UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR/A
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09913
AIM Counselor Series Trust (Invesco Counselor Series Trust)
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Address of principal executive offices) (Zip code)
Glenn Brightman 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: 8/31
Date of reporting period: 8/31/2023
Explanatory Note:
The Registrant is filing this amendment (“Amendment”) to its Form N-CSR for the year ended August 31, 2023, originally filed with the Securities and Exchange Commission on November 3, 2023 (Accession Number 0001193125-23-270181) to amend Item 1, “Reports to Stockholders” for Invesco Short Term Municipal Fund. The sole purpose of this amendment is to replace the information appearing under the subheading titled “Market Conditions of Your Fund” under the heading “Management’s Discussion of Fund Performance” on page 2 of the “Report to Stockholders” for Invesco Short Term Municipal Fund. Items 1 (except as noted above for Invesco Short Term Municipal Fund) through 13(a)(1) of the Registrant’s Form N-CSR originally filed on November 3, 2023 are incorporated herein by reference. Other than the aforementioned, no other information or disclosures contained in the original filing are being amended by this Amendment.
ITEM 1. | REPORTS TO STOCKHOLDERS |
Annual Report to Shareholders | August 31, 2023 |
Invesco Short Term Municipal Fund
Nasdaq:
A: ORSTX ∎ Y: ORSYX ∎ R6: STMUX
Management’s Discussion of Fund Performance
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For the fiscal year ended August 31, 2023, Class A shares of Invesco Short Term Municipal Fund (the Fund), at net asset value (NAV), outperformed the S&P Municipal Bond Short 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, 8/31/22 to 8/31/23, 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 | 2.05 | % | ||
Class Y Shares | 2.30 | |||
Class R6 Shares | 2.10 | |||
S&P Municipal Bond Short Index▼ | 1.58 | |||
Source(s): ▼RIMES Technologies Corp. |
Market conditions and your Fund
During the fiscal year, investment grade municipal bonds returned 1.71%, high yield municipal bonds returned 0.52% and taxable municipal bonds returned -0.12%.1
The municipal market set near record lows in 2022, marking the second worst calendar year return, preceded by 1981, making it one of the most challenging years in history.1 After the US Federal Reserve’s (the Fed’s) December meeting, the AAA† municipal yield curve inverted between one- and 10-year maturities. Any inversion is noteworthy, but this was a first for municipal bonds. An inversion on the short end continued through the rest of the fiscal year.
Investors remained hopeful for the 2023 calendar year, despite concerns about inflation and interest rates; however, in March, the focus unexpectedly shifted as Silicon Valley Bank collapsed after a bank run, marking the second-largest bank failure in US history. Fears about the health of the global banking system ensued and demand for perceived safe-haven asset classes increased, driving down Treasury and municipal yields. Although three other bank failures followed, fears of larger systemic instability faded in the following months.
Debt ceiling concerns dominated most of the second quarter of 2023. The US government might have defaulted on its debt obligations, causing economic fallout across the global economy, had congressional action not been made in early June. After months of on-and-off negotiations between the White House and congressional leaders, just ahead of the payment deadline, the US Congress passed and President Biden signed into law the “Fiscal Responsibility Act,” an agreement which suspends the limit on the federal debt ceiling until 2025 in exchange for capping federal spending.
In its efforts to rein in inflation without harming employment or the overall economy, the Fed continued with its most aggressive monetary policy since the 1980s. The Fed raised the federal funds rate seven times over the fiscal year bringing the target rate to
5.50%, as of the end of August.2 The Federal Open Market Committee explained its commitment to returning inflation to its 2% objective while continuing to assess a wide range of information, including labor market conditions, inflation pressures and expectations and financial and international developments.2
New issuance for the fiscal year totaled $338 billion, down 23% from the previous year’s $441 billion.1 Issuers, with cash on their balance sheets, have been reluctant to issue at higher interest rates.
Record-breaking inflows reported in 2021 were followed by record breaking outflows totaling $122 billion in 2022. This trend has continued into 2023 and outflows from municipal funds have totaled $7.6 billion for the calendar year.3
Municipal credits have a long history of low defaults as many provide essential services to all Americans. This continues to be the case as evidenced by S&P rating changes. During the second quarter of 2023, S&P’s rating activity was quite positive with 465 ratings upgraded versus 76 downgraded, translating to more than six upgrades for every downgrade.4 This marks the ninth consecutive quarter of overall credit quality improvement. This positive dynamic likely stems from benefits of the various federal stimulus measures including the American Rescue Plan Act, the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, as well as higher revenues collected by state and local governments.
We believe the valuable benefits of municipal bonds, including tax-exempt income, low correlations to other asset classes and low default rates, will again drive demand once the current market volatility and economic uncertainty has subsided. We continue to rely on our experienced portfolio managers and credit analysts to weather the challenges while identifying marketplace opportunities to add long-term value for shareholders.
During the fiscal year, overweight exposures to the health care and utility sectors contributed to the Fund’s relative return. Overweight allocations to bonds rated BBB
and A† also added to relative Fund performance. On a state level, overweight exposure to bonds domiciled in New York and Pennsylvania contributed to relative Fund performance.
Underweight allocations to prerefunded bonds and local general obligation bonds detracted from relative Fund performance over the fiscal year. An underweight exposure to AA-rated† bonds also detracted from relative Fund performance. On a state level, underweight exposure to bonds domiciled in California detracted from relative Fund 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 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 Short Term Municipal Fund and for sharing our long-term investment horizon.
1 | Source: Bloomberg LP |
2 | Source: US Federal Reserve |
3 | Source: Lipper Inc. |
4 | Source: Standard & Poor’s |
† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; moodys.com and select “Rating Methodologies” under Research and Ratings on the homepage; and fitchratings.com and select “Ratings Definitions” on the homepage.
Portfolio manager(s):
Michael Magee
Tim O’Reilly
Mark Paris
Rebecca Setcavage
Julius Williams
2 | Invesco Short Term Municipal Fund |
The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. 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 Short Term Municipal Fund |
Your Fund’s Long-Term Performance
Results of a $10,000 Investment – Oldest Share Class(es)
Fund and index data from 8/31/13
1 Source: RIMES Technologies Corp.
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 Short Term Municipal Fund |
Average Annual Total Returns |
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As of 8/31/23, including maximum applicable sales charges |
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Class A Shares | ||||
Inception (12/6/10) | 1.87 | % | ||
10 Years | 1.67 | |||
5 Years | 1.42 | |||
1 Year | 2.05 | |||
Class Y Shares | ||||
Inception (12/6/10) | 2.11 | % | ||
10 Years | 1.92 | |||
5 Years | 1.67 | |||
1 Year | 2.30 | |||
Class R6 Shares | ||||
10 Years | 1.83 | % | ||
5 Years | 1.74 | |||
1 Year | 2.10 |
Effective May 24, 2019, Class A and Class Y shares of the Oppenheimer Short Term Municipal Fund, (the predecessor fund), were reorganized into Class A and Class Y shares, respectively, of the Invesco Oppenheimer Short Term Municipal Fund. The Fund was subsequently renamed the Invesco Short Term Municipal Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A and Class Y shares are those for Class A 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, Class Y and Class R6 shares do not have a front-end sales charge or a contingent deferred sales charge (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 Short Term Municipal Fund |
Invesco Short Term Municipal Fund’s investment objective is to seek tax-free income.
∎ | Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets. |
∎ | Unless otherwise noted, all data is 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 Short Index tracks fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT) that have maturities between six months and four years. |
∎ | 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. |
Liquidity Risk Management Program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both
normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.
At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program
Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.
The Report stated, in relevant part, that during the Program Reporting Period:
∎ | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal; |
∎ | The Fund’s investment strategy remained appropriate for an open-end fund; |
∎ | The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
∎ | The Fund did not breach the 15% limit on Illiquid Investments; and |
∎ | The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM. |
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 Short Term Municipal Fund |
Fund Information
Portfolio Composition
By credit sector | % of total investments | |||
Revenue Bonds | 63.69 | % | ||
Other | 19.62 | |||
General Obligation Bonds | 14.24 | |||
Pre-Refunded Bonds | 2.45 | |||
Top Five Debt Holdings
| ||||
% of total net assets | ||||
1. Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 B, VRD RB | 2.48 | % | ||
2. Rib Floater Trust, Series 2022-006, VRD RB | 1.99 | |||
3. Main Street Natural Gas, Inc., Subseries 2018 D, RB | 1.65 | |||
4. Main Street Natural Gas, Inc., Series 2018 A, RB | 1.54 | |||
5. Mizuho Floater/Residual Trust, Series 2020- MIZ9027, VRD Revenue Ctfs. | 1.39 |
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 August 31, 2023.
7 | Invesco Short Term Municipal Fund |
August 31, 2023
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Municipal Obligations–97.14% | ||||||||||||||
Alabama–1.27% | ||||||||||||||
Alabama (City of), AL Industrial Development Board; Series 2009, VRD RB(a) | 3.05% | 06/01/2034 | $ | 8,600 | $ 8,600,000 | |||||||||
Baldwin (County of), AL Public Building Authority (DHR); Series 2007 A, Revenue Wts. (INS - SGI)(b) | 4.38% | 06/01/2028 | 10 | 10,007 | ||||||||||
Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB(c) | 4.00% | 12/01/2025 | 5,000 | 4,959,963 | ||||||||||
Black Belt Energy Gas District (The) (No. 5); Series 2020 A-1, RB(c) | 4.00% | 10/01/2026 | 7,000 | 6,914,867 | ||||||||||
UAB Medicine Finance Authority; Series 2016 B, Ref. RB | 5.00% | 09/01/2035 | 2,500 | 2,579,283 | ||||||||||
23,064,120 | ||||||||||||||
Alaska–0.16% | ||||||||||||||
Matanuska-Susitna (Borough of), AK; Series 2014 B, GO Bonds | 5.00% | 11/01/2026 | 1,000 | 1,009,786 | ||||||||||
Northern Tobacco Securitization Corp.; Series 2021 B-1, Ref. RB | 4.00% | 06/01/2050 | 2,010 | 1,964,650 | ||||||||||
2,974,436 | ||||||||||||||
Arizona–1.83% | ||||||||||||||
Arizona (State of) Game & Fish Department & Commission; Series 2006, RB | 5.00% | 07/01/2032 | 105 | 105,106 | ||||||||||
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); | 5.00% | 12/01/2027 | 100 | 101,487 | ||||||||||
Chandler (City of), AZ Industrial Development Authority (Intel Corp.); | 5.00% | 09/01/2027 | 10,000 | 10,294,883 | ||||||||||
Glendale Municipal Property Corp.; | ||||||||||||||
Series 2012 B, Ref. RB | 5.00% | 07/01/2025 | 1,000 | 1,001,011 | ||||||||||
Series 2012 B, Ref. RB | 5.00% | 07/01/2029 | 3,550 | 3,553,914 | ||||||||||
Series 2012 B, Ref. RB | 5.00% | 07/01/2033 | 570 | 570,557 | ||||||||||
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group); Series 2023 A-1, RB(c) | 5.00% | 05/15/2026 | 5,000 | 5,182,482 | ||||||||||
Maricopa County School District No. 7; Series 2009 B, GO Bonds (INS - AGM)(b) | 4.50% | 07/01/2024 | 10 | 10,007 | ||||||||||
Phoenix Civic Improvement Corp.; Series 2017, Ref. RB | 5.00% | 07/01/2037 | 5,000 | 5,187,345 | ||||||||||
Pima (County of), AZ; Series 2014, RB | 5.00% | 07/01/2028 | 745 | 745,827 | ||||||||||
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(e) | 5.00% | 09/01/2026 | 80 | 79,126 | ||||||||||
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB | 4.13% | 07/01/2029 | 185 | 172,548 | ||||||||||
Salt Verde Financial Corp.; Series 2007, RB | 5.25% | 12/01/2025 | 4,000 | 4,072,958 | ||||||||||
Sun Devil Energy Center LLC; Series 2008, Ref. RB | 5.00% | 07/01/2027 | 100 | 100,113 | ||||||||||
Sun Devil Energy Center LLC (Arizona State University); Series 2008, Ref. RB | 5.00% | 07/01/2030 | 155 | 155,157 | ||||||||||
University of Arizona (The) (Stimulus Plan for Economic and Educational Development); Series 2014, RB | 5.00% | 08/01/2034 | 920 | 927,167 | ||||||||||
