759,840 | |||||||||
Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); Series 2014, Ref. RB | 5.00 | % | 10/01/2027 | 390 | 425,178 | |||||||||
Montgomery (County of), PA Higher Education & Health Authority (Philadelphia Presbytery Homes, Inc.); | ||||||||||||||
Series 2010, RB(b)(c) | 6.50 | % | 12/01/2021 | 300 | 313,986 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 12/01/2037 | 750 | 835,417 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 12/01/2047 | 1,000 | 1,102,080 | |||||||||
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); | ||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 09/01/2048 | 4,270 | 5,030,487 | |||||||||
Series 2019, Ref. RB | 4.00 | % | 09/01/2049 | 4,000 | 4,435,600 | |||||||||
Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities, Inc.); | ||||||||||||||
Series 2012, Ref. RB(b)(c) | 5.00 | % | 05/15/2022 | 900 | 952,659 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 11/15/2036 | 11,075 | 12,915,443 | |||||||||
Series 2020 C, RB | 4.00 | % | 11/15/2043 | 350 | 397,411 | |||||||||
Series 2020 C, RB | 5.00 | % | 11/15/2045 | 675 | 805,896 | |||||||||
Montgomery (County of), PA Industrial Development Authority (Haverford School); Series 2019, Ref. RB | 4.00 | % | 03/01/2049 | 3,250 | 3,535,902 | |||||||||
Montgomery (County of), PA Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB(b)(c) | 6.63 | % | 12/01/2021 | 1,500 | 1,571,925 | |||||||||
Montgomery (County of), PA Industrial Development Authority (Waverly Heights Ltd.); Series 2019, Ref. RB | 5.00 | % | 12/01/2049 | 1,000 | 1,121,530 | |||||||||
Northampton (County of), PA General Purpose Authority (LaFayette College); Series 2017, Ref. RB | 5.00 | % | 11/01/2047 | 6,135 | 7,131,201 | |||||||||
Northampton (County of), PA General Purpose Authority (Moravian College); | ||||||||||||||
Series 2012, RB | 5.00 | % | 07/01/2031 | 2,860 | 2,968,566 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 10/01/2036 | 2,250 | 2,506,477 | |||||||||
Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network); | ||||||||||||||
Series 2016, Ref. RB | 5.00 | % | 08/15/2036 | 330 | 381,355 | |||||||||
Series 2018 A, Ref. RB | 4.00 | % | 08/15/2048 | 8,430 | 9,082,398 | |||||||||
Northampton (County of), PA Industrial Development Authority; | ||||||||||||||
Series 2013 A, RB (Acquired 04/03/2013; Cost $13,041,003)(e)(n)(o) | 5.00 | % | 12/31/2023 | 14,826 | 3,706,652 | |||||||||
Series 2013, RB(n)(o) | 5.00 | % | 12/31/2023 | 5,001 | 1,250,199 | |||||||||
Northampton (County of), PA Industrial Development Authority (Morningstar Senior Living, Inc.); | ||||||||||||||
Series 2012, RB | 5.00 | % | 07/01/2032 | 920 | 936,542 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 11/01/2039 | 500 | 536,660 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 11/01/2044 | 950 | 1,008,919 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 11/01/2049 | 1,050 | 1,113,556 | |||||||||
Northeastern Pennsylvania (State of) Hospital & Education Authority (Kings College); Series 2019, RB | 5.00 | % | 05/01/2044 | 1,000 | 1,174,390 | |||||||||
Penn Hills School District; Series 2020, Ref. GO Bonds (INS - BAM)(a) | 3.00 | % | 10/01/2042 | 4,000 | 4,207,520 | |||||||||
Pennsylvania (Commonwealth of); | ||||||||||||||
First Series 2014, GO Bonds(g) | �� | 5.00 | % | 06/15/2034 | 3,000 | 3,408,540 | ||||||||
Series 2018 A, Ref. COP | 4.00 | % | 07/01/2046 | 540 | 595,129 | |||||||||
Series 2020, GO Bonds | 2.13 | % | 05/01/2040 | 2,500 | 2,463,575 | |||||||||
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC); Series 2018 A, Ref. COP | 5.00 | % | 07/01/2043 | 590 | 700,242 | |||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority; | 0.00 | % | 01/01/2044 | 775 | 404,465 | |||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. RB(f) | 5.00 | % | 11/01/2041 | 1,200 | 1,275,720 | |||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Capital Region Parking System); Series 2013, RB | 6.00 | % | 07/01/2053 | 920 | 1,018,311 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco Pennsylvania Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Pennsylvania–(continued) | ||||||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (CarbonLite P, LLC); Series 2019, RB(f)(h) | 5.25 | % | 06/01/2026 | $ | 650 | $ 579,976 | ||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Covanta Holding Corp.) (Green Bonds); Series 2019 A, RB(f)(h) | 3.25 | % | 08/01/2039 | 1,250 | 1,270,212 | |||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Forum Place); Series 2012, RB(b)(c) | 5.00 | % | 03/01/2022 | 3,000 | 3,144,000 | |||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(f) | 5.50 | % | 11/01/2044 | 635 | 659,225 | |||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB(f) | 5.00 | % | 12/31/2034 | 775 | 906,169 | |||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement); | ||||||||||||||
Series 2015, RB(f) | 5.00 | % | 12/31/2038 | 460 | 533,536 | |||||||||
Series 2015, RB(f) | 5.00 | % | 06/30/2042 | 8,500 | 9,800,245 | |||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC); Series 2020 A-1, RB | 4.00 | % | 04/15/2050 | 1,500 | 1,666,485 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (AICUP Financing Program-Del Valley College); Series 2012, RB | 5.00 | % | 11/01/2042 | 1,070 | 1,088,725 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (AICUP Financing Program-Gwynedd-Mercy College); Series 2012 KK1, RB | 5.38 | % | 05/01/2042 | 1,300 | 1,341,197 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (AICUP Financing Program-St. Francis University); | ||||||||||||||
Series 2011 JJ2, RB(b)(c) | 6.00 | % | 11/01/2021 | 1,750 | 1,817,427 | |||||||||
Series 2011 JJ2, RB(b)(c) | 6.25 | % | 11/01/2021 | 2,250 | 2,340,405 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Holy Family University); Series 2013 A, RB | 6.25 | % | 09/01/2033 | 320 | 350,563 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (La Salle University); Series 2012, RB | 5.00 | % | 05/01/2042 | 1,180 | 1,206,007 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Pennsylvania State University); Series 2002, RB | 5.00 | % | 03/01/2022 | 10 | 10,036 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Shippensburg University Services, Inc. Student Housing at Shippensburg University of Pennsylvania); | ||||||||||||||
Series 2011, RB(b)(c) | 6.00 | % | 10/01/2021 | 3,000 | 3,101,070 | |||||||||
Series 2011, RB(b)(c) | 6.25 | % | 10/01/2021 | 7,000 | 7,245,980 | |||||||||
Series 2012, RB(b)(c) | 5.00 | % | 10/01/2022 | 1,400 | 1,506,218 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (The Foundation for Indiana University of Pennsylvania Student Housing at Indiana University of Pennsylvania); Series 2012 A, Ref. RB(b)(c) | 5.00 | % | 07/01/2022 | 750 | 795,938 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015, Ref. RB | 5.25 | % | 09/01/2050 | 1,070 | 1,202,295 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania); Series 2017, RB(g) | 5.00 | % | 08/15/2046 | 2,200 | 2,588,806 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System); | ||||||||||||||
Series 2017 A, RB | 5.00 | % | 08/15/2042 | 1,075 | 1,282,561 | |||||||||
Series 2019, RB | 4.00 | % | 08/15/2049 | 10,000 | 11,254,200 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Ursinus College); Series 2012 A, RB | 5.00 | % | 01/01/2029 | 1,000 | 1,025,650 | |||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Widener College); Series 2014, Ref. RB | 5.00 | % | 07/15/2038 | 1,000 | 1,066,490 | |||||||||
Pennsylvania (Commonwealth of) Housing Finance Agency; Series 2019-131 A, Ref. RB | 3.10 | % | 10/01/2044 | 2,500 | 2,588,750 | |||||||||
Pennsylvania (Commonwealth of) Public School Building Authority (Harrisburg Area Community College); Series 2011, RB(b)(c) | 5.00 | % | 04/01/2021 | 5,000 | 5,019,450 | |||||||||
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); | ||||||||||||||
Series 2012, RB(b)(c) | 5.00 | % | 04/01/2022 | 250 | 263,003 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 06/01/2027 | 3,750 | 4,586,587 | |||||||||
Series 2016 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 06/01/2032 | 8,795 | 10,636,673 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 06/01/2036 | 4,800 | 5,763,792 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco Pennsylvania Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Pennsylvania–(continued) | ||||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission; | ||||||||||||||
Series 2009 C, RB (INS - AGM)(a) | 6.25 | % | 06/01/2033 | $ | 2,000 | $ 2,512,740 | ||||||||
Series 2009 E, RB | 6.38 | % | 12/01/2038 | 11,435 | 15,048,346 | |||||||||
Series 2014 A-1, RB | 5.00 | % | 12/01/2032 | 2,000 | 2,289,900 | |||||||||
Series 2015 B, RB | 5.00 | % | 12/01/2030 | 500 | 590,405 | |||||||||
Series 2015 B, RB | 5.00 | % | 12/01/2031 | 1,000 | 1,177,250 | |||||||||
Series 2017 A, RB | 5.50 | % | 12/01/2042 | 5,000 | 6,154,700 | |||||||||
Series 2017 A-1, RB | 5.00 | % | 12/01/2035 | 1,050 | 1,294,839 | |||||||||
Series 2018 A-2, RB | 5.00 | % | 12/01/2043 | 535 | 646,820 | |||||||||
Series 2018 A-2, RB | 5.00 | % | 12/01/2048 | 6,000 | 7,207,260 | |||||||||
Series 2018 B, RB | 5.25 | % | 12/01/2048 | 630 | 771,467 | |||||||||
Series 2019 A, RB | 5.00 | % | 12/01/2044 | 1,000 | 1,229,980 | |||||||||
Series 2019 A, RB (INS - AGM)(a) | 4.00 | % | 12/01/2049 | 3,800 | 4,338,460 | |||||||||
Series 2020 B, RB | 5.00 | % | 12/01/2050 | 4,000 | 4,963,240 | |||||||||
Subseries 2017 B-1, RB | 5.25 | % | 06/01/2047 | 1,000 | 1,212,120 | |||||||||
Pennsylvania (State of) Turnpike Commission; Series 2021 A, RB | 4.00 | % | 12/01/2050 | 8,500 | 9,537,000 | |||||||||
Pennsylvania State University; | ||||||||||||||
Series 2016 A, RB | 5.00 | % | 09/01/2041 | 1,430 | 1,700,084 | |||||||||
Series 2017 A, RB | 5.00 | % | 09/01/2047 | 2,500 | 3,023,950 | |||||||||
Series 2019 A, RB | 5.00 | % | 09/01/2044 | 1,330 | 1,660,864 | |||||||||
Philadelphia (City of), PA; | ||||||||||||||
Series 2017 A, RB | 5.00 | % | 10/01/2052 | 1,895 | 2,255,031 | |||||||||
Series 2017 A, RB(g)(k) | 5.25 | % | 10/01/2052 | 2,070 | 2,493,708 | |||||||||
Series 2017 A, Ref. GO Bonds (INS - AGM)(a) | 5.00 | % | 08/01/2035 | 3,500 | 4,257,575 | |||||||||
Series 2017 A, Ref. GO Bonds | 5.00 | % | 08/01/2036 | 700 | 849,114 | |||||||||
Series 2017 B, Ref. RB(f) | 5.00 | % | 07/01/2047 | 19,700 | 22,714,494 | |||||||||
Series 2017, Ref. GO Bonds | 5.00 | % | 08/01/2041 | 1,000 | 1,198,870 | |||||||||
Series 2018 A, RB | 5.00 | % | 10/01/2053 | 7,000 | 8,419,250 | |||||||||
Series 2019 B, GO Bonds | 5.00 | % | 02/01/2039 | 300 | 370,434 | |||||||||
Series 2019 B, RB | 5.00 | % | 11/01/2049 | 4,635 | 5,687,145 | |||||||||
Series 2019 B, RB | 5.00 | % | 11/01/2054 | 11,030 | 13,547,377 | |||||||||
Series 2020 A, RB | 5.00 | % | 11/01/2045 | 1,250 | 1,577,050 | |||||||||
Series 2020 C, Ref. RB(f) | 4.00 | % | 07/01/2045 | 1,500 | 1,646,535 | |||||||||
Series 2020 C, Ref. RB(f) | 4.00 | % | 07/01/2050 | 1,500 | 1,638,570 | |||||||||
Philadelphia (City of), PA (Philadelphia Gas Works Co.); Series 2017 15, Ref. RB | 5.00 | % | 08/01/2047 | 3,620 | 4,241,699 | |||||||||
Philadelphia (City of), PA Authority for Industrial Development (Cultural and Commercials Corridors); Series 2016, Ref. RB | 5.00 | % | 12/01/2031 | 840 | 999,256 | |||||||||
Philadelphia (City of), PA Authority for Industrial Development (Independence Charter School - West); | ||||||||||||||
Series 2019, RB | 4.00 | % | 06/15/2029 | 350 | 374,598 | |||||||||
Series 2019, RB | 5.00 | % | 06/15/2050 | 350 | 376,128 | |||||||||
Philadelphia (City of), PA Authority for Industrial Development (International Apartments at Temple University); | ||||||||||||||
Series 2010 A, IDR | 5.38 | % | 06/15/2030 | 2,040 | 2,044,182 | |||||||||
Series 2010 A, IDR | 5.63 | % | 06/15/2042 | 4,000 | 4,006,840 | |||||||||
Philadelphia (City of), PA Authority for Industrial Development (PresbyHomes Germantown/ Morrisville); Series 2005 A, RB | 5.63 | % | 07/01/2035 | 2,578 | 2,579,237 | |||||||||
Philadelphia (City of), PA Authority for Industrial Development (Richard Allen Preparatory Charter School); Series 2006, RB | 6.25 | % | 05/01/2033 | 1,640 | 1,507,472 | |||||||||
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2020 A, Ref. RB | 4.00 | % | 11/01/2045 | 1,900 | 2,119,526 | |||||||||
Philadelphia (City of), PA Authority for Industrial Development (Tacony Academy Charter School); | ||||||||||||||
Series 2013 A-1, RB | 6.75 | % | 06/15/2033 | 2,000 | 2,213,080 | |||||||||
Series 2013 A-1, RB | 7.00 | % | 06/15/2043 | 3,090 | 3,410,031 | |||||||||
Philadelphia (City of), PA Authority for Industrial Development (Temple University); First | ||||||||||||||
Series 2015, Ref. RB | 5.00 | % | 04/01/2045 | 530 | 588,289 | |||||||||
Philadelphia (City of), PA Authority for Industrial Development (The Childrens Hospital of Philadelphia); Series 2014 A, RB(g) | 5.00 | % | 07/01/2042 | 1,000 | 1,102,240 | |||||||||
Philadelphia (City of), PA Authority for Industrial Development (University Square Apartments); Series 2017, RB | 5.00 | % | 12/01/2058 | 4,165 | 4,743,602 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco Pennsylvania Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Pennsylvania–(continued) | ||||||||||||||||
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group); | ||||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2042 | $ | 1,000 | $ | 1,035,010 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2049 | 500 | 513,885 | |||||||||||
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System); | ||||||||||||||||
Series 2012 A, RB | 5.63 | % | 07/01/2042 | 1,000 | 1,051,650 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2032 | 1,000 | 1,144,260 | |||||||||||
Philadelphia (City of), PA Housing Authority; | ||||||||||||||||
Series 2002 A, RB (INS - AGM)(a) | 5.00 | % | 12/01/2021 | 130 | 130,475 | |||||||||||
Series 2017, RB | 5.00 | % | 05/01/2039 | 1,300 | 1,508,910 | |||||||||||
Series 2017, RB | 5.00 | % | 05/01/2042 | 2,415 | 2,785,195 | |||||||||||
Series 2017, RB | 5.00 | % | 05/01/2047 | 3,335 | 3,818,575 | |||||||||||
Philadelphia (City of), PA Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB(b)(c) | 6.13 | % | 03/15/2023 | 3,085 | 3,446,809 | |||||||||||
Philadelphia (City of), PA Industrial Development Authority (Discovery Charter School); | ||||||||||||||||
Series 2012, RB | 5.88 | % | 04/01/2032 | 450 | 465,008 | |||||||||||
Series 2012, RB | 6.25 | % | 04/01/2042 | 1,500 | 1,547,520 | |||||||||||
Philadelphia (City of), PA Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB | 7.00 | % | 06/15/2033 | 875 | 1,005,602 | |||||||||||
Philadelphia (City of), PA Industrial Development Authority (Kipp Philadelphia Charter School); Series 2016 B, RB | 5.00 | % | 04/01/2046 | 640 | 691,110 | |||||||||||
Philadelphia (City of), PA Industrial Development Authority (MaST I Charter School); Series 2016 A, Ref. RB | 5.25 | % | 08/01/2046 | 1,500 | 1,658,775 | |||||||||||
Philadelphia (City of), PA Industrial Development Authority (New Foundations Charter School); Series 2012, RB(b)(c) | 6.63 | % | 12/15/2022 | 750 | 834,577 | |||||||||||
Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University); Series 2017 A, Ref. RB | 5.00 | % | 09/01/2047 | 13,365 | 15,635,313 | |||||||||||
Philadelphia (City of), PA Industrial Development Authority (University of the Arts); Series 2017, Ref. RB(h) | 5.00 | % | 03/15/2045 | 540 | 570,780 | |||||||||||
Philadelphia (City of), PA Parking Authority; Series 1999 A, RB (INS - AMBAC)(a) | 5.25 | % | 02/15/2029 | 25 | 25,095 | |||||||||||
Philadelphia Gas Works Co.; Series 2009 D, Ref. VRD RB (LOC - Td Bank N.A.)(p) | 0.03 | % | 08/01/2031 | 10,150 | 10,150,000 | |||||||||||
Philadelphia School District; | ||||||||||||||||
Series 2007 A, Ref. GO Bonds (INS - NATL)(a) | 5.00 | % | 06/01/2025 | 535 | 625,715 | |||||||||||
Series 2016 F, Ref. GO Bonds | 5.00 | % | 09/01/2028 | 10,000 | 12,112,900 | |||||||||||
Series 2016 F, Ref. GO Bonds | 5.00 | % | 09/01/2029 | 10,000 | 12,071,300 | |||||||||||
Series 2016 F, Ref. GO Bonds | 5.00 | % | 09/01/2032 | 1,000 | 1,203,580 | |||||||||||
Series 2019 A, GO Bonds | 5.00 | % | 09/01/2044 | 1,000 | 1,192,340 | |||||||||||
Pittsburgh (City of) & Allegheny (County of), PA Sports & Exhibition Authority; | 5.00 | % | 02/01/2035 | 1,225 | 1,227,438 | |||||||||||
Pittsburgh (City of), PA Urban Redevelopment Authority (Marian Plaza); Series 2007, RB (CEP - GNMA)(f) | 6.13 | % | 01/20/2043 | 2,565 | 2,570,258 | |||||||||||
Pittsburgh (City of), PA Water & Sewer Authority; | ||||||||||||||||
Series 2013 A, Ref. RB | 5.00 | % | 09/01/2031 | 500 | 553,665 | |||||||||||
Series 2019 A, RB (INS - AGM)(a) | 5.00 | % | 09/01/2044 | 1,200 | 1,472,040 | |||||||||||
Series 2020 B, RB (INS - AGM)(a) | 4.00 | % | 09/01/2045 | 1,000 | 1,155,830 | |||||||||||
Pottsville (City of), PA Hospital Authority (Lehigh Valley); Series 2016 B, Ref. RB | 5.00 | % | 07/01/2041 | 4,000 | 4,679,240 | |||||||||||
Reading School District; | ||||||||||||||||
Series 2017, Ref. GO Bonds (INS - AGM)(a) | 5.00 | % | 03/01/2037 | 1,500 | 1,795,965 | |||||||||||
Series 2017, Ref. GO Bonds (INS - AGM)(a) | 5.00 | % | 03/01/2038 | 1,500 | 1,792,140 | |||||||||||
Scranton School District; | ||||||||||||||||
Series 2017 E, Ref. GO Bonds (INS - BAM)(a) | 5.00 | % | 12/01/2034 | 820 | 993,332 | |||||||||||
Series 2017 E, Ref. GO Bonds (INS - BAM)(a) | 5.00 | % | 12/01/2035 | 750 | 906,075 | |||||||||||
Southcentral Pennsylvania General Authority (Hanover Hospital, Inc.); Series 2015, Ref. RB | 5.00 | % | 12/01/2029 | 1,000 | 1,153,320 | |||||||||||
State Public School Building Authority (Harrisburg School); | ||||||||||||||||
Series 2016 A, Ref. RB(b)(c) | 5.00 | % | 12/01/2026 | 145 | 179,600 | |||||||||||
Series 2016 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 12/01/2030 | 910 | 1,096,623 | |||||||||||
State Public School Building Authority (Philadelphia School District); Series 2012, RB(b)(c) | 5.00 | % | 04/01/2022 | 2,780 | 2,924,588 | |||||||||||
Susquehanna Area Regional Airport Authority; | ||||||||||||||||
Series 2012 A, RB(f) | 5.00 | % | 01/01/2027 | 1,185 | 1,224,792 | |||||||||||
Series 2017, Ref. RB(f) | 5.00 | % | 01/01/2038 | 1,350 | 1,475,766 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco Pennsylvania Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Pennsylvania–(continued) | ||||||||||||||
Union (County of), PA Hospital Authority (Evangelical Community Hospital); | 7.00 | % | 08/01/2021 | $ | 1,000 | $ 1,027,900 | ||||||||
Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB | 5.00 | % | 07/01/2028 | 500 | 540,200 | |||||||||
West Shore Area Authority (Holy Spirit Hospital of the Sisters of Christian Charity); Series 2011 B, RB(b)(c) | 5.63 | % | 01/01/2022 | 2,000 | 2,090,500 | |||||||||
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2020 A, Ref. RB | 4.00 | % | 07/01/2037 | 1,400 | 1,581,188 | |||||||||
Westmoreland (County of), PA Municipal Authority; Series 2016, Ref. RB | 5.00 | % | 08/15/2038 | 2,000 | 2,339,880 | |||||||||
Wilkes-Barre Area School District; | ||||||||||||||
Series 2016 B, GO Bonds (INS - BAM)(a) | 5.00 | % | 08/01/2034 | 2,600 | 3,117,712 | |||||||||
Series 2016 B, GO Bonds (INS - BAM)(a) | 5.00 | % | 08/01/2036 | 2,125 | 2,535,954 | |||||||||
706,902,190 | ||||||||||||||
Puerto Rico–14.89% | ||||||||||||||
Children’s Trust Fund; | ||||||||||||||
Series 2002, RB | 5.38 | % | 05/15/2033 | 150 | 150,921 | |||||||||
Series 2002, RB | 5.50 | % | 05/15/2039 | 17,000 | 17,417,180 | |||||||||
Series 2005 A, RB(j) | 0.00 | % | 05/15/2050 | 53,320 | 8,242,206 | |||||||||
Series 2008 A, RB(j) | 0.00 | % | 05/15/2057 | 415,530 | 29,149,429 | |||||||||
Puerto Rico (Commonwealth of); | ||||||||||||||
Series 2001, GO Bonds (INS - AGM)(a) | 5.13 | % | 07/01/2030 | 7,405 | 7,658,473 | |||||||||
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(a) | 6.00 | % | 07/01/2027 | 15 | 15,452 | |||||||||
Series 2009 B, Ref. GO Bonds(m) | 6.50 | % | 07/01/2037 | 1,000 | 876,250 | |||||||||
Series 2009 B, Ref. GO Bonds(m) | 5.75 | % | 07/01/2038 | 120 | 104,250 | |||||||||
Series 2009 B, Ref. GO Bonds(m) | 6.00 | % | 07/01/2039 | 50 | 43,625 | |||||||||
Series 2009 C, Ref. GO Bonds(m) | 6.00 | % | 07/01/2039 | 9,745 | 8,441,606 | |||||||||
Series 2011 A, GO Bonds(m) | 5.75 | % | 07/01/2041 | 3,000 | 2,531,250 | |||||||||
Series 2011 A, Ref. GO Bonds(m) | 6.00 | % | 07/01/2028 | 790 | 684,338 | |||||||||
Series 2011 C, Ref. GO Bonds(m) | 5.75 | % | 07/01/2036 | 9,000 | 7,256,250 | |||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; | ||||||||||||||
Series 2008 A, RB | 6.13 | % | 07/01/2024 | 1,400 | 1,528,282 | |||||||||
Series 2012 A, RB | 5.25 | % | 07/01/2029 | 810 | 852,695 | |||||||||
Series 2012 A, RB | 5.13 | % | 07/01/2037 | 3,000 | 3,153,180 | |||||||||
Series 2012 A, RB | 5.75 | % | 07/01/2037 | 1,460 | 1,546,578 | |||||||||
Series 2012 A, RB | 6.00 | % | 07/01/2047 | 1,005 | 1,067,903 | |||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; | ||||||||||||||
Series 2005 SS, Ref. RB (INS - NATL)(a) | 5.00 | % | 07/01/2025 | 6,000 | 6,078,120 | |||||||||
Series 2007 TT, RB(m) | 5.00 | % | 07/01/2032 | 1,450 | 1,308,625 | |||||||||
Series 2010 AAA-RSA-1, RB(m) | 5.25 | % | 07/01/2024 | 1,435 | 1,298,675 | |||||||||
Series 2010 XX, RB(m) | 5.25 | % | 07/02/2040 | 2,445 | 2,212,725 | |||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; | ||||||||||||||
Series 1998 A, RB(m) | 5.00 | % | 07/01/2038 | 10 | 3,575 | |||||||||
Series 2002 D, RB (INS - AGM)(a) | 5.00 | % | 07/01/2032 | 965 | 997,530 | |||||||||
Series 2003 AA-2, Ref. RB(m) | 5.30 | % | 07/02/2035 | 1,000 | 822,500 | |||||||||
Series 2003 H, Ref. RB(m) | 5.00 | % | 07/01/2028 | 325 | 116,188 | |||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System); | ||||||||||||||
Series 2006, RB | 5.00 | % | 03/01/2036 | 1,250 | 1,251,650 | |||||||||
Series 2012, Ref. RB | 5.13 | % | 04/01/2032 | 125 | 126,969 | |||||||||
Series 2012, Ref. RB | 5.38 | % | 04/01/2042 | 185 | 188,238 | |||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 B, RB(m) | 5.00 | % | 07/01/2041 | 270 | 36,788 | |||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(m) | 6.50 | % | 10/01/2037 | 1,400 | 563,500 | |||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); | ||||||||||||||
Series 2002 D, RB(m) | 5.25 | % | 07/01/2036 | 1,015 | 962,981 | |||||||||
Series 2007 M, Ref. RB(m) | 10.00 | % | 07/01/2034 | 3,000 | 3,011,250 | |||||||||
Series 2007 M-2, Ref. RB (INS - AMBAC)(a) | 10.00 | % | 07/01/2035 | 1,000 | 1,052,630 | |||||||||
Series 2009 P, Ref. RB(m) | 6.50 | % | 07/01/2030 | 1,500 | 1,483,125 | |||||||||
Series 2009 P, Ref. RB(m) | 6.75 | % | 07/01/2036 | 1,000 | 996,250 | |||||||||
Series 2011 S, RB(m) | 6.00 | % | 07/01/2041 | 2,070 | 2,018,250 | |||||||||
Puerto Rico Public Finance Corp.; Series 2011 B, RB(m) | 5.50 | % | 08/01/2031 | 5,725 | 85,875 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco Pennsylvania Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Puerto Rico–(continued) | ||||||||||||||||
Puerto Rico Sales Tax Financing Corp.; | ||||||||||||||||
Series 2018 A-1, RB(i)(j) | 0.00 | % | 07/01/2046 | $ | 3,912 | $ | 1,202,705 | |||||||||
| ||||||||||||||||
Series 2018 A-1, RB(j) | 0.00 | % | 07/01/2051 | 6,242 | 1,374,301 | |||||||||||
| ||||||||||||||||
Series 2018 A-1, RB(i) | 5.00 | % | 07/01/2058 | 5,537 | 6,132,449 | |||||||||||
| ||||||||||||||||
Series 2019 A-2, RB | 4.54 | % | 07/01/2053 | 91 | 98,064 | |||||||||||
| ||||||||||||||||
Series 2019 A-2, RB | 4.78 | % | 07/01/2058 | 1,216 | 1,329,781 | |||||||||||
| ||||||||||||||||
University of Puerto Rico; | ||||||||||||||||
Series 2006 P, Ref. RB (Acquired 01/02/2015-01/22/2015; Cost $1,934,088)(e) | 5.00 | % | 06/01/2030 | 3,235 | 3,137,950 | |||||||||||
| ||||||||||||||||
Series 2006 Q, RB (Acquired 01/02/2015-01/05/2015; Cost $782,463)(e) | 5.00 | % | 06/01/2030 | 1,300 | 1,261,000 | |||||||||||
| ||||||||||||||||
129,871,562 | ||||||||||||||||
| ||||||||||||||||
Virgin Islands–0.97% | ||||||||||||||||
Tobacco Settlement Financing Corp.; | ||||||||||||||||
Series 2001, RB | 5.00 | % | 05/15/2031 | 970 | 972,250 | |||||||||||
| ||||||||||||||||
Series 2006, RB(j) | 0.00 | % | 05/15/2035 | 13,345 | 4,893,997 | |||||||||||
| ||||||||||||||||
Virgin Islands (Government of) Public Finance Authority; Series 2014 C, Ref. RB | 5.00 | % | 10/01/2039 | 2,500 | 2,250,175 | |||||||||||
| ||||||||||||||||
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B, Ref. RB | 5.00 | % | 10/01/2025 | 375 | 375,874 | |||||||||||
| ||||||||||||||||
8,492,296 | ||||||||||||||||
| ||||||||||||||||
Guam–0.38% | ||||||||||||||||
Guam (Territory of); Series 2011 A, RB | 5.13 | % | 01/01/2042 | 785 | 802,898 | |||||||||||
| ||||||||||||||||
Guam (Territory of) Power Authority; | ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 10/01/2023 | 185 | 198,063 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 10/01/2024 | 235 | 251,198 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(a) | 5.00 | % | 10/01/2030 | 420 | 446,065 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 10/01/2034 | 520 | 541,596 | |||||||||||
| ||||||||||||||||
Guam (Territory of) Waterworks Authority; Series 2014 A, Ref. RB | 5.00 | % | 07/01/2029 | 285 | 316,142 | |||||||||||
| ||||||||||||||||
Guam Housing Corp.; Series 1998 A, RB (CEP - FHLMC)(f) | 5.75 | % | 09/01/2031 | 700 | 743,281 | |||||||||||
| ||||||||||||||||
3,299,243 | ||||||||||||||||
| ||||||||||||||||
Northern Mariana Islands–0.19% | ||||||||||||||||
Northern Mariana Islands (Commonwealth of); Series 2007 B, Ref. GO Bonds | 5.00 | % | 10/01/2022 | 240 | 234,835 | |||||||||||
| ||||||||||||||||
Northern Mariana Islands (Commonwealth of) Ports Authority; | ||||||||||||||||
Series 1998 A, RB(f) | 6.25 | % | 03/15/2028 | 870 | 821,645 | |||||||||||
| ||||||||||||||||
Series 1998 A, RB(f) | 6.60 | % | 03/15/2028 | 655 | 632,095 | |||||||||||
| ||||||||||||||||
1,688,575 | ||||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(q) –97.48% (Cost $815,935,693) | 850,253,866 | |||||||||||||||
| ||||||||||||||||
FLOATING RATE NOTE OBLIGATIONS–(1.03)% | ||||||||||||||||
Notes with interest and fee rates ranging from 0.58% to 0.59% at 02/28/2021 and contractual maturities of collateral ranging from 06/01/2034 to 10/01/2052 (See Note 1J)(r) | (9,015,000 | ) | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS LESS LIABILITIES–3.55% | 30,966,569 | |||||||||||||||
| ||||||||||||||||
NET ASSETS–100.00% | $ | 872,205,435 | ||||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco Pennsylvania Municipal Fund
Investment Abbreviations:
ACA | – ACA Financial Guaranty Corp. | |
AGM | – Assured Guaranty Municipal Corp. | |
AMBAC | – American Municipal Bond Assurance Corp. | |
BAM | – Build America Mutual Assurance Co. | |
CEP | – Credit Enhancement Provider | |
COP | – Certificates of Participation | |
FHLMC | – Federal Home Loan Mortgage Corp. | |
GNMA | – Government National Mortgage Association | |
GO | – General Obligation | |
IDR | – Industrial Development Revenue Bonds | |
INS | – Insurer | |
LIBOR | – London Interbank Offered Rate | |
LOC | – Letter of Credit | |
NATL | – National Public Finance Guarantee Corp. | |
RB | – Revenue Bonds | |
Ref. | – Refunding | |
USD | – U.S. Dollar | |
VRD | – Variable Rate Demand |
Notes to Schedule of Investments:
(a) | Principal and/or interest payments are secured by the bond insurance company listed. |
(b) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(c) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021. |
(e) | Restricted security. The aggregate value of these securities at February 28, 2021 was $16,282,102, which represented 1.87% of the Fund’s Net Assets. |
(f) | Security subject to the alternative minimum tax. |
(g) | Underlying security related to TOB Trusts entered into by the Fund. See Note 1K. |
(h) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $9,892,438, which represented 1.13% of the Fund’s Net Assets. |
(i) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2021. |
(j) | Zero coupon bond issued at a discount. |
(k) | Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $3,380,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
(l) | Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
(m) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $34,858,200, which represented 4.00% of the Fund’s Net Assets. |
(n) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(o) | The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun. |
(p) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(q) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
Entity | Percent | |||
| ||||
Assured Guaranty Municipal Corp.(AGM) | 5.33 | % | ||
|
(r) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2021. At February 28, 2021, the Fund’s investments with a value of $15,723,637 are held by TOB Trusts and serve as collateral for the $9,015,000 in the floating rate note obligations outstanding at that date. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco Pennsylvania Municipal Fund
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||||
Investments in securities, at value | $ | 850,253,866 | ||
| ||||
Cash | 21,972,669 | |||
| ||||
Receivable for: | ||||
Investments sold | 185,000 | |||
| ||||
Fund shares sold | 1,290,387 | |||
| ||||
Interest | 9,466,542 | |||
| ||||
Investments matured, at value | 1,204,913 | |||
| ||||
Investment for trustee deferred compensation and retirement plans | 115,404 | |||
| ||||
Other assets | 19,222 | |||
| ||||
Total assets | 884,508,003 | |||
| ||||
Liabilities: | ||||
Floating rate note obligations | 9,015,000 | |||
| ||||
Payable for: | ||||
Dividends | 946,320 | |||
| ||||
Fund shares reacquired | 1,669,109 | |||
| ||||
Accrued fees to affiliates | 352,808 | |||
| ||||
Accrued interest expense | 1,622 | |||
| ||||
Accrued trustees’ and officers’ fees and benefits | 35,538 | |||
| ||||
Accrued other operating expenses | 157,926 | |||
| ||||
Trustee deferred compensation and retirement plans | 124,245 | |||
| ||||
Total liabilities | 12,302,568 | |||
| ||||
Net assets applicable to shares outstanding | $ | 872,205,435 | ||
|
Net assets consist of: | ||||
Shares of beneficial interest | $ | 953,446,318 | ||
| ||||
Distributable earnings (loss) | (81,240,883 | ) | ||
| ||||
$ | 872,205,435 | |||
| ||||
Net Assets: | ||||
Class A | $ | 674,755,993 | ||
| ||||
Class C | $ | 83,646,265 | ||
| ||||
Class Y | $ | 112,952,744 | ||
| ||||
Class R6 | $ | 850,433 | ||
| ||||
Shares outstanding, no par value, with an unlimited number of shares authorized: | ||||
Class A | 58,847,332 | |||
| ||||
Class C | 7,315,241 | |||
| ||||
Class Y | 9,843,739 | |||
| ||||
Class R6 | 74,196 | |||
| ||||
Class A: | ||||
Net asset value per share | $ | 11.47 | ||
| ||||
Maximum offering price per share | ||||
(Net asset value of $11.47 ÷ 95.75%) | $ | 11.98 | ||
| ||||
Class C: | ||||
Net asset value and offering price per share | $ | 11.43 | ||
| ||||
Class Y: | ||||
Net asset value and offering price per share | $ | 11.47 | ||
| ||||
Class R6: | ||||
Net asset value and offering price per share | $ | 11.46 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco Pennsylvania Municipal Fund
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||||||
Interest | $ | 33,878,780 | ||||||
| ||||||||
Expenses: | ||||||||
Advisory fees | 3,749,775 | |||||||
| ||||||||
Administrative services fees | 117,306 | |||||||
| ||||||||
Custodian fees | 9,261 | |||||||
| ||||||||
Distribution fees: | ||||||||
Class A | 1,479,608 | |||||||
| ||||||||
Class C | 874,357 | |||||||
| ||||||||
Interest, facilities and maintenance fees | 634,380 | |||||||
| ||||||||
Transfer agent fees - A, C and Y | 707,286 | |||||||
| ||||||||
Transfer agent fees - R6 | 156 | |||||||
| ||||||||
Trustees’ and officers’ fees and benefits | 20,973 | |||||||
| ||||||||
Registration and filing fees | 95,645 | |||||||
| ||||||||
Reports to shareholders | 47,959 | |||||||
| ||||||||
Professional services fees | 81,377 | |||||||
| ||||||||
Other | 18,360 | |||||||
| ||||||||
Total expenses | 7,836,443 | |||||||
| ||||||||
Less: Expense offset arrangement(s) | (766 | ) | ||||||
| ||||||||
Net expenses | 7,835,677 | |||||||
| ||||||||
Net investment income | 26,043,103 | |||||||
| ||||||||
Realized and unrealized gain (loss) from: | ||||||||
Net realized gain from unaffiliated investment securities (includes net gains from securities sold to affiliates of $60,399) | 2,924,557 | |||||||
| ||||||||
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | (9,054,543 | ) | ||||||
| ||||||||
Net realized and unrealized gain (loss) | (6,129,986 | ) | ||||||
| ||||||||
Net increase in net assets resulting from operations | $ | 19,913,117 | ||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Invesco Pennsylvania Municipal Fund
Statement of Changes in Net Assets
For the year ended February 28, 2021, period ended February 29, 2020, and the year ended July 31, 2019
Year Ended February 28, 2021 | Seven Months Ended February 29, 2020 | Year Ended July 31, 2019 | ||||||||||
| ||||||||||||
Operations: | ||||||||||||
Net investment income | $ | 26,043,103 | $ | 14,061,452 | $ | 26,830,533 | ||||||
| ||||||||||||
Net realized gain (loss) | 2,924,557 | 490,923 | (34,584,554 | ) | ||||||||
| ||||||||||||
Change in net unrealized appreciation (depreciation) | (9,054,543 | ) | 29,025,991 | 76,354,420 | ||||||||
| ||||||||||||
Net increase in net assets resulting from operations | 19,913,117 | 43,578,366 | 68,600,399 | |||||||||
| ||||||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||
Class A | (20,000,261 | ) | (9,689,778 | ) | (14,650,196 | ) | ||||||
| ||||||||||||
Class C | (2,721,068 | ) | (1,632,128 | ) | (4,303,794 | ) | ||||||
| ||||||||||||
Class Y | (3,312,668 | ) | (1,563,782 | ) | (2,165,871 | ) | ||||||
| ||||||||||||
Class R6 | (26,613 | ) | (5,994 | ) | (68 | ) | ||||||
| ||||||||||||
Total distributions from distributable earnings | (26,060,610 | ) | (12,891,682 | ) | (21,119,929 | ) | ||||||
| ||||||||||||
Share transactions–net: | ||||||||||||
Class A | 143,342,711 | 13,489,503 | 44,220,407 | |||||||||
| ||||||||||||
Class C | (24,848,884 | ) | (4,523,338 | ) | (63,117,124 | ) | ||||||
| ||||||||||||
Class Y | 29,872,678 | 8,818,928 | 17,376,645 | |||||||||
| ||||||||||||
Class R6 | 130,051 | 697,458 | 10,000 | |||||||||
| ||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 148,496,556 | 18,482,551 | (1,510,072 | ) | ||||||||
| ||||||||||||
Net increase in net assets | 142,349,063 | 49,169,235 | 45,970,398 | |||||||||
| ||||||||||||
Net assets: | ||||||||||||
Beginning of year | 729,856,372 | 680,687,137 | 634,716,739 | |||||||||
| ||||||||||||
End of year | $ | 872,205,435 | $ | 729,856,372 | $ | 680,687,137 | ||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Invesco Pennsylvania Municipal Fund
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains on securities | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period | Ratio of net assets fee waivers | Ratio of to average net assets fee waivers | Supplemental to average net assets | Ratio of net investment income to average net assets | Portfolio turnover (c) | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $ | 11.68 | $ | 0.37 | $ | (0.21 | ) | $ | 0.16 | $ | (0.37 | ) | $ | 11.47 | 1.48 | %(d) | $ | 674,756 | 0.92 | %(d)(e) | 0.92 | %(d)(e) | 0.84 | %(d)(e) | 3.27 | %(d)(e) | 14 | % | ||||||||||||||||||||||||
Seven months ended 02/29/20 | 11.19 | 0.23 | 0.47 | 0.70 | (0.21 | ) | 11.68 | 6.36 | 534,700 | 0.88 | (f) | 1.03 | (f) | 0.88 | (f) | 3.54 | (f) | 6 | ||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 10.40 | 0.46 | 0.69 | 1.15 | (0.36 | ) | 11.19 | 11.32 | 498,743 | 0.91 | 1.19 | 0.91 | 4.30 | 21 | ||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 10.44 | 0.41 | (0.03 | ) | 0.38 | (0.42 | ) | 10.40 | 3.84 | 423,210 | 0.97 | 1.18 | 0.97 | 4.09 | 13 | |||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 10.67 | 0.47 | (0.16 | ) | 0.31 | (0.54 | ) | 10.44 | 2.96 | 500,340 | 0.83 | 1.00 | 0.83 | 4.50 | 20 | |||||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 10.49 | 0.59 | 0.20 | 0.79 | (0.61 | ) | 10.67 | 7.84 | 526,247 | 0.80 | 0.97 | 0.80 | 5.59 | 6 | ||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 11.65 | 0.30 | (0.22 | ) | 0.08 | (0.30 | ) | 11.43 | 0.76 | (d) | 83,646 | 1.53 | (d)(e) | 1.53 | (d)(e) | 1.45 | (d)(e) | 2.66 | (d)(e) | 14 | ||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 11.15 | 0.19 | 0.48 | 0.67 | (0.17 | ) | 11.65 | 6.07 | 110,395 | 1.54 | (f) | 1.69 | (f) | 1.54 | (f) | 2.88 | (f) | 6 | ||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 10.37 | 0.39 | 0.68 | 1.07 | (0.29 | ) | 11.15 | 10.52 | 110,166 | 1.57 | 1.85 | 1.57 | 3.64 | 21 | ||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 10.42 | 0.34 | (0.04 | ) | 0.30 | (0.35 | ) | 10.37 | 3.07 | 161,664 | 1.62 | 1.83 | 1.62 | 3.43 | 13 | |||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 10.64 | 0.40 | (0.15 | ) | 0.25 | (0.47 | ) | 10.42 | 2.23 | 199,497 | 1.56 | 1.73 | 1.56 | 3.79 | 20 | |||||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 10.47 | 0.51 | 0.19 | 0.70 | (0.53 | ) | 10.64 | 7.06 | 220,769 | 1.55 | 1.72 | 1.55 | 4.84 | 6 | ||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 11.69 | 0.40 | (0.22 | ) | 0.18 | (0.40 | ) | 11.47 | 1.64 | 112,953 | 0.68 | (e) | 0.68 | (e) | 0.60 | (e) | 3.51 | (e) | 14 | |||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 11.19 | 0.25 | 0.48 | 0.73 | (0.23 | ) | 11.69 | 6.60 | 84,030 | 0.64 | (f) | 0.79 | (f) | 0.64 | (f) | 3.78 | (f) | 6 | ||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 10.40 | 0.49 | 0.69 | 1.18 | (0.39 | ) | 11.19 | 11.58 | 71,769 | 0.67 | 0.95 | 0.67 | 4.54 | 21 | ||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 10.45 | 0.44 | (0.05 | ) | 0.39 | (0.44 | ) | 10.40 | 3.98 | 49,843 | 0.72 | 0.93 | 0.72 | 4.33 | 13 | |||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 10.68 | 0.47 | (0.14 | ) | 0.33 | (0.56 | ) | 10.45 | 3.14 | 54,584 | 0.65 | 0.82 | 0.65 | 4.53 | 20 | |||||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 10.50 | 0.60 | 0.20 | 0.80 | (0.62 | ) | 10.68 | 7.99 | 30,357 | 0.65 | 0.82 | 0.65 | 5.73 | 6 | ||||||||||||||||||||||||||||||||||||||
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Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 11.68 | 0.40 | (0.21 | ) | 0.19 | (0.41 | ) | 11.46 | 1.70 | 850 | 0.61 | (e) | 0.61 | (e) | 0.53 | (e) | 3.58 | (e) | 14 | |||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 11.18 | 0.25 | 0.48 | 0.73 | (0.23 | ) | 11.68 | 6.63 | 732 | 0.62 | (f) | 0.77 | (f) | 0.62 | (f) | 3.83 | (f) | 6 | ||||||||||||||||||||||||||||||||||
Period ended 07/31/19(g) | 11.05 | 0.10 | 0.10 | 0.20 | (0.07 | ) | 11.18 | 1.86 | 10 | 0.62 | (f) | 0.90 | (f) | 0.62 | (f) | 4.59 | (f) | 21 | ||||||||||||||||||||||||||||||||||
|
(a) | Calculated using average of Units outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended February 28, 2021, the portfolio turnover calculation excludes the value of securities purchased of $134,448,765 in connection with the acquisition of Invesco Pennsylvania Tax Free Fund into the Fund. |
(d) | The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for Class A and 0.85% for Class C for the year ended February 28, 2021. |
(e) | Ratios are based on average daily net assets (000’s omitted) of $611,144, $102,764, $94,381 and $744 for Class A, Class C, Class Y and Class R6 shares, respectively. |
(f) | Annualized. |
(g) | Commencement date after the close of business on May 24, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Invesco Pennsylvania Municipal Fund
Notes to Financial Statements
February 28, 2021
NOTE 1–Significant Accounting Policies
Invesco Pennsylvania Municipal Fund, formerly Invesco Oppenheimer Rochester Pennsylvania Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek tax-free income.
The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for 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. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to |
22 Invesco Pennsylvania Municipal Fund
shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
H. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
K. | Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
23 Invesco Pennsylvania Municipal Fund
Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.
L. | Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. |
The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.
The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.
M. | Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. |
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets* | Rate | |||
First $ 500 million | 0.510% | |||
Next $250 million | 0.410% | |||
Next $250 million | 0.400% | |||
Next $1 billion | 0.380% | |||
Next $3 billion | 0.345% | |||
Over $5 billion | 0.330% |
Prior to May 15, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets* | Rate | |
Up to $200 million | 0.600% | |
Next $100 million | 0.550% | |
Next $200 million | 0.500% | |
Next $250 million | 0.450% | |
Next $250 million | 0.400% | |
Next $4 billion | 0.350% | |
Over $5 billion | 0.330% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.46%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.
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 0.98%, 1.62%, 0.72% and 0.62%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through June 30, 2021, the Adviser contractually agreed to limit expenses of Class A, Class C, Class Y, and Class R6 to 1.50%, 2.15%, 1.25% and 1.25%, respectively of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not
24 Invesco Pennsylvania Municipal Fund
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. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 0.90% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $54,569 in front-end sales commissions from the sale of Class A shares and $13,240 and $4,220 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Obligations | $- | $ | 845,297,015 | $ | 4,956,851 | $ | 850,253,866 | |||||||||
Other Investments - Assets | ||||||||||||||||
Investments Matured | - | 1,204,913 | - | 1,204,913 | ||||||||||||
Total Investments | $- | $ | 846,501,928 | $ | 4,956,851 | $ | 851,458,779 |
NOTE 4–Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2021, the Fund engaged in securities sales of $848,609, which resulted in net realized gains of $60,399.
NOTE 5–Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $766.
NOTE 6–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred
25 Invesco Pennsylvania Municipal Fund
compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 7–Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. Prior to February 25, 2021, the revolving credit and security agreement permitted borrowings up to $2.5 billion. The revolving credit and security agreement is secured by the assets of the Fund.
During the year ended February 28, 2021, the average daily balance of borrowing under the revolving credit and security agreement was $1,265,753 with a weighted interest rate of 0.36%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2021 were $21,854,615 and 1.14%, respectively.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
NOTE 8–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Year Ended February 28, 2021, Period Ended February 29, 2020 and the Year Ended July 31, 2019:
Year Ended February 28, 2021 | Seven months Ended February 29, 2020 | Year Ended July 31, 2019 | ||||||||
Ordinary income* | $ 154,778 | $ 184,288 | $ 284,625 | |||||||
Ordinary income-tax-exempt | 25,905,832 | 12,707,394 | 20,835,304 | |||||||
Total distributions | $26,060,610 | $12,891,682 | $21,119,929 |
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Period-End:
2021 | ||||
| ||||
Undistributed tax-exempt income | $ | 12,549,934 | ||
| ||||
Net unrealized appreciation — investments | 35,660,984 | |||
| ||||
Temporary book/tax differences | (140,226 | ) | ||
| ||||
Capital loss carryforward | (129,311,575 | ) | ||
| ||||
Shares of beneficial interest | 953,446,318 | |||
| ||||
Total net assets | $ | 872,205,435 | ||
|
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to tax treatment of TOBs, defaulted bonds and book to tax accretion and amortization differences.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward* | ||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||
Not subject to expiration | $ | 9,811,070 | $ | 119,500,505 | $129,311,575 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
26 Invesco Pennsylvania Municipal Fund
NOTE 9–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $96,957,756 and $141,337,116, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
| ||||
Aggregate unrealized appreciation of investments | $ | 63,564,566 | ||
| ||||
Aggregate unrealized (depreciation) of investments | (27,903,582 | ) | ||
| ||||
Net unrealized appreciation of investments | $ | 35,660,984 | ||
|
Cost of investments for tax purposes is $815,797,795.
NOTE 10–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of defaulted bonds and income on TOBs, on February 28, 2021, undistributed net investment income was increased by $128,030, undistributed net realized gain (loss) was decreased by $180,505 and shares of beneficial interest was increased by $52,475. Further, as a result of tax deferrals acquired in the reorganization of Invesco Pennsylvania Tax Free Income Fund into the Fund, undistributed net investment income was increased by $13,732, undistributed net realized gain (loss) was decreased by $4,357,146 and shares of beneficial interest was increased by $4,343,414. These reclassifications had no effect on the net assets of the Fund.
NOTE 11–Share Information
Summary of Share Activity | ||||||||||||||||||||||
Year ended | Seven months ended | Year ended | ||||||||||||||||||||
February 28, 2021(a) | February 29, 2020 | July 31, 2019 | ||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||
Sold: | ||||||||||||||||||||||
Class A | 4,809,805 | $ | 54,082,303 | 2,531,453 | $ | 28,736,146 | 8,440,089 | $ 92,835,347 | ||||||||||||||
Class C | 1,468,773 | 16,530,602 | 1,110,562 | 12,538,251 | 1,288,613 | 13,745,931 | ||||||||||||||||
Class Y | 2,993,769 | 33,942,311 | 1,272,564 | 14,430,706 | 2,576,054 | 27,505,316 | ||||||||||||||||
Class R6(b) | 15,031 | 175,001 | 63,861 | 720,330 | 905 | 10,000 | ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||||||||
Class A | 1,056,067 | 11,855,675 | 751,494 | 8,545,463 | 1,163,062 | 12,457,740 | ||||||||||||||||
Class C | 148,614 | 1,658,144 | 134,060 | 1,519,816 | 372,761 | 3,972,929 | ||||||||||||||||
Class Y | 179,885 | 2,021,395 | 132,257 | 1,505,176 | 188,318 | 2,022,099 | ||||||||||||||||
Class R6(b) | 1,028 | 11,420 | 478 | 5,489 | - | - | ||||||||||||||||
Automatic conversion of Class C shares to Class A shares: | ||||||||||||||||||||||
Class A | 3,214,147 | 36,607,149 | 986,066 | 11,169,106 | - | - | ||||||||||||||||
Class C | (3,224,708 | ) | (36,607,149 | ) | (989,372 | ) | (11,169,106 | ) | - | - | ||||||||||||
Issued in connection with acquisitions:(c) | ||||||||||||||||||||||
Class A | 10,930,875 | 118,411,672 | - | - | - | - | ||||||||||||||||
Class C | 726,971 | 7,851,112 | - | - | - | - | ||||||||||||||||
Class Y | 1,100,157 | 11,924,713 | - | - | - | - | ||||||||||||||||
Class R6 | 7,821 | 84,676 | - | - | - | - |
27 Invesco Pennsylvania Municipal Fund
Summary of Share Activity | ||||||||||||||||||||||||
Year ended | Seven months ended | Year ended | ||||||||||||||||||||||
February 28, 2021(a) | February 29, 2020 | July 31, 2019 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Reacquired: | ||||||||||||||||||||||||
Class A | (6,932,126 | ) | $ | (77,614,088 | ) | (3,085,674 | ) | $ | (34,961,212 | ) | (5,718,182 | ) | $ | (61,072,680 | ) | |||||||||
| ||||||||||||||||||||||||
Class C | (1,282,778 | ) | (14,281,593 | ) | (654,611 | ) | (7,412,299 | ) | (7,373,461 | ) | (80,835,984 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class Y | (1,618,441 | ) | (18,015,741 | ) | (628,378 | ) | (7,116,954 | ) | (1,143,062 | ) | (12,150,770 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class R6(b) | (12,403 | ) | (141,046 | ) | (2,525 | ) | (28,361 | ) | - | - | ||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) in share activity | 13,582,487 | $ | 148,496,556 | 1,622,235 | $ | 18,482,551 | (204,903 | ) | $ | (1,510,072 | ) | |||||||||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
(b) | Commencement date after the close of business on May 24, 2019. |
(c) | After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Pennsylvania Tax Free Income Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 12,765,824 shares of the Fund for 8,851,572 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $138,272,173, including $1,207,531 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $663,848,942 and $802,121,115 immediately after the acquisition. |
The pro forma results of operations for the six months ended August 31, 2020 assuming the reorganization had been completed on March 1, 2020, the beginning of the semi-annual reporting period are as follows:
Net investment income | $ | 26,959,675 | ||
| ||||
Net realized/unrealized gains | (18,119,131 | ) | ||
| ||||
Change in net assets resulting from operations | $ | 8,840,544 | ||
|
As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.
NOTE 12–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
28 Invesco Pennsylvania Municipal Fund
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Pennsylvania Municipal Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Pennsylvania Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statement of changes in net assets for the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019, and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Financial Highlights
For the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019 for Class A, Class C and Class Y For the year ended February 28, 2021, the seven months ended February 29, 2020 and the period May 24, 2019 (commencement of operations) through July 31, 2019 for Class R6
The financial statements of Invesco Pennsylvania Municipal Fund (formerly known as Oppenheimer Rochester® Pennsylvania Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
29 Invesco Pennsylvania Municipal Fund
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
HYPOTHETICAL | ||||||||||||
(5% annual return before | ||||||||||||
ACTUAL | expenses) | |||||||||||
Beginning Account Value (09/01/20) | Ending Account Value (02/28/21)1 | Expenses Paid During Period2 | Ending Account Value (02/28/21) | Expenses Paid During Period2 | Annualized Ratio | |||||||
Class A | $1,000.00 | $1,031.10 | $4.48 | $1,020.38 | $4.46 | 0.89% | ||||||
Class C | 1,000.00 | 1,028.10 | 6.89 | 1,018.00 | 6.85 | 1.37 | ||||||
Class Y | 1,000.00 | 1,031.40 | 3.27 | 1,021.57 | 3.26 | 0.65 | ||||||
Class R6 | 1,000.00 | 1,031.80 | 2.77 | 1,022.07 | 2.76 | 0.55 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
30 Invesco Pennsylvania Municipal Fund
Tax Information
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | ||||||
Qualified Dividend Income* | 0.00 | % | ||||
Qualified Business Income* | 0.00 | % | ||||
Corporate Dividends Received Deduction* | 0.00 | % | ||||
Business Interest Income* | 0.00 | % | ||||
U.S. Treasury Obligations* | 0.00 | % | ||||
Tax-Exempt Dividend Income* | 99.41 | % |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
31 Invesco Pennsylvania Municipal Fund
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Interested Trustee | ||||||||
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) | 191 | 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. |
T-1 Invesco Pennsylvania Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Independent Trustees | ||||||||
Christopher L. Wilson – 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit) | ||||
Jack M. Fields – 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine | ||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization);Eisenhower Foundation (non-profit) | ||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 Invesco Pennsylvania Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Independent Trustees–(continued) | ||||||||
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 | 191 | 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 | ||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
Prema Mathai-Davis – 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
Joel W. Motley – 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); |
T-3 Invesco Pennsylvania Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Independent Trustees–(continued) | ||||||||
Ann Barnett Stern – 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
Robert C. Troccoli – 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
Daniel S. Vandivort –1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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 | 191 | 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) |
T-4 Invesco Pennsylvania Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers | ||||||||
Sheri Morris – 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 Invesco Pennsylvania Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers–(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
T-6 Invesco Pennsylvania Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A | ||||
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A | ||||
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | 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’s sub-advisers.
Office of the Fund | Investment Adviser | Distributor | Auditors | |||
11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP | |||
Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 | |||
Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5678 | ||||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company | |||
2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street | |||
Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |
T-7 Invesco Pennsylvania 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.
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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. | ||
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. |
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | O-ROPAM-AR-1 |
| ||
Annual Report to Shareholders
| February 28, 2021 | |
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Invesco Rochester® AMT-Free New York | ||
Municipal Fund
| ||
Nasdaq: | ||
A: OPNYX ∎ C: ONYCX ∎ Y: ONYYX ∎ R6: IORNX |
Management’s Discussion of Fund Performance
Performance summary |
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For the year ended February 28, 2021, Class A shares of Invesco Rochester® AMT-Free New York Municipal Fund (the Fund), at net asset value (NAV), under-performed the Bloomberg Barclays Municipal Bond Index. |
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Your Fund’s long-term performance appears later in this report.
|
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Fund vs. Indexes |
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Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
|
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Class A Shares | -0.81 | % | ||
Class C Shares | -1.54 | |||
Class Y Shares | -0.57 | |||
Class R6 Shares | -0.31 | |||
Bloomberg Barclays Municipal Bond Index▼ | 1.06 | |||
U.S. Consumer Price Index∎ | 1.68 | |||
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg L.P. |
Market conditions and your Fund
Once the pandemic epicenter in the US, the State of New York managed to tackle the coronavirus (COVID-19) outbreak by responding early and implementing a strict lockdown protocol. However, these measures had a negative effect on the State’s economy and finances, which is projected to last at least until FY24.1 Favorably, New York benefits from a robust and wealthy economy, adequate resources, and budget flexibility, which have helped mitigate the adverse economic impact brought by the pandemic. Moderate leverage levels allow the State to issue debt as an alternative to additional expenditure reductions.
Early in 2020, employment numbers reflected how New York suffered a larger economic impact than most other states but recent data indicates improvement in employment and the beginning of the state’s path to recovery. New York’s unemployment rate improved from 12.5% in August to 8.2% in December, while the national average went from 8.4% to 6.7% during the same period.2 Following declines in COVID-19 cases and easing of lock-down rules, the third quarter of 2020 saw big recoveries in gross domestic product (GDP) in all states, with the national GDP increasing at 33.4%. New York’s GDP increased 30.3% during the same period, with the largest increases seen in the health care, retail, food and accommodation sectors.3 Though our belief is that the State’s liability profile will likely weaken in the near term, its pension system is well-funded. Long-term challenges include a negative population trend, which may stabilize following the recent reversal of Trump’s immigration controls, and pressure from Medicaid spending.
The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected twist of the COVID-19 global pandemic that pierced the markets and forced society
to navigate uncharted waters beginning in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%, and taxable municipal bonds returned 0.43% during the year.4
The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.5 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.5 High-yield municipal funds generally hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries – well above the historical norm of approximately 90%.6
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to COVID-19, consisting of half a percentage and whole
percentage point leaving the target range 0.00% to 0.25%.7
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw municipal market performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate timelines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, the availability of the program provided a psychological safety net for the market.
As the COVID-19 pandemic continued into fall and winter, most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.
We believe the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform.
A highly demanded second stimulus package was signed at the end of 2020. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New municipal issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion. Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.8 This can be attributed to recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance.
Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast
2 Invesco Rochester® AMT-Free New York Municipal Fund
majority of municipal bonds will stay current on principal and interest, as history has shown.
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February 2021 also brought $34 billion in municipal bond supply, higher than the average supply for the last five years for the month.
During the year, security selection in non-rated bonds contributed to the Fund’s performance relative to its style-specific benchmark. The Fund’s preference for revenue bonds over general obligation bonds also benefited its relative performance. At the sector level, security selection in the special tax and transportation sectors contributed to the Fund’s relative performance.
Security selection in and underweight allocation to the water and sewer sector detracted from the Fund’s performance relative to the style-specific benchmark during the fiscal year. Security selection in BBB-rated† bonds detracted from the Fund’s performance relative to its style-specific benchmark over the year.
During the year, leverage contributed to the Fund’s performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of inverse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to 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. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.
Thank you for investing in Invesco Rochester® AMT-Free New York Municipal Fund and sharing our long-term investment horizon.
1 Source: Boston Consulting Group
2 Source: New York Department of Labor
3 Source: US Bureau of Economic Analysis
4 Source: Bloomberg Barclays
5 Source: Strategic Insight
6 Source: US Department of the Treasury
7 Source: US Federal Reserve
8 Source: The Bond Buyer
† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s):
Michael Camarella
Scott Cottier
Mark DeMitry
Tim O’Reilly
Mark Paris
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 Invesco Rochester® AMT-Free New York Municipal Fund
Your Fund’s Long-Term Performance
Results of a $10,000 Investment – Oldest Share Class(es)
Fund and index data from 2/28/11
1 Source: RIMES Technologies Corp.
2 Source: Bloomberg L.P.
Past performance cannot guarantee future results.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management
fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;
performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 Invesco Rochester® AMT-Free New York Municipal Fund
Average Annual Total Returns |
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As of 2/28/21, including maximum applicable sales charges |
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Class A Shares | ||||
Inception (8/16/84) | 6.27 | % | ||
10 Years | 5.54 | |||
5 Years | 4.03 | |||
1 Year | -5.02 | |||
Class C Shares | ||||
Inception (8/29/95) | 4.78 | % | ||
10 Years | 5.35 | |||
5 Years | 4.14 | |||
1 Year | -2.50 | |||
Class Y Shares | ||||
Inception (1/31/11) | 6.31 | % | ||
10 Years | 6.25 | |||
5 Years | 5.17 | |||
1 Year | -0.57 | |||
Class R6 Shares | ||||
10 Years | 6.07 | % | ||
5 Years | 5.08 | |||
1 Year | -0.31 |
Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester AMT-Free New York Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester® AMT-Free New York Municipal Fund. The Fund was subsequently renamed the Invesco Rochester® AMT-Free New York Municipal Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.
Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC)
for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.
5 Invesco Rochester® AMT-Free New York Municipal Fund
Supplemental Information
Invesco Rochester® AMT-Free New York Municipal Fund’s investment objective is to seek tax-free income.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report
∎ | The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. |
∎ | The U.S. Consumer Price index is a measure of change in consumer prices as determined by the US Bureau of Labor Statistics. |
∎ | The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
∎ | A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. | ||
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
6 Invesco Rochester® AMT-Free New York Municipal Fund
Fund Information
Portfolio Composition | ||||
By credit sector | % of total investments | |||
Revenue Bonds | 93.6% | |||
General Obligation Bonds | 4.1 | |||
Pre-Refunded Bonds | 2.3 | |||
Top Five Debt Holdings | ||||
% of total net assets | ||||
1. | Hudson Yards Infrastructure Corp., Series 2018-XF0677, Ctfs. | 3.4% | ||
2. | New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB | 2.5 | ||
3. | MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB | 2.1 | ||
4. | Utility Debt Securitization Authority, Series 2017, RB | 2.1 | ||
5. | Metropolitan Transportation Authority (Green Bonds), Series 2016 A1, RB | 2.0 | ||
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of February 28, 2021. |
7 Invesco Rochester® AMT-Free New York Municipal Fund
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Municipal Obligations–100.83% | ||||||||||||||||
New York–92.25% | ||||||||||||||||
Albany (County of), NY Industrial Development Agency (Sage Colleges); Series 1999 A, RB | 5.30 | % | 04/01/2029 | $ | 3,335 | $ | 3,159,446 | |||||||||
Albany Capital Resource Corp. (College Saint Rose (The)); | ||||||||||||||||
Series 2011 A, RB | 5.38 | % | 07/01/2026 | 500 | 503,625 | |||||||||||
Series 2011 A, RB | 5.63 | % | 07/01/2031 | 500 | 503,285 | |||||||||||
Series 2011 A, RB | 5.88 | % | 07/01/2041 | 1,000 | 1,006,220 | |||||||||||
Albany Capital Resource Corp. (Empire Commons Student Housing); | ||||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2027 | 200 | 230,354 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2032 | 200 | 225,626 | |||||||||||
Amherst Development Corp. (Daemen College); Series 2018, Ref. RB | 5.00 | % | 10/01/2024 | 570 | 622,799 | |||||||||||
Brookhaven (Town of), NY Industrial Development Agency (Dowling College Civic Facility); Series 2002, RB(a)(b) | 6.75 | % | 11/01/2032 | 8,755 | 88 | |||||||||||
Brookhaven Local Development Corp. (Jefferson’s Ferry); | ||||||||||||||||
Series 2016, Ref. RB | 5.25 | % | 11/01/2036 | 215 | 247,263 | |||||||||||
Series 2020 B, RB | 4.00 | % | 11/01/2055 | 1,250 | 1,308,012 | |||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center); Series 2016 A, Ref. RB | 5.00 | % | 07/15/2042 | 4,000 | 4,603,920 | |||||||||||
Buffalo & Erie County Industrial Land Development Corp. (Buffalo State College Foundation Housing Corp.); | ||||||||||||||||
Series 2011, RB(c)(d) | 5.38 | % | 04/01/2021 | 270 | 271,145 | |||||||||||
Series 2011, RB(c)(d) | 6.00 | % | 04/01/2021 | 130 | 130,615 | |||||||||||
Buffalo & Erie County Industrial Land Development Corp. (Charter School for Applied Technology); | ||||||||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2035 | 160 | 176,158 | |||||||||||
Buffalo & Erie County Industrial Land Development Corp. (Medaille College); | ||||||||||||||||
Series 2013, Ref. RB | 5.00 | % | 04/01/2022 | 185 | 187,958 | |||||||||||
Series 2013, Ref. RB | 5.25 | % | 04/01/2035 | 4,555 | 4,726,951 | |||||||||||
Series 2018, Ref. RB(e) | 5.00 | % | 10/01/2038 | 1,200 | 1,304,748 | |||||||||||
Build NYC Resource Corp. (Children’s Aid Society (The)); Series 2019, RB | 4.00 | % | 07/01/2044 | 450 | 505,188 | |||||||||||
Build NYC Resource Corp. (Consortium for Worker Education, Inc.); Series 2020, RB(e) | 5.00 | % | 12/01/2049 | 1,360 | 1,437,846 | |||||||||||
Build NYC Resource Corp. (Manhattan College); | ||||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 08/01/2032 | 170 | 201,399 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 08/01/2036 | 290 | 339,773 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 08/01/2047 | 600 | 688,692 | |||||||||||
Build NYC Resource Corp. (New Dawn Charter Schools); | ||||||||||||||||
Series 2019, RB(e) | 5.63 | % | 02/01/2039 | 190 | 206,023 | |||||||||||
Series 2019, RB(e) | 5.75 | % | 02/01/2049 | 230 | 247,892 | |||||||||||
Build NYC Resource Corp. (New York Law School); Series 2016, Ref. RB | 5.00 | % | 07/01/2041 | 650 | 706,557 | |||||||||||
Build NYC Resource Corp. (Special Needs Facilities Pooled Program); | ||||||||||||||||
Series 2013 A-1, RB | 5.25 | % | 07/01/2023 | 710 | 707,181 | |||||||||||
Series 2013 A-1, RB | 5.38 | % | 07/01/2028 | 1,490 | 1,449,025 | |||||||||||
Series 2013 A-1, RB | 5.75 | % | 07/01/2033 | 790 | 776,262 | |||||||||||
Bushnell’s Basin Fire Association, Inc.; Series 2005 B, RB | 5.75 | % | 11/01/2030 | 225 | 222,032 | |||||||||||
Canandaigua & Bristol (Towns of), NY; | ||||||||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2027 | 25 | 25,206 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2028 | 30 | 30,237 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2029 | 30 | 30,226 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2030 | 30 | 30,219 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2031 | 35 | 35,249 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2032 | 35 | 35,242 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2033 | 35 | 35,236 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2034 | 40 | 40,269 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2035 | 40 | 40,268 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2036 | 45 | 45,299 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2037 | 45 | 45,296 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2038 | 50 | 50,323 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2039 | 50 | 50,320 | |||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2040 | 55 | 55,346 | |||||||||||
Series 2007, GO Bonds . | 5.00 | % | 12/15/2041 | 55 | 55,339 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco Rochester® AMT-Free New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
Series 2007, GO Bonds | 5.00 | % | 12/15/2042 | $ | 60 | $ | 60,362 | |||||||||
Cattaraugus (County of), NY (St. Bonaventure University); | ||||||||||||||||
Series 2014, RB | 5.00 | % | 05/01/2034 | 100 | 107,959 | |||||||||||
Series 2014, RB | 5.00 | % | 05/01/2039 | 100 | 107,091 | |||||||||||
Deerfield (Town of), NY; | ||||||||||||||||
Series 2006, GO Bonds | 5.50 | % | 06/15/2021 | 15 | 15,179 | |||||||||||
Series 2006, GO Bonds | 5.50 | % | 06/15/2022 | 15 | 15,160 | |||||||||||
Series 2006, GO Bonds | 5.50 | % | 06/15/2023 | 15 | 15,152 | |||||||||||
Series 2006, GO Bonds | 5.50 | % | 06/15/2024 | 15 | 15,148 | |||||||||||
Series 2006, GO Bonds | 5.50 | % | 06/15/2025 | 20 | 20,182 | |||||||||||
Series 2006, GO Bonds | 5.60 | % | 06/15/2026 | 20 | 20,170 | |||||||||||
Series 2006, GO Bonds | 5.60 | % | 06/15/2027 | 20 | 20,164 | |||||||||||
Series 2006, GO Bonds | 5.60 | % | 06/15/2028 | 20 | 20,155 | |||||||||||
Series 2006, GO Bonds | 5.60 | % | 06/15/2029 | 25 | 25,188 | |||||||||||
Series 2006, GO Bonds | 5.60 | % | 06/15/2030 | 25 | 25,184 | |||||||||||
Series 2006, GO Bonds | 5.60 | % | 06/15/2031 | 25 | 25,184 | |||||||||||
Series 2006, GO Bonds | 5.60 | % | 06/15/2032 | 25 | 25,183 | |||||||||||
Series 2006, GO Bonds | 5.60 | % | 06/15/2033 | 30 | 30,212 | |||||||||||
Series 2006, GO Bonds | 5.60 | % | 06/15/2034 | 30 | 30,212 | |||||||||||
Series 2006, GO Bonds | 5.60 | % | 06/15/2035 | 30 | 30,209 | |||||||||||
Series 2006, GO Bonds | 5.60 | % | 06/15/2036 | 35 | 35,242 | |||||||||||
Dutchess County Local Development Corp. (Anderson Center Services, Inc.); Series 2010, RB | 6.00 | % | 10/01/2030 | 405 | 405,701 | |||||||||||
Dutchess County Local Development Corp. (Health Quest Systems, Inc.); | ||||||||||||||||
Series 2016 B, RB | 5.00 | % | 07/01/2046 | 12,200 | 13,668,514 | |||||||||||
Series 2019 B, Ref. RB | 4.00 | % | 07/01/2044 | 120 | 135,007 | |||||||||||
Dutchess County Local Development Corp. (Nuvance Health); Series 2019 B, Ref. RB | 4.00 | % | 07/01/2049 | 300 | 335,727 | |||||||||||
Dutchess County Local Development Corp. (Vassar College); | ||||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2034 | 160 | 191,677 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2036 | 160 | 190,722 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2037 | 235 | 279,392 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2042 | 500 | 588,060 | |||||||||||
Erie County Industrial Development Agency (The) (School District Buffalo); | ||||||||||||||||
Series 2011 A, RB | 5.25 | % | 05/01/2030 | 265 | 267,139 | |||||||||||
Series 2011 A, RB | 5.25 | % | 05/01/2031 | 225 | 226,811 | |||||||||||
Series 2011 A, RB | 5.25 | % | 05/01/2032 | 135 | 136,084 | |||||||||||
Erie Tobacco Asset Securitization Corp.; | ||||||||||||||||
Series 2005 A, RB | 5.00 | % | 06/01/2031 | 75 | 75,071 | |||||||||||
Series 2005 A, RB | 5.00 | % | 06/01/2038 | 5,000 | 5,004,900 | |||||||||||
Series 2005 D, RB(f) | 0.00 | % | 06/01/2055 | 74,000 | 6,739,920 | |||||||||||
Glen Cove Local Economic Assistance Corp. (Garvies Point Public Improvement); Series 2016 B, RB(f) | 0.00 | % | 01/01/2045 | 18,750 | 7,382,062 | |||||||||||
Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A, RB (Acquired 06/26/2018; Cost $965,000)(e)(g) | 5.50 | % | 07/01/2044 | 965 | 969,198 | |||||||||||
Guilderland (Town of), NY Industrial Development Agency; Series 2017 A, RB(a)(e) | 5.88 | % | 01/01/2052 | 5,000 | 3,750,000 | |||||||||||
Hempstead Town Local Development Corp. (Evergreen Charter School); Series 2019, Ref. RB(e) | 6.80 | % | 12/01/2044 | 1,640 | 1,899,104 | |||||||||||
Hempstead Town Local Development Corp. (Molloy College); | ||||||||||||||||
Series 2014, RB | 5.00 | % | 07/01/2029 | 300 | 331,854 | |||||||||||
Series 2014, RB | 5.00 | % | 07/01/2034 | 300 | 328,050 | |||||||||||
Series 2014, RB | 5.00 | % | 07/01/2039 | 250 | 271,245 | |||||||||||
Series 2014, RB | 5.00 | % | 07/01/2044 | 200 | 215,618 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2029 | 100 | 118,693 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2030 | 80 | 94,338 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2031 | 75 | 88,059 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2032 | 135 | 157,918 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2035 | 135 | 156,709 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2036 | 110 | 127,547 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2038 | 80 | 92,216 | |||||||||||
Hudson Yards Infrastructure Corp.; | ||||||||||||||||
Series 2017 A, Ref. RB(h) | 5.00 | % | 02/15/2045 | 5,000 | 5,817,750 | |||||||||||
Series 2018-XF0677, Ctfs.(h) | 5.00 | % | 02/15/2042 | 25,765 | 30,146,081 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco Rochester® AMT-Free New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
Huntington Local Development Corp.; Series 2016, RB(e) | 6.50 | % | 12/01/2046 | $ | 2,220 | $ | 2,165,699 | |||||||||
Long Island (City of), NY Power Authority; | ||||||||||||||||
Series 2014 A, Ref. RB | 5.00 | % | 09/01/2039 | 1,185 | 1,340,934 | |||||||||||
Series 2014 A, Ref. RB | 5.00 | % | 09/01/2044 | 2,970 | 3,335,815 | |||||||||||
Series 2016 B, Ref. RB | 5.00 | % | 09/01/2036 | 1,250 | 1,488,325 | |||||||||||
Series 2016, Ref. RB | 5.00 | % | 09/01/2035 | 2,500 | 2,982,475 | |||||||||||
Series 2016, Ref. RB | 5.00 | % | 09/01/2041 | 1,680 | 1,980,804 | |||||||||||
Series 2017, RB | 5.00 | % | 09/01/2042 | 4,000 | 4,820,560 | |||||||||||
Series 2018, RB | 5.00 | % | 09/01/2034 | 5,000 | 6,250,750 | |||||||||||
Series 2018, RB | 5.00 | % | 09/01/2039 | 1,000 | 1,233,170 | |||||||||||
Metropolitan Transportation Authority; | ||||||||||||||||
Series 2012 D, Ref. RB | 5.00 | % | 11/15/2032 | 350 | 371,364 | |||||||||||
Series 2012 H, RB(c)(d) | 5.00 | % | 11/15/2022 | 215 | 232,572 | |||||||||||
Series 2012 H, RB | 5.00 | % | 11/15/2033 | 185 | 196,261 | |||||||||||
Series 2014 B, RB | 5.25 | % | 11/15/2039 | 900 | 990,576 | |||||||||||
Series 2014 B, RB | 5.00 | % | 11/15/2044 | 2,000 | 2,179,340 | |||||||||||
Series 2016 B, Ref. RB | 5.00 | % | 11/15/2037 | 7,000 | 8,082,900 | |||||||||||
Series 2016 C-1, RB | 5.25 | % | 11/15/2056 | 2,000 | 2,321,460 | |||||||||||
Series 2016, Ref. RB | 5.00 | % | 11/15/2035 | 2,000 | 2,312,240 | |||||||||||
Metropolitan Transportation Authority (Green Bonds); | ||||||||||||||||
Series 2016 A1, RB | 5.25 | % | 11/15/2056 | 15,475 | 17,756,479 | |||||||||||
Series 2017, RB | 5.25 | % | 11/15/2057 | 10,000 | 12,140,800 | |||||||||||
Subseries 2017 A-1, RB | 5.25 | % | 11/15/2057 | 2,565 | 2,959,907 | |||||||||||
Monroe County Industrial Development Corp. (Monroe Community College); | ||||||||||||||||
Series 2014, Ref. RB (INS - AGM)(i) | 5.00 | % | 01/15/2028 | 350 | 388,052 | |||||||||||
Series 2014, Ref. RB (INS - AGM)(i) | 5.00 | % | 01/15/2029 | 500 | 554,055 | |||||||||||
Series 2014, Ref. RB (INS - AGM)(i) | 5.00 | % | 01/15/2038 | 150 | 163,901 | |||||||||||
Monroe County Industrial Development Corp. (Nazareth College of Rochester); | ||||||||||||||||
Series 2011, RB(c)(d) | 5.00 | % | 10/01/2021 | 150 | 154,167 | |||||||||||
Series 2011, RB(c)(d) | 5.25 | % | 10/01/2021 | 75 | 77,192 | |||||||||||
Monroe County Industrial Development Corp. (Rochester General Hospital (The)); | ||||||||||||||||
Series 2013 A, Ref. RB | 5.00 | % | 12/01/2032 | 1,450 | 1,538,595 | |||||||||||
Series 2017, RB | 5.00 | % | 12/01/2036 | 1,400 | 1,640,170 | |||||||||||
Series 2017, RB | 5.00 | % | 12/01/2046 | 3,200 | 3,667,040 | |||||||||||
Monroe County Industrial Development Corp. (Rochester Regional Health); Series 2020, Ref. RB | 4.00 | % | 12/01/2046 | 1,000 | 1,122,050 | |||||||||||
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB | 5.00 | % | 01/01/2050 | 3,000 | 3,261,720 | |||||||||||
Monroe County Industrial Development Corp. (St. John Fisher College); | ||||||||||||||||
Series 2011, RB | 5.63 | % | 06/01/2026 | 150 | 151,715 | |||||||||||
Series 2011, RB | 6.00 | % | 06/01/2034 | 250 | 252,558 | |||||||||||
Series 2014 A, RB | 5.00 | % | 06/01/2029 | 100 | 111,032 | |||||||||||
Series 2014 A, RB | 5.50 | % | 06/01/2034 | 180 | 200,813 | |||||||||||
Series 2014 A, RB | 5.00 | % | 06/01/2044 | 285 | 309,727 | |||||||||||
Monroe County Industrial Development Corp. (University of Rochester); Series 2020 A, RB | 4.00 | % | 07/01/2050 | 5,200 | 5,875,740 | |||||||||||
Montgomery County Capital Resource Corp.; | ||||||||||||||||
Series 2020 A-1, RB | 4.95 | % | 07/01/2030 | 1,080 | 1,022,890 | |||||||||||
Series 2020 A-2, RB | 5.40 | % | 07/01/2050 | 6,865 | 6,356,921 | |||||||||||
Series 2020 B, Ref. RB | 5.38 | % | 07/01/2025 | 385 | 381,011 | |||||||||||
MTA Hudson Rail Yards Trust Obligations; | ||||||||||||||||
Series 2016 A, RB | 5.00 | % | 11/15/2051 | 1,000 | 1,026,570 | |||||||||||
Series 2016 A, RB | 5.00 | % | 11/15/2056 | 17,000 | 18,469,480 | |||||||||||
Nassau (County of), NY; | ||||||||||||||||
Series 2018 B, GO Bonds (INS - AGM)(i) | 5.00 | % | 07/01/2040 | 1,060 | 1,296,412 | |||||||||||
Series 2018 B, GO Bonds (INS - AGM)(i) | 5.00 | % | 07/01/2045 | 1,490 | 1,804,360 | |||||||||||
Series 2018 B, GO Bonds (INS - AGM)(i) | 5.00 | % | 07/01/2049 | 2,235 | 2,697,958 | |||||||||||
Nassau (County of), NY Industrial Development Agency; Series 2003 A-C, RB | 7.00 | % | 09/01/2028 | 1,110 | 1,110,133 | |||||||||||
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside); | ||||||||||||||||
Series 2014 A, RB (Acquired 11/14/2014; Cost $ 1,645)(g) | 6.50 | % | 01/01/2032 | 135 | 74,250 | |||||||||||
Series 2014 A, RB (Acquired 11/19/2014-10/16/2018; Cost $3,198,345)(g) | 6.70 | % | 01/01/2049 | 3,307 | 1,819,125 | |||||||||||
Series 2014 C, RB (Acquired 11/18/2014-11/26/2014; Cost $0)(a)(g) | 2.00 | % | 01/01/2049 | 1,221 | 122,056 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco Rochester® AMT-Free New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018 A2, Ref. RB | 5.20 | % | 12/01/2037 | $ | 290 | $ | 270,608 | |||||||||
Nassau County Local Economic Assistance Corp. (South Nassau Communities Hospital); Series 2012, Ref. RB | 5.00 | % | 07/01/2031 | 2,000 | 2,084,460 | |||||||||||
Nassau County Tobacco Settlement Corp.; | ||||||||||||||||
Series 2006 A-2, RB | 5.25 | % | 06/01/2026 | 3,240 | 3,321,032 | |||||||||||
Series 2006 D, RB(f) | 0.00 | % | 06/01/2060 | 60,000 | 3,770,400 | |||||||||||
New Rochelle (City of), NY (70 Nardozzi/City DPW); Series 2018 A-2, RB | 5.13 | % | 08/01/2050 | 3,095 | 2,850,650 | |||||||||||
New Rochelle (City of), NY (Iona College); | ||||||||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2032 | 350 | 389,956 | |||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2033 | 565 | 627,048 | |||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2034 | 450 | 498,447 | |||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2040 | 200 | 219,230 | |||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2045 | 225 | 244,928 | |||||||||||
New York & New Jersey (States of) Port Authority; | �� | |||||||||||||||
Series 2011, RB(c)(d) | 5.25 | % | 03/08/2021 | 5,000 | 5,004,250 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 10/15/2047 | 6,000 | 7,080,120 | |||||||||||
Series 2019 217, RB | 4.00 | % | 11/01/2049 | 10,240 | 11,627,725 | |||||||||||
Series 2021, Ref. RB | 4.00 | % | 07/15/2046 | 5,900 | 6,785,708 | |||||||||||
Two Hundred Fifth Series 2017, Ref. RB(h) | 5.25 | % | 11/15/2057 | 11,300 | 13,618,421 | |||||||||||
New York (City of), NY; | ||||||||||||||||
Series 1993 F, GO Bonds | 6.00 | % | 05/15/2022 | 45 | 45,196 | |||||||||||
Series 1997 C, GO Bonds | 5.50 | % | 11/15/2037 | 15 | 15,060 | |||||||||||
Series 2019 A-1, GO Bonds | 4.00 | % | 08/01/2044 | 5,000 | 5,568,900 | |||||||||||
Series 2019 B-1, GO Bonds | 4.00 | % | 10/01/2040 | 2,600 | 2,932,618 | |||||||||||
Series 2019 B-1, GO Bonds | 5.00 | % | 10/01/2043 | 5,000 | 6,110,700 | |||||||||||
Series 2020 D-1, GO Bonds | 5.00 | % | 03/01/2038 | 1,400 | 1,750,406 | |||||||||||
Series 2020 FF, Ref. RB | 4.00 | % | 06/15/2041 | 950 | 1,105,353 | |||||||||||
Series 2020, GG-1, RB | 4.00 | % | 06/15/2050 | 1,500 | 1,719,630 | |||||||||||
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2009, RB(c)(d) | 6.50 | % | 03/15/2021 | 2,000 | 2,004,440 | |||||||||||
New York (City of), NY Industrial Development Agency (Yankee Stadium); | ||||||||||||||||
Series 2020, Ref. RB | 4.00 | % | 03/01/2045 | 1,300 | 1,459,575 | |||||||||||
Series 2020, Ref. RB (INS - AGM)(i) | 4.00 | % | 03/01/2045 | 800 | 910,504 | |||||||||||
New York (City of), NY Municipal Water Finance Authority; Series 2019 CC-1, RB | 4.00 | % | 06/15/2049 | 1,050 | 1,197,304 | |||||||||||
New York (City of), NY Transitional Finance Authority; | ||||||||||||||||
Series 2011 S-1, RB | 5.25 | % | 07/15/2037 | 5,500 | 5,596,470 | |||||||||||
Series 2020 D, RB | 4.00 | % | 11/01/2042 | 10,000 | 11,370,800 | |||||||||||
Series 2020, RB | 4.00 | % | 05/01/2043 | 10,000 | 11,356,400 | |||||||||||
Series 2021 E-1, RB | 4.00 | % | 02/01/2043 | 1,000 | 1,139,500 | |||||||||||
Series 2021 E-1, RB | 4.00 | % | 02/01/2046 | 4,745 | 5,370,296 | |||||||||||
New York (City of), NY Trust for Cultural Resources (Wildlife Conservation Society); Series 2013 A, RB(c)(d) | 5.00 | % | 08/01/2023 | 1,000 | 1,114,760 | |||||||||||
New York (City of), NY Water & Sewer System; Series 2021 CC-1, RB | 4.00 | % | 06/15/2051 | 12,000 | 13,815,720 | |||||||||||
New York (County of), NY Tobacco Trust V; Series 2005 S-3, RB(f) | 0.00 | % | 06/01/2055 | 84,200 | 7,771,660 | |||||||||||
New York (County of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB | 5.75 | % | 06/01/2043 | 2,085 | 2,622,659 | |||||||||||
New York (State of) Dormitory Authority; Series 2015 A-1, Ref. RB(e) | 4.80 | % | 12/01/2023 | 1,550 | 1,544,854 | |||||||||||
New York (State of) Dormitory Authority (Alliance Long Island AGYS, Inc.); | ||||||||||||||||
Series 2015 A2, Ref. RB(e) | 5.35 | % | 12/01/2035 | 5,985 | 5,829,570 | |||||||||||
Series 2015 B1, Ref. RB(e) | 6.18 | % | 12/01/2031 | 1,905 | 1,867,510 | |||||||||||
Series 2012 A, RB(c)(d) | 5.00 | % | 07/01/2022 | 440 | 467,928 | |||||||||||
New York (State of) Dormitory Authority (Catholic Health System Obligated Group); | ||||||||||||||||
Series 2012 A, RB | 4.75 | % | 07/01/2039 | 1,250 | 1,291,325 | |||||||||||
Series 2012 B, RB | 5.00 | % | 07/01/2032 | 125 | 130,723 | |||||||||||
Series 2012 B, RB | 4.75 | % | 07/01/2039 | 300 | 309,918 | |||||||||||
New York (State of) Dormitory Authority (Cornell University) (Green Bonds); Series 2019, RB | 5.00 | % | 07/01/2035 | 2,255 | 3,237,233 | |||||||||||
New York (State of) Dormitory Authority (Culinary Institute of America); Series 2012, RB | 5.00 | % | 07/01/2034 | 50 | 51,772 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco Rochester® AMT-Free New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.); | ||||||||||||||||
Series 2007, RB (INS - NATL)(i) | 5.25 | % | 07/01/2027 | $ | 6,425 | $ | 7,295,009 | |||||||||
Series 2007, RB (INS - NATL)(i) | 5.25 | % | 07/01/2028 | 3,765 | 4,306,746 | |||||||||||
New York (State of) Dormitory Authority (Fordham University); | ||||||||||||||||
Series 2014, RB | 5.00 | % | 07/01/2030 | 100 | 112,111 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2041 | 765 | 901,308 | |||||||||||
Series 2020, RB | 4.00 | % | 07/01/2046 | 2,000 | 2,243,720 | |||||||||||
New York (State of) Dormitory Authority (Iona College); Series 2012 A, RB | 5.00 | % | 07/01/2032 | 250 | 260,433 | |||||||||||
New York (State of) Dormitory Authority (Long Island University); Series 2012, RB | 5.00 | % | 09/01/2025 | 3,200 | 3,353,760 | |||||||||||
New York (State of) Dormitory Authority (Montefiore Obligated Group); | ||||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 08/01/2034 | 415 | 499,693 | |||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 08/01/2035 | 480 | 576,442 | |||||||||||
Series 2020 A, Ref. RB | 4.00 | % | 09/01/2050 | 700 | 777,273 | |||||||||||
New York (State of) Dormitory Authority (New School (The)); Series 2016 A, Ref. RB | 5.00 | % | 07/01/2046 | 6,650 | 7,581,997 | |||||||||||
New York (State of) Dormitory Authority (New York University); | ||||||||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2045 | 1,110 | 1,288,066 | |||||||||||
Series 2016, Ref. RB | 5.00 | % | 07/01/2035 | 5,000 | 6,028,150 | |||||||||||
Series 2019 A, RB | 5.00 | % | 07/01/2042 | 740 | 917,785 | |||||||||||
Series 2019 A, RB | 5.00 | % | 07/01/2049 | 4,460 | 5,484,596 | |||||||||||
New York (State of) Dormitory Authority (North Shore - Long Island Jewish Obligated Group); Series 2009, RB | 5.00 | % | 05/01/2039 | 1,000 | 1,041,660 | |||||||||||
New York (State of) Dormitory Authority (NYU Hospitals Center); Series 2014, Ref. RB | 5.00 | % | 07/01/2028 | 645 | 724,677 | |||||||||||
New York (State of) Dormitory Authority (Orange Regional Medical Center); | ||||||||||||||||
Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2029 | 600 | 707,514 | |||||||||||
Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2030 | 400 | 468,800 | |||||||||||
Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2032 | 300 | 347,913 | |||||||||||
Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2033 | 300 | 346,248 | |||||||||||
Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2035 | 300 | 343,497 | |||||||||||
Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2036 | 200 | 227,998 | |||||||||||
Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2037 | 200 | 227,098 | |||||||||||
New York (State of) Dormitory Authority (Ozanam Hall of Queens Nursing Home, Inc.); Series 2006, RB (LOC - Allied Irish Banks PLC)(j) | 5.00 | % | 11/01/2026 | 325 | 329,469 | |||||||||||
New York (State of) Dormitory Authority (Pratt Institute); Series 2016, Ref. RB | 5.00 | % | 07/01/2046 | 500 | 584,610 | |||||||||||
New York (State of) Dormitory Authority (Rochester Institute of Technology); | ||||||||||||||||
Series 2019 A, RB | 4.00 | % | 07/01/2044 | 830 | 931,791 | |||||||||||
Series 2019 A, RB | 5.00 | % | 07/01/2049 | 800 | 972,824 | |||||||||||
New York (State of) Dormitory Authority (Rockefeller University); Series 2019 C, Ref. RB | 4.00 | % | 07/01/2049 | 3,150 | 3,604,387 | |||||||||||
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds); Series 2019 B, RB | 5.00 | % | 07/01/2050 | 1,800 | 2,216,412 | |||||||||||
New York (State of) Dormitory Authority (St. John’s University); | ||||||||||||||||
Series 2012 A, RB(c)(d) | 5.00 | % | 07/01/2022 | 250 | 266,040 | |||||||||||
Series 2012, RB(c)(d) | 5.00 | % | 07/01/2022 | 5 | 5,321 | |||||||||||
Series 2012, RB | 5.00 | % | 07/01/2030 | 1,015 | 1,064,167 | |||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2034 | 100 | 115,124 | |||||||||||
New York (State of) Dormitory Authority (State University Dormitory Facilities); | ||||||||||||||||
Series 2015 B, Ref. RB | 5.00 | % | 07/01/2030 | 1,350 | 1,550,542 | |||||||||||
Series 2015 B, Ref. RB | 5.00 | % | 07/01/2032 | 1,400 | 1,603,532 | |||||||||||
Series 2015 B, Ref. RB | 5.00 | % | 07/01/2033 | 1,750 | 2,000,460 | |||||||||||
Series 2015 B, Ref. RB | 5.00 | % | 07/01/2040 | 1,750 | 1,985,515 | |||||||||||
New York (State of) Dormitory Authority (State University Educational Facilities); Series 2012, RB | 5.00 | % | 05/15/2030 | 1,000 | 1,056,180 | |||||||||||
New York (State of) Dormitory Authority (State University of New York); Series 2019 A, RB | 4.00 | % | 07/01/2049 | 850 | 954,643 | |||||||||||
New York (State of) Dormitory Authority (The New School); | ||||||||||||||||
Series 2011, Ref. RB | 5.00 | % | 07/01/2031 | 1,000 | 1,011,870 | |||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2040 | 400 | 456,400 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2035 | 1,855 | 2,159,888 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2036 | 1,915 | 2,224,024 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2037 | 1,265 | 1,465,578 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2041 | 595 | 683,982 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco Rochester® AMT-Free New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
New York (State of) Dormitory Authority (United Cerebral Palsy Association); | ||||||||||||||||
Series 2017 A, RB(e) | 5.50 | % | 12/01/2047 | $ | 3,030 | $ 2,739,241 | ||||||||||
Series 2017 A2, RB(e) | 5.38 | % | 09/01/2050 | 4,800 | 4,551,600 | |||||||||||
Series 2017 A2, Ref. RB (Acquired 10/25/2017; Cost $1,425,000)(e)(g) | 5.38 | % | 10/01/2042 | 1,425 | 1,371,106 | |||||||||||
New York (State of) Dormitory Authority (Yeshiva University); | ||||||||||||||||
Series 2009, RB | 5.00 | % | 09/01/2038 | 4,330 | 4,333,551 | |||||||||||
Series 2011 A, RB | 5.00 | % | 11/01/2031 | 1,110 | 1,121,366 | |||||||||||
New York (State of) Power Authority; Series 2002 A, Ref. RB | 4.00 | % | 11/15/2055 | 3,300 | 3,767,346 | |||||||||||
New York (State of) Thruway Authority; | ||||||||||||||||
Series 2018 L, Ref. RB | 5.00 | % | 01/01/2033 | 190 | 234,821 | |||||||||||
Series 2018 L, Ref. RB | 5.00 | % | 01/01/2034 | 340 | 418,520 | |||||||||||
Series 2018 L, Ref. RB | 5.00 | % | 01/01/2035 | 385 | 472,264 | |||||||||||
Series 2019 B, RB | 4.00 | % | 01/01/2045 | 10,000 | 11,257,200 | |||||||||||
Series 2019 B, RB | 4.00 | % | 01/01/2050 | 12,000 | 13,458,000 | |||||||||||
New York City (City of), NY Industrial Development Agency (Comprehensive Care Management); | ||||||||||||||||
Series 2005 C-2, RB | 6.00 | % | 05/01/2026 | 95 | 90,228 | |||||||||||
Series 2005 E-2, RB | 6.13 | % | 11/01/2035 | 275 | 240,133 | |||||||||||
New York City (City of), NY Industrial Development Agency (The Child School); Series 2003, RB | 7.55 | % | 06/01/2033 | 3,725 | 3,754,874 | |||||||||||
New York City (City of), NY Industrial Development Agency (United Jewish Appeal); Series 2004, RB | 5.00 | % | 07/01/2034 | 4,600 | 4,778,388 | |||||||||||
New York City (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB (CPI Rate + 0.84%), (INS - FGIC)(i)(k) | 2.24 | % | 03/01/2022 | 1,200 | 1,216,440 | |||||||||||
New York City (City of), NY Transitional Finance Authority; | ||||||||||||||||
Series 2015 S, RB | 5.00 | % | 07/15/2034 | 1,395 | 1,608,058 | |||||||||||
Series 2017 C, Ref. RB | 5.00 | % | 11/01/2030 | 920 | 1,130,395 | |||||||||||
Series 2017 C, Ref. RB | 5.00 | % | 11/01/2032 | 1,470 | 1,799,927 | |||||||||||
Series 2019 S1B, RB | 4.00 | % | 07/15/2041 | 5,800 | 6,589,032 | |||||||||||
Series 2019 S1B, RB | 4.00 | % | 07/15/2042 | 5,620 | 6,365,043 | |||||||||||
Series 2020 C-1, RB | 4.00 | % | 05/01/2038 | 600 | 692,436 | |||||||||||
Series 2020 C-1, RB | 4.00 | % | 05/01/2039 | 520 | 597,776 | |||||||||||
New York City (City of), NY Trust for Cultural Resources (Juilliard School (The)); | ||||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 01/01/2033 | 290 | 366,183 | |||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 01/01/2034 | 300 | 376,845 | |||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 01/01/2037 | 400 | 494,916 | |||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 01/01/2038 | 300 | 369,660 | |||||||||||
Series 2018 A, Ref. RB | 4.00 | % | 01/01/2039 | 1,100 | 1,253,901 | |||||||||||
New York City Health and Hospitals Corp.; Series 2021 A, Ref. RB | 4.00 | % | 02/15/2045 | 500 | 570,645 | |||||||||||
New York City Housing Development Corp.; Series 1999 E, RB | 6.25 | % | 05/01/2036 | 5 | 5,016 | |||||||||||
New York City Transitional Finance Authority; | ||||||||||||||||
Series 2020 C-1, RB | 4.00 | % | 05/01/2036 | 300 | 349,878 | |||||||||||
Series 2020 C-1, RB | 4.00 | % | 05/01/2037 | 550 | 637,857 | |||||||||||
Series 2020 C-1, RB | 4.00 | % | 05/01/2040 | 8,535 | 9,786,743 | |||||||||||
Series 2020 C-1, RB | 4.00 | % | 05/01/2045 | 3,375 | 3,813,345 | |||||||||||
New York Counties Tobacco Trust I; Series 2000 A, RB | 6.50 | % | 06/01/2035 | 1,315 | 1,316,223 | |||||||||||
New York Counties Tobacco Trust II; | ||||||||||||||||
Series 2001, RB | 5.63 | % | 06/01/2035 | 1,670 | 1,676,630 | |||||||||||
Series 2001, RB | 5.75 | % | 06/01/2043 | 15 | 15,022 | |||||||||||
New York Counties Tobacco Trust III; Series 2003, RB | 6.00 | % | 06/01/2043 | 190 | 190,327 | |||||||||||
New York Counties Tobacco Trust IV; Series 2005 A, RB | 5.00 | % | 06/01/2038 | 850 | 861,058 | |||||||||||
New York Counties Tobacco Trust V; Series 2005 S4B, RB(e)(f) | 0.00 | % | 06/01/2060 | 155,400 | 6,663,552 | |||||||||||
New York Counties Tobacco Trust VI; | ||||||||||||||||
Series 2016 A, Ref. RB | 5.63 | % | 06/01/2035 | 14,260 | 15,436,307 | |||||||||||
Series 2016 A, Ref. RB | 6.00 | % | 06/01/2043 | 2,605 | 2,933,464 | |||||||||||
Series 2016 A2, Ref. RB | 5.00 | % | 06/01/2051 | 1,125 | 1,185,322 | |||||||||||
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(e) | 5.00 | % | 11/15/2044 | 11,000 | 11,966,350 | |||||||||||
New York Liberty Development Corp. (4 World Trade Center); | ||||||||||||||||
Series 2011, Ref. RB | 5.00 | % | 11/15/2031 | 2,000 | 2,059,300 | |||||||||||
Series 2011, Ref. RB | 5.75 | % | 11/15/2051 | 10,000 | 10,351,100 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco Rochester® AMT-Free New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
New York Liberty Development Corp. (Goldman Sachs Headquarters); | ||||||||||||||||
Series 2005, Ref. RB | 5.25 | % | 10/01/2035 | $ | 15,580 | $ | 21,832,098 | |||||||||
Series 2007, RB | 5.50 | % | 10/01/2037 | 5,025 | 7,356,801 | |||||||||||
New York Power Authority; Series 2020 A, Ref. RB | 4.00 | % | 11/15/2050 | 3,750 | 4,317,562 | |||||||||||
New York State Dormitory Authority; | ||||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2036 | 1,000 | 1,180,380 | |||||||||||
Series 2019 A, RB | 4.00 | % | 07/01/2045 | 1,400 | 1,604,302 | |||||||||||
New York State Urban Development Corp.; | ||||||||||||||||
Series 2020 A, RB | 4.00 | % | 03/15/2045 | 4,000 | 4,546,960 | |||||||||||
Series 2020 A, RB | 4.00 | % | 03/15/2049 | 5,000 | 5,660,650 | |||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2020, Ref. RB | 5.00 | % | 12/01/2037 | 1,500 | 1,848,405 | |||||||||||
Series 2012 A, RB(c)(d) | 5.00 | % | 05/01/2022 | 250 | 262,378 | |||||||||||
Oneida County Local Development Corp. (Mohawk Valley Health System); | ||||||||||||||||
Series 2019, Ref. RB (INS - AGM)(i) | 4.00 | % | 12/01/2038 | 180 | 203,463 | |||||||||||
Series 2019, Ref. RB (INS - AGM)(i) | 4.00 | % | 12/01/2049 | 580 | 641,271 | |||||||||||
Onondaga (County of), NY Industrial Development Agency (Salina Free Library); Series 2002 A, RB | 5.50 | % | 12/01/2022 | 55 | 55,197 | |||||||||||
Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); | ||||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2033 | 280 | 320,438 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2034 | 200 | 228,024 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2037 | 250 | 282,895 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2040 | 150 | 168,648 | |||||||||||
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); | ||||||||||||||||
Series 2011, RB(c)(d) | 5.00 | % | 12/01/2021 | 2,250 | 2,332,147 | |||||||||||
Series 2019, Ref. RB | 4.00 | % | 12/01/2041 | 900 | 1,039,149 | |||||||||||
Series 2019, Ref. RB | 5.00 | % | 12/01/2043 | 1,850 | 2,300,660 | |||||||||||
Series 2019, Ref. RB | 5.00 | % | 12/01/2045 | 2,650 | 3,280,461 | |||||||||||
Series 2019, Ref. RB | 4.00 | % | 12/01/2047 | 1,500 | 1,712,085 | |||||||||||
Series 2019, Ref. RB | 4.00 | % | 12/01/2049 | 1,675 | 1,908,059 | |||||||||||
Onondaga Civic Development Corp.; | ||||||||||||||||
Series 2015, Ref. RB | 5.00 | % | 10/01/2030 | 1,060 | 1,097,651 | |||||||||||
Series 2015, Ref. RB | 5.00 | % | 10/01/2040 | 2,345 | 2,380,363 | |||||||||||
Onondaga Civic Development Corp. (Upstate Properties Development, Inc.); Series 2011, RB(c)(d) | 5.25 | % | 12/01/2021 | 535 | 555,121 | |||||||||||
Orange County Funding Corp.; Series 2013, RB | 6.50 | % | 01/01/2046 | 740 | 745,099 | |||||||||||
Rockland Tobacco Asset Securitization Corp.; | ||||||||||||||||
Series 2001, RB | 5.63 | % | 08/15/2035 | 1,305 | 1,316,941 | |||||||||||
Series 2001, RB | 5.75 | % | 08/15/2043 | 3,160 | 3,188,946 | |||||||||||
Schenectady Metroplex Development Authority; Series 2014 A, RB (INS - AGM)(i) | 5.50 | % | 08/01/2033 | 1,000 | 1,118,530 | |||||||||||
St. Lawrence (County of), NY Industrial Development Agency (Clarkson University); | ||||||||||||||||
Series 2011, RB | 6.00 | % | 09/01/2034 | 100 | 101,987 | |||||||||||
Series 2012 A, RB | 5.00 | % | 09/01/2041 | 240 | 245,690 | |||||||||||
St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); | ||||||||||||||||
Series 2012, RB | 5.00 | % | 07/01/2030 | 225 | 240,118 | |||||||||||
Series 2012, RB | 5.00 | % | 07/01/2031 | 230 | 245,244 | |||||||||||
Series 2012, RB | 5.00 | % | 07/01/2032 | 815 | 868,594 | |||||||||||
Suffolk County Economic Development Corp.; Series 2010 A, RB | 7.38 | % | 12/01/2040 | 265 | 269,343 | |||||||||||
Suffolk Tobacco Asset Securitization Corp.; | ||||||||||||||||
Series 2008 B, RB | 6.00 | % | 06/01/2048 | 1,390 | 1,392,057 | |||||||||||
Series 2008 B-1, RB | 5.38 | % | 06/01/2028 | 1,075 | 1,076,053 | |||||||||||
Series 2008 D, RB(f) | 0.00 | % | 06/01/2048 | 15,750 | 1,626,817 | |||||||||||
Series 2012 B, RB | 5.00 | % | 06/01/2032 | 750 | 773,978 | |||||||||||
Series 2012 B, RB | 5.25 | % | 06/01/2037 | 700 | 723,730 | |||||||||||
Sullivan (County of), NY (Adelaar Infratructure); | ||||||||||||||||
Series 2016 A2, RB(e) | 5.35 | % | 11/01/2049 | 8,220 | 8,579,132 | |||||||||||
Series 2016 B2, RB(e) | 5.35 | % | 11/01/2049 | 1,175 | 1,226,336 | |||||||||||
Series 2016 C2, RB(e) | 5.35 | % | 11/01/2049 | 1,160 | 1,210,680 | |||||||||||
Series 2016 D2, RB(e) | 5.35 | % | 11/01/2049 | 760 | 793,204 | |||||||||||
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); | ||||||||||||||||
Series 2013 A, RB (Acquired 11/01/2018; Cost $322,163)(g)(l) | 5.00 | % | 07/01/2032 | 330 | 165,000 | |||||||||||
Series 2013 A, RB (Acquired 01/24/2013-08/13/2013; Cost $2,725,693)(g)(l) | 5.00 | % | 07/01/2038 | 2,785 | 1,392,500 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco Rochester® AMT-Free New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
Triborough Bridge & Tunnel Authority; | �� | |||||||||||||||
Series 2012 B, Ref. RB | 5.00 | % | 11/15/2030 | $ | 400 | $ | 431,604 | |||||||||
Series 2013 A, Ref. RB | 5.00 | % | 11/15/2029 | 300 | 327,063 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 11/15/2046 | 1,260 | 1,457,971 | |||||||||||
Series 2017 A, RB | 5.00 | % | 11/15/2038 | 300 | 360,366 | |||||||||||
Series 2017 A, RB | 5.00 | % | 11/15/2047 | 1,000 | 1,186,170 | |||||||||||
Series 2017 B, Ref. RB | 5.00 | % | 11/15/2032 | 875 | 1,065,417 | |||||||||||
Series 2017 B, Ref. RB | 5.00 | % | 11/15/2033 | 900 | 1,092,978 | |||||||||||
Series 2017 B, Ref. RB | 5.00 | % | 11/15/2034 | 575 | 696,722 | |||||||||||
Series 2017 B, Ref. RB | 5.00 | % | 11/15/2037 | 2,500 | 3,009,575 | |||||||||||
Series 2017 B, Ref. RB | 5.00 | % | 11/15/2038 | 1,900 | 2,282,318 | |||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); | ||||||||||||||||
Series 2019 C, RB | 4.00 | % | 11/15/2042 | 3,500 | 3,980,655 | |||||||||||
Series 2019 C, RB | 4.00 | % | 11/15/2043 | 3,500 | 3,971,275 | |||||||||||
Series 2020 A, RB | 4.00 | % | 11/15/2054 | 2,900 | 3,269,982 | |||||||||||
Series 2020 A, RB | 5.00 | % | 11/15/2054 | 700 | 872,844 | |||||||||||
TSASC, Inc.; | ||||||||||||||||
Series 2016 B, Ref. RB | 5.00 | % | 06/01/2045 | 8,000 | 8,686,320 | |||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2030 | 3,275 | 4,021,831 | |||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2034 | 5,000 | 6,026,550 | |||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2035 | 3,000 | 3,604,290 | |||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2036 | 3,000 | 3,592,320 | |||||||||||
Utility Debt Securitization Authority; | ||||||||||||||||
Series 2017, RB | 5.00 | % | 12/15/2038 | 8,460 | 10,416,037 | |||||||||||
Series 2017, RB | 5.00 | % | 12/15/2040 | 15,000 | 18,414,900 | |||||||||||
Westchester County Healthcare Corp.; | ||||||||||||||||
Series 2000 A, RB(c)(d) | 5.00 | % | 11/01/2021 | 7,410 | 7,647,861 | |||||||||||
Series 2010 B, RB | 6.13 | % | 11/01/2037 | 325 | 326,248 | |||||||||||
Series 2014 A, RB | 5.00 | % | 11/01/2044 | 2,356 | 2,531,904 | |||||||||||
Westchester County Local Development Corp. (Wartburg Senior Housing); Series 2015 A, Ref. RB(e) | 5.00 | % | 06/01/2030 | 500 | 498,865 | |||||||||||
Westchester Local Development Corp. (Westchester Medical Center Obligated Group); | ||||||||||||||||
Series 2016, Ref. RB | 5.00 | % | 11/01/2029 | 1,000 | 1,138,220 | |||||||||||
Series 2016, Ref. RB | 5.00 | % | 11/01/2032 | 1,500 | 1,691,550 | |||||||||||
Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB | 5.00 | % | 06/01/2045 | 7,050 | 7,386,778 | |||||||||||
Yonkers Economic Development Corp. (Charter School Education Excellence); | ||||||||||||||||
Series 2019 A, RB | 5.00 | % | 10/15/2039 | 420 | 477,221 | |||||||||||
Series 2019 A, RB | 5.00 | % | 10/15/2049 | 640 | 712,384 | |||||||||||
811,194,560 | ||||||||||||||||
Puerto Rico–8.42% | ||||||||||||||||
Children’s Trust Fund; | ||||||||||||||||
Series 2002, RB | 5.38 | % | 05/15/2033 | 340 | 342,088 | |||||||||||
Series 2002, RB | 5.50 | % | 05/15/2039 | 3,455 | 3,539,786 | |||||||||||
Series 2002, RB | 5.63 | % | 05/15/2043 | 9,700 | 9,749,761 | |||||||||||
Series 2005 A, RB(f) | 0.00 | % | 05/15/2050 | 6,300 | 973,854 | |||||||||||
Puerto Rico (Commonwealth of); | ||||||||||||||||
Series 2007 A, GO Bonds (INS - AGC)(i) | 5.00 | % | 07/01/2024 | 75 | 77,527 | |||||||||||
Series 2008 A, GO Bonds(a) | 5.13 | % | 07/01/2028 | 3,120 | 2,691,000 | |||||||||||
Series 2008 A, GO Bonds(a) | 5.38 | % | 07/01/2033 | 2,500 | 2,159,375 | |||||||||||
Series 2011 C, Ref. GO Bonds(a) | 5.75 | % | 07/01/2036 | 8,000 | 6,450,000 | |||||||||||
Series 2011 E, Ref. GO Bonds(a) | 5.63 | % | 07/01/2033 | 1,500 | 1,265,625 | |||||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2008 A, RB | 6.13 | % | 07/01/2024 | 5,880 | 6,418,784 | |||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2005 RR, RB (INS - SGI)(i) | 5.00 | % | 07/01/2027 | 1,000 | 1,001,300 | |||||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; | ||||||||||||||||
Series 1998 A, RB(a) | 5.00 | % | 07/01/2038 | 5 | 1,788 | |||||||||||
Series 2003 AA-2, Ref. RB(a) | 5.30 | % | 07/02/2035 | 1,000 | 822,500 | |||||||||||
Series 2003, RB(a) | 5.00 | % | 07/03/2028 | 355 | 43,488 | |||||||||||
Series 2005 K, RB(a) | 5.00 | % | 07/01/2030 | 7,405 | 2,647,287 | |||||||||||
Series 2007 CC, Ref. RB(a) | 5.50 | % | 07/01/2030 | 2,150 | 1,768,375 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco Rochester® AMT-Free New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Puerto Rico–(continued) | ||||||||||||||||
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 1995 A, RB | 5.63 | % | 07/01/2022 | $ | 280 | $ | 280,000 | |||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System); | ||||||||||||||||
Series 2006, RB | 5.00 | % | 03/01/2036 | 1,100 | 1,101,452 | |||||||||||
| ||||||||||||||||
Series 2012, Ref. RB | 5.13 | % | �� | 04/01/2032 | 130 | 132,047 | ||||||||||
| ||||||||||||||||
Series 2012, Ref. RB | 5.38 | % | 04/01/2042 | 190 | 193,325 | |||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Pollution Control Facilities Financing Authority; | ||||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 10/01/2031 | 100 | 103,833 | |||||||||||
| ||||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 10/01/2042 | 150 | 152,625 | |||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; | ||||||||||||||||
Series 2005 A, RB (INS - FGIC)(i)(l) | 5.50 | % | 07/01/2024 | 725 | 660,656 | |||||||||||
| ||||||||||||||||
Series 2005 A, RB (INS - FGIC)(a)(f)(i) | 0.00 | % | 07/01/2030 | 4,600 | 2,547,434 | |||||||||||
| ||||||||||||||||
Series 2005 B, RB(a) | 5.00 | % | 07/01/2041 | 4,000 | 545,000 | |||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(a) | 6.50 | % | 10/01/2037 | 2,500 | 1,006,250 | |||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2009 Q, RB(a) | 5.63 | % | 07/01/2039 | 4,795 | 4,639,162 | |||||||||||
| ||||||||||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); | ||||||||||||||||
Series 2004 I, RB(a) | 5.25 | % | 07/02/2029 | 810 | 778,612 | |||||||||||
| ||||||||||||||||
Series 2009 P, Ref. RB(a) | 6.75 | % | 07/01/2036 | 3,500 | 3,486,875 | |||||||||||
| ||||||||||||||||
Series 2011 S, RB(a) | 6.00 | % | 07/01/2041 | 235 | 229,125 | |||||||||||
| ||||||||||||||||
Puerto Rico Public Finance Corp.; Series 2011 B, RB(a) | 5.50 | % | 08/01/2031 | 4,055 | 60,825 | |||||||||||
| ||||||||||||||||
Puerto Rico Sales Tax Financing Corp.; | ||||||||||||||||
Series 2018 A-1, RB | 4.50 | % | 07/01/2034 | 475 | 518,420 | |||||||||||
| ||||||||||||||||
Series 2018 A-1, RB | 4.55 | % | 07/01/2040 | 199 | 216,920 | |||||||||||
| ||||||||||||||||
Series 2018 A-1, RB(f) | 0.00 | % | 07/01/2046 | 12,897 | 3,965,054 | |||||||||||
| ||||||||||||||||
Series 2018 A-1, RB | 4.75 | % | 07/01/2053 | 1,455 | 1,588,031 | |||||||||||
| ||||||||||||||||
Series 2018 A-1, RB | 5.00 | % | 07/01/2058 | 6,182 | 6,846,812 | |||||||||||
| ||||||||||||||||
Series 2019 A-2, RB | 4.54 | % | 07/01/2053 | 71 | 76,512 | |||||||||||
| ||||||||||||||||
Series 2019 A-2, RB | 4.78 | % | 07/01/2058 | 953 | 1,042,172 | |||||||||||
| ||||||||||||||||
University of Puerto Rico; | ||||||||||||||||
Series 2006 Q, RB (Acquired 12/18/2007; Cost $991,920)(g) | 5.00 | % | 06/01/2025 | 1,000 | 980,000 | |||||||||||
| ||||||||||||||||
Series 2006 Q, RB (Acquired 12/01/2006-04/30/2007; Cost $3,000,000)(g) | 5.00 | % | 06/01/2030 | 3,000 | 2,910,000 | |||||||||||
| ||||||||||||||||
74,013,680 | ||||||||||||||||
| ||||||||||||||||
Guam–0.11% | ||||||||||||||||
Guam (Territory of) Power Authority; | ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(i) | 5.00 | % | 10/01/2023 | 210 | 224,828 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(i) | 5.00 | % | 10/01/2024 | 260 | 277,922 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(i) | 5.00 | % | 10/01/2030 | 470 | 499,168 | |||||||||||
| ||||||||||||||||
1,001,918 | ||||||||||||||||
| ||||||||||||||||
Northern Mariana Islands–0.05% | ||||||||||||||||
Northern Mariana Islands (Commonwealth of); Series 2007 B, Ref. GO Bonds | 5.00 | % | 10/01/2022 | 475 | 464,778 | |||||||||||
| ||||||||||||||||
Total Municipal Obligations (Cost $871,939,554) | 886,674,936 | |||||||||||||||
| ||||||||||||||||
Shares | ||||||||||||||||
Common Stocks & Other Equity Interests–0.77% | ||||||||||||||||
New York–0.77% | ||||||||||||||||
CMS Liquidating Trust; (Cost $9,920,000)(b)(m) | 3,100 | 6,820,000 | ||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(n)–101.60% (Cost $881,859,554) | 893,494,936 | |||||||||||||||
| ||||||||||||||||
FLOATING RATE NOTE OBLIGATIONS–(3.07)% | ||||||||||||||||
Notes with interest and fee rates ranging from 0.59% to 0.60% at 02/28/2021 and contractual maturities of collateral ranging from 02/15/2042 to 11/15/2057 | (26,990,000 | ) | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS LESS LIABILITIES–1.47% | 12,885,173 | |||||||||||||||
| ||||||||||||||||
NET ASSETS–100.00% | $ | 879,390,109 | ||||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco Rochester® AMT-Free New York Municipal Fund
Investment Abbreviations:
AGC | – Assured Guaranty Corp. | |
AGM | – Assured Guaranty Municipal Corp. | |
CPI | – Consumer Price Index | |
Ctfs. | – Certificates | |
FGIC | – Financial Guaranty Insurance Company | |
GO | – General Obligation | |
INS | – Insurer | |
LOC | – Letter of Credit | |
NATL | – National Public Finance Guarantee Corp. | |
RB | – Revenue Bonds | |
Ref. | – Refunding | |
SGI | – Syncora Guarantee, Inc. |
Notes to Schedule of Investments:
(a) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $35,014,866, which represented 3.98% of the Fund’s Net Assets. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(c) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(d) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $63,491,578, which represented 7.22% of the Fund’s Net Assets. |
(f) | Zero coupon bond issued at a discount. |
(g) | Restricted security. The aggregate value of these securities at February 28, 2021 was $9,803,235, which represented 1.11% of the Fund’s Net Assets. |
(h) | Underlying security related to TOB Trusts entered into by the Fund. See Note 1K. |
(i) | Principal and/or interest payments are secured by the bond insurance company listed. |
(j) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(k) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021. |
(l) | The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun. |
(m) | Non-income producing security. |
(n) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(o) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2021. At February 28, 2021, the Fund’s investments with a value of $49,582,252 are held by TOB Trusts and serve as collateral for the $26,990,000 in the floating rate note obligations outstanding at that date. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco Rochester® AMT-Free New York Municipal Fund
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||||
Investments in securities, at value | $ | 893,494,936 | ||
| ||||
Cash | 18,095,541 | |||
| ||||
Receivable for: | ||||
Investments sold | 400,000 | |||
| ||||
Fund shares sold | 863,826 | |||
| ||||
Interest | 9,053,450 | |||
| ||||
Investments matured, at value | 418,314 | |||
| ||||
Investment for trustee deferred compensation and retirement plans | 90,129 | |||
| ||||
Other assets | 272,607 | |||
| ||||
Total assets | 922,688,803 | |||
| ||||
Liabilities: | ||||
Floating rate note obligations | 26,990,000 | |||
| ||||
Payable for: | ||||
Investments purchased | 13,887,240 | |||
| ||||
Dividends | 908,323 | |||
| ||||
Fund shares reacquired | 977,160 | |||
| ||||
Accrued fees to affiliates | 276,747 | |||
| ||||
Accrued interest expense | 1,651 | |||
| ||||
Accrued trustees’ and officers’ fees and benefits | 46,901 | |||
| ||||
Accrued other operating expenses | 120,543 | |||
| ||||
Trustee deferred compensation and retirement plans | 90,129 | |||
| ||||
Total liabilities | 43,298,694 | |||
| ||||
Net assets applicable to shares outstanding | $ | 879,390,109 | ||
|
Net assets consist of: | ||||
Shares of beneficial interest | $ | 962,932,306 | ||
| ||||
Distributable earnings (loss) | (83,542,197 | ) | ||
| ||||
$ | 879,390,109 | |||
| ||||
Net Assets: | ||||
Class A | $ | 767,102,107 | ||
| ||||
Class C | $ | 26,100,364 | ||
| ||||
Class Y | $ | 86,177,489 | ||
| ||||
Class R6 | $ | 10,149 | ||
| ||||
Shares outstanding, no par value, with an unlimited number of shares authorized: |
| |||
Class A | 64,227,734 | |||
| ||||
Class C | 2,184,498 | |||
| ||||
Class Y | 7,205,159 | |||
| ||||
Class R6 | 849 | |||
| ||||
Class A: | ||||
Net asset value per share | $ | 11.94 | ||
| ||||
Maximum offering price per share | ||||
(Net asset value of $11.94 ÷ 95.75%) | $ | 12.47 | ||
| ||||
Class C: | ||||
Net asset value and offering price per share | $ | 11.95 | ||
| ||||
Class Y: | ||||
Net asset value and offering price per share | $ | 11.96 | ||
| ||||
Class R6: | ||||
Net asset value and offering price per share | $ | 11.96 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco Rochester® AMT-Free New York Municipal Fund
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||
Interest | $ | 33,474,524 | ||
| ||||
Expenses: | ||||
Advisory fees | 4,231,616 | |||
| ||||
Administrative services fees | 126,184 | |||
| ||||
Custodian fees | 8,798 | |||
| ||||
Distribution fees: | ||||
Class A | 1,772,208 | |||
| ||||
Class C | 380,357 | |||
| ||||
Interest, facilities and maintenance fees | 1,020,650 | |||
| ||||
Transfer agent fees - A, C and Y | 727,017 | |||
| ||||
Transfer agent fees - R6 | 24 | |||
| ||||
Trustees’ and officers’ fees and benefits | 14,679 | |||
| ||||
Registration and filing fees | 98,235 | |||
| ||||
Reports to shareholders | 44,473 | |||
| ||||
Professional services fees | 102,817 | |||
| ||||
Other | 16,649 | |||
| ||||
Total expenses | 8,543,707 | |||
| ||||
Less: Fees waived and/or expense offset arrangement(s) | (167,907 | ) | ||
| ||||
Net expenses | 8,375,800 | |||
| ||||
Net investment income | 25,098,724 | |||
| ||||
Realized and unrealized gain (loss) from: | ||||
Net realized gain from unaffiliated investment securities | 6,056,942 | |||
| ||||
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | (43,366,155 | ) | ||
| ||||
Net realized and unrealized gain (loss) | (37,309,213 | ) | ||
| ||||
Net increase (decrease) in net assets resulting from operations | $ | (12,210,489 | ) | |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Invesco Rochester® AMT-Free New York Municipal Fund
Statement of Changes in Net Assets
For the year ended February 28, 2021, period ended February 29, 2020, and the year ended September 30, 2019
Year Ended February 28, 2021 | Five Months Ended February 29, 2020 | Year Ended September 30, 2019 | ||||||||||
| ||||||||||||
Operations: | ||||||||||||
Net investment income | $ 25,098,724 | $ 11,456,823 | $ 34,095,567 | |||||||||
| ||||||||||||
Net realized gain (loss) | 6,056,942 | (340,477 | ) | 4,476,699 | ||||||||
| ||||||||||||
Change in net unrealized appreciation (depreciation) | (43,366,155 | ) | 29,343,353 | 48,110,716 | ||||||||
| ||||||||||||
Net increase (decrease) in net assets resulting from operations | (12,210,489 | ) | 40,459,699 | 86,682,982 | ||||||||
| ||||||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||
Class A | (22,872,728 | ) | (9,886,427 | ) | (22,866,222) | |||||||
| ||||||||||||
Class C | (874,074 | ) | (455,985 | ) | (1,714,245) | |||||||
| ||||||||||||
Class Y | (2,649,600 | ) | (1,027,135 | ) | (2,104,295) | |||||||
| ||||||||||||
Class R6 | (1,302 | ) | (718 | ) | (118) | |||||||
| ||||||||||||
Total distributions from distributable earnings | (26,397,704 | ) | (11,370,265 | ) | (26,684,880) | |||||||
| ||||||||||||
Share transactions–net: | ||||||||||||
Class A | (27,216,830 | ) | (5,183,718 | ) | 18,026,354 | |||||||
| ||||||||||||
Class C | (21,758,434 | ) | (3,099,647 | ) | (38,402,384) | |||||||
| ||||||||||||
Class Y | 5,447,718 | 8,651,424 | 9,278,929 | |||||||||
| ||||||||||||
Class R6 | (60,807 | ) | 61,075 | 10,000 | ||||||||
| ||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (43,588,353 | ) | 429,134 | (11,087,101) | ||||||||
| ||||||||||||
Net increase (decrease) in net assets | (82,196,546 | ) | 29,518,568 | 48,911,001 | ||||||||
| ||||||||||||
Net assets: | ||||||||||||
Beginning of year | 961,586,655 | 932,068,087 | 883,157,086 | |||||||||
| ||||||||||||
End of year | $879,390,109 | $961,586,655 | $932,068,087 | |||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Invesco Rochester® AMT-Free New York Municipal Fund
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains on securities | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period | Ratio of net assets with fee waivers | Ratio of to average net assets without fee waivers | Supplemental to average net | Ratio of net investment income to average net assets | Portfolio turnover (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $ | 12.41 | $ | 0.34 | $ | (0.45 | ) | $ | (0.11 | ) | $ | (0.36 | ) | $ | 11.94 | (0.81 | )%(d) | $ | 767,102 | 0.95 | %(d)(e) | 0.97 | %(d)(e) | 0.83 | %(d)(e) | | 2.89 | %(d)(e) | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Five months ended 02/29/20 | 12.03 | 0.15 | 0.38 | 0.53 | (0.15 | ) | 12.41 | 4.43 | 827,596 | 1.02 | (f) | 1.02 | (f) | 0.83 | (f) | 2.98 | (f) | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 09/30/19 | 11.26 | 0.45 | 0.67 | 1.12 | (0.35 | ) | 12.03 | 10.11 | 807,767 | 1.17 | 1.17 | 0.85 | 3.86 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 09/30/18 | 11.11 | 0.39 | 0.09 | 0.48 | (0.33 | ) | 11.26 | 4.46 | 739,216 | 1.28 | 1.28 | 0.92 | 3.58 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 09/30/17 | 11.52 | 0.39 | (0.38 | ) | 0.01 | (0.42 | ) | 11.11 | 0.08 | 872,008 | 1.01 | 1.01 | 0.82 | 3.52 | 47 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 09/30/16 | 11.08 | 0.47 | 0.53 | 1.00 | (0.56 | ) | 11.52 | 9.24 | 995,737 | 1.13 | 1.13 | 1.00 | 4.20 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 12.42 | 0.25 | (0.45 | ) | (0.20 | ) | (0.27 | ) | 11.95 | (1.54 | ) | 26,100 | 1.71 | (e) | 1.74 | (e) | 1.59 | (e) | 2.13 | (e) | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Five months ended 02/29/20 | 12.04 | 0.11 | 0.38 | 0.49 | (0.11 | ) | 12.42 | 4.09 | 50,011 | 1.78 | (f) | 1.78 | (f) | 1.59 | (f) | 2.22 | (f) | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 09/30/19 | 11.26 | 0.36 | 0.68 | 1.04 | (0.26 | ) | 12.04 | 9.36 | 51,593 | 1.94 | 1.94 | 1.62 | 3.09 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 09/30/18 | 11.12 | 0.31 | 0.08 | 0.39 | (0.25 | ) | 11.26 | 3.57 | 84,896 | 2.05 | 2.05 | 1.69 | 2.81 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 09/30/17 | 11.53 | 0.31 | (0.39 | ) | (0.08 | ) | (0.33 | ) | 11.12 | (0.68 | ) | 104,010 | 1.78 | 1.78 | 1.59 | 2.78 | 47 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 09/30/16 | 11.09 | 0.39 | 0.53 | 0.92 | (0.48 | ) | 11.53 | 8.41 | 125,732 | 1.89 | 1.89 | 1.76 | 3.44 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 12.43 | 0.37 | (0.45 | ) | (0.08 | ) | (0.39 | ) | 11.96 | (0.57 | ) | 86,177 | 0.71 | (e) | 0.73 | (e) | 0.59 | (e) | 3.13 | (e) | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Five months ended 02/29/20 | 12.05 | 0.16 | 0.38 | 0.54 | (0.16 | ) | 12.43 | 4.52 | 83,905 | 0.78 | (f) | 0.78 | (f) | 0.59 | (f) | 3.22 | (f) | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 09/30/19 | 11.27 | 0.47 | 0.68 | 1.15 | (0.37 | ) | 12.05 | 10.45 | 72,698 | 0.93 | 0.93 | 0.61 | 4.09 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 09/30/18 | 11.13 | 0.42 | 0.08 | 0.50 | (0.36 | ) | 11.27 | 4.61 | 59,045 | 1.05 | 1.05 | 0.69 | 3.82 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 09/30/17 | 11.54 | 0.41 | (0.38 | ) | 0.03 | (0.44 | ) | 11.13 | 0.32 | 69,378 | 0.78 | 0.78 | 0.59 | 3.69 | 47 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 09/30/16 | 11.09 | 0.49 | 0.55 | 1.04 | (0.59 | ) | 11.54 | 9.58 | 59,503 | 0.89 | 0.89 | 0.76 | 4.40 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 12.41 | 0.38 | (0.43 | ) | (0.05 | ) | (0.40 | ) | 11.96 | (0.31 | ) | 10 | 0.62 | (e) | 0.72 | (e) | 0.49 | (e) | 3.22 | (e) | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Five months ended 02/29/20 | 12.03 | 0.17 | 0.38 | 0.55 | (0.17 | ) | 12.41 | 4.56 | 74 | 0.68 | (f) | 0.78 | (f) | 0.59 | (f) | 3.32 | (f) | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended 09/30/19(g) | 11.78 | 0.18 | 0.20 | 0.38 | (0.13 | ) | 12.03 | 3.25 | 10 | 0.81 | (f) | 0.87 | (f) | 0.55 | (f) | 4.20 | (f) | 15 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for Class A and 0.85% for Class C for the year ended February 28, 2021. |
(e) | Ratios are based on average daily net assets (000’s omitted) of $751,684, $38,036, $80,942 and $38 for Class A, Class C, Class Y and Class R6 shares, respectively. |
(f) | Annualized. |
(g) | Commencement date after the close of business on May 24, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Invesco Rochester® AMT-Free New York Municipal Fund
Notes to Financial Statements
February 28, 2021
NOTE 1–Significant Accounting Policies
Invesco Rochester® AMT-Free New York Municipal Fund, formerly Invesco Oppenheimer Rochester® AMT-Free New York Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek tax-free income.
The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for 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. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to |
22 Invesco Rochester® AMT-Free New York Municipal Fund
shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
H. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
K. | Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
23 Invesco Rochester® AMT-Free New York Municipal Fund
Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.
L. | Other Risks – The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics. |
There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets* | Rate | |
| ||
Up to $200 million | 0.600% | |
| ||
Next $100 million | 0.550% | |
| ||
Next $200 million | 0.500% | |
| ||
Next $250 million | 0.450% | |
| ||
Next $250 million | 0.400% | |
| ||
Next $4 billion | 0.350% | |
| ||
Over $5 billion | 0.330% | |
|
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.49%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.83%, 1.59%, 0.59% and 0.49%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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.
The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.
For the year ended February 28, 2021, the Adviser waived advisory fees of $14 and reimbursed class level expenses of $139,464, $9,592, $18,163 and $24 of Class A, Class C, Class Y and Class R6 shares, respectively.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales
24 Invesco Rochester® AMT-Free New York Municipal Fund
charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $22,684 in front-end sales commissions from the sale of Class A shares and $4,377 and $2,255 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 - Prices are determined using quoted prices in an active market for identical assets.
Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||
| ||||||||||||||
Investments in Securities | ||||||||||||||
| ||||||||||||||
Municipal Obligations | $– | $ 886,674,848 | $ 88 | $ 886,674,936 | ||||||||||
| ||||||||||||||
Common Stocks & Other Equity Interests | – | – | 6,820,000 | 6,820,000 | ||||||||||
| ||||||||||||||
Total Investments in Securities | – | 886,674,848 | 6,820,088 | 893,494,936 | ||||||||||
| ||||||||||||||
Other Investments - Assets | ||||||||||||||
| ||||||||||||||
Investments Matured | – | 418,314 | – | 418,314 | ||||||||||
| ||||||||||||||
Total Investments | $– | $887,093,162 | $6,820,088 | $893,913,250 | ||||||||||
|
NOTE 4–Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $650.
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6–Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $1.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. Prior to February 25, 2021, the revolving credit and security agreement permitted borrowings up to $2.5 billion. The revolving credit and security agreement is secured by the assets of the Fund.
During the year ended February 28, 2021, the average daily balance of borrowing under the revolving credit and security agreement was $11,358,493 with a weighted interest rate of 0.68%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2021 were $34,316,923 and 1.11%, respectively.
25 Invesco Rochester® AMT-Free New York Municipal Fund
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Year Ended February 28, 2021, Period Ended February 29, 2020 and the Year Ended September 30, 2019:
|
| ||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended September 30, 2019 | |||||||||||||
Ordinary income* | $ | 35,111 | $ | 669,965 | $ | 333,912 | |||||||||
Ordinary income-tax-exempt | 26,362,593 | 10,700,299 | 26,350,968 | ||||||||||||
Total distributions | $ | 26,397,704 | $ | 11,370,264 | $ | 26,684,880 | |||||||||
* Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Period-End:
2021 | ||||
| ||||
Undistributed tax-exempt income | $ | 17,451,992 | ||
| ||||
Net unrealized appreciation – investments | 4,161,890 | |||
| ||||
Temporary book/tax differences | (130,193 | ) | ||
| ||||
Capital loss carryforward | (105,025,886 | ) | ||
| ||||
Shares of beneficial interest | 962,932,306 | |||
| ||||
Total net assets | $ | 879,390,109 | ||
|
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to accretion and amortization differences, defaulted bonds, capital maintenance fees, and grantor trusts.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward* | ||||||||||||||||
| ||||||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||||||
| ||||||||||||||||
Not subject to expiration | $ | 27,683,266 | $ | 77,342,620 | $ | 105,025,886 | ||||||||||
|
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $133,381,312 and $215,561,394, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis |
| |||
| ||||
Aggregate unrealized appreciation of investments | $ | 41,878,095 | ||
| ||||
Aggregate unrealized (depreciation) of investments | (37,716,205 | ) | ||
| ||||
Net unrealized appreciation of investments | $ | 4,161,890 | ||
|
Cost of investments for tax purposes is $889,751,360.
NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of market discount, accretion and amortization differences, on February 28, 2021, undistributed net investment income was decreased by $26,983 and undistributed net realized gain (loss) was increased by $26,983. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.
26 Invesco Rochester® AMT-Free New York Municipal Fund
NOTE 10–Share Information
Summary of Share Activity | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Year ended February 28, 2021(a) | Five months ended February 29, 2020 | Year ended September 30, 2019 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
| ||||||||||||||||||||||||
Sold: | ||||||||||||||||||||||||
Class A | 2,489,460 | $ | 29,250,856 | 1,504,288 | $ | 18,114,050 | 7,459,586 | $ | 86,731,891 | |||||||||||||||
| ||||||||||||||||||||||||
Class C | 155,368 | 1,825,903 | 102,996 | 1,240,997 | 536,696 | 6,207,340 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Y | 1,805,419 | 21,220,791 | 993,567 | 11,947,910 | 1,970,388 | 22,705,210 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class R6(b) | - | - | 5,090 | 60,521 | 849 | 10,000 | ||||||||||||||||||
| ||||||||||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||||||||||
Class A | 1,161,740 | 13,523,135 | 728,712 | 8,796,173 | 1,717,541 | 19,862,074 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | 48,354 | 561,065 | 32,158 | 388,466 | 131,975 | 1,518,598 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Y | 133,721 | 1,559,794 | 71,152 | 860,384 | 149,614 | 1,733,754 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class R6(b) | 76 | 862 | 46 | 554 | - | - | ||||||||||||||||||
| ||||||||||||||||||||||||
Automatic conversion of Class C shares to Class A shares: | ||||||||||||||||||||||||
Class A | 1,430,514 | 16,991,009 | 152,805 | 1,848,449 | - | - | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | (1,429,612 | ) | (16,991,009 | ) | (152,693 | ) | (1,848,449 | ) | - | - | ||||||||||||||
| ||||||||||||||||||||||||
Reacquired: | ||||||||||||||||||||||||
Class A | (7,548,187 | ) | (86,981,830 | ) | (2,818,905 | ) | (33,942,390 | ) | (7,716,348 | ) | (88,567,611 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class C | (617,502 | ) | (7,154,393 | ) | (239,629 | ) | (2,880,661 | ) | (3,920,946 | ) | (46,128,322 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class Y | (1,486,507 | ) | (17,332,867 | ) | (345,343 | ) | (4,156,870 | ) | (1,325,207 | ) | (15,160,035 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class R6(b) | (5,212 | ) | (61,669 | ) | - | - | - | - | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) in share activity | (3,862,368 | ) | $ | (43,588,353 | ) | 34,244 | $ | 429,134 | (995,852 | ) | $ | (11,087,101 | ) | |||||||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
(b) | Commencement date after the close of business on May 24, 2019. |
NOTE 11–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
27 Invesco Rochester® AMT-Free New York Municipal Fund
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Rochester® AMT-Free New York Municipal Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Rochester® AMT-Free New York Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statement of changes in net assets for the year ended February 28, 2021, the five months ended February 29, 2020 and the year ended September 30, 2019, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for the year ended February 28, 2021, the five months ended February 29, 2020 and the year ended September 30, 2019, and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Financial Highlights |
For the year ended February 28, 2021, the five months ended February 29, 2020 and the year ended September 30, 2019 for Class A, Class C and Class Y |
For the year ended February 28, 2021, the five months ended February 29, 2020 and the period May 24, 2019 (commencement of operations) through September 30, 2019 for Class R6 |
The financial statements of Invesco Rochester® AMT-Free New York Municipal Fund (formerly known as Oppenheimer Rochester® AMT-Free New York Municipal Fund) as of and for the year ended September 30, 2018 and the financial highlights for each of the periods ended on or prior to September 30, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
28 Invesco Rochester® AMT-Free New York Municipal Fund
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Beginning | ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized Ratio | |||||||||
Ending Account Value | Expenses Paid During | Ending Account Value | Expenses Paid During | |||||||||
Class A | $1,000.00 | $1,030.20 | $4.38 | $1,020.48 | $4.36 | 0.87% | ||||||
Class C | 1,000.00 | 1,027.30 | 8.09 | 1,016.81 | 8.05 | 1.61 | ||||||
Class Y | 1,000.00 | 1,032.20 | 3.17 | 1,021.67 | 3.16 | 0.63 | ||||||
Class R6 | 1,000.00 | 1,032.70 | 0.10 | 1,024.70 | 0.10 | 0.02 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective June 1, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are to 0.91%, 1.67%, 0.67% and 0.09% for of Class A, Class C, Class Y and Class R6 shares, respectively. |
3 | The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.57, $8.38, $3.40 and $0.45 for Class A, Class C, Class Y and Class R6 shares, respectively. |
4 | The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $4.54, $8.34, $3.38 and $0.45 for Class A, Class C, Class Y and Class R6 shares, respectively. |
29 Invesco Rochester® AMT-Free New York Municipal Fund
Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | ||||
Long-Term Capital Gain Distributions | $ | 0 | ||
Qualified Dividend Income* | 0.00 | % | ||
Corporate Dividends Received Deduction* | 0.00 | % | ||
Business Interest Income* | 0.00 | % | ||
Qualified Business Income* | 0.00 | % | ||
U.S. Treasury Obligations* | 0.00 | % | ||
Tax-Exempt Interest Dividends* | 99.87 | % | ||
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
|
30 Invesco Rochester® AMT-Free New York Municipal Fund
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Interested Trustee | ||||||||
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) | 191 | 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. |
T-1 Invesco Rochester® AMT-Free New York Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Independent Trustees | ||||||||
Christopher L. Wilson – 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and President and Director of Grahamtastic Connection (non-profit) | ||||
Jack M. Fields – 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine | ||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization);Eisenhower Foundation (non-profit) | ||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 Invesco Rochester® AMT-Free New York Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Independent Trustees–(continued) | ||||||||
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 | 191 | 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 | ||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
Prema Mathai-Davis – 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
Joel W. Motley – 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); |
T-3 Invesco Rochester® AMT-Free New York Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Independent Trustees–(continued) | ||||||||
Ann Barnett Stern – 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
Robert C. Troccoli – 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
Daniel S. Vandivort –1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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 | 191 | 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) |
T-4 Invesco Rochester® AMT-Free New York Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers | ||||||||
Sheri Morris – 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 Invesco Rochester® AMT-Free New York Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers–(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
| N/A | N/A | ||||
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) |
T-6 Invesco Rochester® AMT-Free New York Municipal Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A | ||||
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A | ||||
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | 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’s sub-advisers.
Office of the Fund | Investment Adviser | Distributor | Auditors | |||
11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP | |||
Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 | |||
Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5678 | ||||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company | |||
2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street | |||
Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |
T-7 Invesco Rochester® AMT-Free New York Municipal Fund
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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.
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∎ | Fund reports and prospectuses |
∎ | Quarterly statements |
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Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. | ||
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. |
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | O-ROAFNYM-AR-1 |
Annual Report to Shareholders | February 28, 2021 |
Invesco Rochester® Limited Term New York Municipal Fund
Nasdaq:
A: LTNYX ∎ C: LTNCX ∎ Y: LTBYX ∎ R6: IORMX
Management’s Discussion of Fund Performance
Performance summary |
| |||
For the year ended February 28, 2021, Class A shares of Invesco Rochester® Limited Term New York Municipal Fund (the Fund), at net asset value (NAV), under-performed the Bloomberg Barclays 5 Year Municipal Bond Index. |
| |||
Your Fund’s long-term performance appears later in this report.
|
| |||
Fund vs. Indexes | ||||
Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
| |||
Class A Shares | 0.29 | % | ||
Class C Shares | -0.47 | |||
Class Y Shares | 0.53 | |||
Class R6 Shares | 0.59 | |||
Bloomberg Barclays 5 Year Municipal Bond Index q | 1.66 | |||
U.S. Consumer Price Index∎ | 1.68 | |||
Source(s): qRIMES Technologies Corp.; ∎Bloomberg L.P. |
Market conditions and your Fund
Once the pandemic epicenter in the US, the State of New York managed to tackle the coronavirus (COVID-19) outbreak by responding early and implementing a strict lock-down protocol. However, these measures had a negative effect on the State’s economy and finances, which is projected to last at least until FY24.1 Favorably, New York benefits from a robust and wealthy economy, adequate resources, and budget flexibility, which have helped mitigate the adverse economic impact brought by the pandemic. Moderate leverage levels allow the State to issue debt as an alternative to additional expenditure reductions.
Early in 2020, employment numbers reflected how New York suffered a larger economic impact than most other states but recent data indicates improvement in the job sector and the beginning of the State’s path to recovery. New York’s unemployment rate improved from 12.5% in August to 8.2% in December, while the national average went from 8.4% to 6.7% during the same period.2 Following declines in COVID-19 cases and easing of lock-down rules, the third quarter of 2020 saw big recoveries in gross domestic product (GDP) in all states, with the national GDP increasing at 33.4%. New York’s GDP increased 30.3% during the same period, with the largest increases seen in the health care, retail, food and accommodation sectors.3 Though the State’s liability profile will likely weaken in the near term, its pension system is well-funded. Long-term challenges include a negative population trend, which may stabilize following the recent reversal of Trump’s immigration controls, and pressure from Medicaid spending.
The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected twist of the COVID-19 global pandemic that pierced the markets and forced society
to navigate unchartered waters in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%, and taxable municipal bonds returned 0.43% during the year.4
The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.5 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.5 High-yield municipal funds generally hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries – well above the historical norm of approximately 90%.6
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to COVID-19, consisting of half a percentage and whole per-
centage point leaving the target range 0.00% to 0.25%.7
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate time-lines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF which enabled two issuers per state, city or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, just the availability of the program provided a psychological safety net for the market.
As the COVID-19 pandemic continued into fall and winter, most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.
We believe the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform.
A highly demanded second stimulus package was signed at the end of 2020. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion. Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.8 This can be attributed to recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance.
Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current
2 Invesco Rochester® Limited Term New York Municipal Fund
on principal and interest, as history has shown.
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February also brought $34 billion in municipal bond supply, higher than the average supply for the last five years for the month.
During the year, security selection in non-rated bonds contributed to the Fund’s performance relative to its style-specific benchmark. The Fund’s preference for revenue bonds over general obligation bonds also benefited its relative performance. At the sector level, security selection in local general obligation bonds and the special tax sector contributed to the Fund’s relative performance.
Security selection in and underweight allocation to state general obligation bonds detracted from the Fund’s performance relative to the style-specific benchmark during the year. Security selection in BBB-rated† bonds detracted from the Fund’s performance relative to its style-specific benchmark over the year.
During the year, leverage contributed to the Fund’s performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of inverse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to 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. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.
Thank you for investing in Invesco Rochester® Limited Term New York Municipal Fund and sharing our long-term investment horizon.
1 Source: Boston Consulting Group
2 Source: New York Department of Labor
3 Source: Bureau of Economic Analysis
4 Source: Bloomberg Barclays
5 Source: Strategic Insight
6 Source: US Department of the Treasury
7 Source: US Federal Reserve
8 Source: The Bond Buyer
† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s):
Michael Camarella
Scott Cottier
Mark DeMitry
Tim O’Reilly
Mark Paris
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 Invesco Rochester® Limited Term New York Municipal Fund
Your Fund’s Long-Term Performance
Results of a $10,000 Investment – Oldest Share Class(es)
Fund and index data from 2/28/11
1 Source: RIMES Technologies Corp.
2 Source: Bloomberg L.P.
Past performance cannot guarantee future results.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management
fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does
not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 Invesco Rochester® Limited Term New York Municipal Fund
Average Annual Total Returns |
| |||
As of 2/28/21, including maximum applicable sales charges |
| |||
Class A Shares | ||||
Inception (9/18/91) | 4.39 | % | ||
10 Years | 2.79 | |||
5 Years | 2.84 | |||
1 Year | -2.22 | |||
Class C Shares | ||||
Inception (5/1/97) | 3.62 | % | ||
10 Years | 2.43 | |||
5 Years | 2.63 | |||
1 Year | -1.44 | |||
Class Y Shares | ||||
Inception (3/30/11) | 3.34 | % | ||
5 Years | 3.63 | |||
1 Year | 0.53 | |||
Class R6 Shares | ||||
10 Years | 3.09 | % | ||
5 Years | 3.48 | |||
1 Year | 0.59 |
Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester Limited Term New York Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund. The Fund was subsequently renamed the Invesco Rochester® Limited Term New York Municipal Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.
Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 2.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on
Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.
5 Invesco Rochester® Limited Term New York Municipal Fund
Supplemental Information
Invesco Rochester® Limited Term New York Municipal Fund’s investment objective is to seek tax-free income.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report
∎ | The Bloomberg Barclays 5 Year Municipal Bond Index is an unmanaged index of fixed-rate, investment-grade municipal securities with maturities of four to six years. |
∎ | The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US Bureau of Labor Statistics. |
∎ | The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
∎ | A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. | ||
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
6 Invesco Rochester® Limited Term New York Municipal Fund
Fund Information
Portfolio Composition
By credit sector | % of total investments | |||
Revenue Bonds | 82.3% | |||
General Obligation Bonds | 10.0 | |||
Pre-Refunded Bonds | 5.9 | |||
Other | 1.8 |
Top Five Debt Holdings
% of total net assets | ||||
1. | Children’s Trust Fund, Series 2002, RB | 2.2% | ||
2. | New York (City of), NY, Series 2013 E, GO Bonds | 1.8 | ||
3. | New York (State of) Mortgage Agency, Series 2018, Ref. VRD RB | 1.8 | ||
4. | Erie Tobacco Asset Securitization Corp., Series 2005 A, RB | 1.7 | ||
5. | New York (City of), NY, Series 2013 D, GO Bonds | 1.6 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of February 28, 2021.