University of Arizona Board of Regents (Arizona Biomedical Research Collaborative Building); Series 2006, COP (INS - AMBAC)(b) | 4.38% | 06/01/2024 | 10 | 10,008 | ||||||||||
Westpark Community Facility District; Series 2016, Ref. GO Bonds | 4.00% | 07/15/2025 | 670 | 662,544 | ||||||||||
Yavapai (County of), AZ Industrial Development Authority; Series 2015 A, Ref. RB(e) | 3.90% | 09/01/2024 | 185 | 182,535 | ||||||||||
Yavapai (County of), AZ Industrial Development Authority (The) (Yavapai Regional Medical Center); Series 2013 A, Ref. RB | 5.00% | 08/01/2028 | 100 | 100,031 | ||||||||||
33,214,806 | ||||||||||||||
California–2.69% | ||||||||||||||
Alameda (County of), CA Joint Powers Authority (Multiple Capital); | ||||||||||||||
Series 2013 A, RB | 5.00% | 12/01/2033 | 3,465 | 3,474,771 | ||||||||||
Series 2013 A, RB | 5.00% | 12/01/2034 | 1,865 | 1,871,430 | ||||||||||
Alhambra (City of), CA (Police Facilities Assessment District No. 91-1); | 6.75% | 09/01/2023 | 2,000 | 2,000,000 | ||||||||||
Anaheim (City of), CA Public Financing Authority; Series 1997 A, RB (INS - AGM)(b) | 6.00% | 09/01/2024 | 1,265 | 1,280,617 | ||||||||||
Beaumont (City of), CA Financing Authority (Improvement Area No. 17A); | 5.00% | 09/01/2023 | 475 | 475,000 | ||||||||||
California (State of); | ||||||||||||||
Series 2012, GO Bonds (INS - AGM)(b) | 4.00% | 09/01/2037 | 1,000 | 987,663 | ||||||||||
Series 2012, Ref. GO Bonds | 5.00% | 09/01/2025 | 10 | 10,015 | ||||||||||
Series 2013, Ref. GO Bonds | 5.00% | 10/01/2026 | 5 | 5,008 | ||||||||||
California (State of) Health Facilities Financing Authority (Adventist Health System); Series 2013 A, RB | 5.00% | 03/01/2025 | 2,720 | 2,720,634 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | Invesco Short Term Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
California–(continued) | ||||||||||||||
California (State of) Health Facilities Financing Authority (City of Hope); | 5.00% | 11/15/2024 | $ | 100 | $ 100,113 | |||||||||
California (State of) Health Facilities Financing Authority (St. Joseph Health System); Series 2013 A, RB | 5.00% | 07/01/2024 | 405 | 405,256 | ||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health); | ||||||||||||||
Series 2017 A, Ref. RB | 5.00% | 11/15/2032 | 1,285 | 1,377,168 | ||||||||||
Series 2018 A, RB | 5.00% | 11/15/2032 | 1,230 | 1,318,223 | ||||||||||
California (State of) Housing Finance Agency (Social Certificates); | ||||||||||||||
Series 2021-2A, Revenue Ctfs. (CEP - FHLMC) | 3.75% | 03/25/2035 | 3,905 | 3,753,508 | ||||||||||
Series 2023-1, RB | 4.38% | 09/20/2036 | 2,496 | 2,427,607 | ||||||||||
California (State of) Municipal Finance Authority (Waste Management, Inc.); | 4.13% | 10/01/2025 | 5,000 | 5,010,636 | ||||||||||
California (State of) Public Finance Authority (Enso Village) (Green Bonds); | 2.13% | 11/15/2027 | 6,000 | 5,824,428 | ||||||||||
California (State of) Public Works Board (California Community Colleges); | 4.50% | 10/01/2026 | 170 | 170,161 | ||||||||||
California (State of) Public Works Board (Various Capital); Series 2013 I, RB | 5.50% | 11/01/2031 | 2,000 | 2,005,933 | ||||||||||
Glendale (City of), CA; | ||||||||||||||
Series 2013, RB | 5.00% | 02/01/2027 | 125 | 125,121 | ||||||||||
Series 2013, Ref. RB | 5.00% | 02/01/2030 | 175 | 175,158 | ||||||||||
Howell Mountain Elementary School District (Election of 2005); Series 2007, GO Bonds (INS - AGM)(b)(g) | 0.00% | 08/01/2027 | 695 | 595,072 | ||||||||||
Imperial Irrigation District; | ||||||||||||||
Series 2012 A, Ref. RB | 5.00% | 11/01/2024 | 325 | 325,387 | ||||||||||
Series 2012 A, Ref. RB | 5.00% | 11/01/2027 | 225 | 225,265 | ||||||||||
Lodi (City of), CA; Series 2004 A, COP (INS - NATL)(b) | 4.75% | 10/01/2024 | 10 | 10,010 | ||||||||||
Long Beach Unified School District; | ||||||||||||||
Series 2012, Ref. GO Bonds | 5.00% | 08/01/2025 | 675 | 675,760 | ||||||||||
Series 2012, Ref. GO Bonds | 5.00% | 08/01/2028 | 775 | 780,697 | ||||||||||
Series 2012, Ref. GO Bonds | 5.00% | 08/01/2029 | 100 | 100,116 | ||||||||||
Modesto (City of), CA (Golf Course); Series 1993 B, COP (INS - NATL)(b) | 5.00% | 11/01/2023 | 5 | 4,991 | ||||||||||
Northern California Tobacco Securitization Authority; Series 2021 B-1, Ref. RB | 4.00% | 06/01/2049 | 1,050 | 1,026,806 | ||||||||||
Pasadena (City of), CA; Series 2013 A, Ref. RB | 5.00% | 06/01/2030 | 320 | 320,341 | ||||||||||
Peninsula Corridor Joint Powers Board; Series 2019 A, Ref. RB | 5.00% | 10/01/2044 | 1,285 | 1,317,443 | ||||||||||
San Francisco (City & County of), CA; Series 2015 R-1, Ref. GO Bonds | 5.00% | 06/15/2025 | 370 | 370,328 | ||||||||||
San Francisco (City & County of), CA (Multiple Capital Imporovement); | 5.00% | 04/01/2031 | 250 | 250,303 | ||||||||||
San Jose (City of), CA; Series 2017 B, Ref. RB | 5.00% | 03/01/2042 | 3,730 | 3,866,322 | ||||||||||
University of California; Series 2023 BP-2, Ref. VRD RB(a) | 1.80% | 05/15/2048 | 3,550 | 3,550,000 | ||||||||||
48,937,291 | ||||||||||||||
Colorado–1.65% | ||||||||||||||
Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 B, RB | 2.13% | 05/15/2028 | 1,000 | 904,029 | ||||||||||
Colorado (State of) Regional Transportation District; | ||||||||||||||
Series 2013 A, Ref. COP | 5.00% | 06/01/2024 | 2,315 | 2,318,522 | ||||||||||
Series 2013, Ref. COP | 5.00% | 06/01/2026 | 1,440 | 1,440,962 | ||||||||||
Colorado (State of) Regional Transportation District (Fastracks); Series 2016 A, RB | 5.00% | 11/01/2036 | 2,715 | 2,826,531 | ||||||||||
Colorado Springs (City of), CO; Series 2013 A, Ref. RB(c)(f) | 5.00% | 11/29/2023 | 1,160 | 1,163,569 | ||||||||||
Denver (City & County of), CO; | ||||||||||||||
Series 2013 B, RB | 5.00% | 11/15/2025 | 100 | 100,203 | ||||||||||
Series 2013 B, RB | 5.25% | 11/15/2026 | 2,390 | 2,396,644 | ||||||||||
Denver City & County School District No. 1; Series 2013 C, COP | 5.00% | 12/15/2024 | 100 | 100,424 | ||||||||||
Larimer County School District No. R-1 Poudre; Series 2018, GO Bonds | 5.00% | 12/15/2039 | 2,660 | 2,809,002 | ||||||||||
Public Authority for Colorado Energy; Series 2008, RB | 6.13% | 11/15/2023 | 440 | 441,658 | ||||||||||
Rib Floater Trust; Series 2022-004, VRD RB (LOC - Barclays Bank PLC)(a)(e)(h) | 4.36% | 02/01/2046 | 15,500 | 15,500,000 | ||||||||||
30,001,544 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | Invesco Short Term Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Connecticut–1.56% | ||||||||||||||
Connecticut (State of); | ||||||||||||||
Series 2013 A, RB | 5.00% | 10/01/2025 | $ | 565 | $ 565,585 | |||||||||
Series 2013 A, RB | 5.00% | 10/01/2028 | 350 | 350,344 | ||||||||||
Series 2013 A, RB | 5.00% | 10/01/2031 | 1,175 | 1,176,004 | ||||||||||
Series 2016 A, GO Bonds | 5.00% | 03/15/2032 | 3,280 | 3,405,754 | ||||||||||
Series 2018 C, GO Bonds | 4.00% | 06/15/2024 | 10,000 | 10,056,930 | ||||||||||
Connecticut (State of) (Transportation Infrastructure); Series 2013 A, RB | 5.00% | 10/01/2024 | 275 | 275,316 | ||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare); | ||||||||||||||
Series 2014 E, RB | 5.00% | 07/01/2025 | 125 | 126,296 | ||||||||||
Series 2014 E, RB | 5.00% | 07/01/2026 | 1,000 | 1,009,678 | ||||||||||
Connecticut (State of) Health & Educational Facilities Authority (New Haven Hospital); | ||||||||||||||
Series 2013 N, RB | 5.00% | 07/01/2027 | 225 | 225,182 | ||||||||||
Series 2014 A, RB | 5.00% | 07/01/2032 | 10,650 | 10,753,776 | ||||||||||
South Central Connecticut Regional Water Authority; Twenty Ninth | 5.00% | 08/01/2025 | 500 | 500,574 | ||||||||||
Willington (Town of), CT; Series 2006, GO Bonds (INS - AGM)(b) | 4.00% | 12/01/2023 | 5 | 5,003 | ||||||||||
28,450,442 | ||||||||||||||
Delaware–0.02% | ||||||||||||||
Delaware (State of) River & Bay Authority; Series 2014 C, Ref. RB | 5.00% | 01/01/2028 | 400 | 401,893 | ||||||||||
District of Columbia–0.53% | ||||||||||||||
District of Columbia; | ||||||||||||||
Series 2012, RB | 5.00% | 12/01/2024 | 280 | 280,378 | ||||||||||
Series 2012, RB | 5.00% | 12/01/2026 | 100 | 100,116 | ||||||||||
District of Columbia (Children’s Hospital Obligated Group); Series 2015, Ref. RB | 5.00% | 07/15/2040 | 3,190 | 3,216,519 | ||||||||||
Washington Metropolitan Area Transit Authority; | ||||||||||||||
Series 2017 B, RB | 5.00% | 07/01/2029 | 1,110 | 1,179,259 | ||||||||||
Series 2017 B, RB | 5.00% | 07/01/2042 | 3,750 | 3,867,873 | ||||||||||
Series 2018, RB | 5.00% | 07/01/2037 | 1,000 | 1,038,514 | ||||||||||
9,682,659 | ||||||||||||||
Florida–4.68% | ||||||||||||||
Board of Governors of Florida Atlantic University; Series 2016 A, Ref. RB | 5.00% | 07/01/2031 | 1,000 | 1,037,066 | ||||||||||
Broward (County of), FL; | ||||||||||||||
Series 2012 Q-1, RB | 5.00% | 10/01/2024 | 1,850 | 1,851,526 | ||||||||||
Series 2013 B, RB | 5.00% | 10/01/2026 | 260 | 260,217 | ||||||||||
Broward (County of), FL (Parks & Land Preservation); Series 2012, Ref. GO Bonds | 5.00% | 01/01/2024 | 1,500 | 1,503,405 | ||||||||||
Broward (County of), FL School Board; Series 2016 A, Ref. COP | 5.00% | 07/01/2032 | 1,115 | 1,154,302 | ||||||||||
Capital Trust Agency, Inc. (Gardens Apartements); Series 2015 A, RB | 3.50% | 07/01/2025 | 440 | 379,754 | ||||||||||
Central Florida Expressway Authority; Series 2017, Ref. RB | 5.00% | 07/01/2037 | 1,325 | 1,384,327 | ||||||||||
Florida Housing Finance Corp.; Series 2015 A, RB (CEP - GNMA) | 3.65% | 07/01/2041 | 465 | 443,383 | ||||||||||
Florida Housing Finance Corp. (Social Bonds); Series 2022-3, RB (CEP - GNMA) | 5.50% | 01/01/2054 | 4,395 | 4,583,091 | ||||||||||
Gainesville (City of), FL; | ||||||||||||||
Series 2012 B, Ref. VRD RB(a) | 3.00% | 10/01/2042 | 10,600 | 10,600,000 | ||||||||||
Series 2017 A, RB | 5.00% | 10/01/2031 | 1,265 | 1,356,511 | ||||||||||
Greater Orlando Aviation Authority; Series 2016 B, RB | 5.00% | 10/01/2039 | 2,375 | 2,445,029 | ||||||||||
Hialeah (City of), FL Utility System; | ||||||||||||||
Series 2022, Ref. RB | 5.00% | 10/01/2033 | 1,970 | 2,195,505 | ||||||||||
Series 2022, Ref. RB | 5.00% | 10/01/2035 | 2,170 | 2,394,372 | ||||||||||
JEA Electric System; | ||||||||||||||
Series 2017 B, Ref. RB | 5.00% | 10/01/2031 | 7,935 | 8,477,136 | ||||||||||
Series 2017 B, Ref. RB | 5.00% | 10/01/2032 | 1,300 | 1,387,885 | ||||||||||
Miami (City of) & Dade (County of), FL School Board; | ||||||||||||||
Series 2014 D, Ref. COP | 5.00% | 11/01/2030 | 1,860 | 1,886,624 | ||||||||||
Series 2014 D, Ref. COP | 5.00% | 11/01/2031 | 1,420 | 1,440,326 | ||||||||||
Series 2016, GO Bonds | 5.00% | 03/15/2037 | 2,000 | 2,046,346 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | Invesco Short Term Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Florida–(continued) | ||||||||||||||
Miami-Dade (County of), FL; | ||||||||||||||
Series 2012 B, Ref. RB | 5.00% | 10/01/2024 | $ | 1,285 | $ 1,286,135 | |||||||||
Series 2014, RB | 5.00% | 10/01/2032 | 1,160 | 1,171,507 | ||||||||||
Series 2015 B, Ref. GO Bonds | 5.00% | 07/01/2029 | 1,105 | 1,122,800 | ||||||||||
Series 2019, RB | 5.00% | 10/01/2043 | 2,400 | 2,490,304 | ||||||||||
Series 2023 B, Ref. RB | 5.00% | 10/01/2037 | 4,500 | 4,849,189 | ||||||||||
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami); | ||||||||||||||
Series 2012 A, RB | 5.00% | 04/01/2024 | 250 | 250,703 | ||||||||||
Series 2012 A, RB | 5.00% | 04/01/2027 | 525 | 526,613 | ||||||||||
Series 2012 A, RB | 5.00% | 04/01/2028 | 1,500 | 1,504,605 | ||||||||||
Miami-Dade (County of), FL Expressway Authority; | ||||||||||||||
Series 2010 A, RB | 5.00% | 07/01/2040 | 10,000 | 10,002,193 | ||||||||||
Series 2014 B, Ref. RB | 5.00% | 07/01/2025 | 300 | 303,355 | ||||||||||
Miami-Dade (County of), FL Housing Finance Authority (Palm Lakes); | 4.05% | 01/15/2028 | 8,355 | 8,381,694 | ||||||||||
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); | ||||||||||||||
Series 2023 A, RB | 5.00% | 10/01/2035 | 1,000 | 1,101,375 | ||||||||||
Series 2023 A, RB | 5.00% | 10/01/2036 | 710 | 772,351 | ||||||||||
Orlando (City of), FL; Series 2013, Ref. RB | 5.00% | 10/01/2027 | 750 | 750,904 | ||||||||||
Polk (County of), FL; | ||||||||||||||
Series 2012, Ref. RB | 5.00% | 10/01/2024 | 125 | 125,149 | ||||||||||
Series 2012, Ref. RB | 5.00% | 10/01/2025 | 165 | 165,918 | ||||||||||
Pompano Beach (City of), FL (John Knox Village); | ||||||||||||||
Series 2021 B-1, RB | 2.00% | 01/01/2029 | 1,545 | 1,325,460 | ||||||||||
Series 2021 B-2, RB | 1.45% | 01/01/2027 | 2,080 | 1,858,851 | ||||||||||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 1998 B, Ref. RB (INS - NATL)(b) | 5.25% | 07/01/2024 | 125 | 126,643 | ||||||||||
St. Johns (County of), FL Industrial Development Authority (Vicar’s Landing); Series 2021, Ref. RB | 4.00% | 12/15/2023 | 120 | 119,597 | ||||||||||
Sunrise Lakes Phase 4 Recreation District; Series 2008, Ref. GO Bonds | 4.13% | 08/01/2024 | 20 | 20,011 | ||||||||||
85,082,162 | ||||||||||||||
Georgia–6.40% | ||||||||||||||
Atlanta (City of), GA; Series 2014 A, Ref. RB | 5.00% | 01/01/2032 | 5,490 | 5,514,651 | ||||||||||
Burke (County of), GA Development Authority (Georgia Power Co. Plant Vogtle); | ||||||||||||||
Series 2012, Ref. RB(c) | 2.88% | 08/19/2025 | 5,000 | 4,844,768 | ||||||||||
Series 2013, Ref. RB(c) | 2.93% | 03/12/2024 | 7,000 | 6,922,821 | ||||||||||
College Park (City of), GA (Atlanta International Airport); Series 2006 B, RB | 4.38% | 01/01/2026 | 30 | 30,016 | ||||||||||
DeKalb (County of), GA; Series 2013, Ref. RB | 5.00% | 10/01/2030 | 100 | 100,122 | ||||||||||
Fulton (County of), GA; Series 2013, Ref. RB | 5.00% | 01/01/2027 | 1,605 | 1,610,492 | ||||||||||
Georgia (State of); | ||||||||||||||
Series 2013 D, GO Bonds(c)(f) | 5.00% | 10/10/2023 | 100 | 100,153 | ||||||||||
Series 2017 A-2, GO Bonds | 5.00% | 02/01/2029 | 5,020 | 5,349,653 | ||||||||||