7 Invesco Rochester® Limited Term New York Municipal Fund
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Municipal Obligations–95.66% | ||||||||||||||||
New York–83.50% | ||||||||||||||||
Akron Central School District; Series 2009, Ref. GO Bonds | 5.00 | % | 06/15/2021 | $ | 10 | $ | 10,036 | |||||||||
Albany (County of), NY Airport Authority; | ||||||||||||||||
Series 2018 A, RB | 5.00 | % | 12/15/2035 | 745 | 888,688 | |||||||||||
Series 2018 A, RB | 5.00 | % | 12/15/2036 | 780 | 927,350 | |||||||||||
Series 2018 A, RB | 5.00 | % | 12/15/2037 | 820 | 972,192 | |||||||||||
Series 2018 A, RB | 5.00 | % | 12/15/2038 | 500 | 591,245 | |||||||||||
Series 2018 B, RB(a) | 5.00 | % | 12/15/2030 | 240 | 286,802 | |||||||||||
Series 2018 B, RB(a) | 5.00 | % | 12/15/2031 | 300 | 356,847 | |||||||||||
Series 2018 B, RB(a) | 5.00 | % | 12/15/2032 | 320 | 379,069 | |||||||||||
Albany Capital Resource Corp. (College Saint Rose (The)); Series 2011 A, RB | 5.63 | % | 07/01/2031 | 1,475 | 1,484,691 | |||||||||||
Amherst Development Corp. (Daemen College); | ||||||||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2027 | 655 | 747,800 | |||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2028 | 690 | 795,053 | |||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2029 | 730 | 835,770 | |||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2030 | 760 | 864,568 | |||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2031 | 805 | 910,503 | |||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2043 | 540 | 591,991 | |||||||||||
Brookhaven Local Development Corp. (Jefferson’s Ferry); | ||||||||||||||||
Series 2016, Ref. RB | 5.25 | % | 11/01/2027 | 500 | 596,640 | |||||||||||
Series 2016, Ref. RB | 5.25 | % | 11/01/2028 | 1,000 | 1,185,550 | |||||||||||
Series 2016, Ref. RB | 5.25 | % | 11/01/2029 | 1,000 | 1,177,290 | |||||||||||
Series 2016, Ref. RB | 5.25 | % | 11/01/2030 | 650 | 761,430 | |||||||||||
Series 2016, Ref. RB | 5.25 | % | 11/01/2031 | 650 | 758,778 | |||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center); Series 2016 A, Ref. RB (INS - AGM)(b) | 4.00 | % | 07/15/2029 | 1,750 | 1,945,825 | |||||||||||
Broome County Local Development Corp. (United Health Services Hospital); | ||||||||||||||||
Series 2020, Ref. RB (INS - AGM)(b) | 4.00 | % | 04/01/2038 | 1,500 | 1,724,265 | |||||||||||
Series 2020, Ref. RB (INS - AGM)(b) | 4.00 | % | 04/01/2040 | 2,900 | 3,315,860 | |||||||||||
Buffalo & Erie County Industrial Land Development Corp. (Buffalo State College Foundation Housing Corp.); Series 2011, RB(c)(d) | 5.75 | % | 04/01/2021 | 1,350 | 1,356,129 | |||||||||||
Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); | ||||||||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2026 | 150 | 176,630 | |||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2027 | 150 | 179,787 | |||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2028 | 165 | 200,640 | |||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2029 | 175 | 211,229 | |||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2030 | 200 | 239,352 | |||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2031 | 200 | 238,128 | |||||||||||
Build NYC Resource Corp. (Bronx Lighthouse Charter School); | ||||||||||||||||
Series 2018, RB | 4.00 | % | 06/01/2028 | 1,450 | 1,558,547 | |||||||||||
Series 2018, RB | 5.00 | % | 06/01/2033 | 1,190 | 1,334,942 | |||||||||||
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(a)(e) | 5.25 | % | 12/31/2033 | 5,000 | 5,409,350 | |||||||||||
Build NYC Resource Corp. (Children’s Aid Society (The)); | ||||||||||||||||
Series 2019, RB | 4.00 | % | 07/01/2036 | 125 | 143,999 | |||||||||||
Series 2019, RB | 4.00 | % | 07/01/2037 | 150 | 172,215 | |||||||||||
Series 2019, RB | 4.00 | % | 07/01/2038 | 150 | 171,720 | |||||||||||
Build NYC Resource Corp. (Consortium for Worker Education, Inc.); Series 2020, RB(e) | 5.00 | % | 12/01/2039 | 2,040 | 2,190,756 | |||||||||||
Build NYC Resource Corp. (Manhattan College); | ||||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 08/01/2025 | 465 | 542,120 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 08/01/2028 | 600 | 725,328 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 08/01/2030 | 1,140 | 1,360,829 | |||||||||||
Series 2017, Ref. RB | 3.00 | % | 08/01/2031 | 1,000 | 1,050,760 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 08/01/2032 | 635 | 752,285 | |||||||||||
Build NYC Resource Corp. (New Dawn Charter Schools); Series 2019, RB(e) | 5.00 | % | 02/01/2033 | 1,265 | 1,354,069 | |||||||||||
Build NYC Resource Corp. (Royal Charter Properties, Inc. - New York & Presbyterian Hospital Leasehold); Series 2012, RB (INS - AGM)(b) | 4.75 | % | 12/15/2026 | 2,000 | 2,121,720 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco Rochester® Limited Term New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
Build NYC Resource Corp. (Wagner College Program); | ||||||||||||||||
Series 2012, RB (INS - AGM)(b) | 5.00 | % | 07/01/2024 | $ | 1,395 | $ 1,474,124 | ||||||||||
Series 2012, RB (INS - AGM)(b) | 5.00 | % | 07/01/2025 | 1,705 | 1,798,911 | |||||||||||
Series 2012, RB (INS - AGM)(b) | 5.00 | % | 07/01/2026 | 1,650 | 1,738,902 | |||||||||||
Series 2012, RB (INS - AGM)(b) | 5.00 | % | 07/01/2028 | 1,705 | 1,791,529 | |||||||||||
Build NYC Resource Corp. (YMCA of Greater New York); | ||||||||||||||||
Series 2012, RB(c) | 5.00 | % | 08/01/2021 | 600 | 612,012 | |||||||||||
Series 2012, RB(c)(d) | 5.00 | % | 08/01/2022 | 1,000 | 1,068,180 | |||||||||||
Series 2012, RB(c) | 5.00 | % | 08/01/2022 | 500 | 534,090 | |||||||||||
Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); | ||||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2021 | 330 | 332,135 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2022 | 345 | 360,718 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2023 | 365 | 394,842 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2024 | 380 | 422,598 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2025 | 400 | 455,580 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2026 | 415 | 482,965 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2027 | 445 | 514,914 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2028 | 465 | 534,220 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2029 | 485 | 553,356 | |||||||||||
City of Albany Capital Resource Corp. (Albany Law School of Union University); | ||||||||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 07/01/2029 | 1,500 | 1,760,805 | |||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 07/01/2031 | 1,520 | 1,764,097 | |||||||||||
City of Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.); | ||||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2024 | 400 | 443,224 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2025 | 300 | 340,794 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2026 | 300 | 348,093 | |||||||||||
City of Geneva Development Corp. (Hobart & William Smith Colleges); Series 2012, Ref. RB(c)(d) | 5.00 | % | 09/01/2022 | 500 | 536,020 | |||||||||||
City of New Rochelle Corp. for Local Development (70 Nardozzi/City DPW); Series 2018 A-1, RB(e) | 4.20 | % | 08/01/2028 | 3,450 | 3,247,968 | |||||||||||
City of New Rochelle Corp. for Local Development (Iona College); | ||||||||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2025 | 325 | 375,499 | |||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2029 | 1,100 | 1,241,768 | |||||||||||
City of Troy Capital Resource Corp. (Rensselaer Polytechnic Institute); Series 2020, Ref. RB | 5.00 | % | 09/01/2025 | 1,150 | 1,343,786 | |||||||||||
Dutchess County Local Development Corp. (Anderson Center Services, Inc.); Series 2010, RB | 6.00 | % | 10/01/2030 | 2,330 | 2,334,031 | |||||||||||
Dutchess County Local Development Corp. (Health Quest Systems, Inc.); Series 2016 B, RB | 5.00 | % | 07/01/2030 | 8,600 | 10,028,890 | |||||||||||
Dutchess County Local Development Corp. (Vassar College); Series 2020, Ref. RB | 5.00 | % | 07/01/2045 | 8,710 | 10,779,583 | |||||||||||
East Syracuse Housing Authority (FHA Insured Mortgage Loan - Bennett Manor Section 8 Assisted); Series 2001 A, Ref. RB | 6.70 | % | 04/01/2021 | 30 | 30,134 | |||||||||||
Elmira City (City of), NY; | ||||||||||||||||
Series 2020, GO Bonds | 5.00 | % | 07/01/2026 | 1,175 | 1,287,013 | |||||||||||
Series 2020, GO Bonds | 5.00 | % | 07/01/2035 | 1,500 | 1,682,910 | |||||||||||
Erie (County of), NY; | ||||||||||||||||
Series 2012 A, GO Bonds(c)(d) | 5.00 | % | 04/01/2022 | 2,325 | 2,447,201 | |||||||||||
Series 2020, GO Notes | 3.00 | % | 06/24/2021 | 10,000 | 10,082,700 | |||||||||||
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB | 5.00 | % | 06/01/2031 | 29,615 | 29,643,134 | |||||||||||
Essex County Capital Resource Corp. (North Country Community College Association, Inc.); | ||||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2022 | 145 | 148,054 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2024 | 155 | 169,685 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2026 | 175 | 199,017 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2027 | 100 | 116,756 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2028 | 100 | 115,722 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2031 | 320 | 362,301 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2035 | 255 | 284,539 | |||||||||||
Essex County Capital Resource Corp. (North Country Community College Foundation, Inc.); | ||||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2021 | 220 | 221,511 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2022 | 235 | 243,044 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2023 | 250 | 264,910 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2024 | 255 | 275,104 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2025 | 270 | 295,207 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco Rochester® Limited Term New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
Franklin (County of), NY Solid Waste Management Authority; | ||||||||||||||||
Series 2012, RB | 5.00 | % | 06/01/2027 | $ | 835 | $ 873,276 | ||||||||||
Series 2015 A, RB(a) | 5.00 | % | 06/01/2023 | 270 | 295,763 | |||||||||||
Series 2015 A, RB(a) | 5.00 | % | 06/01/2024 | 285 | 322,623 | |||||||||||
Series 2019, RB(a) | 4.00 | % | 06/01/2021 | 780 | 786,435 | |||||||||||
Series 2019, RB(a) | 4.00 | % | 06/01/2022 | 810 | 843,437 | |||||||||||
Series 2019, RB(a) | 4.00 | % | 06/01/2023 | 845 | 906,803 | |||||||||||
Series 2019, RB(a) | 4.00 | % | 06/01/2024 | 875 | 962,561 | |||||||||||
Franklin County Civic Development Corp. (North Country Community College Foundation, Inc.); | ||||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2021 | 170 | 171,168 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2022 | 180 | 186,161 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2023 | 185 | 196,074 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2024 | 195 | 210,501 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/01/2025 | 205 | 223,967 | |||||||||||
Geneseo Central School District; Series 2009, GO Bonds (INS - AGC)(b) | 4.00 | % | 05/01/2022 | 10 | 10,059 | |||||||||||
Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A, RB (Acquired 06/26/2018; Cost $1,415,000)(e)(f) | 4.75 | % | 07/01/2028 | 1,415 | 1,462,346 | |||||||||||
Hempstead Town Local Development Corp. (Molloy College); | ||||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2029 | 200 | 237,386 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2030 | 170 | 200,469 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2031 | 150 | 176,118 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2032 | 275 | 321,684 | |||||||||||
Hudson Yards Infrastructure Corp.; | ||||||||||||||||
Series 2011, RB | 5.25 | % | 02/15/2047 | 4,700 | 4,716,403 | |||||||||||
Series 2012 A, RB | 5.75 | % | 02/15/2047 | 12,695 | 12,745,653 | |||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 02/15/2038 | 2,125 | 2,508,329 | |||||||||||
Long Island (City of), NY Power Authority; | ||||||||||||||||
Series 2012 B, RB | 5.00 | % | 09/01/2026 | 10,000 | 10,652,200 | |||||||||||
Series 2012 B, RB | 5.00 | % | 09/01/2027 | 10,000 | 10,660,000 | |||||||||||
Series 2012 B, RB | 5.00 | % | 09/01/2029 | 14,825 | 15,798,706 | |||||||||||
Series 2016 B, Ref. RB | 5.00 | % | 09/01/2034 | 6,635 | 7,931,081 | |||||||||||
Series 2018, RB | 5.00 | % | 09/01/2035 | 11,000 | 13,722,720 | |||||||||||
Series 2020 A, Ref. RB | 4.00 | % | 09/01/2039 | 1,650 | 1,936,143 | |||||||||||
Series 2020 A, Ref. RB | 4.00 | % | 09/01/2040 | 215 | 251,382 | |||||||||||
Metropolitan Transportation Authority; | ||||||||||||||||
Series 2002 D-1, Ref. RB | 5.00 | % | 11/01/2025 | 4,000 | 4,269,520 | |||||||||||
Series 2002 D-1, Ref. RB | 5.00 | % | 11/01/2028 | 5,075 | 5,386,453 | |||||||||||
Series 2011 D, RB(c)(d) | 5.00 | % | 11/15/2021 | 5,000 | 5,171,700 | |||||||||||
Series 2012 C, Ref. RB(c)(d) | 5.00 | % | 11/15/2022 | 8,315 | 8,994,585 | |||||||||||
Series 2012 C, Ref. RB | 5.00 | % | 11/15/2029 | 7,135 | 7,579,296 | |||||||||||
Series 2012 C, Ref. RB | 5.00 | % | 11/15/2030 | 3,565 | 3,786,351 | |||||||||||
Series 2012 F, Ref. RB | 5.00 | % | 11/15/2030 | 20,000 | 21,241,800 | |||||||||||
Metropolitan Transportation Authority (Green Bonds); Series 2017 B-2, Ref. RB | 5.00 | % | 11/15/2034 | 1,875 | 2,280,319 | |||||||||||
Monroe County Industrial Development Corp. (Highland Hospital of Rochester); Series 2015, Ref. RB | 5.00 | % | 07/01/2026 | 350 | 407,635 | |||||||||||
Monroe County Industrial Development Corp. (Nazareth College of Rochester); | ||||||||||||||||
Series 2011, RB(c)(d) | 5.00 | % | 10/01/2021 | 200 | 205,556 | |||||||||||
Series 2017, Ref. RB | 4.00 | % | 10/01/2034 | 600 | 647,568 | |||||||||||
Monroe County Industrial Development Corp. (Rochester General Hospital (The)); | ||||||||||||||||
Series 2013 A, Ref. RB | 5.00 | % | 12/01/2026 | 400 | 428,752 | |||||||||||
Series 2013 A, Ref. RB | 5.00 | % | 12/01/2027 | 345 | 368,957 | |||||||||||
Series 2013 A, Ref. RB | 5.00 | % | 12/01/2028 | 660 | 704,372 | |||||||||||
Monroe County Industrial Development Corp. (Rochester Regional Health); | ||||||||||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2032 | 535 | 684,934 | |||||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2033 | 1,815 | 2,312,854 | |||||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2034 | 1,000 | 1,270,190 | |||||||||||
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB | 4.00 | % | 01/01/2030 | 1,415 | 1,526,941 | |||||||||||
Monroe County Industrial Development Corp. (St. John Fisher College); Series 2012 A, Ref. RB | 5.00 | % | 06/01/2023 | 615 | 647,527 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco Rochester® Limited Term New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
Nassau (County of), NY; | ||||||||||||||||
Series 2016 A, Ref. GO Bonds(c)(d) | 5.00 | % | 03/19/2021 | $ | 2,100 | $ 2,582,160 | ||||||||||
Series 2016 C, GO Bonds | 5.00 | % | 04/01/2029 | 3,160 | 3,749,150 | |||||||||||
Series 2017 B, GO Bonds | 5.00 | % | 04/01/2031 | 365 | 439,570 | |||||||||||
Series 2018 B, GO Bonds (INS - AGM)(b) | 5.00 | % | 07/01/2036 | 5,850 | 7,225,452 | |||||||||||
Series 2018 B, GO Bonds (INS - AGM)(b) | 5.00 | % | 07/01/2038 | 5,450 | 6,690,311 | |||||||||||
Series 2018 B, GO Bonds (INS - AGM)(b) | 5.00 | % | 07/01/2039 | 4,775 | 5,848,372 | |||||||||||
Series 2019 B, Ref. GO Bonds (INS - AGM)(b) | 5.00 | % | 04/01/2039 | 2,895 | 3,652,593 | |||||||||||
Series 2019 B, Ref. GO Bonds (INS - AGM)(b) | 5.00 | % | 04/01/2040 | 3,950 | 4,972,299 | |||||||||||
Nassau (County of), NY Industrial Development Agency; | ||||||||||||||||
Series 2007 A-A, RB | 5.95 | % | 11/01/2022 | 195 | 192,291 | |||||||||||
Series 2007 A-C, RB | 5.95 | % | 11/01/2022 | 155 | 152,867 | |||||||||||
Series 2007 A-F, RB | 5.95 | % | 11/01/2022 | 155 | 152,895 | |||||||||||
Series 2007 A-G, RB | 6.15 | % | 11/01/2022 | 385 | 380,249 | |||||||||||
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, Ref. RB | 5.00 | % | 07/01/2032 | 660 | 732,263 | |||||||||||
Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018 A-2, Ref. RB | 4.70 | % | 12/01/2028 | 1,620 | 1,554,568 | |||||||||||
Nassau County Local Economic Assistance Corp. (South Nassau Communities Hospital); Series 2012, Ref. RB | 5.00 | % | 07/01/2027 | 5,690 | 5,957,202 | |||||||||||
Nassau County Local Economic Assistance Corp. (Winthrop-University Hospital Association); Series 2012, Ref. RB(c)(d) | 5.00 | % | 07/01/2022 | 4,500 | 4,791,870 | |||||||||||
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB | 5.25 | % | 06/01/2026 | 2,000 | 2,050,020 | |||||||||||
New Rochelle (City of), NY Industrial Development Agency (College of New Rochelle); Series 1999, Ref. RB (Acquired 08/15/2011; Cost $4,111,473)(f)(g) | 5.25 | % | 07/01/2027 | 4,111 | 82,229 | |||||||||||
New York & New Jersey (States of) Port Authority; | ||||||||||||||||
Series 2011, RB(c)(d) | 5.00 | % | 03/08/2021 | 3,000 | 3,002,430 | |||||||||||
Series 2012 172, RB(a) | 5.00 | % | 10/01/2025 | 7,505 | 7,873,721 | |||||||||||
Series 2012 172, RB(a) | 5.00 | % | 10/01/2028 | 10,000 | 10,484,600 | |||||||||||
Series 2012 172, RB(a) | 5.00 | % | 10/01/2030 | 13,075 | 13,708,614 | |||||||||||
Series 2012, RB | 4.50 | % | 07/15/2036 | 1,500 | 1,545,570 | |||||||||||
Series 2012, RB | 4.00 | % | 07/15/2037 | 1,000 | 1,024,950 | |||||||||||
Series 2014 185, Ref. RB(a) | 5.00 | % | 09/01/2026 | 12,500 | 14,265,125 | |||||||||||
Series 2014 186, Ref. RB(a) | 5.00 | % | 10/15/2031 | 3,775 | 4,302,254 | |||||||||||
Series 2017 202, Ref. RB(a) | 5.00 | % | 04/15/2037 | 12,235 | 14,441,093 | |||||||||||
Series 2017 206, Ref. RB(a) | 5.00 | % | 11/15/2042 | 5,000 | 5,925,000 | |||||||||||
Series 2018 207, Ref. RB(a) | 5.00 | % | 09/15/2030 | 3,385 | 4,163,685 | |||||||||||
Series 2018 207, Ref. RB(a) | 5.00 | % | 09/15/2032 | 1,555 | 1,890,211 | |||||||||||
Series 2019 217, RB | 4.00 | % | 11/01/2039 | 3,750 | 4,346,362 | |||||||||||
Series 2019 218, RB(a) | 5.00 | % | 11/01/2039 | 9,000 | 10,991,880 | |||||||||||
New York (City of), NY; | ||||||||||||||||
Series 1990 I, GO Bonds | 7.75 | % | 08/15/2027 | 45 | 46,548 | |||||||||||
Series 1996 J, GO Bonds | 6.00 | % | 02/15/2024 | 5 | 5,022 | |||||||||||
Series 1996 J, GO Bonds | 5.50 | % | 02/15/2026 | 5 | 5,020 | |||||||||||
Series 1996 J, GO Bonds (INS - FGIC)(b) | 5.50 | % | 02/15/2026 | 10 | 10,040 | |||||||||||
Series 1997 C, GO Bonds (INS - NATL)(b) | 5.50 | % | 11/15/2037 | 10 | 10,041 | |||||||||||
Series 2002 D, GO Bonds | 5.50 | % | 06/01/2028 | 5 | 5,020 | |||||||||||
Series 2004 B, GO Bonds | 5.13 | % | 08/01/2022 | 5 | 5,018 | |||||||||||
Series 2005 O, GO Bonds | 5.00 | % | 06/01/2023 | 5 | 5,018 | |||||||||||
Series 2011 HH, RB(c)(d) | 5.00 | % | 06/15/2021 | 2,800 | 2,838,500 | |||||||||||
Series 2012 B, GO Bonds | 5.00 | % | 08/01/2025 | 325 | 346,577 | |||||||||||
Series 2012 F, Ref. GO Bonds | 5.00 | % | 08/01/2026 | 500 | 521,430 | |||||||||||
Series 2012 F, Ref. GO Bonds | 5.00 | % | 08/01/2028 | 3,710 | 3,868,640 | |||||||||||
Series 2012 I, GO Bonds(c)(d) | 5.00 | % | 08/01/2022 | 2,000 | 2,137,840 | |||||||||||
Series 2013 D, GO Bonds | 5.00 | % | 08/01/2026 | 22,970 | 24,997,562 | |||||||||||
Series 2013 D, GO Bonds | 5.00 | % | 08/01/2027 | 26,090 | 28,387,746 | |||||||||||
Series 2013 E, GO Bonds(c)(d) | 5.00 | % | 02/01/2023 | 105 | 114,432 | |||||||||||
Series 2013 E, GO Bonds | 5.00 | % | 08/01/2026 | 18,760 | 20,415,945 | |||||||||||
Series 2013 E, GO Bonds | 5.00 | % | 08/01/2027 | 28,580 | 31,097,041 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco Rochester® Limited Term New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 06/15/2038 | $ | 15,000 | $ | 18,073,350 | |||||||||
Series 2018 DD-2, Ref. RB | 5.00 | % | 06/15/2040 | 4,000 | 4,864,400 | |||||||||||
Series 2019 CC-1, RB | 4.00 | % | 06/15/2038 | 4,705 | 5,494,875 | |||||||||||
Series 2020 FF, Ref. RB | 4.00 | % | 06/15/2041 | 7,150 | 8,319,239 | |||||||||||
New York (City of), NY Industrial Development Agency (2002 Rosco, Inc.); Series 2002, IDR(a) | 5.63 | % | 06/01/2022 | 680 | 681,448 | |||||||||||
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); | ||||||||||||||||
Series 2006, RB(c)(d) | 5.00 | % | 03/15/2021 | 30 | 30,052 | |||||||||||
Series 2009, RB(c)(d) | 6.13 | % | 03/15/2021 | 175 | 175,366 | |||||||||||
Series 2009, RB(c)(d) | 6.50 | % | 03/15/2021 | 4,085 | 4,094,069 | |||||||||||
New York (City of), NY Industrial Development Agency (TrIPs Obligated Group); Series 2012 A, Ref. RB(a) | 5.00 | % | 07/01/2021 | 250 | 253,938 | |||||||||||
New York (City of), NY Industrial Development Agency (Yankee Stadium); | ||||||||||||||||
Series 2006, RB (CPI Rate + 0.85%), (INS - NATL)(b)(h) | 2.25 | % | 03/01/2023 | 6,550 | 6,693,183 | |||||||||||
Series 2006, RB (CPI Rate + 0.86%), (INS - NATL)(b)(h) | 2.26 | % | 03/01/2024 | 195 | 200,187 | |||||||||||
Series 2006, RB (CPI Rate + 0.87%) (INS - FGIC)(b)(h) | 2.27 | % | 03/01/2025 | 200 | 205,316 | |||||||||||
Series 2006, RB (CPI Rate + 0.88%) (INS - FGIC)(b)(h) | 2.28 | % | 03/01/2026 | 985 | 1,010,728 | |||||||||||
Series 2006, RB (CPI Rate + 0.89%) (INS - FGIC)(b)(h) | 2.29 | % | 03/01/2027 | 1,000 | 1,024,070 | |||||||||||
Series 2020, Ref. RB (INS - AGM)(b) | 4.00 | % | 03/01/2045 | 7,930 | 9,025,371 | |||||||||||
New York (City of), NY Municipal Water Finance Authority; | ||||||||||||||||
Series 2011 HH, RB | 5.00 | % | 06/15/2029 | 10,755 | 10,902,881 | |||||||||||
Series 2011 HH, RB | 5.00 | % | 06/15/2031 | 25,000 | 25,343,750 | |||||||||||
Series 2012 CC, Ref. RB | 5.00 | % | 06/15/2045 | 340 | 352,427 | |||||||||||
New York (City of), NY Transitional Finance Authority; | ||||||||||||||||
Series 2011 A, RB | 5.00 | % | 11/01/2026 | 1,000 | 1,031,690 | |||||||||||
Series 2011 A, RB | 5.00 | % | 11/01/2027 | 1,650 | 1,702,404 | |||||||||||
Series 2011 C, RB | 5.00 | % | 11/01/2039 | 5 | 5,016 | |||||||||||
Series 2011 D, RB | 5.00 | % | 11/01/2038 | 3,000 | 3,090,150 | |||||||||||
Series 2012 S-1, RB | 5.00 | % | 07/15/2027 | 1,880 | 1,996,955 | |||||||||||
Series 2012 S-1, RB | 5.00 | % | 07/15/2028 | 9,000 | 9,557,370 | |||||||||||
Series 2012 S-1, RB | 5.00 | % | 07/15/2029 | 10,000 | 10,615,000 | |||||||||||
Series 2012 S-1, RB | 5.00 | % | 07/15/2030 | 11,325 | 12,000,649 | |||||||||||
Series 2016 A-1, RB | 5.00 | % | 05/01/2037 | 3,085 | 3,662,481 | |||||||||||
Series 2017 A-E-1, RB | 5.00 | % | 02/01/2038 | 7,980 | 9,595,072 | |||||||||||
Series 2018 A-1, RB | 5.00 | % | 08/01/2037 | 1,655 | 2,043,048 | |||||||||||
Series 2018 A-1, RB | 5.00 | % | 08/01/2038 | 10,000 | 12,305,400 | |||||||||||
Series 2018 A-1, RB | 5.00 | % | 08/01/2040 | 17,600 | 21,535,360 | |||||||||||
Series 2018 C-2, RB | 5.00 | % | 05/01/2038 | 5,000 | 6,119,850 | |||||||||||
Series 2018 S-3, RB | 5.00 | % | 07/15/2037 | 2,450 | 2,992,969 | |||||||||||
Series 2018 S-3, Ref. RB | 5.00 | % | 07/15/2036 | 15,000 | 18,506,850 | |||||||||||
Series 2020, RB | 4.00 | % | 05/01/2040 | 15,000 | 17,199,900 | |||||||||||
Series 2021 E-1, RB | 4.00 | % | 02/01/2043 | 2,150 | 2,449,925 | |||||||||||
Series 2021 E-1, RB | 4.00 | % | 02/01/2046 | 9,500 | 10,751,910 | |||||||||||
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts); | ||||||||||||||||
Series 2020 A, Ref. RB | 5.00 | % | 12/01/2031 | 425 | 553,941 | |||||||||||
Series 2020 A, Ref. RB | 5.00 | % | 12/01/2032 | 535 | 692,675 | |||||||||||
Series 2020 A, Ref. RB | 4.00 | % | 12/01/2033 | 700 | 832,748 | |||||||||||
Series 2020 A, Ref. RB | 4.00 | % | 12/01/2034 | 950 | 1,124,543 | |||||||||||
Series 2020 A, Ref. RB | 4.00 | % | 12/01/2035 | 300 | 353,187 | |||||||||||
New York (County of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB | 5.75 | % | 06/01/2043 | 2,095 | 2,635,238 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco Rochester® Limited Term New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
New York (State of) Dormitory Authority; | ||||||||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 12/15/2024 | $ | 1,045 | $ 1,131,871 | ||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 12/15/2029 | 17,000 | 18,387,710 | |||||||||||
Series 2012 B, RB | 5.00 | % | 03/15/2028 | 10,000 | 10,481,100 | |||||||||||
Series 2012 D, RB(c)(d) | 5.00 | % | 02/15/2022 | 1,135 | 1,186,722 | |||||||||||
Series 2012 D, RB | 5.00 | % | 02/15/2028 | 4,660 | 4,866,345 | |||||||||||
Series 2015 A-1, Ref. RB(e) | 4.80 | % | 12/01/2023 | 1,290 | 1,285,717 | |||||||||||
Series 2018 A, RB | 5.00 | % | 03/15/2037 | 8,000 | 9,747,040 | |||||||||||
Series 2018 A, RB | 5.00 | % | 03/15/2038 | 3,500 | 4,251,345 | |||||||||||
Series 2018 A, RB | 5.00 | % | 07/01/2040 | 4,250 | 5,267,152 | |||||||||||
Series 2018 C, Ref. RB | 5.00 | % | 03/15/2034 | 14,000 | 17,230,360 | |||||||||||
Series 2018 C, Ref. RB | 5.00 | % | 03/15/2036 | 2,000 | 2,445,680 | |||||||||||
Series 2018 E, Ref. RB | 5.00 | % | 03/15/2037 | 8,000 | 9,863,520 | |||||||||||
Series 2018 E, Ref. RB | 5.00 | % | 03/15/2039 | 10,000 | 12,250,600 | |||||||||||
Series 2018 E, Ref. RB | 5.00 | % | 03/15/2040 | 5,000 | 6,113,500 | |||||||||||
Series 2020 B, RN | 5.00 | % | 03/31/2021 | 10,000 | 10,040,900 | |||||||||||
Series 2020 D, Ref. RB | 4.00 | % | 02/15/2038 | 2,000 | 2,304,860 | |||||||||||
Series 2020 D, Ref. RB | 4.00 | % | 02/15/2039 | 4,415 | 5,072,614 | |||||||||||
New York (State of) Dormitory Authority (Brooklyn Law School); Series 2012 A, Ref. RB(c)(d) | 5.00 | % | 07/01/2022 | 1,255 | 1,334,655 | |||||||||||
New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Program - Jawonio, Inc.); Series 2017 A, RB(e) | 4.63 | % | 12/01/2027 | 1,385 | 1,314,808 | |||||||||||
New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Program - United Cerebral Palsy Associations of New York State, Inc.); | ||||||||||||||||
Series 2017 A-1, RB(e) | 4.88 | % | 09/01/2027 | 3,730 | 3,621,308 | |||||||||||
Series 2017 A-2, Ref. RB (Acquired 10/25/2017; Cost $1,705,000)(e)(f) | 4.63 | % | 10/01/2027 | 1,705 | 1,681,573 | |||||||||||
New York (State of) Dormitory Authority (Culinary Institute of America); | ||||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 07/01/2028 | 500 | 521,845 | |||||||||||
Series 2013, RB | 6.00 | % | 07/01/2038 | 1,000 | 1,003,050 | |||||||||||
New York (State of) Dormitory Authority (Fordham University); Series 2020, RB | 4.00 | % | 07/01/2046 | 2,260 | 2,535,404 | |||||||||||
New York (State of) Dormitory Authority (Iona College); | ||||||||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 07/01/2022 | 1,110 | 1,172,326 | |||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 07/01/2023 | 1,000 | 1,058,200 | |||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 07/01/2024 | 1,000 | 1,055,490 | |||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 07/01/2025 | 1,000 | 1,053,160 | |||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 07/01/2026 | 1,000 | 1,050,460 | |||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 07/01/2027 | 1,000 | 1,048,590 | |||||||||||
New York (State of) Dormitory Authority (Montefiore Obligated Group); | ||||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 08/01/2027 | 1,000 | 1,214,990 | |||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 08/01/2028 | 1,000 | 1,236,460 | |||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 08/01/2029 | 1,000 | 1,230,740 | |||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 08/01/2033 | 4,275 | 5,163,046 | |||||||||||
New York (State of) Dormitory Authority (New School (The)); | ||||||||||||||||
Series 2011, Ref. RB | 5.00 | % | 07/01/2023 | 5,165 | 5,241,804 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2029 | 1,000 | 1,194,300 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2030 | 1,800 | 2,137,824 | |||||||||||
New York (State of) Dormitory Authority (North General Hospital); Series 2003, Ref. RB | 5.00 | % | 02/15/2025 | 6,630 | 6,652,807 | |||||||||||
New York (State of) Dormitory Authority (Orange Regional Medical Center); | ||||||||||||||||
Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2022 | 1,000 | 1,069,000 | |||||||||||
Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2023 | 2,800 | 3,094,084 | |||||||||||
Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2025 | 1,300 | 1,518,101 | |||||||||||
Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2026 | 1,500 | 1,792,020 | |||||||||||
Series 2017, Ref. RB(e) | 5.00 | % | 12/01/2027 | 1,300 | 1,559,116 | |||||||||||
New York (State of) Dormitory Authority (Ozanam Hall of Queens Nursing Home, Inc.); Series 2006, RB (LOC - Allied Irish Banks PLC)(i) | 5.00 | % | 11/01/2021 | 5 | 5,015 | |||||||||||
New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2019 A, RB | 5.00 | % | 07/01/2049 | 5,000 | 6,080,150 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco Rochester® Limited Term New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); | ||||||||||||||||
Series 2012 C, RB | 5.00 | % | 10/01/2026 | $ | 1,025 | $ 1,098,308 | ||||||||||
Series 2012 F, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2025 | 1,675 | 1,797,560 | |||||||||||
Series 2012 F, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2027 | 400 | 428,544 | |||||||||||
Series 2012 F, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2028 | 200 | 214,304 | |||||||||||
Series 2012 H, Ref. RB | 5.00 | % | 10/01/2026 | 1,690 | 1,812,829 | |||||||||||
Series 2012 H, Ref. RB | 5.00 | % | 10/01/2027 | 500 | 536,090 | |||||||||||
Series 2012 H, Ref. RB | 5.00 | % | 10/01/2028 | 400 | 428,348 | |||||||||||
Series 2012 H, Ref. RB | 5.00 | % | 10/01/2029 | 500 | 535,185 | |||||||||||
Series 2013 A, RB (INS - AGM)(b) | 5.00 | % | 10/01/2026 | 2,740 | 3,048,332 | |||||||||||
Series 2013 A, RB (INS - AGM)(b) | 5.00 | % | 10/01/2027 | 2,485 | 2,759,916 | |||||||||||
Series 2013 C, RB | 5.00 | % | 10/01/2026 | 1,665 | 1,851,913 | |||||||||||
Series 2013 C, RB | 5.00 | % | 10/01/2027 | 1,885 | 2,093,010 | |||||||||||
Series 2013 E, RB (INS - AGM)(b) | 5.00 | % | 10/01/2026 | 3,190 | 3,548,971 | |||||||||||
Series 2017 B, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2033 | 1,345 | 1,648,028 | |||||||||||
New York (State of) Dormitory Authority (St. John’s University); | ||||||||||||||||
Series 2012 A, RB(c)(d) | 5.00 | % | 07/01/2022 | 995 | 1,058,839 | |||||||||||
Series 2012, RB(c)(d) | 5.00 | % | 07/01/2022 | 3,285 | 3,495,766 | |||||||||||
Series 2012, RB | 5.00 | % | 07/01/2030 | 3,565 | 3,737,689 | |||||||||||
New York (State of) Dormitory Authority (St. Joseph’s College); | ||||||||||||||||
Series 2021, RB | 5.00 | % | 07/01/2021 | 35 | 35,439 | |||||||||||
Series 2021, RB | 5.00 | % | 07/01/2022 | 50 | 52,500 | |||||||||||
Series 2021, RB | 5.00 | % | 07/01/2023 | 60 | 64,948 | |||||||||||
Series 2021, RB | 5.00 | % | 07/01/2024 | 100 | 111,125 | |||||||||||
Series 2021, RB | 5.00 | % | 07/01/2025 | 90 | 102,273 | |||||||||||
Series 2021, RB | 5.00 | % | 07/01/2026 | 100 | 115,830 | |||||||||||
Series 2021, RB | 5.00 | % | 07/01/2027 | 120 | 141,124 | |||||||||||
Series 2021, RB | 5.00 | % | 07/01/2028 | 75 | 89,119 | |||||||||||
Series 2021, RB | 5.00 | % | 07/01/2029 | 100 | 119,638 | |||||||||||
Series 2021, RB | 5.00 | % | 07/01/2030 | 75 | 90,350 | |||||||||||
Series 2021, RB | 4.00 | % | 07/01/2035 | 200 | 215,844 | |||||||||||
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities); | ||||||||||||||||
Series 2018 A, RB | 5.00 | % | 07/01/2036 | 3,060 | 3,720,409 | |||||||||||
Series 2018 A, RB | 5.00 | % | 07/01/2038 | 1,850 | 2,236,964 | |||||||||||
New York (State of) Dormitory Authority (United Cerebral Palsy Affiliates Pooled Loan Program No. 1); Series 2002 A, Ref. RB (INS - AMBAC)(b) | 5.13 | % | 07/01/2021 | 20 | 19,967 | |||||||||||
New York (State of) Dormitory Authority (Yeshiva University); Series 2009, Ref. RB | 5.00 | % | 09/01/2027 | 1,130 | 1,131,706 | |||||||||||
New York (State of) Housing Finance Agency; | ||||||||||||||||
Series 2019 K, RB | 1.45 | % | 05/01/2023 | 2,500 | 2,521,900 | |||||||||||
Series 2019, RB | 1.63 | % | 05/01/2023 | 1,500 | 1,501,005 | |||||||||||
New York (State of) Housing Finance Agency (Division Street); Series 2006 A, RB(a) | 5.00 | % | 02/15/2026 | 240 | 240,662 | |||||||||||
New York (State of) Housing Finance Agency (Green Bonds); Series 2018 H, RB | 2.75 | % | 11/01/2022 | 4,000 | 4,004,600 | |||||||||||
New York (State of) Housing Finance Agency (Secured Mortgage Program); | ||||||||||||||||
Series 2001 A, RB(a) | 5.60 | % | 08/15/2033 | 1,285 | 1,288,161 | |||||||||||
Series 2002 C, RB(a) | 5.30 | % | 08/15/2022 | 90 | 90,296 | |||||||||||
New York (State of) Housing Finance Agency (Tri-Senior Development Housing); Series 2007 A, RB (LOC - Fannie Mae)(a)(i) | 5.10 | % | 11/15/2023 | 815 | 817,967 | |||||||||||
New York (State of) Metropolitan Transportation Authority; Series 2012 C, RB | 5.00 | % | 11/15/2028 | 9,985 | 10,606,766 | |||||||||||
New York (State of) Mortgage Agency; Series 2018, Ref. VRD RB(a)(j) | 0.06 | % | 10/01/2039 | 30,890 | 30,890,000 | |||||||||||
New York (State of) State Dormitory Authority (Maimonides Medical Center); | ||||||||||||||||
Series 2020, RB | 4.00 | % | 02/01/2038 | 300 | 346,299 | |||||||||||
Series 2020, RB | 4.00 | % | 02/01/2039 | 400 | 460,680 | |||||||||||
Series 2020, RB | 4.00 | % | 02/01/2040 | 400 | 459,884 | |||||||||||
New York (State of) Thruway Authority; | ||||||||||||||||
Series 2012 I, RB(c)(d) | 5.00 | % | 01/01/2022 | 45,500 | 47,346,390 | |||||||||||
Series 2018 L, Ref. RB | 5.00 | % | 01/01/2035 | 3,995 | 4,900,507 | |||||||||||
New York City (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB (CPI Rate + 0.84%), (INS - FGIC)(b)(h) | 2.24 | % | 03/01/2022 | 8,655 | 8,773,573 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco Rochester® Limited Term New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
New York City (City of), NY Transitional Finance Authority; | ||||||||||||||||
Series 2016 E-1, RB | 5.00 | % | 02/01/2037 | $ | 3,905 | $ 4,607,549 | ||||||||||
Series 2020 S-1, RB | 4.00 | % | 07/15/2041 | 8,465 | 9,725,185 | |||||||||||
New York City Health and Hospitals Corp.; | ||||||||||||||||
Series 2021 A, Ref. RB | 5.00 | % | 02/15/2038 | 690 | 878,722 | |||||||||||
Series 2021 A, Ref. RB | 5.00 | % | 02/15/2040 | 1,615 | 2,045,123 | |||||||||||
New York City Housing Development Corp.; | ||||||||||||||||
Series 1999 E, RB | 6.25 | % | 05/01/2036 | 35 | 35,109 | |||||||||||
Series 2013 L-2-A, Ref. RB | 3.60 | % | 11/01/2033 | 3,000 | 3,075,720 | |||||||||||
Series 2017 C-2, RB | 1.70 | % | 07/01/2021 | 8,560 | 8,575,665 | |||||||||||
New York City Housing Development Corp. (Ocean Gate Development); Series 2007 B, RB(a) | 5.35 | % | 06/01/2025 | 1,860 | 1,881,725 | |||||||||||
New York Counties Tobacco Trust I; | ||||||||||||||||
Series 2000 A, RB | 6.50 | % | 06/01/2035 | 2,995 | 2,997,785 | |||||||||||
Series 2000 A, RB | 6.63 | % | 06/01/2042 | 3,295 | 3,297,834 | |||||||||||
New York Counties Tobacco Trust II; | ||||||||||||||||
Series 2001, RB | 5.63 | % | 06/01/2035 | 60 | 60,238 | |||||||||||
Series 2001, RB | 5.75 | % | 06/01/2043 | 135 | 135,198 | |||||||||||
New York Counties Tobacco Trust III; Series 2003, RB | 6.00 | % | 06/01/2043 | 690 | 691,187 | |||||||||||
New York Counties Tobacco Trust IV; Series 2005 A, Ref. RB | 4.75 | % | 06/01/2026 | 2,860 | 2,861,659 | |||||||||||
New York Counties Tobacco Trust VI; | ||||||||||||||||
Series 2016 A, Ref. RB | 6.25 | % | 06/01/2025 | 30 | 32,910 | |||||||||||
Series 2016 A, Ref. RB | 5.63 | % | 06/01/2035 | 500 | 541,245 | |||||||||||
Series 2016 A, Ref. RB | 6.75 | % | 06/01/2035 | 8,040 | 8,725,008 | |||||||||||
Series 2016 A, Ref. RB | 6.45 | % | 06/01/2040 | 830 | 982,811 | |||||||||||
Series 2016 A, Ref. RB | 6.00 | % | 06/01/2043 | 9,435 | 10,624,659 | |||||||||||
New York Liberty Development Corp. (1 World Trade Center Port Authority); Series 2011, RB | 5.25 | % | 12/15/2043 | 5,750 | 5,948,662 | |||||||||||
New York Liberty Development Corp. (4 World Trade Center); | ||||||||||||||||
Series 2011, Ref. RB | 5.00 | % | 11/15/2031 | 5,000 | 5,148,250 | |||||||||||
Series 2011, Ref. RB | 5.00 | % | 11/15/2044 | 5,000 | 5,143,250 | |||||||||||
New York State Environmental Facilities Corp.; Series 2004, RB | 4.50 | % | 06/15/2024 | 100 | 100,313 | |||||||||||
New York State Environmental Facilities Corp. (Green Bonds); Series 2020, Ref. RB | 4.00 | % | 10/15/2045 | 4,100 | 4,791,998 | |||||||||||
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution Bonds); | ||||||||||||||||
Series 2004 C, Ref. RB | 4.50 | % | 06/15/2030 | 15 | 15,038 | |||||||||||
Series 2017 E, RB | 5.00 | % | 06/15/2042 | 12,375 | 15,062,974 | |||||||||||
Series 2018 B, RB | 5.00 | % | 06/15/2038 | 2,755 | 3,438,681 | |||||||||||
New York State Urban Development Corp.; | ||||||||||||||||
Series 2020 A, RB | 4.00 | % | 03/15/2040 | 20,000 | 23,000,400 | |||||||||||
Series 2020 A, RB | 5.00 | % | 03/15/2041 | 2,500 | 3,112,875 | |||||||||||
Series 2020 C, Ref. RB | 4.00 | % | 03/15/2037 | 3,500 | 4,060,700 | |||||||||||
Series 2020 C, Ref. RB | 4.00 | % | 03/15/2045 | 11,015 | 12,521,191 | |||||||||||
New York Transportation Development Corp.; | ||||||||||||||||
Series 2020 A, Ref. RB(a) | 5.00 | % | 12/01/2034 | 900 | 1,114,308 | |||||||||||
Series 2020 A, Ref. RB(a) | 5.00 | % | 12/01/2036 | 900 | 1,111,050 | |||||||||||
Series 2020 A, Ref. RB(a) | 4.00 | % | 12/01/2038 | 1,000 | 1,127,830 | |||||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment); | ||||||||||||||||
Series 2016 A, RB(a) | 5.00 | % | 07/01/2034 | 4,250 | 4,778,785 | |||||||||||
Series 2018, RB(a) | 5.00 | % | 01/01/2034 | 3,370 | 3,978,453 | |||||||||||
Series 2020, RB(a) | 5.00 | % | 10/01/2035 | 5,000 | 6,172,050 | |||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); | ||||||||||||||||
Series 2016 A, RB(a) | 5.00 | % | 07/01/2030 | 1,000 | 1,131,260 | |||||||||||
Series 2016 A, RB(a) | 4.00 | % | 07/01/2033 | 4,000 | 4,311,520 | |||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport); | ||||||||||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2031 | 1,100 | 1,389,564 | |||||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2035 | 2,000 | 2,484,880 | |||||||||||
Newburgh (City of), NY Industrial Development Agency (Bourne & Kenney Redevelopment Co. LLC); Series 1999 A, RB(a) | 5.75 | % | 02/01/2032 | 2,450 | 2,460,559 | |||||||||||
Niagara Area Development Corp. (Niagara University); Series 2012 A, Ref. RB(c)(d) | 5.00 | % | 05/01/2022 | 320 | 335,843 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco Rochester® Limited Term New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
Niagara Falls (City of), NY; | ||||||||||||||||
Series 2016, Ref. GO Bonds (INS - BAM)(b) | 5.00 | % | 05/15/2028 | $ | 750 | $ 900,847 | ||||||||||
Series 2016, Ref. GO Bonds (INS - BAM)(b) | 5.00 | % | 05/15/2029 | 850 | 1,020,008 | |||||||||||
Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); | ||||||||||||||||
Series 2019, Ref. RB(a) | 5.00 | % | 04/01/2023 | 1,500 | 1,625,715 | |||||||||||
Series 2019, Ref. RB(a) | 5.00 | % | 04/01/2024 | 3,285 | 3,674,535 | |||||||||||
Series 2019, Ref. RB(a) | 5.00 | % | 04/01/2031 | 700 | 846,972 | |||||||||||
Series 2019, Ref. RB(a) | 5.00 | % | 04/01/2033 | 725 | 868,884 | |||||||||||
Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. RB | 4.00 | % | 05/15/2029 | 2,550 | 2,553,442 | |||||||||||
North Babylon Volunteer Fire Co., Inc.; Series 1997, RB (INS - AGC)(b) | 5.75 | % | 08/01/2022 | 265 | 265,803 | |||||||||||
Oneida County Local Development Corp. (Mohawk Valley Health System); | ||||||||||||||||
Series 2019, Ref. RB (INS - AGM)(b) | 4.00 | % | 12/01/2034 | 1,000 | 1,145,620 | |||||||||||
Series 2019, Ref. RB (INS - AGM)(b) | 4.00 | % | 12/01/2035 | 1,000 | 1,141,650 | |||||||||||
Series 2019, Ref. RB (INS - AGM)(b) | 4.00 | % | 12/01/2036 | 1,250 | 1,421,687 | |||||||||||
Series 2019, Ref. RB (INS - AGM)(b) | 4.00 | % | 12/01/2037 | 1,000 | 1,133,730 | |||||||||||
Oneida County Local Development Corp. (Utica College); Series 2019, Ref. RB | 5.00 | % | 07/01/2026 | 150 | 173,912 | |||||||||||
Onondaga (County of), NY Resource Recovery Agency; | ||||||||||||||||
Series 2019, RB (INS - AGM)(a)(b) | 5.00 | % | 05/01/2029 | 780 | 945,017 | |||||||||||
Series 2019, RB (INS - AGM)(a)(b) | 5.00 | % | 05/01/2030 | 275 | 330,875 | |||||||||||
Series 2019, RB (INS - AGM)(a)(b) | 5.00 | % | 05/01/2031 | 350 | 419,790 | |||||||||||
Series 2019, RB (INS - AGM)(a)(b) | 5.00 | % | 05/01/2032 | 455 | 543,393 | |||||||||||
Series 2019, RB (INS - AGM)(a)(b) | 5.00 | % | 05/01/2033 | 475 | 564,827 | |||||||||||
Series 2019, RB (INS - AGM)(a)(b) | 5.00 | % | 05/01/2034 | 500 | 592,845 | |||||||||||
Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); | ||||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2027 | 450 | 531,342 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2028 | 600 | 705,402 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2029 | 450 | 527,054 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2030 | 835 | 972,190 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2032 | 600 | 690,726 | |||||||||||
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); | ||||||||||||||||
Series 2019, Ref. RB | 5.00 | % | 12/01/2038 | 3,325 | 4,187,771 | |||||||||||
Series 2019, Ref. RB | 5.00 | % | 12/01/2039 | 5,865 | 7,369,607 | |||||||||||
Onondaga Civic Development Corp.; Series 2015, Ref. RB | 5.00 | % | 10/01/2025 | 115 | 121,989 | |||||||||||
Onondaga Civic Development Corp. (Le Moyne College); | ||||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 07/01/2022 | 465 | 489,836 | |||||||||||
Series 2012, Ref. RB | 5.00 | % | 07/01/2023 | 490 | 516,230 | |||||||||||
Series 2012, Ref. RB | 5.00 | % | 07/01/2024 | 515 | 541,528 | |||||||||||
Series 2012, Ref. RB | 5.00 | % | 07/01/2025 | 540 | 566,498 | |||||||||||
Onondaga Civic Development Corp. (Upstate Properties Development, Inc.); Series 2011, RB(c)(d) | 5.50 | % | 12/01/2021 | 1,000 | 1,039,470 | |||||||||||
Orange (County of), NY Industrial Development Agency (St. Luke’s Hospital of Newburgh, New York); Series 2001 A, Ref. RB (INS - AGC)(b) | 5.38 | % | 12/01/2021 | 425 | 426,628 | |||||||||||
Orange County Funding Corp. (Mount St. Mary College); | ||||||||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 07/01/2021 | 505 | 509,474 | |||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 07/01/2022 | 530 | 552,043 | |||||||||||
Series 2012 B, Ref. RB | 5.00 | % | 07/01/2021 | 765 | 771,778 | |||||||||||
Series 2012 B, Ref. RB | 5.00 | % | 07/01/2022 | 805 | 838,480 | |||||||||||
Otsego County Capital Resource Corp. (Hartwick College); | ||||||||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 10/01/2022 | 650 | 667,271 | |||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 10/01/2023 | 700 | 728,308 | |||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 10/01/2024 | 660 | 693,251 | |||||||||||
Poughkeepsie (City of), NY; Series 2019, Ref. GO Bonds | 5.00 | % | 06/01/2031 | 600 | 656,718 | |||||||||||
Public Housing Capital Fund Revenue Trust I; Series 2012, RB(e) | 4.50 | % | 07/01/2022 | 162 | 163,515 | |||||||||||
Ramapo Local Development Corp.; Series 2013, Ref. RB | 5.00 | % | 03/15/2028 | 295 | 311,479 | |||||||||||
Rensselaer (County of), NY Industrial Development Agency (Franciscan Heights, L.P.); Series 2004 A, IDR (LOC - JP Morgan Chase Bank)(a)(i) | 5.38 | % | 12/01/2025 | 1,030 | 1,033,152 | |||||||||||
Rockland (County of), NY; Series 2012 B, GO Bonds | 5.00 | % | 12/15/2022 | 600 | 648,282 | |||||||||||
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB | 5.63 | % | 08/15/2035 | 70 | 70,641 | |||||||||||
Saratoga County Capital Resource Corp. (Skidmore College); Series 2014 B, Ref. RB | 5.00 | % | 07/01/2024 | 195 | 222,565 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco Rochester® Limited Term New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
Spring Valley (Village of), NY; | ||||||||||||||||
Series 2005, GO Bonds (INS - NATL)(a)(b) | 5.00 | % | 05/01/2021 | $ | 310 | $ 311,132 | ||||||||||
Series 2005, GO Bonds (INS - NATL)(a)(b) | 5.00 | % | 05/01/2022 | 325 | 326,167 | |||||||||||
Series 2005, GO Bonds (INS - NATL)(a)(b) | 5.00 | % | 05/01/2023 | 335 | 336,162 | |||||||||||
Series 2005, GO Bonds (INS - NATL)(a)(b) | 5.00 | % | 05/01/2024 | 350 | 351,190 | |||||||||||
Series 2005, GO Bonds (INS - NATL)(a)(b) | 5.00 | % | 05/01/2025 | 365 | 366,241 | |||||||||||
Series 2007, GO Bonds (INS - AMBAC)(a)(b) | 5.00 | % | 06/15/2021 | 385 | 386,405 | |||||||||||
Series 2007, GO Bonds (INS - AMBAC)(a)(b) | 5.00 | % | 06/15/2022 | 405 | 406,276 | |||||||||||
St. Lawrence (County of), NY Industrial Development Agency (Clarkson University); | ||||||||||||||||
Series 2012 A, RB | 5.25 | % | 09/01/2033 | 1,050 | 1,080,901 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 09/01/2028 | 500 | 584,560 | |||||||||||
Series 2017, Ref. RB | 5.00 | % | 09/01/2031 | 690 | 794,466 | |||||||||||
St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); | ||||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 07/01/2024 | 300 | 323,370 | |||||||||||
Series 2012, Ref. RB | 5.00 | % | 07/01/2025 | 920 | 989,570 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2028 | 300 | 358,785 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2030 | 785 | 935,265 | |||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2031 | 450 | 534,389 | |||||||||||
Suffern (Village of), NY; | ||||||||||||||||
Series 2016, GO Bonds | 5.00 | % | 03/15/2021 | 375 | 375,630 | |||||||||||
Series 2016, GO Bonds | 5.00 | % | 03/15/2022 | 395 | 396,438 | |||||||||||
Series 2016, GO Bonds | 5.00 | % | 03/15/2023 | 310 | 311,119 | |||||||||||
Series 2016, GO Bonds | 5.00 | % | 03/15/2026 | 475 | 476,720 | |||||||||||
Suffolk (County of), NY Industrial Development Agency; | ||||||||||||||||
Series 1996, Ref. RB(g)(k) | 6.70 | % | 12/31/2021 | 2,330 | 23 | |||||||||||
Series 2007 A-C, RB | 5.95 | % | 11/01/2022 | 150 | 150,035 | |||||||||||
Series 2007 A-D, RB | 5.95 | % | 11/01/2022 | 235 | 235,052 | |||||||||||
Series 2007 A-F, RB | 5.95 | % | 11/01/2022 | 240 | 240,026 | |||||||||||
Suffolk (County of), NY Industrial Development Agency (Nissequogue Cogen Partners); Series 1998, Ref. RB(a) | 5.50 | % | 01/01/2023 | 540 | 544,757 | |||||||||||
Suffolk County Economic Development Corp. (Family Residences and Essential Enterprises, Inc.); Series 2012 B-A, RB(e) | 6.75 | % | 06/01/2027 | 400 | 393,568 | |||||||||||
Suffolk Tobacco Asset Securitization Corp.; Series 2012 B, RB | 5.00 | % | 06/01/2021 | 1,145 | 1,153,633 | |||||||||||
Sullivan County Infrastructure Local Development Corp. (Adelaar Infrastructure); | ||||||||||||||||
Series 2016 A-1, RB(e) | 4.85 | % | 11/01/2031 | 14,130 | 14,823,218 | |||||||||||
Series 2016 B-1, RB(e) | 4.85 | % | 11/01/2031 | 2,030 | 2,129,592 | |||||||||||
Series 2016 C-1, RB(e) | 4.85 | % | 11/01/2031 | 1,980 | 2,077,139 | |||||||||||
Series 2016 D-1, RB(e) | 4.85 | % | 11/01/2031 | 1,305 | 1,369,023 | |||||||||||
Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB(a) | 5.00 | % | 01/01/2031 | 4,425 | 4,580,008 | |||||||||||
Town of Hempstead Local Development Corp. (Evergreen Charter School); | ||||||||||||||||
Series 2019, RB(e) | 6.25 | % | 12/01/2022 | 525 | 525,074 | |||||||||||
Series 2019, Ref. RB(e) | 6.15 | % | 12/01/2029 | 2,470 | 2,872,239 | |||||||||||
Triborough Bridge & Tunnel Authority; | ||||||||||||||||
Series 2012 B, Ref. RB | 5.00 | % | 11/15/2024 | 1,000 | 1,080,080 | |||||||||||
Series 2017 B, Ref. RB | 5.00 | % | 11/15/2036 | 11,110 | 13,398,771 | |||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); | ||||||||||||||||
Series 2018 C, Ref. RB | 5.00 | % | 11/15/2036 | 10,950 | 13,639,429 | |||||||||||
Series 2018 C, Ref. RB | 5.00 | % | 11/15/2038 | 5,000 | 6,185,950 | |||||||||||
Troy (City of), NY Industrial Development Authority (Rensselaer Polytechnic Institute); Series 2002 E, RB | 5.00 | % | 09/01/2031 | 1,000 | 1,016,250 | |||||||||||
TSASC, Inc.; | ||||||||||||||||
Series 2016 B, Ref. RB | 5.00 | % | 06/01/2045 | 3,130 | 3,398,523 | |||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2030 | 5,000 | 6,140,200 | |||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2031 | 5,000 | 6,110,000 | |||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2032 | 5,000 | 6,074,850 | |||||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2033 | 5,000 | 6,045,600 | |||||||||||
Tuckahoe Union Free School District; Series 2008, GO Bonds(c)(d) | 4.25 | % | 03/18/2021 | 20 | 20,036 | |||||||||||
Valley Health Development Corp. (Valley Health Services); Series 2000 A, Ref. RB (CEP - GNMA) | 6.75 | % | 05/20/2022 | 25 | 25,118 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco Rochester® Limited Term New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
Westhampton Beach Union Free School District; | ||||||||||||||||
Series 2007, GO Bonds (INS - SGI)(b) | 4.60 | % | 03/01/2026 | $ | 75 | $ | 75,342 | |||||||||
Series 2007, GO Bonds (INS - SGI)(b) | 4.63 | % | 03/01/2027 | 10 | 10,046 | |||||||||||
White Plains Housing Development Corp. (Battle Hill Houses, Section 8 Assisted); Series 1996 A, Ref. RB | 6.65 | % | 02/01/2025 | 35 | 37,955 | |||||||||||
Series 2011 A, GO Bonds(c)(d) | 5.00 | % | 10/01/2021 | 3,000 | 3,085,110 | |||||||||||
Yonkers (City of), NY Industrial Development Agency (Monastery Manor Associates, L.P.); Series 2005, RB(a) | 5.00 | % | 04/01/2025 | 1,455 | 1,459,889 | |||||||||||
Yonkers Economic Development Corp. (Lamartine/Warburton LLC - Charter School of Educational Excellence); Series 2019 A, RB | 4.00 | % | 10/15/2029 | 200 | 216,962 | |||||||||||
1,472,548,139 | ||||||||||||||||
Puerto Rico–10.71% | ||||||||||||||||
Children’s Trust Fund; | ||||||||||||||||
Series 2002, RB | 5.38 | % | 05/15/2033 | 24,785 | 24,937,180 | |||||||||||
Series 2002, RB | 5.50 | % | 05/15/2039 | 38,385 | 39,326,968 | |||||||||||
Puerto Rico (Commonwealth of); | ||||||||||||||||
Series 1998, GO Bonds(g) | 5.00 | % | 07/01/2028 | 25 | 21,531 | |||||||||||
Series 2007 A, GO Bonds(g) | 5.00 | % | 07/01/2024 | 165 | 142,519 | |||||||||||
Series 2007 A, GO Bonds(g) | 5.25 | % | 07/01/2029 | 15 | 12,994 | |||||||||||
Series 2008 A, Ref. GO Bonds(g) | 5.50 | % | 07/01/2023 | 5,000 | 4,343,750 | |||||||||||
Series 2011 E, Ref. GO Bonds(g) | 5.38 | % | 07/01/2030 | 1,400 | 1,181,250 | |||||||||||
Series 2012 A, Ref. GO Bonds(g) | 5.50 | % | 07/01/2026 | 240 | 196,800 | |||||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, RB | 5.25 | % | 07/01/2024 | 7,750 | 8,158,502 | |||||||||||
Puerto Rico (Commonwealth of) Convention Center District Authority; Series 2006 A, RB (INS - FGIC)(b)(l) | 5.00 | % | 07/01/2023 | 150 | 136,687 | |||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; | ||||||||||||||||
Series 2004 PP, Ref. RB (INS - NATL)(b) | 5.00 | % | 07/01/2024 | 500 | 506,135 | |||||||||||
Series 2005 RR, RB (INS - NATL)(b) | 5.00 | % | 07/01/2021 | 285 | 286,528 | |||||||||||
Series 2005 RR, RB (INS - NATL)(b) | 5.00 | % | 07/01/2022 | 50 | 50,373 | |||||||||||
Series 2005 RR, RB (INS - NATL)(b) | 5.00 | % | 07/01/2024 | 280 | 283,436 | |||||||||||
Series 2005 SS, Ref. RB (INS - NATL)(b) | 5.00 | % | 07/01/2022 | 100 | 100,745 | |||||||||||
Series 2005 SS, Ref. RB (INS - NATL)(b) | 5.00 | % | 07/01/2023 | 830 | 840,184 | |||||||||||
Series 2008 WW-RSA-1, RB(g) | 5.25 | % | 07/01/2025 | 5,000 | 4,525,000 | |||||||||||
Series 2010 DDD, Ref. RB(g) | 5.00 | % | 07/01/2022 | 100 | 90,250 | |||||||||||
Series 2016 E-2, RB(g) | 10.00 | % | 07/01/2021 | 1,501 | 1,448,699 | |||||||||||
Series 2016 E-2, RB(g) | 10.00 | % | 01/01/2022 | 501 | 482,900 | |||||||||||
Series 2016 E-4, RB(g) | 10.00 | % | 07/01/2022 | 500 | 482,900 | |||||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; | ||||||||||||||||
Series 2002 D, RB (INS - AGM)(b) | 5.00 | % | 07/01/2027 | 835 | 863,148 | |||||||||||
Series 2003, RB(g) | 5.75 | % | 07/01/2022 | 7,995 | 979,387 | |||||||||||
Series 2003, RB(g) | 5.00 | % | 07/01/2023 | 135 | 16,538 | |||||||||||
Series 2003, RB(g) | 5.00 | % | 07/03/2028 | 90 | 11,025 | |||||||||||
Series 2005 K, RB(g) | 5.00 | % | 07/01/2021 | 4,355 | 1,556,912 | |||||||||||
Series 2005 K, RB(g) | 5.00 | % | 07/01/2024 | 7,760 | 2,774,200 | |||||||||||
Series 2005 K, RB(g) | 5.00 | % | 07/01/2025 | 14,545 | 5,199,837 | |||||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority (Puerto Rico State Infrastructure Bank); | ||||||||||||||||
Series 1998, RB(g) | 5.00 | % | 07/01/2022 | 90 | 11,025 | |||||||||||
Series 1998, RB(g) | 5.00 | % | 07/01/2028 | 425 | 52,063 | |||||||||||
Series 1998, RB (INS - NATL)(b) | 5.00 | % | 07/01/2028 | 50 | 50,913 | |||||||||||
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; | ||||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 10/01/2021 | 365 | 368,241 | |||||||||||
Series 2012, Ref. RB | 5.00 | % | 10/01/2022 | 415 | 423,649 | |||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; | ||||||||||||||||
Series 2000, RB(a) | 6.63 | % | 06/01/2026 | 20,400 | 21,114,000 | |||||||||||
Series 2012, Ref. RB | 5.00 | % | 10/01/2021 | 500 | 509,425 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco Rochester® Limited Term New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Puerto Rico–(continued) | ||||||||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System); | ||||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 04/01/2021 | $ | 650 | $ | 652,138 | |||||||||
Series 2012, Ref. RB | 5.00 | % | 04/01/2022 | 650 | 660,367 | |||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ryder Memorial Hospital); Series 1994 A, RB | 6.70 | % | 05/01/2024 | 1,235 | 1,068,127 | |||||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(g) | 6.25 | % | 10/01/2024 | 885 | 356,212 | |||||||||||
Puerto Rico (Commonwealth of) Municipal Finance Agency; | ||||||||||||||||
Series 2002 A, RB (INS - AGM)(b) | 5.25 | % | 08/01/2021 | 70 | 70,411 | |||||||||||
Series 2002 A, RB (INS - AGM)(b) | 4.75 | % | 08/01/2022 | 20 | 20,224 | |||||||||||
Series 2002 A, RB (INS - AGM)(b) | 5.00 | % | 08/01/2027 | 500 | 516,855 | |||||||||||
Series 2005 A, RB | 5.25 | % | 08/01/2024 | 10,000 | 9,962,500 | |||||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); | ||||||||||||||||
Series 2002 D, Ref. RB(g) | 5.13 | % | 07/01/2024 | 275 | 264,344 | |||||||||||
Series 2004 I, RB(g) | 5.25 | % | 07/02/2029 | 10,000 | 9,612,500 | |||||||||||
Series 2007 M, Ref. RB(g) | 6.25 | % | 07/01/2023 | 1,270 | 1,255,712 | |||||||||||
Series 2007 M, Ref. RB(d)(g) | 10.00 | % | 07/01/2034 | 1,400 | 1,405,250 | |||||||||||
Series 2007 M-2, Ref. RB (INS - AMBAC)(b) | 10.00 | % | 07/01/2035 | 1,250 | 1,315,787 | |||||||||||
Series 2007 N, Ref. RB(g) | 5.50 | % | 07/01/2025 | 30 | 29,063 | |||||||||||
Series 2009 P, Ref. RB(g) | 6.25 | % | 07/01/2026 | 50 | 49,063 | |||||||||||
Puerto Rico Public Finance Corp.; Series 2011 A, RB(g) | 6.50 | % | 08/01/2028 | 105,030 | 1,575,450 | |||||||||||
Puerto Rico Sales Tax Financing Corp.; | ||||||||||||||||
Series 2018 A-1, RB(m) | 0.00 | % | 07/01/2024 | 246 | 231,511 | |||||||||||
Series 2018 A-1, RB(m) | 0.00 | % | 07/01/2027 | 5,930 | 5,220,120 | |||||||||||
Series 2018 A-1, RB(m) | 0.00 | % | 07/01/2031 | 10,000 | 7,678,900 | |||||||||||
Series 2018 A-1, RB(m) | 0.00 | % | 07/01/2033 | 665 | 472,835 | |||||||||||
Series 2018 A-1, RB | 4.50 | % | 07/01/2034 | 487 | 531,517 | |||||||||||
Series 2018 A-1, RB | 4.55 | % | 07/01/2040 | 246 | 268,152 | |||||||||||
Series 2018 A-1, RB(m) | 0.00 | % | 07/01/2046 | 1 | 307 | |||||||||||
Series 2018 A-1, RB(m) | 0.00 | % | 07/01/2051 | 1 | 220 | |||||||||||
Series 2018 A-1, RB | 4.75 | % | 07/01/2053 | 1,809 | 1,974,397 | |||||||||||
Series 2018 A-1, RB | 5.00 | % | 07/01/2058 | 2,074 | 2,297,038 | |||||||||||
Series 2019 A-2, RB | 4.33 | % | 07/01/2040 | 2,504 | 2,693,428 | |||||||||||
Series 2019 A-2, RB | 4.54 | % | 07/01/2053 | 75 | 80,822 | |||||||||||
Series 2019 A-2, RB | 4.78 | % | 07/01/2058 | 1,004 | 1,097,944 | |||||||||||
University of Puerto Rico; | ||||||||||||||||
Series 2006 P, Ref. RB (Acquired 06/13/2007; Cost $8,500,000)(f) | 5.00 | % | 06/01/2022 | 8,500 | 8,457,500 | |||||||||||
Series 2006 Q, RB (Acquired 06/15/2007; Cost $7,410,000)(f) | 5.00 | % | 06/01/2023 | 7,410 | 7,335,900 | |||||||||||
Series 2006 Q, RB (Acquired 02/07/2007; Cost $300,000)(f) | 5.00 | % | 06/01/2030 | 300 | 291,000 | |||||||||||
188,931,288 | ||||||||||||||||
Virgin Islands–0.76% | ||||||||||||||||
Tobacco Settlement Financing Corp.; Series 2001, RB | 5.00 | % | 05/15/2031 | 620 | 621,438 | |||||||||||
Virgin Islands (Government of) (Matching Fund Loan Note - Diago); Series 2009 A, RB | 6.75 | % | 10/01/2037 | 660 | 663,188 | |||||||||||
Virgin Islands (Government of) Public Finance Authority; | ||||||||||||||||
Series 2006, RB (INS - NATL)(b) | 5.00 | % | 10/01/2023 | 3,380 | 3,433,370 | |||||||||||
Series 2006, RB (INS - NATL)(b) | 5.00 | % | 10/01/2024 | 850 | 863,362 | |||||||||||
Series 2006, RB (INS - NATL)(b) | 5.00 | % | 10/01/2025 | 3,760 | 3,818,882 | |||||||||||
Series 2006, RB (INS - NATL)(b) | 5.00 | % | 10/01/2026 | 1,715 | 1,741,823 | |||||||||||
Virgin Islands (Government of) Public Finance Authority (Federal Highway Grant Anticipation Revenue Loan Note); Series 2015, RB(e) | 5.00 | % | 09/01/2033 | 1,500 | 1,662,030 | |||||||||||
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note); | ||||||||||||||||
Series 2006, Ref. RB (INS - NATL)(b) | 5.00 | % | 10/01/2027 | 50 | 50,780 | |||||||||||
Series 2006, Ref. RB (INS - NATL)(b) | 5.00 | % | 10/01/2028 | 280 | 284,354 | |||||||||||
Series 2012, Ref. RB (INS - AGM)(b) | 4.00 | % | 10/01/2022 | 190 | 196,122 | |||||||||||
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Matching Fund Loan Notes); Series 2009 C, Ref. RB | 5.00 | % | 10/01/2022 | 15 | 14,936 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Invesco Rochester® Limited Term New York Municipal Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Virgin Islands–(continued) | ||||||||||||||||
Virgin Islands (Government of) Water & Power Authority (Electric System); Series 2003, RB (INS - AMBAC)(b) | 4.50 | % | 07/01/2028 | $ | 125 | $ | 125,344 | |||||||||
| ||||||||||||||||
13,475,629 | ||||||||||||||||
| ||||||||||||||||
Guam–0.69% | ||||||||||||||||
Guam (Territory of) Power Authority; | ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2021 | 1,350 | 1,385,816 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2024 | 200 | 213,786 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2025 | 3,185 | 3,401,261 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2026 | 2,690 | 2,873,861 | |||||||||||
| ||||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2030 | 4,000 | 4,248,240 | |||||||||||
| ||||||||||||||||
12,122,964 | ||||||||||||||||
| ||||||||||||||||
Total Municipal Obligations (Cost $1,758,447,134) | 1,687,078,020 | |||||||||||||||
| ||||||||||||||||
Shares | ||||||||||||||||
Common Stocks & Other Equity Interests–0.27% | ||||||||||||||||
New York–0.27% | ||||||||||||||||
CMS Liquidating Trust; | ||||||||||||||||
(Cost $6,838,400)(k)(n) | 2,137 | 4,701,400 | ||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(o) –95.93% (Cost $1,765,285,534) | 1,691,779,420 | |||||||||||||||
| ||||||||||||||||
OTHER ASSETS LESS LIABILITIES–4.07% | 71,804,951 | |||||||||||||||
| ||||||||||||||||
NET ASSETS–100.00% | $ | 1,763,584,371 | ||||||||||||||
|
Investment Abbreviations:
AGC | – Assured Guaranty Corp. | |
AGM | – Assured Guaranty Municipal Corp. | |
AMBAC – American Municipal Bond Assurance Corp. | ||
BAM | – Build America Mutual Assurance Co. | |
CEP | – Credit Enhancement Provider | |
CPI | – Consumer Price Index | |
FGIC | – Financial Guaranty Insurance Company | |
FHA | – Federal Housing Adminstration | |
GNMA | – Government National Mortgage Association | |
GO | – General Obligation | |
IDR | – Industrial Development Revenue Bonds | |
INS | – Insurer | |
LOC | – Letter of Credit | |
NATL | – National Public Finance Guarantee Corp. | |
RB | – Revenue Bonds | |
Ref. | – Refunding | |
RN | – Revenue Notes | |
SGI | – Syncora Guarantee, Inc. | |
VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Invesco Rochester® Limited Term New York Municipal Fund
Notes to Schedule of Investments:
(a) | Security subject to the alternative minimum tax. |
(b) | Principal and/or interest payments are secured by the bond insurance company listed. |
(c) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(d) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $56,615,614, which represented 3.21% of the Fund’s Net Assets. |
(f) | Restricted security. The aggregate value of these securities at February 28, 2021 was $19,310,548, which represented 1.09% of the Fund’s Net Assets. |
(g) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $38,159,426, which represented 2.16% of the Fund’s Net Assets. |
(h) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021. |
(i) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(j) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2021. |
(k) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(l) | The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun. |
(m) | Zero coupon bond issued at a discount. |
(n) | Non-income producing security. |
(o) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
Entity | Percent | |||
| ||||
Assured Guaranty Municipal Corp. | 5.24 | % | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Invesco Rochester® Limited Term New York Municipal Fund
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||||
Investments in securities, at value | ||||
(Cost $1,765,285,534) | $ | 1,691,779,420 | ||
| ||||
Cash | 49,153,428 | |||
| ||||
Receivable for: | ||||
Investments sold | 330,000 | |||
| ||||
Fund shares sold | 3,820,310 | |||
| ||||
Interest | 18,811,483 | |||
| ||||
Investments matured, at value (Cost $7,156,725) | 5,460,161 | |||
| ||||
Investment for trustee deferred compensation and retirement plans | 284,805 | |||
| ||||
Other assets | 599,398 | |||
| ||||
Total assets | 1,770,239,005 | |||
| ||||
Liabilities: | ||||
Payable for: | ||||
Dividends | 1,598,034 | |||
| ||||
Fund shares reacquired | 3,574,189 | |||
| ||||
Accrued fees to affiliates | 895,001 | |||
| ||||
Accrued interest expense | 3,259 | |||
| ||||
Accrued trustees’ and officers’ fees and benefits | 3,869 | |||
| ||||
Accrued other operating expenses | 128,785 | |||
| ||||
Trustee deferred compensation and retirement plans | 451,497 | |||
| ||||
Total liabilities | 6,654,634 | |||
| ||||
Net assets applicable to shares outstanding | $ | 1,763,584,371 | ||
| ||||
Net assets consist of: | ||||
Shares of beneficial interest | $ | 2,212,502,351 | ||
| ||||
Distributable earnings (loss) | (448,917,980 | ) | ||
| ||||
$ | 1,763,584,371 | |||
|
Net Assets: | ||||
Class A | $ | 1,411,110,694 | ||
| ||||
Class C | $ | 91,938,171 | ||
| ||||
Class Y | $ | 260,365,314 | ||
| ||||
Class R6 | $ | 170,192 | ||
| ||||
Shares outstanding, no par value, with an unlimited number of shares authorized: |
| |||
Class A | 463,910,929 | |||
| ||||
Class C | 30,419,664 | |||
| ||||
Class Y | 85,583,345 | |||
| ||||
Class R6 | 55,946 | |||
| ||||
Class A: | ||||
Net asset value per share | $ | 3.04 | ||
| ||||
Maximum offering price per share (Net asset value of $3.04 ÷ 97.50%) | $ | 3.12 | ||
| ||||
Class C: | ||||
Net asset value and offering price per share | $ | 3.02 | ||
| ||||
Class Y: | ||||
Net asset value and offering price per share | $ | 3.04 | ||
| ||||
Class R6: | ||||
Net asset value and offering price per share | $ | 3.04 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Invesco Rochester® Limited Term New York Municipal Fund
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||
Interest | $ | 62,247,536 | ||
| ||||
Expenses: | ||||
Advisory fees | 6,804,181 | |||
| ||||
Administrative services fees | 249,308 | |||
| ||||
Custodian fees | 12,974 | |||
| ||||
Distribution fees: | ||||
Class A | 3,273,253 | |||
| ||||
Class C | 1,496,357 | |||
| ||||
Interest, facilities and maintenance fees | 1,840,799 | |||
| ||||
Transfer agent fees — A, C and Y | 1,559,440 | |||
| ||||
Transfer agent fees — R6 | 56 | |||
| ||||
Trustees’ and officers’ fees and benefits | 78,035 | |||
| ||||
Registration and filing fees | 95,684 | |||
| ||||
Reports to shareholders | 65,950 | |||
| ||||
Professional services fees | 153,242 | |||
| ||||
Taxes | 2,132 | |||
| ||||
Other | 27,611 | |||
| ||||
Total expenses | 15,659,022 | |||
| ||||
Less: Expense offset arrangement(s) | (1,111 | ) | ||
| ||||
Net expenses | 15,657,911 | |||
| ||||
Net investment income | 46,589,625 | |||
| ||||
Realized and unrealized gain (loss) from: | ||||
Net realized gain (loss) from unaffiliated investment securities | (1,294,246 | ) | ||
| ||||
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | (44,193,322 | ) | ||
| ||||
Net realized and unrealized gain (loss) | (45,487,568 | ) | ||
| ||||
Net increase in net assets resulting from operations | $ | 1,102,057 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Invesco Rochester® Limited Term New York Municipal Fund
Statement of Changes in Net Assets
For the year ended February 28, 2021, period ended February 29, 2020, and the year ended December 31, 2019
Year Ended February 28, 2021 | Two Months Ended February 29, 2020 | Year Ended December 31, 2019 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 46,589,625 | $ | 7,649,563 | $ | 49,442,632 | ||||||
| ||||||||||||
Net realized gain (loss) | (1,294,246 | ) | (7,940,222 | ) | (11,691,002) | |||||||
| ||||||||||||
Change in net unrealized appreciation (depreciation) | (44,193,322 | ) | 42,780,899 | 84,069,674 | ||||||||
| ||||||||||||
Net increase in net assets resulting from operations | 1,102,057 | 42,490,240 | 121,821,304 | |||||||||
| ||||||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||
Class A | (38,600,056 | ) | (6,558,733 | ) | (42,982,279) | |||||||
| ||||||||||||
Class C | (3,189,341 | ) | (715,798 | ) | (7,207,733) | |||||||
| ||||||||||||
Class Y | (7,253,285 | ) | (1,211,042 | ) | (7,338,117) | |||||||
| ||||||||||||
Class R6 | (6,365 | ) | (673 | ) | (613) | |||||||
| ||||||||||||
Total distributions from distributable earnings | (49,049,047 | ) | (8,486,246 | ) | (57,528,742) | |||||||
| ||||||||||||
Share transactions–net: | ||||||||||||
Class A | 76,835,997 | 6,744,020 | 125,612,091 | |||||||||
| ||||||||||||
Class C | (98,360,991 | ) | (5,524,456 | ) | (194,003,712) | |||||||
| ||||||||||||
Class Y | 30,889,591 | 6,972,700 | 47,252,278 | |||||||||
| ||||||||||||
Class R6 | 41,534 | 578 | 124,586 | |||||||||
| ||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 9,406,131 | 8,192,842 | (21,014,757) | |||||||||
| ||||||||||||
Net increase (decrease) in net assets | (38,540,859 | ) | 42,196,836 | 43,277,805 | ||||||||
| ||||||||||||
Net assets: | ||||||||||||
Beginning of year | 1,802,125,230 | 1,759,928,394 | 1,716,650,589 | |||||||||
| ||||||||||||
End of year | $ | 1,763,584,371 | $ | 1,802,125,230 | $ | 1,759,928,394 | ||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Invesco Rochester® Limited Term New York Municipal Fund
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of fee waivers | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Supplemental to average net | Ratio of to average | Portfolio turnover (c) | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $3.12 | $0.08 | $(0.07 | ) | $0.01 | $(0.09) | $3.04 | 0.29 | %(d) | $1,411,111 | 0.87 | %(d)(e) | 0.87 | %(d)(e) | 0.76 | %(d)(e) | 2.75 | %(d)(e) | 17 | % | ||||||||||||||||||||||||||||||||
Two months ended 02/29/20 | 3.06 | 0.01 | 0.07 | 0.08 | (0.02) | 3.12 | 2.45 | 1,370,661 | 0.76 | (f) | 0.90 | (f) | 0.76 | (f) | 2.67 | (f) | 1 | |||||||||||||||||||||||||||||||||||
Year ended 12/31/19 | 2.95 | 0.09 | 0.12 | 0.21 | (0.10) | 3.06 | 7.27 | 1,338,074 | 0.75 | 0.90 | 0.75 | 2.91 | 11 | |||||||||||||||||||||||||||||||||||||||
Year ended 12/31/18 | 2.76 | 0.08 | 0.20 | 0.28 | (0.09) | 2.95 | 10.38 | 1,168,856 | 0.85 | 1.03 | 0.85 | 2.77 | 36 | |||||||||||||||||||||||||||||||||||||||
Year ended 12/31/17 | 2.95 | 0.08 | (0.18 | ) | (0.10 | ) | (0.09) | 2.76 | (3.51 | ) | 1,198,772 | 0.82 | 0.96 | 0.82 | 2.85 | 9 | ||||||||||||||||||||||||||||||||||||
Year ended 12/31/16 | 3.01 | 0.10 | (0.05 | ) | 0.05 | (0.11) | 2.95 | 1.64 | 1,613,157 | 0.88 | 0.98 | 0.88 | 3.29 | 21 | ||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 3.10 | 0.06 | (0.07 | ) | (0.01 | ) | (0.07) | 3.02 | (0.47 | ) | 91,938 | 1.63 | (e) | 1.63 | (e) | 1.52 | (e) | 1.99 | (e) | 17 | ||||||||||||||||||||||||||||||||
Two months ended 02/29/20 | 3.04 | 0.01 | 0.06 | 0.07 | (0.01) | 3.10 | 2.34 | 195,347 | 1.51 | (f) | 1.65 | (f) | 1.51 | (f) | 1.92 | (f) | 1 | |||||||||||||||||||||||||||||||||||
Year ended 12/31/19 | 2.93 | 0.06 | 0.13 | 0.19 | (0.08) | 3.04 | 6.51 | 197,113 | 1.51 | 1.66 | 1.51 | 2.15 | 11 | |||||||||||||||||||||||||||||||||||||||
Year ended 12/31/18 | 2.74 | 0.06 | 0.20 | 0.26 | (0.07) | 2.93 | 9.63 | 377,338 | 1.61 | 1.79 | 1.61 | 2.02 | 36 | |||||||||||||||||||||||||||||||||||||||
Year ended 12/31/17 | 2.93 | 0.06 | (0.18 | ) | (0.12 | ) | (0.07) | 2.74 | (4.27 | ) | 432,706 | 1.57 | 1.71 | 1.57 | 2.13 | 9 | ||||||||||||||||||||||||||||||||||||
Year ended 12/31/16 | 3.00 | 0.08 | (0.06 | ) | 0.02 | (0.09) | 2.93 | 0.55 | 670,317 | 1.63 | 1.73 | 1.63 | 2.54 | 21 | ||||||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 3.12 | 0.09 | (0.07 | ) | 0.02 | (0.10) | 3.04 | 0.53 | 260,365 | 0.63 | (e) | 0.63 | (e) | 0.52 | (e) | 2.99 | (e) | 17 | ||||||||||||||||||||||||||||||||||
Two months ended 02/29/20 | 3.06 | 0.01 | 0.07 | 0.08 | (0.02) | 3.12 | 2.49 | 235,989 | 0.51 | (f) | 0.65 | (f) | 0.51 | (f) | 2.92 | (f) | 1 | |||||||||||||||||||||||||||||||||||
Year ended 12/31/19 | 2.95 | 0.10 | 0.12 | 0.22 | (0.11) | 3.06 | 7.53 | 224,615 | 0.51 | 0.66 | 0.51 | 3.15 | 11 | |||||||||||||||||||||||||||||||||||||||
Year ended 12/31/18 | 2.76 | 0.09 | 0.20 | 0.29 | (0.10) | 2.95 | 10.65 | 170,457 | 0.60 | 0.78 | 0.60 | 3.02 | 36 | |||||||||||||||||||||||||||||||||||||||
Year ended 12/31/17 | 2.95 | 0.09 | (0.18 | ) | (0.09 | ) | (0.10) | 2.76 | (3.28 | ) | 142,546 | 0.57 | 0.71 | 0.57 | 3.04 | 9 | ||||||||||||||||||||||||||||||||||||
Year ended 12/31/16 | 3.01 | 0.11 | (0.05 | ) | 0.06 | (0.12) | 2.95 | 1.89 | 166,668 | 0.63 | 0.73 | 0.63 | 3.53 | 21 | ||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 3.12 | 0.09 | (0.07 | ) | 0.02 | (0.10) | 3.04 | 0.59 | 170 | 0.57 | (e) | 0.57 | (e) | 0.46 | (e) | 3.05 | (e) | 17 | ||||||||||||||||||||||||||||||||||
Two months ended 02/29/20 | 3.06 | 0.02 | 0.06 | 0.08 | (0.02) | 3.12 | 2.50 | 128 | 0.48 | (f) | 0.62 | (f) | 0.48 | (f) | 2.95 | (f) | 1 | |||||||||||||||||||||||||||||||||||
Period ended 12/31/19(g) | 3.05 | 0.06 | 0.02 | 0.08 | (0.07) | 3.06 | 2.79 | 125 | 0.47 | (f) | 0.62 | (f) | 0.47 | (f) | 3.20 | (f) | 11 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the year ended February 28, 2021. |
(e) | Ratios are based on average daily net assets (000’s omitted) of $1,337,892, $149,636, $231,894 and $201 for Class A, Class C, Class Y and Class R6 shares, respectively. |
(f) | Annualized. |
(g) | Commencement date after the close of business on May 24, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Invesco Rochester® Limited Term New York Municipal Fund
Notes to Financial Statements
February 28, 2021
NOTE 1-Significant Accounting Policies
Invesco Rochester® Limited Term New York Municipal Fund, formerly Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek tax-free income.