Georgia (State of) Municipal Electric Authority (Project One); | ||||||||||||||
Series 2015 A, Ref. RB | 5.00% | 01/01/2031 | 1,820 | 1,843,984 | ||||||||||
Series 2015 A, Ref. RB | 5.00% | 01/01/2032 | 2,030 | 2,055,544 | ||||||||||
Georgia Municipal Association, Inc.; Series 1998, COP (INS - AGM)(b) | 5.00% | 12/01/2023 | 25 | 25,033 | ||||||||||
Main Street Natural Gas, Inc.; | ||||||||||||||
Series 2018 A, RB(c)(f) | 4.00% | 09/01/2023 | 27,930 | 27,930,000 | ||||||||||
Series 2018 B, RB (1 mo. Term SOFR + 0.75%)(c)(f)(i) | 4.39% | 09/01/2023 | 1,000 | 1,000,000 | ||||||||||
Series 2021 A, RB(c) | 4.00% | 09/01/2027 | 8,500 | 8,429,635 | ||||||||||
Series 2023 C, RB | 5.00% | 09/01/2023 | 1,650 | 1,650,000 | ||||||||||
Subseries 2018 C, RB(c) | 4.00% | 12/01/2023 | 18,970 | 18,963,600 | ||||||||||
Subseries 2018 D, RB (1 mo. USD LIBOR + 0.83%)(c)(i) | 4.48% | 12/01/2023 | 30,000 | 30,010,569 | ||||||||||
Milledgeville (City of) & Baldwin (County of), GA Development Authority; | 4.50% | 09/01/2025 | 20 | 20,009 | ||||||||||
116,401,050 | ||||||||||||||
Hawaii–0.12% | ||||||||||||||
Honolulu (City & County of), HI; Series 2023, RB(c) | 5.00% | 06/01/2026 | 2,125 | 2,188,439 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | Invesco Short Term Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Idaho–0.09% | ||||||||||||||
Idaho (State of) Housing & Finance Association; Series 2023 A, RB | 5.00% | 08/15/2037 | $ | 1,400 | $ 1,557,519 | |||||||||
Illinois–6.60% | ||||||||||||||
Bellwood (Village of), IL; Series 2016 A, Ref. GO Bonds (INS - AGM)(b) | 5.00% | 12/01/2026 | 210 | 221,233 | ||||||||||
Chicago (City of), IL; Series 1999, GO Bonds (INS - NATL)(b)(g) | 0.00% | 01/01/2024 | 6,110 | 6,029,485 | ||||||||||
Chicago (City of), IL (O’Hare International Airport); | ||||||||||||||
Series 2012 B, Ref. RB(d) | 5.00% | 01/01/2024 | 9,045 | 9,051,261 | ||||||||||
Series 2016 B, Ref. RB | 5.00% | 01/01/2035 | 3,000 | 3,089,178 | ||||||||||
Chicago (City of), IL Board of Education; Series 2005 A, Ref. GO Bonds | 5.50% | 12/01/2023 | 200 | 200,632 | ||||||||||
Chicago (City of), IL Midway International Airport; | ||||||||||||||
Series 2014 A, Ref. RB(d) | 5.00% | 01/01/2034 | 2,090 | 2,092,761 | ||||||||||
Series 2014 B, Ref. RB | 5.00% | 01/01/2033 | 3,830 | 3,841,454 | ||||||||||
Chicago State University; Series 1998, RB (INS - NATL)(b) | 5.50% | 12/01/2023 | 465 | 466,178 | ||||||||||
Collinsville (City of), IL Area Recreation District; | ||||||||||||||
Series 2004, GO Bonds (INS - NATL)(b) | 4.50% | 12/01/2023 | 630 | 630,875 | ||||||||||
Series 2004, GO Bonds (INS - NATL)(b) | 4.60% | 12/01/2025 | 350 | 350,235 | ||||||||||
Series 2004, GO Bonds (INS - NATL)(b) | 4.65% | 12/01/2026 | 450 | 450,335 | ||||||||||
Series 2007, Ref. GO Bonds (INS - AMBAC)(b) | 4.00% | 12/01/2027 | 65 | 63,179 | ||||||||||
Cook County Community High School District No. 212 Leyden; Series 2016 C, RB (INS - BAM)(b) | 5.00% | 12/01/2028 | 2,385 | 2,423,446 | ||||||||||
Illinois (State of); | ||||||||||||||
Series 2016, GO Bonds | 5.00% | 11/01/2025 | 2,000 | 2,052,897 | ||||||||||
Series 2017 D, GO Bonds | 5.00% | 11/01/2025 | 10,960 | 11,249,876 | ||||||||||
Series 2018 A, GO Bonds | 4.00% | 05/01/2024 | 2,085 | 2,088,234 | ||||||||||
Series 2020 A, GO Bonds | 5.00% | 11/01/2026 | 2,935 | 3,050,946 | ||||||||||
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); | 8.00% | 06/01/2032 | 560 | 560,389 | ||||||||||
Illinois (State of) Finance Authority; Series 2016 A, Ref. RB | 5.00% | 10/01/2035 | 2,000 | 2,067,714 | ||||||||||
Illinois (State of) Finance Authority (Advocate Health Care Network); | ||||||||||||||
Series 2013, RB | 5.00% | 06/01/2024 | 1,220 | 1,220,659 | ||||||||||
Series 2014, Ref. RB | 5.00% | 08/01/2025 | 155 | 157,112 | ||||||||||
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); | ||||||||||||||
Series 2019 A, Ref. RB | 4.00% | 11/01/2023 | 405 | 404,085 | ||||||||||
Series 2019 A, Ref. RB | 5.00% | 11/01/2025 | 440 | 435,641 | ||||||||||
Series 2019 A, Ref. RB | 5.00% | 11/01/2026 | 460 | 452,864 | ||||||||||
Illinois (State of) Finance Authority (The University of Chicago); Series 2014 A, Ref. RB | 5.00% | 10/01/2027 | 10 | 10,158 | ||||||||||
Illinois (State of) Housing Development Authority; Series 2005, RB (INS - AGM)(b) | 4.60% | 09/01/2025 | 10 | 10,008 | ||||||||||
Illinois (State of) Toll Highway Authority; | ||||||||||||||
Series 2013 A, RB | 5.00% | 01/01/2031 | 11,035 | 11,046,306 | ||||||||||
Series 2013 A, RB | 5.00% | 01/01/2032 | 4,600 | 4,604,557 | ||||||||||
Series 2013 A, RB | 5.00% | 01/01/2038 | 2,740 | 2,741,512 | ||||||||||
Series 2014 B, RB | 5.00% | 01/01/2031 | 1,190 | 1,195,175 | ||||||||||
Series 2016 B, RB | 5.00% | 01/01/2031 | 1,000 | 1,037,397 | ||||||||||
McHenry County Community Unit School District No. 12 Johnsburg; | ||||||||||||||
Series 2014 A, GO Bonds (INS - AGM)(b) | 5.00% | 01/01/2031 | 2,005 | 2,011,447 | ||||||||||
Series 2014 A, GO Bonds (INS - AGM)(b) | 5.00% | 01/01/2033 | 1,405 | 1,410,786 | ||||||||||
Series 2014 A, GO Bonds (INS - AGM)(b) | 5.00% | 07/01/2034 | 2,810 | 2,820,847 | ||||||||||
Peoria (City of), IL Public Building Commission; Series 2019 A, Ref. RB | 5.00% | 12/01/2029 | 4,430 | 4,735,025 | ||||||||||
Rockford (City of), IL (Waterworks System Alternative Revenue Source); Series 2010, GO Bonds | 3.75% | 12/15/2025 | 280 | 280,103 | ||||||||||
Sales Tax Securitization Corp.; | ||||||||||||||
Series 2017 A, Ref. RB | 5.00% | 01/01/2024 | 10,200 | 10,243,320 | ||||||||||
Series 2023 C, Ref. RB | 5.00% | 01/01/2034 | 4,000 | 4,382,813 | ||||||||||
University of Illinois; Series 2008 A, Ref. COP (INS - AGM)(b) | 5.25% | 10/01/2026 | 1,020 | 1,021,429 | ||||||||||
University Park (Village of), IL; Series 2003, GO Bonds (INS - AMBAC)(b) | 4.65% | 12/01/2023 | 30 | 30,034 | ||||||||||
West Chicago Fire Protection District; Series 2008, GO Bonds (INS - NATL)(b) | 4.75% | 01/01/2029 | 15 | 15,013 | ||||||||||
Will County Community Unit School District No. 365; Series 2003, GO Bonds | 0.00% | 11/01/2023 | 19,955 | 19,836,940 | ||||||||||
120,083,539 | ||||||||||||||
Indiana–0.80% | ||||||||||||||
Gary (City of), IN & Chicago (City of), IL International Airport Authority (Gary/Chicago International Airport); Series 2014, RB(d) | 5.50% | 02/01/2025 | 385 | 385,197 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | Invesco Short Term Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Indiana–(continued) | ||||||||||||||
Indiana (State of) Finance Authority; | ||||||||||||||
Series 2014 A, RB | 5.00% | 10/01/2026 | $ | 1,750 | $ 1,779,419 | |||||||||
Series 2022, Ref. RB(c)(d) | 4.50% | 11/15/2023 | 10,000 | 9,985,819 | ||||||||||
Merrillville (Town of), IN (Belvedere Housing); Series 2016, RB | 5.05% | 04/01/2026 | 300 | 288,056 | ||||||||||
Northern Indiana Commuter Transportation District; Series 2016, RB | 5.00% | 07/01/2036 | 1,980 | 2,034,802 | ||||||||||
14,473,293 | ||||||||||||||
Iowa–1.08% | ||||||||||||||
Iowa (State of) Finance Authority (Unitypoint Health); | ||||||||||||||
Series 2014 C, RB | 5.00% | 02/15/2031 | 810 | 813,638 | ||||||||||
Series 2014 C, RB | 5.00% | 02/15/2032 | 3,405 | 3,419,833 | ||||||||||
Iowa (State of) Higher Education Loan Authority (Grinnell College); Series 2014, Ref. RB | 5.00% | 12/01/2032 | 1,675 | 1,707,872 | ||||||||||
PEFA, Inc.; Series 2019, RB(c) | 5.00% | 09/01/2026 | 13,500 | 13,631,559 | ||||||||||
19,572,902 | ||||||||||||||
Kansas–0.53% | ||||||||||||||
Johnson County Unified School District No. 231 Gardner - Edgerton; Series 2013 A, Ref. GO Bonds(c)(f) | 5.00% | 10/01/2023 | 250 | 250,283 | ||||||||||
University of Kansas Hospital Authority; Series 2015, Ref. RB | 5.00% | 09/01/2030 | 1,930 | 1,980,360 | ||||||||||
University of Kansas Hospital Authority (KU Health System); Series 2015, Ref. RB | 5.00% | 09/01/2033 | 2,350 | 2,403,120 | ||||||||||
Valley Center (City of), KS; Series 2023-1, GO Bonds | 4.38% | 12/01/2025 | 5,000 | 5,014,500 | ||||||||||
9,648,263 | ||||||||||||||
Kentucky–1.98% | ||||||||||||||
Jefferson County Capital Projects Corp.; Series 2007 A, Ref. RB (INS - AGM)(b) | 4.38% | 06/01/2028 | 25 | 25,129 | ||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); Series 2015 A, RB | 5.00% | 07/01/2025 | 1,635 | 1,648,024 | ||||||||||
Kentucky (Commonwealth of) Property & Building Commission (No. 112); | 5.00% | 02/01/2032 | 1,000 | 1,033,708 | ||||||||||
Kentucky (Commonwealth of) Property & Building Commission (No. 119); | ||||||||||||||
Series 2018, RB | 5.00% | 05/01/2027 | 4,750 | 5,017,358 | ||||||||||
Series 2018, RB | 5.00% | 05/01/2028 | 5,000 | 5,360,404 | ||||||||||
Kentucky (Commonwealth of) Public Energy Authority; | ||||||||||||||
Series 2018 A, RB(c) | 4.00% | 04/01/2024 | 5,000 | 5,002,126 | ||||||||||
Series 2019 A-1, RB(c) | 4.00% | 06/01/2025 | 5,000 | 5,005,018 | ||||||||||
Series 2019 A-2, RB (1 mo. USD LIBOR + 1.12%)(c)(i) | 4.77% | 06/01/2025 | 10,000 | 9,991,568 | ||||||||||
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2016 A, Ref. RB | 5.00% | 10/01/2032 | 2,660 | 2,741,933 | ||||||||||
Louisville (City of) & Jefferson (County of), KY Sewer District; Series 2013 B, Ref. RB | 5.00% | 05/15/2026 | 220 | 220,281 | ||||||||||
36,045,549 | ||||||||||||||
Louisiana–0.44% | ||||||||||||||
Louisiana (State of); Series 2022 A, Ref. RB (SOFR + 0.50%)(c)(i) | 4.22% | 05/01/2026 | 3,150 | 3,087,789 | ||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Glen Retirement System); Series 2019 A, RB | 5.00% | 01/01/2024 | 175 | 174,040 | ||||||||||
Louisiana (State of) Public Facilities Authority (Franciscan Missionaries of our Lady Health system, Inc.); Series 2015, Ref. RB | 5.00% | 07/01/2035 | 2,000 | 2,019,017 | ||||||||||
New Orleans (City of), LA Aviation Board (Consolidated Rental Car); | ||||||||||||||
Series 2018, Ref. RB (INS - AGM)(b) | 5.00% | 01/01/2036 | 1,250 | 1,308,515 | ||||||||||
Series 2018, Ref. RB (INS - AGM)(b) | 5.00% | 01/01/2037 | 1,440 | 1,499,181 | ||||||||||
8,088,542 | ||||||||||||||
Maine–0.37% | ||||||||||||||
Maine (State of) State housing Authority (Social Bonds); Series 2023 B, RB(c) | 3.13% | 05/01/2024 | 5,000 | 4,976,591 | ||||||||||
Maine (State of) Turnpike Authority; Series 2014, RB | 5.00% | 07/01/2029 | 1,670 | 1,688,601 | ||||||||||
6,665,192 | ||||||||||||||
Maryland–1.23% | ||||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2017, Ref. RB | 5.00% | 07/01/2031 | 3,000 | 3,122,454 | ||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); | ||||||||||||||
Series 2013 B, RB | 5.00% | 08/15/2027 | 200 | 200,421 | ||||||||||
Series 2017 A, RB | 5.00% | 05/15/2042 | 1,875 | 1,912,086 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | Invesco Short Term Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Maryland–(continued) | ||||||||||||||
Maryland Economic Development Corp. (CNX Marine Terminal, Inc. - Port of Baltimore Facility); Series 2010, Ref. RB | 5.75% | 09/01/2025 | $ | 7,030 | $ 7,088,594 | |||||||||
Washington Metropolitan Area Transit Authority (Sustainability Bonds); | 2.82% | 06/01/2024 | 10,000 | 10,000,000 | ||||||||||
22,323,555 | ||||||||||||||
Massachusetts–0.71% | ||||||||||||||
Cheshire (Town of), MA; Series 2009, GO Bonds (INS - AGM)(b) | 4.75% | 02/01/2024 | 10 | 10,015 | ||||||||||
Massachusetts (Commonwealth of); | ||||||||||||||
Series 2018 C, GO Bonds | 5.00% | 05/01/2029 | 150 | 150,167 | ||||||||||
Series 2018 C, GO Bonds | 5.00% | 05/01/2030 | 100 | 100,108 | ||||||||||
Series 2018 C, GO Bonds | 5.00% | 05/01/2031 | 930 | 930,991 | ||||||||||
Series 2018 C, GO Bonds | 5.00% | 05/01/2032 | 1,245 | 1,246,319 | ||||||||||
Massachusetts (Commonwealth of) (Green Bonds); Series 2014 E, GO Bonds | 5.00% | 09/01/2024 | 680 | 680,828 | ||||||||||
Massachusetts (Commonwealth of) Development Finance Agency; Series 2007 C, RB (3 mo. USD LIBOR + 0.82%)(i) | 4.59% | 11/15/2032 | 2,645 | 2,570,619 | ||||||||||
North Reading (Town of), MA; Series 2005, GO Bonds (INS - AMBAC)(b) | 4.00% | 09/15/2023 | 10 | 10,003 | ||||||||||
Rib Floater Trust; Series 2022-021, VRD RB(a)(e) | 3.26% | 06/01/2058 | 7,100 | 7,100,000 | ||||||||||
Waltham (City of), MA; | ||||||||||||||
Series 2008, GO Bonds | 4.00% | 09/15/2024 | 25 | 25,012 | ||||||||||
Series 2008, GO Bonds | 4.20% | 09/15/2027 | 15 | 15,008 | ||||||||||
Worcester (City of), MA; | ||||||||||||||
Series 2005 C, GO Bonds (INS - AMBAC)(b) | 4.13% | 09/15/2023 | 15 | 15,003 | ||||||||||
Series 2006, GO Bonds (INS - SGI)(b) | 4.20% | 11/01/2024 | 10 | 10,007 | ||||||||||
12,864,080 | ||||||||||||||
Michigan–2.87% | ||||||||||||||
Advanced Technology Academy; Series 2019, Ref. RB | 3.50% | 11/01/2024 | 260 | 254,581 | ||||||||||
Charyl Stockwell Academy; Series 2015, Ref. RB (Acquired 04/23/2015; | 4.88% | 10/01/2023 | 60 | 59,908 | ||||||||||
Detroit (City of), MI; Series 2006, Ref. RB (3 mo. Term SOFR + 0.60%) | 4.07% | 07/01/2032 | 7,825 | 7,369,015 | ||||||||||
Michigan (State of) Building Authority (Facilities Program); Series 2023 I-M, VRD RB(a) | 4.18% | 04/15/2058 | 11,940 | 11,940,000 | ||||||||||
Michigan (State of) Finance Authority; Series 2022 A, Ref. RB | 5.00% | 11/15/2023 | 2,210 | 2,213,979 | ||||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); Series 2014 D-4, Ref. RB | 5.00% | 07/01/2029 | 1,400 | 1,413,664 | ||||||||||
Michigan (State of) Finance Authority (Sparrow Obligated Group); Series 2015, Ref. RB(c)(f) | 5.00% | 05/15/2025 | 1,620 | 1,667,295 | ||||||||||
Michigan (State of) Housing Development Authority; Series 2021 A, RB | 0.55% | 04/01/2025 | 2,750 | 2,596,856 | ||||||||||
Muskegon Heights (City of), MI; Series 2006, Ref. RB (INS - NATL)(b) | 4.00% | 11/01/2026 | 185 | 183,132 | ||||||||||