The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for 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. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to |
26 Invesco Rochester® Limited Term New York Municipal Fund
shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
H. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
27 Invesco Rochester® Limited Term New York Municipal Fund
There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.
K. | Other Risks - The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. |
The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets* | Rate | |||
| ||||
Up to $100 million | 0.500% | |||
| ||||
Next $150 million | 0.450% | |||
| ||||
Next $1.75 billion | 0.400% | |||
| ||||
Next $3 billion | 0.390% | |||
| ||||
Next $5 billion | 0.380% | |||
| ||||
Over $10 billion | 0.370% | |||
|
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.40%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
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 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 daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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. The Advisor did not waive fees under this agreement during the period.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $24,638 in front-end sales commissions from the sale of Class A shares and $53,137 and $19,812 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
28 Invesco Rochester® Limited Term New York Municipal Fund
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3-Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments in Securities | ||||||||||||||||
| ||||||||||||||||
Municipal Obligations | $- | $ | 1,687,078,020 | $ | - | $ | 1,687,078,020 | |||||||||
| ||||||||||||||||
Common Stocks & Other Equity Interests | - | - | 4,701,400 | 4,701,400 | ||||||||||||
| ||||||||||||||||
Total Investments in Securities | - | 1,687,078,020 | 4,701,400 | 1,691,779,420 | ||||||||||||
| ||||||||||||||||
Other Investments - Assets | ||||||||||||||||
| ||||||||||||||||
Investments Matured | - | 5,460,161 | 0 | 5,460,161 | ||||||||||||
| ||||||||||||||||
Total Investments | $- | $ | 1,692,538,181 | $ | 4,701,400 | $ | 1,697,239,581 | |||||||||
|
NOTE 4-Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,111.
NOTE 5-Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6-Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $1.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. Prior to February 25, 2021, the revolving credit and security agreement was for up to $2.5 billion. The revolving credit and security agreement is secured by the assets of the Fund.
During the year ended February 28, 2021, the average daily balance of borrowing under the revolving credit and security agreement was $36,397,397 with a weighted interest rate of 0.87%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees. At February 28, 2021, the Fund had no borrowings outstanding under this agreement.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2021 were $40,826,923 and 0.85%, respectively.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
29 Invesco Rochester® Limited Term New York Municipal Fund
NOTE 7-Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Year Ended February 28, 2021, Period Ended February 29, 2020 and the Year Ended December 31, 2019:
Year Ended February 28, 2021 | Two months Ended February 29, 2020 | Year Ended December 31, 2019 | ||||
| ||||||
Ordinary income* | $ 315,481 | $ 9,222 | $ 576,143 | |||
| ||||||
Ordinary income-tax-exempt | 48,733,566 | 8,477,024 | 56,952,599 | |||
| ||||||
Total distributions | $49,049,047 | $8,486,246 | $57,528,742 | |||
|
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Period-End:
2021 | ||||
| ||||
Undistributed tax-exempt income | $ | 38,444,585 | ||
| ||||
Net unrealized appreciation – investments | (87,768,867 | ) | ||
| ||||
Temporary book/tax differences | (446,670 | ) | ||
| ||||
Capital loss carryforward | (399,147,028 | ) | ||
| ||||
Shares of beneficial interest | 2,212,502,351 | |||
| ||||
Total net assets | $ | 1,763,584,371 | ||
|
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to book to tax amortization differences and defaulted bonds.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward* |
| |||||||||||||||
| ||||||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||||||
| ||||||||||||||||
Not subject to expiration | $ | 29,938,604 | $ | 369,208,424 | $ | 399,147,028 | ||||||||||
|
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8-Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $296,506,502 and $465,049,048, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis |
| |||
| ||||
Aggregate unrealized appreciation of investments | $ | 73,278,663 | ||
| ||||
Aggregate unrealized (depreciation) of investments | (161,047,530 | ) | ||
| ||||
Net unrealized appreciation (depreciation) of investments | $ | (87,768,867 | ) | |
|
Cost of investments for tax purposes is $1,785,008,448.
NOTE 9-Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of defaulted bonds and bond market discounts, on February 28, 2021, undistributed net investment income was increased by $1,118,039, undistributed net realized gain (loss) was decreased by $1,122,511 and shares of beneficial interest was increased by $4,472. This reclassification had no effect on the net assets of the Fund.
NOTE 10-Share Information
Summary of Share Activity | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Year ended February 28, 2021(a) | Two months ended February 29, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
| ||||||||||||||||||||||||
Sold: | ||||||||||||||||||||||||
Class A | 46,187,433 | $ | 140,294,827 | 7,436,592 | $ | 23,018,905 | 38,639,062 | $ | 117,325,551 | |||||||||||||||
| ||||||||||||||||||||||||
Class C | 6,472,738 | 19,528,805 | 1,340,683 | 4,123,225 | 7,643,214 | 23,018,840 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Y | 27,304,244 | 83,026,423 | 4,369,871 | 13,520,947 | 28,162,858 | 85,436,352 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class R6(b) | 48,471 | 144,395 | - | - | 40,727 | 124,218 | ||||||||||||||||||
|
30 Invesco Rochester® Limited Term New York Municipal Fund
Summary of Share Activity | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Year ended February 28, 2021(a) | Two months ended February 29, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
| ||||||||||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||||||||||
Class A | 8,037,744 | $ | 24,283,302 | 1,684,259 | $ | 5,237,836 | 11,929,412 | $ | 36,361,392 | |||||||||||||||
| ||||||||||||||||||||||||
Class C | 713,525 | 2,137,307 | 178,358 | 551,094 | 2,035,685 | 6,144,165 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Y | 1,519,526 | 4,590,627 | 333,563 | 1,037,394 | 2,189,621 | 6,676,525 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class R6(b) | 1,208 | 3,649 | 186 | 578 | 120 | 368 | ||||||||||||||||||
| ||||||||||||||||||||||||
Automatic conversion of Class C shares to Class A shares: | ||||||||||||||||||||||||
Class A | 31,179,846 | 95,038,322 | 1,563,838 | 4,855,276 | 51,971,451 | 159,265,381 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | (31,377,094 | ) | (95,038,322 | ) | (1,573,978 | ) | (4,855,276 | ) | (52,309,312 | ) | (159,265,381 | ) | ||||||||||||
| ||||||||||||||||||||||||
Reacquired: | ||||||||||||||||||||||||
Class A | (60,501,255 | ) | (182,780,454 | ) | (8,517,145 | ) | (26,367,997 | ) | (61,599,101 | ) | (187,340,233 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class C | (8,339,530 | ) | (24,988,781 | ) | (1,738,856 | ) | (5,343,499 | ) | (21,200,802 | ) | (63,901,336 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class Y | (18,819,655 | ) | (56,727,459 | ) | (2,448,632 | ) | (7,585,641 | ) | (14,756,792 | ) | (44,860,599 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class R6(b) | (34,766 | ) | (106,510 | ) | - | - | - | - | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) in share activity | 2,392,435 | $ | 9,406,131 | 2,628,739 | $ | 8,192,842 | (7,253,857 | ) | $ | (21,014,757 | ) | |||||||||||||
|
(a) | There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 63% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is 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 this entity are also owned beneficially. |
(b) | Commencement date after the close of business on May 24, 2019. |
NOTE 11-Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
31 Invesco Rochester® Limited Term New York Municipal Fund
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Rochester® Limited Term New York Municipal Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Rochester® Limited Term New York Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statement of changes in net assets for the year ended February 28, 2021, the two months ended February 29, 2020 and the year ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for the year ended February 28, 2021, the two months ended February 29, 2020 and the year ended December 31, 2019, and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Financial Highlights |
For the year ended February 28, 2021, the two months ended February 29, 2020 and the year ended December 31, 2019 for Class A, Class C and Class Y For the year ended February 28, 2021, the two months ended February 29, 2020 and the period May 24, 2019 (commencement of operations) through December 31, 2019 for Class R6 |
The financial statements of Invesco 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 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
|
Houston, Texas |
April 28, 2021 |
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor
32 Invesco Rochester® Limited Term New York Municipal Fund
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Beginning | ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized | |||||||||
Ending Account Value (02/28/21)1 | Expenses Paid During Period2 | Ending Account Value (02/28/21) | Expenses Paid During Period2 | |||||||||
Class A | $1,000.00 | $1,014.30 | $4.35 | $1,020.48 | $4.36 | 0.87% | ||||||
Class C | 1,000.00 | 1,010.60 | 8.13 | 1,016.71 | 8.15 | 1.63 | ||||||
Class Y | 1,000.00 | 1,015.50 | 3.15 | 1,021.67 | 3.16 | 0.63 | ||||||
Class R6 | 1,000.00 | 1,015.90 | 2.65 | 1,022.17 | 2.66 | 0.53 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
33 Invesco Rochester® Limited Term New York Municipal Fund
Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | ||||
Qualified Dividend Income* | 0.00 | % | ||
Qualified Business Income* | 0.00 | % | ||
Corporate Dividends Received Deduction* | 0.00 | % | ||
Business Interest Income* | 0.00 | % | ||
U.S. Treasury Obligations* | 0.00 | % | ||
Tax-Exempt Interest Dividends* | 99.36 | % | ||
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
|
34 Invesco Rochester® Limited Term New York Municipal Fund
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
Name, Year of Birth and 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) Years | ||||
Interested Trustee | ||||||||
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) | 191 | 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. |
T-1 Invesco Rochester® Limited Term New York Municipal Fund
Trustees and Officers–(continued)
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) Years | ||||
Independent Trustees | ||||||||
Christopher L. Wilson – 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and President and Director of Grahamtastic Connection (non- profit) | ||||
Jack M. Fields – 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine | ||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization); Eisenhower Foundation (non-profit) | ||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 Invesco Rochester® Limited Term New York Municipal Fund
Trustees and Officers–(continued)
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) Years | ||||
Independent Trustees–(continued) | ||||||||
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 | 191 | 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 | ||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
Prema Mathai-Davis – 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
Joel W. Motley – 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); |
T-3 Invesco Rochester® Limited Term New York Municipal Fund
Trustees and Officers–(continued)
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) Years | ||||
Independent Trustees –(continued) | ||||||||
Ann Barnett Stern – 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
Robert C. Troccoli – 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
Daniel S. Vandivort –1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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 | 191 | 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) |
T-4 Invesco Rochester® Limited Term New York Municipal Fund
Trustees and Officers–(continued)
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) Years | ||||
Officers | ||||||||
Sheri Morris — 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 Invesco Rochester® Limited Term New York Municipal Fund
Trustees and Officers–(continued)
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) Years | ||||
Officers–(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
| N/A | N/A | ||||
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) |
T-6 Invesco Rochester® Limited Term New York Municipal Fund
Trustees and Officers–(continued)
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) Years | ||||
Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A | ||||
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A | ||||
Michael McMaster — 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | 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’s sub-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 77002-5678 | |||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018 | 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 | State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801 |
T-7 Invesco 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.
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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. |
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | O-ROLTNYM-AR-1 |
| ||||
Annual Report to Shareholders | February 28, 2021 | |||
| ||||
Invesco Rochester® Municipal Opportunities Fund | ||||
Nasdaq: | ||||
A: ORNAX ∎ C: ORNCX ∎ Y: ORNYX ∎ R5: IORHX ∎ R6: IORYX |
Management’s Discussion of Fund Performance
Performance summary | ||||
For the year ended February 28, 2021, Class A shares of Invesco Rochester® Municipal Opportunities Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Barclays Municipal Bond Index. |
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Your Fund’s long-term performance appears later in this report. |
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Fund vs. Indexes | ||||
Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
| |||
Class A Shares | 1.26 | % | ||
Class C Shares | 0.66 | |||
Class Y Shares | 1.52 | |||
Class R5 Shares | 1.58 | |||
Class R6 Shares | 1.76 | |||
Bloomberg Barclays Municipal Bond Indexq | 1.06 | |||
U.S. Consumer Price Index∎ | 1.68 | |||
Source(s): qRIMES Technologies Corp.; ∎Bloomberg L.P. |
Market conditions and your Fund
The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected twist of the coronavirus (COVID-19) global pandemic that pierced the markets and forced society to navigate uncharted waters in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%, and taxable municipal bonds returned 0.43% during the year.1
The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.2 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.2 High-yield municipal funds generally hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries, well above the historical norm of approximately 90%.3
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed which included the
Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to COVID-19, consisting of half a percentage and whole percentage point leaving the target range 0.00% to 0.25%.4
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw municipal market performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate timelines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, just the availability of the program provided a psychological safety net for the market.
As the COVID-19 pandemic continued into fall and winter, most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.
We believe the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform.
A highly demanded second stimulus package was signed at the end of 2020. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New municipal issuance totaled $465 billion for the year, up 3%5 from the previous year’s $449 billion. Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.5 This can be attributed to recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance. Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current on principal and interest, as history has shown.
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year-end, on March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February 2021 also brought $34 billion in municipal bond supply, higher than the average supply for the last five years for the month.
During the year, security selection in non-rated bonds contributed to the Fund’s performance relative to its style-specific benchmark. At the close of the year, non-rated holdings accounted for approximately 44% of the Fund’s portfolio, as rated by national credit rating agencies. However, the holdings were assigned internal proprietary ratings that allowed us to take advantage of pricing anomalies in the high-yield municipal market. The Fund’s preference for revenue bonds over general obligation bonds also benefited its relative performance. At the sector level, security selection in the special tax and the industrial development revenue/pollution control revenue sectors contributed to the Fund’s relative performance. On a state level, security selection in Puerto Rico’s domiciled issues contributed to the Fund’s relative performance.
Security selection in and underweight allocation to state general obligation bonds detracted from the Fund’s performance relative to the style-specific benchmark during the
2 | Invesco Rochester® Municipal Opportunities Fund |
year. Security selection in BBB-rated† bonds detracted from the Fund’s performance relative to its style-specific benchmark over the year. On a state level, security selection in California and Kansas holdings were detractor from the Fund’s relative results.
During the year, leverage contributed to the Fund’s performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of inverse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to 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. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.
Thank you for investing in Invesco Rochester® Municipal Opportunities Fund and for sharing our long-term investment horizon.
1 Source: Bloomberg Barclays
2 Source: Strategic Insight
3 Source: US Department of the Treasury
4 Source: US Federal Reserve
5 Source: The Bond Buyer
† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s):
Michael Camarella
Scott Cottier
Mark DeMitry
Tim O’Reilly
Mark Paris
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opin ions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 | Invesco Rochester® Municipal Opportunities Fund |
Your Fund’s Long-Term Performance
Results of a $10,000 Investment – Oldest Share Class(es)
Fund and index data from 2/28/11
1 | Source: RIMES Technologies Corp. |
2 | Source: Bloomberg L.P. |
Past performance cannot guarantee future results.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management
fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does
not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 | Invesco Rochester® Municipal Opportunities Fund |
Average Annual Total Returns | ||||
As of 2/28/21, including maximum applicable sales charges |
| |||
Class A Shares | ||||
Inception (10/1/93) | 4.91 | % | ||
10 Years | 7.98 | |||
5 Years | 7.02 | |||
1 Year | -3.07 | |||
Class C Shares | ||||
Inception (8/29/95) | 4.94 | % | ||
10 Years | 7.81 | |||
5 Years | 7.24 | |||
1 Year | -0.30 | |||
Class Y Shares | ||||
Inception (11/29/10) | 8.04 | % | ||
10 Years | 8.66 | |||
5 Years | 8.20 | |||
1 Year | 1.52 | |||
Class R5 Shares | ||||
10 Years | 8.54 | % | ||
5 Years | 8.13 | |||
1 Year | 1.58 | |||
Class R6 Shares | ||||
10 Years | 8.52 | % | ||
5 Years | 8.09 | |||
1 Year | 1.76 |
Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester High Yield Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester® High Yield Municipal Fund. The Fund was subsequently renamed the In-vesco Rochester® Municipal Opportunities Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.
Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction
of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.
5 | Invesco Rochester® Municipal Opportunities Fund |
Supplemental Information
Invesco Rochester® Municipal Opportunities Fund’s investment objective is to seek tax-free income.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report
∎ | The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. |
∎ | The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US Bureau of Labor Statistics. |
∎ | The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
∎ | A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. |
|
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
6 | Invesco Rochester® Municipal Opportunities Fund |
Fund Information
Portfolio Composition
By credit sector | % of total investments | ||||
Revenue Bonds | 86.0 | % | |||
General Obligation Bonds | 11.5 | ||||
Pre-Refunded Bonds | 2.5 |
Top Five Debt Holdings
% of total net assets | |||||
1. Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB | 2.2 | % | |||
2. District of Columbia Tobacco Settlement Financing Corp., Series 2006 C, RB | 1.5 | ||||
3. Children’s Trust Fund, Series 2002, RB | 1.4 | ||||
4. Miami-Dade (County of), FL Water & Sewer System, Series 2019 B, RB | 1.1 | ||||
5. New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2017 F-1, RB | 1.1 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of February 28, 2021.
7 | Invesco Rochester® Municipal Opportunities Fund |
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Municipal Obligations–105.79% | ||||||||||||||||||||
Alabama–3.83% | ||||||||||||||||||||
Alabama (State of) Port Authority; | 5.00 | % | 10/01/2028 | $ | 2,710 | $ | 3,278,802 | |||||||||||||
Series 2017 A, Ref. RB (INS - AGM)(a)(b) | 5.00 | % | 10/01/2029 | 2,380 | 2,859,023 | |||||||||||||||
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority; | 4.00 | % | 07/01/2043 | 7,040 | 7,653,184 | |||||||||||||||
Series 2018 A, RB | 5.00 | % | 07/01/2048 | 28,620 | 32,993,708 | |||||||||||||||
Series 2018 D, RB | 5.00 | % | 05/01/2035 | 1,365 | 1,652,141 | |||||||||||||||
Series 2018 D, RB | 5.00 | % | 05/01/2036 | 1,170 | 1,411,769 | |||||||||||||||
Birmingham (City of), AL; | 5.00 | % | 12/01/2036 | 1,700 | 2,096,576 | |||||||||||||||
Series 2018 B, GO Wts. | 5.00 | % | 12/01/2037 | 1,535 | 1,888,035 | |||||||||||||||
Series 2018 B, GO Wts. | 5.00 | % | 12/01/2038 | 1,575 | 1,932,431 | |||||||||||||||
Series 2018 B, GO Wts. | 5.00 | % | 12/01/2043 | 5,190 | 6,295,418 | |||||||||||||||
Birmingham-Jefferson Civic Center Authority; Series 2018, RB | 5.00 | % | 05/01/2048 | 12,870 | 15,165,364 | |||||||||||||||
Homewood (City of), AL Educational Building Authority (Samford University); Series 2017 A, Ref. RB | 5.00 | % | 12/01/2047 | 4,500 | 5,193,810 | |||||||||||||||
Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB(a) | 5.75 | % | 10/01/2049 | 15,000 | 17,065,350 | |||||||||||||||
Jefferson (County of), AL; | 6.75 | % | 10/01/2046 | 20,045 | 20,239,236 | |||||||||||||||
Series 2013 C, Revenue Wts. (INS - AGM)(b)(c) | 6.90 | % | 10/01/2050 | 17,500 | 17,672,900 | |||||||||||||||
Series 2013 D, Wts. | 7.00 | % | 10/01/2051 | 25,000 | 29,767,750 | |||||||||||||||
Series 2013 D, Wts. | 6.50 | % | 10/01/2053 | 31,500 | 37,109,520 | |||||||||||||||
Series 2013 F, Revenue Wts.(c) | 7.50 | % | 10/01/2039 | 21,895 | 22,182,700 | |||||||||||||||
Series 2013 F, Revenue Wts.(c) | 7.75 | % | 10/01/2046 | 30,000 | 30,399,600 | |||||||||||||||
Series 2013 F, Revenue Wts.(c) | 7.90 | % | 10/01/2050 | 24,050 | 24,381,168 | |||||||||||||||
Mobile (City of), AL Improvement District (McGowin Park); | 5.25 | % | 08/01/2030 | 500 | 520,875 | |||||||||||||||
Series 2016 A, RB | 5.50 | % | 08/01/2035 | 1,300 | 1,348,893 | |||||||||||||||
Mobile (County of), AL (Gomessa); Series 2020, RB(d) | 4.00 | % | 11/01/2045 | 2,590 | 2,650,917 | |||||||||||||||
Muscle Shoals, Sheffield & Tuscumbia Solid Waste Disposal Authority (Cherokee Industrial Landfill); | 6.00 | % | 05/01/2040 | 6,000 | 6,265,860 | |||||||||||||||
Series 2020 B, RB(d) | 8.00 | % | 05/01/2029 | 1,780 | 1,806,415 | |||||||||||||||
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(d) | 5.25 | % | 05/01/2044 | 13,365 | 15,216,186 | |||||||||||||||
309,047,631 | ||||||||||||||||||||
Alaska–0.00% | ||||||||||||||||||||
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.); | 5.88 | % | 12/01/2027 | 1,650 | 82,500 | |||||||||||||||
Series 2007 C, RB(e) | 6.00 | % | 12/01/2036 | 500 | 25,000 | |||||||||||||||
107,500 | ||||||||||||||||||||
Arizona–2.01% | ||||||||||||||||||||
Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2018 B, RB(d) | 5.50 | % | 07/01/2038 | 1,165 | 1,326,364 | |||||||||||||||
Series 2018 B, RB(d) | 5.63 | % | 07/01/2048 | 2,250 | 2,545,672 | |||||||||||||||
Series 2018 B, RB(d) | 5.75 | % | 07/01/2053 | 3,500 | 3,973,095 | |||||||||||||||
Arizona (State of) Industrial Development Authority (ACCEL Schools); | 5.13 | % | 08/01/2038 | 2,515 | 2,760,841 | |||||||||||||||
Series 2018 A, RB(d) | 5.25 | % | 08/01/2048 | 3,945 | 4,292,831 | |||||||||||||||
Arizona (State of) Industrial Development Authority (Franklin Phonetic Charter School); | 5.50 | % | 07/01/2037 | 580 | 623,500 | |||||||||||||||
Series 2017, Ref. RB(d) | 5.75 | % | 07/01/2047 | 680 | 728,260 | |||||||||||||||
Series 2017, Ref. RB(d) | 5.88 | % | 07/01/2052 | 645 | 693,336 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Arizona–(continued) | ||||||||||||||||||||
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); | 5.00 | % | 07/01/2054 | $ | 3,000 | $ | 3,124,530 | |||||||||||||
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project); | 5.25 | % | 12/15/2038 | 1,415 | 1,566,249 | |||||||||||||||
Series 2018 A, RB(d) | 5.50 | % | 12/15/2048 | 2,260 | 2,503,515 | |||||||||||||||
Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC); | 5.00 | % | 06/01/2049 | 2,250 | 2,629,912 | |||||||||||||||
Series 2019 A, RB (INS - BAM)(b) | 5.00 | % | 06/01/2058 | 1,930 | 2,245,709 | |||||||||||||||
Cadence Community Facilities District (Assessment District No. 1); Series 2019, RB | 4.50 | % | 07/01/2043 | 445 | 475,567 | |||||||||||||||
East San Luis (City of), AZ Community Facilities District (Assessment Area One); | 6.38 | % | 01/01/2028 | 800 | 744,568 | |||||||||||||||
Series 2009, Ref. RB(e)(f) | 8.50 | % | 01/01/2028 | 140 | 91,000 | |||||||||||||||
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, Ref. RB | 5.00 | % | 11/15/2045 | 3,100 | 3,312,567 | |||||||||||||||
La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools); | 5.00 | % | 02/15/2038 | 500 | 578,575 | |||||||||||||||
Series 2018 A, RB | 5.00 | % | 02/15/2048 | 1,200 | 1,365,420 | |||||||||||||||
Maricopa (County of), AZ Industrial Development Authority (Christian Care Surprise, Inc.); | 6.00 | % | 01/01/2048 | 11,475 | 11,693,943 | |||||||||||||||
Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona); | 5.00 | % | 07/01/2037 | 220 | 260,260 | |||||||||||||||
Series 2017 C, RB | 5.00 | % | 07/01/2048 | 405 | 469,877 | |||||||||||||||
Maricopa (County of), AZ Industrial Development Authority (Immanuel Campus of Care); | 8.50 | % | 04/20/2041 | 1,870 | 1,290,300 | |||||||||||||||
Merrill Ranch Community Facilities District No. 1 (Assessment Area One); Series 2006, RB | 5.25 | % | 07/01/2024 | 183 | 183,335 | |||||||||||||||
Merrill Ranch Community Facilities District No. 2; Series 2016, GO Bonds | 5.25 | % | 07/15/2040 | 810 | 926,203 | |||||||||||||||
Merrill Ranch Community Facilities District No. 2 (Assessment Area One); | 5.25 | % | 07/01/2024 | 166 | 166,284 | |||||||||||||||
Series 2006, RB | 5.30 | % | 07/01/2030 | 409 | 409,548 | |||||||||||||||
Parkway Community Facilities District; | 5.30 | % | 07/15/2025 | 420 | 386,215 | |||||||||||||||
Series 2006, GO Bonds | 5.35 | % | 07/15/2031 | 350 | 294,144 | |||||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Downtown Phoenix Student Housing, LLC- Arizona State University); Series 2018 A, Ref. RB | 5.00 | % | 07/01/2042 | 1,000 | 1,118,800 | |||||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Espiritu Community Development Corp. Charter School); Series 2006 A, RB | 6.25 | % | 07/01/2036 | 1,665 | 1,666,399 | |||||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Freedom Academy, Inc.); Series 2016, RB(d) | 5.50 | % | 07/01/2046 | 4,135 | 4,567,645 | |||||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Gourmet Boutique West LLC); | 5.88 | % | 11/01/2037 | 2,680 | 2,438,880 | |||||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Leman Academy of Excellence - Oro Valley); | 5.00 | % | 07/01/2049 | 595 | 610,982 | |||||||||||||||
Series 2019 A, RB(d) | 5.00 | % | 07/01/2054 | 530 | 543,886 | |||||||||||||||
Phoenix (City of), AZ Industrial Development Authority (Vista College Preparatory); Series 2018 A, RB | 5.00 | % | 07/01/2048 | 1,185 | 1,389,318 | |||||||||||||||
Phoenix Civic Improvement Corp.; | 5.00 | % | 07/01/2048 | 10,000 | 11,746,200 | |||||||||||||||
Series 2020, RB | 5.00 | % | 07/01/2044 | 7,500 | 9,531,525 | |||||||||||||||
Pima (County of), AZ Industrial Development Authority; Series 2021, RB(d) | 5.00 | % | 07/01/2056 | 2,310 | 2,387,085 | |||||||||||||||
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); | 5.63 | % | 06/15/2045 | 2,250 | 2,433,060 | |||||||||||||||
Series 2017, RB(d) | 5.00 | % | 06/15/2052 | 2,970 | 3,018,649 | |||||||||||||||
Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools Ref.); | 5.38 | % | 07/01/2031 | 4,070 | 4,196,618 | |||||||||||||||
Pima (County of), AZ Industrial Development Authority (Christian Care Tuscon, Inc.); | 5.00 | % | 06/15/2037 | 1,550 | 1,749,299 | |||||||||||||||
Series 2017 C, RB | 5.00 | % | 12/15/2047 | 2,830 | 3,155,591 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Arizona–(continued) | ||||||||||||||||||||
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); | 5.50 | % | 09/01/2046 | $ | 2,400 | $ | 2,467,488 | |||||||||||||
Pima (County of), AZ Industrial Development Authority (Milestones Charter School Refunding); | 6.50 | % | 11/01/2047 | 5,530 | 5,725,485 | |||||||||||||||
Pima (County of), AZ Industrial Development Authority (New Plan Learning, Inc.); Series 2011 A, RB | 8.13 | % | 07/01/2041 | 2,950 | 2,949,764 | |||||||||||||||
Pima (County of), AZ Industrial Development Authority (P.L.C. Charter Schools); | 6.00 | % | 12/01/2036 | 3,315 | 3,564,089 | |||||||||||||||
Series 2016, Ref. RB(d) | 6.00 | % | 12/01/2046 | 6,310 | 6,692,323 | |||||||||||||||
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); | 6.00 | % | 07/01/2035 | 1,025 | 1,116,338 | |||||||||||||||
Series 2015, RB(d) | 6.13 | % | 07/01/2045 | 3,310 | 3,569,173 | |||||||||||||||
Series 2019, RB | 5.13 | % | 07/01/2039 | 650 | 679,302 | |||||||||||||||
Series 2019, RB | 5.25 | % | 07/01/2049 | 810 | 842,335 | |||||||||||||||
Pinal (County of), AZ Industrial Development Authority (San Manuel Facility); Series 2006, RB(a) | 6.25 | % | 06/01/2026 | 500 | 530,070 | |||||||||||||||
Pinal (County of), AZ Industrial Development Authority (WOF SW GGP 1 LLC) (Green Bonds); | 7.25 | % | 10/01/2033 | 20,000 | 21,451,600 | |||||||||||||||
Show Low Bluff Community Facilities District (Assessment Area One); Series 2007, RB(d) | 5.60 | % | 07/01/2031 | 206 | 194,851 | |||||||||||||||
Southside Community Facilities District No. 1; Series 2008, RB(f) | 7.25 | % | 07/01/2032 | 1,022 | 912,554 | |||||||||||||||
Tempe (City of), AZ Industrial Development Authority (Friendship Village); | 6.00 | % | 12/01/2032 | 695 | 708,129 | |||||||||||||||
Series 2012 A, Ref. RB | 6.25 | % | 12/01/2042 | 1,550 | 1,577,264 | |||||||||||||||
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU); | 6.00 | % | 10/01/2037 | 1,010 | 1,087,679 | |||||||||||||||
Series 2017 A, RB(d) | 6.13 | % | 10/01/2052 | 2,360 | 2,507,217 | |||||||||||||||
Verrado Community Facilities District No. 1; | 6.00 | % | 07/15/2027 | 1,800 | 1,900,548 | |||||||||||||||
Series 2013 B, GO Bonds(d) | 5.70 | % | 07/15/2029 | 675 | 704,234 | |||||||||||||||
Series 2013 B, GO Bonds(d) | 6.00 | % | 07/15/2033 | 610 | 634,626 | |||||||||||||||
162,030,626 | ||||||||||||||||||||
Arkansas–0.04% | ||||||||||||||||||||
Cave Springs Municipal Property Owners’ Improvement District No. 3; Series 2007, GO Bonds(e)(f) | 6.25 | % | 02/01/2038 | 4,860 | 3,547,800 | |||||||||||||||
California–11.53% | ||||||||||||||||||||
Blythe (City of), CA Redevelopment Agency Successor Agency (Project No. 1); Series 2000 A, RB | 6.20 | % | 05/01/2031 | 165 | 165,284 | |||||||||||||||
California (State of); Series 2019, GO Bonds | 5.00 | % | 04/01/2049 | 3,200 | 3,931,904 | |||||||||||||||
California (State of) County Tobacco Securitization Agency; | 0.00 | % | 06/01/2050 | 520,920 | 87,379,121 | |||||||||||||||
Series 2006 B, RB(g) | 0.00 | % | 06/01/2050 | 107,400 | 15,632,070 | |||||||||||||||
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); | 5.88 | % | 06/01/2035 | 2,720 | 2,723,536 | |||||||||||||||
Series 2002, RB | 6.00 | % | 06/01/2042 | 19,120 | 19,144,856 | |||||||||||||||
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.); | 6.13 | % | 06/01/2038 | 5,000 | 5,002,800 | |||||||||||||||
Series 2006 A, RB(g) | 0.00 | % | 06/01/2046 | 127,310 | 25,337,236 | |||||||||||||||
Series 2006 B, RB(g) | 0.00 | % | 06/01/2046 | 33,920 | 6,505,856 | |||||||||||||||
Series 2006 C, RB(g) | 0.00 | % | 06/01/2055 | 215,100 | 20,387,178 | |||||||||||||||
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB | 5.88 | % | 06/01/2043 | 6,425 | 6,433,352 | |||||||||||||||
California (State of) Enterprise Development Authority (Sunpower Corp. - Headquarters); | 8.50 | % | 04/01/2031 | 9,125 | 9,140,877 | |||||||||||||||
California (State of) Housing Finance Agency; Series 2019 A-1, RB | 4.25 | % | 01/15/2035 | 594 | 681,657 | |||||||||||||||
California (State of) Municipal Finance Authority (Linxs APM); | 5.00 | % | 12/31/2043 | 10,800 | 12,748,752 | |||||||||||||||
Series 2018 A, RB(a) | 5.00 | % | 12/31/2047 | 2,750 | 3,229,133 | |||||||||||||||
Series 2018 B, RB(a) | 5.00 | % | 06/01/2048 | 2,575 | 3,018,312 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
California–(continued) | ||||||||||||||||
California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC); Series 2017, RB (Acquired 08/15/2017; Cost $3,000,000)(a)(d)(e)(h) | 8.00% | 12/01/2027 | $ | 3,000 | $ | 900,000 | ||||||||||
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds); | 7.50% | 07/01/2032 | 6,075 | 3,948,750 | ||||||||||||
Series 2017, RB(a)(d)(e) | 8.00% | 07/01/2039 | 14,995 | 9,746,750 | ||||||||||||
Series 2020, RB(a)(d) | 7.50% | 07/01/2032 | 2,650 | 2,416,350 | ||||||||||||
California (State of) School Finance Authority (Escuela Popular); Series 2017, RB(d) | 6.50% | 07/01/2050 | 4,130 | 4,585,126 | ||||||||||||
California (State of) School Finance Authority (Grimmway Schools); Series 2016 A, RB(d) | 5.25% | 07/01/2051 | 5,945 | 6,479,812 | ||||||||||||
California (State of) School Finance Authority (Kepler Neighborhood School); | 5.00% | 05/01/2027 | 370 | 395,378 | ||||||||||||
Series 2017 A, RB(d) | 5.75% | 05/01/2037 | 900 | 993,501 | ||||||||||||
Series 2017 A, RB(d) | 5.88% | 05/01/2047 | 1,230 | 1,344,980 | ||||||||||||
California (State of) School Finance Authority (Rocketship Education); | 5.13% | 06/01/2047 | 595 | 650,496 | ||||||||||||
Series 2017 A, RB(d) | 5.25% | 06/01/2052 | 665 | 729,325 | ||||||||||||
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB(d) | 5.25% | 07/01/2052 | 1,450 | 1,568,712 | ||||||||||||
California (State of) Statewide Communities Development Authority (River Run Senior Apartments - Corona); Series 2003, RB(a) | 6.75% | 09/01/2037 | 10 | 10,014 | ||||||||||||
California (State of) Statewide Communities Development Authority (Yucaipa Valley Water Reservoir); Series 2014, RB | 6.00% | 09/02/2044 | 7,505 | 7,763,622 | ||||||||||||
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); | 6.00% | 05/01/2037 | 4,515 | 4,532,338 | ||||||||||||
Series 2002 B, RB | 6.00% | 05/01/2043 | 12,030 | 12,136,826 | ||||||||||||
Series 2002, RB | 6.00% | 05/01/2043 | 100 | 100,888 | ||||||||||||
California (State of), CA Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(g) | 0.00% | 06/01/2055 | 212,950 | 16,831,568 | ||||||||||||
California Infrastructure & Economic Development Bank; Series 2017, RB(i) | 5.00% | 05/15/2052 | 31,530 | 37,519,754 | ||||||||||||
City of Los Angeles Department of Airports; | 5.00% | 05/15/2044 | 55,750 | 66,024,725 | ||||||||||||
Series 2018, Ref. RB(a)(i) | 5.00% | 05/15/2043 | 25,000 | 30,208,500 | ||||||||||||
Del Mar Race Track Authority; Series 2015, Ref. RB | 5.00% | 10/01/2038 | 4,075 | 4,077,445 | ||||||||||||
Desert Hot Springs (City of), CA Redevelopment Agency Successor Agency; Series 2017, Ref. RB (INS - BAM)(b) | 5.00% | 09/01/2030 | 1,215 | 1,466,031 | ||||||||||||
Fremont Union High School District; Series 2013, GO Bonds | 4.00% | 08/01/2043 | 18,275 | 19,463,789 | ||||||||||||
Fresno Unified School District; Series 2016 B, Ref. GO Bonds(g) | 0.00% | 08/01/2042 | 7,780 | 3,870,239 | ||||||||||||
Garden Grove Unified School District (Election of 2016); Series 2019, GO Bonds | 4.00% | 08/01/2048 | 4,625 | 5,199,980 | ||||||||||||
Golden State Tobacco Securitization Corp.; | 5.30% | 06/01/2037 | 31,350 | 32,616,540 | ||||||||||||
Series 2017 A-1, Ref. RB | 5.00% | 06/01/2029 | 555 | 675,624 | ||||||||||||
Lathrop (City of), CA (Community Facilities District No. 03-2); Series 2003, RB | 7.00% | 09/01/2033 | 1,060 | 1,063,911 | ||||||||||||
Long Beach (City of), CA (Green Bonds); Series 2017 B, RB(a) | 5.00% | 05/15/2043 | 4,000 | 4,628,680 | ||||||||||||
Los Angeles (City of), CA (Community Facilities District No. 8); Series 2010, RB | 5.75% | 09/01/2040 | 1,625 | 1,655,306 | ||||||||||||
Los Angeles (City of), CA Department of Airports; | 5.00% | 05/15/2033 | 1,500 | 1,758,330 | ||||||||||||
Series 2021 A, Ref. RB(a) | 5.00% | 05/15/2046 | 5,000 | 6,223,200 | ||||||||||||
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); | 5.00% | 05/15/2035 | 1,000 | 1,217,290 | ||||||||||||
Series 2018 A, RB(a) | 5.00% | 05/15/2036 | 1,385 | 1,680,739 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power; Series 2017 A, RB | 5.00% | 07/01/2047 | 10,000 | 11,847,900 | ||||||||||||
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building); | 5.00% | 12/01/2043 | 13,345 | 16,489,215 | ||||||||||||
Series 2018 A, RB | 5.00% | 12/01/2051 | 7,875 | 9,647,977 | ||||||||||||
Los Angeles Unified School District; | 4.00% | 07/01/2040 | 10,000 | 11,754,700 | ||||||||||||
Series 2020 RYQ, GO Bonds | 4.00% | 07/01/2044 | 10,000 | 11,612,400 | ||||||||||||
Maywood (City of), CA Public Financing Authority (Infrastructure Refinancing); Series 2008 A, Ref. RB | 7.00% | 09/01/2038 | 255 | 255,145 | ||||||||||||
Morongo Band of Mission Indians (The); Series 2018 A, RB(d) | 5.00% | 10/01/2042 | 4,500 | 5,135,580 | ||||||||||||
Placer (County of), CA (Placer Corporate Center Assessment District No. 1); Series 2000, RB | 6.50% | 09/02/2030 | 45 | 45,514 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
California–(continued) | ||||||||||||||||
Regents of the University of California; Series 2021 Q, RB | 5.00% | 05/15/2046 | $ | 25,000 | $ | 31,362,250 | ||||||||||
Regional Airports Improvement Corp. (Los Angeles International Airport - Continental Airlines, Inc. Cargo Facilities); Series 1994, RB(a) | 9.25% | 08/01/2024 | 5,485 | 5,517,362 | ||||||||||||
Rialto (City of), CA Redevelopment Agency Successor Agency; Series 2018, Ref. RB | 5.00% | 09/01/2037 | 3,975 | 4,859,358 | ||||||||||||
Sacramento (City of), CA (Convention Center Complex); Series 2018 A, RB | 5.00% | 06/01/2048 | 10,000 | 11,728,800 | ||||||||||||
Sacramento (City of), CA Municipal Utility District (Green Bonds); Series 2020 H, RB | 5.00% | 08/15/2050 | 30,000 | 38,086,500 | ||||||||||||
San Buenaventura (City of), CA (Community Memorial Health System); Series 2011, RB | 8.00% | 12/01/2031 | 2,000 | 2,094,120 | ||||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); | 5.00% | 05/01/2048 | 4,700 | 5,568,983 | ||||||||||||
Series 2019 E, RB(a) | 5.00% | 05/01/2050 | 58,000 | 69,481,100 | ||||||||||||
Santa Clara (County of), CA; Series 2013 B, GO Bonds | 4.00% | 08/01/2040 | 15,920 | 16,513,657 | ||||||||||||
Silicon Valley Tobacco Securitization Authority (Santa Clara); | 0.00% | 06/01/2036 | 60,785 | 26,101,687 | ||||||||||||
Series 2007 A, RB(g) | 0.00% | 06/01/2047 | 58,990 | 13,498,682 | ||||||||||||
Series 2007 B, RB(g) | 0.00% | 06/01/2047 | 13,505 | 2,974,206 | ||||||||||||
Series 2007 C, RB(g) | 0.00% | 06/01/2056 | 61,600 | 6,920,760 | ||||||||||||
State of California; | 4.00% | 03/01/2037 | 12,500 | 14,783,125 | ||||||||||||
Series 2020, Ref. GO Bonds(i) | 4.00% | 03/01/2038 | 15,000 | 17,684,850 | ||||||||||||
Series 2020, Ref. GO Bonds(i) | 4.00% | 03/01/2040 | 13,000 | 15,245,490 | ||||||||||||
Stockton Unified School District; | 0.00% | 08/01/2037 | 6,245 | 4,174,158 | ||||||||||||
Series 2011 D, GO Bonds (INS - AGM)(b)(g) | 0.00% | 08/01/2038 | 12,115 | 7,820,232 | ||||||||||||
Series 2011 D, GO Bonds (INS - AGM)(b)(g) | 0.00% | 08/01/2041 | 14,735 | 8,535,691 | ||||||||||||
Series 2011 D, GO Bonds (INS - AGM)(b)(g) | 0.00% | 08/01/2043 | 17,145 | 9,222,981 | ||||||||||||
University of California; Series 2021 BH, Ref. RB | 4.00% | 05/15/2051 | 25,000 | 29,535,000 | ||||||||||||
Vacaville Unified School District; | 4.00% | 08/01/2042 | 1,000 | 1,150,230 | ||||||||||||
Series 2020 D, GO Bonds | 4.00% | 08/01/2045 | 1,850 | 2,115,568 | ||||||||||||
West Hollywood (City of), CA Community Development Department (East Side Redevelopment); Series 2011 A, RB | 7.50% | 09/01/2042 | 3,500 | 3,621,380 | ||||||||||||
931,331,044 | ||||||||||||||||
Colorado–5.44% | ||||||||||||||||
3rd and Havana Metropolitan District; | 4.50% | 12/01/2030 | 2,485 | 2,616,183 | ||||||||||||
Series 2020 A, GO Bonds | 5.25% | 12/01/2049 | 4,200 | 4,454,562 | ||||||||||||
Series 2020 B, GO Bonds | 7.75% | 12/15/2049 | 1,925 | 2,011,837 | ||||||||||||
Amber Creak Metropolitan District; | 5.13% | 12/01/2047 | 1,029 | 1,076,900 | ||||||||||||
Series 2017 B, GO Bonds | 7.75% | 12/15/2047 | 464 | 485,901 | ||||||||||||
Arista Metroplitan District; | 5.00% | 12/01/2038 | 1,240 | 1,330,718 | ||||||||||||
Series 2018 A, Ref. GO Bonds | 5.13% | 12/01/2048 | 3,500 | 3,742,200 | ||||||||||||
Aurora Crossroads Metropolitan District No. 2; | 5.00% | 12/01/2050 | 2,625 | 2,793,682 | ||||||||||||
Series 2020 B, GO Bonds | 7.75% | 12/15/2050 | 4,500 | 4,721,085 | ||||||||||||
Banning Lewis Ranch Metropolitan District No. 4; Series 2018 A, GO Bonds | 5.75% | 12/01/2048 | 3,260 | 3,514,117 | ||||||||||||
Banning Lewis Ranch Metropolitan District No. 5; | 5.75% | 12/01/2048 | 2,195 | 2,366,012 | ||||||||||||
Series 2018 B, GO Bonds | 8.00% | 12/15/2048 | 500 | 532,620 | ||||||||||||
Base Village Metropolitan District No. 2; | 5.75% | 12/01/2046 | 3,100 | 3,230,789 | ||||||||||||
Series 2016 B, Ref. GO Bonds | 6.50% | 12/15/2048 | 3,500 | 2,911,475 | ||||||||||||
Bella Mesa Metropolitan District; Series 2020 A, GO Bonds(c)(d) | 6.75% | 12/01/2049 | 3,785 | 2,992,610 | ||||||||||||
Belleview Village Metropolitan District; Series 2020, GO Bonds | 4.95% | 12/01/2050 | 870 | 920,382 | ||||||||||||
Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB | 5.63% | 12/01/2048 | 3,000 | 3,240,420 | ||||||||||||
Blue Lake Metropolitan District No. 2; Series 2016 B, GO Bonds | 8.00% | 12/15/2046 | 500 | 519,735 | ||||||||||||
Blue Lake Metropolitan District No. 3; Series 2018 A, GO Bonds | 5.25% | 12/01/2048 | 1,750 | 1,770,615 | ||||||||||||
BNC Metropolitan District No. 1; Series 2017 B, GO Bonds | 7.38% | 12/15/2047 | 551 | 579,421 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Colorado–(continued) | ||||||||||||||||
Brighton Crossing Metropolitan District No. 4; Series 2017 B, GO Bonds | 7.00% | 12/15/2047 | $ | 670 | $ | 700,425 | ||||||||||
Brighton Crossing Metropolitan District No. 6; Series 2020 A, GO Bonds | 5.00% | 12/01/2050 | 2,000 | 2,100,700 | ||||||||||||
Broadway Station Metropolitan District No. 3; Series 2019, GO Bonds | 5.00% | 12/01/2049 | 1,750 | 1,899,397 | ||||||||||||
Bromley Park Metropolitan District No. 2; Series 2018 B, Ref. GO Bonds | 6.38% | 12/15/2047 | 1,000 | 1,060,070 | ||||||||||||
Broomfield (City and County of), CO Midcities Metropolitan District No. 2; Series 2016 B, Ref. GO Bonds | 7.75% | 12/15/2046 | 1,919 | 1,991,826 | ||||||||||||
Buffalo Ridge Metropolitan District; Series 2018 B, GO Bonds | 7.38% | 12/15/2047 | 2,734 | 2,923,412 | ||||||||||||
Canyons Metropolitan District No. 5; Series 2017 A, Ref. GO Bonds | 6.13% | 12/01/2047 | 4,500 | 4,760,190 | ||||||||||||
Canyons Metropolitan District No. 6; Series 2017 A, Ref. GO Bonds | 6.13% | 12/01/2047 | 2,000 | 2,115,640 | ||||||||||||
Centerra Metropolitan District No. 1; Series 2020 A, Ref. GO Bonds | 5.00% | 12/01/2051 | 4,000 | 4,301,360 | ||||||||||||
Cherrylane Metropolitan District; | 5.25% | 12/01/2047 | 1,338 | 1,417,036 | ||||||||||||
Series 2018 B, GO Bonds | 7.38% | 12/15/2047 | 574 | 605,587 | ||||||||||||
City Center West Commercial Metropolitan District; | 7.00% | 12/01/2049 | 3,995 | 4,443,039 | ||||||||||||
Series 2020 B, GO Bonds | 9.00% | 12/15/2049 | 581 | 641,935 | ||||||||||||
Clear Creek Station Metropolitan District No. 2; Series 2017 B, GO Bonds | 7.38% | 12/15/2047 | 500 | 524,665 | ||||||||||||
Colliers Hill Metropolitan District No. 1; Series 2019 B, Ref. GO Bonds | 8.00% | 12/15/2048 | 1,500 | 1,597,920 | ||||||||||||
Colorado (State of) Health Facilities Authority; Series 2019 A, Ref. RB | 4.00% | 01/01/2037 | 3,050 | 3,575,301 | ||||||||||||
Colorado (State of) Health Facilities Authority (Commonspirit Health); Series 2019 A-2, Ref. RB | 5.00% | 08/01/2044 | 5,190 | 6,286,180 | ||||||||||||
Colorado (State of) Health Facilities Authority (SCL Health System); Series 2019 B, Ref. RB | 4.00% | 01/01/2040 | 3,000 | 3,478,920 | ||||||||||||
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB | 5.30% | 07/01/2037 | 705 | 663,800 | ||||||||||||
Colorado (State of) International Center Metropolitan District No. 3; Series 2018 B, GO Bonds | 7.50% | 12/15/2038 | 1,040 | 1,102,639 | ||||||||||||
Colorado (State of) International Center Metropolitan District No. 8; Series 2020, GO Bonds | 6.50% | 12/01/2050 | 15,000 | 15,809,100 | ||||||||||||
Colorado Crossing Metropolitan District No. 2; | 5.00% | 12/01/2050 | 7,705 | 7,889,535 | ||||||||||||
Series 2020 B, GO Bonds(d) | 7.50% | 12/15/2050 | 3,490 | 3,557,043 | ||||||||||||
Copper Ridge Metropolitan District; | 5.00% | 12/01/2039 | 4,250 | 4,234,317 | ||||||||||||
Series 2019, RB | 5.00% | 12/01/2043 | 2,750 | 2,702,122 | ||||||||||||
Copperleaf Metropolitan District No. 3; | 5.00% | 12/01/2037 | 500 | 525,905 | ||||||||||||
Series 2017 A, GO Bonds | 5.13% | 12/01/2047 | 700 | 734,181 | ||||||||||||
Series 2017 B, GO Bonds | 7.63% | 12/15/2047 | 506 | 531,204 | ||||||||||||
Country Club Highlands Metropolitan District; Series 2007, GO Bonds(f)(j) | 7.25% | 12/01/2037 | 1,025 | 871,250 | ||||||||||||
Creekside Village Metropolitan District; | 5.00% | 12/01/2039 | 1,260 | 1,348,780 | ||||||||||||
Series 2019 A, GO Bonds | 5.00% | 12/01/2049 | 2,165 | 2,299,923 | ||||||||||||
Series 2019, GO Bonds | 7.75% | 12/15/2049 | 616 | 649,209 | ||||||||||||
Cundall Farms Metropolitan District; | 7.38% | 12/15/2047 | 750 | 784,283 | ||||||||||||
Series 2017 C, GO Bonds | 12.00% | 12/15/2049 | 792 | 818,318 | ||||||||||||
Dacono Urban Renewal Authority; Series 2020, RB | 6.25% | 12/01/2039 | 4,010 | 4,235,442 | ||||||||||||
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(a) | 5.00% | 10/01/2032 | 3,000 | 3,186,240 | ||||||||||||
Denver Connection West Metropolitan District; Series 2017 A, GO Bonds | 5.38% | 08/01/2047 | 1,250 | 1,316,263 | ||||||||||||
Denver Gateway Center Metropolitan District; | 5.50% | 12/01/2038 | 1,359 | 1,455,774 | ||||||||||||
Series 2018 A, GO Bonds | 5.63% | 12/01/2048 | 2,130 | 2,276,374 | ||||||||||||
Denver International Business Center Metropolitan District No. 1; Series 2019 B, GO Bonds | 6.00% | 12/01/2048 | 2,290 | 2,475,948 | ||||||||||||
Deutsche Bank Spears/Lifers Trust; Series 2013, RB(i) | 5.25% | 01/01/2044 | 14,350 | 16,801,985 | ||||||||||||
Dinosaur Ridge Metropolitan District; Series 2019 A, Ref. RB | 5.00% | 06/01/2049 | 1,275 | 1,348,504 | ||||||||||||
Dublin North Metropolitan District No. 2; Series 2018 A, GO Bonds | 5.13% | 12/01/2047 | 1,672 | 1,768,073 | ||||||||||||
Eagle River Water and Sanitation District; | 4.00% | 12/01/2045 | 1,250 | 1,441,125 | ||||||||||||
Series 2020 A, RB (INS - AGM)(b) | 4.00% | 12/01/2049 | 2,200 | 2,521,156 | ||||||||||||
Elbert (County of), CO & Highway 86 Commercial Metropolitan District; Series 2008 A, RB(f)(j) | 7.50% | 12/01/2032 | 4,475 | 4,027,500 | ||||||||||||
Elbert (County of), CO & Highway 86 Metropolitan District; Series 2016, Ref. GO Bonds(d) | 5.75% | 12/01/2046 | 2,600 | 2,986,776 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Colorado–(continued) | ||||||||||||||||
Erie (Town of), CO Farm Metropolitan District; | 5.50% | 12/01/2045 | $ | 2,000 | $ | 2,080,220 | ||||||||||
Series 2016 B, GO Bonds | 7.75% | 12/15/2045 | 600 | 622,932 | ||||||||||||
Erie Commons Metropolitan District No. 2; Series 2019 B, Ref. GO Bonds | 6.95% | 12/15/2054 | 3,100 | 3,230,293 | ||||||||||||
Evan’s Place Metropolitan District; Series 2020 MDD, GO Bonds | 5.00% | 12/01/2050 | 1,575 | 1,641,213 | ||||||||||||
First Creek Village Metropolitan District; Series 2019 B, GO Bonds | 6.75% | 08/01/2049 | 515 | 559,666 | ||||||||||||
Fitzsimons Village Metropolitan District No. 1; Series 2020, Ref. GO Bonds | 5.00% | 12/01/2049 | 1,040 | 1,102,275 | ||||||||||||
Flying Horse Metropolitan District No. 3; Series 2019, Ref. GO Bonds(d) | 6.00% | 12/01/2049 | 2,965 | 3,138,393 | ||||||||||||
Forest Trace Metropolitan District No. 3; Series 2020 B, GO Bonds | 7.88% | 12/15/2049 | 933 | 983,475 | ||||||||||||
Godding Hollow Metropolitan District (In The Town of Frederick); Series 2018, GO Bonds | 6.50% | 12/01/2034 | 439 | 466,113 | ||||||||||||
Green Valley Ranch East Metropolitan District No. 6; Series 2020 A, GO Bonds | 5.88% | 12/01/2050 | 3,325 | 3,593,726 | ||||||||||||
Haskins Station Metropolitan District; Series 2019 A, GO Bonds | 5.00% | 12/01/2049 | 925 | 978,585 | ||||||||||||
Hawthorn Metropolitan District No. 2; Series 2017 C, GO Bonds | 10.00% | 12/15/2051 | 928 | 967,570 | ||||||||||||
Highlands-Mead Metropolitan District; | 7.75% | 12/15/2050 | 515 | 540,549 | ||||||||||||
Series 2020, GO Bonds | 5.13% | 12/01/2050 | 1,395 | 1,481,978 | ||||||||||||
Home Place Metropolitan District; Series 2020 A, GO Bonds | 5.75% | 12/01/2050 | 2,340 | 2,526,943 | ||||||||||||
Hunters Overlook Metropolitan District No. 5; Series 2019 B, GO Bonds | 8.50% | 12/15/2049 | 1,825 | 1,924,298 | ||||||||||||
Hunting Hill Metropolitan District; Series 2018, Ref. GO Bonds | 5.63% | 12/01/2048 | 5,015 | 5,357,876 | ||||||||||||
Iliff Commons Metropolitan District No. 3; Series 2016 A, GO Bonds | 6.00% | 12/01/2046 | 767 | 796,407 | ||||||||||||
Interpark Metropolitan District; Series 2018, GO Bonds(d) | 5.50% | 12/01/2048 | 2,235 | 2,377,369 | ||||||||||||
Interquest South Business Improvement District; Series 2017, GO Bonds | 5.00% | 12/01/2047 | 1,365 | 1,428,240 | ||||||||||||
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB | 5.75% | 12/15/2050 | 9,910 | 10,495,086 | ||||||||||||
Jones District Community Authority Board; Series 2020 A, RB(c) | 5.75% | 12/01/2050 | 6,800 | 5,596,196 | ||||||||||||
Karl’s Farm Metropolitan District No. 2; Series 2020 A, GO Bonds(d) | 5.63% | 12/01/2050 | 1,695 | 1,817,701 | ||||||||||||
Kinston Metropolitan District No. 5; | 5.13% | 12/01/2050 | 2,900 | 3,119,588 | ||||||||||||
Series 2020 B, GO Bonds | 7.50% | 12/15/2052 | 3,850 | 4,084,195 | ||||||||||||
Lewis Pointe Metropolitan District; Series 2017, GO Bonds | 7.75% | 12/15/2047 | 1,548 | 1,526,746 | ||||||||||||
Leyden Ranch Metropolitan District; | 7.00% | 12/15/2047 | 500 | 524,000 | ||||||||||||
Series 2017 C, GO Bonds | 11.00% | 12/15/2050 | 600 | 610,968 | ||||||||||||
Leyden Rock Metropolitan District No. 10; | 7.25% | 12/15/2045 | 1,195 | 1,242,286 | ||||||||||||
Series 2017 C, Ref. GO Bonds | 10.75% | 12/15/2049 | 1,025 | 1,056,201 | ||||||||||||
Littleton Village Metropolitan District No. 2; Series 2018, Ref. GO Bonds | 7.63% | 12/15/2028 | 1,140 | 1,217,896 | ||||||||||||
Lochbuie Station Residential Metropolitan District; | 5.75% | 12/01/2050 | 1,185 | 1,270,711 | ||||||||||||
Series 2020 B, GO Bonds | 8.00% | 12/15/2050 | 521 | 553,036 | ||||||||||||
Meadowlark Metropolitan District; | 5.13% | 12/01/2050 | 750 | 796,763 | ||||||||||||
Series 2020 B, GO Bonds | 7.63% | 12/15/2050 | 607 | 637,271 | ||||||||||||
Millers Landing Business Improvement District; | 6.00% | 12/01/2048 | 8,065 | 8,518,737 | ||||||||||||
Series 2018 B, RB(d) | 8.00% | 12/01/2048 | 2,185 | 2,234,862 | ||||||||||||
Mirabelle Metropolitan District No. 2; Series 2020 B, GO Bonds | 7.38% | 12/15/2049 | 1,473 | 1,536,192 | ||||||||||||
Mountain Shadows Metropolitan District; Series 2016, Ref. GO Bonds | 5.00% | 12/01/2046 | 1,000 | 1,054,330 | ||||||||||||
Mountain Sky Metropolitan District; Series 2020 A, GO Bonds | 5.00% | 12/01/2049 | 980 | 1,039,917 | ||||||||||||
North Holly Metropolitan District; Series 2018 A, GO Bonds | 5.50% | 12/01/2048 | 1,760 | 1,872,165 | ||||||||||||
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds | 5.25% | 12/01/2050 | 7,320 | 7,903,111 | ||||||||||||
Painted Prairie Public Improvement Authority; Series 2019, RB | 5.00% | 12/01/2049 | 17,000 | 18,316,310 | ||||||||||||
Penrith Park Metropolitan District; | 5.00% | 12/01/2049 | 1,705 | 1,810,216 | ||||||||||||
Series 2019 B, GO Bonds | 8.75% | 12/15/2049 | 900 | 943,452 | ||||||||||||
Pinon Pines Metropolitan District No. 2; Series 2020, GO Bonds | 5.00% | 12/01/2050 | 1,195 | 1,276,738 | ||||||||||||
Powhaton Road Metropolitan District No. 2; Series 2019 A, GO Bonds | 5.63% | 12/01/2048 | 2,290 | 2,447,987 | ||||||||||||
Prairie Farm Metropolitan District; | 5.25% | 12/01/2048 | 2,290 | 2,459,803 | ||||||||||||
Series 2018 B, GO Bonds | 7.38% | 12/15/2048 | 1,270 | 1,349,273 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Colorado–(continued) | ||||||||||||||||
Prairiestar Metropolitan District No. 2; Series 2016, GO Bonds | 5.75% | 12/01/2046 | $ | 2,595 | $ | 2,704,483 | ||||||||||
PV-ERU Holding Trust; Series 2019, RB(g) | 0.00% | 02/14/2039 | 12,585 | 2,642,850 | ||||||||||||
Raindance Metropolitan District No. 2; Series 2019 B, GO Bonds | 7.50% | 12/15/2049 | 2,285 | 2,394,383 | ||||||||||||
Remuda Ranch Metropolitan District; | 5.00% | 12/01/2050 | 2,300 | 2,365,642 | ||||||||||||
Series 2020 B, GO Bonds | 7.63% | 12/15/2050 | 573 | 586,041 | ||||||||||||
Rendezvous Metropolitan District No. 4; Series 2018 A, GO Bonds | 5.63% | 12/01/2048 | 4,340 | 4,636,726 | ||||||||||||
Ridgeline Vista Metropolitan District; Series 2021 A, GO Bonds | 5.25% | 12/01/2060 | 1,000 | 1,033,950 | ||||||||||||
Ritoro Metropolitan District; Series 2019 A, GO Bonds | 5.00% | 12/01/2049 | 2,000 | 2,126,280 | ||||||||||||
Sabell Metropolitan District; | 5.00% | 12/01/2050 | 1,060 | 1,137,815 | ||||||||||||
Series 2020 B-3, GO Bonds(d) | 8.25% | 12/15/2050 | 605 | 632,322 | ||||||||||||
Second Creek Farm Metropolitan District No. 3; | 5.00% | 12/01/2049 | 6,195 | 6,581,072 | ||||||||||||
Series 2019 B, GO Bonds | 7.63% | 12/15/2049 | 1,696 | 1,783,768 | ||||||||||||
Settler’s Crossing Metropolitan District No. 1; | 5.13% | 12/01/2050 | 1,630 | 1,749,984 | ||||||||||||
Series 2020 B, GO Bonds | 7.63% | 12/15/2050 | 598 | 630,489 | ||||||||||||
Sheridan Station West Metropolitan District; Series 2017, GO Bonds | 6.00% | 12/01/2047 | 1,200 | 1,257,924 | ||||||||||||
Sky Ranch Community Authority Board; | 7.63% | 12/15/2049 | 880 | 1,020,017 | ||||||||||||
Series 2019, RB | 5.00% | 12/01/2049 | 2,835 | 3,109,570 | ||||||||||||
South Aurora Regional Improvement Authority; Series 2018, RB | 6.25% | 12/01/2057 | 2,815 | 3,006,251 | ||||||||||||
South Timnath Metropolitan District No. 1; | 5.50% | 12/01/2048 | 1,000 | 1,073,220 | ||||||||||||
Series 2019 B, GO Bonds | 8.00% | 12/15/2048 | 2,208 | 2,343,262 | ||||||||||||
Southglenn Metropolitan District; Series 2016, Ref. GO Bonds | 5.00% | 12/01/2036 | 810 | 841,793 | ||||||||||||
Spring Valley Metropolitan District No. 3; | 5.00% | 12/01/2049 | 1,360 | 1,452,466 | ||||||||||||
Series 2020 B, GO Bonds | 8.50% | 12/15/2049 | 1,330 | 1,403,336 | ||||||||||||
Spring Valley Metropolitan District No. 4; | 5.13% | 12/01/2050 | 1,775 | 1,890,233 | ||||||||||||
Series 2020 B, GO Bonds | 7.63% | 12/15/2050 | 2,810 | 2,960,813 | ||||||||||||
STC Metropolitan District No. 2; Series 2019 B, GO Bonds | 8.00% | 12/15/2049 | 3,954 | 4,159,015 | ||||||||||||
Sterling Ranch Community Authority Board; Series 2020 B, RB | 7.13% | 12/15/2050 | 750 | 797,865 | ||||||||||||
Stone Creek Metropolitan District; | 5.63% | 12/01/2047 | 2,000 | 2,136,380 | ||||||||||||
Series 2018, GO Bonds | 7.88% | 12/15/2047 | 600 | 637,158 | ||||||||||||
Table Mountain Metropolitan District; Series 2016 B, GO Bonds(k)(l) | 7.75% | 12/15/2021 | 569 | 617,974 | ||||||||||||
Tailholt Metropolitan District No. 3; Series 2018 A, GO Bonds | 6.00% | 12/01/2048 | 7,550 | 8,067,930 | ||||||||||||
Tallyn’s Reach Metropolitan District No. 3; | 5.00% | 12/01/2023 | 294 | 326,775 | ||||||||||||
Series 2016 A, GO Bonds | 6.75% | 11/01/2038 | 592 | 615,360 | ||||||||||||
Talon Pointe Metropolitan District; Series 2019 A, Ref. GO Bonds | 5.25% | 12/01/2051 | 2,150 | 2,315,120 | ||||||||||||
Three Springs Metropolitan District No. 1; Series 2020 B, Ref. GO Bonds | 7.13% | 12/15/2050 | 1,685 | 1,718,127 | ||||||||||||
Timnath Ranch Metropolitan District No. 4; | 5.25% | 12/01/2037 | 1,500 | 1,598,355 | ||||||||||||
Series 2018 A, GO Bonds | 5.38% | 12/01/2047 | 1,900 | 2,018,332 | ||||||||||||
Series 2018 B, GO Bonds | 7.75% | 12/15/2047 | 953 | 1,012,229 | ||||||||||||
Trails at Crowfoot Metropolitan District No. 3; Series 2019 A, GO Bonds | 5.00% | 12/01/2049 | 2,000 | 2,118,140 | ||||||||||||
Transport Metropolitan District No. 3; | 5.00% | 12/01/2051 | 4,000 | 4,194,400 | ||||||||||||
Series 2021 A-2, GO Bonds(c) | 5.50% | 12/01/2051 | 3,000 | 2,384,400 | ||||||||||||
Two Bridges Metropolitan District; | 5.63% | 08/01/2048 | 1,610 | 1,717,146 | ||||||||||||
Series 2018 B, GO Bonds | 7.88% | 08/01/2048 | 508 | 536,946 | ||||||||||||
Village at Dry Creek Metropolitan District No. 2 (The); Series 2019, GO Bonds | 4.38% | 12/01/2044 | 1,570 | 1,617,885 | ||||||||||||
Village at Southgate Metropolitan District; Series 2018 A, GO Bonds(d) | 5.63% | 12/01/2048 | 1,375 | 1,464,829 | ||||||||||||
Villas Eastlake Reservoir Metropolitan District; Series 2016 A, GO Bonds | 6.50% | 12/01/2046 | 1,645 | 1,713,251 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Colorado–(continued) | ||||||||||||||||
Westcreek Metropolitan District No. 2; Series 2019 A, GO Bonds | 5.38% | 12/01/2048 | $ | 1,300 | $ | 1,388,205 | ||||||||||
White Buffalo Metropolitan District No. 3; Series 2020, GO Bonds | 5.50% | 12/01/2050 | 2,785 | 2,997,746 | ||||||||||||
Wild Plum Metropolitan District; | 5.00% | 12/01/2049 | 600 | 646,356 | ||||||||||||
Series 2019 B, GO Bonds(d) | 7.75% | 12/15/2049 | 504 | 539,623 | ||||||||||||
Willow Bend Metropolitan District; Series 2019 B, GO Bonds | 7.63% | 12/15/2049 | 755 | 798,360 | ||||||||||||
Willow Springs Metropolitan District; Series 2019 B, GO Bonds | 7.75% | 12/15/2049 | 650 | 681,532 | ||||||||||||
Woodmen Heights Metropolitan District No. 1; | 6.00% | 12/01/2041 | 5,011 | 5,214,451 | ||||||||||||
Series 2012 B, Ref. GO Bonds(k)(l) | 7.30% | 12/15/2021 | 26,763 | 28,173,500 | ||||||||||||
Woodmen Heights Metropolitan District No. 2; Series 2020 B-1, Ref. GO Bonds | 6.25% | 12/15/2040 | 1,825 | 1,878,527 | ||||||||||||
439,158,101 | ||||||||||||||||
Connecticut–0.13% | ||||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); | 4.00% | 07/01/2041 | 3,870 | 4,292,256 | ||||||||||||
Series 2019 A, Ref. RB | 4.00% | 07/01/2049 | 5,000 | 5,469,000 | ||||||||||||
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds (Acquired 11/16/2006; Cost $480,879)(e)(f)(h) | 5.13% | 10/01/2036 | 470 | 56,400 | ||||||||||||
Mashantucket Western Pequot Tribe; Series 2013, RB(e) | 6.05% | 07/01/2031 | 13,420 | 872,300 | ||||||||||||
10,689,956 | ||||||||||||||||
District of Columbia–3.77% | ||||||||||||||||
District of Columbia (Howard University); | 6.25% | 04/01/2021 | 985 | 989,728 | ||||||||||||
Series 2011 A, RB(k)(l) | 6.50% | 04/01/2021 | 21,135 | 21,240,700 | ||||||||||||
District of Columbia (Rocketship DC Obligated Group - Issue No. 1); Series 2019 B, RB(d) | 5.30% | 06/01/2023 | 310 | 311,190 | ||||||||||||
District of Columbia Tobacco Settlement Financing Corp.; | 6.75% | 05/15/2040 | 32,955 | 33,903,445 | ||||||||||||
Series 2006 C, RB(g) | 0.00% | 06/15/2055 | 1,275,680 | 116,877,802 | ||||||||||||
Series 2006 D, RB(g) | 0.00% | 06/15/2055 | 555,000 | 44,955,000 | ||||||||||||
District of Columbia Water & Sewer Authority; Series 2018 B, RB | 5.00% | 10/01/2049 | 1,045 | 1,273,594 | ||||||||||||
Metropolitan Washington Airports Authority; | 4.00% | 10/01/2035 | 11,530 | 12,676,774 | ||||||||||||
Series 2019 A, Ref. RB(a) | 5.00% | 10/01/2044 | 3,500 | 4,262,545 | ||||||||||||
Series 2019 A, Ref. RB(a) | 5.00% | 10/01/2049 | 16,585 | 20,087,089 | ||||||||||||
Series 2020 A, Ref. RB(a) | 4.00% | 10/01/2036 | 3,400 | 3,944,544 | ||||||||||||
Series 2020 A, Ref. RB(a) | 4.00% | 10/01/2038 | 3,020 | 3,479,855 | ||||||||||||
Series 2020 A, Ref. RB(a) | 4.00% | 10/01/2039 | 2,385 | 2,740,723 | ||||||||||||
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB | 4.00% | 10/01/2049 | 20,000 | 22,016,600 | ||||||||||||
Washington (State of) Metropolitan Airports Authority; | 5.00% | 10/01/2037 | 11,000 | 13,365,330 | ||||||||||||
Series 2018 A, Ref. RB(a) | 5.00% | 10/01/2048 | 1,810 | 2,153,393 | ||||||||||||
304,278,312 | ||||||||||||||||
Florida–7.88% | ||||||||||||||||
Alachua (County of), FL Health Facilities Authority (Oak Hammock at the University of Florida); | 8.00% | 10/01/2032 | 750 | 822,368 | ||||||||||||
Series 2012 A, Ref. RB | 8.00% | 10/01/2042 | 1,000 | 1,088,960 | ||||||||||||
Series 2012 A, Ref. RB | 8.00% | 10/01/2046 | 1,000 | 1,087,330 | ||||||||||||
Amelia Concourse Community Development District; | 5.75% | 05/01/2038 | 4,655 | 4,236,050 | ||||||||||||
Series 2016, RB | 6.00% | 05/01/2047 | 2,015 | 2,136,807 | ||||||||||||
Series 2019 A, RB | 5.65% | 05/01/2049 | 2,955 | 3,218,527 | ||||||||||||
Series 2019 B-2, RB | 7.25% | 05/01/2029 | 1,265 | 1,279,548 | ||||||||||||
Arlington Ridge Community Development District; Series 2006 A, RB | 5.50% | 05/01/2036 | 2,615 | 2,604,488 | ||||||||||||
Belle Isle (City of), FL (Cornerstone Charter Academy and Cornerstone Charter High School); Series 2012, RB | 6.00% | 10/01/2042 | 7,555 | 7,924,893 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Florida–(continued) | ||||||||||||||||||||
Broward (County of), FL; | 5.00 | % | 09/01/2044 | $ | 8,605 | $ | 10,355,085 | |||||||||||||
Series 2019 A, RB(a) | 5.00 | % | 10/01/2044 | 8,400 | 10,091,844 | |||||||||||||||
Series 2019 A, RB(a) | 5.00 | % | 10/01/2049 | 16,405 | 19,628,911 | |||||||||||||||
Buckeye Park Community Development District; Series 2008 A, RB(e)(f) | 7.88 | % | 05/01/2038 | 5,845 | 2,513,350 | |||||||||||||||
Canaveral Port Authority; Series 2018 A, RB(a) | 5.00 | % | 06/01/2045 | 9,320 | 10,635,611 | |||||||||||||||
Capital Trust Agency, Inc. (Advantage Academy of Hillsborough); | 5.00 | % | 12/15/2049 | 1,545 | 1,687,851 | |||||||||||||||
Series 2019 A, RB | 5.00 | % | 12/15/2054 | 1,085 | 1,181,142 | |||||||||||||||
Capital Trust Agency, Inc. (Atlantic Housing Foundation Property); Series 2017 B, RB | 6.00 | % | 07/01/2042 | 3,200 | 3,005,888 | |||||||||||||||
Capital Trust Agency, Inc. (Elim Senior Housing, Inc.); | ||||||||||||||||||||
Series 2017, RB(d) | 5.63 | % | 08/01/2037 | 1,025 | 880,629 | |||||||||||||||
Series 2017, RB(d) | 5.88 | % | 08/01/2052 | 3,925 | 3,178,308 | |||||||||||||||
Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.); | 5.38 | % | 06/15/2038 | 850 | 943,594 | |||||||||||||||
Series 2018 A, RB(d) | 5.38 | % | 06/15/2048 | 1,590 | 1,738,458 | |||||||||||||||
Capital Trust Agency, Inc. (Franklin Academy); | 5.00 | % | 12/15/2050 | 3,955 | 4,250,953 | |||||||||||||||
Series 2020, RB(d) | 5.00 | % | 12/15/2055 | 2,845 | 3,052,144 | |||||||||||||||
Capital Trust Agency, Inc. (Paragon Academy of Technology and Sunshine Elementary Charter School); | 5.75 | % | 06/01/2054 | 3,735 | 3,966,159 | |||||||||||||||
Series 2019 B, RB(d) | 6.00 | % | 06/01/2028 | 390 | 394,161 | |||||||||||||||
Capital Trust Agency, Inc. (Viera Charter Schools, Inc.); | 5.00 | % | 10/15/2047 | 1,100 | 1,175,240 | |||||||||||||||
Series 2017 A, RB(d) | 5.00 | % | 10/15/2052 | 755 | 804,369 | |||||||||||||||
Carlton Lakes Community Development District; | 5.63 | % | 11/01/2036 | 760 | 826,872 | |||||||||||||||
Series 2015, RB | 5.75 | % | 11/01/2047 | 1,860 | 2,031,938 | |||||||||||||||
CFM Community Development District; | 6.25 | % | 05/01/2035 | 1,987 | 317,948 | |||||||||||||||
Series 2004 A-1, RB(f) | 6.25 | % | 05/01/2035 | 0 | 200 | |||||||||||||||
Series 2004 A-2, RB | 6.25 | % | 05/01/2035 | 7,695 | 7,019,764 | |||||||||||||||
Chapel Creek Community Development District; Series 2006 A, RB(e)(f) | 5.50 | % | 05/01/2038 | 7,075 | 6,367,500 | |||||||||||||||
City of South Miami Health Facilities Authority, Inc.; Series 2017, Ref. RB(i) | 4.00 | % | 08/15/2036 | 14,000 | 15,836,100 | |||||||||||||||
Clearwater Cay Community Development District; Series 2006 A, RB(e)(f) | 5.50 | % | 05/01/2037 | 13,074 | 7,452,213 | |||||||||||||||
Collier (County of), FL Industrial Development Authority (Gulf Coast Academy South); | 5.00 | % | 12/01/2037 | 1,150 | 1,232,099 | |||||||||||||||
Series 2017 A, RB(d) | 5.00 | % | 12/01/2047 | 1,875 | 1,972,350 | |||||||||||||||
Creekside Community Development District; Series 2006, RB(e)(f) | 5.20 | % | 05/01/2038 | 1,690 | 760,500 | |||||||||||||||
CrossCreek Community Development District; | 5.60 | % | 05/01/2039 | 15 | 12,236 | |||||||||||||||
Series 2016 A, RB | 5.60 | % | 05/01/2037 | 745 | 756,987 | |||||||||||||||
Escambia (County of), FL Health Facilities Authority; Series 2020, Ref. RB | 4.00 | % | 08/15/2045 | 7,000 | 7,787,430 | |||||||||||||||
Florida Development Finance Corp. (Florida Charter Foundation, Inc.); Series 2016 A, RB(d) | 5.00 | % | 07/15/2046 | 6,045 | 6,462,226 | |||||||||||||||
Florida Development Finance Corp. (Learning Gate Community School); | 5.00 | % | 02/15/2038 | 300 | 331,497 | |||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 02/15/2048 | 985 | 1,081,294 | |||||||||||||||
Florida Development Finance Corp. (Virgin Trains USA Passenger Rail); | 6.38 | % | 01/01/2026 | 13,000 | 12,641,590 | |||||||||||||||
Series 2019 A, Ref. RB(a)(d)(l) | 6.50 | % | 01/01/2029 | 14,305 | 13,725,647 | |||||||||||||||
Glades Correctional Development Corp.; | 7.00 | % | 03/01/2030 | 4,616 | 4,122,799 | |||||||||||||||
Series 2017 B, RB (Acquired 03/07/2006-12/12/2011; Cost $63,084)(h) | 1.00 | % | 03/01/2030 | 2,531 | 1,138,758 | |||||||||||||||
Greater Lakes/Sawgrass Bay Community Development District; Series 2006 A, RB | 5.50 | % | 05/01/2038 | 2,620 | 2,620,943 | |||||||||||||||
Greater Orlando Aviation Authority; | 4.00 | % | 10/01/2052 | 7,500 | 8,124,900 | |||||||||||||||
Series 2019 A, RB(a) | 5.00 | % | 10/01/2044 | 16,420 | 19,826,165 | |||||||||||||||
Series 2019 A, RB(a) | 5.00 | % | 10/01/2049 | 18,755 | 22,521,004 | |||||||||||||||
Highland Meadows Community Development District; Series 2006 A, RB | 5.50 | % | 05/01/2036 | 310 | 310,192 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Florida–(continued) | ||||||||||||||||||||
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); | 5.00 | % | 10/01/2048 | $ | 11,500 | $ | 13,472,020 | |||||||||||||
Series 2018 E, RB(a) | 5.00 | % | 10/01/2043 | 13,120 | 15,570,422 | |||||||||||||||
Hillsborough (County of), FL Port District (Tamp Port Authority); Series 2018 B, RB(a) | 5.00 | % | 06/01/2046 | 9,700 | 11,113,096 | |||||||||||||||
Indigo Community Development District; Series 2005, RB(e)(f) | 5.75 | % | 05/01/2036 | 4,775 | 3,342,500 | |||||||||||||||
Lake (County of), FL (Imagine South Lake Charter School Program); | 5.00 | % | 01/15/2049 | 820 | 888,724 | |||||||||||||||
Series 2019, RB(d) | 5.00 | % | 01/15/2054 | 635 | 685,857 | |||||||||||||||
Lake (County of), FL (Lakeside at Waterman Village); Series 2020 A, Ref. RB | 5.75 | % | 08/15/2055 | 2,000 | 2,116,480 | |||||||||||||||
Lake (County of), FL (Village Veranda at Lady Lake); Series 2017 A-1, RB(d) | 7.13 | % | 01/01/2052 | 18,300 | 16,322,319 | |||||||||||||||
Lake Ashton II Community Development District; Series 2005 A, RB | 5.38 | % | 05/01/2036 | 2,018 | 1,966,955 | |||||||||||||||
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); | 5.50 | % | 07/15/2048 | 1,685 | 1,802,124 | |||||||||||||||
Series 2018 A, RB(d) | 5.75 | % | 07/15/2053 | 1,830 | 2,000,812 | |||||||||||||||
Lee (County of), FL Industrial Development Authority (Preserve (The)); Series 2017 A, RB(d) | 5.75 | % | 12/01/2052 | 1,785 | 1,822,842 | |||||||||||||||
Legends Bay Community Development District; Series 2007 A, RB | 5.88 | % | 05/01/2038 | 2,725 | 2,728,106 | |||||||||||||||
Magnolia Creek Community Development District; Series 2007 A, RB(e)(f) | 5.90 | % | 05/01/2039 | 5,360 | 964,800 | |||||||||||||||
Magnolia West Community Development District; Series 2017, RB | 5.35 | % | 05/01/2037 | 185 | 186,393 | |||||||||||||||
Miami (City of) & Dade (County of), FL School Board; Series 2015 A, Ref. COP | 5.00 | % | 05/01/2032 | 10 | 11,613 | |||||||||||||||
Miami-Dade (County of), FL; | 6.00 | % | 10/01/2042 | 2,460 | 2,767,254 | |||||||||||||||
Series 2017 B, Ref. RB(a) | 5.00 | % | 10/01/2040 | 18,645 | 22,058,527 | |||||||||||||||
Miami-Dade (County of), FL Transit System; Series 2018, RB(i) | 4.00 | % | 07/01/2045 | 11,000 | 12,355,200 | |||||||||||||||
Miami-Dade (County of), FL Water & Sewer System; Series 2019 B, RB(i) | 4.00 | % | 10/01/2049 | 80,000 | 92,306,400 | |||||||||||||||
Montecito Community Development District; Series 2006 A, RB(e)(f) | 5.50 | % | 05/01/2037 | 5,210 | 3,959,600 | |||||||||||||||
Nassau (County of), FL (Nassau Care Centers, Inc.); Series 2008, RB | 6.90 | % | 01/01/2038 | 9,150 | 9,151,006 | |||||||||||||||
Naturewalk Community Development District; Series 2007 A, RB(e)(f) | 5.50 | % | 05/01/2038 | 4,345 | 1,564,200 | |||||||||||||||
Palm Beach (County of), FL Health Facilities Authority; Series 2020, RB | 5.00 | % | 06/01/2055 | 2,000 | 2,116,880 | |||||||||||||||
Palm Beach (County of), FL Health Facilities Authority (Baptist Health South Florida); Series 2019, RB | 4.00 | % | 08/15/2049 | 11,440 | 12,754,113 | |||||||||||||||
Palm Beach (County of), FL Health Facilities Authority (Sinai Residences of Boca Raton); Series 2014 A, RB | 7.50 | % | 06/01/2049 | 3,000 | 3,239,130 | |||||||||||||||
Palm Coast Park Community Development District; Series 2006, RB | 5.70 | % | 05/01/2037 | 10,900 | 10,909,701 | |||||||||||||||
Palm River Community Development District; Series 2007 A, RB(e)(f) | 5.38 | % | 05/01/2036 | 1,565 | 500,800 | |||||||||||||||
Pinellas (County of), FL Educational Facilities Authority (Pinellas Preparatory Academy); Series 2011 A, RB(k)(l) | 7.13 | % | 09/15/2021 | 2,250 | 2,329,695 | |||||||||||||||
Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global Understanding); Series 2019, RB | 5.00 | % | 07/01/2039 | 1,750 | 2,075,675 | |||||||||||||||
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates); Series 2019, Ref. IDR | 5.00 | % | 01/01/2055 | 800 | 869,088 | |||||||||||||||
Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB(a)(d) | 5.88 | % | 01/01/2033 | 21,000 | 22,174,110 | |||||||||||||||
Portofino Isles Community Development District (Portofino Court); Series 2005, RB(e)(f) | 5.60 | % | 05/01/2036 | 5,905 | 3,543,000 | |||||||||||||||
Reunion East Community Development District; | 7.38 | % | 05/01/2033 | 1,425 | 14 | |||||||||||||||
Series 2005, RB(e)(f) | 5.80 | % | 05/01/2036 | 3,420 | 34 | |||||||||||||||
Series 2015-1, RB | 6.60 | % | 05/01/2033 | 445 | 453,548 | |||||||||||||||
Series 2015-2, RB | 6.60 | % | 05/01/2036 | 2,600 | 2,635,152 | |||||||||||||||
Ridgewood Trails Community Development District; Series 2007 A, RB | 5.65 | % | 05/01/2038 | 130 | 130,051 | |||||||||||||||
River Glen Community Development District; Series 2006 A, RB(e)(f) | 5.45 | % | 05/01/2038 | 1,792 | 1,792,430 | |||||||||||||||
Santa Rosa (City of), FL Bay Bridge Authority; Series 1996 C, RB (INS - ACA)(b) | 6.25 | % | 07/01/2028 | 131 | 131,475 | |||||||||||||||
Seminole (County of), FL Industrial Development Authority (Progressive Healthcare Providers/Fern Park, LLC Facility); Series 2005 A, RB | 7.50 | % | 03/01/2035 | 3,670 | 3,671,138 | |||||||||||||||
South Bay Community Development District; | 5.95 | % | 05/01/2036 | 5,110 | 51 | |||||||||||||||
Series 2005 A-1, Ref. RB | 5.95 | % | 05/01/2036 | 6,535 | 5,536,779 | |||||||||||||||
Series 2005 A-2, Ref. RB(e)(f) | 6.60 | % | 05/01/2036 | 8,750 | 4,410,612 | |||||||||||||||
Series 2005 B-1, Ref. RB(e) | 5.13 | % | 05/01/2023 | 5,205 | 5,202,529 | |||||||||||||||
Series 2005 B-2, Ref. RB(e)(f) | 6.60 | % | 05/01/2025 | 3,240 | 1,631,534 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Florida–(continued) | ||||||||||||||||||||
South Fork East Community Development District; Series 2013 A, Ref. RB | 6.50 | % | 05/01/2038 | $ | 3,355 | $ | 3,356,275 | |||||||||||||
St. Johns (County of), FL Industrial Development Authority (Bayview); Series 2007 A, Ref. RB (Acquired 02/14/2007; Cost $992,657)(e)(f)(h) | 5.25 | % | 10/01/2041 | 1,000 | 700,000 | |||||||||||||||
St. Petersburg (City of), FL; Series 2019 A, RB | 5.00 | % | 10/01/2049 | 7,495 | 9,228,593 | |||||||||||||||
State of Florida; | 4.00 | % | 07/01/2037 | 3,725 | 4,373,038 | |||||||||||||||
Series 2018, GO Bonds(i) | 4.00 | % | 07/01/2038 | 4,030 | 4,718,848 | |||||||||||||||
Series 2018, GO Bonds(i) | 4.00 | % | 07/01/2039 | 4,195 | 4,900,599 | |||||||||||||||
Series 2018, GO Bonds(i) | 4.00 | % | 07/01/2040 | 4,360 | 5,082,583 | |||||||||||||||
Tern Bay Community Development District; Series 2005 A, RB | 5.38 | % | 05/01/2037 | 590 | 590,555 | |||||||||||||||
Town Center at Palm Coast Community Development District; Series 2005, RB | 6.00 | % | 05/01/2036 | 12,945 | 12,953,026 | |||||||||||||||
Treeline Preserve Community Development District; Series 2007 A, RB(e)(f) | 6.80 | % | 05/01/2039 | 4,950 | 2,475,000 | |||||||||||||||
Villages of Avignon Community Development District; Series 2007 A, RB(e)(f) | 5.40 | % | 05/01/2037 | 755 | 52,850 | |||||||||||||||
Villages of Glen Creek Community Development District; | 4.75 | % | 05/01/2026 | 420 | 428,522 | |||||||||||||||
Series 2016 A, RB | 5.25 | % | 05/01/2036 | 1,080 | 1,112,875 | |||||||||||||||
Series 2016 A, RB | 5.38 | % | 05/01/2046 | 4,245 | 4,370,822 | |||||||||||||||
Waterford Estates Community Development District; Series 2006 A, RB(e)(f) | 5.50 | % | 05/01/2037 | 2,754 | 1,927,977 | |||||||||||||||
Water’s Edge Community Development District; | 5.35 | % | 05/01/2039 | 119 | 119,081 | |||||||||||||||
Series 2012 A-2, Ref. RB | 6.60 | % | 05/01/2039 | 1,835 | 1,855,222 | |||||||||||||||
Waterstone Community Development District; | 6.88 | % | 05/01/2037 | 1,214 | 848,322 | |||||||||||||||
Series 2007 B, RB(f)(g) | 0.00 | % | 11/01/2028 | 8,232 | 4,705,949 | |||||||||||||||
West Villages Improvement District; | 5.75 | % | 05/01/2036 | 8,695 | 8,707,608 | |||||||||||||||
Series 2005 A-2, RB(e)(f) | 5.75 | % | 05/01/2036 | 7,610 | 4,413,800 | |||||||||||||||
Westridge Community Development District; Series 2005, RB(e) | 5.80 | % | 05/01/2037 | 1,600 | 1,600,896 | |||||||||||||||
Westside Community Development District; | 5.65 | % | 05/01/2037 | 1,065 | 824,800 | |||||||||||||||
Series 2019 2, RB(e)(f) | 7.20 | % | 05/01/2038 | 520 | 407,545 | |||||||||||||||
Wyld Palms Community Development District; Series 2007 A, RB(e)(f) | 5.50 | % | 05/01/2038 | 4,340 | 1,041,600 | |||||||||||||||
Zephyr Ridge Community Development District; Series 2006 A, RB(e)(f) | 5.63 | % | 05/01/2037 | 2,634 | 1,159,169 | |||||||||||||||
636,384,164 | ||||||||||||||||||||
Georgia–1.86% | ||||||||||||||||||||
Atlanta (City of), GA; Series 2019 D, RB(a) | 4.00 | % | 07/01/2040 | 4,000 | 4,524,000 | |||||||||||||||
Atlanta (City of), GA Department of Aviation; Series 2019 B, RB(a) | 5.00 | % | 07/01/2044 | 23,280 | 28,179,276 | |||||||||||||||
Cobb (County of), GA Development Authority; | 6.00 | % | 07/01/2036 | 1,445 | 1,089,544 | |||||||||||||||
Series 2016 A, Ref. RB (Acquired 10/03/2016; Cost $5,342,026)(d)(e)(h) | 6.00 | % | 07/01/2051 | 5,440 | 3,826,442 | |||||||||||||||
DeKalb (County of), GA Housing Authority (Baptist Retirement Communities of Georgia, Inc. & Clairmont Crest, Inc.); | 5.00 | % | 01/01/2039 | 7,325 | 6,250,056 | |||||||||||||||
Series 2019 A, Ref. RB(d) | 5.13 | % | 01/01/2049 | 6,000 | 4,859,160 | |||||||||||||||
Series 2019 A, Ref. RB(d) | 5.25 | % | 01/01/2054 | 5,000 | 4,052,950 | |||||||||||||||
Series 2019 B, Ref. RB(d) | 6.13 | % | 01/01/2027 | 2,800 | 2,729,776 | |||||||||||||||
Floyd (County of), GA Development Authority (The Spires at Berry College); | 5.75 | % | 12/01/2033 | 3,100 | 3,007,155 | |||||||||||||||
Series 2018 A, RB | 6.00 | % | 12/01/2038 | 6,850 | 6,617,305 | |||||||||||||||
Series 2018 A, RB | 6.25 | % | 12/01/2048 | 19,530 | 18,662,673 | |||||||||||||||
Series 2018 A, RB | 6.50 | % | 12/01/2053 | 13,210 | 12,945,272 | |||||||||||||||
Gainesville (City of) & Hall (County of), GA Development Authority; | 5.00 | % | 03/01/2047 | 7,360 | 6,647,478 | |||||||||||||||
Series 2017, Ref. RB | 5.13 | % | 03/01/2052 | 225 | 205,443 | |||||||||||||||
Georgia (State of) Road & Tollway Authority; | 0.00 | % | 06/01/2024 | 2,250 | 2,042,618 | |||||||||||||||
Series 2014 A, RB(d)(g) | 0.00 | % | 06/01/2034 | 3,750 | 1,701,938 | |||||||||||||||
Series 2014 B, RB(c)(d) | 7.00 | % | 06/01/2049 | 13,600 | 11,694,640 | |||||||||||||||
Georgia State Environmental Loan Acquisition Corp.; Series 2011, RB(k)(l) | 5.13 | % | 03/15/2021 | 1,055 | 1,056,888 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Georgia–(continued) | ||||||||||||||||||||
Houston (County of), GA Hospital Authority (Houston Hospitals, Inc.); Series 2016 A, Ref. RB | 5.00 | % | 10/01/2031 | $ | 7,965 | $ | 8,640,432 | |||||||||||||
Main Street Natural Gas, Inc.; Series 2019 A, RB | 5.00 | % | 05/15/2043 | 3,400 | 4,029,884 | |||||||||||||||
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens); | 6.13 | % | 12/01/2038 | 2,635 | 2,637,108 | |||||||||||||||
Series 2018 A-1, RB | 6.25 | % | 12/01/2048 | 3,675 | 3,655,375 | |||||||||||||||
Series 2018 A-1, RB | 6.38 | % | 12/01/2053 | 3,090 | 3,062,345 | |||||||||||||||
Series 2018 A-2, RB(l) | 5.50 | % | 12/01/2028 | 2,090 | 2,074,221 | |||||||||||||||
Series 2018, RB | 5.50 | % | 12/01/2028 | 6,375 | 6,268,027 | |||||||||||||||
150,460,006 | ||||||||||||||||||||
Hawaii–0.08% | ||||||||||||||||||||
Hawaii (State of); | 4.00 | % | 07/01/2033 | 2,250 | 2,648,160 | |||||||||||||||
Series 2020 A, Ref. RB(a) | 4.00 | % | 07/01/2036 | 600 | 698,382 | |||||||||||||||
Series 2020 C, Ref. RB | 4.00 | % | 07/01/2037 | 600 | 716,526 | |||||||||||||||
Series 2020 C, Ref. RB | 4.00 | % | 07/01/2038 | 750 | 887,850 | |||||||||||||||
Series 2020 C, Ref. RB | 4.00 | % | 07/01/2040 | 425 | 500,365 | |||||||||||||||
Hawaii (State of) Department of Transportation; Series 1997, RB(a) | 5.63 | % | 11/15/2027 | 610 | 611,342 | |||||||||||||||
Kuakini Health System; Series 2002 A, RB | 6.30 | % | 07/01/2022 | 760 | 762,820 | |||||||||||||||
6,825,445 | ||||||||||||||||||||
Idaho–0.04% | ||||||||||||||||||||
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB | 5.25 | % | 11/15/2047 | 960 | 962,611 | |||||||||||||||
Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.); | 6.00 | % | 07/01/2039 | 370 | 440,126 | |||||||||||||||
Series 2018 A, RB(d) | 6.00 | % | 07/01/2054 | 1,135 | 1,324,988 | |||||||||||||||
Series 2018 B, RB(d) | 5.88 | % | 07/01/2022 | 60 | 60,228 | |||||||||||||||
Nampa Local Improvement District No. 148; Series 2010, RB | 6.63 | % | 09/01/2030 | 84 | 86,346 | |||||||||||||||
2,874,299 | ||||||||||||||||||||
Illinois–4.26% | ||||||||||||||||||||
Caseyville (Village of), IL; Series 2004, RB(e)(f) | 7.00 | % | 12/30/2022 | 30,685 | 306,850 | |||||||||||||||
Chicago (City of), IL (Chicago Midway International Airport); Series 2014 A, Ref. RB(a) | 5.00 | % | 01/01/2033 | 3,000 | 3,304,230 | |||||||||||||||
Chicago (City of), IL (Chicago O’Hare International Airport); | 5.00 | % | 01/01/2053 | 16,890 | 20,039,478 | |||||||||||||||
Series 2018, RB(a) | 5.00 | % | 07/01/2048 | 3,750 | 4,347,413 | |||||||||||||||
Chicago (City of), IL (Cottage View Terrace Apartments); Series 2000 A, RB (CEP - GNMA)(a) | 6.13 | % | 02/20/2042 | 30 | 30,052 | |||||||||||||||
Chicago (City of), IL (O’Hare International Airport); | 5.00 | % | 01/01/2047 | 2,500 | 2,859,350 | |||||||||||||||
Series 2017 D, RB(a) | 5.00 | % | 01/01/2052 | 5,000 | 5,704,450 | |||||||||||||||
Series 2018 A, Ref. RB(a) | 5.00 | % | 01/01/2048 | 24,000 | 28,217,760 | |||||||||||||||
Chicago (City of), IL Board of Education; | 7.00 | % | 12/01/2044 | 7,000 | 8,417,010 | |||||||||||||||
Series 2016 B, GO Bonds | 6.50 | % | 12/01/2046 | 1,500 | 1,807,680 | |||||||||||||||
Series 2016, RB | 6.00 | % | 04/01/2046 | 5,700 | 6,808,194 | |||||||||||||||
Series 2018, RB | 5.00 | % | 04/01/2046 | 7,555 | 8,695,654 | |||||||||||||||
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2015 A, GO Bonds | 5.00 | % | 12/01/2044 | 6,870 | 7,871,921 | |||||||||||||||
Du Page (County of), IL Special Service Area No. 31; Series 2006, RB | 5.63 | % | 03/01/2036 | 873 | 876,963 | |||||||||||||||
Franklin Park (Village of), IL; Series 2011, GO Bonds (INS - AGM)(b) | 6.25 | % | 07/01/2030 | 1,585 | 1,613,387 | |||||||||||||||
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Series 2014 A, RB | 5.38 | % | 03/01/2034 | 2,069 | 2,069,570 | |||||||||||||||
Harvey (City of), IL; | 5.50 | % | 12/01/2027 | 6,165 | 4,223,025 | |||||||||||||||
Series 2007 A, Ref. GO Bonds (Acquired 09/03/2009; Cost $1,365,806)(e)(h) | 5.63 | % | 12/01/2032 | 1,800 | 1,233,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Illinois–(continued) | ||||||||||||||||||||
Illinois (State of); | 5.50 | % | 01/01/2029 | $ | 5,000 | $ | 6,163,400 | |||||||||||||
Series 2014, GO Bonds | 5.00 | % | 02/01/2039 | 2,865 | 3,051,454 | |||||||||||||||
Series 2016 A, RB | 4.00 | % | 06/15/2032 | 5,000 | 5,456,750 | |||||||||||||||
Series 2016 C, Ref. RB | 4.00 | % | 06/15/2031 | 5,000 | 5,474,700 | |||||||||||||||
Series 2016 D, Ref. RB | 4.00 | % | 06/15/2030 | 10,625 | 11,670,606 | |||||||||||||||
Series 2017 C, GO Bonds | 5.00 | % | 11/01/2029 | 22,625 | 25,908,114 | |||||||||||||||
Series 2018 A, Ref. GO Bonds | 5.00 | % | 10/01/2029 | 6,500 | 7,697,625 | |||||||||||||||
Series 2018 A, Ref. GO Bonds | 5.00 | % | 10/01/2033 | 3,360 | 3,898,440 | |||||||||||||||
Series 2018 B, Ref. GO Bonds | 5.00 | % | 10/01/2030 | 3,000 | 3,532,830 | |||||||||||||||
Series 2019 B, GO Bonds | 4.00 | % | 11/01/2035 | 1,930 | 2,096,559 | |||||||||||||||
Illinois (State of) Finance Authority; | 6.50 | % | 12/01/2037 | 9,085 | 8,580,056 | |||||||||||||||
Series 2007, RB(a) | 6.10 | % | 12/01/2041 | 5,140 | 4,935,171 | |||||||||||||||
Series 2012 A, RB | 6.00 | % | 10/01/2048 | 1,000 | 1,036,170 | |||||||||||||||
Series 2012, RB | 6.50 | % | 12/01/2032 | 11,520 | 11,548,570 | |||||||||||||||
Series 2017, Ref. RB (Acquired 06/05/2018; Cost $2,029,126)(h) | 5.00 | % | 02/15/2027 | 2,000 | 1,400,000 | |||||||||||||||
Series 2017, Ref. RB (Acquired 04/03/2019; Cost $6,022,965)(h) | 5.00 | % | 02/15/2037 | 7,000 | 4,900,000 | |||||||||||||||
Series 2017, Ref. RB | 5.13 | % | 05/15/2038 | 1,000 | 932,210 | |||||||||||||||
Series 2017, Ref. RB | 5.25 | % | 05/15/2042 | 3,220 | 2,964,686 | |||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 08/01/2042 | 575 | 653,332 | |||||||||||||||
Series 2017, Ref. RB (Acquired 05/07/2019; Cost $2,764,639)(h) | 5.13 | % | 02/15/2045 | 3,120 | 2,184,000 | |||||||||||||||
Series 2017, Ref. RB | 5.25 | % | 05/15/2054 | 2,825 | 2,502,809 | |||||||||||||||
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(a) | 8.00 | % | 06/01/2032 | 2,940 | 2,943,175 | |||||||||||||||
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); Series 2019 A, Ref. RB | 5.00 | % | 11/01/2049 | 2,450 | 2,697,597 | |||||||||||||||
Illinois (State of) Finance Authority (Northshore University); | 4.00 | % | 08/15/2040 | 4,000 | 4,659,640 | |||||||||||||||
Series 2020, Ref. RB | 4.00 | % | 08/15/2041 | 1,750 | 2,031,365 | |||||||||||||||
Illinois (State of) Finance Authority (Rogers Park Montessori School); | 6.00 | % | 02/01/2034 | 575 | 612,174 | |||||||||||||||
Series 2014, Ref. RB | 6.13 | % | 02/01/2045 | 1,310 | 1,384,683 | |||||||||||||||
Illinois (State of) Finance Authority (Rosalind Franklin University); Series 2017, Ref. RB | 5.00 | % | 08/01/2047 | 700 | 791,070 | |||||||||||||||
Illinois (State of) Finance Authority (Villa St. Benedict); | 6.13 | % | 11/15/2035 | 3,650 | 4,085,409 | |||||||||||||||
Series 2015, Ref. RB | 6.38 | % | 11/15/2043 | 4,400 | 4,917,572 | |||||||||||||||
Illinois (State of) Housing Development Authority (Stonebridge of Gurnee); | 5.45 | % | 01/01/2046 | 1,640 | 1,517,410 | |||||||||||||||
Series 2016 A, RB(d) | 5.60 | % | 01/01/2056 | 1,775 | 1,606,038 | |||||||||||||||
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); | 0.00 | % | 06/15/2046 | 15,000 | 6,877,500 | |||||||||||||||
Series 2017, Ref. RB (INS - AGM)(b)(g) | 0.00 | % | 12/15/2056 | 22,000 | 7,020,640 | |||||||||||||||
Manhattan (Village of), IL; Series 2007, RB(e)(f)(l) | 5.75 | % | 09/01/2021 | 1,778 | 444,500 | |||||||||||||||
Matteson (Village of), IL; Series 2015, RB | 6.50 | % | 12/01/2035 | 1,220 | 1,327,006 | |||||||||||||||
Metropolitan Pier & Exposition Authority; | 0.00 | % | 06/15/2043 | 6,450 | 3,313,365 | |||||||||||||||
Series 2010 B-1, Ref. RB (INS - AGM)(b)(g) | 0.00 | % | 06/15/2044 | 10,225 | 5,044,913 | |||||||||||||||
Series 2010 B-1, Ref. RB (INS - AGM)(b)(g) | 0.00 | % | 06/15/2047 | 31,755 | 14,032,852 | |||||||||||||||
Series 2012 B, RB (INS - AGM)(b)(g) | 0.00 | % | 12/15/2041 | 5,000 | 2,725,200 | |||||||||||||||
Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2002 A, RB (INS - AGM)(b)(g) | 0.00 | % | 12/15/2040 | 15,000 | 8,513,400 | |||||||||||||||
Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB | 5.00 | % | 01/01/2039 | 2,000 | 2,022,940 | |||||||||||||||
Mundelein (Village of), IL; Series 2019, GO Bonds (INS - AGM)(b) | 4.00 | % | 12/15/2044 | 4,500 | 5,097,735 | |||||||||||||||
Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club); Series 2006, RB(e)(f) | 6.00 | % | 03/01/2036 | 1,781 | 1,451,517 | |||||||||||||||
Quad Cities Regional Economic Development Authority (Pheasant Ridge Apartments); | 6.38 | % | 08/01/2040 | 5,155 | 3,668,504 | |||||||||||||||
Robbins (Village of), IL; Series 1999 C, RB(a) | 7.25 | % | 10/15/2024 | 0 | 160 | |||||||||||||||
Sales Tax Securitization Corp.; Series 2018 A, Ref. RB | 5.00 | % | 01/01/2048 | 4,000 | 4,650,640 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Illinois–(continued) | ||||||||||||||||||||
Southwestern Illinois Development Authority; | 5.63 | % | 11/01/2026 | $ | 2,795 | $ | 2,150,976 | |||||||||||||
Series 2008 A, Ref. RB(f) | 7.00 | % | 10/01/2022 | 9,150 | 5,307,000 | |||||||||||||||
Upper Illinois River Valley Development Authority; Series 2012, RB | 6.50 | % | 12/01/2032 | 12,415 | 12,490,483 | |||||||||||||||
Volo (Village of), IL Special Service Area No. 17; Series 2017, Ref. RB | 5.50 | % | 03/01/2047 | 1,210 | 1,249,845 | |||||||||||||||
Will (County of), IL; Series 2019, GO Bonds | 4.00 | % | 11/15/2047 | 4,000 | 4,539,320 | |||||||||||||||
344,188,098 | ||||||||||||||||||||
Indiana–1.96% | ||||||||||||||||||||
Allen (County of), IN; Series 2019, RB | 6.38 | % | 02/01/2039 | 10,000 | 10,726,200 | |||||||||||||||
Anderson (City of), IN (Sweet Galilee at the Wigwam); Series 2020, RB | 5.38 | % | 01/01/2040 | 2,745 | 2,830,562 | |||||||||||||||
Columbus (City of), IN; Series 2019, RB | 5.63 | % | 05/01/2039 | 11,925 | 11,182,788 | |||||||||||||||
Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB | 5.45 | % | 01/01/2038 | 3,430 | 3,476,545 | |||||||||||||||
Fort Wayne (City of), IN; | 5.13 | % | 01/01/2032 | 595 | 601,843 | |||||||||||||||
Series 2017, RB | 5.35 | % | 01/01/2038 | 3,850 | 3,880,338 | |||||||||||||||
Series 2018, RB(d) | 5.63 | % | 01/01/2038 | 7,000 | 7,252,560 | |||||||||||||||
Indiana (State of) Finance Authority; | 5.50 | % | 11/15/2031 | 1,675 | 1,715,066 | |||||||||||||||
Series 2011, RB | 5.75 | % | 11/15/2041 | 2,850 | 2,911,189 | |||||||||||||||
Series 2017, Ref. RB | 5.38 | % | 07/01/2047 | 2,050 | 2,234,869 | |||||||||||||||
Indiana (State of) Finance Authority (Irvington Community School); | 5.90 | % | 07/01/2038 | 770 | 805,767 | |||||||||||||||
Series 2018 A, Ref. RB(d) | 6.00 | % | 07/01/2048 | 685 | 718,024 | |||||||||||||||
Indiana (State of) Finance Authority (Parkview Health); Series 2018 A, RB | 4.00 | % | 11/01/2048 | 10,000 | 11,163,200 | |||||||||||||||
Indiana (State of) Housing & Community Development Authority; | 5.75 | % | 01/01/2036 | 6,225 | 6,387,597 | |||||||||||||||
Series 2016, RB | 5.50 | % | 01/01/2037 | 3,885 | 3,952,172 | |||||||||||||||
Indiana (State of) Housing & Community Development Authority (Glasswater Creek of Whitestown); Series 2020, RB(d) | 5.38 | % | 10/01/2040 | 7,000 | 7,156,520 | |||||||||||||||
Indiana (State of) Housing & Community Development Authority (Lake Meadows Assisted Living); | 5.00 | % | 01/01/2039 | 3,365 | 3,306,348 | |||||||||||||||
Jeffersonville (City of), IN (Vivera Senior Living); Series 2020 A, RB(d) | 5.25 | % | 11/01/2040 | 4,500 | 4,571,685 | |||||||||||||||
Kokomo (City of), IN; | 5.75 | % | 01/01/2034 | 1,095 | 1,151,743 | |||||||||||||||
Series 2017, RB | 5.88 | % | 01/01/2037 | 4,570 | 4,804,578 | |||||||||||||||
Lafayette (City of), IN; | 5.60 | % | 01/01/2033 | 1,060 | 1,107,509 | |||||||||||||||
Series 2017, RB | 5.80 | % | 01/01/2037 | 5,160 | 5,401,178 | |||||||||||||||
Merrillville (Town of), IN; Series 2016, RB | 5.75 | % | 04/01/2036 | 4,965 | 5,139,023 | |||||||||||||||
Michigan City (City of), IN; Series 2016, RB | 5.15 | % | 01/01/2037 | 14,565 | 14,455,034 | |||||||||||||||
Mishawaka (City of), IN; | 5.10 | % | 01/01/2032 | 500 | 505,075 | |||||||||||||||
Series 2017, RB(d) | 5.38 | % | 01/01/2038 | 5,475 | 5,525,917 | |||||||||||||||
Series 2018, RB | 5.75 | % | 10/01/2038 | 17,510 | 17,573,036 | |||||||||||||||
Muncie (City of), IN; Series 2016, RB | 5.25 | % | 01/01/2037 | 2,560 | 2,569,242 | |||||||||||||||
Plainfield (Town of), IN; Series 2018, RB | 5.38 | % | 09/01/2038 | 8,000 | 8,129,120 | |||||||||||||||
Terre Haute (City of), IN (Silver Birch of Terre Haute); Series 2017, RB | 5.35 | % | 01/01/2038 | 3,880 | 3,910,574 | |||||||||||||||
Vincennes (City of), IN; Series 2016, Ref. RB(d) | 6.25 | % | 01/01/2029 | 2,775 | 2,774,889 | |||||||||||||||
157,920,191 | ||||||||||||||||||||
Iowa–0.17% | ||||||||||||||||||||
Clear Lake (City of), IA (Timbercrest Apartments, LLC); | 6.00 | % | 10/01/2043 | 1,405 | 1,453,964 | |||||||||||||||
Series 2018, RB | 6.00 | % | 10/01/2048 | 2,780 | 2,867,403 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Iowa–(continued) | ||||||||||||||||||||
Iowa (State of) Finance Authority; | 5.38 | % | 06/01/2025 | $ | 495 | $ | 469,473 | |||||||||||||
Series 2007, RB(e) | 5.90 | % | 12/01/2028 | 1,160 | 58,000 | |||||||||||||||
Series 2018, RB | 5.00 | % | 08/01/2038 | 750 | 783,893 | |||||||||||||||
Series 2018, RB | 5.13 | % | 08/01/2048 | 1,750 | 1,827,035 | |||||||||||||||
Series 2018, RB | 5.25 | % | 08/01/2055 | 2,500 | 2,610,100 | |||||||||||||||
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2019, RB | 2.88 | % | 05/15/2049 | 1,000 | 1,013,530 | |||||||||||||||
Iowa (State of) Tobacco Settlement Authority; Series 2005 A, RB | 6.50 | % | 06/01/2023 | 2,605 | 2,645,247 | |||||||||||||||
13,728,645 | ||||||||||||||||||||
Kansas–0.02% | ||||||||||||||||||||
Olathe (City of), KS; Series 2006, RB(e)(f) | 5.00 | % | 03/01/2026 | 2,804 | 1,373,722 | |||||||||||||||
Pittsburg (City of), KS; Series 2006, RB | 4.90 | % | 04/01/2024 | 505 | 457,904 | |||||||||||||||
1,831,626 | ||||||||||||||||||||
Kentucky–0.06% | ||||||||||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, | 5.00 | % | 06/01/2045 | 1,000 | 1,072,370 | |||||||||||||||
Kentucky (Commonwealth of) Property & Building Commission (Project No. 119); | 5.00 | % | 05/01/2033 | 900 | 1,117,350 | |||||||||||||||
Series 2018, RB (INS - BAM)(b) | 5.00 | % | 05/01/2034 | 800 | 988,704 | |||||||||||||||
Kuttawa (City of), KY; Series 1999, RB | 6.75 | % | 03/01/2029 | 1,410 | 1,409,944 | |||||||||||||||
4,588,368 | ||||||||||||||||||||
Louisiana–0.69% | ||||||||||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority; | 5.25 | % | 05/01/2043 | 1,220 | 1,247,499 | |||||||||||||||
Series 2019, RB(d) | 4.40 | % | 11/01/2044 | 3,385 | 3,546,329 | |||||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Glen Retirement System); | 5.00 | % | 01/01/2049 | 16,535 | 15,252,215 | |||||||||||||||
Series 2019 A, Ref. RB | 5.00 | % | 01/01/2055 | 12,000 | 10,811,520 | |||||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Green Bonds); Series 2018, RB(d) | 5.38 | % | 11/01/2038 | 2,575 | 2,847,744 | |||||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. Tammany Parish Gomesa); Series 2020, RB(d) | 3.88 | % | 11/01/2045 | 4,250 | 4,337,762 | |||||||||||||||
Louisiana Housing Corp.; Series 2009 A, RB | 7.25 | % | 09/01/2039 | 11,415 | 10,236,401 | |||||||||||||||
St. James (Parish of), LA (Nustar Logistics, L.P.); | 6.35 | % | 07/01/2040 | 5,115 | 6,480,040 | |||||||||||||||
Series 2010, RB(d) | 6.35 | % | 10/01/2040 | 440 | 557,423 | |||||||||||||||
55,316,933 | ||||||||||||||||||||
Maine–0.20% | ||||||||||||||||||||
Maine (State of) Finance Authority; Series 2015 R-2, RB(a)(d)(l) | 4.38 | % | 08/01/2025 | 2,000 | 2,199,680 | |||||||||||||||
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); | 6.75 | % | 07/01/2021 | 2,000 | 2,043,260 | |||||||||||||||
Rumford (Town of), ME; Series 2001, Ref. RB(a) | 6.88 | % | 10/01/2026 | 12,265 | 12,279,350 | |||||||||||||||
16,522,290 | ||||||||||||||||||||
Maryland–1.10% | ||||||||||||||||||||
Baltimore (City of), MD (Centerwest Development); | 5.38 | % | 06/01/2036 | 1,100 | 1,153,361 | |||||||||||||||
Series 2017 A, RB | 5.50 | % | 06/01/2043 | 1,360 | 1,428,666 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Maryland–(continued) | ||||||||||||||||||||
Baltimore (City of), MD (Convention Center Hotel); | 5.00 | % | 09/01/2027 | $ | 2,780 | $ | 2,891,506 | |||||||||||||
Series 2017, Ref. RB | 5.00 | % | 09/01/2028 | 4,350 | 4,512,516 | |||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 09/01/2029 | 3,630 | 3,758,611 | |||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 09/01/2031 | 1,210 | 1,246,893 | |||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 09/01/2033 | 1,000 | 1,027,970 | |||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 09/01/2034 | 1,105 | 1,134,283 | |||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 09/01/2035 | 2,250 | 2,302,920 | |||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 09/01/2036 | 3,525 | 3,603,889 | |||||||||||||||
Baltimore (County of), MD; Series 2018, GO Bonds(i) | 4.00 | % | 03/01/2040 | 9,525 | 11,024,330 | |||||||||||||||
Maryland Stadium Authority; Series 2018, RB(i)(k) | 5.00 | % | 05/01/2047 | 45,950 | 54,498,079 | |||||||||||||||
88,583,024 | ||||||||||||||||||||
Massachusetts–0.54% | ||||||||||||||||||||
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program); | 5.00 | % | 06/01/2049 | 1,000 | 1,228,570 | |||||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency; | 0.00 | % | 11/15/2056 | 1,400 | 237,930 | |||||||||||||||
Series 2011, RB | 6.00 | % | 07/01/2041 | 6,955 | 6,991,653 | |||||||||||||||
Series 2018, RB(d) | 5.13 | % | 11/15/2046 | 4,565 | 4,952,203 | |||||||||||||||
Massachusetts (Commonwealth of) Port Authority; | 5.00 | % | 07/01/2038 | 5,000 | 6,177,500 | |||||||||||||||
Series 2019 A, Ref. RB(a) | 5.00 | % | 07/01/2039 | 6,000 | 7,394,220 | |||||||||||||||
Series 2019 A, Ref. RB(a) | 5.00 | % | 07/01/2040 | 4,000 | 4,911,280 | |||||||||||||||
Saugus (Town of), MA; | 4.00 | % | 03/01/2039 | 2,240 | 2,581,309 | |||||||||||||||
Series 2018, GO Bonds(i) | 4.00 | % | 03/01/2040 | 2,500 | 2,875,675 | |||||||||||||||
Series 2018, GO Bonds(i) | 4.00 | % | 03/01/2041 | 2,670 | 3,063,718 | |||||||||||||||
Series 2018, GO Bonds(i) | 4.00 | % | 03/01/2042 | 2,750 | 3,145,835 | |||||||||||||||
43,559,893 | ||||||||||||||||||||
Michigan–2.41% | ||||||||||||||||||||
Academy of Warren; Series 2020 A, Ref. RB(d) | 5.50 | % | 05/01/2050 | 1,000 | 1,030,980 | |||||||||||||||
Advanced Technology Academy; | 5.00 | % | 11/01/2034 | 400 | 434,972 | |||||||||||||||
Series 2019, Ref. RB | 5.00 | % | 11/01/2044 | 1,175 | 1,246,123 | |||||||||||||||
American Montessori Academy; Series 2017, RB | 7.00 | % | 12/01/2046 | 1,560 | 1,688,419 | |||||||||||||||
Charyl Stockwell Academy; | 5.50 | % | 10/01/2035 | 2,740 | 2,839,654 | |||||||||||||||
Series 2015, Ref. RB | 5.75 | % | 10/01/2045 | 4,140 | 4,335,698 | |||||||||||||||
Detroit (City of), MI; | 5.25 | % | 04/01/2021 | 343 | 343,242 | |||||||||||||||
Series 2003, GO Bonds (INS - SGI)(b) | 5.25 | % | 04/01/2023 | 15 | 15,541 | |||||||||||||||
Series 2004, GO Bonds (INS - AMBAC)(b) | 5.00 | % | 04/01/2021 | 907 | 908,409 | |||||||||||||||
Series 2004, GO Bonds (INS - AMBAC)(b) | 5.25 | % | 04/01/2022 | 206 | 206,505 | |||||||||||||||
Detroit (City of), MI Local Development Finance Authority; | 6.70 | % | 05/01/2021 | 410 | 410,894 | |||||||||||||||
Series 1997 C, RB | 6.85 | % | 05/01/2021 | 175 | 175,401 | |||||||||||||||
Detroit City School District; Series 2013, GO Bonds (INS - AGM)(b)(i) | 5.25 | % | 05/01/2029 | 10,100 | 19,504,009 | |||||||||||||||
Grand Rapids Economic Development Corp. (Clark Retirement Community, Inc.); | 5.50 | % | 04/01/2039 | 4,365 | 4,330,255 | |||||||||||||||
Series 2019 A, Ref. RB | 5.75 | % | 04/01/2049 | 20,310 | 20,141,224 | |||||||||||||||
Series 2019 A, Ref. RB | 5.75 | % | 04/01/2054 | 12,000 | 11,790,240 | |||||||||||||||
Series 2019 B, RB | 6.00 | % | 04/01/2027 | 5,420 | 5,379,404 | |||||||||||||||
Series 2019 C-2, RB | 3.50 | % | 04/01/2023 | 3,340 | 3,272,966 | |||||||||||||||
Haslett Public Schools; Series 2018, GO Bonds | 5.00 | % | 05/01/2048 | 3,150 | 3,720,937 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Michigan–(continued) | ||||||||||||||||||||
Michigan (State of) Finance Authority; | 6.00 | % | 12/01/2035 | $ | 1,400 | $ | 1,400,854 | |||||||||||||
Series 2007, RB | 6.50 | % | 12/01/2037 | 575 | 575,730 | |||||||||||||||
Series 2008 C, RB(g) | 0.00 | % | 06/01/2058 | 804,975 | 39,073,486 | |||||||||||||||
Series 2010 A, RB | 5.90 | % | 12/01/2030 | 1,400 | 1,401,204 | |||||||||||||||
Series 2014, Ref. RB(d) | 6.75 | % | 07/01/2044 | 22,320 | 23,331,542 | |||||||||||||||
Series 2017, Ref. RB | 5.25 | % | 02/01/2032 | 3,000 | 3,286,560 | |||||||||||||||
Series 2018, Ref. RB | 5.75 | % | 11/01/2040 | 2,000 | 2,237,980 | |||||||||||||||
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2016, Ref. RB | 5.00 | % | 11/15/2041 | 200 | 234,806 | |||||||||||||||
Michigan (State of) State Housing Development Authority; | 4.00 | % | 12/01/2044 | 4,295 | 4,590,968 | |||||||||||||||
Series 2019 A, RB | 4.00 | % | 06/01/2049 | 2,150 | 2,288,783 | |||||||||||||||
Michigan State University Board of Trustees; | 5.00 | % | 02/15/2044 | 3,820 | 4,695,620 | |||||||||||||||
Series 2019 B, RB | 5.00 | % | 02/15/2048 | 5,350 | 6,540,589 | |||||||||||||||
Pontiac (City of), MI Arts & Technology Academy; Series 2016, Ref. RB | 6.00 | % | 11/01/2046 | 3,465 | 3,519,470 | |||||||||||||||
Summit Academy North; | 5.00 | % | 11/01/2031 | 3,500 | 3,563,560 | |||||||||||||||
Series 2016, Ref. RB | 5.00 | % | 11/01/2035 | 2,800 | 2,846,200 | |||||||||||||||
Wayne (County of), MI; Series 1999, RB(a) | 6.00 | % | 12/01/2029 | 13,350 | 13,387,647 | |||||||||||||||
194,749,872 | ||||||||||||||||||||
Minnesota–0.59% | ||||||||||||||||||||
Bethel (City of), MN; | 5.00 | % | 06/01/2053 | 600 | 610,974 | |||||||||||||||
Series 2018, RB | 5.25 | % | 06/01/2058 | 1,625 | 1,667,104 | |||||||||||||||
Series 2019, RB | 5.00 | % | 05/01/2054 | 2,610 | 2,741,152 | |||||||||||||||
Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB | 5.50 | % | 12/01/2048 | 3,330 | 3,412,584 | |||||||||||||||
Brooklyn Center (City of), MN; | 5.50 | % | 11/01/2035 | 6,895 | 6,504,812 | |||||||||||||||
Series 2016 B, RB | 6.50 | % | 11/01/2035 | 3,080 | 2,908,721 | |||||||||||||||
Dakota (County of), MN Community Development Agency (Sanctuary at Est St. Paul); | 6.00 | % | 08/01/2035 | 5,735 | 5,147,220 | |||||||||||||||
Duluth (City of), MN Economic Development Authority; | 5.45 | % | 12/01/2046 | 380 | 304,000 | |||||||||||||||
Series 2018, RB(e) | 5.63 | % | 12/01/2055 | 1,000 | 800,000 | |||||||||||||||
International Falls (City of), MN; Series 1999, Ref. RB(a) | 6.85 | % | 12/01/2029 | 6,570 | 6,577,687 | |||||||||||||||
Minneapolis (City of), MN (Kipp North Star); Series 2020 A, RB | 5.75 | % | 07/01/2055 | 3,000 | 3,342,630 | |||||||||||||||
Minneapolis (City of), MN (Riverton Community Housing); Series 2018, RB(d) | 5.00 | % | 08/01/2053 | 500 | 519,910 | |||||||||||||||
Minneapolis (City of), MN (Spero Academy); | 6.25 | % | 07/01/2037 | 1,075 | 1,212,224 | |||||||||||||||
Series 2017 A, RB(d) | 6.50 | % | 07/01/2048 | 4,740 | 5,323,399 | |||||||||||||||
Red Wing (City of), MN; Series 2018 A, RB | 5.00 | % | 08/01/2053 | 515 | 501,862 | |||||||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority; | 6.25 | % | 03/01/2029 | 1,749 | 1,539,645 | |||||||||||||||
Series 2006, RB | 5.63 | % | 10/01/2033 | 1,357 | 1,357,504 | |||||||||||||||
Series 2017 A, RB(d) | 5.50 | % | 07/01/2052 | 1,075 | 1,188,370 | |||||||||||||||
Series 2019, RB | 5.00 | % | 07/01/2049 | 1,000 | 1,107,160 | |||||||||||||||
Series 2019, RB | 5.00 | % | 07/01/2055 | 1,000 | 1,101,120 | |||||||||||||||
47,868,078 | ||||||||||||||||||||
Mississippi–0.38% | ||||||||||||||||||||
Mississippi (State of) Development Bank (Jackson Convention Center); Series 2013 A, Ref. RB (INS - BAM)(b) | 5.00 | % | 03/01/2036 | 10,000 | 13,428,000 | |||||||||||||||
Mississippi State University Educational Building Corp.; Series 2017, Ref. RB(i) | 4.00 | % | 08/01/2043 | 13,015 | 14,703,696 | |||||||||||||||
Stonebridge Public Improvement District; Series 2007, RB(e) | 7.50 | % | 10/01/2042 | 16,410 | 1,312,800 | |||||||||||||||
Tunica (County of), MS; Series 2019, Ref. RB | 6.00 | % | 10/01/2040 | 1,385 | 1,430,456 | |||||||||||||||
30,874,952 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Missouri–0.85% | ||||||||||||||||||||
Branson (City of), MO Commerce Park Community Improvement District; Series 2007 A, RB (Acquired 06/28/2007-07/05/2007; Cost $4,787,198)(e)(h) | 5.75% | 06/01/2026 | $ | 4,900 | $ | 1,078,000 | ||||||||||||||
Branson (City of), MO Industrial Development Authority; | 7.05% | 05/01/2027 | 11,600 | 8,221,964 | ||||||||||||||||
Series 2005, RB | 5.25% | 06/01/2021 | 40 | 40,010 | ||||||||||||||||
Series 2005, RB | 5.50% | 06/01/2029 | 2,970 | 2,970,238 | ||||||||||||||||
Series 2007 A, RB(f) | 5.75% | 05/01/2026 | 2,185 | 1,584,365 | ||||||||||||||||
Broadway-Fairview Transportation Development District; Series 2006 A, RB(f)(j) | 6.13% | 12/01/2036 | 570 | 370,500 | ||||||||||||||||
Chesterfield Valley Transportation Development District; Series 2018, RB(c) | 5.50% | 05/15/2046 | 5,000 | 2,878,800 | ||||||||||||||||
Chillicothe (City of), MO (South U.S. 65); | 5.50% | 04/01/2021 | 285 | 283,105 | ||||||||||||||||
Series 2006, RB(f) | 5.63% | 04/01/2027 | 3,100 | 2,700,565 | ||||||||||||||||
Dardenne Town Square Transportation Development District; | 5.00% | 05/01/2026 | 3,020 | 1,208,000 | ||||||||||||||||
Series 2006 A, RB(f)(j) | 5.00% | 05/01/2036 | 3,825 | 1,530,000 | ||||||||||||||||
Grindstone Plaza Transportation Development District; | 5.25% | 10/01/2021 | 120 | 119,046 | ||||||||||||||||
Series 2006 A, RB | 5.40% | 10/01/2026 | 400 | 373,264 | ||||||||||||||||
Series 2006 A, RB | 5.55% | 10/01/2036 | 115 | 94,893 | ||||||||||||||||
I-470 Western Gateway Transportation Development District; Series 2019 A, RB(d) | 5.25% | 12/01/2048 | 4,900 | 5,121,774 | ||||||||||||||||
Kansas City (City of), MO Industrial Development Authority; | 6.75% | 07/01/2036 | 1,040 | 1,033,989 | ||||||||||||||||
Series 2019, RB(d) | 5.00% | 07/01/2040 | 5,835 | 5,878,354 | ||||||||||||||||
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); Series 2019 B, RB (INS - AGM)(a)(b) | 5.00% | 03/01/2049 | 5,000 | 5,973,750 | ||||||||||||||||
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(d) | 5.00% | 04/01/2046 | 1,890 | 1,916,139 | ||||||||||||||||
Lee’s Summit (City of), MO Industrial Development Authority; | 5.50% | 03/01/2021 | 1,200 | 744,000 | ||||||||||||||||
Series 2007, RB(e)(f) | 5.75% | 03/01/2029 | 750 | 465,000 | ||||||||||||||||
Series 2012, RB | 6.00% | 05/01/2042 | 2,800 | 2,801,148 | ||||||||||||||||
Move Rolla Transportation Development District; Series 2017, RB | 4.63% | 06/01/2042 | 2,095 | 2,248,647 | ||||||||||||||||
Northwoods Transportation Development District; Series 2006 A, RB | 5.85% | 02/01/2031 | 655 | 579,878 | ||||||||||||||||
Rock Hill (City of), MO Industrial Development Authority (Market at McKnight Redevelopment); Series 2015 A, RB | 4.50% | 11/01/2028 | 795 | 748,620 | ||||||||||||||||
St Louis (County of), MO; Series 2007 A, RB(f) | 5.50% | 09/02/2028 | 1,108 | 498,600 | ||||||||||||||||
St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB(d) | 5.00% | 10/01/2046 | 2,750 | 2,768,892 | ||||||||||||||||
St. Louis (City of), MO; | 6.30% | 04/01/2027 | 3,043 | 699,890 | ||||||||||||||||
Series 2007, RB(f) | 5.50% | 05/29/2028 | 2,031 | 852,809 | ||||||||||||||||
St. Louis (City of), MO Industrial Development Authority; Series 2010 A, RB(e)(f) | 8.00% | 04/27/2033 | 4,580 | 137,400 | ||||||||||||||||
St. Louis (City of), MO Land Clearance for Redevelopment Authority; | 5.00% | 04/01/2038 | 4,000 | 4,484,920 | ||||||||||||||||
Series 2018 B, RB | 6.38% | 04/01/2043 | 2,000 | 2,006,040 | ||||||||||||||||
St. Louis (County of), MO; | 6.00% | 08/21/2026 | 4,102 | 1,220,860 | ||||||||||||||||
Series 2007 A, RB(f) | 5.50% | 01/20/2028 | 2,285 | 1,142,500 | ||||||||||||||||
Series 2007 B, RB(f)(j) | 5.50% | 01/20/2028 | 1,510 | 362,400 | ||||||||||||||||
St. Louis (County of), MO Industrial Development Authority; Series 2019 A, Ref. RB(d) | 5.88% | 03/01/2033 | 3,100 | 3,154,746 | ||||||||||||||||
Stone Canyon Community Improvement District; | 5.70% | 04/01/2022 | 1,865 | 484,900 | ||||||||||||||||
Series 2007, RB (Acquired 09/23/2011; Cost $876,272)(e)(f)(h) | 5.75% | 04/01/2027 | 975 | 253,500 | ||||||||||||||||
69,031,506 | ||||||||||||||||||||
Montana–0.01% | ||||||||||||||||||||
Hardin (City of), MT; Series 2006, RB(f)(j) | 6.25% | 09/01/2031 | 5,935 | 415,450 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Nevada–0.86% | ||||||||||||||||||||
Clark (County of), NV; | 5.00% | 02/01/2026 | $ | 975 | $ | 985,647 | ||||||||||||||
Series 2007 A, RB | 5.05% | 02/01/2031 | 750 | 757,005 | ||||||||||||||||
Series 2018 A, GO Bonds(i) | 5.00% | 05/01/2048 | 27,500 | 32,842,150 | ||||||||||||||||
Clark (County of), NV (Stadium Improvement Bonds); | 5.00% | 06/01/2043 | 7,160 | 8,612,907 | ||||||||||||||||
Series 2018 A, GO Bonds | 5.00% | 05/01/2048 | 17,500 | 20,912,500 | ||||||||||||||||
Las Vegas (City of), NV Special Improvement District No. 815; Series 2020, RB | 5.00% | 12/01/2049 | 1,000 | 1,107,910 | ||||||||||||||||
Mesquite (City of), NV; Series 2005, RB | 5.50% | 08/01/2025 | 245 | 248,058 | ||||||||||||||||
Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor); Series 2018 C, Ref. RB(d)(g) | 0.00% | 07/01/2058 | 27,500 | 4,259,475 | ||||||||||||||||
69,725,652 | ||||||||||||||||||||
New Hampshire–0.35% | ||||||||||||||||||||
New Hampshire (State of) Business Finance Authority; | 5.25% | 07/01/2039 | 1,400 | 1,404,116 | ||||||||||||||||
Series 2019 A, RB(d) | 5.63% | 07/01/2046 | 770 | 781,704 | ||||||||||||||||
Series 2019 A, RB(d) | 5.75% | 07/01/2054 | 2,680 | 2,735,932 | ||||||||||||||||
New Hampshire (State of) Health & Education Facilities Authority (Rivermead); Series 2011 A, RB(k)(l) | 6.88% | 07/01/2021 | 1,825 | 1,864,913 | ||||||||||||||||
New Hampshire (State of) Health and Education Facilities Authority (Hillside Village); | 5.25% | 07/01/2027 | 1,100 | 825,000 | ||||||||||||||||
Series 2017 A, RB (Acquired 06/12/2017; Cost $1,725,000)(d)(e)(h) | 6.13% | 07/01/2037 | 1,725 | 1,293,750 | ||||||||||||||||
Series 2017 A, RB (Acquired 06/12/2017; Cost $865,000)(d)(e)(h) | 6.25% | 07/01/2042 | 865 | 648,750 | ||||||||||||||||
Series 2017 A, RB (Acquired 06/12/2017-04/28/2020; Cost $12,692,763)(d)(e)(h) | 6.13% | 07/01/2052 | 14,375 | 10,781,250 | ||||||||||||||||
New Hampshire Business Finance Authority; Series 2020-1, Class A | 4.13% | 01/20/2034 | 7,392 | 8,299,629 | ||||||||||||||||
28,635,044 | ||||||||||||||||||||
New Jersey–1.88% | ||||||||||||||||||||
New Jersey (State of); | 4.00% | 06/01/2031 | 5,000 | 6,000,950 | ||||||||||||||||
Series 2020 A, GO Bonds | 4.00% | 06/01/2032 | 5,000 | 6,056,000 | ||||||||||||||||
New Jersey (State of) Economic Development Authority; | 6.00% | 10/01/2034 | 565 | 602,522 | ||||||||||||||||
Series 2014 A, RB(d) | 6.20% | 10/01/2044 | 750 | 795,518 | ||||||||||||||||
Series 2017 A, RB | 5.00% | 07/01/2047 | 650 | 657,157 | ||||||||||||||||
Series 2017 A, RB(d) | 5.38% | 07/01/2047 | 1,865 | 1,969,682 | ||||||||||||||||
Series 2017 A, Ref. RB(d) | 5.13% | 09/01/2052 | 2,055 | 2,164,490 | ||||||||||||||||
Series 2017, RB | 5.00% | 07/15/2047 | 1,875 | 2,094,188 | ||||||||||||||||
Series 2018 A, RB (Acquired 08/29/2018-09/13/2018; Cost $2,716,109)(d)(h) | 5.75% | 09/01/2050 | 2,630 | 2,733,753 | ||||||||||||||||
Series 2018 A, RB(d) | 5.38% | 10/01/2050 | 5,000 | 5,391,350 | ||||||||||||||||
Series 2018 A, RB(d) | 6.50% | 11/01/2052 | 690 | 811,316 | ||||||||||||||||
Series 2019 B, RB(d) | 5.75% | 10/01/2026 | 765 | 749,708 | ||||||||||||||||
New Jersey (State of) Economic Development Authority (Black Horse EHT Urban Renewal LLC); | 5.00% | 10/01/2039 | 6,000 | 5,978,160 | ||||||||||||||||
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); | 5.63% | 11/15/2030 | 8,550 | 9,557,104 | ||||||||||||||||
Series 2012, RB(a) | 5.75% | 09/15/2027 | 925 | 961,806 | ||||||||||||||||
New Jersey (State of) Economic Development Authority (Leap Academy); Series 2014 A, RB(d) | 6.30% | 10/01/2049 | 500 | 531,135 | ||||||||||||||||
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB | 5.13% | 06/15/2037 | 3,205 | 3,947,342 | ||||||||||||||||
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.); Series 2012 A, RB | 6.10% | 07/01/2044 | 1,000 | 1,034,650 | ||||||||||||||||
New Jersey (State of) Economic Development Authority (State House); Series 2017 B, RB | 5.00% | 06/15/2035 | 2,050 | 2,453,460 | ||||||||||||||||
New Jersey (State of) Educational Facilities Authority (College of St. Elizabeth (The)); | 5.00% | 07/01/2046 | 5,000 | 5,201,100 | ||||||||||||||||
New Jersey (State of) Health Care Facilities Financing Authority; Series 2018, RB(d) | 5.75% | 10/01/2038 | 5,000 | 4,725,100 | ||||||||||||||||
New Jersey (State of) Transportation Trust Fund Authority; | 0.00% | 12/15/2037 | 10,000 | 6,750,700 | ||||||||||||||||
Series 2018 A, Ref. RN | 5.00% | 06/15/2031 | 3,300 | 3,833,841 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New Jersey–(continued) | ||||||||||||||||
New Jersey (State of) Turnpike Authority; Series 2021 A, RB | 4.00% | 01/01/2051 | $ | 5,000 | $ | 5,731,300 | ||||||||||
Newark (City of), NJ; Series 2015 A, GO Bonds | 5.00% | 07/15/2029 | 3,583 | 3,955,954 | ||||||||||||
Tobacco Settlement Financing Corp.; | 5.00% | 06/01/2046 | 18,650 | 21,749,257 | ||||||||||||
Series 2018 B, Ref. RB | 5.00% | 06/01/2046 | 39,350 | 45,465,777 | ||||||||||||
151,903,320 | ||||||||||||||||
New Mexico–0.04% | ||||||||||||||||
Boulders Public Improvement District; Series 2015, RB | 5.75% | 10/01/2044 | 615 | 636,445 | ||||||||||||
Mariposa East Public Improvement District; | 5.90% | 09/01/2032 | 60 | 61,352 | ||||||||||||
Series 2015 B, RB | 5.90% | 09/01/2032 | 380 | 388,561 | ||||||||||||
Series 2015 C, RB | 5.90% | 09/01/2032 | 480 | 486,034 | ||||||||||||
Series 2015 D, RB(g) | 0.00% | 03/01/2032 | 395 | 193,439 | ||||||||||||
Trails Public Improvement District; Series 2008, RB | 7.75% | 10/01/2038 | 1,770 | 1,769,682 | ||||||||||||
3,535,513 | ||||||||||||||||
New York–22.93% | ||||||||||||||||
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(a)(d) | 5.50% | 12/31/2040 | 9,655 | 10,338,284 | ||||||||||||
Erie Tobacco Asset Securitization Corp.; Series 2005 D, RB(g) | 0.00% | 06/01/2055 | 17,700 | 1,612,116 | ||||||||||||
Essex (County of), NY Industrial Development Agency; Series 2017, RB (Acquired 05/11/2017; Cost $4,155,000)(a)(h) | 6.25% | 06/01/2047 | 4,155 | 3,883,097 | ||||||||||||
Guilderland (Town of), NY Industrial Development Agency; Series 2017 A, RB(d)(e) | 5.88% | 01/01/2052 | 5,400 | 4,050,000 | ||||||||||||
Long Island (City of), NY Power Authority; Series 2017, RB | 5.00% | 09/01/2042 | 5,000 | 6,025,700 | ||||||||||||
Metropolitan Transportation Authority; | 5.25% | 11/15/2023 | 1,800 | 2,043,324 | ||||||||||||
Series 2017 D, Ref. RB | 4.00% | 11/15/2042 | 4,680 | 5,092,448 | ||||||||||||
Series 2017, RB(i) | 5.25% | 11/15/2057 | 10,000 | 12,126,700 | ||||||||||||
Metropolitan Transportation Authority (Green Bonds); | 5.25% | 11/15/2056 | 5,005 | 5,742,887 | ||||||||||||
Series 2016 B-1, RB | 5.00% | 11/15/2051 | 10,470 | 12,290,314 | ||||||||||||
Series 2017 B-1, RB | 5.00% | 11/15/2042 | 3,000 | 3,589,740 | ||||||||||||
Series 2020 A-1, RB | 4.00% | 11/15/2045 | 13,000 | 14,235,390 | ||||||||||||
Series 2020 A-1, RB | 5.00% | 11/15/2049 | 22,270 | 26,243,636 | ||||||||||||
Series 2020 A-1, RB | 4.00% | 11/15/2051 | 12,000 | 13,048,920 | ||||||||||||
Series 2020 C-1, RB | 4.75% | 11/15/2045 | 27,000 | 31,102,380 | ||||||||||||
Series 2020 C-1, RB | 5.00% | 11/15/2050 | 30,115 | 35,457,702 | ||||||||||||
Monroe County Industrial Development Corp. (St. John Fisher College); Series 2011, RB | 6.00% | 06/01/2030 | 1,000 | 1,010,860 | ||||||||||||
Monroe County Industrial Development Corp. (University of Rochester); Series 2020 A, RB | 4.00% | 07/01/2050 | 27,815 | 31,429,559 | ||||||||||||
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside); | 5.88% | 01/01/2023 | 100 | 54,963 | ||||||||||||
Series 2014 A, RB (Acquired 11/18/2014-08/08/2016; Cost $922,559)(h) | 6.50% | 01/01/2032 | 923 | 507,375 | ||||||||||||
Series 2014 A, RB(h) | 6.70% | 01/01/2049 | 7,842 | 4,313,032 | ||||||||||||
Series 2014 C, RB (Acquired 11/18/2014-11/18/2014; Cost $0)(e)(h) | 2.00% | 01/01/2049 | 2,937 | 293,741 | ||||||||||||
New York & New Jersey (States of) Port Authority; | 4.00% | 07/15/2045 | 4,000 | 4,483,040 | ||||||||||||
Series 2020 221, RB(a) | 4.00% | 07/15/2050 | 12,550 | 13,953,215 | ||||||||||||
Series 2020 221, RB(a) | 4.00% | 07/15/2055 | 46,110 | 50,916,506 | ||||||||||||
Series 2020 221, RB(a) | 4.00% | 07/15/2060 | 28,475 | 31,304,276 | ||||||||||||
Series 2020 222, Ref. RB | 4.00% | 07/15/2037 | 2,000 | 2,336,860 | ||||||||||||
Series 2020 222, Ref. RB | 4.00% | 07/15/2038 | 2,250 | 2,618,528 | ||||||||||||
Series 2020 222, Ref. RB | 4.00% | 07/15/2039 | 2,250 | 2,611,103 | ||||||||||||
Series 2020, Ref. RB | 4.00% | 07/15/2040 | 2,000 | 2,313,020 | ||||||||||||
Series 2021, Ref. RB(a) | 4.00% | 07/15/2041 | 1,850 | 2,114,717 | ||||||||||||
Series 2021, Ref. RB(a) | 4.00% | 07/15/2046 | 4,500 | 5,087,115 | ||||||||||||
Series 2021, Ref. RB(a) | 4.00% | 07/15/2061 | 26,345 | 29,179,195 | ||||||||||||
Series 2021, Ref. RB | 4.00% | 07/15/2061 | 20,000 | 22,749,800 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
New York–(continued) | ||||||||||||||||||||
New York (City of), NY; | 5.00% | 12/01/2041 | $ | 9,850 | $ | 11,882,941 | ||||||||||||||
Series 2018 F-1, GO Bonds | 5.00% | 04/01/2039 | 1,975 | 2,367,926 | ||||||||||||||||
Series 2019 B-1, GO Bonds | 5.00% | 10/01/2042 | 5,000 | 6,124,550 | ||||||||||||||||
Series 2020 D-1, GO Bonds | 4.00% | 03/01/2050 | 67,200 | 74,802,336 | ||||||||||||||||
Series 2021 CC-1, RB | 5.00% | 06/15/2051 | 25,000 | 31,255,500 | ||||||||||||||||
New York (City of), NY Industrial Development Agency; Series 1997, RB(a)(k) | 6.20% | 10/01/2022 | 8,670 | 9,182,397 | ||||||||||||||||
New York (City of), NY Transitional Finance Authority; | 5.00% | 08/01/2040 | 2,450 | 2,997,820 | ||||||||||||||||
Series 2018 S-4A, Ref. RB | 4.00% | 07/15/2037 | 5,000 | 5,719,600 | ||||||||||||||||
Series 2019 A-3, RB | 4.00% | 05/01/2041 | 7,500 | 8,449,875 | ||||||||||||||||
Series 2019 A-3, RB | 4.00% | 05/01/2042 | 9,420 | 10,608,239 | ||||||||||||||||
Series 2020 D, RB | 4.00% | 11/01/2038 | 5,000 | 5,761,000 | ||||||||||||||||
Series 2020 D, RB | 4.00% | 11/01/2039 | 6,000 | 6,889,200 | ||||||||||||||||
Series 2020 D, RB | 4.00% | 11/01/2046 | 7,500 | 8,457,375 | ||||||||||||||||
Series 2020 D, RB | 4.00% | 11/01/2047 | 10,000 | 11,269,000 | ||||||||||||||||
Series 2020, RB | 4.00% | 05/01/2047 | 17,000 | 19,160,360 | ||||||||||||||||
Series 2021 E-1, RB | 4.00% | 02/01/2049 | 65,000 | 73,349,900 | ||||||||||||||||
New York (City of), NY Water & Sewer System; Series 2021 CC-1, RB | 4.00% | 06/15/2051 | 25,000 | 28,782,750 | ||||||||||||||||
New York (State of) Dormitory Authority; | 5.00% | 03/15/2037 | 6,500 | 8,014,110 | ||||||||||||||||
Series 2018 E, Ref. RB | 5.00% | 03/15/2042 | 5,000 | 6,078,600 | ||||||||||||||||
Series 2018 XF0685, Revenue Ctfs.(i) | 5.00% | 03/15/2040 | 15,000 | 18,121,650 | ||||||||||||||||
Series 2019 A, Ref. RB | 5.00% | 03/15/2045 | 10,000 | 12,045,500 | ||||||||||||||||
Series 2020 A, Ref. RB | 4.00% | 03/15/2046 | 18,455 | 20,868,545 | ||||||||||||||||
Series 2020 A, Ref. RB | 4.00% | 03/15/2047 | 25,000 | 28,231,750 | ||||||||||||||||
Series 2020 A, Ref. RB | 4.00% | 03/15/2048 | 39,290 | 44,353,302 | ||||||||||||||||
Series 2020 D, Ref. RB | 4.00% | 02/15/2047 | 5,000 | 5,611,300 | ||||||||||||||||
New York (State of) Thruway Authority; | 4.00% | 01/01/2045 | 20,000 | 22,514,400 | ||||||||||||||||
Series 2020 N, Ref. RB | 4.00% | 01/01/2046 | 3,360 | 3,842,866 | ||||||||||||||||
New York City Transitional Finance Authority; Series 2020 C-1, RB | 4.00% | 05/01/2045 | 14,600 | 16,496,248 | ||||||||||||||||
New York City Transitional Finance Authority Building Aid Revenue; Series 2018 S-3, Ref. RB(i) | 5.00% | 07/15/2035 | 25,000 | 30,747,500 | ||||||||||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue; | 5.00% | 08/01/2041 | 53,425 | 64,590,825 | ||||||||||||||||
Series 2017 B-1, RB(i) | 4.00% | 08/01/2041 | 15,000 | 16,635,600 | ||||||||||||||||
Series 2017 F-1, RB(i) | 5.00% | 05/01/2042 | 75,000 | 89,926,500 | ||||||||||||||||
Series 2018 B-1, RB(i) | 5.00% | 08/01/2045 | 20,140 | 24,157,124 | ||||||||||||||||
Series 2018 C-3, RB(i) | 5.00% | 05/01/2041 | 16,810 | 20,397,422 | ||||||||||||||||
Series 2018, RB(i) | 5.00% | 08/01/2042 | 13,000 | 15,810,470 | ||||||||||||||||
New York Counties Tobacco Trust V; Series 2005 S4B, RB(d)(g) | 0.00% | 06/01/2060 | 234,000 | 10,033,920 | ||||||||||||||||
New York Liberty Development Corp. (4 World Trade Center); Series 2011, Ref. RB | 5.75% | 11/15/2051 | 21,750 | 22,513,642 | ||||||||||||||||
New York Power Authority; | 4.00% | 11/15/2045 | 17,500 | 20,224,050 | ||||||||||||||||
Series 2020 A, Ref. RB(i) | 4.00% | 11/15/2050 | 30,000 | 34,513,500 | ||||||||||||||||
Series 2020 A, Ref. RB | 4.00% | 11/15/2060 | 7,000 | 7,952,280 | ||||||||||||||||
New York State Dormitory Authority; | 5.00% | 03/15/2044 | 15,000 | 17,728,050 | ||||||||||||||||
Series 2018 A, RB(i) | 5.00% | 03/15/2039 | 13,270 | 16,060,814 | ||||||||||||||||
Series 2018 C, Ref. RB(i) | 5.00% | 03/15/2037 | 25,000 | 30,441,000 | ||||||||||||||||
Series 2018 C, Ref. RB(i) | 5.00% | 03/15/2041 | 31,720 | 38,228,310 | ||||||||||||||||
Series 2018 E, Ref. RB(i) | 5.00% | 03/15/2041 | 10,000 | 12,187,600 | ||||||||||||||||
New York State Environmental Facilities Corp.; Series 2018 B, RB | 5.00% | 06/15/2048 | 8,320 | 10,214,298 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
New York–(continued) | ||||||||||||||||||||
New York State Urban Development Corp.; | 5.00% | 03/15/2041 | $ | 5,450 | $ | 6,786,067 | ||||||||||||||
Series 2020 A, RB | 5.00% | 03/15/2042 | 4,075 | 5,058,583 | ||||||||||||||||
Series 2020 A, RB | 4.00% | 03/15/2045 | 13,165 | 14,965,182 | ||||||||||||||||
Series 2020 A, RB | 4.00% | 03/15/2049 | 16,700 | 18,906,571 | ||||||||||||||||
Series 2020 C, Ref. RB | 5.00% | 03/15/2038 | 19,000 | 23,917,580 | ||||||||||||||||
Series 2020 C, Ref. RB | 4.00% | 03/15/2045 | 5,000 | 5,683,700 | ||||||||||||||||
Series 2020 C, Ref. RB | 5.00% | 03/15/2047 | 13,000 | 16,040,050 | ||||||||||||||||
Series 2020 C, Ref. RB | 4.00% | 03/15/2049 | 3,000 | 3,396,390 | ||||||||||||||||
Series 2020 C, Ref. RB | 5.00% | 03/15/2050 | 50,500 | 62,100,860 | ||||||||||||||||
Series 2020, Ref. RB | 4.00% | 03/15/2039 | 25,000 | 28,796,500 | ||||||||||||||||
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); | 5.00% | 08/01/2021 | 3,000 | 3,052,680 | ||||||||||||||||
Series 2020, Ref. RB(a) | 5.25% | 08/01/2031 | 16,095 | 19,337,177 | ||||||||||||||||
Series 2020, Ref. RB(a) | 5.38% | 08/01/2036 | 9,800 | 11,643,184 | ||||||||||||||||
New York Transportation Development Corp. (American Airlines, Inc.); | 5.00% | 08/01/2026 | 44,470 | 45,247,336 | ||||||||||||||||
Series 2016, Ref. RB(a) | 5.00% | 08/01/2031 | 43,220 | 43,937,452 | ||||||||||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment); | 4.00% | 07/01/2031 | 2,525 | 2,733,363 | ||||||||||||||||
Series 2016 A, RB(a) | 5.00% | 07/01/2034 | 2,500 | 2,811,050 | ||||||||||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc.-Laguardia); | 5.00% | 10/01/2040 | 20,000 | 24,311,800 | ||||||||||||||||
Series 2020, RB(a) | 4.38% | 10/01/2045 | 6,500 | 7,449,000 | ||||||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); | 5.00% | 07/01/2046 | 2,500 | 2,783,300 | ||||||||||||||||
Port Authority of New York & New Jersey; | 5.00% | 11/15/2042 | 2,000 | 2,368,640 | ||||||||||||||||
Series 2017, Ref. RB(a)(i) | 5.00% | 11/15/2047 | 19,725 | 23,266,427 | ||||||||||||||||
Series 2017, Ref. RB(i) | 5.00% | 04/15/2057 | 11,050 | 12,875,902 | ||||||||||||||||
Series 2017, Ref. RB(i) | 5.00% | 05/15/2057 | 13,000 | 15,338,830 | ||||||||||||||||
Series 2019, RB(a)(i) | 5.00% | 11/01/2049 | 50,045 | 59,959,415 | ||||||||||||||||
Suffolk Tobacco Asset Securitization Corp.; Series 2008 B, RB | 6.00% | 06/01/2048 | 8,385 | 8,397,410 | ||||||||||||||||
Syracuse (City of), NY Industrial Development Agency (Carousel Center); | 5.00% | 01/01/2036 | 975 | 996,743 | ||||||||||||||||
Yonkers Economic Development Corp. (Charter School Education Excellence); Series 2019 A, RB | 5.00% | 10/15/2054 | 465 | 515,764 | ||||||||||||||||
1,852,438,444 | ||||||||||||||||||||
North Carolina–0.28% | ||||||||||||||||||||
Charlotte (City of), NC; | 4.00% | 06/01/2038 | 1,000 | 1,172,660 | ||||||||||||||||
Series 2019 B, Ref. COP | 4.00% | 06/01/2039 | 750 | 874,050 | ||||||||||||||||
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group); | 4.00% | 11/01/2052 | 16,500 | 18,672,060 | ||||||||||||||||
North Carolina (State of) Medical Care Commission (WhiteStone); | 7.75% | 03/01/2021 | 1,650 | 1,650,000 | ||||||||||||||||
22,368,770 | ||||||||||||||||||||
North Dakota–0.10% | ||||||||||||||||||||
Grand Forks (County of), ND (Red River Biorefinery LLC) (Green Bonds); | 6.38% | 12/15/2043 | 8,925 | 7,986,447 | ||||||||||||||||
Northern Mariana Islands–0.27% | ||||||||||||||||||||
Northern Mariana Islands (Commonwealth of); Series 2007 B, Ref. GO Bonds | 5.00% | 10/01/2033 | 24,265 | 21,710,381 | ||||||||||||||||
Ohio–4.92% | ||||||||||||||||||||
Buckeye Tobacco Settlement Financing Authority; | 4.00% | 06/01/2048 | 4,000 | 4,471,480 | ||||||||||||||||
Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 155,000 | 174,528,451 | ||||||||||||||||