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport); | ||||||||||||||
Series 2012 A, RB | 5.00% | 12/01/2024 | 2,135 | 2,137,314 | ||||||||||
Series 2012 A, RB | 5.00% | 12/01/2026 | 5,380 | 5,384,552 | ||||||||||
Series 2012 D, Ref. RB(d) | 5.00% | 12/01/2028 | 9,050 | 9,052,568 | ||||||||||
Series 2018, RB | 5.00% | 12/01/2037 | 1,250 | 1,308,090 | ||||||||||
Wayne State University; | ||||||||||||||
Series 2013 A, RB(c)(f) | 5.00% | 11/15/2023 | 1,245 | 1,247,974 | ||||||||||
Series 2015 A, Ref. RB | 5.00% | 11/15/2026 | 175 | 178,151 | ||||||||||
Series 2015 A, Ref. RB | 5.00% | 11/15/2030 | 125 | 126,504 | ||||||||||
Series 2016 A, Ref. RB | 5.00% | 11/15/2026 | 2,750 | 2,861,765 | ||||||||||
Series 2018 A, RB | 5.00 | % | 11/15/2038 | 2,220 | 2,264,901 | |||||||||
| ||||||||||||||
52,260,249 | ||||||||||||||
| ||||||||||||||
Minnesota–1.15% | ||||||||||||||
Minneapolis & St. Paul (Cities of), MN Housing & Redevelopment Authority (Allina Health System); | ||||||||||||||
Series 2019, Ref. RB | 5.00% | 11/15/2023 | 1,600 | 1,604,295 | ||||||||||
Series 2019, Ref. RB | 5.00% | 11/15/2024 | 1,900 | 1,931,275 | ||||||||||
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission; | ||||||||||||||
Series 2014 A, Ref. RB | 5.00% | 01/01/2026 | 3,015 | 3,026,871 | ||||||||||
Series 2014 A, Ref. RB | 5.00% | 01/01/2028 | 4,100 | 4,117,342 | ||||||||||
Series 2014 A, Ref. RB | 5.00% | 01/01/2029 | 2,150 | 2,158,408 | ||||||||||
Minneapolis (City of), MN (Riverton Community Housing); Series 2003, VRD RB (LOC - Bridgewater Bank)(a)(h) | 4.31% | 10/01/2033 | 4,490 | 4,490,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | Invesco Short Term Municipal Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Minnesota–(continued) | ||||||||||||||
Minnesota (State of) Governmental Agency Finance Group (Flexible Term Program); Series 2007 A-1, RB (INS - AGC)(b) | 4.13% | 03/01/2027 | $ | 15 | $ 14,965 | |||||||||
Minnesota (State of) Higher Education Facilities Authority (University of | 5.00% | 10/01/2029 | 1,400 | 1,484,785 | ||||||||||
Mounds View (City of), MN (Sherman Forbes); Series 2023 A, RB(c) | 4.05% | 11/01/2024 | 1,000 | 997,182 | ||||||||||
New Prague (City of), MN; Series 2009 A, GO Bonds | 4.15% | 02/01/2024 | 5 | 5,002 | ||||||||||
North Mankato (City of), MN; Series 2009 C, GO Bonds | 4.00% | 12/01/2024 | 10 | 10,004 | ||||||||||
Northern Municipal Power Agency; | ||||||||||||||
Series 2013 A, RB | 5.00% | 01/01/2030 | 340 | 340,337 | ||||||||||
Series 2013 A, RB | 5.00% | 01/01/2031 | 460 | 460,456 | ||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (St. Paul City School); Series 2016 A, Ref. RB(c)(f) | 4.50% | 07/01/2026 | 280 | 283,668 | ||||||||||
20,924,590 | ||||||||||||||
Mississippi–0.08% | ||||||||||||||
Mississippi (State of) Development Bank; Series 2013 B, RB (INS - BAM)(b) | 5.00% | 10/01/2023 | 270 | 270,288 | ||||||||||
Mississippi (State of) Hospital Equipment & Facilities Authority (Forrest Co. General Hospital); Series 2019 B, Ref. RB | 5.00% | 01/01/2025 | 1,105 | 1,120,932 | ||||||||||
Mississippi Business Finance Corp. (Northrop Grumman Corp.); Series 2006, RB | 4.55% | 12/01/2028 | 25 | 24,632 | ||||||||||
1,415,852 | ||||||||||||||
Missouri–1.84% | ||||||||||||||
Arnold Retail Corridor Transportation Development District; Series 2019, Ref. RB | 3.00% | 11/01/2028 | 65 | 60,955 | ||||||||||
Cassville School District No. R-IV; Series 2023, GO Bonds | 5.25% | 03/01/2039 | 2,220 | 2,338,793 | ||||||||||
Jackson County Consolidated School District No. 4; | ||||||||||||||
Series 2022, GO Bonds | 5.00% | 03/01/2037 | 3,550 | 3,670,607 | ||||||||||
Series 2022, GO Bonds | 5.00% | 03/01/2039 | 1,155 | 1,185,346 | ||||||||||
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 | 165 | 160,301 | ||||||||||
Lindbergh School District; Series 2019 A, GO Bonds | 5.00% | 03/01/2033 | 1,475 | 1,570,248 | ||||||||||
Missouri (State of) Health & Educational Facilities Authority; Series 2014, RB | 5.00% | 01/01/2030 | 1,000 | 1,005,948 | ||||||||||
Missouri (State of) Health & Educational Facilities Authority (St. Louis University); Series 2015 A, RB | 5.00% | 10/01/2038 | 4,500 | 4,603,841 | ||||||||||
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.); Series 2016, Ref. RB | 5.00% | 11/15/2030 | 1,215 | 1,255,437 | ||||||||||
Missouri (State of) Housing Development Commission (First Place Homeownership Loan); Series 2023, RB (CEP - GNMA) | 5.75% | 05/01/2053 | 2,760 | 2,917,930 | ||||||||||
Missouri (State of) Joint Municipal Electric Utility Commission (Iatan 2); | ||||||||||||||
Series 2014 A, Ref. RB | 5.00% | 01/01/2027 | 1,850 | 1,856,843 | ||||||||||
Series 2014 A, Ref. RB | 5.00% | 01/01/2030 | 1,195 | 1,198,650 | ||||||||||
Series 2014 A, Ref. RB | 5.00% | 01/01/2032 | 1,755 | 1,760,361 | ||||||||||
Missouri Western State University; Series 2012, Ref. RB | 3.00% | 10/01/2024 | 50 | 49,077 | ||||||||||
Rib Floater Trust; Series 2019-016, VRD RB (LOC - Barclays Bank PLC)(a)(e)(h) | 3.26% | 06/01/2045 | 9,400 | 9,400,000 | ||||||||||
Springfield Public Building Corp.; Series 2000 A, RB (INS - AMBAC)(b)(g) | 0.00% | 06/01/2025 | 120 | 110,446 | ||||||||||
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); Series 2013 A, RB | 5.00% | 09/01/2023 | 305 | 305,000 | ||||||||||
33,449,783 | ||||||||||||||
Montana–1.39% | ||||||||||||||
Mizuho Floater/Residual Trust; Series 2020-MIZ9027, VRD Revenue Ctfs. | 4.56% | 01/01/2034 | 25,250 | 25,250,000 | ||||||||||
Nebraska–0.56% | ||||||||||||||
Central Plains Energy Project; Series 2019, Ref. RB | 4.00% | 08/01/2024 | 1,000 | 1,000,815 | ||||||||||
Gretna Public Schools; Series 2022 B, GO Bonds | 5.00% | 12/15/2027 | 1,000 | 1,035,282 | ||||||||||
Omaha (City of), NE Public Power District; Series 2017 A, Ref. RB | 5.00% | 02/01/2042 | 3,000 | 3,130,003 | ||||||||||
Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2015, Ref. RB | 5.00% | 01/01/2031 | 5,040 | 5,109,406 | ||||||||||
10,275,506 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | Invesco Short Term Municipal Fund |
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
Nevada–0.43% | ||||||||||||||
Clark (County of), NV Department of Aviation; | ||||||||||||||
Series 2014 A-2, Ref. RB | 5.00% | 07/01/2030 | $ | 5,050 | $ 5,107,730 | |||||||||
Series 2014 A-2, Ref. RB | 5.00% | 07/01/2033 | 1,000 | 1,011,374 | ||||||||||
Las Vegas Valley Water District; Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2036 | 1,695 | 1,755,756 | ||||||||||
7,874,860 | ||||||||||||||
New Hampshire–0.50% | ||||||||||||||
New Hampshire (State of) Business Finance Authority (Social Bonds); | 4.00% | 10/20/2036 | 5,364 | 5,031,435 | ||||||||||
New Hampshire (State of) Health and Education Facilities Authority; Series 2016, Ref. RB | 5.50% | 06/01/2031 | 4,000 | 4,145,375 | ||||||||||
9,176,810 | ||||||||||||||
New Jersey–6.57% | ||||||||||||||
Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds (INS - BAM)(b) | 5.00% | 03/01/2027 | 250 | 263,576 | ||||||||||
Camden (County of), NJ Improvement Authority (The) (Rowan University School of Osteopathic Medicine); | ||||||||||||||
Series 2013 A, Ref. RB | 5.00% | 12/01/2027 | 1,610 | 1,612,275 | ||||||||||
Series 2013, Ref. RB | 5.00% | 12/01/2032 | 2,235 | 2,237,634 | ||||||||||
Casino Reinvestment Development Authority, Inc.; | ||||||||||||||
Series 2004, RB (INS - AMBAC)(b) | 5.25% | 01/01/2024 | 1,500 | 1,500,663 | ||||||||||
Series 2014, Ref. RB | 5.00% | 11/01/2023 | 3,515 | 3,517,814 | ||||||||||
Jersey (City of), NJ; Series 2022 A, GO Notes | 5.00% | 10/26/2023 | 1,665 | 1,667,036 | ||||||||||
Livingston (Township of), NJ; Series 2022, GO Notes | 5.00% | 12/12/2023 | 5,000 | 5,021,625 | ||||||||||
New Jersey (State of); | ||||||||||||||
Series 2020 A, GO Bonds | 5.00% | 06/01/2026 | 14,015 | 14,667,450 | ||||||||||
Series 2020 A, GO Bonds | 5.00% | 06/01/2027 | 2,885 | 3,071,636 | ||||||||||
New Jersey (State of) Economic Development Authority; | ||||||||||||||
Series 2004 A, RB (INS - NATL)(b) | 5.25% | 07/01/2025 | 6,840 | 6,988,273 | ||||||||||
Series 2004 A, RB(f) | 5.25% | 07/01/2025 | 820 | 847,261 | ||||||||||
Series 2005 N-1, Ref. RB (INS - NATL)(b) | 5.50% | 09/01/2023 | 3,010 | 3,010,000 | ||||||||||
Series 2005 N-1, Ref. RB (INS - AMBAC)(b) | 5.50% | 09/01/2024 | 6,000 | 6,107,395 | ||||||||||
Series 2024 SSS, Ref. RB | 5.00% | 06/15/2035 | 1,500 | 1,612,762 | ||||||||||
New Jersey (State of) Economic Development Authority (Rutgers University); Series 2013, RB | 5.00% | 06/15/2025 | 130 | 130,120 | ||||||||||
New Jersey (State of) Educational Facilities Authority (Montclair University); Series 2014, RB | 5.00% | 06/15/2026 | 1,000 | 1,009,645 | ||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Greystone Park Psychiatric Hospital); Series 2013, Ref. RB | 5.00% | 09/15/2023 | 400 | 400,140 | ||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group); | ||||||||||||||
Series 2017, Ref. RB | 5.00% | 07/01/2029 | 1,120 | 1,188,641 | ||||||||||
Series 2017, Ref. RB | 5.00% | 07/01/2032 | 815 | 864,126 | ||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2016, Ref. RB | 5.00% | 07/01/2031 | 5,100 | 5,268,718 | ||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group); Series 2016 A, Ref. RB | 5.00% | 07/01/2031 | 8,840 | 9,270,603 | ||||||||||
New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds); Series 2022 I, RB | 5.00% | 10/01/2053 | 2,970 | 3,041,345 | ||||||||||
New Jersey (State of) Transportation Trust Fund Authority; | ||||||||||||||
Series 2005 B, RB (INS - AMBAC)(b) | 5.25% | 12/15/2023 | 1,000 | 1,004,325 | ||||||||||
Series 2006 A, RB (INS - AGM)(b) | 5.25% | 12/15/2023 | 1,370 | 1,376,423 | ||||||||||
Series 2010 D, RB | 5.25% | 12/15/2023 | 4,505 | 4,524,486 | ||||||||||
Series 2018 A, Ref. RB | 5.00% | 06/15/2028 | 5,000 | 5,207,948 | ||||||||||
New Jersey (State of) Turnpike Authority; | ||||||||||||||
Series 2014 A, RB | 5.00% | 01/01/2027 | 8,650 | 8,747,784 | ||||||||||
Series 2014 A, RB | 5.00% | 01/01/2033 | 15,350 | 15,507,595 | ||||||||||
Series 2015 E, RB | 5.00% | 01/01/2032 | 5,635 | 5,744,064 | ||||||||||
Series 2015 E, RB | 5.00% | 01/01/2034 | 3,785 | 3,856,227 | ||||||||||
Salem (County of), NJ Pollution Control Financing Authority (Chambers); | 5.00% | 12/01/2023 | 225 | 225,745 | ||||||||||
119,493,335 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | Invesco Short Term Municipal Fund |
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
New Mexico–1.01% | ||||||||||||||
Albuquerque Municipal School District No. 12; | ||||||||||||||
Series 2017, GO Bonds | 5.00% | 08/01/2029 | $ | 2,575 | $ 2,694,381 | |||||||||
Series 2017, GO Bonds | 5.00% | 08/01/2030 | 1,250 | 1,306,540 | ||||||||||
Series 2017, GO Bonds | 5.00% | 08/01/2031 | 1,700 | 1,776,894 | ||||||||||
Series 2017, GO Bonds | 5.00% | 08/01/2032 | 2,910 | 3,039,982 | ||||||||||
Farmington (City of), NM (Public Service Co. of New Mexico San Juan); Series 2010, Ref. RB(c) | 3.90% | 06/01/2028 | 3,700 | 3,673,066 | ||||||||||
New Mexico (State of) Finance Authority; | ||||||||||||||
Series 2023 A-2, RB | 5.00% | 06/01/2028 | 450 | 462,385 | ||||||||||
Series 2023 A-2, RB | 5.00% | 06/01/2033 | 800 | 820,311 | ||||||||||
Series 2023 A-2, RB | 5.00% | 06/01/2038 | 1,350 | 1,375,207 | ||||||||||
New Mexico Mortgage Finance Authority (Mountain View II & III Apartments); | 5.00% | 09/01/2025 | 3,000 | 3,045,216 | ||||||||||
Saltillo Public Improvement District; | ||||||||||||||
Series 2018, Ref. RB (INS - BAM)(b) | 4.00% | 10/01/2024 | 105 | 105,618 | ||||||||||
Series 2018, Ref. RB (INS - BAM)(b) | 4.00% | 10/01/2025 | 160 | 161,720 | ||||||||||
18,461,320 | ||||||||||||||
New York–12.84% | ||||||||||||||
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District); | ||||||||||||||
Series 2013 A, RB | 5.00% | 05/01/2027 | 250 | 250,255 | ||||||||||
Series 2013 A, RB | 5.00% | 05/01/2028 | 970 | 970,955 | ||||||||||
Metropolitan Transportation Authority; | ||||||||||||||
Series 2015 D-1, Ref. RB | 5.00% | 11/15/2024 | 115 | 116,751 | ||||||||||
Series 2015 F, Ref. RB | 5.00% | 11/15/2027 | 525 | 538,223 | ||||||||||
Subseries 2015 E-1, VRD RB (LOC - Barclays Bank PLC)(a)(h) | 2.85% | 11/15/2050 | 3,470 | 3,470,000 | ||||||||||
Metropolitan Transportation Authority (Green Bonds); | ||||||||||||||
Series 2016 A2, Ref. RB | 4.00% | 11/15/2025 | 145 | 145,866 | ||||||||||
Series 2016 A-2, Ref. RB | 5.00% | 11/15/2023 | 1,450 | 1,453,836 | ||||||||||
Series 2017 B, Ref. RB | 5.00% | 11/15/2024 | 3,500 | 3,553,284 | ||||||||||
Series 2017 C-1, Ref. RB | 5.00% | 11/15/2023 | 3,000 | 3,007,909 | ||||||||||
Series 2017 C-1, Ref. RB | 5.00% | 11/15/2026 | 605 | 628,633 | ||||||||||
Series 2018 B, Ref. RB | 5.00% | 11/15/2023 | 7,200 | 7,219,045 | ||||||||||
Series 2018 B, Ref. RB | 5.00% | 11/15/2024 | 175 | 177,664 | ||||||||||
Monroe County Industrial Development Corp. (Rochester Schools Modernization); Series 2013, RB | 5.00% | 05/01/2024 | 125 | 125,142 | ||||||||||
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB | 5.00% | 07/01/2032 | 1,500 | 1,510,979 | ||||||||||
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB | 5.25% | 06/01/2026 | 2,479 | 2,447,602 | ||||||||||
New York & New Jersey (States of) Port Authority; | ||||||||||||||
One Hundred Seventy Fifth Series 2012, RB | 5.00% | 12/01/2023 | 2,000 | 2,004,154 | ||||||||||
One Hundred Seventy Fifth Series 2012, RB | 5.00% | 12/01/2025 | 480 | 480,596 | ||||||||||
One Hundred Seventy Fifth Series 2012, RB | 4.00% | 12/01/2026 | 470 | 470,164 | ||||||||||
New York (City of), NY; | ||||||||||||||
Subseries 2014 I-2, VRD GO Bonds(a) | 2.95% | 03/01/2040 | 10,000 | 10,000,000 | ||||||||||