Series 2020 B-3, Ref. RB(g) | 0.00% | 06/01/2057 | 239,895 | 35,969,856 | ||||||||||||||||
Butler (County of), NY Port Authority; Series 2013, Ref. RB | 7.00% | 07/01/2043 | 5,645 | 5,901,339 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Ohio–(continued) | ||||||||||||||||||||
Cleveland (City of) & Cuyahoga (County of), OH Port Authority; | 5.25% | 12/01/2038 | $ | 815 | $ | 864,951 | ||||||||||||||
Series 2018, Ref. RB | 5.50% | 12/01/2043 | 735 | 781,584 | ||||||||||||||||
Series 2018, Ref. RB | 5.50% | 12/01/2053 | 2,900 | 3,083,657 | ||||||||||||||||
Columbus (City of) & Franklin (County of), OH Finance Authority; | 6.00% | 05/15/2035 | 205 | 205,535 | ||||||||||||||||
Cuyahoga (County of), OH (Metrohealth System); | 5.50% | 02/15/2052 | 14,550 | 16,882,947 | ||||||||||||||||
Series 2017, Ref. RB | 5.50% | 02/15/2057 | 4,900 | 5,673,857 | ||||||||||||||||
Darke (County of), OH (Wayne Healthcare); | 4.00% | 09/01/2040 | 1,000 | 1,031,140 | ||||||||||||||||
Series 2019 A, RB | 4.00% | 09/01/2045 | 1,750 | 1,780,940 | ||||||||||||||||
FirstEnergy Solutions Corp.; | 3.75% | 12/01/2023 | 7,750 | 185,273 | ||||||||||||||||
Class B5(f) | 3.10% | 03/01/2023 | 2,000 | 47,812 | ||||||||||||||||
Gallia (County of), OH (Holzer Health System Obligated Group); | 8.00% | 07/01/2022 | 34,850 | 38,132,173 | ||||||||||||||||
Greater Cincinnati (Port of), OH Development Authority; | 6.30% | 02/15/2024 | 780 | 757,949 | ||||||||||||||||
Series 2004, RB | 6.40% | 02/15/2034 | 2,500 | 2,227,025 | ||||||||||||||||
Hardin (County of), OH (Ohio Northern University); Series 2020, Ref. RB | 5.50% | 05/01/2050 | 3,000 | 3,165,390 | ||||||||||||||||
Hickory Chase Community Authority; Series 2019, Ref. RB(d) | 5.00% | 12/01/2040 | 1,880 | 1,991,127 | ||||||||||||||||
Lake (County of), OH; Series 2008 C, Ref. RB | 5.75% | 08/15/2038 | 20 | 20,056 | ||||||||||||||||
Lorain (County of), OH Port Authority; Series 2005 A, RB(a) | 6.00% | 11/15/2025 | 210 | 210,254 | ||||||||||||||||
Marion (County of), OH (United Church Homes, Inc.); | 5.00% | 12/01/2039 | 1,150 | 1,242,759 | ||||||||||||||||
Series 2019, Ref. RB | 5.13% | 12/01/2049 | 6,000 | 6,406,920 | ||||||||||||||||
Norwood (City of), OH; Series 2017, RB | 6.00% | 12/01/2046 | 1,070 | 1,107,568 | ||||||||||||||||
Ohio (State of) Air Quality Development Authority; Series 2019, RB(a)(d) | 5.00% | 07/01/2049 | 10,000 | 10,716,700 | ||||||||||||||||
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); | 4.25% | 09/15/2021 | 10,795 | 10,987,907 | ||||||||||||||||
Ohio (State of) Higher Educational Facility Commission; | 6.00% | 10/01/2041 | 23,700 | 26,377,626 | ||||||||||||||||
Series 2018, Ref. RB | 5.25% | 01/01/2048 | 5,750 | 5,510,283 | ||||||||||||||||
Series 2019, RB | 5.00% | 11/01/2044 | 10,960 | 13,394,216 | ||||||||||||||||
Ohio (State of) Housing Finance Agency (Sanctuary at Springboro); | 5.45% | 01/01/2038 | 5,400 | 5,381,910 | ||||||||||||||||
Southeastern Ohio Port Authority (Memorial Health System); | 5.75% | 12/01/2032 | 4,100 | 4,330,953 | ||||||||||||||||
Toledo (City of) & Lucas (County of), OH Port Authority; Series 2007 A, RB | 5.40% | 11/01/2036 | 1,363 | 1,194,644 | ||||||||||||||||
Warren (County of), OH Port Authority; | 4.00% | 12/01/2039 | 2,305 | 2,416,862 | ||||||||||||||||
Series 2019 D, RB(d) | 5.00% | 12/01/2052 | 3,670 | 4,094,729 | ||||||||||||||||
Series 2019, RB(d) | 5.25% | 12/01/2052 | 6,105 | 6,189,005 | ||||||||||||||||
397,264,878 | ||||||||||||||||||||
Oklahoma–0.33% | ||||||||||||||||||||
Atoka (County of), OK Health Care Authority (Atoka Memorial Hospital); | 6.63% | 10/01/2037 | 4,655 | 3,724,000 | ||||||||||||||||
Oklahoma (State of) Ordnance Works Authority (Ralston Purina Co.); | 6.50% | 09/01/2026 | 100 | 100,413 | ||||||||||||||||
Tulsa (City of), OK Municipal Airport Trust (American Airlines Group, Inc.); | 5.00% | 06/01/2025 | 20,660 | 22,723,934 | ||||||||||||||||
26,548,347 | ||||||||||||||||||||
Oregon–0.08% | ||||||||||||||||||||
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); | 5.25% | 11/15/2050 | 1,000 | 1,069,310 | ||||||||||||||||
Series 2020 A, Ref. RB | 5.38% | 11/15/2055 | 1,000 | 1,072,390 | ||||||||||||||||
Oregon (State of) Facilities Authority; | 5.75% | 06/15/2046 | 1,740 | 1,861,556 | ||||||||||||||||
Series 2016 A, RB | 5.25% | 06/15/2051 | 2,625 | 2,746,590 | ||||||||||||||||
6,749,846 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Pennsylvania–1.38% | ||||||||||||||||||||
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB | 5.00% | 04/01/2047 | $ | 17,800 | $ | 20,758,716 | ||||||||||||||
Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); | 6.55% | 12/01/2027 | 2,115 | 2,183,843 | ||||||||||||||||
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); | 5.38% | 05/01/2042 | 8,000 | 9,205,200 | ||||||||||||||||
Allentown Neighborhood Improvement Zone Development Authority (615 Waterfront); | 6.00% | 05/01/2042 | 4,200 | 5,092,794 | ||||||||||||||||
Allentown Neighborhood Improvement Zone Development Authority (City Center); | 5.00% | 05/01/2033 | 1,000 | 1,165,150 | ||||||||||||||||
Chester (County of), PA Industrial Development Authority; | 5.25% | 01/01/2037 | 1,710 | 1,640,642 | ||||||||||||||||
Series 2016, RB | 5.50% | 01/01/2052 | 11,080 | 10,467,941 | ||||||||||||||||
Chester (County of), PA Industrial Development Authority (Woodlands at Greystone); | 5.00% | 03/01/2038 | 525 | 542,199 | ||||||||||||||||
Series 2018, RB(d) | 5.13% | 03/01/2048 | 1,047 | 1,074,526 | ||||||||||||||||
Crawford (County of), PA Hospital Authority; | 6.00% | 06/01/2046 | 2,750 | 2,962,355 | ||||||||||||||||
Series 2016 A, Ref. RB | 6.00% | 06/01/2051 | 3,215 | 3,455,000 | ||||||||||||||||
General Authority of Southcentral Pennsylvania (WellSpan Health Obligated Group); | 5.00% | 06/01/2049 | 7,500 | 9,150,525 | ||||||||||||||||
Lancaster (City of), PA; Series 2018, GO Bonds (INS - BAM)(b) | 4.00% | 11/01/2040 | 5 | 5,723 | ||||||||||||||||
Montgomery (County of), PA Higher Education & Health Authority; | 5.00% | 12/01/2032 | 1,260 | 1,173,866 | ||||||||||||||||
Series 2017, Ref. RB (Acquired 10/25/2017; Cost $1,705,000)(h) | 5.25% | 12/01/2037 | 1,705 | 1,569,214 | ||||||||||||||||
Series 2017, Ref. RB (Acquired 10/25/2017; Cost $487,605)(h) | 5.30% | 12/01/2038 | 500 | 458,470 | ||||||||||||||||
Series 2017, Ref. RB (Acquired 10/25/2017-10/26/2017; Cost $3,128,288)(h) | 5.38% | 12/01/2047 | 3,140 | 2,818,495 | ||||||||||||||||
Northampton (County of), PA Industrial Development Authority; | 5.00% | 12/31/2023 | 8,238 | 2,059,664 | ||||||||||||||||
Series 2013, RB(f)(j) | 5.00% | 12/31/2023 | 2,779 | 694,693 | ||||||||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority; Series 2019, RB(a)(d) | 5.75% | 06/01/2036 | 5,000 | 4,410,050 | ||||||||||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority; | 5.00% | 01/01/2027 | 1,370 | 1,406,291 | ||||||||||||||||
Pennsylvania (Commonwealth of) Housing Finance Agency; Series 2018, RB (CEP - FNMA) | 3.60% | 08/01/2035 | 13 | 14,148 | ||||||||||||||||
Pennsylvania (State of) Turnpike Commission; Series 2021 A, RB | 4.00% | 12/01/2050 | 2,500 | 2,805,000 | ||||||||||||||||
Philadelphia (City of), PA Authority for Industrial Development; | 5.50% | 06/15/2022 | 380 | 391,229 | ||||||||||||||||
Series 2012 A, RB | 5.50% | 06/15/2032 | 2,000 | 2,068,180 | ||||||||||||||||
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System); | 5.63% | 07/01/2036 | 3,350 | 3,529,962 | ||||||||||||||||
Series 2012 A, RB | 5.63% | 07/01/2042 | 5,250 | 5,521,163 | ||||||||||||||||
Philadelphia (City of), PA Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB(k)(l) | 6.13% | 03/15/2023 | 1,500 | 1,675,920 | ||||||||||||||||
Philadelphia (City of), PA Industrial Development Authority (University of the Arts); Series 2017, Ref. RB(d) | 5.00% | 03/15/2045 | 8,430 | 8,910,510 | ||||||||||||||||
Reading School District; | 5.00% | 03/01/2035 | 785 | 944,386 | ||||||||||||||||
Series 2017, Ref. GO Bonds (INS - AGM)(b) | 5.00% | 03/01/2036 | 720 | 864,374 | ||||||||||||||||
Wilkes-Barre Area School District; Series 2019, GO Bonds (INS - BAM)(b) | 4.00% | 04/15/2049 | 2,500 | 2,783,700 | ||||||||||||||||
111,803,929 | ||||||||||||||||||||
Puerto Rico–11.12% | ||||||||||||||||||||
Children’s Trust Fund; | 5.38% | 05/15/2033 | 6,305 | 6,343,713 | ||||||||||||||||
Series 2002, RB | 5.50% | 05/15/2039 | 35,925 | 36,806,599 | ||||||||||||||||
Series 2002, RB | 5.63% | 05/15/2043 | 108,400 | 108,956,092 | ||||||||||||||||
Series 2005 A, RB(g) | 0.00% | 05/15/2050 | 28,000 | 4,328,240 | ||||||||||||||||
Series 2005 B, RB(g) | 0.00% | 05/15/2055 | 127,450 | 11,163,345 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Puerto Rico–(continued) | ||||||||||||||||||||
Puerto Rico (Commonwealth of); | 5.13% | 07/01/2031 | $ | 450 | $ | 388,125 | ||||||||||||||
Series 2004 A, GO Bonds(e) | 5.00% | 07/01/2024 | 1,500 | 1,295,625 | ||||||||||||||||
Series 2004 A, GO Bonds(e) | 5.00% | 07/01/2034 | 1,660 | 1,433,825 | ||||||||||||||||
Series 2004 A, GO Bonds (INS - AGC)(b) | 5.00% | 07/01/2034 | 10 | 10,337 | ||||||||||||||||
Series 2007 A, GO Bonds(e) | 5.25% | 07/01/2037 | 2,165 | 1,875,431 | ||||||||||||||||
Series 2008 A, Ref. GO Bonds(e) | 5.25% | 07/01/2026 | 1,920 | 1,658,400 | ||||||||||||||||
Series 2009 B, Ref. GO Bonds(e) | 6.50% | 07/01/2037 | 14,550 | 12,749,437 | ||||||||||||||||
Series 2009 B, Ref. GO Bonds(e) | 5.75% | 07/01/2038 | 3,000 | 2,606,250 | ||||||||||||||||
Series 2009 C, Ref. GO Bonds(e) | 6.00% | 07/01/2039 | 9,265 | 8,025,806 | ||||||||||||||||
Series 2011 A, GO Bonds(e) | 5.75% | 07/01/2041 | 65,250 | 55,054,687 | ||||||||||||||||
Series 2011 A, Ref. GO Bonds (INS - AGM)(b) | 5.25% | 07/01/2024 | 5 | 5,121 | ||||||||||||||||
Series 2011 C, Ref. GO Bonds(e) | 6.00% | 07/01/2035 | 2,625 | 2,155,781 | ||||||||||||||||
Series 2011 C, Ref. GO Bonds(e) | 5.75% | 07/01/2036 | 11,540 | 9,304,125 | ||||||||||||||||
Series 2011 C, Ref. GO Bonds (INS - AGM)(b) | 5.75% | 07/01/2037 | 1,345 | 1,407,933 | ||||||||||||||||
Series 2011 C, Ref. GO Bonds(e) | 6.50% | 07/01/2040 | 13,000 | 11,131,250 | ||||||||||||||||
Series 2012 A, Ref. GO Bonds(e) | 5.50% | 07/01/2026 | 17,950 | 14,719,000 | ||||||||||||||||
Series 2012 A, Ref. GO Bonds(e) | 5.50% | 07/01/2027 | 340 | 278,800 | ||||||||||||||||
Series 2012 A, Ref. GO Bonds(e) | 5.00% | 07/01/2033 | 2,550 | 2,052,750 | ||||||||||||||||
Series 2012 A, Ref. GO Bonds(e) | 5.13% | 07/01/2037 | 2,000 | 1,620,000 | ||||||||||||||||
Series 2012 A, Ref. GO Bonds(e) | 5.00% | 07/01/2041 | 6,765 | 5,285,156 | ||||||||||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; | 5.50% | 07/01/2028 | 250 | 264,000 | ||||||||||||||||
Series 2012 A, RB | 5.25% | 07/01/2029 | 8,130 | 8,558,532 | ||||||||||||||||
Series 2012 A, RB | 5.00% | 07/01/2033 | 19,468 | 20,430,109 | ||||||||||||||||
Series 2012 A, RB | 5.75% | 07/01/2037 | 25,035 | 26,519,575 | ||||||||||||||||
Series 2012 A, RB | 5.25% | 07/01/2042 | 10,000 | 10,527,100 | ||||||||||||||||
Series 2012 A, RB | 6.00% | 07/01/2047 | 37,380 | 39,719,614 | ||||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; | 5.00% | 07/01/2026 | 895 | 807,738 | ||||||||||||||||
Series 2007 TT, RB(e) | 5.00% | 07/01/2027 | 1,990 | 1,795,975 | ||||||||||||||||
Series 2007 TT, RB(e) | 5.00% | 07/01/2032 | 3,680 | 3,321,200 | ||||||||||||||||
Series 2007 TT-RSA-1, RB(e) | 5.00% | 07/01/2021 | 55 | 49,638 | ||||||||||||||||
Series 2007 TT-RSA-1, RB(e) | 5.00% | 07/01/2022 | 210 | 189,525 | ||||||||||||||||
Series 2007 TT-RSA-1, RB(e) | 5.00% | 07/01/2024 | 15 | 13,538 | ||||||||||||||||
Series 2007 UU, Ref. RB (INS - AGC)(b) | 5.00% | 07/01/2026 | 7,905 | 8,171,398 | ||||||||||||||||
Series 2007 VV, Ref. RB (INS - NATL)(b) | 5.25% | 07/01/2026 | 175 | 190,580 | ||||||||||||||||
Series 2007 VV, Ref. RB (INS - NATL)(b) | 5.25% | 07/01/2033 | 22,000 | 24,815,780 | ||||||||||||||||
Series 2007 VV, Ref. RB (INS - NATL)(b) | 5.25% | 07/01/2035 | 465 | 528,798 | ||||||||||||||||
Series 2008 WW, RB(e) | 5.50% | 07/01/2038 | 605 | 549,038 | ||||||||||||||||
Series 2008 WW-RSA-1, RB(e) | 5.50% | 07/01/2021 | 60 | 54,450 | ||||||||||||||||
Series 2008 WW-RSA-1, RB(e) | 5.38% | 07/01/2022 | 85 | 77,031 | ||||||||||||||||
Series 2008 WW-RSA-1, RB(e) | 5.38% | 07/01/2024 | 390 | 353,438 | ||||||||||||||||
Series 2008 WW-RSA-1, RB(e) | 5.25% | 07/01/2033 | 415 | 375,575 | ||||||||||||||||
Series 2010 AAA, RB(e) | 5.25% | 07/01/2021 | 40 | 36,200 | ||||||||||||||||
Series 2010 AAA-RSA-1, RB(e) | 5.25% | 07/01/2022 | 40 | 36,200 | ||||||||||||||||
Series 2010 AAA-RSA-1, RB(e) | 5.25% | 07/01/2023 | 10 | 9,050 | ||||||||||||||||
Series 2010 AAA-RSA-1, RB(e) | 5.25% | 07/01/2028 | 2,600 | 2,353,000 | ||||||||||||||||
Series 2010 AAA-RSA-1, RB(e) | 5.25% | 07/01/2029 | 445 | 402,725 | ||||||||||||||||
Series 2010 AAA-RSA-1, RB(e) | 5.25% | 07/01/2030 | 95 | 85,975 | ||||||||||||||||
Series 2010 AAA-RSA-1, Ref. RB(e) | 5.25% | 07/01/2026 | 4,570 | 4,135,850 | ||||||||||||||||
Series 2010 CCC-RSA-1, RB(e) | 5.00% | 07/01/2022 | 310 | 279,775 | ||||||||||||||||
Series 2010 CCC-RSA-1, RB(e) | 5.00% | 07/01/2024 | 35 | 31,588 | ||||||||||||||||
Series 2010 CCC-RSA-1, RB(e) | 5.00% | 07/01/2027 | 285 | 257,213 | ||||||||||||||||
Series 2010 CCC-RSA-1, RB(e) | 5.25% | 07/01/2027 | 2,570 | 2,325,850 | ||||||||||||||||
Series 2010 CCC-RSA-1, RB(e) | 5.00% | 07/01/2028 | 540 | 487,350 | ||||||||||||||||
Series 2010 DDD, Ref. RB(e) | 5.00% | 07/01/2022 | 185 | 166,963 | ||||||||||||||||
Series 2010 XX, RB(e) | 5.25% | 07/01/2035 | 2,660 | 2,407,300 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Puerto Rico–(continued) | ||||||||||||||||||||
Series 2010 XX, RB(e) | 5.25% | 07/02/2040 | $ | 28,430 | $ | 25,729,150 | ||||||||||||||
Series 2010 XX-RSA-1, RB(e) | 5.25% | 07/01/2026 | 10 | 9,050 | ||||||||||||||||
Series 2010 XX-RSA-1, RB(e) | 5.25% | 07/01/2027 | 845 | 764,725 | ||||||||||||||||
Series 2010 XX-RSA-1, RB(e) | 5.75% | 07/01/2036 | 18,575 | 16,903,250 | ||||||||||||||||
Series 2010 ZZ, Ref. RB(e) | 5.25% | 07/01/2026 | 1,135 | 1,027,175 | ||||||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 5.00% | 07/01/2021 | 95 | 85,738 | ||||||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 5.25% | 07/01/2021 | 25 | 22,625 | ||||||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 5.00% | 07/01/2022 | 850 | 767,125 | ||||||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 5.25% | 07/01/2022 | 50 | 45,250 | ||||||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 5.00% | 07/01/2024 | 215 | 194,038 | ||||||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 4.63% | 07/01/2025 | 190 | 171,000 | ||||||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 5.25% | 07/01/2025 | 275 | 248,875 | ||||||||||||||||
Series 2010 ZZ-RSA-1, Ref. RB(e) | 5.00% | 07/01/2026 | 10 | 9,025 | ||||||||||||||||
Series 2012 A, RB(e) | 5.00% | 07/02/2029 | 3,100 | 2,797,750 | ||||||||||||||||
Series 2012 A, RB(e) | 5.05% | 07/01/2042 | 11,925 | 10,762,312 | ||||||||||||||||
Series 2013 A, RB(e) | 7.00% | 07/01/2040 | 480 | 444,000 | ||||||||||||||||
Series 2013 A, RB(e) | 7.00% | 07/01/2043 | 9,080 | 8,399,000 | ||||||||||||||||
Series 2013 A-RSA, RB(e) | 7.25% | 07/01/2030 | 160 | 148,400 | ||||||||||||||||
Series 2016 E-2, RB(e) | 10.00% | 07/01/2021 | 1,629 | 1,572,034 | ||||||||||||||||
Series 2016 E-2, RB(e) | 10.00% | 01/01/2022 | 543 | 524,011 | ||||||||||||||||
Series 2016 E-4, RB(e) | 10.00% | 07/01/2022 | 543 | 524,012 | ||||||||||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; | 5.00% | 07/01/2027 | 45 | 46,517 | ||||||||||||||||
Series 2002 E, RB (INS - AGM)(b) | 5.50% | 07/01/2023 | 25 | 27,231 | ||||||||||||||||
Series 2003 AA, RB(e) | 5.00% | 07/01/2028 | 1,360 | 1,118,600 | ||||||||||||||||
Series 2003 AA, RB(e) | 5.00% | 07/02/2035 | 1,035 | 851,287 | ||||||||||||||||
Series 2003 AA-2, Ref. RB(e) | 5.30% | 07/02/2035 | 7,895 | 6,493,637 | ||||||||||||||||
Series 2003 H, Ref. RB(e) | 5.45% | 07/01/2035 | 605 | 216,288 | ||||||||||||||||
Series 2003, RB (INS - FGIC)(b)(j) | 5.75% | 07/01/2021 | 350 | 318,938 | ||||||||||||||||
Series 2003, RB (INS - AGC)(b) | 5.75% | 07/01/2022 | 9,000 | 9,272,790 | ||||||||||||||||
Series 2003, RB (INS - AGC)(b) | 5.00% | 07/01/2023 | 215 | 222,241 | ||||||||||||||||
Series 2003, RB(e) | 5.00% | 07/03/2028 | 2,175 | 266,438 | ||||||||||||||||
Series 2004 J, RB (INS - NATL)(b) | 5.00% | 07/01/2029 | 250 | 253,638 | ||||||||||||||||
Series 2005 L, Ref. RB (INS - NATL)(b) | 5.25% | 07/01/2035 | 1,490 | 1,681,569 | ||||||||||||||||
Series 2005 L, Ref. RB (INS - AMBAC)(b) | 5.25% | 07/01/2038 | 125 | 142,269 | ||||||||||||||||
Series 2007 CC, Ref. RB(e) | 5.50% | 07/01/2029 | 5,000 | 4,112,500 | ||||||||||||||||
Series 2007 CC, Ref. RB(e) | 5.50% | 07/01/2030 | 3,250 | 2,673,125 | ||||||||||||||||
Series 2007 CC, Ref. RB (INS - AGM)(b) | 5.25% | 07/01/2033 | 80 | 98,274 | ||||||||||||||||
Series 2007 N, Ref. RB (INS - NATL)(b) | 5.25% | 07/01/2033 | 165 | 186,118 | ||||||||||||||||
Series 2007 N, Ref. RB (INS - AGM)(b) | 5.25% | 07/01/2034 | 60 | 73,779 | ||||||||||||||||
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2012, Ref. RB | 5.00% | 10/01/2021 | 100 | 100,888 | ||||||||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB(a) | 6.63% | 06/01/2026 | 5,600 | 5,796,000 | ||||||||||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Financing Authority; Series 2011 A, Ref. RB | 6.00% | 07/01/2033 | 4,050 | 4,099,005 | ||||||||||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; | 5.00% | 07/01/2041 | 25 | 25,843 | ||||||||||||||||
Series 2006 B, RB(e) | 5.00% | 07/01/2031 | 5,000 | 681,250 | ||||||||||||||||
Series 2006 B, RB(e) | 5.00% | 07/01/2037 | 3,000 | 408,750 | ||||||||||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); | 6.50% | 10/01/2037 | 7,300 | 2,938,250 | ||||||||||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority; | 5.50% | 07/01/2021 | 197 | 198,543 | ||||||||||||||||
Series 2009 Q, RB(e) | 5.50% | 07/01/2037 | 200 | 192,250 | ||||||||||||||||
Series 2009 Q, RB(e) | 5.63% | 07/01/2039 | 5,860 | 5,669,550 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Puerto Rico–(continued) | ||||||||||||||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); | 5.25% | 07/01/2036 | $ | 1,515 | $ | 1,437,356 | ||||||||||||||
Series 2007 M-3, Ref. RB (INS - NATL)(b) | 6.00% | 07/01/2028 | 400 | 412,388 | ||||||||||||||||
Series 2007 N, RB(e) | 5.00% | 07/01/2032 | 3,870 | 3,700,687 | ||||||||||||||||
Series 2007 N, RB(e) | 5.00% | 07/01/2037 | 150 | 142,875 | ||||||||||||||||
Series 2009 P, Ref. RB(e) | 6.13% | 07/01/2023 | 12,000 | 11,745,000 | ||||||||||||||||
Series 2009 P, Ref. RB(e) | 6.25% | 07/01/2026 | 5,100 | 5,004,375 | ||||||||||||||||
Series 2009 P, Ref. RB(e) | 6.75% | 07/01/2036 | 4,980 | 4,961,325 | ||||||||||||||||
Series 2011 S, RB(e) | 5.75% | 07/01/2022 | 12,845 | 12,443,594 | ||||||||||||||||
Series 2011 S, RB(e) | 5.50% | 07/01/2023 | 260 | 251,225 | ||||||||||||||||
Series 2012 U, Ref. RB(e) | 5.25% | 07/03/2023 | 100 | 89,000 | ||||||||||||||||
Series 2012 U, Ref. RB(e) | 5.25% | 07/01/2042 | 73,395 | 65,321,550 | ||||||||||||||||
Puerto Rico Public Finance Corp.; Series 2011 B, RB(e) | 5.50% | 08/01/2031 | 49,020 | 735,300 | ||||||||||||||||
Puerto Rico Sales Tax Financing Corp.; | 0.00% | 07/01/2029 | 11 | 9,101 | ||||||||||||||||
Series 2018 A-1, RB | 4.50% | 07/01/2034 | 11 | 12,006 | ||||||||||||||||
Series 2018 A-1, RB | 4.55% | 07/01/2040 | 3,337 | 3,637,497 | ||||||||||||||||
Series 2018 A-1, RB(g) | 0.00% | 07/01/2046 | 207,376 | 63,755,677 | ||||||||||||||||
Series 2018 A-1, RB(g) | 0.00% | 07/01/2051 | 103,344 | 22,753,248 | ||||||||||||||||
Series 2018 A-1, RB | 4.75% | 07/01/2053 | 44,576 | 48,651,584 | ||||||||||||||||
Series 2018 A-1, RB | 5.00% | 07/01/2058 | 40,948 | 45,351,548 | ||||||||||||||||
Series 2019 A-2, RB | 4.54% | 07/01/2053 | 4,576 | 4,931,235 | ||||||||||||||||
Series 2019 A-2, RB | 4.78% | 07/01/2058 | 14,781 | 16,164,058 | ||||||||||||||||
University of Puerto Rico; | 5.00% | 06/01/2021 | 50 | 50,000 | ||||||||||||||||
Series 2006 P, Ref. RB (Acquired 10/05/2017-10/10/2017; Cost $64,500)(h) | 5.00% | 06/01/2022 | 100 | 99,500 | ||||||||||||||||
Series 2006 P, Ref. RB (Acquired 12/03/2014-04/16/2019; | 5.00% | 06/01/2030 | 5,260 | 5,102,200 | ||||||||||||||||
Series 2006 Q, RB (Acquired 10/10/2017; Cost $671,375)(h) | 5.00% | 06/01/2036 | 1,025 | 994,250 | ||||||||||||||||
898,054,191 | ||||||||||||||||||||
Rhode Island–0.10% | ||||||||||||||||||||
Central Falls Detention Facility Corp.; Series 2005, Ref. RB (Acquired 06/23/2005; Cost $43,767,323)(e)(h) | 7.25% | 07/15/2035 | 44,240 | 7,963,200 | ||||||||||||||||
South Carolina–0.60% | ||||||||||||||||||||
Hardeeville (City of), SC; Series 2008 A, RB | 7.75% | 11/01/2039 | 5,221 | 5,226,691 | ||||||||||||||||
Lancaster County School District/SC; Series 2018 XF252, GO Bonds(i) | 4.00% | 03/01/2036 | 12,555 | 14,424,691 | ||||||||||||||||
Richland (County of), SC; Series 2004, RB(f) | 6.20% | 11/01/2036 | 11,953 | 9,319,283 | ||||||||||||||||
South Carolina (State of) Jobs-Economic Development Authority (Green Bonds); | 7.00% | 05/01/2039 | 5,000 | 4,677,250 | ||||||||||||||||
South Carolina (State of) Ports Authority; Series 2018, RB(a) | | 5.00% 5.00% | | | 07/01/2043 07/01/2055 | | 1,500 3,750 | | 1,796,025 4,440,187 | |||||||||||
South Carolina (State of) Public Service Authority; | 5.50% | 12/01/2033 | 6,465 | 7,258,255 | ||||||||||||||||
University of South Carolina; Series 2017 B, Ref. RB | 5.00% | 05/01/2029 | 1,165 | 1,395,484 | ||||||||||||||||
48,537,866 | ||||||||||||||||||||
Tennessee–1.07% | ||||||||||||||||||||
Bristol (City of), TN Industrial Development Board; Series 2016 B, RB(d)(g) | 0.00% | 12/01/2022 | 1,000 | 932,980 | ||||||||||||||||
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health); | 4.00% | 08/01/2038 | 775 | 880,361 | ||||||||||||||||
Series 2019 A-1, Ref. RB | 4.00% | 08/01/2044 | 1,545 | 1,714,595 | ||||||||||||||||
Series 2019 A-2, Ref. RB | 5.00% | 08/01/2044 | 1,160 | 1,405,004 | ||||||||||||||||
Series 2019 A-2, Ref. RB | 5.00% | 08/01/2049 | 1,545 | 1,861,879 | ||||||||||||||||
Memphis (City of) & Shelby (County of), TN Airport Authority; | 5.00% | 07/01/2043 | 7,250 | 8,492,505 | ||||||||||||||||
Memphis (City of), TN; Series 2018, GO Bonds(i) | 4.00% | 06/01/2047 | 10,765 | 12,007,927 | ||||||||||||||||
Metropolitan Development and Housing Agency (Fifth + Broadway Development); | 5.13% | 06/01/2036 | 600 | 677,046 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Tennessee–(continued) | ||||||||||||||||||||
Nashville (City of), TN Metropolitan Airport Authority; | 5.00% | 07/01/2044 | $ | 20,000 | $ | 24,344,200 | ||||||||||||||
Series 2019 B, RB(a) | 5.00% | 07/01/2049 | 4,430 | 5,357,509 | ||||||||||||||||
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor); | 5.50% | 09/01/2047 | 9,000 | 8,864,280 | ||||||||||||||||
Series 2013 B, Ref. RB(e) | 8.00% | 09/01/2044 | 6,350 | 317,500 | ||||||||||||||||
Tennessee (State of) Metropolitan Nashville Airport Authority; | 5.00% | 07/01/2054 | 16,500 | 19,881,675 | ||||||||||||||||
86,737,461 | ||||||||||||||||||||
Texas–5.02% | ||||||||||||||||||||
Aledo Independent School District; Series 2020, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2045 | 4,000 | 4,609,000 | ||||||||||||||||
Angelina & Neches River Authority Industrial Development Corp. (Aspen Power LLC); Series 2007 A, RB(a)(e)(f) | 6.50% | 11/01/2029 | 34,600 | 346 | ||||||||||||||||
Argyle (Town of), TX; | 5.00% | 09/01/2037 | 890 | 1,013,977 | ||||||||||||||||
Series 2017, RB | 5.25% | 09/01/2047 | 1,475 | 1,673,314 | ||||||||||||||||
Arlington Higher Education Finance Corp.; | 4.00% | 08/15/2045 | 1,100 | 1,269,730 | ||||||||||||||||
Series 2020, RB (CEP -Texas Permanent School Fund) | 4.00% | 08/15/2050 | 2,500 | 2,871,825 | ||||||||||||||||
Arlington Higher Education Finance Corp. (Great Hearts America); | 4.00% | 08/15/2045 | 1,500 | 1,735,605 | ||||||||||||||||
Series 2020 A, RB (CEP -Texas Permanent School Fund) | 4.00% | 08/15/2055 | 3,175 | 3,642,201 | ||||||||||||||||
Arlington Higher Education Finance Corp. (Leadership Prep School); | 5.00% | 06/15/2046 | 1,325 | 1,330,419 | ||||||||||||||||
Arlington Higher Education Finance Corp. (UME Preparatory Academy); | 5.00% | 08/15/2053 | 785 | 840,295 | ||||||||||||||||
Arlington Higher Education Finance Corp. (Winfree Academy Charter School); | 5.75% | 08/15/2043 | 4,345 | 4,872,483 | ||||||||||||||||
Aubrey (City of), TX; Series 2015, RB | 7.25% | 09/01/2045 | 665 | 715,394 | ||||||||||||||||
Austin (City of), TX; Series 2020 C, Ref. RB | 5.00% | 11/15/2050 | 6,165 | 7,891,200 | ||||||||||||||||
Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC); Series 2019, RB(a) | 7.00% | 03/01/2039 | 19,100 | 20,399,182 | ||||||||||||||||
Calhoun County Navigation Industrial Development Authority (Max Midstream Texas, LLC); | 7.00% | 07/27/2021 | 11,020 | 11,019,559 | ||||||||||||||||
Series 2020 B, RN(d) | 10.50% | 07/27/2021 | 11,795 | 11,794,764 | ||||||||||||||||
Cambridge Student Housing Financing Co. L.P.; | 7.00% | 11/01/2039 | 15,135 | 6,054,000 | ||||||||||||||||
Series 2004 C, RB(e) | 9.70% | 11/01/2039 | 4,502 | 900 | ||||||||||||||||
Series 2004 D, RB(e) | 1.00% | 11/01/2039 | 3,659 | 732 | ||||||||||||||||
Celina (City of), TX; | 6.25% | 09/01/2045 | 1,785 | 1,883,264 | ||||||||||||||||
Series 2015, RB | 7.25% | 09/01/2045 | 975 | 1,028,537 | ||||||||||||||||
Series 2015, RB | 7.50% | 09/01/2045 | 3,865 | 4,157,426 | ||||||||||||||||
Clifton Higher Education Finance Corp. (Idea Public Schools); | 5.75% | 08/15/2021 | 750 | 768,758 | ||||||||||||||||
Clifton Higher Education Finance Corp. (International Leadership of Texas); | 6.00% | 08/15/2038 | 5,000 | 5,785,550 | ||||||||||||||||
Edinburg Economic Development Corp.; Series 2019, RB(d) | 5.00% | 08/15/2044 | 1,645 | 1,697,607 | ||||||||||||||||
Flower Mound (Town of), TX; | 6.13% | 03/01/2021 | 1,095 | 1,116,900 | ||||||||||||||||
Series 2014, RB(k)(l) | 6.50% | 03/01/2021 | 1,500 | 1,530,000 | ||||||||||||||||
Series 2014, RB(k)(l) | 6.75% | 03/01/2021 | 2,000 | 2,040,000 | ||||||||||||||||
Galveston (City of), TX; | 5.63% | 09/01/2028 | 1,775 | 1,418,349 | ||||||||||||||||
Series 2014, RB | 6.00% | 09/01/2038 | 3,700 | 2,692,971 | ||||||||||||||||
Series 2014, RB | 6.13% | 09/01/2044 | 3,500 | 2,486,295 | ||||||||||||||||
Grand Parkway Transportation Corp.; | 5.00% | 10/01/2023 | 10,000 | 11,221,000 | ||||||||||||||||
Series 2018 A, RB | 5.00% | 10/01/2048 | 5,000 | 6,088,000 | ||||||||||||||||
Series 2018 XF2669, Revenue Ctfs.(i) | 5.00% | 10/01/2048 | 32,525 | 39,578,372 | ||||||||||||||||
Grand Rapids Economic Development Corp. (Clark Retirement Community, Inc.); Series 2018 A, RB(i) | 5.00% | 10/01/2043 | 15,000 | 18,355,200 | ||||||||||||||||
Gulf Coast Industrial Development Authority; Series 1998, RB(a) | 8.00% | 04/01/2028 | 20 | 20,024 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Texas–(continued) | ||||||||||||||||||||
Houston (City of), TX; | 4.00% | 11/15/2043 | $ | 3,500 | $ | 4,123,035 | ||||||||||||||
Series 2020 C, Ref. RB | 4.00% | 11/15/2049 | 3,500 | 4,094,790 | ||||||||||||||||
Houston (City of), TX (United Airlines, Inc.); | 5.00% | 07/15/2028 | 8,250 | 9,524,625 | ||||||||||||||||
Series 2020, Ref. RB(a) | 5.00% | 07/15/2027 | 1,750 | 2,039,170 | ||||||||||||||||
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); | 5.00% | 07/01/2027 | 1,250 | 1,455,725 | ||||||||||||||||
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); | 6.50% | 05/15/2021 | 815 | 825,372 | ||||||||||||||||
Laredo (City of), TX; Series 2020 A, RB | 4.00% | 03/01/2050 | 5,975 | 6,986,388 | ||||||||||||||||
Mission Economic Development Corp. (CarbonLite Recycling LLC); | 6.50% | 12/01/2033 | 8,045 | 7,117,170 | ||||||||||||||||
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(a)(d) | 4.63% | 10/01/2031 | 25,000 | 26,629,000 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp.; | 5.88% | 04/01/2023 | 785 | 875,353 | ||||||||||||||||
Series 2013 A, RB(k)(l) | 6.00% | 04/01/2023 | 1,950 | 2,177,760 | ||||||||||||||||
Series 2016 A, RB | 5.50% | 08/15/2046 | 700 | 707,378 | ||||||||||||||||
Series 2016 A, RB | 5.00% | 04/01/2048 | 3,395 | 3,632,538 | ||||||||||||||||
Series 2016 A, RB | 5.50% | 08/15/2051 | 1,200 | 1,212,384 | ||||||||||||||||
Series 2016 A-1, RB | 5.00% | 07/01/2031 | 350 | 361,708 | ||||||||||||||||
Series 2017 A, Ref. RB | 4.00% | 08/15/2033 | 3,000 | 3,432,540 | ||||||||||||||||
Series 2017 A, Ref. RB | 4.00% | 08/15/2034 | 2,000 | 2,282,200 | ||||||||||||||||
Series 2018 A, RB(d) | 6.00% | 08/15/2037 | 1,000 | 1,087,260 | ||||||||||||||||
Series 2018 A, RB(d) | 6.00% | 08/15/2047 | 13,435 | 14,524,310 | ||||||||||||||||
Series 2018 A-1, RB (INS - AGM)(b) | 5.00% | 07/01/2038 | 500 | 584,350 | ||||||||||||||||
Series 2018 A-1, RB (INS - AGM)(b) | 5.00% | 07/01/2048 | 1,750 | 2,012,517 | ||||||||||||||||
Series 2018 A-1, RB (INS - AGM)(b) | 5.00% | 07/01/2058 | 2,400 | 2,740,560 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.); | 5.00% | 07/01/2046 | 1,750 | 1,760,447 | ||||||||||||||||
Series 2016, RB | 5.00% | 07/01/2051 | 1,750 | 1,756,361 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Cumberland Academy); | 5.00% | 08/15/2040 | 2,390 | 2,541,645 | ||||||||||||||||
Series 2020 A, RB(d) | 5.00% | 08/15/2050 | 2,220 | 2,341,168 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); | 5.13% | 08/15/2047 | 2,085 | 2,098,803 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Legacy Midtown Park); | 5.50% | 07/01/2054 | 8,250 | 8,634,780 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); | 5.38% | 11/15/2036 | 400 | 370,544 | ||||||||||||||||
Series 2016 A, RB | 5.50% | 11/15/2046 | 650 | 574,399 | ||||||||||||||||
Series 2016 A, RB | 5.50% | 11/15/2052 | 3,425 | 2,950,809 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); | 5.25% | 10/01/2049 | 2,500 | 2,602,900 | ||||||||||||||||
Series 2020, RB | 5.25% | 10/01/2055 | 9,390 | 9,776,962 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes, Inc.); | 5.50% | 01/01/2049 | 1,300 | 1,347,034 | ||||||||||||||||
Newark High Education Finance Corp. (Austin Achieve Public Schools, Inc.); | 5.00% | 06/15/2038 | 375 | 387,503 | ||||||||||||||||
Series 2018, RB | 5.00% | 06/15/2048 | 750 | 772,207 | ||||||||||||||||
North Central Texas Housing Finance Corp.; Series 2012, RB(l) | 6.15% | 01/01/2029 | 1,500 | 1,526,115 | ||||||||||||||||
Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas LLC); | 5.00% | 08/15/2036 | 655 | 711,507 | ||||||||||||||||
Series 2016 A, RB | 5.00% | 08/15/2046 | 1,000 | 1,068,740 | ||||||||||||||||
Red River Education Finance Corp.; Series 2017, Ref. RB | 5.50% | 10/01/2046 | 5,370 | 6,039,478 | ||||||||||||||||
Red River Health Facilities Development Corp. (MRC Crossing); Series 2014 A, RB | 8.00% | 11/15/2049 | 3,000 | 3,269,790 | ||||||||||||||||
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); | 6.00% | 09/15/2046 | 455 | 468,186 | ||||||||||||||||
Sabine Neches Housing Finance Corp.; Series 2012, RB(l) | 6.15% | 01/01/2029 | 1,870 | 1,898,873 | ||||||||||||||||
Sanger Industrial Development Corp. (Texas Pellets); Series 2012 C, RB | 7.50% | 07/01/2038 | 26,820 | 6,705,000 | ||||||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.); Series 2007, RB (Acquired 07/27/2007-07/18/2012; | 5.75% | 11/16/2037 | 3,810 | 1,724,025 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Texas–(continued) | ||||||||||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana); | 6.75% | 11/15/2047 | $ | 3,500 | $ | 3,887,835 | ||||||||||||||
Series 2017, RB | 6.75% | 11/15/2052 | 2,000 | 2,215,940 | ||||||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); | 6.38% | 02/15/2048 | 5,710 | 4,523,919 | ||||||||||||||||
Series 2017 A, RB (Acquired 06/12/2020; Cost $2,441,250)(h) | 6.38% | 02/15/2052 | 3,000 | 2,375,430 | ||||||||||||||||
Series 2017, RB (Acquired 06/12/2020; Cost $1,688,531)(h) | 6.38% | 02/15/2041 | 2,075 | 1,646,720 | ||||||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); | 6.25% | 11/15/2031 | 500 | 559,995 | ||||||||||||||||
Series 2020, Ref. RB | 6.63% | 11/15/2041 | 2,000 | 2,235,840 | ||||||||||||||||
Series 2020, Ref. RB | 6.75% | 11/15/2051 | 3,000 | 3,340,140 | ||||||||||||||||
Series 2020, Ref. RB | 6.88% | 11/15/2055 | 3,555 | 3,974,383 | ||||||||||||||||
Texas (State of) Transportation Commission; | 0.00% | 08/01/2043 | 3,750 | 1,475,850 | ||||||||||||||||
Series 2019, RB(g) | 0.00% | 08/01/2044 | 4,400 | 1,634,204 | ||||||||||||||||
Series 2019, RB(g) | 0.00% | 08/01/2046 | 1,000 | 333,780 | ||||||||||||||||
Series 2019, RB(g) | 0.00% | 08/01/2047 | 1,000 | 316,500 | ||||||||||||||||
Series 2019, RB(g) | 0.00% | 08/01/2048 | 1,000 | 300,600 | ||||||||||||||||
Series 2019, RB(g) | 0.00% | 08/01/2050 | 1,500 | 403,695 | ||||||||||||||||
Texas State Student Housing Corp.; | 6.75% | 07/01/2021 | 145 | 144,988 | ||||||||||||||||
Series 2001, RB | 6.85% | 07/01/2031 | 215 | 214,974 | ||||||||||||||||
Texas Water Development Board; Series 2018, RB(i) | 5.00% | 10/15/2053 | 13,515 | 16,685,484 | ||||||||||||||||
Vintage Township Public Facilities Corp.; Series 2008 A, RB | 7.38% | 10/01/2038 | 1,975 | 1,976,165 | ||||||||||||||||
Waxahachie (City of), TX; Series 2015, RB | 6.00% | 08/15/2045 | 6,375 | 6,489,814 | ||||||||||||||||
Wise (County of), TX; | 7.50% | 08/15/2025 | 2,920 | 2,976,152 | ||||||||||||||||
Series 2011, RB | 7.75% | 08/15/2028 | 4,615 | 4,700,885 | ||||||||||||||||
405,769,881 | ||||||||||||||||||||
Utah–0.59% | ||||||||||||||||||||
Hideout (Town of), UT Local District No. 1; | 7.75% | 08/01/2024 | 140 | 149,719 | ||||||||||||||||
Series 2014, RB(k) | 8.25% | 08/01/2034 | 610 | 638,182 | ||||||||||||||||
Salt Lake (City of), UT; | 5.00% | 07/01/2048 | 4,000 | 4,692,600 | ||||||||||||||||
Series 2018 A, RB(a) | 5.25% | 07/01/2048 | 7,410 | 8,844,280 | ||||||||||||||||
Utah (State of) Charter School Finance Authority; | 5.50% | 07/15/2022 | 265 | 270,708 | ||||||||||||||||
Series 2012, RB | 6.00% | 07/15/2032 | 1,750 | 1,787,152 | ||||||||||||||||
Series 2012, RB | 6.25% | 07/15/2042 | 3,870 | 3,951,580 | ||||||||||||||||
Series 2016 A, Ref. RB(d) | 5.00% | 02/15/2046 | 855 | 892,671 | ||||||||||||||||
Series 2017, Ref. RB(d) | 5.25% | 06/15/2037 | 4,810 | 5,252,664 | ||||||||||||||||
Series 2017, Ref. RB(d) | 5.38% | 06/15/2048 | 7,415 | 8,006,198 | ||||||||||||||||
Series 2018 A, RB(d) | 5.25% | 10/15/2048 | 2,205 | 2,267,269 | ||||||||||||||||
Series 2019 A, RB(d) | 5.38% | 06/15/2049 | 3,645 | 3,729,965 | ||||||||||||||||
Utah (State of) Charter School Finance Authority (Esperanza Elementary School); Series 2018 A, RB(d) | 5.00% | 10/15/2038 | 2,330 | 2,396,638 | ||||||||||||||||
Utah (State of) Charter School Finance Authority (Leadership Learning Academy); Series 2019 A, RB(d) | 5.00% | 06/15/2050 | 2,000 | 2,154,020 | ||||||||||||||||
Utah (State of) Charter School Finance Authority (Vista Entrada School of Performing Arts); | 6.30% | 07/15/2022 | 750 | 811,230 | ||||||||||||||||
Series 2012, RB(k)(l) | 6.55% | 07/15/2022 | 1,640 | 1,778,547 | ||||||||||||||||
47,623,423 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Vermont–0.09% | ||||||||||||||||||||
East Central Vermont Telecommunications District; | 5.75% | 12/01/2036 | $ | 1,450 | $ | 1,537,899 | ||||||||||||||
Series 2018 A, RB(d) | 5.60% | 12/01/2043 | 960 | 1,001,482 | ||||||||||||||||
Series 2019 A, RB(d) | 5.00% | 12/01/2048 | 4,330 | 4,374,642 | ||||||||||||||||
6,914,023 | ||||||||||||||||||||
Virgin Islands–0.15% | ||||||||||||||||||||
Tobacco Settlement Financing Corp.; Series 2006 A, RB(g) | 0.00% | 05/15/2035 | 28,550 | 11,923,622 | ||||||||||||||||
Virginia–0.54% | ||||||||||||||||||||
Celebrate North Community Development Authority; Series 2003 B, RB(e) | 6.75% | 03/01/2034 | 1,425 | 855,000 | ||||||||||||||||
Lewistown (City of), VA Commerce Center Community Development Authority; | 6.05% | 03/01/2044 | 1,207 | 996,190 | ||||||||||||||||
Series 2014 B, RB | 6.05% | 03/01/2044 | 2,724 | 2,247,954 | ||||||||||||||||
Series 2014 C, RB(e) | 6.05% | 03/01/2054 | 1,965 | 358,612 | ||||||||||||||||
Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge); Series 2019 A, RB | 5.25% | 01/01/2054 | 3,300 | 3,495,657 | ||||||||||||||||
Peninsula Town Center Community Development Authority; Series 2018, Ref. RB(d) | 5.00% | 09/01/2045 | 1,000 | 1,074,450 | ||||||||||||||||
Richmond (City of), VA Redevelopment & Housing Authority; Series 2017, RB(d) | 5.55% | 01/01/2037 | 2,140 | 2,223,931 | ||||||||||||||||
Roanoke (City of), VA Economic Development Authority (Richfield Living); | 5.00% | 09/01/2050 | 3,910 | 3,798,448 | ||||||||||||||||
Series 2020, RB | 5.13% | 09/01/2055 | 2,920 | 2,843,963 | ||||||||||||||||
Roanoke (County of), VA Economic Development Authority; | 5.25% | 09/01/2049 | 14,735 | 14,805,138 | ||||||||||||||||
Series 2019 A, Ref. RB | 5.38% | 09/01/2054 | 7,215 | 7,261,465 | ||||||||||||||||
Tobacco Settlement Financing Corp.; Series 2007 B-1, RB | 5.00% | 06/01/2047 | 1,515 | 1,523,317 | ||||||||||||||||
Virginia (Commonwealth of) Small Business Financing Authority; Series 2018, RB(a)(d)(l) | 5.00% | 07/01/2038 | 1,690 | 1,767,402 | ||||||||||||||||
43,251,527 | ||||||||||||||||||||
Washington–1.17% | ||||||||||||||||||||
Greater Wenatchee Regional Events Center Public Facilities District; Series 2012 A, RB | 5.00% | 09/01/2027 | 750 | 770,692 | ||||||||||||||||
Kalispel Tribe of Indians; | 5.00% | 01/01/2032 | 2,200 | 2,510,684 | ||||||||||||||||
Series 2018 A, RB(d) | 5.25% | 01/01/2038 | 3,000 | 3,402,090 | ||||||||||||||||
Series 2018 B, RB(d) | 5.00% | 01/01/2032 | 500 | 570,610 | ||||||||||||||||
Series 2018 B, RB(d) | 5.25% | 01/01/2038 | 1,000 | �� | 1,134,030 | |||||||||||||||
Kelso (City of), WA Housing Authority; Series 1998, RB | 5.60% | 03/01/2028 | 145 | 145,154 | ||||||||||||||||
Kitsap (County of), WA Consolidated Housing Authority; Series 2001 A, RB(a) | 6.10% | 10/01/2031 | 50 | 50,058 | ||||||||||||||||
Seattle (Port of), WA; | 5.00% | 05/01/2043 | 5,220 | 6,032,806 | ||||||||||||||||
Series 2019, RB(a) | 5.00% | 04/01/2044 | 25,295 | 30,083,091 | ||||||||||||||||
Tacoma (City of), WA Consolidated Local Improvement Districts; Series 2013, RB | 5.75% | 04/01/2043 | 2,079 | 2,080,439 | ||||||||||||||||
Washington (State of) Economic Development Finance Authority; | 7.50% | 01/01/2032 | 26,355 | 19,766,250 | ||||||||||||||||
Washington (State of) Economic Development Finance Authority (Green Bonds); | 5.63% | 12/01/2040 | 8,000 | 8,546,880 | ||||||||||||||||
Washington (State of) Economic Development Finance Authority (North Pacific Paper); Series 2020 B, Ref. RB(d) | 9.00% | 12/01/2036 | 16,050 | 16,656,369 | ||||||||||||||||
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living); | 7.00% | 07/01/2045 | 1,000 | 1,077,320 | ||||||||||||||||
Series 2015 A, RB(d) | 7.00% | 07/01/2050 | 1,700 | 1,828,027 | ||||||||||||||||
94,654,500 | ||||||||||||||||||||
West Virginia–0.89% | ||||||||||||||||||||
Brooke (County of), WV; | 6.50% | 10/01/2031 | 3,000 | 2,941,500 | ||||||||||||||||
Series 2011 A, RB | 6.75% | 10/01/2037 | 4,500 | 4,377,420 | ||||||||||||||||
Harrison (County of), WV Commission (Charles Pointe No. 2); Series 2013, Ref. RB(d)(e) | 7.00% | 06/01/2035 | 27,145 | 13,572,500 | ||||||||||||||||
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development District); | 5.75% | 06/01/2042 | 19,000 | 21,139,970 | ||||||||||||||||
Series 2019 B, Ref. RB(d) | 7.50% | 06/01/2042 | 6,140 | 6,677,373 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
39 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
West Virginia–(continued) | ||||||||||||||||||||
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); | 5.75% | 06/01/2043 | $ | 3,435 | $ | 3,687,575 | ||||||||||||||
Series 2020, Ref. RB(d) | 7.50% | 06/01/2043 | 9,060 | 9,872,229 | ||||||||||||||||
Ohio (County of), WV Development Authority; Series 2018, RB | 5.00% | 09/01/2048 | 10,465 | 9,883,146 | ||||||||||||||||
72,151,713 | ||||||||||||||||||||
Wisconsin–1.18% | �� | |||||||||||||||||||
Public Finance Authority (American Dream at Meadowlands); Series 2017, RB(d) | 6.75% | 08/01/2031 | 22,000 | 24,545,180 | ||||||||||||||||
Public Finance Authority (Capitol Encore Academy (The)); | 4.75% | 06/01/2029 | 250 | 270,530 | ||||||||||||||||
Series 2019 A, RB(d) | 5.25% | 06/01/2039 | 750 | 809,138 | ||||||||||||||||
Series 2019 A, RB(d) | 5.50% | 06/01/2049 | 1,940 | 2,091,514 | ||||||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority; Series 2019, Ref. RB | 5.00% | 08/01/2049 | 2,750 | 2,445,272 | ||||||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System); | 5.00% | 11/01/2039 | 1,950 | 2,082,658 | ||||||||||||||||
Series 2019, Ref. RB | 5.00% | 11/01/2046 | 2,100 | 2,208,381 | ||||||||||||||||
Series 2019, Ref. RB | 5.00% | 11/01/2054 | 3,500 | 3,647,175 | ||||||||||||||||
Wisconsin (State of) Public Finance Authority; | 0.00% | 01/01/2047 | 156 | 4,265 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $10,593)(d)(g)(h) | 0.00% | 01/01/2048 | 136 | 3,670 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $10,233)(d)(g)(h) | 0.00% | 01/01/2049 | 134 | 3,532 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $9,721)(d)(g)(h) | 0.00% | 01/01/2050 | 129 | 3,284 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $9,382)(d)(g)(h) | 0.00% | 01/01/2051 | 127 | 3,170 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $11,969)(d)(g)(h) | 0.00% | 01/01/2052 | 165 | 3,959 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $11,600)(d)(g)(h) | 0.00% | 01/01/2053 | 163 | 3,833 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $11,012)(d)(g)(h) | 0.00% | 01/01/2054 | 158 | 3,603 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $10,594)(d)(g)(h) | 0.00% | 01/01/2055 | 154 | 3,449 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $10,188)(d)(g)(h) | 0.00% | 01/01/2056 | 151 | 3,321 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-07/31/2020; Cost $9,349,640)(d)(e)(h) | 5.50% | 07/01/2056 | 7,795 | 5,888,911 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $11,093)(d)(g)(h) | 0.00% | 01/01/2057 | 168 | 3,577 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $10,622)(d)(g)(h) | 0.00% | 01/01/2058 | 163 | 3,402 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $10,165)(d)(g)(h) | 0.00% | 01/01/2059 | 159 | 3,250 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $9,973)(d)(g)(h) | 0.00% | 01/01/2060 | 156 | 3,080 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $9,501)(d)(g)(h) | 0.00% | 01/01/2061 | 153 | 2,951 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $9,084)(d)(g)(h) | 0.00% | 01/01/2062 | 149 | 2,796 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $8,748)(d)(g)(h) | 0.00% | 01/01/2063 | 146 | 2,675 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $8,423)(d)(g)(h) | 0.00% | 01/01/2064 | 143 | 2,569 | ||||||||||||||||
Series 2005 A-1, RB(d)(g) | 0.00% | 01/01/2065 | 140 | 2,445 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $8,677)(d)(g)(h) | 0.00% | 01/01/2066 | 151 | 2,507 | ||||||||||||||||
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $103,002)(d)(g)(h) | 0.00% | 01/01/2067 | 1,821 | 28,044 | ||||||||||||||||
Series 2012 A-1, RB | 7.00% | 10/01/2042 | 6,883 | 6,968,875 | ||||||||||||||||
Series 2012 B-1, RB(g) | 0.00% | 10/01/2042 | 1,055 | 824,219 | ||||||||||||||||
Series 2012 C-1, RB(g) | 0.00% | 10/01/2042 | 2,000 | 902,500 | ||||||||||||||||
Series 2012, RB | 6.00% | 09/01/2045 | 5,875 | 5,991,854 | ||||||||||||||||
Series 2015 A, RB | 6.00% | 02/01/2045 | 1,910 | 2,013,083 | ||||||||||||||||
Series 2016 A, RB(d) | 5.25% | 05/01/2046 | 2,500 | 2,600,575 | ||||||||||||||||
Series 2016 A, RB | 5.25% | 01/01/2052 | 10,960 | 10,292,098 | ||||||||||||||||
Series 2017 A, RB | 5.00% | 12/01/2052 | 865 | 869,360 | ||||||||||||||||
Series 2018, RB (INS - AGM)(b) | 5.00% | 07/01/2058 | 7,900 | 9,147,884 | ||||||||||||||||
Series 2019 A, RB(d) | 5.38% | 06/01/2044 | 1,480 | 1,485,713 | ||||||||||||||||
Series 2019 A, RB(d) | 5.50% | 06/01/2054 | 1,840 | 1,844,655 | ||||||||||||||||
Series 2019, RB(d) | 5.00% | 06/15/2054 | 455 | 485,167 | ||||||||||||||||
Wisconsin (State of) Public Finance Authority (21st Century Public Academy); | 5.00% | 06/01/2040 | 760 | 812,159 | ||||||||||||||||
Series 2020 A, RB(d) | 5.00% | 06/01/2049 | 1,340 | 1,404,601 | ||||||||||||||||
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); | 5.13% | 06/01/2048 | 2,075 | 2,244,548 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40 | Invesco Rochester® Municipal Opportunities Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Wisconsin–(continued) | ||||||||||||||||
Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation); | 5.75% | 07/15/2032 | $ | 1,060 | $ | 1,109,364 | ||||||||||
Series 2012 A, RB | 6.00% | 07/15/2042 | 1,345 | 1,402,808 | ||||||||||||
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB(d) | 5.00% | 06/15/2049 | 520 | 555,766 | ||||||||||||
95,037,370 | ||||||||||||||||
Total Municipal Obligations (Cost $8,349,449,948) | 8,545,203,158 | |||||||||||||||
Shares | ||||||||||||||||
Common Stocks & Other Equity Interests–0.13% | ||||||||||||||||
Georgia–0.01% | ||||||||||||||||
Delta Air Lines, Inc.(m) | 7,679 | 368,131 | ||||||||||||||
Michigan–0.00% | ||||||||||||||||
General Motors Co.(m) | 2,919 | 149,832 | ||||||||||||||
Ohio–0.12% | ||||||||||||||||
Energy Harbor Corp.(m) | 363,120 | 9,713,460 | ||||||||||||||
Total Common Stocks & Other Equity Interests (Cost $11,063,438) | 10,231,423 | |||||||||||||||
Interest Rate | Maturity Date | Principal Amount (000) | ||||||||||||||
U.S. Dollar Denominated Bonds & Notes–0.02% | ||||||||||||||||
Texas–0.02% | ||||||||||||||||
Aspen Power LLC; | 9.00% | 11/15/2049 | $ | 7,000 | 520,727 | |||||||||||
Series 1(e)(f) | 9.00% | 11/15/2049 | 3,500 | 260,364 | ||||||||||||
Series 2(e)(f) | 9.00% | 11/15/2049 | 6,000 | 446,338 | ||||||||||||
Series 3(e)(f) | 9.00% | 11/15/2049 | 2,750 | 204,571 | ||||||||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $19,250,000) | 1,432,000 | |||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(n)–105.94% (Cost $8,379,763,386) | 8,556,866,581 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS–(8.72)% | ||||||||||||||||
Notes with interest and fee rates ranging from 0.64% to 0.83% at 02/28/2021 and contractual maturities of collateral ranging from 07/15/2035 to 11/15/2057 (See Note 1M)(o) | (704,505,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES–2.78% | 224,915,059 | |||||||||||||||
NET ASSETS–100.00% | $ | 8,077,276,640 |
Investment Abbreviations:
ACA | – ACA Financial Guaranty Corp. | |
AGC | – Assured Guaranty Corp. | |
AGM | – Assured Guaranty Municipal Corp. | |
AMBAC | – American Municipal Bond Assurance Corp. | |
BAM | – Build America Mutual Assurance Co. | |
CEP | – Credit Enhancement Provider | |
COP | – Certificates of Participation | |
Ctfs. | – Certificates | |
FGIC | – Financial Guaranty Insurance Company | |
FNMA | – Federal National Mortgage Association | |
GNMA | – Government National Mortgage Association | |
GO | – General Obligation | |
IDR | – Industrial Development Revenue Bonds | |
INS | – Insurer | |
NATL | – National Public Finance Guarantee Corp. | |
PCR | – Pollution Control Revenue Bonds | |
RB | – Revenue Bonds | |
Ref. | – Refunding | |
RN | – Revenue Notes | |
Wts. | – Warrants |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41 | Invesco Rochester® Municipal Opportunities Fund |
Notes to Schedule of Investments:
(a) | Security subject to the alternative minimum tax. |
(b) | Principal and/or interest payments are secured by the bond insurance company listed. |
(c) | Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $871,434,231, which represented 10.79% of the Fund’s Net Assets. |
(e) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $540,693,395, which represented 6.69% of the Fund’s Net Assets. |
(f) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(g) | Zero coupon bond issued at a discount. |
(h) | Restricted security. The aggregate value of these securities at February 28, 2021 was $107,946,880, which represented 1.34% of the Fund’s Net Assets. |
(i) | Underlying security related to TOB Trusts entered into by the Fund. See Note 1L. |
(j) | The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun. |
(k) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(l) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(m) | Non-income producing security. |
(n) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(o) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2021. At February 28, 2021, the Fund’s investments with a value of $1,162,511,725 are held by TOB Trusts and serve as collateral for the $704,505,000 in the floating rate note obligations outstanding at that date. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42 | Invesco Rochester® Municipal Opportunities Fund |
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||||
Investments in securities, at value | $ | 8,556,866,581 | ||
Cash | 399,004,540 | |||
Due from broker | 12,500,914 | |||
Receivable for: | 2,004,118 | |||
Fund shares sold | 17,991,175 | |||
Interest | 102,352,648 | |||
Investments matured, at value (Cost $45,790,504) | 21,635,116 | |||
Investment for trustee deferred compensation and retirement plans | 409,032 | |||
Other assets | 3,279,770 | |||
Total assets | 9,116,043,894 | |||
Liabilities: | ||||
Floating rate note obligations | 704,505,000 | |||
Payable for: | 121,291,000 | |||
Dividends | 16,171,701 | |||
Fund shares reacquired | 189,992,108 | |||
Accrued fees to affiliates | 5,724,614 | |||
Accrued interest expense | 14,233 | |||
Accrued trustees’ and officers’ fees and benefits | 180,706 | |||
Accrued other operating expenses | 478,860 | |||
Trustee deferred compensation and retirement plans | 409,032 | |||
Total liabilities | 1,038,767,254 | |||
Net assets applicable to shares outstanding | $ | 8,077,276,640 | ||
Net assets consist of: | ||||
Shares of beneficial interest | $ | 9,288,565,669 | ||
Distributable earnings (loss) | (1,211,289,029 | ) | ||
$ | 8,077,276,640 |
Net Assets: | ||||
Class A | $ | 4,323,667,365 | ||
Class C | $ | 717,496,229 | ||
Class Y | $ | 3,018,845,309 | ||
Class R5 | $ | 7,290,275 | ||
Class R6 | $ | 9,977,462 | ||
Shares outstanding, no par value, with an unlimited number of shares authorized: |
| |||
Class A | 541,633,815 | |||
Class C | 90,279,048 | |||
Class Y | 378,637,207 | |||
Class R5 | 913,939 | |||
Class R6 | 1,249,280 | |||
Class A: | $ | 7.98 | ||
Maximum offering price per share | $ | 8.33 | ||
Class C: | $ | 7.95 | ||
Class Y: | $ | 7.97 | ||
Class R5: | $ | 7.98 | ||
Class R6: | $ | 7.99 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
43 | Invesco Rochester® Municipal Opportunities Fund |
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||
Interest | $ | 350,805,289 | ||
| ||||
Dividends | 1,109 | |||
| ||||
Total investment income | 350,806,398 | |||
| ||||
Expenses: | ||||
Advisory fees | 25,803,194 | |||
| ||||
Administrative services fees | 1,055,017 | |||
| ||||
Custodian fees | 72,605 | |||
| ||||
Distribution fees: | ||||
Class A | 9,441,044 | |||
| ||||
Class C | 7,361,474 | |||
| ||||
Interest, facilities and maintenance fees | 13,324,535 | |||
| ||||
Transfer agent fees – A, C and Y | 8,954,060 | |||
| ||||
Transfer agent fees – R5 | 5,299 | |||
| ||||
Transfer agent fees – R6 | 39 | |||
| ||||
Trustees’ and officers’ fees and benefits | 39,860 | |||
| ||||
Registration and filing fees | 283,975 | |||
| ||||
Reports to shareholders | 160,305 | |||
| ||||
Professional services fees | 1,539,501 | |||
| ||||
Other | 123,425 | |||
| ||||
Total expenses | 68,164,333 | |||
| ||||
Less: Expense offset arrangement(s) | (2,111 | ) | ||
| ||||
Net expenses | 68,162,222 | |||
| ||||
Net investment income | 282,644,176 | |||
| ||||
Realized and unrealized gain (loss) from: | ||||
Net realized gain from unaffiliated investment securities | 59,474,294 | |||
| ||||
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | (316,296,545 | ) | ||
| ||||
Net realized and unrealized gain (loss) | (256,822,251 | ) | ||
| ||||
Net increase in net assets resulting from operations | $ | 25,821,925 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44 | Invesco Rochester® Municipal Opportunities Fund |
Statement of Changes in Net Assets
For the year ended February 28, 2021, period ended February 29, 2020, and the year ended July 31, 2019
Year Ended February 28, 2021 | Seven Months Ended February 29, 2020 | Year Ended July 31, 2019 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 282,644,176 | $ | 191,531,451 | $ | 296,066,753 | ||||||
Net realized gain (loss) | 59,474,294 | 3,906,279 | (194,746,898 | ) | ||||||||
Change in net unrealized appreciation (depreciation) | (316,296,545 | ) | 473,319,492 | 595,643,647 | ||||||||
Net increase in net assets resulting from operations | 25,821,925 | 668,757,222 | 696,963,502 | |||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||
Class A | (189,891,307 | ) | (98,220,001 | ) | (146,096,755 | ) | ||||||
Class C | (35,663,431 | ) | (20,691,030 | ) | (46,788,387 | ) | ||||||
Class Y | (136,574,950 | ) | (68,785,001 | ) | (93,038,150 | ) | ||||||
Class R5 | (298,065 | ) | (5,714 | ) | (86 | ) | ||||||
Class R6 | (443,605 | ) | (252,655 | ) | (86 | ) | ||||||
Total distributions from distributable earnings | (362,871,358 | ) | (187,954,401 | ) | (285,923,464 | ) | ||||||
Share transactions–net: | ||||||||||||
Class A | 115,259,088 | 311,686,179 | 453,950,332 | |||||||||
Class C | (255,600,422 | ) | (60,132,134 | ) | (287,744,063 | ) | ||||||
Class Y | 159,339,225 | 371,352,632 | 477,395,184 | |||||||||
Class R5 | 2,688,971 | 4,603,986 | 10,000 | |||||||||
Class R6 | (3,122,800 | ) | 12,072,001 | 10,000 | ||||||||
Net increase in net assets resulting from share transactions | 18,564,062 | 639,582,664 | 643,621,453 | |||||||||
Net increase (decrease) in net assets | (318,485,371 | ) | 1,120,385,485 | 1,054,661,491 | ||||||||
Net assets: | ||||||||||||
Beginning of year | 8,395,762,011 | 7,275,376,526 | 6,220,715,035 | |||||||||
End of year | $ | 8,077,276,640 | $ | 8,395,762,011 | $ | 7,275,376,526 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
45 | Invesco Rochester® Municipal Opportunities Fund |
Statement of Cash Flows
For the year ended February 28, 2021
Cash provided by operating activities: | ||||
Net increase in net assets resulting from operations | $ | 25,821,925 | ||
Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities: | ||||
Purchases of investments | (2,491,077,728 | ) | ||
Proceeds from sales of investments | 2,995,480,528 | |||
Purchases of short-term investments, net | (42,463,102 | ) | ||
Amortization of premium on investment securities | 39,254,830 | |||
Accretion of discount on investment securities | (52,480,917 | ) | ||
Increase in receivables and other assets | (18,648,878 | ) | ||
Increase in accrued expenses and other payables | 3,237,297 | |||
Net realized gain from investment securities | (59,474,294 | ) | ||
Net change in unrealized depreciation on investment securities | 316,296,545 | |||
Net cash provided by operating activities | 715,946,206 | |||
Cash provided by (used in) financing activities: | ||||
Dividends paid to shareholders from distributable earnings | (165,730,367 | ) | ||
Proceeds from shares of beneficial interest sold | 2,970,582,357 | |||
Proceeds of TOB Trusts | 130,055,000 | |||
Repayments of TOB Trusts | (217,340,000 | ) | ||
Proceeds from borrowings | 1,433,300,000 | |||
Repayment of borrowings | (1,569,600,000 | ) | ||
Disbursements from shares of beneficial interest reacquired | (2,954,586,682 | ) | ||
Net cash provided by (used in) financing activities | (373,319,692 | ) | ||
Net increase in cash and cash equivalents | 342,626,514 | |||
Cash and cash equivalents at beginning of period | 56,378,026 | |||
Cash and cash equivalents at end of period | $ | 399,004,540 | ||
Non-cash financing activities: | ||||
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders | $ | 185,022,630 | ||
Supplemental disclosure of cash flow information: | ||||
Cash paid during the period for interest, facilities and maintenance fees | $ | 13,449,967 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46 | Invesco Rochester® Municipal Opportunities Fund |
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees) | Ratio of net investment income to average net assets | Portfolio turnover (c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $ | 8.30 | $ | 0.30 | $ | (0.23 | ) | $ | 0.07 | $ | (0.39 | ) | $ | 7.98 | 1.13 | % | $ | 4,323,667 | 0.95 | %(d) | 0.95 | %(d) | 0.77 | %(d) | 3.87 | %(d) | 28 | % | |||||||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 7.81 | 0.20 | 0.48 | 0.68 | (0.19 | ) | 8.30 | 8.87 | 4,389,039 | 0.95 | (e) | 0.95 | (e) | 0.69 | (e) | 4.26 | (e) | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 7.34 | 0.35 | 0.45 | 0.80 | (0.33 | ) | 7.81 | 11.26 | 3,825,646 | 1.20 | 1.20 | 0.76 | 4.64 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 7.27 | 0.36 | 0.08 | 0.44 | (0.37 | ) | 7.34 | 6.34 | 3,164,888 | 1.04 | 1.04 | 0.81 | 4.94 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 7.37 | 0.39 | (0.07 | ) | 0.32 | (0.42 | ) | 7.27 | 4.47 | 3,182,443 | 1.06 | 1.06 | 0.75 | 5.36 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 6.86 | 0.46 | 0.52 | 0.98 | (0.47 | ) | 7.37 | 14.91 | 3,245,013 | 1.00 | 1.00 | 0.74 | 6.54 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 8.26 | 0.25 | (0.23 | ) | 0.02 | (0.33 | ) | 7.95 | 0.54 | 717,496 | 1.60 | (d) | 1.60 | (d) | 1.42 | (d) | 3.22 | (d) | 28 | ||||||||||||||||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 7.77 | 0.17 | 0.48 | 0.65 | (0.16 | ) | 8.26 | 8.51 | 1,020,424 | 1.61 | (e) | 1.61 | (e) | 1.35 | (e) | 3.61 | (e) | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 7.31 | 0.30 | 0.45 | 0.75 | (0.29 | ) | 7.77 | 10.45 | 1,019,084 | 1.86 | 1.86 | 1.42 | 3.99 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 7.24 | 0.31 | 0.09 | 0.40 | (0.33 | ) | 7.31 | 5.68 | 1,231,057 | 1.69 | 1.69 | 1.46 | 4.29 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 7.35 | 0.33 | (0.07 | ) | 0.26 | (0.37 | ) | 7.24 | 3.74 | 1,301,304 | 1.78 | 1.78 | 1.47 | 4.66 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 6.83 | 0.41 | 0.53 | 0.94 | (0.42 | ) | 7.35 | 14.13 | 1,375,239 | 1.75 | 1.75 | 1.49 | 5.80 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 8.29 | 0.32 | (0.23 | ) | 0.09 | (0.41 | ) | 7.97 | 1.40 | 3,018,845 | 0.70 | (d) | 0.70 | (d) | 0.52 | (d) | 4.12 | (d) | 28 | ||||||||||||||||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 7.80 | 0.21 | 0.49 | 0.70 | (0.21 | ) | 8.29 | 9.04 | 2,968,456 | 0.71 | (e) | 0.71 | (e) | 0.45 | (e) | 4.51 | (e) | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/19 | 7.33 | 0.37 | 0.45 | 0.82 | (0.35 | ) | 7.80 | 11.55 | 2,430,627 | 0.95 | 0.95 | 0.51 | 4.89 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/18 | 7.26 | 0.38 | 0.08 | 0.46 | (0.39 | ) | 7.33 | 6.61 | 1,824,770 | 0.79 | 0.79 | 0.56 | 5.19 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/17 | 7.37 | 0.39 | (0.06 | ) | 0.33 | (0.44 | ) | 7.26 | 4.66 | 1,334,351 | 0.88 | 0.88 | 0.57 | 5.40 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 07/31/16 | 6.85 | 0.47 | 0.53 | 1.00 | (0.48 | ) | 7.37 | 15.10 | 920,958 | 0.85 | 0.85 | 0.59 | 6.68 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 8.29 | 0.32 | (0.22 | ) | 0.10 | (0.41 | ) | 7.98 | 1.58 | 7,290 | 0.67 | (d) | 0.67 | (d) | 0.49 | (d) | 4.15 | (d) | 28 | ||||||||||||||||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 7.80 | 0.22 | 0.51 | 0.73 | (0.24 | ) | 8.29 | 9.49 | 4,697 | 0.64 | (e) | 0.64 | (e) | 0.38 | (e) | 4.57 | (e) | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended 07/31/19(f) | 7.71 | 0.07 | 0.08 | 0.15 | (0.06 | ) | 7.80 | 2.03 | 10 | 0.91 | (e) | 0.91 | (e) | 0.47 | (e) | 4.93 | (e) | 34 | |||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 8.29 | 0.33 | (0.21 | ) | 0.12 | (0.42 | ) | 7.99 | 1.76 | 9,977 | 0.58 | (d) | 0.58 | (d) | 0.40 | (d) | 4.24 | (d) | 28 | ||||||||||||||||||||||||||||||||||||||||||||||
Seven months ended 02/29/20 | 7.80 | 0.21 | 0.49 | 0.70 | (0.21 | ) | 8.29 | 9.05 | 13,146 | 0.67 | (e) | 0.67 | (e) | 0.41 | (e) | 4.54 | (e) | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended 07/31/19(f) | 7.71 | 0.07 | 0.08 | 0.15 | (0.06 | ) | 7.80 | 2.04 | 10 | 0.91 | (e) | 0.91 | (e) | 0.47 | (e) | 4.93 | (e) | 34 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Ratios are based on average daily net assets (000’s omitted) of $3,811,652, $817,942, $2,636,834, $5,812 and $8,677 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. |
(e) | Annualized. |
(f) | Commencement date after the close of business on May 24, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
47 | Invesco Rochester® Municipal Opportunities Fund |
Notes to Financial Statements
February 28, 2021
NOTE 1–Significant Accounting Policies
Invesco Rochester® Municipal Opportunities Fund, formerly Invesco Oppenheimer Rochester® High Yield Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek tax-free income.
The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for 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. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
Effective as of the open of business on April 6, 2020, the Fund reopened to all investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations - Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
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 |
48 | Invesco Rochester® Municipal Opportunities Fund |
determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
H. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Cash and Cash Equivalents - For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. |
K. | Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
L. | Floating Rate Note Obligations - The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The
49 | Invesco Rochester® Municipal Opportunities Fund |
Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.
M. | Other Risks - The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. |
The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets* | Rate | ||||
Up to $200 million | 0.600% | ||||
Next $100 million | 0.550% | ||||
Next $200 million | 0.500% | ||||
Next $250 million | 0.450% | ||||
Next $250 million | 0.400% | ||||
Next $10 billion | 0.350% | ||||
Over $11 billion | 0.340% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.354%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 0.82%, 1.47%, 0.57%, 0.52% and 0.47%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.15%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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. The Adviser did not waive fees and/or reimburse expenses during the reporting period under this expense limit.
The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company
50 | Invesco Rochester® Municipal Opportunities Fund |
(“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 0.90% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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 Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $320,555 in front-end sales commissions from the sale of Class A shares and $287,410 and $184,295 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
During the year ended February 28, 2021, there were transfers from Level 3 to Level 2 of $1,675,920, due to availability of market data for this security and from Level 2 to Level 3 of $3,285,754, due to lack of availability of market data for these securities.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||||||||||
Municipal Obligations | $ | – | $ | 8,414,621,970 | $ | 130,581,188 | $ | 8,545,203,158 | ||||||||||||||||||||
Common Stocks & Other Equity Interests | 10,231,423 | – | – | 10,231,423 | ||||||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | – | – | 1,432,000 | 1,432,000 | ||||||||||||||||||||||||
Total Investments in Securities | 10,231,423 | 8,414,621,970 | 132,013,188 | 8,556,866,581 | ||||||||||||||||||||||||
Other Investments - Assets | ||||||||||||||||||||||||||||
Investments Matured | – | 5,821,709 | 15,813,407 | 21,635,116 | ||||||||||||||||||||||||
Total Investments | $ | 10,231,423 | $ | 8,420,443,679 | $ | 147,826,595 | $ | 8,578,501,697 |
A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended February 28, 2021:
Value 02/29/20 | Purchases at Cost | Proceeds from Sales | Accrued Discounts/ Premiums | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Value 02/28/21 | ||||||||||||||||||||||||||||
Municipal Obligations | $ | 145,408,551 | $ | 730,162 | $ | (23,777,295 | ) | $ | 155,069 | $ | (5,997,738 | ) | $ | 12,452,605 | $ | 3,285,754 | $ | (1,675,920 | ) | $ | 130,581,188 | |||||||||||||||
U.S. Dollar Denominated Bonds & Notes | 1,432,000 | - | - | - | - | - | - | - | 1,432,000 | |||||||||||||||||||||||||||
Investments Matured | 19,777,377 | 112,375 | (1,399,135 | ) | - | 222,469 | (2,899,679 | ) | - | - | 15,813,407 | |||||||||||||||||||||||||
Total | $ | 166,617,928 | $ | 842,537 | $ | (25,176,430 | ) | $ | 155,069 | $ | (5,775,269 | ) | $ | 9,552,926 | $ | 3,285,754 | $ | (1,675,920 | ) | $ | 147,826,595 |
Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.
51 | Invesco Rochester® Municipal Opportunities Fund |
NOTE 4–Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,111.
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6–Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. Prior to February 25, 2021, the revolving credit and security agreement permitted borrowings up to $2.5 billion. The revolving credit and security agreement is secured by the assets of the Fund.
During the year ended February 28, 2021, the average daily balance of borrowing under the revolving credit and security agreement was $76,891,233 with a weighted interest rate of 1.30%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2021 were $763,608,462 and 1.01%, respectively.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Year Ended February 28, 2021, Period Ended February 29, 2020 and the Year Ended July 31, 2019:
Year Ended February 28, 2021 | Seven months Ended February 29, 2020 | Year Ended July 31, 2019 | ||||||||||||||||||
Ordinary income* | $ | 7,912,661 | $ | 6,225,328 | $ | 13,267,553 | ||||||||||||||
Ordinary income-tax-exempt | 354,958,697 | 181,729,073 | 272,655,911 | |||||||||||||||||
Total distributions | $ | 362,871,358 | $ | 187,954,401 | $ | 285,923,464 | ||||||||||||||
* Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Period-End:
2021 | ||||
Undistributed tax-exempt income | $ | 230,284,770 | ||
Net unrealized appreciation – investments | 28,794,880 | |||
Temporary book/tax differences | (565,722 | ) | ||
Capital loss carryforward | (1,469,802,957 | ) | ||
Shares of beneficial interest | 9,288,565,669 | |||
Total net assets | $ | 8,077,276,640 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to bond premium amortization and defaulted bonds.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
52 | Invesco Rochester® Municipal Opportunities Fund |
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward*
Expiration | Short-Term | Long-Term | Total | |||||||||
Not subject to expiration | $ | 172,658,611 | $ | 1,297,144,346 | $ | 1,469,802,957 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $2,246,052,244 and $2,997,484,646, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
| ||||
Aggregate unrealized appreciation of investments | $ | 487,237,572 | ||
| ||||
Aggregate unrealized (depreciation) of investments | (458,442,692 | ) | ||
| ||||
Net unrealized appreciation of investments | $ | 28,794,880 | ||
|
Cost of investments for tax purposes is $ 8,549,706,817.
NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of accretion and amortization differences and defaulted bonds, on February 28, 2021, undistributed net investment income was increased by $5,920,554, undistributed net realized gain (loss) was decreased by $5,920,542 and shares of beneficial interest was decreased by $12. This reclassification had no effect on the net assets of the Fund.
NOTE 10–Share Information
Summary of Share Activity | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Year ended February 28, 2021(a) | Seven months ended February 29, 2020 | Year ended July 31, 2019 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
| ||||||||||||||||||||||||
Sold: | ||||||||||||||||||||||||
Class A | 122,271,925 | $ | 949,655,366 | 74,011,584 | $ | 590,119,114 | 131,054,012 | $ | 989,975,095 | |||||||||||||||
Class C | 20,788,846 | 160,283,486 | 14,365,785 | 113,951,532 | 27,892,637 | 207,446,026 | ||||||||||||||||||
Class Y | 239,708,183 | 1,837,670,542 | 89,913,451 | 716,659,553 | 160,665,832 | 1,198,634,680 | ||||||||||||||||||
Class R5(b) | 419,739 | 3,218,869 | 565,381 | 4,602,340 | 1,297 | 10,000 | ||||||||||||||||||
Class R6(b) | 1,164,783 | 8,781,321 | 2,564,780 | 20,210,999 | 1,297 | 10,000 | ||||||||||||||||||
Issued as reinvestment | ||||||||||||||||||||||||
Class A | 11,320,289 | 86,268,166 | 10,551,731 | 84,351,905 | 16,454,954 | 122,957,474 | ||||||||||||||||||
Class C | 2,571,961 | 19,425,449 | 2,321,196 | 18,469,320 | 5,592,006 | 41,526,613 | ||||||||||||||||||
Class Y | 10,344,547 | 78,894,429 | 7,822,661 | 62,472,815 | 10,851,809 | 81,178,318 | ||||||||||||||||||
Class R5(b) | 37,264 | 285,745 | 361 | 2,978 | - | - | ||||||||||||||||||
Class R6(b) | 19,923 | 148,841 | 30,023 | 242,420 | - | - | ||||||||||||||||||
Automatic conversion of | ||||||||||||||||||||||||
Class A | 31,644,232 | 247,605,442 | 10,634,641 | 84,788,564 | - | - | ||||||||||||||||||
Class C | (31,796,326 | ) | (247,605,442 | ) | (10,685,888 | ) | (84,788,564 | ) | - | - | ||||||||||||||
Reacquired: | ||||||||||||||||||||||||
Class A | (152,577,752 | ) | (1,168,269,886 | ) | (56,259,163 | ) | (447,573,404 | ) | (88,765,384 | ) | (658,982,237 | ) | ||||||||||||
Class C | (24,845,290 | ) | (187,703,915 | ) | (13,581,413 | ) | (107,764,422 | ) | (70,838,918 | ) | (536,716,702 | ) | ||||||||||||
Class Y | (229,594,629 | ) | (1,757,225,746 | ) | (51,250,119 | ) | (407,779,736 | ) | (108,775,595 | ) | (802,417,814 | ) | ||||||||||||
Class R5(b) | (109,941 | ) | (815,643 | ) | (162 | ) | (1,332 | ) | - | - | ||||||||||||||
Class R6(b) | (1,520,396 | ) | (12,052,962 | ) | (1,011,130 | ) | (8,381,418 | ) | - | - | ||||||||||||||
Net increase (decrease) in share activity | (152,642 | ) | $ | 18,564,062 | 79,453,719 | $ | 639,582,664 | 84,133,947 | $ | 643,621,453 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 63% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
(b) | Commencement date after the close of business on May 24, 2019. |
53 | Invesco Rochester® Municipal Opportunities Fund |
NOTE 11–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
54 | Invesco Rochester® Municipal Opportunities Fund |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Rochester® Municipal Opportunities Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Rochester® Municipal Opportunities Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statements of operations and cash flows for the year ended February 28, 2021, the statement of changes in net assets for the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets and its cash flows for the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019, and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Financial Highlights |
For the year ended February 28, 2021, the seven months ended February 29, 2020 and the year ended July 31, 2019 for Class A, Class C and Class Y For the year ended February 28, 2021, the seven months ended February 29, 2020 and the period May 24, 2019 (commencement of operations) through July 31, 2019 for Class R5 and Class R6 |
The financial statements of Invesco Rochester® Municipal Opportunities Fund (formerly known as Oppenheimer Rochester® High Yield Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
55 | Invesco Rochester® Municipal Opportunities Fund |
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
ACTUAL | HYPOTHETICAL (5% annual return before expenses) | |||||||||||
Beginning Account Value (09/01/20) | Ending Account Value (02/28/21)1 | Expenses Paid During Period2 | Ending Account Value (02/28/21) | Expenses Paid During Period2 | Annualized Ratio | |||||||
Class A | $1,000.00 | $1,051.90 | $4.58 | $1,020.33 | $4.51 | 0.90% | ||||||
Class C | 1,000.00 | 1,048.80 | 7.87 | 1,017.11 | 7.75 | 1.55 | ||||||
Class Y | 1,000.00 | 1,053.20 | 3.31 | 1,021.57 | 3.26 | 0.65 | ||||||
Class R5 | 1,000.00 | 1,054.70 | 3.31 | 1,021.57 | 3.26 | 0.65 | ||||||
Class R6 | 1,000.00 | 1,055.10 | 2.50 | 1,022.36 | 2.46 | 0.49 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
56 | Invesco Rochester® Municipal Opportunities Fund |
Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | ||||||
Qualified Dividend Income* | 0.00% | |||||
Qualified Business Income* | 0.00% | |||||
Business Interest Income* | 0.00% | |||||
Corporate Dividends Received Deduction* | 0.00% | |||||
U.S. Treasury Obligations* | 0.00% | |||||
Tax-Exempt Interest Dividends* | 97.82% |
* | The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
57 | Invesco Rochester® Municipal Opportunities Fund |
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
Name, Year of Birth and 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 Trustee | ||||||||
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) | 191 | 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. |
T-1 | Invesco Rochester® Municipal Opportunities Fund |
Trustees and Officers–(continued)
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 | ||||||||
Christopher L. Wilson – 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and President and Director of Grahamtastic Connection (non- profit) | ||||
Jack M. Fields – 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine | ||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization);Eisenhower Foundation (non-profit) | ||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 | Invesco Rochester® Municipal Opportunities Fund |
Trustees and Officers–(continued)
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) | ||||||||
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 | 191 | 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 | ||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
Prema Mathai-Davis – 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
Joel W. Motley – 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); |
T-3 | Invesco Rochester® Municipal Opportunities Fund |
Trustees and Officers–(continued)
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 – 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
Robert C. Troccoli – 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
Daniel S. Vandivort –1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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 | 191 | 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) |
T-4 | Invesco Rochester® Municipal Opportunities Fund |
Trustees and Officers–(continued)
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 Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Officers | ||||||||
Sheri Morris – 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 | Invesco Rochester® Municipal Opportunities Fund |
Trustees and Officers–(continued)
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 Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Officers–(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
T-6 | Invesco Rochester® Municipal Opportunities Fund |
Trustees and Officers–(continued)
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 Fund Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A | ||||
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A | ||||
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | 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’s sub-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 77002-5678 | |||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018 | 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 | State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801 |
T-7 | Invesco Rochester® Municipal Opportunities Fund |
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∎ | Fund reports and prospectuses |
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Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. |
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | O-ROHYM-AR-1 |
Annual Report to Shareholders | February 28, 2021 |
Invesco Rochester® New York Municipals Fund
Nasdaq:
A: RMUNX ∎ C: RMUCX ∎ Y: RMUYX ∎ R6: IORUX
Management’s Discussion of Fund Performance
Performance summary |
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For the year ended February 28, 2021, Class A shares of Invesco Rochester® New York Municipals Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg Barclays Municipal Bond Index. |
| |||
Your Fund’s long-term performance appears later in this report.
|
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Fund vs. Indexes |
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Total returns, 2/29/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance. |
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Class A Shares | 0.65 | % | ||
Class C Shares | -0.10 | |||
Class Y Shares | 0.88 | |||
Class R6 Shares | 1.00 | |||
Bloomberg Barclays Municipal Bond Indexq | 1.06 | |||
U.S. Consumer Price Index∎ | 1.68 | |||
Source(s): qRIMES Technologies Corp.; ∎Bloomberg L.P. |
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Market conditions and your Fund
Once the pandemic epicenter in the US, the State of New York managed to tackle the coronavirus (COVID-19) outbreak by responding early and implementing a strict lock-down protocol. However, these measures had a negative effect on the State’s economy and finances, which is projected to last at least until FY24. Favorably, New York benefits from a robust and wealthy economy, adequate resources, and budget flexibility, which have helped mitigate the adverse economic impact brought by the pandemic. Moderate leverage levels allow the State to issue debt as an alternative to additional expenditure reductions.
Early in 2020, employment numbers reflected how New York suffered a larger economic impact than most other states but recent data indicated improvement in the job sector and the beginning of the State’s path to recovery. New York’s unemployment rate improved from 12.5% in August to 8.2% in December, while the national average went from 8.4% to 6.7% during the same period.1 Following declines in COVID-19 cases and easing of lock-down rules, the third quarter of 2020 saw big recoveries in gross domestic product (GDP) in all states, with the national GDP increasing at 33.4%. New York’s GDP increased 30.3% during the same period, with the largest increases seen in the health care, retail, food and accommodation sectors.2 Though the State’s liability profile will likely weaken in the near term, its pension system is well-funded. Long-term challenges include a negative population trend, which may stabilize following the recent reversal of Trump’s immigration controls, and pressure from Medicaid spending.
to navigate unchartered waters in March 2020.
Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%%, and taxable municipal bonds returned 0.43% during the year.3 The year began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.
Municipal funds averaged about $10 billion per week in outflows during March.4 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.4 High-yield municipal funds generally hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds had been selling both high-yield and investment-grade securities into a distressed market to meet shareholder redemptions. This led to price declines across the municipal universe.
Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries – well above the historical norm of approximately 90%.5
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.
The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to COVID-19, consisting of half a percentage and whole percentage
point leaving the target range 0.00% to 0.25%.6
Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with indeterminate time-lines for closures of non-essential businesses.
Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, just the availability of the program provided a psychological safety net for the market.
As the COVID-19 pandemic continued into fall and winter, most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.
We believe the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform.
A highly demanded second stimulus package was signed at the end of the year. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.
In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.
New issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion. Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.7 This can be attributed to recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance.
Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current
2 Invesco Rochester® New York Municipals Fund
on principal and interest, as history has shown.
At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to year end, on March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February 2021 also brought $34 billion in municipal bond supply, higher than the average supply for the last five years for the month.
During the year, security selection in non-rated bonds contributed to the Fund’s performance relative to its style-specific benchmark. The Fund’s preference for revenue bonds over general obligation bonds also benefited its relative performance. At the sector level, security selection in the tobacco settlement and higher education sectors contributed to the Fund’s relative performance.
Security selection in and underweight allocation to the transportation sector detracted from the Fund’s performance relative to the style-specific benchmark during the fiscal year. Security selection in AA-rated† bonds detracted from the Fund’s performance relative to its style-specific benchmark over the year.
During the year, leverage contributed to the Fund’s performance relative to its style-specific benchmark. The Fund achieved a leveraged position through the use of inverse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to 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. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.
Thank you for investing in Invesco Rochester® New York Municipals Fund and sharing our long-term investment horizon.
1 Source: New York Department of Labor
2 Source: US Bureau of Economic Analysis
3 Source: Bloomberg Barclays
4 Source: Strategic Insight
5 Source: US Department of the Treasury
6 Source: US Federal Reserve
7 Source: The Bond Buyer
† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.
Portfolio manager(s):
Michael Camarella
Scott Cottier
Mark DeMitry
Tim O’Reilly
Mark Paris
Julius Williams
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Fund and, if applicable, index disclosures later in this report.
3 Invesco Rochester® New York Municipals Fund
Your Fund’s Long-Term Performance
Results of a $10,000 Investment – Oldest Share Class(es)
Fund and index data from 2/28/11
1 Source: RIMES Technologies Corp.
2 Source: Bloomberg L.P.
Past performance cannot guarantee future results.
The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management
fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects Fund expenses and management fees; performance of a market index does
not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
4 Invesco Rochester® New York Municipals Fund
Average Annual Total Returns | ||||
As of 2/28/21, including maximum applicable sales charges |
| |||
Class A Shares | ||||
Inception (5/15/86) | 6.26 | % | ||
10 Years | 6.28 | |||
5 Years | 6.30 | |||
1 Year | -3.64 | |||
Class C Shares | ||||
Inception (3/17/97) | 5.19 | % | ||
10 Years | 6.03 | |||
5 Years | 6.41 | |||
1 Year | -1.08 | |||
Class Y Shares | ||||
Inception (4/28/00) | 5.87 | % | ||
10 Years | 6.93 | |||
5 Years | 7.46 | |||
1 Year | 0.88 | |||
Class R6 Shares | ||||
10 Years | 6.79 | % | ||
5 Years | 7.34 | |||
1 Year | 1.00 |
Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester Fund Municipals, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester® New York Municipals Fund. The Fund was subsequently renamed the Invesco Rochester® New York Municipals Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.
Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on
Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.
The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.
5 Invesco Rochester® New York Municipals Fund
Supplemental Information
Invesco Rochester® New York Municipals Fund investment objective is to seek tax-free income.
∎ | Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets. |
∎ | Unless otherwise noted, all data provided by Invesco. |
∎ | To access your Fund’s reports/prospectus, visit invesco.com/fundreports. |
About indexes used in this report
∎ | The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. |
∎ | The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US Bureau of Labor Statistics. |
∎ | The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |
∎ | A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing. | ||
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
6 Invesco Rochester® New York Municipals Fund
Fund Information
Portfolio Composition
By credit sector | % of total investments | |||
Revenue Bonds | 93.0% | |||
General Obligation Bonds | 5.5 | |||
Pre-Refunded Bonds | 1.5 | |||
Top Five Debt Holdings | ||||
% of total net assets | ||||
1. | Children’s Trust Fund, Series 2008 A, RB | 2.8% | ||
2. | New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB | 1.7 | ||
3. | MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB | 1.3 | ||
4. | Suffolk Tobacco Asset Securitization Corp., Series 2008 C, RB | 1.3 | ||
5. | University of Puerto Rico, Series 2006 Q, RB | 1.2 |
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of February 28, 2021.
7 Invesco Rochester® New York Municipals Fund
Schedule of Investments
February 28, 2021
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Municipal Obligations–100.75% | ||||||||||||||
New York–87.89% | ||||||||||||||
Albany (County of), NY Airport Authority; | ||||||||||||||
Series 2018 A, RB | 5.00 | % | 12/15/2043 | $ | 1,750 | $ 2,064,877 | ||||||||
Series 2018 A, RB | 5.00 | % | 12/15/2048 | 2,585 | 3,030,576 | |||||||||
Series 2018 B, RB(a) | 5.00 | % | 12/15/2033 | 335 | 395,327 | |||||||||
Series 2018 B, RB(a) | 5.00 | % | 12/15/2034 | 250 | 294,255 | |||||||||
Albany (County of), NY Industrial Development Agency (Rehabilitation Support Services, Inc. (The)); Series 1993 A, RB | 8.38 | % | 06/01/2023 | 250 | 250,183 | |||||||||
Albany (County of), NY Industrial Development Agency (Sage Colleges); Series 1999 A, RB | 5.30 | % | 04/01/2029 | 1,560 | 1,477,882 | |||||||||
Albany (County of), NY Parking Authority; Series 2018 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 07/15/2025 | 315 | 369,586 | |||||||||
Albany Capital Resource Corp. (College Saint Rose (The)); | 5.38 | % | 07/01/2026 | 1,525 | 1,536,056 | |||||||||
Series 2011 A, RB | 5.63 | % | 07/01/2031 | 1,315 | 1,323,640 | |||||||||
Series 2011 A, RB | 5.88 | % | 07/01/2041 | 8,165 | 8,215,786 | |||||||||
Albany Capital Resource Corp. (Empire Commons Student Housing); | ||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2027 | 300 | 345,531 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2032 | 200 | 225,626 | |||||||||
Amherst Development Corp. (Daemen College); | ||||||||||||||
Series 2018, Ref. RB | 4.00 | % | 10/01/2037 | 2,575 | 2,651,374 | |||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2043 | 4,060 | 4,450,897 | |||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2048 | 3,235 | 3,526,215 | |||||||||
Amherst Development Corp. (UBF Faculty-Student Housing Corp. - Greiner & Hadley Refunding Projects at SUNY Buffalo); Series 2017 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2045 | 1,000 | 1,153,670 | |||||||||
Battery Park (City of), NY Authority; Series 2019, RB | 4.00 | % | 11/01/2044 | 4,000 | 4,691,280 | |||||||||
Brookhaven (City of), NY Industrial Development Agency (Enecon Corp.); | 6.30 | % | 11/01/2033 | 2,495 | 2,483,997 | |||||||||
Brookhaven Local Development Corp. (Jefferson’s Ferry); | ||||||||||||||
Series 2016, Ref. RB | 5.25 | % | 11/01/2036 | 1,725 | 1,983,853 | |||||||||
Series 2020 B, RB | 4.00 | % | 11/01/2045 | 1,500 | 1,578,825 | |||||||||
Series 2020 B, RB | 4.00 | % | 11/01/2055 | 6,400 | 6,697,024 | |||||||||
Brooklyn Arena Local Development Corp. (Barclays Center); | ||||||||||||||
Series 2009, RB(c) | 0.00 | % | 07/15/2034 | 3,685 | 2,524,225 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/15/2042 | 27,330 | 31,456,283 | |||||||||
Broome County Local Development Corp. (United Health Services Hospital); Series 2020, Ref. RB (INS - AGM)(b) | 4.00 | % | 04/01/2050 | 3,500 | 3,878,105 | |||||||||
Buffalo & Erie County Industrial Land Development Corp. (Buffalo State College Foundation Housing Corp.); | ||||||||||||||
Series 2011, RB(d)(e) | 5.38 | % | 04/01/2021 | 1,770 | 1,777,505 | |||||||||
Series 2011, RB(d)(e) | 6.00 | % | 04/01/2021 | 870 | 874,115 | |||||||||
Buffalo & Erie County Industrial Land Development Corp. (Catholic Health System); Series 2015, RB | 5.25 | % | 07/01/2035 | 1,500 | 1,710,660 | |||||||||
Buffalo & Erie County Industrial Land Development Corp. (Charter School for Applied Technology); | ||||||||||||||
Series 2017 A, Ref. RB | 4.50 | % | 06/01/2027 | 1,500 | 1,653,570 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2035 | 840 | 924,832 | |||||||||
Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); | ||||||||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2032 | 140 | 165,675 | |||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2033 | 150 | 176,841 | |||||||||
Series 2018, Ref. RB | 5.00 | % | 10/01/2037 | 500 | 582,585 | |||||||||
Buffalo & Erie County Industrial Land Development Corp. (Orchard Park); Series 2015, Ref. RB | 5.00 | % | 11/15/2037 | 1,035 | 1,128,440 | |||||||||
Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School); Series 2017 A, RB | 5.00 | % | 08/01/2037 | 825 | 918,052 | |||||||||
Buffalo (City of), NY Municipal Water Finance Authority; | ||||||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2029 | 300 | 350,616 | |||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2030 | 150 | 175,169 | |||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2031 | 210 | 244,751 | |||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2032 | 245 | 284,979 | |||||||||
Build NYC Resource Corp.; Series 2015, RB | 5.00 | % | 07/01/2045 | 1,160 | 1,290,767 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
Build NYC Resource Corp. (Bronx Charter School for Excellence); | 5.00 | % | 04/01/2033 | $ | 500 | $ 526,690 | ||||||||
Build NYC Resource Corp. (Bronx Lighthouse Charter School); | ||||||||||||||
Series 2018, RB | 5.00 | % | 06/01/2038 | 1,525 | 1,698,347 | |||||||||
Series 2018, RB | 5.00 | % | 06/01/2048 | 2,415 | 2,656,114 | |||||||||
Build NYC Resource Corp. (Chapin School); Series 2017, Ref. RB | 5.00 | % | 11/01/2047 | 8,000 | 11,809,920 | |||||||||
Build NYC Resource Corp. (Children’s Aid Society (The)); | ||||||||||||||
Series 2019, RB | 4.00 | % | 07/01/2044 | 555 | 623,065 | |||||||||
Series 2019, RB | 4.00 | % | 07/01/2049 | 1,300 | 1,445,483 | |||||||||
Build NYC Resource Corp. (Manhattan College); | ||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 08/01/2032 | 880 | 1,042,536 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 08/01/2036 | 1,500 | 1,757,445 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 08/01/2047 | 4,430 | 5,084,843 | |||||||||
Series 2014, Ref. RB(d)(e) | 5.00 | % | 07/01/2024 | 1,600 | 1,840,384 | |||||||||
Build NYC Resource Corp. (Metropolitan Lighthouse Charter School); Series 2017 A, RB(f) | 5.00 | % | 06/01/2047 | 1,250 | 1,375,725 | |||||||||
Build NYC Resource Corp. (New Dawn Charter Schools); | ||||||||||||||
Series 2019, RB(f) | 5.63 | % | 02/01/2039 | 1,100 | 1,192,763 | |||||||||
Series 2019, RB(f) | 5.75 | % | 02/01/2049 | 1,330 | 1,433,461 | |||||||||
Build NYC Resource Corp. (Pratt Paper, Inc.); | ||||||||||||||
Series 2014, Ref. RB(a)(f) | 4.50 | % | 01/01/2025 | 1,225 | 1,309,231 | |||||||||
Series 2014, Ref. RB(a)(f) | 5.00 | % | 01/01/2035 | 4,350 | 4,808,446 | |||||||||
Build NYC Resource Corp. (YMCA of Greater New York); Series 2012, RB(d)(e) | 5.00 | % | 08/01/2022 | 860 | 918,635 | |||||||||
Build NYC Resource Corp. (Young Adult Institute, Inc.); | ||||||||||||||
Series 2020 A, Ref. RB | 5.00 | % | 07/01/2030 | 1,095 | 1,243,340 | |||||||||
Series 2020 A, Ref. RB | 5.00 | % | 07/01/2045 | 4,145 | 4,458,238 | |||||||||
Bushnell’s Basin Fire Association, Inc.; Series 2005 B, RB | 5.75 | % | 11/01/2030 | 2,265 | 2,235,125 | |||||||||
Cattaraugus (County of), NY (St. Bonaventure University); | ||||||||||||||
Series 2014, RB | 5.00 | % | 05/01/2034 | 200 | 215,918 | |||||||||
Series 2014, RB | 5.00 | % | 05/01/2039 | 250 | 267,728 | |||||||||
Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.); | ||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2030 | 510 | 577,131 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2031 | 540 | 608,051 | |||||||||
Chautauqua (City & County of), NY Utility District; | ||||||||||||||
Series 2006, GO Bonds | 5.00 | % | 06/01/2023 | 95 | 95,306 | |||||||||
Series 2006, GO Bonds | 5.00 | % | 06/01/2025 | 105 | 105,337 | |||||||||
Chemung (County of), NY Industrial Development Agency (Hathorn Redevelopment Co.); | ||||||||||||||
Series 2001 A, IDR(a) | 4.85 | % | 07/01/2023 | 260 | 261,303 | |||||||||
Series 2001 A, IDR(a) | 5.00 | % | 07/01/2033 | 1,515 | 1,521,878 | |||||||||
City of Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.); | ||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2028 | 400 | 458,376 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2029 | 550 | 627,946 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2030 | 350 | 398,129 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 05/01/2031 | 350 | 396,484 | |||||||||
Dutchess (County of), NY Water & Wastewater Authority; Series 1998 1, RB(c) | 0.00 | % | 06/01/2027 | 1,000 | 929,630 | |||||||||
Dutchess County Local Development Corp. (Bard College); | ||||||||||||||
Series 2020 A, Ref. RB(f) | 5.00 | % | 07/01/2040 | 1,000 | 1,178,610 | |||||||||
Series 2020 A, Ref. RB(f) | 5.00 | % | 07/01/2045 | 4,550 | 5,309,804 | |||||||||
Series 2020 A, Ref. RB(f) | 5.00 | % | 07/01/2051 | 4,500 | 5,227,560 | |||||||||
Dutchess County Local Development Corp. (Health Quest Systems, Inc.); | ||||||||||||||
Series 2014 A, RB(d)(e) | 5.00 | % | 07/01/2024 | 1,195 | 1,374,537 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2030 | 1,255 | 1,463,518 | |||||||||
Series 2016 B, RB | 4.00 | % | 07/01/2034 | 6,410 | 6,960,683 | |||||||||
Series 2016 B, RB | 5.00 | % | 07/01/2035 | 2,715 | 3,123,472 | |||||||||
Series 2016 B, RB | 5.00 | % | 07/01/2046 | 25,775 | 28,877,537 | |||||||||
Series 2019 B, Ref. RB | 4.00 | % | 07/01/2044 | 2,430 | 2,733,896 | |||||||||
Dutchess County Local Development Corp. (Marist College); Series 2015 A, RB | 5.00 | % | 07/01/2036 | 2,335 | 2,679,646 | |||||||||
Dutchess County Local Development Corp. (Nuvance Health); Series 2019 B, Ref. RB | 4.00 | % | 07/01/2049 | 3,570 | 3,995,151 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
Dutchess County Local Development Corp. (Vassar College); | ||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2034 | $ | 840 | $ 1,006,303 | ||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2036 | 840 | 1,001,288 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2037 | 1,205 | 1,432,624 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2042 | 2,535 | 2,981,464 | |||||||||
Series 2020, Ref. RB | 5.00 | % | 07/01/2045 | 5,000 | 6,188,050 | |||||||||
Series 2020, Ref. RB | 4.00 | % | 07/01/2049 | 5,000 | 5,650,350 | |||||||||
East Rochester Housing Authority (Jefferson Park Association L.P.); Series 1999, | 6.75 | % | 03/01/2030 | 1,320 | 1,303,421 | |||||||||
Elmira (City of), NY Housing Authority (Eastgate Apartments L.P.); Series 2007, | 6.25 | % | 06/01/2044 | 2,230 | 2,231,762 | |||||||||
Erie Tobacco Asset Securitization Corp.; | ||||||||||||||
Series 2005 A, RB | 5.00 | % | 06/01/2038 | 5,000 | 5,004,900 | |||||||||
Series 2005 A, RB | 5.00 | % | 06/01/2045 | 1,275 | 1,276,249 | |||||||||
Series 2005 D, RB(c) | 0.00 | % | 06/01/2055 | 194,300 | 17,696,844 | |||||||||
Series 2006 A, RB(c)(f) | 0.00 | % | 06/01/2060 | 434,000 | 18,549,160 | |||||||||
Franklin (County of), NY Solid Waste Management Authority; | ||||||||||||||
Series 2015 A, RB(a) | 5.00 | % | 06/01/2025 | 300 | 348,570 | |||||||||
Series 2019, RB(a) | 4.00 | % | 06/01/2025 | 910 | 1,019,610 | |||||||||
Series 2019, RB(a) | 4.00 | % | 06/01/2026 | 950 | 1,083,010 | |||||||||
Series 2019, RB(a) | 4.00 | % | 06/01/2027 | 985 | 1,135,744 | |||||||||
Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A, RB (Acquired 06/26/2018; Cost $6,460,000)(f)(g) | 5.50 | % | 07/01/2044 | 5,495 | 5,518,903 | |||||||||
Hempstead Town Local Development Corp. (Evergreen Charter School); Series 2019, Ref. RB(f) | 6.80 | % | 12/01/2044 | 9,530 | 11,035,645 | |||||||||
Hempstead Town Local Development Corp. (Molloy College); | ||||||||||||||
Series 2014, RB | 5.00 | % | 07/01/2029 | 1,700 | 1,880,506 | |||||||||
Series 2014, RB | 5.00 | % | 07/01/2034 | 1,500 | 1,640,250 | |||||||||
Series 2014, RB | 5.00 | % | 07/01/2039 | 1,250 | 1,356,225 | |||||||||
Series 2014, RB | 5.00 | % | 07/01/2044 | 1,000 | 1,078,090 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2029 | 475 | 563,792 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2030 | 425 | 501,173 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2031 | 390 | 457,907 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2032 | 700 | 818,832 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2035 | 730 | 847,391 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2036 | 570 | 660,926 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2038 | 650 | 749,255 | |||||||||
Hudson Yards Infrastructure Corp; Series 2017 XF0550, Ref. Revenue Ctfs.(h) | 5.00 | % | 02/15/2042 | 26,500 | 31,006,060 | |||||||||
Hudson Yards Infrastructure Corp.; | ||||||||||||||
Series 2011, RB | 5.25 | % | 02/15/2047 | 995 | 998,473 | |||||||||
Series 2012 A, RB | 5.75 | % | 02/15/2047 | 13,425 | 13,478,566 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 02/15/2038 | 11,000 | 12,984,290 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 02/15/2039 | 15,705 | 18,499,548 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 02/15/2042 | 19,880 | 23,272,721 | |||||||||
Series 2017 A, Ref. RB (INS - BAM)(b) | 5.00 | % | 02/15/2042 | 20,000 | 23,536,200 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 02/15/2045 | 30,750 | 35,797,612 | |||||||||
Series 2017 A, Ref. RB (INS - AGM)(b) | 4.00 | % | 02/15/2047 | 575 | 628,774 | |||||||||
Jefferson Civic Facility Development Corp. (Samaritan Medical Center); Series 2017 A, Ref. RB | 4.00 | % | 11/01/2047 | 555 | 578,643 | |||||||||
Jefferson County Civic Facility Development Corp. (Samaritan Medical Center); Series 2017 A, Ref. RB | 5.00 | % | 11/01/2037 | 4,000 | 4,631,600 | |||||||||
Livingston (County of), NY Industrial Development Agency (Nicholas H. Noyes Memorial Hospital); | ||||||||||||||
Series 2005, RB | 6.00 | % | 07/01/2030 | 1,000 | 1,000,430 | |||||||||
Lockport (City of), NY; | ||||||||||||||
Series 2014, GO Bonds | 5.00 | % | 10/15/2021 | 455 | 466,148 | |||||||||
Series 2014, GO Bonds | 5.00 | % | 10/15/2022 | 480 | 510,154 | |||||||||
Series 2014, GO Bonds | 5.00 | % | 10/15/2023 | 505 | 554,702 | |||||||||
Series 2014, GO Bonds | 5.00 | % | 10/15/2024 | 530 | 598,980 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
Long Island (City of), NY Power Authority; | ||||||||||||||
Series 2012 A, RB(d)(e) | 5.00 | % | 09/01/2022 | $ | 6,635 | $ 7,118,161 | ||||||||
Series 2012 A, RB | 5.00 | % | 09/01/2042 | 13,365 | 14,238,670 | |||||||||
Series 2014 A, Ref. RB | 5.00 | % | 09/01/2039 | 12,315 | 13,935,531 | |||||||||
Series 2014 A, Ref. RB | 5.00 | % | 09/01/2044 | 14,530 | 16,319,660 | |||||||||
Series 2016 B, Ref. RB | 5.00 | % | 09/01/2036 | 4,405 | 5,244,857 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 09/01/2035 | 6,280 | 7,491,977 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 09/01/2041 | 12,335 | 14,543,582 | |||||||||
Series 2017, RB | 5.00 | % | 09/01/2029 | 750 | 936,248 | |||||||||
Series 2017, RB | 5.00 | % | 09/01/2030 | 1,500 | 1,862,130 | |||||||||
Series 2017, RB | 5.00 | % | 09/01/2037 | 3,405 | 4,148,890 | |||||||||
Series 2017, RB (INS - BAM)(b) | 5.00 | % | 09/01/2042 | 14,000 | 16,967,860 | |||||||||
Series 2017, RB | 5.00 | % | 09/01/2047 | 12,925 | 15,466,313 | |||||||||
Series 2017, RB (INS - BAM)(b) | 5.00 | % | 09/01/2047 | 25,000 | 30,085,500 | |||||||||
Series 2018, RB | 5.00 | % | 09/01/2032 | 2,815 | 3,549,884 | |||||||||
Series 2018, RB | 5.00 | % | 09/01/2036 | 2,000 | 2,485,400 | |||||||||
Series 2018, RB | 5.00 | % | 09/01/2037 | 7,000 | 8,673,560 | |||||||||
Series 2018, RB | 5.00 | % | 09/01/2038 | 5,000 | 6,179,500 | |||||||||
Series 2018, RB | 5.00 | % | 09/01/2039 | 4,000 | 4,932,680 | |||||||||
Series 2019 A, RB | 4.00 | % | 09/01/2038 | 1,000 | 1,147,390 | |||||||||
Metropolitan Transportation Authority; | ||||||||||||||
Series 2002 D-1, Ref. RB | 5.00 | % | 11/01/2028 | 3,500 | 3,714,795 | |||||||||
Series 2012 D, Ref. RB | 5.00 | % | 11/15/2030 | 17,675 | 18,772,441 | |||||||||
Series 2012 D, Ref. RB (INS - AGM)(b) | 4.00 | % | 11/15/2032 | 100 | 103,922 | |||||||||
Series 2012 D, Ref. RB | 5.00 | % | 11/15/2032 | 2,150 | 2,281,236 | |||||||||
Series 2012 H, RB | 5.00 | % | 11/15/2025 | 1,350 | 1,441,881 | |||||||||
Series 2012 H, RB | 5.00 | % | 11/15/2030 | 340 | 361,111 | |||||||||
Series 2012 H, RB | 5.00 | % | 11/15/2033 | 940 | 997,218 | |||||||||
Series 2013 C, RB | 5.00 | % | 11/15/2038 | 4,000 | 4,263,360 | |||||||||
Series 2014 B, RB | 5.25 | % | 11/15/2039 | 5,135 | 5,651,786 | |||||||||
Series 2015 B, Ref. RB | 5.25 | % | 11/15/2055 | 9,000 | 10,080,540 | |||||||||
Series 2015 C-1, Ref. RB | 5.25 | % | 11/15/2030 | 6,540 | 7,636,562 | |||||||||
Series 2016 C-1, RB | 5.00 | % | 11/15/2056 | 16,170 | 18,413,911 | |||||||||
Series 2016 C-1, RB | 5.25 | % | 11/15/2056 | 20,830 | 24,178,006 | |||||||||
Series 2017 D, Ref. RB | 5.00 | % | 11/15/2033 | 2,295 | 2,747,849 | |||||||||
Series 2017 D, Ref. RB | 5.00 | % | 11/15/2035 | 5,695 | 6,743,279 | |||||||||
Series 2017 XF0564, Ref. Revenue Ctfs.(h) | 5.25 | % | 11/15/2057 | 21,000 | 25,466,070 | |||||||||
Subseries 2002 G-1H, Ref. RB (67% of 1 mo. USD LIBOR + 0.82%)(e)(i) | 0.90 | % | 02/01/2022 | 685 | 684,418 | |||||||||
Metropolitan Transportation Authority (Green Bonds); | ||||||||||||||
Series 2015 A-2, RB(e) | 5.00 | % | 05/15/2030 | 18,000 | 22,236,660 | |||||||||
Series 2016 A1, RB | 5.25 | % | 11/15/2056 | 23,860 | 27,377,680 | |||||||||
Series 2016 B-1, Ref. RB | 5.00 | % | 11/15/2036 | 3,955 | 4,687,387 | |||||||||
Series 2016 B-1, Ref. RB | 5.00 | % | 11/15/2056 | 10,345 | 12,112,960 | |||||||||
Series 2017 C-1, Ref. RB (INS - BAM)(b) | 5.00 | % | 11/15/2031 | 18,000 | 22,036,500 | |||||||||
Series 2017 C-1, Ref. RB (INS - BAM)(b) | 5.00 | % | 11/15/2034 | 24,700 | 29,815,617 | |||||||||
Series 2017 C-2, Ref. RB(c) | 0.00 | % | 11/15/2040 | 3,750 | 2,037,600 | |||||||||
Series 2017, RB | 5.25 | % | 11/15/2057 | 4,505 | 5,469,430 | |||||||||
Series 2019 A-2, RB (INS - AGM)(b) | 5.00 | % | 11/15/2044 | 7,900 | 9,515,076 | |||||||||
Series 2019 C, RB (INS - AGM)(b) | 4.00 | % | 11/15/2045 | 560 | 630,918 | |||||||||
Series 2020 C-1, RB | 5.25 | % | 11/15/2055 | 15,000 | 18,016,500 | |||||||||
Monroe (County of), NY Industrial Development Agency (Parma Senior Housing Associates, L.P.); Series 2005 A, RB(a) | 6.50 | % | 12/01/2042 | 2,170 | 2,170,325 | |||||||||
Monroe (County of), NY Industrial Development Agency (Rochester Schools Modernization); | ||||||||||||||
Series 2015, RB | 5.00 | % | 05/01/2030 | 1,000 | 1,161,770 | |||||||||
Series 2015, RB | 5.00 | % | 05/01/2031 | 1,500 | 1,736,010 | |||||||||
Monroe County Industrial Development Corp. (Highland Hospital of Rochester); Series 2015, Ref. RB | 5.00 | % | 07/01/2034 | 375 | 424,286 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
Monroe County Industrial Development Corp. (Monroe Community College); Series 2014, Ref. RB (INS - AGM)(b) | 5.00 | % | 01/15/2038 | $ | 890 | $ 972,476 | ||||||||
Monroe County Industrial Development Corp. (Nazareth College of Rochester); | ||||||||||||||
Series 2011, RB(d)(e) | 5.00 | % | 10/01/2021 | 850 | 873,613 | |||||||||
Series 2011, RB(d)(e) | 5.25 | % | 10/01/2021 | 500 | 514,615 | |||||||||
Series 2011, RB(d)(e) | 5.50 | % | 10/01/2021 | 1,840 | 1,896,433 | |||||||||
Monroe County Industrial Development Corp. (Rochester General Hospital (The)); | ||||||||||||||
Series 2013 A, Ref. RB | 5.00 | % | 12/01/2037 | 50 | 52,807 | |||||||||
Series 2013 A, Ref. RB | 5.00 | % | 12/01/2042 | 2,010 | 2,112,450 | |||||||||
Series 2017, RB | 5.00 | % | 12/01/2046 | 5,000 | 5,729,750 | |||||||||
Monroe County Industrial Development Corp. (Rochester Regional Health); | 4.00 | % | 12/01/2046 | 5,700 | 6,395,685 | |||||||||
Monroe County Industrial Development Corp. (St. John Fisher College); | ||||||||||||||
Series 2011, RB | 5.63 | % | 06/01/2026 | 850 | 859,716 | |||||||||
Series 2011, RB | 6.00 | % | 06/01/2034 | 1,495 | 1,510,294 | |||||||||
Series 2014 A, RB | 5.00 | % | 06/01/2029 | 500 | 555,160 | |||||||||
Series 2014 A, RB | 5.50 | % | 06/01/2034 | 960 | 1,071,005 | |||||||||
Series 2014 A, RB | 5.00 | % | 06/01/2044 | 1,515 | 1,646,441 | |||||||||
Monroe County Industrial Development Corp. (University of Rochester); | ||||||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2028 | 180 | 211,070 | |||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2032 | 1,500 | 1,743,960 | |||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2033 | 1,785 | 2,068,797 | |||||||||
Series 2017 C, Ref. RB | 4.00 | % | 07/01/2043 | 3,175 | 3,524,250 | |||||||||
Monroe County Industrial Development Corp/NY; Series 2020-XF0991, Ctfs.(h) | 4.00 | % | 07/01/2050 | 32,600 | 36,807,356 | |||||||||
Monroe Tobacco Asset Securitization Corp.; Series 2006 A, RB(c) | 0.00 | % | 06/01/2061 | 400,000 | 16,592,000 | |||||||||
MTA Hudson Rail Yards Trust Obligations; | ||||||||||||||
Series 2016 A, RB | 5.00 | % | 11/15/2051 | 21,780 | 22,358,695 | |||||||||
Series 2016 A, RB | 5.00 | % | 11/15/2056 | 68,245 | 74,144,098 | |||||||||
Municipal Assistance Corp. for the City of Troy; | ||||||||||||||
Series 1996 C, RB (INS - NATL)(b)(c) | 0.00 | % | 07/15/2021 | 803 | 801,877 | |||||||||
Series 1996 C, RB (INS - NATL)(b)(c) | 0.00 | % | 01/15/2022 | 1,218 | 1,214,661 | |||||||||
Nassau (County of), NY; | ||||||||||||||
Series 2015 B, GO Bonds(d)(e) | 5.00 | % | 04/01/2024 | 4,025 | 4,591,277 | |||||||||
Series 2016 A, Ref. GO Bonds | 5.00 | % | 01/01/2038 | 1,000 | 1,152,980 | |||||||||
Series 2018 A, GO Bonds (INS - AGM)(b) | 5.00 | % | 04/01/2040 | 3,335 | 4,062,397 | |||||||||
Series 2018 A, GO Bonds (INS - AGM)(b) | 5.00 | % | 04/01/2043 | 16,665 | 20,164,650 | |||||||||
Series 2018 B, GO Bonds (INS - AGM)(b) | 5.00 | % | 07/01/2040 | 6,050 | 7,399,331 | |||||||||
Series 2018 B, GO Bonds (INS - AGM)(b) | 5.00 | % | 07/01/2045 | 8,510 | 10,305,440 | |||||||||
Series 2018 B, GO Bonds (INS - AGM)(b) | 5.00 | % | 07/01/2049 | 12,765 | 15,409,142 | |||||||||
Nassau (County of), NY Industrial Development Agency; | ||||||||||||||
Series 2006 A-A, RB | 6.00 | % | 06/01/2021 | 75 | 74,920 | |||||||||
Series 2006 A-D, RB | 6.00 | % | 06/01/2021 | 75 | 74,907 | |||||||||
Series 2007 A-C, RB | 5.95 | % | 11/01/2022 | 30 | 29,587 | |||||||||
Series 2007 A-F, RB | 5.95 | % | 11/01/2022 | 45 | 44,389 | |||||||||
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside); | ||||||||||||||
Series 2014 A, RB (Acquired 12/13/2007-02/28/2018; Cost $13,062,922)(g) | 6.50 | % | 01/01/2032 | 420 | 231,000 | |||||||||
Series 2014 A, RB (Acquired 12/14/2007-10/16/2018; Cost $34,096,024)(g) | 6.70 | % | 01/01/2049 | 180 | 99,000 | |||||||||
Series 2014 C, RB (Acquired 12/13/2007-11/26/2014; Cost $0)(g)(j) | 2.00 | % | 01/01/2049 | 2,167 | 216,662 | |||||||||
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB | 5.00 | % | 07/01/2033 | 300 | 332,235 | |||||||||
Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018 A2, Ref. RB | 5.20 | % | 12/01/2037 | 1,585 | 1,479,011 | |||||||||
Nassau County Local Economic Assistance Corp. (South Nassau Communities Hospital); Series 2012, Ref. RB | 5.00 | % | 07/01/2027 | 930 | 973,673 | |||||||||
Nassau County Tobacco Settlement Corp.; | ||||||||||||||
Series 2006 A-2, RB | 5.25 | % | 06/01/2026 | 1,000 | 1,025,010 | |||||||||
Series 2006 A-3, RB | 5.00 | % | 06/01/2035 | 750 | 759,877 | |||||||||
Series 2006 A-3, RB | 5.13 | % | 06/01/2046 | 615 | 625,018 | |||||||||
Series 2006 C, RB(c) | 0.00 | % | 06/01/2046 | 105,975 | 20,220,030 | |||||||||
Series 2006 D, RB(c) | 0.00 | % | 06/01/2060 | 623,215 | 39,162,831 | |||||||||
Series 2006 E, RB(c) | 0.00 | % | 06/01/2060 | 40,000 | 2,292,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
New Rochelle (City of), NY (70 Nardozzi/City DPW); Series 2018 A-2, RB | 5.13 | % | 08/01/2050 | $ | 17,100 | $ 15,749,955 | ||||||||
New Rochelle (City of), NY (Iona College); Series 2015 A, Ref. RB | 5.00 | % | 07/01/2040 | 1,250 | 1,370,187 | |||||||||
New York & New Jersey (States of) Port Authority; | ||||||||||||||
Series 2011 169, RB(a) | 5.00 | % | 10/15/2036 | 2,720 | 2,799,750 | |||||||||
Series 2012 172, RB(a) | 5.00 | % | 10/01/2034 | 400 | 418,096 | |||||||||
Series 2016 197, Ref. RB(a) | 5.00 | % | 11/15/2035 | 7,000 | 8,409,940 | |||||||||
Series 2017 200, Ref. RB | 5.25 | % | 10/15/2057 | 3,120 | 3,701,755 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 10/15/2047 | 3,000 | 3,540,060 | |||||||||
Series 2018 207, Ref. RB(a) | 4.00 | % | 03/15/2035 | 10,000 | 11,352,600 | |||||||||
Series 2018 211, Ref. RB | 4.00 | % | 09/01/2038 | 1,700 | 1,962,123 | |||||||||
Series 2018, Ref. RB | 5.00 | % | 09/01/2048 | 12,475 | 15,048,343 | |||||||||
Series 2019 217, RB | 4.00 | % | 11/01/2049 | 20,660 | 23,459,843 | |||||||||
Series 2019, RB | 4.00 | % | 11/01/2041 | 600 | 691,146 | |||||||||
Series 2019, RB(a) | 4.00 | % | 11/01/2041 | 9,000 | 10,169,100 | |||||||||
Series 2019, RB (INS - BAM)(b) | 4.00 | % | 11/01/2041 | 19,400 | 22,396,912 | |||||||||
Series 2019, RB(a) | 4.00 | % | 11/01/2047 | 25,350 | 28,331,667 | |||||||||
Series 2020 221, RB(a) | 4.00 | % | 07/15/2045 | 5,000 | 5,603,800 | |||||||||
Series 2020 222, Ref. RB | 4.00 | % | 07/15/2037 | 3,250 | 3,797,397 | |||||||||
Series 2020 222, Ref. RB | 4.00 | % | 07/15/2038 | 3,500 | 4,073,265 | |||||||||
Series 2020, RB(a) | 4.00 | % | 07/15/2040 | 2,180 | 2,479,532 | |||||||||
Series 2021, Ref. RB(a) | 4.00 | % | 07/15/2051 | 13,230 | 14,838,239 | |||||||||
Series 2021, Ref. RB(a) | 5.00 | % | 07/15/2056 | 10,385 | 12,842,403 | |||||||||
New York (City of), NY; | ||||||||||||||
Series 1990 I, GO Bonds | 7.75 | % | 08/15/2028 | 5 | 5,172 | |||||||||
Series 1997 C, GO Bonds (INS - NATL)(b) | 5.50 | % | 11/15/2037 | 10 | 10,041 | |||||||||
Series 2002 D, GO Bonds | 5.25 | % | 06/01/2027 | 230 | 230,881 | |||||||||
Series 2002 D, GO Bonds | 5.38 | % | 06/01/2032 | 380 | 381,490 | |||||||||
Series 2003 F, GO Bonds | 5.32 | % | 01/15/2028 | 5 | 5,019 | |||||||||
Series 2011 D-1, GO Bonds(d)(e) | 5.00 | % | 10/01/2021 | 9,995 | 10,275,560 | |||||||||
Series 2011 D-1, GO Bonds | 5.00 | % | 10/01/2034 | 5 | 5,129 | |||||||||
Series 2012 A-1, GO Bonds(d)(e) | 5.00 | % | 10/01/2022 | 8,065 | 8,684,957 | |||||||||
Series 2017 B-1, GO Bonds | 5.00 | % | 10/01/2037 | 3,000 | 3,635,430 | |||||||||
Series 2017 BB-1, RB | 5.00 | % | 06/15/2046 | 28,115 | 33,406,243 | |||||||||
Series 2017 CC-1, RB | 5.00 | % | 06/15/2048 | 1,000 | 1,187,530 | |||||||||
Series 2018 E-1, GO Bonds | 5.25 | % | 03/01/2035 | 1,000 | 1,235,310 | |||||||||
Series 2018 E-1, GO Bonds | 5.00 | % | 03/01/2044 | 25,000 | 29,562,500 | |||||||||
Series 2018 F-1, GO Bonds | 5.00 | % | 04/01/2045 | 15,000 | 17,719,500 | |||||||||
Series 2019 A, GO Bonds | 5.00 | % | 08/01/2045 | 880 | 1,064,263 | |||||||||
Series 2019 A-1, GO Bonds | 4.00 | % | 08/01/2042 | 10,000 | 11,192,800 | |||||||||
Series 2019 A-1, GO Bonds | 5.00 | % | 08/01/2043 | 8,880 | 10,821,701 | |||||||||
Series 2019 B-1, GO Bonds | 4.00 | % | 10/01/2040 | 28,090 | 31,683,554 | |||||||||
Series 2019 B-1, GO Bonds | 5.00 | % | 10/01/2042 | 595 | 728,821 | |||||||||
Series 2019 DD-1, RB | 5.25 | % | 06/15/2049 | 5,000 | 6,110,800 | |||||||||
Series 2019 FF-2, Ref. RB | 4.00 | % | 06/15/2041 | 8,000 | 9,172,400 | |||||||||
Series 2020 AA-1, Ref. RB | 4.00 | % | 06/15/2050 | 20,375 | 23,501,951 | |||||||||
Series 2020 AA-2, Ref. RB | 4.00 | % | 06/15/2042 | 20,000 | 23,287,000 | |||||||||
Series 2020 AA-2, Ref. RB | 4.00 | % | 06/15/2043 | 25,000 | 29,082,000 | |||||||||
Series 2020 C, GO Bonds | 5.00 | % | 08/01/2033 | 2,000 | 2,569,060 | |||||||||
Series 2020 C, GO Bonds | 5.00 | % | 08/01/2034 | 4,000 | 5,123,040 | |||||||||
Series 2020 C, GO Bonds | 4.00 | % | 08/01/2041 | 3,800 | 4,315,546 | |||||||||
Series 2020 D-1, GO Bonds | 4.00 | % | 03/01/2050 | 25,000 | 27,828,250 | |||||||||
Series 2020 FF, Ref. RB | 4.00 | % | 06/15/2041 | 5,850 | 6,806,650 | |||||||||
Series 2020, GG-1, RB | 4.00 | % | 06/15/2050 | 9,500 | 10,890,990 | |||||||||
New York (City of), NY Industrial Development Agency; Series 1997, RB(a)(d) | 6.20 | % | 10/01/2022 | 22,255 | 23,570,270 | |||||||||
New York (City of), NY Industrial Development Agency (1996 Comprehensive Care Management Corp.); | ||||||||||||||
Series 1998 C, RB | 6.38 | % | 11/01/2028 | 950 | 901,845 | |||||||||
Series 1998, RB | 6.38 | % | 11/01/2028 | 2,390 | 2,268,253 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
New York (City of), NY Industrial Development Agency (Cool Wind Ventilation Corp.); Series 2007 A-2, IDR(a) | 6.08 | % | 11/01/2027 | $ | 4,305 | $ 4,308,918 | ||||||||
New York (City of), NY Industrial Development Agency (Gourmet Boutique); Series 2006, IDR | 10.00 | % | 05/01/2021 | 645 | 647,032 | |||||||||
New York (City of), NY Industrial Development Agency (MediSys Health Network, Inc.); Series 1999, RB | 6.25 | % | 03/15/2024 | 6,665 | 6,418,928 | |||||||||
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); | ||||||||||||||
Series 2006, RB(d)(e) | 4.75 | % | 03/15/2021 | 3,000 | 3,004,920 | |||||||||
Series 2006, RB(d)(e) | 5.00 | % | 03/15/2021 | 1,140 | 1,141,972 | |||||||||
New York (City of), NY Industrial Development Agency (Special Needs Facilities Pooled Program); | ||||||||||||||
Series 1999 A-1, RB(d) | 6.65 | % | 07/01/2023 | 200 | 200,196 | |||||||||
Series 2007 B-1, RB (INS - ACA)(b) | 5.25 | % | 07/01/2022 | 155 | 155,180 | |||||||||
New York (City of), NY Industrial Development Agency (Yankee Stadium); | ||||||||||||||
Series 2020, Ref. RB | 4.00 | % | 03/01/2045 | 16,450 | 18,469,237 | |||||||||
Series 2020, Ref. RB (INS - AGM)(b) | 4.00 | % | 03/01/2045 | 17,770 | 20,224,570 | |||||||||
New York (City of), NY Municipal Water Finance Authority; | ||||||||||||||
Series 2017 EE, Ref. RB | 5.00 | % | 06/15/2037 | 515 | 621,548 | |||||||||
Series 2019 BB-1, RB | 4.00 | % | 06/15/2049 | 4,800 | 5,473,392 | |||||||||
Series 2019 CC-1, RB | 4.00 | % | 06/15/2049 | 6,450 | 7,354,870 | |||||||||
Series 2019 CC-1, RB | 5.00 | % | 06/15/2049 | 20,990 | 25,807,625 | |||||||||
Series 2020 DD-1, RB | 4.00 | % | 06/15/2050 | 15,000 | 17,196,300 | |||||||||
New York (City of), NY Transitional Finance Authority; | ||||||||||||||
Series 2011 D, RB | 5.25 | % | 02/01/2030 | 2,105 | 2,112,704 | |||||||||
Series 2011 S-1, RB | 5.25 | % | 07/15/2037 | 15,000 | 15,263,100 | |||||||||
Series 2013 XF2157, Revenue Ctfs.(h) | 5.00 | % | 07/15/2037 | 25,000 | 26,487,750 | |||||||||
Series 2016 S-1, RB | 5.00 | % | 07/15/2029 | 650 | 773,520 | |||||||||
Series 2017 S-2, Ref. RB | 5.00 | % | 07/15/2035 | 5,000 | 6,092,750 | |||||||||
Series 2018 S-1, RB | 5.00 | % | 07/15/2043 | 34,000 | 40,945,520 | |||||||||
Series 2018 S-3, RB | 5.00 | % | 07/15/2043 | 885 | 1,065,788 | |||||||||
Series 2018 S-3, RB | 5.25 | % | 07/15/2045 | 11,475 | 14,050,793 | |||||||||
Series 2019 B-1, RB | 4.00 | % | 11/01/2043 | 13,495 | 15,283,627 | |||||||||
Series 2019 B-1, RB | 4.00 | % | 11/01/2045 | 19,445 | 21,999,101 | |||||||||
Series 2020 D, RB | 4.00 | % | 11/01/2040 | 18,390 | 21,053,240 | |||||||||
Series 2020 D, RB | 4.00 | % | 11/01/2041 | 19,985 | 22,792,693 | |||||||||
Series 2020 D, RB | 4.00 | % | 11/01/2043 | 15,000 | 17,012,400 | |||||||||
Series 2020 D, RB | 4.00 | % | 11/01/2044 | 11,320 | 12,797,147 | |||||||||
Series 2020 D, RB | 4.00 | % | 11/01/2045 | 9,000 | 10,162,620 | |||||||||
Series 2020, Ref. RB | 3.00 | % | 11/01/2037 | 10,000 | 10,612,600 | |||||||||
Series 2020, Ref. RB | 4.00 | % | 11/01/2038 | 6,750 | 7,777,350 | |||||||||
Series 2020, Ref. RB | 3.00 | % | 11/01/2039 | 6,500 | 6,844,695 | |||||||||
Series 2021 E-1, RB | 4.00 | % | 02/01/2043 | 6,850 | 7,805,575 | |||||||||
Series 2021 E-1, RB | 4.00 | % | 02/01/2046 | 30,000 | 33,953,400 | |||||||||
Subseries 2011 E, RB | 5.00 | % | 11/01/2024 | 660 | 665,201 | |||||||||
Subseries 2020 A-3, RB | 4.00 | % | 05/01/2044 | 1,000 | 1,124,940 | |||||||||
New York (City of), NY Trust for Cultural Resources (American Museum of Natural History); Series 2014 A, Ref. RB | 5.00 | % | 07/01/2041 | 1,000 | 1,136,740 | |||||||||
New York (City of), NY Trust for Cultural Resources (Carnegie Hall); | ||||||||||||||
Series 2019, Ref. RB | 5.00 | % | 12/01/2034 | 300 | 370,164 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 12/01/2036 | 700 | 857,647 | |||||||||
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts); | ||||||||||||||
Series 2020 A, Ref. RB | 5.00 | % | 12/01/2031 | 1,375 | 1,792,161 | |||||||||
Series 2020 A, Ref. RB | 5.00 | % | 12/01/2032 | 1,715 | 2,220,445 | |||||||||
Series 2020 A, Ref. RB | 4.00 | % | 12/01/2033 | 2,300 | 2,736,172 | |||||||||
Series 2020 A, Ref. RB | 4.00 | % | 12/01/2034 | 3,050 | 3,610,376 | |||||||||
Series 2020 A, Ref. RB | 4.00 | % | 12/01/2035 | 950 | 1,118,425 | |||||||||
New York (City of), NY Water & Sewer System; Series 2021 CC-1, RB | 4.00 | % | 06/15/2051 | 25,000 | 28,782,750 | |||||||||
New York (City of), NY Water & Sewer System (2nd Generation Resolution); Series 2019 AA, Ref. RB | 4.00 | % | 06/15/2040 | 1,500 | 1,737,495 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
New York (County of), NY Tobacco Trust V; | ||||||||||||||
Series 2005 S-1, RB(c) | 0.00 | % | 06/01/2038 | $ | 3,430 | $ 1,237,990 | ||||||||
Series 2005 S-2, RB(c) | 0.00 | % | 06/01/2050 | 6,770 | 994,039 | |||||||||
Series 2005 S-3, RB(c) | 0.00 | % | 06/01/2055 | 198,195 | 18,293,398 | |||||||||
New York (County of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB | 5.75 | % | 06/01/2043 | 4,000 | 5,031,480 | |||||||||
New York (State of) Dormitory Authority; | ||||||||||||||
Series 2009 C, RB (INS - AGC)(b) | 5.00 | % | 10/01/2024 | 115 | 115,397 | |||||||||
Series 2011 A, RB | 5.00 | % | 03/15/2034 | 15,915 | 15,969,588 | |||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2048 | 22,500 | 26,026,875 | |||||||||
Series 2015 A-1, Ref. RB(f) | 4.80 | % | 12/01/2023 | 2,335 | 2,327,248 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 10/01/2033 | 600 | 708,978 | |||||||||
Series 2017 A, RB | 5.00 | % | 03/15/2041 | 2,970 | 3,533,053 | |||||||||
Series 2017 B, Ref. RB | 5.00 | % | 02/15/2041 | 6,015 | 7,280,436 | |||||||||
Series 2018 A, RB | 4.00 | % | 07/01/2035 | 1,125 | 1,308,577 | |||||||||
Series 2018 A, RB | 5.00 | % | 07/01/2038 | 4,580 | 5,693,719 | |||||||||
Series 2018 A, RB | 5.00 | % | 07/01/2040 | 4,835 | 5,992,161 | |||||||||
Series 2018 A, RB | 5.00 | % | 03/15/2044 | 33,330 | 39,920,341 | |||||||||
Series 2019 A, RB | 5.00 | % | 10/01/2034 | 820 | 985,091 | |||||||||
Series 2019 A, Ref. RB | 4.00 | % | 03/15/2048 | 14,800 | 16,447,536 | |||||||||
Series 2020 A, RB | 4.00 | % | 07/01/2050 | 25,500 | 28,996,305 | |||||||||
Series 2020 A, RB | 4.00 | % | 07/01/2053 | 20,000 | 22,605,400 | |||||||||
Series 2020 A, Ref. RB | 4.00 | % | 03/15/2047 | 15,000 | 16,939,050 | |||||||||
Series 2020 D, Ref. RB | 4.00 | % | 02/15/2047 | 3,000 | 3,366,780 | |||||||||
New York (State of) Dormitory Authority (Alliance Long Island AGYS, Inc.); | ||||||||||||||
Series 2015 A2, Ref. RB(f) | 5.35 | % | 12/01/2035 | 10,325 | 10,056,860 | |||||||||
Series 2015 B1, Ref. RB(f) | 6.18 | % | 12/01/2031 | 4,575 | 4,484,964 | |||||||||
New York (State of) Dormitory Authority (Barnard College); | ||||||||||||||
Series 2020 A, Ref. RB | 4.00 | % | 07/01/2038 | 680 | 773,452 | |||||||||
Series 2020 A, Ref. RB | 4.00 | % | 07/01/2040 | 675 | 763,972 | |||||||||
Series 2020 A, Ref. RB | 4.00 | % | 07/01/2045 | 1,275 | 1,420,783 | |||||||||
Series 2020 A, Ref. RB | 4.00 | % | 07/01/2049 | 1,350 | 1,498,932 | |||||||||
Series 2012 A, RB(d)(e) | 5.00 | % | 07/01/2022 | 2,560 | 2,722,484 | |||||||||
New York (State of) Dormitory Authority (Catholic Health System Obligated Group); | ||||||||||||||
Series 2012 A, RB | 5.00 | % | 07/01/2032 | 500 | 522,890 | |||||||||
Series 2012 B, RB | 5.00 | % | 07/01/2032 | 260 | 271,903 | |||||||||
Series 2019 A, Ref. RB | 4.00 | % | 07/01/2045 | 750 | 822,135 | |||||||||
New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Pooled Loan Program); Series 2005 A, RB (INS - AGC)(b) | 5.00 | % | 07/01/2034 | 20 | 20,042 | |||||||||
New York (State of) Dormitory Authority (City of New York); | ||||||||||||||
Series 2005 A, RB (INS - AMBAC)(b) | 5.50 | % | 05/15/2027 | 710 | 897,021 | |||||||||
Series 2005 A, RB (INS - AMBAC)(b) | 5.50 | % | 05/15/2030 | 750 | 1,003,508 | |||||||||
Series 2005 A, RB (INS - AMBAC)(b) | 5.50 | % | 05/15/2031 | 555 | 752,175 | |||||||||
New York (State of) Dormitory Authority (Columbia University); | ||||||||||||||
Series 2011 A, RB | 5.00 | % | 10/01/2041 | 510 | 511,821 | |||||||||
Series 2015, RB | 5.00 | % | 10/01/2045 | 115 | 168,465 | |||||||||
New York (State of) Dormitory Authority (Culinary Institute of America); Series 2012, RB | 5.00 | % | 07/01/2034 | 300 | 310,629 | |||||||||
New York (State of) Dormitory Authority (Educational Housing Services - CUNY Student Housing); Series 2005, RB (INS - AMBAC)(b) | 5.25 | % | 07/01/2030 | 25 | 29,718 | |||||||||
New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.); Series 2007, RB (INS - NATL)(b) | 5.25 | % | 07/01/2028 | 935 | 1,069,537 | |||||||||
New York (State of) Dormitory Authority (Fordham University); | ||||||||||||||
Series 2014, RB | 5.00 | % | 07/01/2030 | 200 | 224,222 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2041 | 1,200 | 1,413,816 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2030 | 650 | 796,848 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2031 | 800 | 977,000 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 07/01/2032 | 750 | 912,510 | |||||||||
Series 2017, Ref. RB | 4.00 | % | 07/01/2033 | 415 | 471,535 | |||||||||
Series 2020, RB | 4.00 | % | 07/01/2046 | 17,870 | 20,047,638 | |||||||||
Series 2020, RB | 4.00 | % | 07/01/2050 | 17,500 | 19,568,150 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
New York (State of) Dormitory Authority (General Purpose); Series 2018 A, Ref. RB | 5.25 | % | 03/15/2038 | $ | 1,500 | $ 1,884,255 | ||||||||
New York (State of) Dormitory Authority (Group 4); Series 2019 A, Ref. RB | 4.00 | % | 03/15/2049 | 22,935 | 25,480,785 | |||||||||
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai); | ||||||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2034 | 150 | 172,686 | |||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2040 | 2,800 | 3,194,800 | |||||||||
Series 2015, Ref. RB | 5.00 | % | 07/01/2045 | 1,165 | 1,319,479 | |||||||||
New York (State of) Dormitory Authority (Iona College); Series 2012 A, RB | 5.00 | % | 07/01/2032 | 3,000 | 3,125,190 | |||||||||
New York (State of) Dormitory Authority (Memorial Sloan-Kettering Cancer Center); Series 1998, RB (INS - NATL)(b) | 5.50 | % | 07/01/2023 | 1,250 | 1,340,362 | |||||||||
New York (State of) Dormitory Authority (Montefiore Obligated Group); | ||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 08/01/2034 | 9,535 | 11,480,903 | |||||||||
Series 2018 A, Ref. RB | 5.00 | % | 08/01/2035 | 6,695 | 8,040,159 | |||||||||
Series 2018 A, Ref. RB | 4.00 | % | 08/01/2036 | 5,570 | 6,214,616 | |||||||||
Series 2018 A, Ref. RB | 4.00 | % | 08/01/2037 | 2,050 | 2,283,372 | |||||||||
Series 2020 A, Ref. RB | 4.00 | % | 09/01/2045 | 8,205 | 9,173,600 | |||||||||
Series 2020 A, Ref. RB | 4.00 | % | 09/01/2050 | 39,975 | 44,387,840 | |||||||||
New York (State of) Dormitory Authority (Municipal Health Facilities Improvement Program); Series 2006 A, RB (INS - NATL)(b) | 4.50 | % | 05/15/2036 | 30 | 30,069 | |||||||||
New York (State of) Dormitory Authority (New School (The)); | ||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2030 | 1,545 | 1,834,966 | |||||||||
Series 2016 A, Ref. RB | 4.00 | % | 07/01/2043 | 5,050 | 5,449,152 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2046 | 6,330 | 7,217,149 | |||||||||
New York (State of) Dormitory Authority (New York University); | ||||||||||||||
Series 2001 1, RB (INS - BHAC)(b) | 5.50 | % | 07/01/2031 | 1,070 | 1,393,568 | |||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2045 | 5,890 | 6,834,874 | |||||||||
Series 2016 A, RB | 4.00 | % | 07/01/2039 | 625 | 695,506 | |||||||||
Series 2017 A, Ref. RB | 4.00 | % | 07/01/2036 | 5,000 | 5,694,100 | |||||||||
Series 2019 A, RB | 5.00 | % | 07/01/2042 | 4,260 | 5,283,465 | |||||||||
Series 2019 A, RB | 5.00 | % | 07/01/2049 | 25,540 | 31,407,304 | |||||||||
New York (State of) Dormitory Authority (Northwell Health Obligated Group); Series 2015 A, Ref. RB | 5.00 | % | 05/01/2033 | 1,515 | 1,729,569 | |||||||||
New York (State of) Dormitory Authority (NYU Hospitals Center); Series 2014, Ref. RB | 5.00 | % | 07/01/2036 | 2,475 | 2,744,329 | |||||||||
New York (State of) Dormitory Authority (Orange Regional Medical Center); | ||||||||||||||
Series 2015, Ref. RB(f) | 5.00 | % | 12/01/2045 | 425 | 468,648 | |||||||||
Series 2017, Ref. RB(f) | 5.00 | % | 12/01/2029 | 3,200 | 3,773,408 | |||||||||
Series 2017, Ref. RB(f) | 5.00 | % | 12/01/2030 | 1,900 | 2,226,800 | |||||||||
Series 2017, Ref. RB(f) | 5.00 | % | 12/01/2032 | 1,200 | 1,391,652 | |||||||||
Series 2017, Ref. RB(f) | 5.00 | % | 12/01/2033 | 1,700 | 1,962,072 | |||||||||
Series 2017, Ref. RB(f) | 5.00 | % | 12/01/2035 | 1,300 | 1,488,487 | |||||||||
Series 2017, Ref. RB(f) | 5.00 | % | 12/01/2036 | 2,100 | 2,393,979 | |||||||||
Series 2017, Ref. RB(f) | 5.00 | % | 12/01/2037 | 800 | 908,392 | |||||||||
New York (State of) Dormitory Authority (Pace University); | ||||||||||||||
Series 2013 A, RB(d)(e) | 5.00 | % | 05/01/2023 | 20 | 22,016 | |||||||||
Series 2013 A, RB | 5.00 | % | 05/01/2029 | 980 | 1,052,138 | |||||||||
New York (State of) Dormitory Authority (Pratt Institute); | ||||||||||||||
Series 2015 A, Ref. RB(d)(e) | 5.00 | % | 07/01/2024 | 1,925 | 2,217,658 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 07/01/2039 | 500 | 587,850 | |||||||||
Series 2016, Ref. RB | 5.00 | % | 07/01/2046 | 500 | 584,610 | |||||||||
New York (State of) Dormitory Authority (Rochester Institute of Technology); | ||||||||||||||
Series 2019 A, RB | 4.00 | % | 07/01/2044 | 4,940 | 5,545,842 | |||||||||
Series 2019 A, RB | 5.00 | % | 07/01/2049 | 5,640 | 6,858,409 | |||||||||
New York (State of) Dormitory Authority (Rockefeller University); Series 2019 C, Ref. RB | 4.00 | % | 07/01/2049 | 19,350 | 22,141,237 | |||||||||
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds); Series 2019 B, RB | 5.00 | % | 07/01/2050 | 11,200 | 13,791,008 | |||||||||
New York (State of) Dormitory Authority (St. John’s University); | ||||||||||||||
Series 2012 A, RB(d)(e) | 5.00 | % | 07/01/2022 | 270 | 287,323 | |||||||||
Series 2012, RB(d)(e) | 5.00 | % | 07/01/2022 | 25 | 26,604 | |||||||||
Series 2012, RB | 5.00 | % | 07/01/2030 | 6,235 | 6,537,023 | |||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2034 | 400 | 460,496 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
New York (State of) Dormitory Authority (St. Joseph’s College); | ||||||||||||||
Series 2021, RB | 4.00 | % | 07/01/2040 | $ | 225 | $ 239,128 | ||||||||
Series 2021, RB | 5.00 | % | 07/01/2051 | 750 | 859,373 | |||||||||
New York (State of) Dormitory Authority (State University of New York); | ||||||||||||||
Series 2015 B, Ref. RB | 5.00 | % | 07/01/2045 | 4,000 | 4,516,920 | |||||||||
Series 2019 A, RB | 4.00 | % | 07/01/2049 | 5,180 | 5,817,710 | |||||||||
New York (State of) Dormitory Authority (The New School); | ||||||||||||||
Series 2011, Ref. RB | 5.00 | % | 07/01/2031 | 5,145 | 5,206,071 | |||||||||
Series 2015 A, Ref. RB | 5.00 | % | 07/01/2040 | 2,100 | 2,396,100 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2035 | 3,490 | 4,063,616 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2036 | 2,490 | 2,891,811 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2037 | 6,535 | 7,571,190 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2041 | 2,905 | 3,339,443 | |||||||||
New York (State of) Dormitory Authority (Touro College and University System); | ||||||||||||||
Series 2014 A, RB | 5.50 | % | 01/01/2039 | 5,005 | 5,364,960 | |||||||||
Series 2014 A, RB | 5.50 | % | 01/01/2044 | 5,835 | 6,218,418 | |||||||||
Series 2017, RB | 5.00 | % | 01/01/2033 | 2,875 | 3,222,530 | |||||||||
Series 2017, RB | 5.00 | % | 01/01/2038 | 4,045 | 4,465,963 | |||||||||
New York (State of) Dormitory Authority (United Cerebral Palsy Association); | ||||||||||||||
Series 2017 A, RB(f) | 5.50 | % | 12/01/2047 | 16,140 | 14,591,206 | |||||||||
Series 2017 A2, RB(f) | 5.38 | % | 09/01/2050 | 25,010 | 23,715,732 | |||||||||
Series 2017 A2, Ref. RB (Acquired 10/25/2017; Cost $8,965,000)(f)(g) | 5.38 | % | 10/01/2042 | 7,540 | 7,254,837 | |||||||||
New York (State of) Dormitory Authority (Yeshiva University); | ||||||||||||||
Series 2009, RB | 5.00 | % | 09/01/2038 | 5,220 | 5,224,280 | |||||||||
Series 2009, Ref. RB | 5.00 | % | 09/01/2034 | 2,785 | 2,787,618 | |||||||||
New York (State of) Housing Finance Agency; | ||||||||||||||
Series 2014 C, RB | 4.00 | % | 11/01/2046 | 7,340 | 7,629,490 | |||||||||
Series 2014 G, RB (CEP - GNMA) | 4.00 | % | 05/01/2047 | 3,080 | 3,221,464 | |||||||||
Series 2015 C, RB | 4.15 | % | 05/01/2048 | 2,295 | 2,422,900 | |||||||||
New York (State of) Housing Finance Agency (Highland Avenue Senior Apartments); Series 2007 A, RB(a) | 5.00 | % | 02/15/2039 | 140 | 140,365 | |||||||||
New York (State of) Housing Finance Agency (Horizons at Wawayanda); Series 2007 A, RB (CEP - FHLMC)(a) | 5.15 | % | 11/01/2040 | 115 | 115,235 | |||||||||
New York (State of) Housing Finance Agency (Secured Mortgage Program); Series 2002 A, RB (LOC - JP Morgan Chase Bank)(a)(k) | 5.38 | % | 02/15/2035 | 2,080 | 2,085,034 | |||||||||
New York (State of) Housing Finance Agency (Tiffany Gardens); Series 2005 A, RB(a) | 5.13 | % | 08/15/2037 | 310 | 311,206 | |||||||||
New York (State of) Power Authority; | ||||||||||||||
Series 2002 A, Ref. RB | 4.00 | % | 11/15/2055 | 13,400 | 15,297,708 | |||||||||
Series 2011 A, RB(d)(e) | 5.00 | % | 11/15/2021 | 730 | 755,068 | |||||||||
New York (State of) State Dormitory Authority (Maimonides Medical Center); | 4.00 | % | 08/01/2043 | 1,000 | 1,134,280 | |||||||||
New York (State of) Thruway Authority; | ||||||||||||||
Series 2014 J, RB | 5.00 | % | 01/01/2034 | 1,620 | 1,817,008 | |||||||||
Series 2016 A, RB | 5.00 | % | 01/01/2046 | 27,465 | 31,941,246 | |||||||||
Series 2018 L, Ref. RB | 5.00 | % | 01/01/2033 | 1,055 | 1,303,874 | |||||||||
Series 2018 L, Ref. RB | 5.00 | % | 01/01/2034 | 1,860 | 2,289,548 | |||||||||
Series 2018 L, Ref. RB | 5.00 | % | 01/01/2035 | 2,115 | 2,594,386 | |||||||||
Series 2019 B, RB | 4.00 | % | 01/01/2045 | 20,000 | 22,514,400 | |||||||||
Series 2019 B, Ref. RB | 4.00 | % | 01/01/2041 | 15,000 | 17,084,850 | |||||||||
Series 2019 B, Ref. RB (INS - AGM)(b) | 4.00 | % | 01/01/2045 | 25,000 | 28,484,250 | |||||||||
Series 2019 B, Ref. RB (INS - BAM)(b) | 4.00 | % | 01/01/2045 | 20,000 | 22,787,400 | |||||||||
New York City (City of), NY Industrial Development Agency (Comprehensive Care Management); | ||||||||||||||
Series 2005 C-2, RB | 6.00 | % | 05/01/2026 | 845 | 802,556 | |||||||||
Series 2005 E-2, RB | 6.13 | % | 11/01/2035 | 2,690 | 2,348,935 | |||||||||
New York City (City of), NY Industrial Development Agency (The Child School); | 7.55 | % | 06/01/2033 | 7,325 | 7,383,746 | |||||||||
New York City (City of), NY Industrial Development Agency (United Jewish Appeal); Series 2004, RB | 5.00 | % | 07/01/2034 | 5,000 | 5,193,900 | |||||||||
New York City (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB (CPI Rate + 0.84%), (INS - FGIC)(b)(i) | 2.24 | % | 03/01/2022 | 6,800 | 6,893,160 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York–(continued) | ||||||||||||||||
New York City (City of), NY Transitional Finance Authority; | ||||||||||||||||
Series 2020 C-1, RB | 4.00 | % | 05/01/2038 | $ | 3,565 | $ | 4,114,224 | |||||||||
Series 2020 C-1, RB | 4.00 | % | 05/01/2039 | 3,165 | 3,638,389 | |||||||||||