Subseries 2017 B, VRD GO Bonds(a) | 2.85% | 10/01/2046 | 5,100 | 5,100,000 | ||||||||||
New York (City of), NY Industrial Development Agency (123 Washington LLC); | 3.40% | 10/01/2042 | 7,980 | 7,980,000 | ||||||||||
New York (City of), NY Municipal Water Finance Authority; Series 2022 DD, Ref. VRD RB(a) | 4.25% | 06/15/2033 | 20,000 | 20,000,000 | ||||||||||
New York (City of), NY Transitional Finance Authority; | ||||||||||||||
Series 2014 A-3, VRD RB(a) | 1.12% | 08/01/2043 | 5,000 | 5,000,000 | ||||||||||
Series 2014, RB | 5.00% | 02/01/2033 | 10,000 | 10,049,121 | ||||||||||
New York (State of) Dormitory Authority; | ||||||||||||||
Series 2015 A, Ref. RB | 5.00% | 03/15/2031 | 6,000 | 6,132,516 | ||||||||||
Series 2015 A, Ref. RB | 5.00% | 03/15/2033 | 2,500 | 2,553,344 | ||||||||||
Series 2015 A-1, Ref. RB(e) | 4.80% | 12/01/2023 | 80 | 79,421 | ||||||||||
Series 2016 D, Ref. RB | 5.00% | 02/15/2029 | 3,965 | 4,168,675 | ||||||||||
New York (State of) Dormitory Authority (New York University); Series 2016 A, RB | 5.00% | 07/01/2031 | 1,410 | 1,472,215 | ||||||||||
New York (State of) Housing Finance Agency (160 Madison Avenue); | ||||||||||||||
Series 2013 A, VRD RB (LOC - Landesbank Hessen-thrgn)(a)(h) | 2.82% | 11/01/2046 | 10,000 | 10,000,000 | ||||||||||
Series 2014 A, VRD RB (LOC - Landesbank Hessen-Thueringen | 2.82% | 11/01/2046 | 10,000 | 10,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | Invesco Short Term Municipal Fund |
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
New York–(continued) | ||||||||||||||
New York (State of) Utility Debt Securitization Authority; | ||||||||||||||
Series 2013 TE, RB | 5.00% | 12/15/2029 | $ | 2,615 | $ 2,624,527 | |||||||||
Series 2013 TE, RB | 5.00% | 12/15/2031 | 13,595 | 13,643,014 | ||||||||||
New York City Housing Development Corp. (Sustainability Bonds); Series 2020 I-2, RB (CEP - Federal Housing Administration)(c) | 0.70% | 05/01/2025 | 5,000 | 4,666,650 | ||||||||||
New York City Housing Development Corp. (Sustainable Development Bonds); | ||||||||||||||
Series 2021 F-2, RB (CEP - Federal Housing Administration)(c) | 0.60% | 07/01/2025 | 980 | 909,291 | ||||||||||
Series 2022 2B, RB(c) | 3.40% | 12/22/2026 | 12,845 | 12,629,306 | ||||||||||
New York Counties Tobacco Trust VI; Series 2016 B, Ref. RB | 5.00% | 06/01/2026 | 460 | 473,951 | ||||||||||
New York State Urban Development Corp.; | ||||||||||||||
Series 2013 C, RB | 5.00% | 03/15/2030 | 275 | 275,465 | ||||||||||
Series 2013 E, RB | 5.00% | 03/15/2028 | 10,695 | 10,711,623 | ||||||||||
Series 2013 E, RB | 5.00% | 03/15/2031 | 7,140 | 7,147,104 | ||||||||||
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); Series 2020, Ref. RB(d) | 5.25% | 08/01/2031 | 14,075 | 14,554,274 | ||||||||||
New York Transportation Development Corp. (American Airlines, Inc.); | ||||||||||||||
Series 2016, Ref. RB(d) | 5.00% | 08/01/2026 | 8,830 | 8,849,502 | ||||||||||
Series 2016, Ref. RB(d) | 5.00% | 08/01/2031 | 20,070 | 20,119,992 | ||||||||||
Orange County Funding Corp. (Mount St. Mary College); Series 2012 B, RB | 4.00% | 07/01/2024 | 695 | 693,540 | ||||||||||
Rib Floater Trust; Series 2022-003, VRD RB(a)(e) | 4.41% | 11/01/2041 | 10,000 | 10,000,000 | ||||||||||
Suffolk Tobacco Asset Securitization Corp.; Series 2021, Ref. RB | 4.00% | 06/01/2050 | 2,280 | 2,185,807 | ||||||||||
Westchester County Local Development Corp.; Series 2021, Ref. RB(e) | 2.88% | 07/01/2026 | 3,180 | 3,031,489 | ||||||||||
233,621,885 | ||||||||||||||
North Carolina–0.52% | ||||||||||||||
Charlotte (City of), NC (Charlotte Douglas International Airport); Series 2014, Ref. RB | 5.00% | 07/01/2031 | 2,540 | 2,570,388 | ||||||||||
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 E, RB(c) | 0.80% | 10/31/2025 | 5,000 | 4,593,572 | ||||||||||
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2013 A, Ref. RB | 5.00% | 01/15/2026 | 230 | 230,171 | ||||||||||
North Carolina (State of) Turnpike Authority; Series 2017, Ref. RB | 5.00% | 01/01/2025 | 2,025 | 2,058,125 | ||||||||||
University of North Carolina; Series 2008 A, RB (INS - AGC)(b) | 4.75% | 10/01/2028 | 10 | 10,008 | ||||||||||
9,462,264 | ||||||||||||||
North Dakota–0.17% | ||||||||||||||
Ward (County of), ND; Series 2017 A, GO Bonds (INS - AGM)(b) | 4.00% | 04/01/2025 | 3,125 | 3,126,011 | ||||||||||
Ohio–2.50% | ||||||||||||||
American Municipal Power, Inc. (Prairie State Energy); | ||||||||||||||
Series 2015 A, Ref. RB | 5.00% | 02/15/2028 | 9,895 | 9,948,964 | ||||||||||
Series 2015 A, Ref. RB | 5.00% | 02/15/2029 | 6,960 | 6,998,265 | ||||||||||
Cleveland (City of), OH; Series 2016 B, Ref. RB (INS - AGM)(b) | 5.00% | 01/01/2024 | 2,040 | 2,048,532 | ||||||||||
Columbus City School District (Construction and Improvement); Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2031 | 3,260 | 3,400,218 | ||||||||||
Cuyahoga (County of), OH (Shaker Square); Series 2010 D, Ref. RB | 5.00% | 12/01/2025 | 695 | 695,787 | ||||||||||
Dayton (City of), OH (James M. Cox); Series 2014 A, Ref. RB (INS - AGM)(b)(d) | 5.00% | 12/01/2026 | 1,335 | 1,335,589 | ||||||||||
Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); | 4.38% | 06/15/2026 | 1,500 | 1,437,988 | ||||||||||
Hamilton (County of), OH (UC Health); | ||||||||||||||
Series 2014, RB | 5.00% | 02/01/2027 | 465 | 465,017 | ||||||||||
Series 2014, RB | 5.00% | 02/01/2028 | 465 | 465,005 | ||||||||||
Series 2014, RB | 5.00% | 02/01/2029 | 425 | 425,015 | ||||||||||
Ohio (State of); | ||||||||||||||
Series 2015, VRD RB(a) | 4.50% | 01/15/2045 | 5,000 | 5,000,000 | ||||||||||
Series 2017 A, GO Bonds | 5.00% | 09/01/2031 | 3,335 | 3,359,150 | ||||||||||
Series 2017 A, GO Bonds | 5.00% | 03/15/2032 | 1,155 | 1,163,961 | ||||||||||
Ohio (State of) (Cleveland Clinic Health System Obligated Group); Series 2018, Ref. RB(e) | 5.00% | 12/01/2023 | 1,050 | 1,047,104 | ||||||||||
Ohio (State of) Higher Educational Facility Commission; Series 2006, RB (CPI Rate + 1.12%) (INS - AMBAC)(b)(i) | 9.32% | 12/01/2023 | 2,460 | 2,474,614 | ||||||||||
Ohio (State of) Higher Educational Facility Commission (University of Dayton); Series 2018, Ref. RB | 5.00% | 12/01/2035 | 2,000 | 2,104,021 | ||||||||||
RiverSouth Authority; Series 2007 A, RB | 5.75% | 12/01/2027 | 575 | 573,235 | ||||||||||
Stark (County of), OH; Series 2004, GO Bonds (INS - NATL)(b) | 4.38% | 12/01/2024 | 5 | 5,004 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | Invesco Short Term Municipal Fund |
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
Ohio–(continued) | ||||||||||||||
Westerville City School District; Series 2018, COP | 5.00% | 12/01/2039 | $ | 2,450 | $ 2,537,673 | |||||||||
45,485,142 | ||||||||||||||
Oklahoma–0.36% | ||||||||||||||
Oklahoma (State of) Capitol Improvement Authority; Series 2014 A, Ref. RB | 5.00% | 07/01/2030 | 1,500 | 1,517,073 | ||||||||||
Oklahoma (State of) Capitol Improvement Authority (Capitol Repair); Series 2018 C, RB | 5.00% | 01/01/2038 | 2,320 | 2,434,650 | ||||||||||
Oklahoma (State of) Development Finance Authority (Sommerset); Series 2015, RB | 5.00% | 07/01/2025 | 815 | 805,606 | ||||||||||
University of Oklahoma (The); | ||||||||||||||
Series 2014 C, Ref. RB | 5.00% | 07/01/2024 | 1,000 | 1,000,992 | ||||||||||
Series 2014 C, Ref. RB | 5.00% | 07/01/2027 | 500 | 500,227 | ||||||||||
Series 2014 C, Ref. RB | 5.00% | 07/01/2029 | 250 | 250,081 | ||||||||||
6,508,629 | ||||||||||||||
Oregon–0.69% | ||||||||||||||
Multnomah (County of), OR Hospital Facilities Authority (Green Bonds); | ||||||||||||||
Series 2021 B, Ref. RB | 1.20% | 06/01/2028 | 1,150 | 975,034 | ||||||||||
Series 2021 B2, Ref. RB | 0.95% | 06/01/2027 | 2,965 | 2,594,276 | ||||||||||
Oregon (State of) (Article XI - Q State); Series 2023 A, GO Bonds | 5.00% | 05/01/2036 | 3,875 | 4,436,030 | ||||||||||
Oregon Health & Science University; Series 2016 B, Ref. RB | 5.00% | 07/01/2039 | 1,390 | 1,427,724 | ||||||||||
Portland Community College District; Series 2018, GO Bonds | 5.00% | 06/15/2032 | 1,680 | 1,757,556 | ||||||||||
Yamhill (County of), OR Hospital Authority (Friendsview); Series 2021 B-3, RB | 1.75% | 11/15/2026 | 1,355 | 1,269,818 | ||||||||||
12,460,438 | ||||||||||||||
Pennsylvania–6.34% | ||||||||||||||
Allegheny (County of), PA Higher Education Building Authority (Robert Morris University); Series 2017, RB | 5.00% | 10/15/2026 | 445 | 447,196 | ||||||||||
Allegheny (County of), PA Hospital Development Authority; Series 2018, Ref. RB | 5.00% | 04/01/2035 | 2,150 | 2,225,485 | ||||||||||
Allegheny (County of), PA Sanitary Authority; Series 2013, RB (INS - BAM)(b) | 5.00% | 12/01/2028 | 145 | 145,522 | ||||||||||
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System); Series 2017 A, Ref. RB | 5.00% | 10/01/2035 | 2,025 | 2,115,917 | ||||||||||
Coatesville Area School District Building Authority; | ||||||||||||||
Series 2018, RB (INS - BAM)(b) | 5.00% | 12/01/2023 | 400 | 400,333 | ||||||||||
Series 2018, RB (INS - BAM)(b) | 5.00% | 12/01/2024 | 425 | 425,392 | ||||||||||
Cumberland Valley School District; Series 2015, GO Bonds(c)(f) | 5.00% | 11/15/2023 | 2,580 | 2,587,484 | ||||||||||
Geisinger Authority (Geisinger Health System); Series 2014 B, Ref. RB (1 mo. USD LIBOR + 1.07%)(c)(i) | 4.72% | 06/01/2024 | 13,600 | 13,628,730 | ||||||||||
Luzerne (County of), PA; Series 2015 A, Ref. GO Bonds (INS - AGM)(b) | 5.00% | 11/15/2023 | 2,795 | 2,803,602 | ||||||||||
Monroeville Finance Authority; Series 2023 C, Ref. RB | 5.00% | 05/15/2037 | 1,000 | 1,071,286 | ||||||||||
Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); Series 2014 A, Ref. RB | 5.00% | 10/01/2024 | 1,165 | 1,165,144 | ||||||||||
Montgomery (County of), PA Industrial Development Authority; Series 2023, RB(c) | 4.10% | 04/03/2028 | �� | 3,000 | 3,028,616 | |||||||||
Pennsylvania (Commonwealth of); | ||||||||||||||
First series 2013, GO Bonds | 4.00% | 04/01/2029 | 2,150 | 2,151,239 | ||||||||||
Second series 2013, GO Bonds | 5.00% | 10/15/2030 | 2,000 | 2,004,218 | ||||||||||
Second series 2013, GO Bonds | 5.00% | 10/15/2031 | 1,000 | 1,002,109 | ||||||||||
Second Series 2013, GO Bonds | 5.00% | 10/15/2025 | 100 | 100,178 | ||||||||||
Second series 2016, Ref. GO Bonds | 5.00% | 01/15/2024 | 2,260 | 2,273,416 | ||||||||||
Series 2022, GO Bonds | 5.00% | 10/01/2023 | 5,000 | 5,005,807 | ||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority; Series 2023 B, Ref. RB | 5.00% | 05/15/2035 | 1,000 | 1,107,144 | ||||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015 B, VRD RB(a) | 4.61% | 09/01/2045 | 45,095 | 45,095,000 | ||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission; | ||||||||||||||
Series 2014 B, RB | 5.00% | 12/01/2031 | 1,000 | 1,014,878 | ||||||||||
Series 2016 A, Ref. RB | 5.00% | 12/01/2030 | 9,990 | 10,476,071 | ||||||||||
Series 2016 B, Ref. RB (INS - AGM)(b) | 5.00% | 06/01/2029 | 800 | 841,135 | ||||||||||
Series 2017, Ref. RB | 5.00% | 12/01/2032 | 3,325 | 3,547,942 | ||||||||||
Series 2018 A-1, Ref. RB (SIFMA Municipal Swap Index + 0.60%)(i) | 4.66% | 12/01/2023 | 1,500 | 1,500,361 | ||||||||||
Pennsylvania State University (The); Series 2015 B, Ref. RB | 5.00% | 09/01/2031 | 2,000 | 2,052,911 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | Invesco Short Term Municipal Fund |
Principal | ||||||||||
Interest | Maturity | Amount | ||||||||
Rate | Date | (000) | Value | |||||||
Pennsylvania–(continued) | ||||||||||
Philadelphia (City of), PA; | ||||||||||
Series 2016, Ref. RB | 5.00% | 10/01/2028 | $ | 1,400 | $ 1,450,844 | |||||
Series 2016, Ref. RB | 5.00% | 10/01/2031 | 3,270 | 3,383,954 | ||||||
Sayre (City of), PA Health Care Facilities Authority (Guthrie Health); Series 2007, RB (3 mo. USD LIBOR + 0.78%)(i) | 4.58% | 12/01/2024 | 30 | 29,990 | ||||||
Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB | 5.00% | 07/01/2028 | 1,025 | 1,021,458 | ||||||
Wilkes-Barre Area School District; Series 2016 B, GO Bonds (INS - BAM)(b) | 5.00% | 08/01/2026 | 1,160 | 1,215,012 | ||||||
115,318,374 | ||||||||||
Puerto Rico–0.36% | ||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; | ||||||||||
Series 2005 RR, RB (INS - AGC)(b) | 5.00% | 07/01/2026 | 100 | 100,596 | ||||||
Series 2005 RR, RB (INS - SGI)(b) | 5.00% | 07/01/2026 | 3,905 | 3,873,619 | ||||||
Series 2005 RR, RB (INS - SGI)(b) | 5.00% | 07/01/2027 | 1,505 | 1,491,767 | ||||||
Series 2007 UU, Ref. RB (INS - AGM)(b) | 5.00% | 07/01/2024 | 500 | 502,977 | ||||||
Series 2008 WW, RB (INS - AGC)(b) | 5.25% | 07/01/2033 | 500 | 502,977 | ||||||
6,471,936 | ||||||||||
Rhode Island–0.46% | ||||||||||
Rhode Island Health and Educational Building Corp.; Series 2017 G, RB | 5.00% | 05/15/2039 | 2,520 | 2,603,759 | ||||||
Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB | 4.50% | 06/01/2045 | 5,995 | 5,846,781 | ||||||
8,450,540 | ||||||||||
South Carolina–0.92% | ||||||||||
Florence & Darlington (Counties of), SC Commission for Technical Education; | 5.00% | 03/01/2028 | 620 | 620,688 | ||||||
Piedmont Municipal Power Agency; Series 2021 C, Ref. RB | 5.00% | 01/01/2032 | 4,000 | 4,158,553 | ||||||
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group); Series 2018 C, VRD RB(a) | 4.63% | 05/01/2048 | 10,000 | 10,000,000 | ||||||
South Carolina (State of) Public Service Authority; Series 2016 A, Ref. RB | 5.00% | 12/01/2029 | 1,885 | 1,944,229 | ||||||
16,723,470 | ||||||||||
South Dakota–0.78% | ||||||||||
South Dakota (State of) Health & Educational Facilities Authority (Regional Health); Series 2017, RB | 5.00% | 09/01/2040 | 8,345 | 8,447,839 | ||||||
South Dakota (State of) Housing Development Authority; Series 2009 A, VRD RB(a) | 4.31% | 11/01/2048 | 5,760 | 5,760,000 | ||||||
14,207,839 | ||||||||||