New York City (City of), NY Trust for Cultural Resources (Juilliard School (The)); | ||||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 01/01/2033 | 1,645 | 2,077,141 | |||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 01/01/2034 | 1,745 | 2,191,982 | |||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 01/01/2037 | 2,250 | 2,783,902 | |||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 01/01/2038 | 1,830 | 2,254,926 | |||||||||||
Series 2018 A, Ref. RB | 4.00 | % | 01/01/2039 | 6,370 | 7,261,227 | |||||||||||
New York City Health and Hospitals Corp.; | ||||||||||||||||
Series 2021 A, Ref. RB | 4.00 | % | 02/15/2045 | 1,250 | 1,426,612 | |||||||||||
Series 2021 A, Ref. RB | 4.00 | % | 02/15/2048 | 1,000 | 1,137,700 | |||||||||||
New York City Housing Development Corp.; Series 2014 C-1-A, RB | 4.30 | % | 11/01/2047 | 5,030 | 5,251,622 | |||||||||||
New York City Transitional Finance Authority; | ||||||||||||||||
Series 2020 C-1, RB | 4.00 | % | 05/01/2036 | 1,950 | 2,274,207 | |||||||||||
Series 2020 C-1, RB | 4.00 | % | 05/01/2037 | 3,375 | 3,914,122 | |||||||||||
Series 2020 C-1, RB | 4.00 | % | 05/01/2040 | 1,415 | 1,622,524 | |||||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue; | ||||||||||||||||
Series 2020-XF0992, Ctfs.(h) | 4.00 | % | 05/01/2045 | 20,560 | 23,211,623 | |||||||||||
Series 2020-XF2912, Ctfs.(h) | 4.00 | % | 05/01/2044 | 30,000 | 33,947,400 | |||||||||||
Series 2020-XF2912, Ctfs.(h) | 4.00 | % | 05/01/2045 | 21,000 | 23,708,370 | |||||||||||
Series 2020-XF2912, Ctfs.(h) | 4.00 | % | 05/01/2046 | 25,000 | 28,188,250 | |||||||||||
New York City Water & Sewer System; Series 2018 XF2569, Revenue Ctfs.(h) | 5.00 | % | 06/15/2048 | 20,000 | 24,016,800 | |||||||||||
New York Convention Center Development Corp. (Hotel Unit Fee Secured); | ||||||||||||||||
Series 2015, Ref. RB | 5.00 | % | 11/15/2040 | 8,435 | 9,512,571 | |||||||||||
Series 2015, Ref. RB | 5.00 | % | 11/15/2045 | 4,500 | 5,036,715 | |||||||||||
Series 2016 A, RB | 5.00 | % | 11/15/2041 | 4,220 | 4,840,889 | |||||||||||
Series 2016 B, RB(c) | 0.00 | % | 11/15/2044 | 3,270 | 1,385,761 | |||||||||||
New York Counties Tobacco Trust I; | ||||||||||||||||
Series 2000 A, RB | 6.50 | % | 06/01/2035 | 4,295 | 4,298,994 | |||||||||||
Series 2000 A, RB | 6.63 | % | 06/01/2042 | 19,230 | 19,246,538 | |||||||||||
New York Counties Tobacco Trust II; | ||||||||||||||||
Series 2001, RB | 5.63 | % | 06/01/2035 | 2,195 | 2,203,714 | |||||||||||
Series 2001, RB | 5.75 | % | 06/01/2043 | 9,025 | 9,038,267 | |||||||||||
New York Counties Tobacco Trust III; Series 2003, RB | 6.00 | % | 06/01/2043 | 10 | 10,017 | |||||||||||
New York Counties Tobacco Trust IV; | ||||||||||||||||
Series 2005 D, RB(c) | 0.00 | % | 06/01/2050 | 66,335 | 12,200,333 | |||||||||||
Series 2005 E, RB(c) | 0.00 | % | 06/01/2055 | 154,690 | 14,229,933 | |||||||||||
New York Counties Tobacco Trust V; Series 2005 S4B, RB(c)(f) | 0.00 | % | 06/01/2060 | 1,490,900 | 63,929,792 | |||||||||||
New York Counties Tobacco Trust VI; | ||||||||||||||||
Series 2016 A, Ref. RB | 6.25 | % | 06/01/2025 | 765 | 839,197 | |||||||||||
Series 2016 A, Ref. RB | 6.45 | % | 06/01/2040 | 3,005 | 3,558,251 | |||||||||||
Series 2016 A, Ref. RB | 6.00 | % | 06/01/2043 | 2,945 | 3,316,335 | |||||||||||
Series 2016 A2, Ref. RB | 5.00 | % | 06/01/2051 | 13,875 | 14,618,977 | |||||||||||
Series 2016 A-2B, Ref. RB | 5.00 | % | 06/01/2045 | 3,750 | 4,030,350 | |||||||||||
Series 2016 B, Ref. RB | 5.00 | % | 06/01/2036 | 1,000 | 1,137,480 | |||||||||||
Series 2016 B, Ref. RB | 5.00 | % | 06/01/2041 | 870 | 979,037 | |||||||||||
New York Liberty Development Corp.; Series 2019, Ref. RB | 2.80 | % | 09/15/2069 | 1,215 | 1,175,634 | |||||||||||
New York Liberty Development Corp. (3 World Trade Center); | ||||||||||||||||
Series 2014, Class 1, Ref. RB(f) | 5.00 | % | 11/15/2044 | 1,505 | 1,637,214 | |||||||||||
Series 2014, Class 3, Ref. RB(f) | 7.25 | % | 11/15/2044 | 415 | 457,953 | |||||||||||
New York Liberty Development Corp. (4 World Trade Center); | ||||||||||||||||
Series 2011, Ref. RB | 5.00 | % | 11/15/2031 | 1,875 | 1,930,594 | |||||||||||
Series 2011, Ref. RB | 5.00 | % | 11/15/2044 | 5,000 | 5,143,250 | |||||||||||
Series 2011, Ref. RB | 5.75 | % | 11/15/2051 | 15,000 | 15,526,650 | |||||||||||
New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 2, Ref. RB | 5.00 | % | 09/15/2043 | 5,410 | 5,612,496 | |||||||||||
New York Liberty Development Corp. (Goldman Sachs Headquarters); | ||||||||||||||||
Series 2005, Ref. RB | 5.25 | % | 10/01/2035 | 64,915 | 90,964,740 | |||||||||||
Series 2007, RB | 5.50 | % | 10/01/2037 | 11,230 | 16,441,169 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
New York Power Authority; | ||||||||||||||
Series 2020 A, Ref. RB | 4.00 | % | 11/15/2045 | $ | 5,000 | $ 5,778,300 | ||||||||
Series 2020 A, Ref. RB | 4.00 | % | 11/15/2050 | 27,375 | 31,518,206 | |||||||||
Series 2020 A, Ref. RB | 4.00 | % | 11/15/2060 | 9,000 | 10,224,360 | |||||||||
New York State Dormitory Authority; | ||||||||||||||
Series 2015 B, RB(d)(e) | 5.00 | % | 02/15/2025 | 5 | 5,873 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2036 | 275 | 324,605 | |||||||||
Series 2017 B, Ref. RB(d)(e) | 5.00 | % | 08/15/2027 | 10 | 12,658 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 02/15/2037 | 2,145 | 2,572,220 | |||||||||
Series 2019 A, RB | 4.00 | % | 07/01/2045 | 8,600 | 9,854,998 | |||||||||
Series 2020, RB(h) | 4.00 | % | 02/15/2047 | 40,000 | 44,856,400 | |||||||||
New York State Environmental Facilities Corp; Series 2018 XF2586, Revenue | 5.00 | % | 06/15/2047 | 20,000 | 24,235,800 | |||||||||
New York State Environmental Facilities Corp. (2010 Master Financing Program) (Green Bonds); Series 2017 C, RB | 5.00 | % | 08/15/2047 | 5,000 | 6,089,050 | |||||||||
New York State Environmental Facilities Corp. (Municipal Water Finance Authority); Series 2011 B, Ref. RB | 5.00 | % | 06/15/2031 | 1,430 | 1,449,491 | |||||||||
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution Bonds); | ||||||||||||||
Series 2016 A, Ref. RB | 5.00 | % | 06/15/2032 | 1,000 | 1,208,840 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/15/2046 | 19,030 | 23,064,550 | |||||||||
Series 2018 B, RB | 5.00 | % | 06/15/2043 | 5,470 | 6,743,525 | |||||||||
New York State Environmental Facilities Corp. (Pooled Financing Program); Series 2005 B, RB(d) | 5.50 | % | 04/15/2035 | 615 | 875,477 | |||||||||
New York State Urban Development Corp.; | ||||||||||||||
Series 2019 A, RB | 5.00 | % | 03/15/2043 | 20,000 | 24,328,800 | |||||||||
Series 2019 A, Ref. RB | 5.00 | % | 03/15/2039 | 11,555 | 14,433,582 | |||||||||
Series 2019 A, Ref. RB | 5.00 | % | 03/15/2040 | 10,935 | 13,629,821 | |||||||||
Series 2019 A, Ref. RB | 4.00 | % | 03/15/2045 | 10,000 | 11,271,000 | |||||||||
Series 2020 A, RB | 4.00 | % | 03/15/2045 | 31,000 | 35,238,940 | |||||||||
Series 2020 A, RB | 4.00 | % | 03/15/2049 | 42,545 | 48,166,471 | |||||||||
Series 2020 C, Ref. RB | 4.00 | % | 03/15/2041 | 5,000 | 5,736,200 | |||||||||
Series 2020 C, Ref. RB | 4.00 | % | 03/15/2045 | 17,000 | 19,324,580 | |||||||||
Series 2020 C, Ref. RB | 4.00 | % | 03/15/2049 | 8,500 | 9,623,105 | |||||||||
Series 2020 C, Ref. RB | 5.00 | % | 03/15/2050 | 5,000 | 6,148,600 | |||||||||
Series 2020, Ref. RB | 3.00 | % | 03/15/2040 | 11,435 | 12,012,925 | |||||||||
Series 2020, Ref. RB | 5.00 | % | 03/15/2043 | 5,000 | 6,191,850 | |||||||||
New York State Urban Development Corp. (Bidding Group); Series 2019 A, Ref. RB | 4.00 | % | 03/15/2046 | 1,500 | 1,689,975 | |||||||||
New York Transportation Development Corp.; | ||||||||||||||
Series 2020 A, Ref. RB(a) | 5.00 | % | 12/01/2031 | 1,000 | 1,245,200 | |||||||||
Series 2020 A, Ref. RB(a) | 4.00 | % | 12/01/2041 | 1,380 | 1,529,164 | |||||||||
New York Transportation Development Corp. (American Airlines, Inc.); | ||||||||||||||
Series 2016, Ref. RB(a) | 5.00 | % | 08/01/2026 | 1,970 | 2,004,436 | |||||||||
Series 2016, Ref. RB(a) | 5.00 | % | 08/01/2031 | 2,550 | 2,592,330 | |||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment); | ||||||||||||||
Series 2018, RB(a) | 5.00 | % | 01/01/2034 | 5,565 | 6,569,761 | |||||||||
Series 2018, RB(a) | 5.00 | % | 01/01/2036 | 2,045 | 2,402,527 | |||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc.-Laguardia); | 5.00 | % | 10/01/2040 | 10,000 | 12,155,900 | |||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); | ||||||||||||||
Series 2016 A, RB (INS - AGM)(a)(b) | 4.00 | % | 07/01/2035 | 11,600 | 12,613,840 | |||||||||
Series 2016 A, RB (INS - AGM)(a)(b) | 4.00 | % | 07/01/2036 | 3,500 | 3,799,950 | |||||||||
Series 2016 A, RB (INS - AGM)(a)(b) | 4.00 | % | 07/01/2037 | 11,875 | 12,869,531 | |||||||||
Series 2016 A, RB(a) | 5.00 | % | 07/01/2041 | 36,250 | 40,596,737 | |||||||||
Series 2016 A, RB(a) | 5.00 | % | 07/01/2046 | 22,095 | 24,598,805 | |||||||||
Series 2016 A, RB(a) | 5.25 | % | 01/01/2050 | 4,650 | 5,212,650 | |||||||||
Series 2016 A, RB (INS - AGM)(a)(b) | 4.00 | % | 01/01/2051 | 8,900 | 9,539,999 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport); | ||||||||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2032 | $ | 1,505 | $ 1,879,564 | ||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2033 | 1,600 | 1,990,560 | |||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2034 | 2,000 | 2,486,140 | |||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2036 | 1,610 | 1,985,967 | |||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2037 | 1,000 | 1,232,270 | |||||||||
Series 2020, Ref. RB | 5.00 | % | 12/01/2038 | 2,000 | 2,462,600 | |||||||||
Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB(a)(f) | 4.75 | % | 11/01/2042 | 790 | 827,225 | |||||||||
Series 2012 A, RB(d)(e) | 5.00 | % | 05/01/2022 | 1,350 | 1,416,839 | |||||||||
Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); | ||||||||||||||
Series 2014 A, Ref. RB(a) | 5.00 | % | 04/01/2021 | 280 | 280,986 | |||||||||
Series 2014 A, Ref. RB(a) | 5.00 | % | 04/01/2029 | 725 | 806,998 | |||||||||
Series 2019, Ref. RB(a) | 5.00 | % | 04/01/2035 | 780 | 928,988 | |||||||||
Series 2019, Ref. RB(a) | 5.00 | % | 04/01/2037 | 750 | 887,243 | |||||||||
Series 2019, Ref. RB(a) | 5.00 | % | 04/01/2039 | 720 | 847,202 | |||||||||
Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. RB | 5.25 | % | 05/15/2040 | 275 | 291,932 | |||||||||
North Syracuse Central School District; Series 2007, Ref. GO Bonds (INS - NATL)(b) | 5.00 | % | 06/15/2023 | 935 | 1,034,447 | |||||||||
North Tonawanda Housing Development Corp. (Bishop Gibbons Apartments - Section 8); Series 1994 B, Ref. RB | 7.38 | % | 12/15/2021 | 360 | 379,980 | |||||||||
Oneida County Local Development Corp. (Mohawk Valley Health System); | ||||||||||||||
Series 2019, Ref. RB (INS - AGM)(b) | 4.00 | % | 12/01/2038 | 2,860 | 3,232,801 | |||||||||
Series 2019, Ref. RB (INS - AGM)(b) | 4.00 | % | 12/01/2049 | 4,920 | 5,439,749 | |||||||||
Oneida County Local Development Corp. (Utica College); | ||||||||||||||
Series 2019, Ref. RB | 5.00 | % | 07/01/2026 | 100 | 115,941 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 07/01/2028 | 1,050 | 1,252,366 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 07/01/2030 | 1,160 | 1,387,058 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 07/01/2031 | 1,215 | 1,443,882 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 07/01/2032 | 775 | 914,771 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 07/01/2033 | 1,340 | 1,571,860 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 07/01/2034 | 1,410 | 1,645,992 | |||||||||
Series 2019, Ref. RB | 4.00 | % | 07/01/2039 | 760 | 802,849 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 07/01/2049 | 3,250 | 3,663,790 | |||||||||
Onondaga (County of), NY Industrial Development Agency (Free Library); | ||||||||||||||
Series 2008, RB | 5.13 | % | 03/01/2030 | 955 | 973,479 | |||||||||
Series 2008, RB | 5.13 | % | 03/01/2037 | 1,115 | 1,138,080 | |||||||||
Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); | ||||||||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2033 | 1,300 | 1,487,746 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2034 | 840 | 957,701 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2037 | 1,150 | 1,301,317 | |||||||||
Series 2017, Ref. RB | 5.00 | % | 05/01/2040 | 650 | 730,808 | |||||||||
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); | ||||||||||||||
Series 2019, Ref. RB | 4.00 | % | 12/01/2041 | 15,950 | 18,416,029 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 12/01/2043 | 10,980 | 13,654,728 | |||||||||
Series 2019, Ref. RB | 5.00 | % | 12/01/2045 | 16,250 | 20,116,037 | |||||||||
Series 2019, Ref. RB | 4.00 | % | 12/01/2047 | 14,290 | 16,310,463 | |||||||||
Series 2019, Ref. RB | 4.00 | % | 12/01/2049 | 10,185 | 11,602,141 | |||||||||
Onondaga Civic Development Corp. (Le Moyne College); Series 2012, Ref. RB | 5.00 | % | 07/01/2032 | 1,000 | 1,040,110 | |||||||||
Onondaga Civic Development Corp. (Upstate Properties Development, Inc.); | 5.25 | % | 12/01/2021 | 3,465 | 3,595,319 | |||||||||
Orange (County of), NY Industrial Development Agency (Cornwall Hospital (The)); | ||||||||||||||
Series 2001 B, Ref. RB (INS - AGC)(b) | 5.38 | % | 12/01/2021 | 380 | 381,368 | |||||||||
Series 2001 B, Ref. RB (INS - AGC)(b) | 5.38 | % | 12/01/2026 | 2,235 | 2,242,130 | |||||||||
Orange (County of), NY Industrial Development Agency (St. Luke’s Hospital of Newburgh, New York); Series 2001 A, Ref. RB (INS - AGC)(b) | 5.38 | % | 12/01/2026 | 6,330 | 6,352,598 | |||||||||
Orange County Funding Corp.; Series 2013, RB | 6.50 | % | 01/01/2046 | 4,085 | 4,113,146 | |||||||||
Orange County Funding Corp. (Mount St. Mary College); | ||||||||||||||
Series 2012 A, Ref. RB | 5.00 | % | 07/01/2037 | 1,320 | 1,364,458 | |||||||||
Series 2012 A, Ref. RB | 5.00 | % | 07/01/2042 | 1,435 | 1,479,514 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
Otsego County Capital Resource Corp. (Hartwick College); | ||||||||||||||
Series 2015 A, Ref. RB | 5.00 | % | 10/01/2030 | $ | 3,205 | $ 3,325,604 | ||||||||
Series 2015 A, Ref. RB | 5.00 | % | 10/01/2035 | 2,000 | 2,053,400 | |||||||||
Series 2015 A, Ref. RB | 5.00 | % | 10/01/2045 | 8,065 | 8,160,006 | |||||||||
Oyster Bay (Town of), NY; | ||||||||||||||
Series 2018 B, GO Bonds (INS - AGM)(b) | 3.25 | % | 02/01/2031 | 10,805 | 11,770,751 | |||||||||
Series 2018 B, GO Bonds (INS - AGM)(b) | 3.25 | % | 02/01/2032 | 5,000 | 5,416,950 | |||||||||
Series 2018 B, GO Bonds (INS - AGM)(b) | 4.00 | % | 02/01/2033 | 9,585 | 10,790,985 | |||||||||
Port Authority of New York & New Jersey; Series 2017 XF0565, Ref. Revenue | 5.25 | % | 11/15/2056 | 28,000 | 33,478,760 | |||||||||
Poughkeepsie (City of), NY Industrial Development Agency (Eastman & Bixby Redevelopment Co. LLC); Series 2000 A, RB(a) | 6.00 | % | 08/01/2032 | 2,675 | 2,684,202 | |||||||||
Ramapo Local Development Corp.; Series 2013, Ref. RB | 5.00 | % | 03/15/2033 | 2,525 | 2,641,705 | |||||||||
Rensselaer (County of), NY Industrial Development Agency (Franciscan Heights, L.P.); Series 2004 A, IDR (LOC - JP Morgan Chase Bank)(a)(k) | 5.38 | % | 12/01/2036 | 2,500 | 2,507,050 | |||||||||
Riverhead (City of), NY Industrial Development Agency; Series 2013, RB | 7.00 | % | 08/01/2048 | 1,300 | 1,419,223 | |||||||||
Rockland Tobacco Asset Securitization Corp.; | ||||||||||||||
Series 2001, RB | 5.75 | % | 08/15/2043 | 720 | 726,595 | |||||||||
Series 2005 A, RB(c)(f) | 0.00 | % | 08/15/2045 | 4,000 | 971,440 | |||||||||
Series 2005 C, RB(c)(f) | 0.00 | % | 08/15/2060 | 25,000 | 1,306,500 | |||||||||
Saratoga County Capital Resource Corp. (Skidmore College); | ||||||||||||||
Series 2018, RB | 5.00 | % | 07/01/2048 | 3,515 | 4,180,811 | |||||||||
Series 2020 A, RB | 4.00 | % | 07/01/2050 | 1,985 | 2,257,163 | |||||||||
Schenectady County Capital Resource Corp. (Union College); Series 2017, Ref. RB | 5.00 | % | 01/01/2047 | 10,720 | 12,355,550 | |||||||||
St. Lawrence (County of), NY Industrial Development Agency (Clarkson University); | ||||||||||||||
Series 2011, RB | 6.00 | % | 09/01/2034 | 520 | 530,332 | |||||||||
Series 2011, RB | 5.38 | % | 09/01/2041 | 4,775 | 4,845,336 | |||||||||
Series 2012 A, RB | 5.00 | % | 09/01/2041 | 1,510 | 1,545,802 | |||||||||
St. Lawrence (County of), NY Industrial Development Agency (Curran Renewable Energy, LLC); Series 2007 B, RB(a) | 7.25 | % | 12/01/2029 | 3,585 | 2,977,020 | |||||||||
St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); | ||||||||||||||
Series 2012, RB | 5.00 | % | 07/01/2030 | 1,280 | 1,366,003 | |||||||||
Series 2012, RB | 5.00 | % | 07/01/2031 | 1,355 | 1,444,809 | |||||||||
Series 2016 A, Ref. RB | 5.00 | % | 07/01/2036 | 540 | 637,405 | |||||||||
Suffolk (County of), NY Industrial Development Agency; Series 2007 A-C, RB | 5.95 | % | 11/01/2022 | 75 | 75,017 | |||||||||
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 2006 A-A, RB | 5.95 | % | 10/01/2021 | 235 | 235,075 | |||||||||
Series 2006 A-B, RB | 5.95 | % | 10/01/2021 | 330 | 330,106 | |||||||||
Series 2006 A-C, RB | 5.95 | % | 10/01/2021 | 95 | 95,026 | |||||||||
Series 2006 A-D1, RB | 5.95 | % | 10/01/2021 | 65 | 65,018 | |||||||||
Series 2006 A-D2, RB | 6.00 | % | 10/01/2031 | 255 | 254,992 | |||||||||
Series 2006 A-E, RB | 5.95 | % | 10/01/2021 | 110 | 110,035 | |||||||||
Suffolk (County of), NY Industrial Development Agency (Nissequogue Cogen Partners); Series 1998, Ref. RB(a) | 5.50 | % | 01/01/2023 | 8,200 | 8,272,242 | |||||||||
Suffolk County Economic Development Corp.; Series 2010 A, RB | 7.38 | % | 12/01/2040 | 4,110 | 4,177,363 | |||||||||
Suffolk County Economic Development Corp. (Catholic Health Services of Long Island); Series 2011, Ref. RB | 5.00 | % | 07/01/2028 | 6,405 | 6,487,176 | |||||||||
Suffolk County Economic Development Corp. (Family Residences and Essential Enterprises, Inc.); Series 2012 B-A, RB(f) | 6.75 | % | 06/01/2027 | 465 | 457,523 | |||||||||
Suffolk Economic Development Corp. (Catholic Health Services); Series 2014 C, RB | 5.00 | % | 07/01/2032 | 415 | 460,438 | |||||||||
Suffolk Tobacco Asset Securitization Corp.; | ||||||||||||||
Series 2008 C, RB | 6.63 | % | 06/01/2044 | 69,295 | 71,500,660 | |||||||||
Series 2008 D, RB(c) | 0.00 | % | 06/01/2048 | 177,265 | 18,309,702 | |||||||||
Sullivan (County of), NY (Adelaar Infratructure); | ||||||||||||||
Series 2016 A2, RB(f) | 5.35 | % | 11/01/2049 | 40,865 | 42,650,392 | |||||||||
Series 2016 B2, RB(f) | 5.35 | % | 11/01/2049 | 5,830 | 6,084,713 | |||||||||
Series 2016 C2, RB(f) | 5.35 | % | 11/01/2049 | 5,760 | 6,011,654 | |||||||||
Series 2016 D2, RB(f) | 5.35 | % | 11/01/2049 | 3,780 | 3,945,148 | |||||||||
Syracuse (City of), NY; Series 2011 A, GO Bonds(a) | 5.00 | % | 11/01/2036 | 1,000 | 1,026,590 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
Syracuse (City of), NY Industrial Development Agency (Carousel Center); | ||||||||||||||
Series 2016 A, Ref. RB(a) | 5.00 | % | 01/01/2033 | $ | 8,200 | $ 8,447,476 | ||||||||
Series 2016 A, Ref. RB(a) | 5.00 | % | 01/01/2035 | 2,500 | 2,560,125 | |||||||||
Series 2016 A, Ref. RB(a) | 5.00 | % | 01/01/2036 | 3,800 | 3,884,740 | |||||||||
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); Series 2013 A, RB (Acquired 01/24/2013-02/21/2019; Cost $5,171,658)(g)(l) | 5.00 | % | 07/01/2032 | 3,125 | 1,562,500 | |||||||||
Town of Hempstead Local Development Corp. (Adelphi University); Series 2019, Ref. RB | 4.00 | % | 02/01/2039 | 1,800 | 2,003,760 | |||||||||
Triborough Bridge & Tunnel Authority; | ||||||||||||||
Series 2012 B, Ref. RB | 5.00 | % | 11/15/2028 | 400 | 431,748 | |||||||||
Series 2013 A, Ref. RB | 5.00 | % | 11/15/2029 | 1,500 | 1,635,315 | |||||||||
Series 2017 A, RB | 5.00 | % | 11/15/2037 | 4,455 | 5,363,063 | |||||||||
Series 2017 A, RB | 5.00 | % | 11/15/2038 | 1,515 | 1,819,848 | |||||||||
Series 2017 A, RB | 5.00 | % | 11/15/2047 | 17,095 | 20,277,576 | |||||||||
Series 2017 B, Ref. RB | 5.00 | % | 11/15/2034 | 2,790 | 3,380,615 | |||||||||
Series 2017 B, Ref. RB | 5.00 | % | 11/15/2038 | 9,100 | 10,931,102 | |||||||||
Series 2018 XF2587, Ref. Revenue Ctfs.(h) | 5.00 | % | 11/15/2044 | 20,000 | 24,087,400 | |||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); | ||||||||||||||
Series 2018 A, Ref. RB | 5.00 | % | 11/15/2044 | 3,000 | 3,615,330 | |||||||||
Series 2018 A, Ref. RB | 5.00 | % | 11/15/2046 | 10,000 | 12,028,800 | |||||||||
Series 2019 A, RB | 5.00 | % | 11/15/2049 | 4,000 | 4,880,360 | |||||||||
Series 2019 C, RB | 4.00 | % | 11/15/2042 | 21,500 | 24,452,595 | |||||||||
Series 2019 C, RB | 4.00 | % | 11/15/2043 | 21,500 | 24,394,975 | |||||||||
Series 2020 A, RB | 4.00 | % | 11/15/2054 | 21,100 | 23,791,938 | |||||||||
Series 2020 A, RB | 5.00 | % | 11/15/2054 | 4,100 | 5,112,372 | |||||||||
TSASC, Inc.; | ||||||||||||||
Series 2016 B, Ref. RB | 5.00 | % | 06/01/2045 | 10,930 | 11,867,685 | |||||||||
Series 2016 B, Ref. RB | 5.00 | % | 06/01/2048 | 14,195 | 15,280,776 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2036 | 1,345 | 1,610,557 | |||||||||
Series 2017 A, Ref. RB | 5.00 | % | 06/01/2041 | 16,855 | 19,456,738 | |||||||||
Westchester (County of), NY Industrial Development Agency (Clearview School (The)); Series 2005 B, RB | 7.25 | % | 01/01/2035 | 840 | 821,285 | |||||||||
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB(a)(f) | 7.00 | % | 06/01/2046 | 470 | 491,860 | |||||||||
Westchester County Healthcare Corp.; | ||||||||||||||
Series 2011 B, RB(d)(e) | 5.13 | % | 11/01/2021 | 1,700 | 1,755,981 | |||||||||
Series 2014 A, RB | 5.00 | % | 11/01/2044 | 4,259 | 4,577,632 | |||||||||
Westchester County Local Development Corp. (Betheal Methodist); | ||||||||||||||
Series 2020 A, Ref. RB | 5.00 | % | 07/01/2040 | 2,235 | 2,302,072 | |||||||||
Series 2020 A, Ref. RB | 5.13 | % | 07/01/2055 | 7,690 | 7,846,645 | |||||||||
Series 2020 B, Ref. RB | 5.88 | % | 07/01/2030 | 4,720 | 4,672,281 | |||||||||
Westchester County Local Development Corp. (Sarah Lawrence College); | ||||||||||||||
Series 2016 A, Ref. RB | 4.00 | % | 06/01/2030 | 2,165 | 2,315,099 | |||||||||
Series 2016 A, Ref. RB | 4.00 | % | 06/01/2031 | 2,190 | 2,335,372 | |||||||||
Westchester County Local Development Corp. (Wartburg Senior Housing); Series 2015 A, Ref. RB(f) | 5.00 | % | 06/01/2030 | 1,500 | 1,496,595 | |||||||||
Westchester Local Development Corp. (Westchester Medical Center Obligated Group); Series 2016, Ref. RB | 5.00 | % | 11/01/2046 | 30,515 | 33,354,116 | |||||||||
Westchester Tobacco Asset Securitization Corp.; | ||||||||||||||
Series 2016 C, Ref. RB | 5.00 | % | 06/01/2045 | 14,450 | 15,140,276 | |||||||||
Series 2016 C, Ref. RB | 5.13 | % | 06/01/2051 | 1,295 | 1,464,826 | |||||||||
Yonkers (City of), NY Parking Authority; Series 1999 A, RB | 6.00 | % | 06/15/2024 | 855 | 856,163 | |||||||||
Yonkers Economic Development Corp. (Charter School Education Excellence); | ||||||||||||||
Series 2019 A, RB | 5.00 | % | 10/15/2039 | 420 | 477,221 | |||||||||
Series 2019 A, RB | 5.00 | % | 10/15/2049 | 640 | 712,384 | |||||||||
Series 2019 A, RB | 5.00 | % | 10/15/2054 | 465 | 515,764 | |||||||||
4,853,123,747 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 �� Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Puerto Rico–12.39% | ||||||||||||||
Children’s Trust Fund; | ||||||||||||||
Series 2002, RB | 5.38 | % | 05/15/2033 | $ | 200 | $ 201,228 | ||||||||
Series 2008 A, RB(c) | 0.00 | % | 05/15/2057 | 2,185,850 | 153,337,379 | |||||||||
Series 2008 B, RB(c) | 0.00 | % | 05/15/2057 | 1,070,800 | 57,748,244 | |||||||||
Puerto Rico (Commonwealth of); | ||||||||||||||
Series 2003 A, GO Bonds(j) | 5.00 | % | 07/01/2033 | 2,000 | 1,722,500 | |||||||||
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(b) | 6.00 | % | 07/01/2028 | 1,270 | 1,309,332 | |||||||||
Series 2006 B, Ref. GO Bonds(j) | 5.25 | % | 07/01/2032 | 2,500 | 2,165,625 | |||||||||
Series 2008 A, GO Bonds(j) | 5.38 | % | 07/01/2033 | 5,000 | 4,318,750 | |||||||||
Series 2008 A, Ref. GO Bonds(j) | 5.25 | % | 07/01/2026 | 2,200 | 1,900,250 | |||||||||
Series 2008 A, Ref. GO Bonds(j) | 5.50 | % | 07/01/2032 | 15,700 | 13,600,125 | |||||||||
Series 2009 B, Ref. GO Bonds(j) | 5.88 | % | 07/01/2036 | 770 | 669,900 | |||||||||
Series 2009 C, Ref. GO Bonds(j) | 6.00 | % | 07/01/2039 | 390 | 337,838 | |||||||||
Series 2011 A, Ref. GO Bonds(j) | 6.00 | % | 07/01/2028 | 1,000 | 866,250 | |||||||||
Series 2011 A, Ref. GO Bonds(j) | 6.00 | % | 07/01/2040 | 3,670 | 3,087,387 | |||||||||
Series 2011 C, Ref. GO Bonds(j) | 6.00 | % | 07/01/2035 | 2,700 | 2,217,375 | |||||||||
Series 2011 C, Ref. GO Bonds(j) | 5.75 | % | 07/01/2036 | 25,000 | 20,156,250 | |||||||||
Series 2011 E, Ref. GO Bonds(j) | 5.63 | % | 07/01/2033 | 3,205 | 2,704,219 | |||||||||
Series 2012 A, Ref. GO Bonds(j) | 5.50 | % | 07/01/2039 | 5,000 | 4,100,000 | |||||||||
Series 2012 A, Ref. GO Bonds(j) | 5.00 | % | 07/01/2041 | 5,820 | 4,546,875 | |||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; | ||||||||||||||
Series 2008 A, RB | 6.13 | % | 07/01/2024 | 15,995 | 17,460,622 | |||||||||
Series 2012 A, RB | 5.25 | % | 07/01/2029 | 1,580 | 1,663,282 | |||||||||
Series 2012 A, RB | 6.00 | % | 07/01/2047 | 3,250 | 3,453,417 | |||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; | ||||||||||||||
Series 2005 RR, RB (INS - NATL)(b) | 5.00 | % | 07/01/2024 | 510 | 516,258 | |||||||||
Series 2016 E-4, RB(j) | 10.00 | % | 07/01/2022 | 500 | 482,500 | |||||||||
Puerto Rico (Commonwealth of) Government Employees Retirement System; | ||||||||||||||
Series 2008 A, RB(j) | 6.15 | % | 07/01/2038 | 24,895 | 3,485,300 | |||||||||
Series 2008 B, RB(j) | 6.30 | % | 07/01/2037 | 7,500 | 1,050,000 | |||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; | ||||||||||||||
Series 2003 AA-2, Ref. RB(j) | 5.30 | % | 07/02/2035 | 4,945 | 4,067,262 | |||||||||
Series 2003 G, RB(j) | 5.00 | % | 07/01/2033 | 8,980 | 3,210,350 | |||||||||
Series 2003 G, RB(j) | 5.00 | % | 07/01/2042 | 1,840 | 657,800 | |||||||||
Series 2003 H, Ref. RB(j) | 5.45 | % | 07/01/2035 | 1,120 | 400,400 | |||||||||
Series 2003, RB(j) | 5.00 | % | 07/03/2028 | 9,515 | 1,165,588 | |||||||||
Series 2005 K, RB(j) | 5.00 | % | 07/01/2027 | 6,500 | 2,323,750 | |||||||||
Series 2005 K, RB(j) | 5.00 | % | 07/01/2030 | 1,145 | 409,338 | |||||||||
Series 2005 L, Ref. RB (INS - NATL)(b) | 5.25 | % | 07/01/2023 | 2,600 | 2,730,988 | |||||||||
Series 2005 L, Ref. RB (INS - FGIC)(b)(l) | 5.25 | % | 07/01/2030 | 915 | 833,794 | |||||||||
Series 2007 M, RB(j) | 5.00 | % | 07/01/2046 | 78,610 | 28,103,075 | |||||||||
Series 2007 N, Ref. RB (INS - NATL)(b) | 5.25 | % | 07/01/2032 | 3,235 | 3,633,875 | |||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB(a) | 6.63 | % | 06/01/2026 | 780 | 807,300 | |||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System); | ||||||||||||||
Series 2002, Ref. RB | 5.38 | % | 12/01/2021 | 185 | 185,272 | |||||||||
Series 2006, RB | 5.00 | % | 03/01/2036 | 6,285 | 6,293,296 | |||||||||
Series 2012, Ref. RB | 5.13 | % | 04/01/2032 | 875 | 888,781 | |||||||||
Series 2012, Ref. RB | 5.38 | % | 04/01/2042 | 1,200 | 1,221,000 | |||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ryder Memorial Hospital); Series 1994 A, RB | 6.70 | % | 05/01/2024 | 2,510 | 2,170,849 | |||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (University Plaza); Series 2000 A, RB (INS - NATL)(b) | 5.00 | % | 07/01/2033 | 5,490 | 5,590,247 | |||||||||
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Pollution Control Facilities Financing Authority; | ||||||||||||||
Series 2012, Ref. RB | 5.00 | % | 10/01/2031 | 650 | 674,915 | |||||||||
Series 2012, Ref. RB | 5.00 | % | 10/01/2042 | 200 | 203,500 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Invesco Rochester® New York Municipals Fund
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Puerto Rico–(continued) | ||||||||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; | ||||||||||||||
Series 2005 B, RB(j) | 5.00 | % | 07/01/2037 | $ | 675 | $ 91,969 | ||||||||
Series 2005 B, RB(j) | 5.00 | % | 07/01/2041 | 141,985 | 19,345,456 | |||||||||
Series 2006 B, RB(j) | 5.00 | % | 07/01/2031 | 25,255 | 3,440,994 | |||||||||
Series 2006 B, RB(j) | 5.00 | % | 07/01/2037 | 17,490 | 2,383,013 | |||||||||
Series 2006 B, RB(j) | 5.00 | % | 07/01/2046 | 41,740 | 5,687,075 | |||||||||
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(j) | 6.50 | % | 10/01/2037 | 1,680 | 676,200 | |||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2009 Q, RB(j) | 5.50 | % | 07/01/2037 | 850 | 817,063 | |||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); | ||||||||||||||
Series 2004 I, RB(j) | 5.00 | % | 07/01/2036 | 40,355 | 37,277,929 | |||||||||
Series 2009 P, Ref. RB(j) | 6.50 | % | 07/01/2030 | 4,400 | 4,350,500 | |||||||||
Puerto Rico Public Finance Corp.; Series 2011 B, RB(j) | 5.50 | % | 08/01/2031 | 11,810 | 177,150 | |||||||||
Puerto Rico Sales Tax Financing Corp.; | ||||||||||||||
Series 2018 A-1, RB | 4.55 | % | 07/01/2040 | 4,327 | 4,716,646 | |||||||||
Series 2018 A-1, RB(c) | 0.00 | % | 07/01/2046 | 82,734 | 25,435,741 | |||||||||
Series 2018 A-1, RB(c) | 0.00 | % | 07/01/2051 | 50,840 | 11,193,443 | |||||||||
Series 2018 A-1, RB | 4.75 | % | 07/01/2053 | 13,361 | 14,582,596 | |||||||||
Series 2018 A-1, RB | 5.00 | % | 07/01/2058 | 37,456 | 41,484,018 | |||||||||
Series 2019 A-2, RB | 4.33 | % | 07/01/2040 | 26,000 | 27,966,900 | |||||||||
Series 2019 A-2, RB | 4.54 | % | 07/01/2053 | 976 | 1,051,767 | |||||||||
Series 2019 A-2, RB | 4.78 | % | 07/01/2058 | 13,060 | 14,282,024 | |||||||||
University of Puerto Rico; | ||||||||||||||
Series 2006 P, Ref. RB (Acquired 06/18/2007-11/15/2018; | 5.00 | % | 06/01/2030 | 7,280 | 7,061,600 | |||||||||
Series 2006 Q, RB (Acquired 03/23/2007-02/06/2019; Cost $4,550,853)(g) | 5.00 | % | 06/01/2026 | 4,555 | 4,441,125 | |||||||||
Series 2006 Q, RB (Acquired 12/01/2006-01/05/2015; Cost $28,457,463)(g) | 5.00 | % | 06/01/2030 | 24,375 | 23,643,750 | |||||||||
Series 2006 Q, RB (Acquired 12/01/2006-03/01/2019; Cost $67,938,089)(g) | 5.00 | % | 06/01/2036 | 67,190 | 65,174,300 | |||||||||
683,953,545 | ||||||||||||||
Northern Mariana Islands–0.18% | ||||||||||||||
Northern Mariana Islands (Commonwealth of); | ||||||||||||||
Series 2007 A, Ref. GO Bonds | 5.00 | % | 06/01/2030 | 5,835 | 5,368,667 | |||||||||
Series 2007 B, Ref. GO Bonds | 5.00 | % | 10/01/2022 | 480 | 469,670 | |||||||||
Northern Mariana Islands (Commonwealth of) Ports Authority; Series 1998 A, RB(a) | 6.25 | % | 03/15/2028 | 4,515 | 4,264,056 | |||||||||
10,102,393 | ||||||||||||||
Virgin Islands–0.15% | ||||||||||||||
Virgin Islands (Government of) Port Authority; Series 2014 A, Ref. RB(a) | 5.00 | % | 09/01/2029 | 665 | 647,544 | |||||||||
Virgin Islands (Government of) Public Finance Authority; | ||||||||||||||
Series 2012 A, RB (INS - AGM)(b) | 5.00 | % | 10/01/2032 | 2,555 | 2,694,350 | |||||||||
Series 2012 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2032 | 2,180 | 2,298,897 | |||||||||
Series 2015, RB(f) | 5.00 | % | 09/01/2030 | 770 | 859,913 | |||||||||
Virgin Islands (Government of) Public Finance Authority (Federal Highway Grant Anticipation Revenue Loan Note); Series 2015, RB(f) | 5.00 | % | 09/01/2033 | 1,500 | 1,662,030 | |||||||||
8,162,734 | ||||||||||||||
Guam–0.14% | ||||||||||||||
Guam (Territory of); | ||||||||||||||
Series 2011 A, RB | 5.25 | % | 01/01/2036 | 550 | 564,476 | |||||||||
Series 2015 D, Ref. RB | 5.00 | % | 11/15/2039 | 750 | 831,503 | |||||||||
Guam (Territory of) Government Waterworks Authority; Series 2013, RB (INS - NATL)(b) | 5.25 | % | 07/01/2025 | 1,735 | 1,896,476 | |||||||||
Guam (Territory of) Power Authority; | ||||||||||||||
Series 2012 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2023 | 1,230 | 1,316,850 | |||||||||
Series 2012 A, Ref. RB (INS - AGM)(b) | 5.00 | % | 10/01/2024 | 1,560 | 1,667,531 | |||||||||
Series 2012 A, Ref. RB | 5.00 | % | 10/01/2034 | 610 | 635,333 | |||||||||
Guam (Territory of) Waterworks Authority; Series 2014 A, Ref. RB | 5.00 | % | 07/01/2029 | 325 | 360,513 | |||||||||
Guam Housing Corp.; Series 1998 A, RB (CEP - FHLMC)(a) | 5.75 | % | 09/01/2031 | 345 | 366,331 | |||||||||
7,639,013 | ||||||||||||||
Total Municipal Obligations (Cost $5,655,934,232) | 5,562,981,432 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Invesco Rochester® New York Municipals Fund
Shares | Value | |||||||
Common Stocks & Other Equity Interests–0.05% | ||||||||
New York–0.05% | ||||||||
CMS Liquidating Trust; | ||||||||
(Cost $4,483,200)(m)(n) | 1,401 | $ | 3,082,200 | |||||
| ||||||||
TOTAL INVESTMENTS IN SECURITIES(o)–100.80% (Cost $5,660,417,432) | 5,566,063,632 | |||||||
| ||||||||
FLOATING RATE NOTE OBLIGATIONS–(4.00)% | ||||||||
Notes with interest and fee rates ranging from 0.57% to 0.74% at 02/28/2021 and contractual maturities of collateral ranging from 07/15/2037 to 11/15/2057 (See Note 1J)(p) | (220,910,000 | ) | ||||||
| ||||||||
OTHER ASSETS LESS LIABILITIES–3.20% | 176,543,592 | |||||||
| ||||||||
NET ASSETS–100.00% | $ | 5,521,697,224 | ||||||
|
Investment Abbreviations: | ||
ACA | – ACA Financial Guaranty Corp. | |
AGC | – Assured Guaranty Corp. | |
AGM | – Assured Guaranty Municipal Corp. | |
AMBAC | – American Municipal Bond Assurance Corp. | |
BAM | – Build America Mutual Assurance Co. | |
BHAC | – Berkshire Hathaway Assurance Corp. | |
CEP | – Credit Enhancement Provider | |
CPI | – Consumer Price Index | |
Ctfs. | – Certificates | |
FGIC | – Financial Guaranty Insurance Company | |
FHLMC | – Federal Home Loan Mortgage Corp. | |
GNMA | – Government National Mortgage Association | |
GO | – General Obligation | |
IDR | – Industrial Development Revenue Bonds | |
INS | – Insurer | |
LIBOR | – London Interbank Offered Rate | |
LOC | – Letter of Credit | |
NATL | – National Public Finance Guarantee Corp. | |
RB | – Revenue Bonds | |
Ref. | – Refunding | |
USD | – U.S. Dollar |
Notes to Schedule of Investments:
(a) | Security subject to the alternative minimum tax. |
(b) | Principal and/or interest payments are secured by the bond insurance company listed. |
(c) | Zero coupon bond issued at a discount. |
(d) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(e) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(f) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $266,773,545, which represented 4.83% of the Fund’s Net Assets. |
(g) | Restricted security. The aggregate value of these securities at February 28, 2021 was $115,203,677, which represented 2.09% of the Fund’s Net Assets. |
(h) | Underlying security related to TOB Trusts entered into by the Fund. See Note 1J. |
(i) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021. |
(j) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $182,212,718, which represented 3.30% of the Fund’s Net Assets. |
(k) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(l) | The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun. |
(m) | Non-income producing security. |
(n) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(o) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(p) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2021. At February 28, 2021, the Fund’s investments with a value of $379,498,039 are held by TOB Trusts and serve as collateral for the $220,910,000 in the floating rate note obligations outstanding at that date. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Invesco Rochester® New York Municipals Fund
Statement of Assets and Liabilities
February 28, 2021
Assets: | ||||
Investments in securities, at value | ||||
(Cost $5,660,417,432) | $ | 5,566,063,632 | ||
| ||||
Cash | 167,988,590 | |||
| ||||
Receivable for: | ||||
Investments sold | 2,330,000 | |||
| ||||
Fund shares sold | 5,775,538 | |||
| ||||
Interest | 54,750,870 | |||
| ||||
Investments matured, at value (Cost $3,262,237) | 2,874,900 | |||
| ||||
Investment for trustee deferred compensation and retirement plans | 632,011 | |||
| ||||
Other assets | 1,625,216 | |||
| ||||
Total assets | 5,802,040,757 | |||
| ||||
Liabilities: | ||||
Floating rate note obligations | 220,910,000 | |||
| ||||
Payable for: | ||||
Investments purchased | 41,432,664 | |||
| ||||
Dividends | 7,151,285 | |||
| ||||
Fund shares reacquired | 7,102,511 | |||
| ||||
Accrued fees to affiliates | 2,617,542 | |||
| ||||
Accrued interest expense | 10,335 | |||
| ||||
Accrued trustees’ and officers’ fees and benefits | 6,410 | |||
| ||||
Accrued other operating expenses | 32,585 | |||
| ||||
Trustee deferred compensation and retirement plans | 1,080,201 | |||
| ||||
Total liabilities | 280,343,533 | |||
| ||||
Net assets applicable to shares outstanding | $ | 5,521,697,224 | ||
|
Net assets consist of: | ||||
Shares of beneficial interest | $ | 6,178,348,866 | ||
| ||||
Distributable earnings (loss) | (656,651,642 | ) | ||
| ||||
$ | 5,521,697,224 | |||
| ||||
Net Assets: | ||||
Class A | $ | 4,495,785,482 | ||
| ||||
Class C | $ | 336,381,083 | ||
| ||||
Class Y | $ | 687,607,631 | ||
| ||||
Class R6 | $ | 1,923,028 | ||
| ||||
Shares outstanding, no par value, with an unlimited number of shares authorized: |
| |||
Class A | 263,347,257 | |||
| ||||
Class C | 19,755,462 | |||
| ||||
Class Y | 40,264,292 | |||
| ||||
Class R6 | 112,563 | |||
| ||||
Class A: | ||||
Net asset value per share | $ | 17.07 | ||
| ||||
Maximum offering price per share | ||||
(Net asset value of $17.07 ÷ 95.75%) | $ | 17.83 | ||
| ||||
Class C: | ||||
Net asset value and offering price per share | $ | 17.03 | ||
| ||||
Class Y: | ||||
Net asset value and offering price per share | $ | 17.08 | ||
| ||||
Class R6: | ||||
Net asset value and offering price per share | $ | 17.08 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Invesco Rochester® New York Municipals Fund
Statement of Operations
For the year ended February 28, 2021
Investment income: | ||||
Interest | $ | 213,980,609 | ||
| ||||
Expenses: | ||||
Advisory fees | 23,966,429 | |||
| ||||
Administrative services fees | 781,811 | |||
| ||||
Custodian fees | 32,235 | |||
| ||||
Distribution fees: | ||||
Class A | 10,584,443 | |||
| ||||
Class C | 3,894,259 | |||
| ||||
Interest, facilities and maintenance fees | 6,546,551 | |||
| ||||
Transfer agent fees — A, C and Y | 4,566,670 | |||
| ||||
Trustees’ and officers’ fees and benefits | 193,117 | |||
| ||||
Registration and filing fees | 122,137 | |||
| ||||
Reports to shareholders | 81,208 | |||
| ||||
Professional services fees | 700,038 | |||
| ||||
Taxes | 23,552 | |||
| ||||
Other | 53,777 | |||
| ||||
Total expenses | 51,546,227 | |||
| ||||
Net investment income | 162,434,382 | |||
| ||||
Realized and unrealized gain (loss) from: | ||||
Net realized gain from unaffiliated investment securities | 16,618,054 | |||
| ||||
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | (157,086,196 | ) | ||
| ||||
Net realized and unrealized gain (loss) | (140,468,142 | ) | ||
| ||||
Net increase in net assets resulting from operations | $ | 21,966,240 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Invesco Rochester® New York Municipals Fund
Statement of Changes in Net Assets
For the year ended February 28, 2021, period ended February 29, 2020, and the year ended December 31, 2019
Year Ended February 28, 2021 | Two Months Ended February 29, 2020 | Year Ended December 31, 2019 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 162,434,382 | $ | 26,488,422 | $ | 197,918,795 | ||||||
Net realized gain (loss) | 16,618,054 | (32,767,127 | ) | (31,411,998 | ) | |||||||
Change in net unrealized appreciation (depreciation) | (157,086,196 | ) | 291,285,138 | 465,838,776 | ||||||||
Net increase in net assets resulting from operations | 21,966,240 | 285,006,433 | 632,345,573 | |||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||
Class A | (148,569,624 | ) | (25,918,305 | ) | (138,273,202 | ) | ||||||
Class C | (10,870,122 | ) | (2,180,818 | ) | (15,652,667 | ) | ||||||
Class Y | (22,747,450 | ) | (3,888,327 | ) | (18,613,060 | ) | ||||||
Class R6 | (76,714 | ) | (31,538 | ) | (18,778 | ) | ||||||
Total distributions from distributable earnings | (182,263,910 | ) | (32,018,988 | ) | (172,557,707 | ) | ||||||
Share transactions–net: | ||||||||||||
Class A | (2,831,914 | ) | 16,446,449 | 244,938,860 | ||||||||
Class C | (138,095,914 | ) | (3,763,279 | ) | (295,103,307 | ) | ||||||
Class Y | 46,542,459 | 19,701,642 | 146,694,293 | |||||||||
Class R6 | (2,931,419 | ) | (36,603 | ) | 4,971,989 | |||||||
Net increase (decrease) in net assets resulting from share transactions | (97,316,788 | ) | 32,348,209 | 101,501,835 | ||||||||
Net increase (decrease) in net assets | (257,614,458 | ) | 285,335,654 | 561,289,701 | ||||||||
Net assets: | ||||||||||||
Beginning of year | 5,779,311,682 | 5,493,976,028 | 4,932,686,327 | |||||||||
End of year | $ | 5,521,697,224 | $ | 5,779,311,682 | $ | 5,493,976,028 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Invesco Rochester® New York Municipals Fund
Financial Highlights
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains on securities | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period | Ratio of fee waivers | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Supplemental to average net | Ratio of net to average | Portfolio turnover (c) | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | $ | 17.55 | $ | 0.51 | $ | (0.42 | ) | $ | 0.09 | $ | (0.57 | ) | $ | 17.07 | 0.65 | %(d) | $ | 4,495,785 | 0.92 | %(d)(e) | 0.92 | %(d)(e) | 0.80 | %(d)(e) | 3.04 | %(d)(e) | 24 | % | ||||||||||||||||||||||||
Two months ended 02/29/20 | 16.78 | 0.08 | 0.79 | 0.87 | (0.10 | ) | 17.55 | 5.18 | 4,625,668 | 0.79 | (f) | 0.92 | (f) | 0.79 | (f) | 2.92 | (f) | 2 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/19 | 15.35 | 0.62 | 1.35 | 1.97 | (0.54 | ) | 16.78 | 12.97 | 4,407,000 | 0.80 | 1.06 | 0.80 | 3.78 | 25 | ||||||||||||||||||||||||||||||||||||||
Year ended 12/31/18 | 14.59 | 0.55 | 0.73 | 1.28 | (0.52 | ) | 15.35 | 8.88 | 3,807,000 | 0.87 | 1.21 | 0.87 | 3.64 | 26 | ||||||||||||||||||||||||||||||||||||||
Year ended 12/31/17 | 14.68 | 0.57 | 0.04 | 0.61 | (0.70 | ) | 14.59 | 4.11 | 3,975,000 | 0.83 | 1.02 | 0.83 | 3.79 | 23 | ||||||||||||||||||||||||||||||||||||||
Year ended 12/31/16 | 14.68 | 0.76 | 0.12 | 0.88 | (0.88 | ) | 14.68 | 6.06 | 4,425,000 | 0.80 | 0.97 | 0.80 | 5.05 | 33 | ||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 17.50 | 0.39 | (0.41 | ) | (0.02 | ) | (0.45 | ) | 17.03 | (0.01 | )(g) | 336,381 | 1.63 | (e)(g) | 1.63 | (e)(g) | 1.51 | (e)(g) | 2.33 | (e)(g) | 24 | |||||||||||||||||||||||||||||||
Two months ended 02/29/20 | 16.73 | 0.06 | 0.79 | 0.85 | (0.08 | ) | 17.50 | 5.07 | 489,818 | 1.54 | (f) | 1.67 | (f) | 1.54 | (f) | 2.16 | (f) | 2 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/19 | 15.31 | 0.49 | 1.35 | 1.84 | (0.42 | ) | 16.73 | 12.10 | 472,000 | 1.56 | 1.82 | 1.56 | 3.02 | 25 | ||||||||||||||||||||||||||||||||||||||
Year ended 12/31/18 | 14.55 | 0.44 | 0.73 | 1.17 | (0.41 | ) | 15.31 | 8.09 | 705,000 | 1.62 | 1.96 | 1.62 | 2.88 | 26 | ||||||||||||||||||||||||||||||||||||||
Year ended 12/31/17 | 14.64 | 0.45 | 0.04 | 0.49 | (0.58 | ) | 14.55 | 3.32 | 761,000 | 1.62 | 1.81 | 1.62 | 3.02 | 23 | ||||||||||||||||||||||||||||||||||||||
Year ended 12/31/16 | 14.64 | 0.63 | 0.12 | 0.75 | (0.75 | ) | 14.64 | 5.18 | 865,000 | 1.66 | 1.83 | 1.66 | 4.19 | 33 | ||||||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 17.55 | 0.55 | (0.41 | ) | 0.14 | (0.61 | ) | 17.08 | 0.99 | 687,608 | 0.68 | (e) | 0.68 | (e) | 0.56 | (e) | 3.28 | (e) | 24 | |||||||||||||||||||||||||||||||||
Two months ended 02/29/20 | 16.78 | 0.09 | 0.79 | 0.88 | (0.11 | ) | 17.55 | 5.23 | 658,644 | 0.54 | (f) | 0.67 | (f) | 0.54 | (f) | 3.16 | (f) | 2 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/19 | 15.35 | 0.66 | 1.35 | 2.01 | (0.58 | ) | 16.78 | 13.25 | 610,000 | 0.56 | 0.82 | 0.56 | 4.02 | 25 | ||||||||||||||||||||||||||||||||||||||
Year ended 12/31/18 | 14.60 | 0.59 | 0.72 | 1.31 | (0.56 | ) | 15.35 | 9.07 | 421,000 | 0.62 | 0.96 | 0.62 | 3.88 | 26 | ||||||||||||||||||||||||||||||||||||||
Year ended 12/31/17 | 14.68 | 0.59 | 0.06 | 0.65 | (0.73 | ) | 14.60 | 4.41 | 330,000 | 0.62 | 0.81 | 0.62 | 3.94 | 23 | ||||||||||||||||||||||||||||||||||||||
Year ended 12/31/16 | 14.68 | 0.77 | 0.13 | 0.90 | (0.90 | ) | 14.68 | 6.22 | 263,000 | 0.66 | 0.83 | 0.66 | 5.17 | 33 | ||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 02/28/21 | 17.55 | 0.56 | (0.41 | ) | 0.15 | (0.62 | ) | 17.08 | 1.00 | 1,923 | 0.59 | (e) | 0.59 | (e) | 0.47 | (e) | 3.37 | (e) | 24 | |||||||||||||||||||||||||||||||||
Two months ended 02/29/20 | 16.78 | 0.09 | 0.79 | 0.88 | (0.11 | ) | 17.55 | 5.23 | 5,181 | 0.51 | (f) | 0.64 | (f) | 0.51 | (f) | 3.20 | (f) | 2 | ||||||||||||||||||||||||||||||||||
Period ended 12/31/19(h) | 16.44 | 0.40 | 0.29 | 0.69 | (0.35 | ) | 16.78 | 4.20 | 5,000 | 0.54 | (f) | 0.80 | (f) | 0.54 | (f) | 4.07 | (f) | 25 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended February 28, 2021, the portfolio turnover calculation excludes the value of securities purchased of $142,218,871 in connection with the acquisition of Invesco New York Tax Free Income Fund into the Fund. |
(d) | The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the year ended February 28, 2021. |
(e) | Ratios are based on average daily net assets (000’s omitted) of $4,359,598, $408,176, $624,105 and $2,076 for Class A, Class C, Class Y and Class R6 shares, respectively. |
(f) | Annualized. |
(g) | The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.95% for the year ended February 28, 2021. |
(h) | Commencement date after the close of business on May 24, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Invesco Rochester® New York Municipals Fund
Notes to Financial Statements
February 28, 2021
NOTE 1–Significant Accounting Policies
Invesco Rochester® New York Municipals Fund, formerly Invesco Oppenheimer Rochester® New York Municipals Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is federal tax-exempt current income.
The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for 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. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to |
30 Invesco Rochester® New York Municipals Fund
shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets. |
G. | Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
H. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
31 Invesco Rochester® New York Municipals Fund
There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.
K. | Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. |
The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets* | Rate | |
First $ 500 million | 0.480% | |
Next $4.5 billion | 0.455% | |
Next $3 billion | 0.450% | |
Next $6 billion | 0.440% | |
Over $14 billion | 0.420% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
Prior to May 15, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets* | Rate | |
Up to $100 million | 0.540% | |
Next $150 million | 0.520% | |
Next $1.75 billion | 0.470% | |
Next $3 billion | 0.460% | |
Next $3 billion | 0.450% | |
Next $6 billion | 0.440% | |
Over $14 billion | 0.420% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
For the year ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.44%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.86%, 1.62%, 0.62% and 0.52%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) for Class A, Class C, Class Y and Class R6 will change to 1.50%, 2.25% 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on 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.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
32 Invesco Rochester® New York Municipals Fund
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. Effective May 15, 2020, The Fund, pursuant to the Class C Plan, reimburses IDI in an amount up to an annual rate of 1.00% of the average daily net assets of Class C shares. Prior to May 15, 2020, The Fund pursuant to the Class C Plan paid IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2021, IDI advised the Fund that IDI retained $176,797 in front-end sales commissions from the sale of Class A shares and $145,415 and $58,356 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 - Prices are determined using quoted prices in an active market for identical assets.
Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments in Securities | ||||||||||||||||
| ||||||||||||||||
Municipal Obligations | $– | $ | 5,562,981,432 | $ | – | $ | 5,562,981,432 | |||||||||
| ||||||||||||||||
Common Stocks & Other Equity Interests | – | – | 3,082,200 | 3,082,200 | ||||||||||||
| ||||||||||||||||
Total Investments in Securities | – | 5,562,981,432 | 3,082,200 | 5,566,063,632 | ||||||||||||
| ||||||||||||||||
Other Investments - Assets | ||||||||||||||||
| ||||||||||||||||
Investments Matured | – | 2,874,900 | – | 2,874,900 | ||||||||||||
| ||||||||||||||||
Total Investments | $– | $ | 5,565,856,332 | $ | 3,082,200 | $ | 5,568,938,532 | |||||||||
|
NOTE 4–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 5–Cash Balances and Borrowings
Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $1.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. Prior to February 25, 2021, the revolving credit and security agreement permitted borrowings up to $2.5 billion. The revolving credit and security agreement is secured by the assets of the Fund.
During the year ended February 28, 2021, the average daily balance of borrowing under the revolving credit and security agreement was $28,111,781 with a weighted interest rate of 0.77%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees. At February 28, 2021, the Fund had no borrowings outstanding under this agreement.
Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such
33 Invesco Rochester® New York Municipals Fund
overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2021 were $250,755,769 and 1.30%, respectively.
The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.
NOTE 6–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Year Ended February 28, 2021, Period Ended February 29, 2020 and the Year Ended December 31, 2019: |
| |||||||||||
Year Ended February 28, 2021 | Two months Ended February 29, 2020 | Year Ended December 31, 2019 | ||||||||||
| ||||||||||||
Ordinary income* | $ 1,036,292 | $ 810,535 | $ 5,814,291 | |||||||||
| ||||||||||||
Ordinary income-tax-exempt | 181,227,618 | 31,208,453 | 166,743,416 | |||||||||
| ||||||||||||
Total distributions | $182,263,910 | $32,018,988 | $172,557,707 | |||||||||
|
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Period-End:
2021 | ||||
| ||||
Undistributed tax-exempt income | $ | 91,479,961 | ||
| ||||
Net unrealized appreciation – investments | (122,165,834 | ) | ||
| ||||
Temporary book/tax differences | (1,055,700 | ) | ||
| ||||
Capital loss carryforward | (624,910,069 | ) | ||
| ||||
Shares of beneficial interest | 6,178,348,866 | |||
| ||||
Total net assets | $ | 5,521,697,224 | ||
|
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to tax accretion and amortization differences, defaulted bonds and TOBs.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of February 28, 2021, as follows:
Capital Loss Carryforward* | ||||||||||||||||
| ||||||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||||||
| ||||||||||||||||
Not subject to expiration | $ | 133,369,344 | $ | 491,540,725 | $ | 624,910,069 | ||||||||||
|
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2021 was $1,334,289,013 and $1,647,895,641, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis |
| |||
| ||||
Aggregate unrealized appreciation of investments | $ | 273,385,190 | ||
| ||||
Aggregate unrealized (depreciation) of investments | (395,551,024 | ) | ||
| ||||
Net unrealized appreciation (depreciation) of investments | $ | (122,165,834 | ) | |
|
Cost of investments for tax purposes is $5,691,104,366.
NOTE 8–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of market discount, defaulted bonds, tax accretion and amortization differences and mergers, on February 28, 2021, undistributed net investment income was increased by $5,201,774, undistributed net realized gain (loss) was decreased by $11,112,099 and shares of beneficial interest was increased by $5,910,325. This reclassification had no effect on the net assets of the Fund.
34 Invesco Rochester® New York Municipals Fund
NOTE 9–Share Information
Summary of Share Activity |
| |||||||||||||||||||||||
| ||||||||||||||||||||||||
Year ended February 28, 2021(a) | Two months ended February 29, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
| ||||||||||||||||||||||||
Sold: | ||||||||||||||||||||||||
Class A | 13,795,486 | $ | 229,747,201 | 4,127,410 | $ | 70,684,179 | 22,263,978 | $ | 366,055,217 | |||||||||||||||
| ||||||||||||||||||||||||
Class C | 2,478,560 | 41,303,961 | 743,698 | 12,662,643 | 5,278,747 | 86,258,641 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Y | 11,116,812 | 185,362,141 | 2,391,879 | 40,957,516 | 13,429,030 | 220,190,773 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class R6(b) | 17,439 | 279,313 | - | - | 298,058 | 4,983,613 | ||||||||||||||||||
| ||||||||||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||||||||||
Class A | 4,801,427 | 79,701,397 | 1,208,620 | 20,894,248 | 7,190,270 | 118,291,142 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | 404,838 | 6,682,851 | 103,977 | 1,792,290 | 858,543 | 13,981,744 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Y | 830,084 | 13,786,984 | 183,157 | 3,166,657 | 978,897 | 16,137,032 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class R6(b) | 1,978 | 32,859 | 1,698 | 29,351 | 1,107 | 18,566 | ||||||||||||||||||
| ||||||||||||||||||||||||
Automatic conversion of Class C shares to Class A shares: | ||||||||||||||||||||||||
Class A | 6,966,303 | 117,803,134 | 375,784 | 6,474,772 | 16,359,187 | 271,641,351 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | (6,984,563 | ) | (117,803,134 | ) | (376,878 | ) | (6,474,772 | ) | (16,400,229 | ) | (271,641,351 | ) | ||||||||||||
| ||||||||||||||||||||||||
Issued in connection with acquisitions:(c) | ||||||||||||||||||||||||
Class A | 7,461,312 | 119,039,117 | - | - | - | - | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | 798,987 | 12,711,724 | - | - | - | - | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Y | 844,602 | 13,478,410 | - | - | - | - | ||||||||||||||||||
| ||||||||||||||||||||||||
Class R6 | 14,973 | 238,948 | - | - | - | - | ||||||||||||||||||
| ||||||||||||||||||||||||
Reacquired: | ||||||||||||||||||||||||
Class A | (33,307,442 | ) | (549,122,763 | ) | (4,758,003 | ) | (81,606,750 | ) | (31,084,981 | ) | (511,048,850 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class C | (4,937,831 | ) | (80,991,316 | ) | (687,757 | ) | (11,743,440 | ) | (7,593,038 | ) | (123,702,341 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class Y | (10,055,069 | ) | (166,085,076 | ) | (1,425,021 | ) | (24,422,531 | ) | (5,456,754 | ) | (89,633,512 | ) | ||||||||||||
| ||||||||||||||||||||||||
Class R6(b) | (217,077 | ) | (3,482,539 | ) | (3,813 | ) | (65,954 | ) | (1,800 | ) | (30,190 | ) | ||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) in share activity | (5,969,181 | ) | $ | (97,316,788 | ) | 1,884,751 | $ | 32,348,209 | 6,121,015 | $ | 101,501,835 | |||||||||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate 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. |
(b) | Commencement date after the close of business on May 24, 2019. |
(c) | After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco New York Tax Free Income Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 9,119,874 shares of the Fund for 9,795,620 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $145,468,199, including $991,897 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $5,050,850,871 and $5,196,319,070 immediately after the acquisition. |
The pro forma results of operations for the year ended February 28, 2021 assuming the reorganization had been completed on March 1, 2020, the beginning of the semi-annual reporting period are as follows:
Net investment income | $ | 163,233,394 | ||
| ||||
Net realized/unrealized gains | (152,842,825 | ) | ||
| ||||
Change in net assets resulting from operations | $ | 10,390,569 | ||
|
As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.
NOTE 10–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
35 Invesco Rochester® New York Municipals Fund
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Rochester® New York Municipals Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Rochester® New York Municipals Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statement of changes in net assets for the year ended February 28, 2021, the two months ended February 29, 2020 and the year ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for the year ended February 28, 2021, the two months ended February 29, 2020 and the year ended December 31, 2019, and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Financial Highlights |
For the year ended February 28, 2021, the two months ended February 29, 2020 and the year ended December 31, 2019 for Class A, Class C and Class Y |
For the year ended February 28, 2021, the two months ended February 29, 2020 and the period May 24, 2019 (commencement of operations) through December 31, 2019 for Class R6 |
The financial statements of Invesco Rochester® New York 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 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2021
We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
36 Invesco Rochester® New York Municipals Fund
Calculating your ongoing Fund expenses
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Beginning Account Value (09/01/20) | ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized Expense Ratio | |||||||||
Ending Account Value (02/28/21)1 | Expenses Paid During Period2 | Ending Account Value (02/28/21) | Expenses Paid During Period2 | |||||||||
Class A | $1,000.00 | $1,037.50 | $4.55 | $1,020.33 | $4.51 | 0.90% | ||||||
Class C | 1,000.00 | 1,033.80 | 8.12 | 1,016.81 | 8.05 | 1.61 | ||||||
Class Y | 1,000.00 | 1,038.70 | 3.34 | 1,021.52 | 3.31 | 0.66 | ||||||
Class R6 | 1,000.00 | 1,039.60 | 2.83 | 1,022.02 | 2.81 | 0.56 |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
37 Invesco Rochester® New York Municipals Fund
Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2021:
Federal and State Income Tax | ||||||
Qualified Dividend Income* | 0.00 | % | ||||
Qualified Business Income* | 0.00 | % | ||||
Corporate Dividends Received Deduction* | 0.00 | % | ||||
U.S. Treasury Obligations* | 0.00 | % | ||||
Business Interest Income* | 0.00 | % | ||||
Tax-Exempt Interest Dividends* | 99.43 | % | ||||
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
38 Invesco Rochester® New York Municipals Fund
Trustees and Officers
The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Interested Trustee | ||||||||
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) | 191 | 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. |
T-1 Invesco Rochester® New York Municipals Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Independent Trustees | ||||||||
Christopher L. Wilson – 1957 Trustee and Chair | 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 | 191 | enaible, Inc. (artificial intelligence technology); Director, ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
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 | 191 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and President and Director of Grahamtastic Connection (non- profit) | ||||
Jack M. Fields – 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (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 | 191 | Member, Board of Directors of Baylor College of Medicine | ||||
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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 191 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization);Eisenhower Foundation (non-profit) | ||||
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 | 191 | Insperity, Inc. (formerly known as Administaff) (human resources provider) |
T-2 Invesco Rochester® New York Municipals Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Independent Trustees–(continued) | ||||||||
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 | 191 | 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 | ||||
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 | 191 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
Prema Mathai-Davis – 1950 Trustee | 1998 | Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute | 191 | None | ||||
Joel W. Motley – 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street | 191 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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 Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) | 191 | Elucida Oncology (nanotechnology & medical particles company); |
T-3 Invesco Rochester® New York Municipals Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Independent Trustees–(continued) | ||||||||
Ann Barnett Stern – 1957 Trustee | 2017 | President, Chief Executive Officer and Board member of Houston Endowment, Inc. a private philanthropic institution
Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest and Andrews and Kurth | 191 | Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership | ||||
Robert C. Troccoli – 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 191 | None | ||||
Daniel S. Vandivort –1954 Trustee | 2019 | 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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America | 191 | None | ||||
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 | 191 | 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) |
T-4 Invesco Rochester® New York Municipals Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers | ||||||||
Sheri Morris – 1964 President and Principal Executive Officer | 1999 | Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior 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, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, 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 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 ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
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. | N/A | N/A |
T-5 Invesco Rochester® New York Municipals Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers–(continued) | ||||||||
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A | ||||
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; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A |
T-6 Invesco Rochester® New York Municipals Fund
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers–(continued) | ||||||||
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; 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
Formerly: Senior Vice President and Treasurer, Fidelity Investments | N/A | N/A | ||||
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | N/A | N/A | ||||
Michael McMaster — 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 | Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) | 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’s sub-advisers.
Office of the Fund | Investment Adviser | Distributor | Auditors | |||
11 Greenway Plaza, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP | |||
Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 | |||
Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5678 | ||||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company | |||
2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 225 Franklin Street | |||
Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |
T-7 Invesco Rochester® New York Municipals Fund
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∎ | Fund reports and prospectuses |
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Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. | ||
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd. |
SEC file numbers: 811-07890 and 033-66242 | Invesco Distributors, Inc. | O-ROM-AR-1 |
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 Cynthia Hostetler, Anthony J. LaCava, Jr., Dr. Eli Jones, Ann Barnett Stern, Robert C. Troccoli, James Vaughn, and Christopher L. Wilson. Cynthia Hostetler, Anthony J. LaCava, Jr., Dr. Eli Jones, Ann Barnett Stern, Robert C. Troccoli, James Vaughn and Christopher L. Wilson are “independent” within the meaning of that term as used in Form N-CSR.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Pursuant to PCAOB Rule 3526, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following matters identified between March 1, 2020 to April 28, 2021 that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Manager and one PwC Associate each held financial interests either directly or, in the case of the PwC Manager, indirectly through their spouse’s brokerage account, in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. In reporting the matters to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the individuals either did not provide any audit services (or in the case of the PwC Associate, the individual did not have decision-making responsibility for matters that materially affected the audit and their audit work was reviewed by team members at least two levels higher than the individual), or did not provide services of any kind to the Registrant or its affiliates, and the financial interests were not material to the net worth of each individual or their respective immediate family members and senior leadership of the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions or individuals ceased providing services. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.
(a) to (d)
Fees Billed by PwC Related to the Registrant
PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.
Fees Billed for Services Rendered to the Registrant for fiscal year end 2021 | Fees Billed for Services Rendered to the Registrant for fiscal year end 2020 | |||||||
Audit Fees | $ | 687,923 | $ | 623,361 | ||||
Audit-Related Fees(1) | $ | 78,900 | $ | 37,200 | ||||
Tax Fees(2) | $ | 151,331 | $ | 162,637 | ||||
All Other Fees | $ | 0 | $ | 0 | ||||
Total Fees | $ | 918,154 | $ | 823,198 |
(1) | Audit-Related Fees for the fiscal years ended February 28, 2021 and February 29, 2020 includes fees billed for agreed upon procedures for regulatory filings. |
(2) | Tax Fees for the fiscal years ended February 28, 2021 and February 29, 2020 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences. |
Fees Billed by PwC Related to Invesco and Invesco Affiliates
PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.
Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee | Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee | |||||||
Audit-Related Fees(1) | $ | 701,000 | $ | 690,000 | ||||
Tax Fees | $ | 0 | $ | 0 | ||||
All Other Fees | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total Fees | $ | 701,000 | $ | 690,000 |
(1) | Audit-Related Fees for the fiscal years ended 2021 and 2020 include fees billed related to reviewing controls at a service organization. |
(e)(1)
PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES
POLICIES AND PROCEDURES
As adopted by the Audit Committees
of the Invesco Funds (the “Funds”)
Last Amended March 29, 2017
I. Statement of Principles
The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).
Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).
These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).1 They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.
II. Pre-Approval of Fund Audit Services
The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.
In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.
1 | Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE. |
III. General and Specific Pre-Approval of Non-Audit Fund Services
The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.
Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.
IV. Non-Audit Service Types
The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.
a. | Audit-Related Services |
“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.
b. | Tax Services |
“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.
Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the
Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor and document the substance of its discussion with the Audit Committee.
c. | Other Services |
The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.
V. Pre-Approval of Service Affiliate’s Covered Engagements
Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.
The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.
Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.
Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.
VI. Pre-Approved Fee Levels or Established Amounts
Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-
approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.
VII. Delegation
The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.
Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.
VIII. Compliance with Procedures
Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.
On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.
IX. Amendments to Procedures
All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.
Appendix I
Non-Audit Services That May Impair the Auditor’s Independence
The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:
• | Management functions; |
• | Human resources; |
• | Broker-dealer, investment adviser, or investment banking services ; |
• | Legal services; |
• | Expert services unrelated to the audit; |
• | Any service or product provided for a contingent fee or a commission; |
• | Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance; |
• | Tax services for persons in financial reporting oversight roles at the Fund; and |
• | Any other service that the Public Company Oversight Board determines by regulation is impermissible. |
An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:
• | Bookkeeping or other services related to the accounting records or financial statements of the audit client; |
• | Financial information systems design and implementation; |
• | Appraisal or valuation services, fairness opinions, or contribution-in-kind reports; |
• | Actuarial services; and |
• | Internal audit outsourcing services. |
(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,219,000 for the fiscal year ended February 28, 2021 and $4,089,000 for the fiscal year ended February 29, 2020. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,071,331 for the fiscal year ended February 28, 2021 and $4,941,637 for the fiscal year ended February 29, 2020.
PwC provided audit services to the Investment Company complex of approximately $32 million.
(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | As of April 19, 2021, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of April 19, 2021, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
13(a) (1) |
13(a) (2) |
13(a) (3) | Not applicable. |
13(a) (4) | Not applicable. |
13(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Executive Officer | ||
Date: | May 7, 2021 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Executive Officer | ||
Date: | May 7, 2021 |
By: | /s/ Adrien Deberghes | |
Adrien Deberghes | ||
Principal Financial Officer | ||
Date: | May 7, 2021 |