Tennessee–1.90% | ||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government; | ||||||||||
Series 2013 A, Ref. RB | 5.00% | 05/15/2027 | 130 | 130,120 | ||||||
Series 2013 A, Ref. RB | 5.00% | 05/15/2029 | 780 | 780,676 | ||||||
Series 2013, Ref. GO Bonds | 5.00% | 07/01/2024 | 120 | 120,088 | ||||||
Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare); Series 2017, RB | 5.00% | 05/01/2035 | 1,500 | 1,558,993 | ||||||
Tennessee Energy Acquisition Corp.; | ||||||||||
Series 2006 A, RB | 5.25% | 09/01/2023 | 2,725 | 2,725,000 | ||||||
Series 2006 A, RB | 5.25% | 09/01/2024 | 15,115 | 15,248,082 | ||||||
Series 2018, RB(c) | 4.00% | 11/01/2025 | 10,130 | 10,014,946 | ||||||
Tennessee Housing Development Agency (Social Bonds); Series 2022, RB | 5.50% | 01/01/2053 | 3,740 | 3,900,927 | ||||||
34,478,832 | ||||||||||
Texas–13.41% | ||||||||||
Alamo Community College District; | ||||||||||
Series 2007, GO Bonds (INS - NATL)(b) | 4.50% | 08/15/2033 | 590 | 590,263 | ||||||
Series 2012 A, Ref. RB | 5.00% | 11/01/2023 | 775 | 775,912 | ||||||
Alvarado Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(c) | 2.75% | 08/15/2025 | 2,000 | 1,990,515 | ||||||
Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); | 4.50% | 06/15/2026 | 1,100 | 1,087,505 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | Invesco Short Term Municipal Fund |
Principal | ||||||||||
Interest | Maturity | Amount | ||||||||
Rate | Date | (000) | Value | |||||||
Texas–(continued) | ||||||||||
Austin (City of), TX; | ||||||||||
Series 2023, Ref. RB | 5.00% | 11/15/2036 | $ | 7,700 | $ 8,635,380 | |||||
Series 2023, Ref. RB | 5.00% | 11/15/2038 | 4,000 | 4,418,366 | ||||||
Bexar (County of), TX Hospital District; | ||||||||||
Series 2018, Ctfs. of Obligation | 5.00% | 02/15/2029 | 1,000 | 1,000,918 | ||||||
Series 2018, Ctfs. of Obligation | 5.00% | 02/15/2030 | 1,895 | 1,896,670 | ||||||
Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); Series 2021, RN(d)(e) | 3.63% | 07/01/2026 | 4,000 | 3,662,214 | ||||||
Clear Creek Independent School District; Series 2014 D, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2034 | 2,820 | 2,835,628 | ||||||
Conroe Independent School District; Series 2016 A, Ref. GO Bonds | 5.00% | 02/15/2028 | 7,810 | 8,136,010 | ||||||
Cypress-Fairbanks Independent School District; Series 2014 C, Ref. GO | 5.00% | 02/15/2028 | 1,500 | 1,510,366 | ||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); | ||||||||||
Series 2013 D, Ref. RB(c)(f) | 5.25% | 11/01/2023 | 85 | 85,234 | ||||||
Series 2013 D, Ref. RB(c)(f) | 5.25% | 11/01/2023 | 225 | 225,621 | ||||||
Series 2013 F, Ref. RB(c)(f) | 5.00% | 11/01/2023 | 1,000 | 1,002,376 | ||||||
Series 2013 F, Ref. RB(c)(f) | 5.13% | 11/01/2023 | 260 | 260,667 | ||||||
Series 2013 F, Ref. RB(c)(f) | 5.25% | 11/01/2023 | 1,440 | 1,443,972 | ||||||
Series 2013 F, Ref. RB(c)(f) | 5.25% | 11/01/2023 | 795 | 797,193 | ||||||
Dallas (City of), TX; Series 2014, Ref. GO Bonds (INS - BAM)(b) | 5.00% | 02/15/2029 | 1,065 | 1,072,334 | ||||||
Dallas (City of), TX (Dallas, Denton, Collin and Rockwall Counties); Series 2016 A, Ref. RB | 5.00% | 10/01/2041 | 5,000 | 5,111,714 | ||||||
Dallas (County of), TX; Series 2016, Ctfs. of Obligation | 5.00% | 08/15/2029 | 4,605 | 4,835,146 | ||||||
Dallas College; Series 2022, GO Bonds | 5.00% | 02/15/2035 | 1,000 | 1,028,233 | ||||||
Denton (City of), TX; | ||||||||||
Series 2017, RB | 5.00% | 12/01/2030 | 1,320 | 1,371,888 | ||||||
Series 2017, RB | 5.00% | 12/01/2032 | 3,000 | 3,117,747 | ||||||
El Paso (City of), TX; Series 2016, GO Bonds | 5.00% | 08/15/2028 | 5,000 | 5,251,876 | ||||||
El Paso (County of), TX Hospital District; Series 2013, Ctfs. of Obligation | 5.00% | 08/15/2025 | 675 | 675,409 | ||||||
Fort Bend Independent School District (2023 Remarketing); Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)(c) | 3.65% | 08/01/2024 | 5,000 | 4,990,426 | ||||||
Frisco Independent School District; Series 2016 B, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2034 | 2,020 | 2,109,964 | ||||||
Goose Creek Consolidated Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2029 | 5,000 | 5,213,502 | ||||||
Grand Prairie Independent School District; Series 2011, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2026 | 675 | 674,991 | ||||||
Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers; | �� | |||||||||
Series 2015, Ref. RB | 5.00% | 12/01/2023 | 1,200 | 1,197,946 | ||||||
Series 2015, Ref. RB | 5.00% | 12/01/2024 | 1,865 | 1,850,921 | ||||||
Harris & Montgomery (Counties of), TX Municipal Utility District No. 386; Series 2014, GO Bonds (INS - AGM)(b) | 4.00% | 09/01/2030 | 620 | 620,234 | ||||||
Harris (County of), TX; Series 2014 A, Ref. GO Bonds | 5.00% | 10/01/2031 | 2,035 | 2,065,610 | ||||||
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System); Series 2016, RB | 5.00% | 07/01/2038 | 1,605 | 1,636,509 | ||||||
Harris County Industrial Development Corp. (Energy Transfer L.P.); Series 2023, Ref. RB(c) | 4.05% | 06/01/2033 | 2,775 | 2,728,451 | ||||||
Houston (City of), TX; Series 2018 C, Ref. VRD RB (LOC - Barclays Bank PLC)(a)(h) | 4.10% | 05/15/2034 | 16,670 | 16,670,000 | ||||||
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(d) | 4.75% | 07/01/2024 | 565 | 565,551 | ||||||
Houston Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 1,125 | 1,171,422 | ||||||
Katy Independent School District; Series 2017, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 1,150 | 1,223,134 | ||||||
Laredo (City of), TX; Series 2016, Ref. RB | 5.00% | 03/01/2031 | 1,000 | 1,034,843 | ||||||
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(d)(e) | 4.63% | 10/01/2031 | 1,000 | 977,253 | ||||||
Mueller Local Government Corp.; Series 2009, RB | 4.25% | 09/01/2029 | 30 | 30,020 | ||||||
New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing San Antonio I, LLC - Texas A&M University); Series 2016 A, RB(f) | 5.00% | 04/01/2024 | 405 | 408,169 | ||||||
North Harris (County of), TX Regional Water Authority; Series 2013, Ref. RB | 5.00% | 12/15/2030 | 205 | 205,246 | ||||||
North Texas Municipal Water District; Series 2016, Ref. RB | 5.00% | 06/01/2028 | 1,050 | 1,094,113 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | Invesco Short Term Municipal Fund |
Principal | ||||||||||
Interest | Maturity | Amount | ||||||||
Rate | Date | (000) | Value | |||||||
Texas–(continued) | ||||||||||
North Texas Tollway Authority; | ||||||||||
Series 2017 A, RB | 5.00% | 01/01/2025 | $ | 55 | $ 55,064 | |||||
Series 2017 B, Ref. RB | 5.00% | 01/01/2024 | 50 | 50,053 | ||||||
Series 2017 B, Ref. RB | 5.00% | 01/01/2025 | 15 | 15,016 | ||||||
Series 2022 B, Ref. RB | 5.00% | 01/01/2024 | 2,620 | 2,632,565 | ||||||
Pearland (City of), TX; Series 2014, Ref. GO Bonds | 5.00% | 03/01/2025 | 200 | 200,239 | ||||||
Pecos Barstow Toyah Independent School District; Series 2023, GO Bonds | 5.00% | 02/15/2038 | 1,650 | 1,694,216 | ||||||
Pharr (City of), TX; Series 2018, Ctfs. of Obligation (INS - AGM)(b) | 5.00% | 08/15/2038 | 1,395 | 1,453,060 | ||||||
Plano Independent School District; | ||||||||||
Series 2023, GO Bonds | 5.00% | 02/15/2035 | 2,600 | 2,962,664 | ||||||
Series 2023, GO Bonds | 5.00% | 02/15/2036 | 1,100 | 1,240,435 | ||||||
Series 2023, GO Bonds | 5.00% | 02/15/2037 | 3,300 | 3,684,659 | ||||||
Port Arthur (Port of), TX Navigation District; | ||||||||||
Subseries 2010 D, VRD RB(a) | 3.75% | 11/01/2040 | 10,000 | 10,000,000 | ||||||
Subseries 2010, VRD RB(a) | 3.78% | 11/01/2040 | 8,175 | 8,175,000 | ||||||
Rib Floater Trust; Series 2022-006, VRD RB (LOC - Barclays Bank PLC)(a)(e)(h) | 4.36% | 11/15/2046 | 36,250 | 36,250,000 | ||||||
Robstown (City of), TX; Series 2009, Ctfs. of Obligation (INS - AGM)(b)(g) | 0.00% | 03/01/2024 | 490 | 479,953 | ||||||
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, RB | 4.90% | 09/15/2024 | 30 | 29,781 | ||||||
San Antonio (City of), TX; | ||||||||||
Series 2013 E, Ref. RB(c)(f) | 5.00% | 09/19/2023 | 1,900 | 1,901,117 | ||||||
Series 2016, Ref. RB | 5.00% | 02/01/2031 | 2,145 | 2,244,932 | ||||||
Series 2017, Ref. RB | 5.00% | 02/01/2032 | 3,105 | 3,284,430 | ||||||
Spring Independent School District; Series 2023, GO Bonds | 5.00% | 08/15/2036 | 3,070 | 3,458,671 | ||||||
Texas (State of); | ||||||||||
Series 2014 A, Ref. GO Bonds | 5.00% | 10/01/2024 | 1,565 | 1,591,366 | ||||||
Series 2015, Ref. GO Bonds | 5.00% | 10/01/2029 | 10,000 | 10,325,308 | ||||||
Texas (State of) Transportation Commission; Series 2014 B, VRD RB(a) | 4.07% | 04/01/2032 | 15,000 | 15,000,000 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB | 6.25% | 12/15/2026 | 12,985 | 13,446,973 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. II; Series 2007, RB (SIFMA Municipal Swap Index + 0.55%)(i) | 4.61% | 09/15/2027 | 10,920 | 10,800,502 | ||||||
Trinity River Authority; Series 2014, Ref. RB | 5.00% | 08/01/2024 | 500 | 500,552 | ||||||
West Harris (County of), TX Regional Water Authority; Series 2014, Ref. RB | 5.00% | 12/15/2029 | 1,000 | 1,002,918 | ||||||
West Travis County Public Utility Agency; Series 2017, Ref. RB (INS - BAM)(b) | 5.00% | 08/15/2030 | 45 | 48,017 | ||||||
Wink-Loving Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 2,000 | 2,013,821 | ||||||
243,828,774 | ||||||||||
Utah–0.22% | ||||||||||
Grand (County of), UT School District Local Building Authority; Series 2019, RB | 5.00% | 12/15/2038 | 2,040 | 2,081,402 | ||||||
University of Utah (The); Series 2017 B-1, Ref. RB | 5.00% | 08/01/2029 | 1,870 | 1,993,920 | ||||||
4,075,322 | ||||||||||
Virginia–0.24% | ||||||||||
Chesapeake Bay Bridge & Tunnel District; Series 2019, RAN | 5.00% | 11/01/2023 | 4,400 | 4,407,401 | ||||||
Washington–1.75% | ||||||||||
Auburn School District No. 408 of King & Pierce Counties; Series 2014, Ref. GO Bonds (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2027 | 100 | 100,377 | ||||||
Central Puget Sound Regional Transit Authority; Series 1999, RB (INS - NATL)(b) | 4.75% | 02/01/2028 | 1,505 | 1,519,999 | ||||||
Chelan County School District No. 246 Wenatchee; Series 2014, GO Bonds | 5.00% | 12/01/2030 | 1,480 | 1,496,964 | ||||||
Energy Northwest (Columbia Generating Station); Series 2014, Ref. RB | 5.00% | 07/01/2031 | 2,000 | 2,024,063 | ||||||
Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB | 5.60% | 03/01/2028 | 10 | 9,922 | ||||||
Lewis (County of), WA Public Utility District No. 1; Series 2013, Ref. RB | 5.25% | 04/01/2032 | 6,115 | 6,122,286 | ||||||
Seattle (City of), WA; Series 2013, Ref. RB(c)(f) | 5.00% | 10/25/2023 | 250 | 250,547 | ||||||
Seattle (Port of), WA; | ||||||||||
Series 2015 A, RB | 5.00% | 04/01/2030 | 2,840 | 2,878,151 | ||||||
Series 2017 C, RB(d) | 5.00% | 05/01/2025 | 275 | 280,264 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | Invesco Short Term Municipal Fund |
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
Washington–(continued) | ||||||||||||||
Tacoma (City of), WA Regional Water Supply System; Series 2013, Ref. RB | 5.00% | 12/01/2026 | $ | 250 | $ 250,174 | |||||||||
Washington (State of); | ||||||||||||||
Series 2016 B, GO Bonds | 5.00% | 08/01/2031 | 1,205 | 1,259,872 | ||||||||||
Series 2016 B, Ref. GO Bonds | 5.00% | 07/01/2032 | 3,840 | 3,974,708 | ||||||||||
Washington (State of) Health Care Facilities Authority (Providence Health & Services); | ||||||||||||||
Series 2012 A, RB | 5.00% | 10/01/2025 | 125 | 125,095 | ||||||||||
Series 2012 A, RB | 5.00% | 10/01/2026 | 2,540 | 2,540,649 | ||||||||||
Series 2012 A, RB | 5.00% | 10/01/2027 | 2,415 | 2,415,579 | ||||||||||
Series 2012 A, RB | 5.00% | 10/01/2028 | 165 | 165,039 | ||||||||||
Series 2012 A, RB | 4.25% | 10/01/2040 | 2,800 | 2,597,832 | ||||||||||
Washington (State of) Tobacco Settlement Authority; Series 2018, Ref. RB | 5.00% | 06/01/2024 | 3,750 | 3,751,941 | ||||||||||
31,763,462 | ||||||||||||||
West Virginia–0.79% | ||||||||||||||
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group); | ||||||||||||||
Series 2017, RB | 5.00% | 06/01/2035 | 1,100 | 1,144,551 | ||||||||||
Series 2018 E, Ref. VRD RB(a) | 4.60% | 06/01/2033 | 13,180 | 13,180,000 | ||||||||||
14,324,551 | ||||||||||||||
Wisconsin–1.75% | ||||||||||||||
Wisconsin (State of) Center District; Series 1999, Ref. RB (INS - AGM)(b) | 5.25% | 12/15/2023 | 235 | 235,905 | ||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Advocate Aurora Health Credit Group); Series 2018, Ref. RB(c) | 5.00% | 01/29/2025 | 10,000 | 10,182,121 | ||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group); Series 2016 A, Ref. RB | 5.00% | 11/15/2039 | 1,350 | 1,370,553 | ||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group); | ||||||||||||||
Series 2013, RB | 5.00% | 08/15/2026 | 100 | 100,064 | ||||||||||
Series 2013, RB | 5.00% | 08/15/2027 | 800 | 800,422 | ||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System); Series 2019 B-2, Ref. RB | 2.55% | 11/01/2027 | 270 | 252,479 | ||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Hospital Sisters Services, Inc.); Series 2014, Ref. RB | 5.00% | 11/15/2029 | 1,800 | 1,821,980 | ||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB | 5.00% | 06/01/2027 | 3,225 | 3,226,609 | ||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care Obligated Group); | ||||||||||||||
Series 2015, Ref. RB | 5.00% | 08/15/2030 | 170 | 172,477 | ||||||||||
Series 2015, Ref. RB | 5.00% | 08/15/2031 | 815 | 826,074 | ||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.); Series 2015, Ref. RB | 5.00% | 12/15/2029 | 125 | 126,643 | ||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Unitypoint Health); Series 2014 A, RB | 5.00% | 12/01/2028 | 980 | 991,053 | ||||||||||
Wisconsin (State of) Public Finance Authority; | ||||||||||||||
Series 2016, RB | 5.00% | 03/01/2032 | 4,315 | 4,463,728 | ||||||||||
Series 2022, Ref. RB(c) | 3.30% | 10/01/2026 | 1,745 | 1,729,706 | ||||||||||
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB | 5.00% | 12/01/2027 | 1,050 | 1,060,628 | ||||||||||
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center); Series 2015 A, Ref. RB | 5.00% | 06/01/2031 | 3,295 | 3,334,612 | ||||||||||
Wisconsin (State of) Public Finance Authority (The Estates at Eagle’s Pomite); Series 2016 A, RB | 4.00% | 01/01/2024 | 50 | 49,508 | ||||||||||
WPPI Energy; | ||||||||||||||
Series 2014 A, Ref. RB | 5.00% | 07/01/2030 | 1,000 | 1,009,193 | ||||||||||
Series 2014 A, Ref. RB | 5.00% | 07/01/2032 | 100 | 100,855 | ||||||||||
31,854,610 | ||||||||||||||
Total Municipal Obligations (Cost $1,773,254,845) | 1,766,873,061 | |||||||||||||
Shares | ||||||||||||||
MuniFund Preferred Shares–1.79% | ||||||||||||||
Nuveen AMT-Free Municipal Credit Income Fund; Series B(e) | 5,750,000 | 5,750,000 | ||||||||||||
Nuveen AMT-Free Quality Municipal Income Fund; MFP, Series D(e) | 22,870,000 | 22,870,000 | ||||||||||||
Nuveen California AMT-Free Quality Municipal Income Fund(e) | 40,000 | 4,000,000 | ||||||||||||
MuniFund Preferred Shares (Cost $ 32,621,502) | 32,620,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | Invesco Short Term Municipal Fund |
Principal | ||||||||||
Interest | Maturity | Amount | ||||||||
Rate | Date | (000) | Value | |||||||
U.S. Dollar Denominated Bonds & Notes–0.02% | ||||||||||
California–0.02% | ||||||||||
CalPlant I LLC; | ||||||||||
Series 21A(e)(k)(l) | 9.50% | 03/31/2024 | $ | 25 | $ 25,000 | |||||
Series 21B(e)(k)(l) | 9.50% | 03/31/2024 | 90 | 90,000 | ||||||
Series 22A(e)(k)(l) | 9.50% | 03/31/2024 | 50 | 50,000 | ||||||
Series 22B(e)(k)(l) | 9.50% | 03/31/2024 | 5 | 5,000 | ||||||
Series 22X(e)(k)(l) | 9.50% | 03/31/2024 | 50 | 50,000 | ||||||
Series 23A(e)(k)(l) | 9.50% | 03/31/2024 | 20 | 20,000 | ||||||
Series 23B(e)(k)(l) | 9.50% | 03/31/2024 | 15 | 15,000 | ||||||
Series 23C(l) | 9.50% | 03/31/2024 | 25 | 25,000 | ||||||
Series 23D (Acquired 05/04/2023; Cost $20,000)(e)(j)(k)(l) | 9.50% | 03/31/2024 | 20 | 20,000 | ||||||
Series 23E(e)(k)(l) | 9.50% | 03/31/2024 | 25 | 25,000 | ||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $325,000) | 325,000 | |||||||||
TOTAL INVESTMENTS IN SECURITIES(m)-98.95% (Cost $1,806,201,347) | 1,799,818,061 | |||||||||
OTHER ASSETS LESS LIABILITIES-1.05% | 19,029,145 | |||||||||
NET ASSETS-100.00% | $1,818,847,206 |
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 | |
Ctfs. | - Certificates | |
FHLMC | - Federal Home Loan Mortgage Corp. | |
GNMA | - Government National Mortgage Association | |
GO | - General Obligation | |
INS | - Insurer | |
LIBOR | - London Interbank Offered Rate | |
LOC | - Letter of Credit | |
MFP | - MuniFund Preferred Shares | |
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 | |
SOFR | - Secured Overnight Financing Rate | |
USD | - U.S. Dollar | |
VRD | - Variable Rate Demand | |
Wts. | - Warrants |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | Invesco Short Term Municipal Fund |
Notes to Schedule of Investments:
(a) | 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 August 31, 2023. |
(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) | Security subject to the alternative minimum tax. |
(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 August 31, 2023 was $152,576,376, which represented 8.39% 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) | Zero coupon bond issued at a discount. |
(h) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(i) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023. |
(j) | Restricted security. The aggregate value of these securities at August 31, 2023 was $79,908, which represented less than 1% of the Fund’s Net Assets. |
(k) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $300,000, which represented less than 1% of the Fund’s Net Assets. |
(l) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(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 obligations but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | Invesco Short Term Municipal Fund |
Statement of Assets and Liabilities
August 31, 2023
Assets: | ||||
Investments in unaffiliated securities, at value (Cost $1,806,201,347) | $ | 1,799,818,061 | ||
| ||||
Cash | 15,241,382 | |||
| ||||
Receivable for: | ||||
Investments sold | 4,652,917 | |||
| ||||
Fund shares sold | 1,439,426 | |||
| ||||
Interest | 18,015,818 | |||
| ||||
Investments matured, at value (Cost $887,739) | 321,570 | |||
| ||||
Investment for trustee deferred compensation and retirement plans | 44,805 | |||
| ||||
Other assets | 58,072 | |||
| ||||
Total assets | 1,839,592,051 | |||
| ||||
Liabilities: | ||||
Payable for: | ||||
Investments purchased | 14,708,195 | |||
| ||||
Dividends | 1,791,367 | |||
| ||||
Fund shares reacquired | 3,210,778 | |||
| ||||
Accrued fees to affiliates | 615,481 | |||
| ||||
Accrued trustees’ and officers’ fees and benefits | 2,210 | |||
| ||||
Accrued other operating expenses | 372,009 | |||
| ||||
Trustee deferred compensation and retirement plans | 44,805 | |||
| ||||
Total liabilities | 20,744,845 | |||
| ||||
Net assets applicable to shares outstanding | $ | 1,818,847,206 | ||
|
Net assets consist of: | ||||
Shares of beneficial interest | $ | 1,852,866,945 | ||
| ||||
Distributable earnings (loss) | (34,019,739 | ) | ||
| ||||
$ | 1,818,847,206 | |||
| ||||
Net Assets: | ||||
Class A | $ | 612,000,331 | ||
| ||||
Class Y | $ | 1,144,013,384 | ||
| ||||
Class R6 | $ | 62,833,491 | ||
| ||||
Shares outstanding, no par value, with an unlimited number of shares authorized: |
| |||
Class A | 164,524,715 | |||
| ||||
Class Y | 307,494,278 | |||
| ||||
Class R6 | 16,832,953 | |||
| ||||
Class A: | ||||
Net asset value and offering price per share | $ | 3.72 | ||
| ||||
Class Y: | ||||
Net asset value and offering price per share | $ | 3.72 | ||
| ||||
Class R6: | ||||
Net asset value and offering price per share | $ | 3.73 | ||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | Invesco Short Term Municipal Fund |
Statement of Operations
For the year ended August 31, 2023
Investment income: | ||||
Interest | $ 70,326,896 | |||
| ||||
Dividends | 23,132 | |||
| ||||
Total investment income | 70,350,028 | |||
| ||||
Expenses: | ||||
Advisory fees | 8,232,287 | |||
| ||||
Administrative services fees | 310,058 | |||
| ||||
Custodian fees | 14,585 | |||
| ||||
Distribution fees: | ||||
Class A | 1,908,514 | |||
| ||||
Transfer agent fees – A and Y | 1,766,308 | |||
| ||||
Transfer agent fees – R6 | 8,876 | |||
| ||||
Trustees’ and officers’ fees and benefits | 35,904 | |||
| ||||
Registration and filing fees | 197,078 | |||
| ||||
Reports to shareholders | 72,448 | |||
| ||||
Professional services fees | 78,039 | |||
| ||||
Other | 34,072 | |||
| ||||
Total expenses | 12,658,169 | |||
| ||||
Less: Expense offset arrangement(s) | (2,023 | ) | ||
| ||||
Net expenses | 12,656,146 | |||
| ||||
Net investment income | 57,693,882 | |||
| ||||
Realized and unrealized gain (loss) from: | ||||
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(3,573,158)) | (13,744,260 | ) | ||
| ||||
Change in net unrealized appreciation of unaffiliated investment securities | 490,608 | |||
| ||||
Net realized and unrealized gain (loss) | (13,253,652 | ) | ||
| ||||
Net increase in net assets resulting from operations | $ 44,440,230 | |||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | Invesco Short Term Municipal Fund |
Statement of Changes in Net Assets
For the years ended August 31, 2023 and 2022
2023 | 2022 | |||||||
| ||||||||
Operations: | ||||||||
Net investment income | $ | 57,693,882 | $ | 20,818,048 | ||||
| ||||||||
Net realized gain (loss) | (13,744,260 | ) | (1,327,151 | ) | ||||
| ||||||||
Change in net unrealized appreciation (depreciation) | 490,608 | (49,188,704 | ) | |||||
| ||||||||
Net increase (decrease) in net assets resulting from operations | 44,440,230 | (29,697,807 | ) | |||||
| ||||||||
Distributions to shareholders from distributable earnings: | ||||||||
Class A | (16,930,046 | ) | (6,008,801 | ) | ||||
| ||||||||
Class C | – | (3,851 | ) | |||||
| ||||||||
Class Y | (33,316,311 | ) | (12,710,418 | ) | ||||
| ||||||||
Class R6 | (1,584,619 | ) | (299,912 | ) | ||||
| ||||||||
Total distributions from distributable earnings | (51,830,976 | ) | (19,022,982 | ) | ||||
| ||||||||
Share transactions–net: | ||||||||
Class A | (386,987,386 | ) | (559,051,213 | ) | ||||
| ||||||||
Class C | – | (37,125,481 | ) | |||||
| ||||||||
Class Y | (389,898,862 | ) | (198,850,549 | ) | ||||
| ||||||||
Class R6 | 17,329,638 | 20,887,859 | ||||||
| ||||||||
Net increase (decrease) in net assets resulting from share transactions | (759,556,610 | ) | (774,139,384 | ) | ||||
| ||||||||
Net increase (decrease) in net assets | (766,947,356 | ) | (822,860,173 | ) | ||||
| ||||||||
Net assets: | ||||||||
Beginning of year | 2,585,794,562 | 3,408,654,735 | ||||||
| ||||||||
End of year | $ | 1,818,847,206 | $ | 2,585,794,562 | ||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | Invesco Short Term Municipal Fund |
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 | Total from investment operations | Dividends from net income | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of fee waivers | Ratio of absorbed | Supplemental to average net assets | Ratio of net to average net assets | Portfolio turnover (c) | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/23 | $3.73 | $0.09 | $(0.01 | ) | $ 0.08 | $(0.09 | ) | $3.72 | 2.05 | % | $ 612,000 | 0.74 | % | 0.74 | % | 0.74 | % | 2.51 | % | 92 | % | |||||||||||||||||||||||||||||||
Year ended 08/31/22 | 3.79 | 0.02 | (0.06 | ) | (0.04 | ) | (0.02 | ) | 3.73 | (1.08 | ) | 1,001,761 | 0.75 | 0.75 | 0.74 | 0.57 | 114 | |||||||||||||||||||||||||||||||||||
Year ended 08/31/21 | 3.79 | 0.02 | 0.01 | 0.03 | (0.03 | ) | 3.79 | 0.72 | 1,581,245 | 0.78 | 0.78 | 0.75 | 0.59 | 24 | ||||||||||||||||||||||||||||||||||||||
Year ended 08/31/20 | 3.77 | 0.06 | 0.02 | 0.08 | (0.06 | ) | 3.79 | 2.14 | 896,488 | 0.82 | 0.82 | 0.76 | 1.56 | 89 | ||||||||||||||||||||||||||||||||||||||
Three months ended 08/31/19 | 3.75 | 0.02 | 0.02 | 0.04 | (0.02 | ) | 3.77 | 1.03 | 405,334 | 0.82 | (d) | 0.82 | (d) | 0.76 | (d) | 1.72 | (d) | 13 | ||||||||||||||||||||||||||||||||||
Year ended 05/31/19 | 3.72 | 0.07 | 0.03 | 0.10 | (0.07 | ) | 3.75 | 2.74 | 402,504 | 0.85 | 0.85 | 0.77 | 1.85 | 69 | ||||||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/23 | 3.73 | 0.10 | (0.01 | ) | 0.09 | (0.10 | ) | 3.72 | 2.30 | 1,144,013 | 0.49 | 0.49 | 0.49 | 2.76 | 92 | |||||||||||||||||||||||||||||||||||||
Year ended 08/31/22 | 3.80 | 0.03 | (0.07 | ) | (0.04 | ) | (0.03 | ) | 3.73 | (1.08 | ) | 1,538,307 | 0.50 | 0.50 | 0.49 | 0.82 | 114 | |||||||||||||||||||||||||||||||||||
Year ended 08/31/21 | 3.79 | 0.03 | 0.02 | 0.05 | (0.04 | ) | 3.80 | 1.24 | 1,764,272 | 0.53 | 0.53 | 0.50 | 0.84 | 24 | ||||||||||||||||||||||||||||||||||||||
Year ended 08/31/20 | 3.77 | 0.07 | 0.02 | 0.09 | (0.07 | ) | 3.79 | 2.39 | 1,230,817 | 0.57 | 0.57 | 0.51 | 1.81 | 89 | ||||||||||||||||||||||||||||||||||||||
Three months ended 08/31/19 | 3.75 | 0.02 | 0.02 | 0.04 | (0.02 | ) | 3.77 | 1.09 | 797,580 | 0.57 | (d) | 0.57 | (d) | 0.51 | (d) | 1.97 | (d) | 13 | ||||||||||||||||||||||||||||||||||
Year ended 05/31/19 | 3.72 | 0.08 | 0.03 | 0.11 | (0.08 | ) | 3.75 | 3.00 | 786,224 | 0.60 | 0.60 | 0.52 | 2.09 | 69 | ||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/23 | 3.75 | 0.11 | (0.03 | ) | 0.08 | (0.10 | ) | 3.73 | 2.10 | 62,833 | 0.42 | 0.42 | 0.42 | 2.83 | 92 | |||||||||||||||||||||||||||||||||||||
Year ended 08/31/22 | 3.81 | 0.03 | (0.06 | ) | (0.03 | ) | (0.03 | ) | 3.75 | (0.75 | ) | 45,727 | 0.44 | 0.44 | 0.43 | 0.88 | 114 | |||||||||||||||||||||||||||||||||||
Year ended 08/31/21 | 3.80 | 0.03 | 0.02 | 0.05 | (0.04 | ) | 3.81 | 1.32 | 25,405 | 0.44 | 0.44 | 0.41 | 0.93 | 24 | ||||||||||||||||||||||||||||||||||||||
Year ended 08/31/20 | 3.77 | 0.07 | 0.03 | 0.10 | (0.07 | ) | 3.80 | 2.72 | 2,903 | 0.50 | 0.51 | 0.44 | 1.88 | 89 | ||||||||||||||||||||||||||||||||||||||
Three months ended 08/31/19 | 3.75 | 0.02 | 0.02 | 0.04 | (0.02 | ) | 3.77 | 1.10 | 10 | 0.50 | (d) | 0.50 | (d) | 0.44 | (d) | 2.05 | (d) | 13 | ||||||||||||||||||||||||||||||||||
Period ended 05/31/19(e) | 3.75 | 0.00 | 0.00 | 0.00 | (0.00 | ) | 3.75 | 2.73 | 10 | 0.50 | (d) | 0.50 | (d) | 0.42 | (d) | 2.20 | (d) | 69 |
(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. 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) | Annualized. |
(e) | 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 Short Term Municipal Fund |
August 31, 2023
NOTE 1–Significant Accounting Policies
Invesco Short Term Municipal Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (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 three different classes of shares: Class A, Class Y and Class R6. Class Y shares are available only to certain investors. Class A, Class Y and Class R6 shares are sold at net asset value.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. |
E. | Federal Income Taxes –The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal |
30 | Invesco Short Term Municipal Fund |
Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other 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, administrative expenses and other expenses associated with establishing and maintaining the line of credit. |
H. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | 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. |
Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.
Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.
Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:
Average Daily Net Assets | Rate* | |||
| ||||
First $100 million | 0.500% | |||
| ||||
Next $150 million | 0.450% | |||
| ||||
Next $250 million | 0.425% | |||
| ||||
Next $500 million | 0.400% | |||
| ||||
Next $4 billion | 0.370% | |||
| ||||
Over $5 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 August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.38%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.
Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class Y and Class R6 shares to 1.50%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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
31 | Invesco Short Term Municipal Fund |
reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.
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 August 31, 2023, 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 August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended August 31, 2023, 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 August 31, 2023, IDI advised the Fund that IDI retained $6,125 in front-end sales commissions from the sale of Class A shares and $7,357 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 - | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 - | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 - | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of August 31, 2023. 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 | $– | $ | 1,766,873,061 | $ – | $ | 1,766,873,061 | ||||||||||
| ||||||||||||||||
MuniFund Preferred Shares | – | 32,620,000 | – | 32,620,000 | ||||||||||||
| ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | – | – | 325,000 | 325,000 | ||||||||||||
| ||||||||||||||||
Total Investments in Securities | – | 1,799,493,061 | 325,000 | 1,799,818,061 | ||||||||||||
| ||||||||||||||||
Other Investments - Assets | ||||||||||||||||
| ||||||||||||||||
Investments Matured | – | 321,570 | – | 321,570 | ||||||||||||
| ||||||||||||||||
Total Investments | $– | $ | 1,799,814,631 | $325,000 | $ | 1,800,139,631 | ||||||||||
|
NOTE 4–Security Transactions with Affiliated Funds
The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended August 31, 2023, the Fund engaged in securities purchases of $246,585,377 and securities sales of $293,165,130, which resulted in net realized gains (losses) of $(3,573,158).
32 | Invesco Short Term Municipal Fund |
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 August 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,023.
NOTE 6–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 7–Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 8–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:
2023 | 2022 | |||||||||||
| ||||||||||||
Ordinary income* | $ | 1,154,347 | $ | 402,902 | ||||||||
| ||||||||||||
Ordinary income-tax-exempt | 50,676,629 | 18,620,080 | ||||||||||
| ||||||||||||
Total distributions | $ | 51,830,976 | $ | 19,022,982 | ||||||||
|
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Period-End:
2023 | ||||
| ||||
Undistributed tax-exempt income | $ | 9,832,944 | ||
| ||||
Net unrealized appreciation (depreciation) – investments | (7,859,685 | ) | ||
| ||||
Temporary book/tax differences | (39,325 | ) | ||
| ||||
Capital loss carryforward | (35,953,673 | ) | ||
| ||||
Shares of beneficial interest | 1,852,866,945 | |||
| ||||
Total net assets | $ | 1,818,847,206 | ||
|
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and amortization and accretion on debt securities.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of August 31, 2023, as follows:
Capital Loss Carryforward* |
| |||||||||||||||||||
| ||||||||||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||||||||||
| ||||||||||||||||||||
Not subject to expiration | $ | 18,547,729 | $ | 17,405,944 | $ | 35,953,673 | ||||||||||||||
|
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 9–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $1,911,996,839 and $2,481,149,154, 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 | $ 2,800,733 | |||
| ||||
Aggregate unrealized (depreciation) of investments | (10,660,418 | ) | ||
| ||||
Net unrealized appreciation (depreciation) of investments | $(7,859,685 | ) | ||
|
Cost of investments for tax purposes is $1,807,999,316.
33 | Invesco Short Term Municipal Fund |
NOTE 10–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of deemed dividends, amortization and accretion on debt securities and market discounts, on August 31, 2023, undistributed net investment income was increased by $439,693, undistributed net realized gain (loss) was decreased by $119,380 and shares of beneficial interest was decreased by $320,313. This reclassification had no effect on the net assets of the Fund.
NOTE 11–Share Information
Summary of Share Activity | ||||||||||||||||
| ||||||||||||||||
Year ended | Year ended | |||||||||||||||
August 31, 2023(a) | August 31, 2022 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Sold: | ||||||||||||||||
Class A | 30,017,027 | $ | 111,940,119 | 117,070,926 | $ | 441,433,972 | ||||||||||
| ||||||||||||||||
Class C(b) | - | - | 545,403 | 2,054,311 | ||||||||||||
| ||||||||||||||||
Class Y | 209,042,727 | 780,035,504 | 322,528,289 | 1,214,169,350 | ||||||||||||
| ||||||||||||||||
Class R6 | 12,463,193 | 46,661,401 | 9,033,747 | 34,071,086 | ||||||||||||
| ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Class A | 3,383,777 | 12,623,660 | 1,173,576 | 4,406,761 | ||||||||||||
| ||||||||||||||||
Class C(b) | - | - | 3 | 13 | ||||||||||||
| ||||||||||||||||
Class Y | �� | 5,636,206 | 21,027,036 | 2,240,517 | 8,418,611 | |||||||||||
| ||||||||||||||||
Class R6 | 68,355 | 255,758 | 8,773 | 33,019 | ||||||||||||
| ||||||||||||||||
Automatic conversion of Class C shares to Class A shares: | ||||||||||||||||
Class A | - | - | 2,324,699 | 8,721,184 | ||||||||||||
| ||||||||||||||||
Class C | - | - | (2,335,886 | ) | (8,721,184 | ) | ||||||||||
| ||||||||||||||||
Reacquired: | ||||||||||||||||
Class A | (137,130,281 | ) | (511,551,165 | ) | (268,989,560 | ) | (1,013,613,130 | ) | ||||||||
| ||||||||||||||||
Class C(b) | - | - | (8,167,903 | ) | (30,458,621 | ) | ||||||||||
| ||||||||||||||||
Class Y | (319,106,517 | ) | (1,190,961,402 | ) | (377,691,670 | ) | (1,421,438,510 | ) | ||||||||
| ||||||||||||||||
Class R6 | (7,903,669 | ) | (29,587,521 | ) | (3,513,548 | ) | (13,216,246 | ) | ||||||||
| ||||||||||||||||
Net increase (decrease) in share activity | (203,529,182 | ) | $ | (759,556,610 | ) | (205,772,634 | ) | $ | (774,139,384 | ) | ||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 70% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
(b) | Class C shares activity for the period September 1, 2021 through June 30, 2022 (date of conversion). |
34 | Invesco Short Term Municipal Fund |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Short Term Municipal Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Short Term Municipal Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, 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 August 31, 2023, 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 August 31, 2023 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 August 31, 2023 by correspondence with the custodian and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
October 23, 2023
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
35 | Invesco Short Term 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 March 1, 2023 through August 31, 2023.
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 (03/01/23) | Ending Account Value (08/31/23)1 | Expenses Paid During Period2 | Ending Account Value (08/31/23) | Expenses Paid During Period2 | Annualized Ratio | |||||||
Class A | $1,000.00 | $1,011.20 | $3.75 | $1,021.48 | $3.77 | 0.74% | ||||||
Class Y | 1,000.00 | 1,012.50 | 2.49 | 1,022.74 | 2.50 | 0.49 | ||||||
Class R6 | 1,000.00 | 1,012.80 | 2.13 | 1,023.09 | 2.14 | 0.42 |
1 | The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/365 to reflect the most recent fiscal half year. |
36 | Invesco Short Term Municipal Fund |
Approval of Investment Advisory and Sub-Advisory Contracts
At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Short Term Municipal Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior
Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a
description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.
B. | Fund Investment Performance |
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond Short Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was
37 | Invesco Short Term Municipal Fund |
above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.
C. | Advisory and Sub-Advisory Fees and Fund Expenses |
The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to the fees comprising the Fund’s total expense ratio relative to those of peers. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.
D. | Economies of Scale and Breakpoints |
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared
with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.
E. | Profitability and Financial Resources |
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed
and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.
The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.
The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.
The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.
The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the
38 | Invesco Short Term Municipal Fund |
federal securities laws and consistent with best execution obligations.
39 | Invesco Short Term Municipal Fund |
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 August 31, 2023:
Federal and State Income Tax | ||||||||
Qualified Dividend Income* | 0.00 | % | ||||||
Corporate Dividends Received Deduction* | 0.00 | % | ||||||
U.S. Treasury Obligations* | 0.00 | % | ||||||
Qualified Business Income* | 0.00 | % | ||||||
Business Interest Income* | 0.00 | % | ||||||
Tax-Exempt Interest Dividends* | 97.77 | % | ||||||
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
|
40 | Invesco Short Term Municipal Fund |
The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust (the “Trust”), 11 Greenway Plaza, 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 | Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business
Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; 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 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) | 170 | 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 Short Term 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 Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees | ||||||||
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022) | 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 | 170 | 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) Formerly: President and Director Director of Grahamtastic Connection (non-profit) | ||||
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); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP | 170 | Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization) | ||||
Eli Jones - 1961 Trustee | 2016 | Professor and Dean Emeritus, Mays Business School - Texas A&M University
Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank | 170 | Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN) | ||||
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; and Trustee of certain Oppenheimer Funds | 170 | Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee | ||||
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 | 170 | Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP | ||||
Prema Mathai-Davis - 1950 Trustee | 2003 | 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; and Board member of Johns Hopkins Bioethics Institute | 170 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |
T-2 | Invesco Short Term 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 Overseen by Trustee | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees–(continued) | ||||||||
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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.
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) | 170 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); 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); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) | ||||
Teresa M. Ressel - 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations
Formerly: Chief 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); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury | 170 | None | ||||
Robert C. Troccoli - 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP | 170 | None | ||||
Daniel S. Vandivort - 1954 Trustee | 2019 | President, Flyway Advisory Services LLC (consulting and property management)
Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management. | 170 | Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |
T-3 | Invesco Short Term 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 | 2003 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, 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; 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.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) | N/A | N/A | ||||
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary | 2023 | 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); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); 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, Invesco Investment Advisers LLC, Invesco Capital Markets, 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation
Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds | N/A | N/A | ||||
Andrew R. Schlossberg - 1974 Senior Vice President | 2019 | Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; 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 and Trustee, Invesco Foundation, 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; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |
T-4 | Invesco Short Term Municipal Fund |
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers–(continued) | ||||||||
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; 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 Director and Chairman, Invesco Trust Company
Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; 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.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A | ||||
Tony Wong - 1973 Senior Vice President | 2023 | Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds
Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc. | N/A | N/A | ||||
Stephanie C. Butcher - 1971 Senior Vice President | 2023 | Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited | 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 |
T-5 | Invesco Short Term Municipal Fund |
Trustees and Officers–(continued)
Name, Year of Birth and Held with the Trust | Trustee and/or Since | Principal Occupation(s) During Past 5 Years | Number of Fund Complex | Other Directorship(s) Held by Trustee Years | ||||
Officers–(continued) | ||||||||
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 and Senior Vice President, The Invesco Funds
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 | ||||
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer | 2022 | Senior Vice President and Senior Officer, The Invesco Funds
Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds;
Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett | 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 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP | |||
Houston, TX 77046-1173 | 1331 Spring Street, NW, Suite 2500 | 11 Greenway Plaza | 1000 Louisiana Street, Suite 5800 | |||
Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5021 | ||||
Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
Stradley Ronon Stevens & Young, LLP | Sidley Austin LLP | Invesco Investment Services, Inc. | State Street Bank and Trust Company | |||
2005 Market Street, Suite 2600 | 787 Seventh Avenue | 11 Greenway Plaza | 225 Franklin Street | |||
Philadelphia, PA 19103-7018 | New York, NY 10019 | Houston, TX 77046-1173 | Boston, MA 02110-2801 |
T-6 | Invesco Short Term 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 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 number(s): 811-09913 and 333-36074 | Invesco Distributors, Inc. | O-STM-AR-1 |
ITEM 13. | EXHIBITS |
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 Counselor Series Trust (Invesco Counselor Series Trust)
By: | /s/ Glenn Brightman | |
Glenn Brightman | ||
Principal Executive Officer | ||
Date: | November 22, 2023 |
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/ Glenn Brightman | |
Glenn Brightman | ||
Principal Executive Officer | ||
Date: | November 22, 2023 | |
By: | /s/ Adrien Deberghes | |
Adrien Deberghes | ||
Principal Financial Officer | ||
Date: | November 22, 2023 |